Middle East > Saudi Arabia

Saudi Arabia

Capital: Riyadh ; GDP growth (annual %) 2016 : 1.7%

Abu Dhabi says Gulf air embargo only applies to Qatar firms

The air embargo imposed on Qatar only applies to airlines from Qatar or registered there, the United Arab Emirates Civil Aviation Authority said Tuesday.Embargo bans all Qatari aviation companies, aircraft registered in Qatar from landing or transiting through airspace of UAE, Saudi Arabia, Bahrain.

Saudi Arabia and Bahrain issued identical statements on the air embargo, which came into result at the same time as Riyadh, Abu Dhabi and Manama broke off relations with Qatar on June 5, accusing it of supporting "terrorism".
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Saudi stock market bullish on new heir

Saudi Tadawul index surges 4.12 % on news King Salman has named his powerful son prince Mohammed as heir. The Saudi stock market was up four % Wednesday on news that King Salman had named his powerful son as heir and that the exchange had moved closer to joining a major world index.

The Saudi Tadawul index, the major in the Middle East, surged 4.12 % in early afternoon trading next Salman ousted his nephew as crown prince and installed his son Mohammed bin Salman.
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OPEC raises forecasts for global oil demand

OPEC boosted estimates of request for its crude this year and next amid stronger-than-expected fuel consumption and a weaker outlook for rival supply.

The Organization of Petroleum Exporting Nations raised forecasts for the all it needs to supply in 2017 and 2018 by about 200,000 barrels a day for each year, according to a statement from its secretariat in Vienna. Still, a rebound in Libyan production pushed the group’s output last month to the highest this year, undermining its plan to rebalance oversupplied world markets.
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Key Facts: Full name: Kingdom of Saudi Arabia
Population: 26.2 million (UN, 2010)
Area: 2.24 million sq km (864,869 sq miles)
Major language: Arabic
Major religion: Islam
Life expectancy: 73 years (men), 76 years (women) (UN)
Monetary unit: 1 Riyal = 100 halalah
Main exports: Oil, gas, cereals
GNI per capita: US $16,190 (World Bank, 2009)
Internet domain: .sa
International dialling code: +966

top news
Interview

Climate change laws around the world
2017/05/14
There has been a 20-fold increase in the number of global climate change laws since 1997, according to the most comprehensive database of relevant policy and legislation.

The database, produced by the Grantham Research Institute on Climate Change and the Environment and the Sabin Center on Climate Change Law, includes more than 1,200 relevant policies across 164 countries, which account for 95% of global greenhouse gas emissions.

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Saudi Arabia Year in Review 2016
2017/04/16
Weaker energy prices and an ambitious reform programme aimed at increasing private sector participation in the economy were key themes of 2016 as Saudi Arabia accelerated efforts to diversify its economy.

While oil prices made a modest recovery from $30 per barrel at the beginning of the year to $50 in the fourth quarter, both national gain and GDP have been impacted.

In mid-October the IMF revised its increase estimate for the Saudi Arabian economy in 2016 to 1.2%, down from the 1.6% estimate issued in May and the 3.5% posted the previous year.

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Saudi Arabia Year in Review 2014
2015/03/31
Despite the turmoil in world energy markets, Saudi Arabia moved towards the end of 2014 with its economy having outperformed a lot of in the region.

Since around 90% of government revenue is derived from hydrocarbons, the Saudi economy has been hit by the decline in oil prices, a response to cooling request and a glut on international markets. Prices have fallen from $115 a barrel mid-year to under $60 at the end of the year, with Brent crude trading at a five-and-a-half-year low.

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Saudi Arabia remains the world's largest exporter of crude oil,
2013/12/11
Home to almost a fifth of the world’s crude oil reserves, Saudi Arabia plays a crucial role in ensuring world energy security. In 2012, the kingdom produced on average 11.6 million barrels per day (bbl/d) of total petroleum liquids, 84 % of which was in crude oil, and exported approximately two-thirds of its production.

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Saudi Ground Services Company SGS ready to handle growth and competition
2016/02/05
Saudi Ground Services Company (SGS) is facing a rapidly expanding air transportation sector and new competition in providing its ground-handling services to the kingdom’s airports. CEO Qaid K. Alotaibi reveals how the respected Saudi brand’s competitive advantages are preparing it for both domestic and regional expansion.

Saudi Arabia is presently at a crossroads where they have to decide to become a diversified economy or remain as an oil-based economy. How significant do you think diversification would be for Saudi’s next increase?

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Mr. Fahad bin Ibrahim Al Khalaf CEO of Spimaco
2015/05/26

As the number one company in the pharmaceutical market, Spimaco has benefitted greatly from the expansion of the industry, enjoying 50% profit growth between 2011 and 2014

So SPIMACO has operations throughout the Middle East and North Africa region. You export and trade pretty much throughout the region as well as having partners all over the world. When we think about pharmaceuticals, these are really sort of feeding into the healthcare sector, and Saudi Arabia is really considered to be the giant healthcare sector, in terms of growth and potential. What’s your assessment of Saudi Arabia’s sector in pharmaceuticals from an investment perspective?
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With less than 1% penetration, the insurance sector in Saudi Arabia is one of the fastest growing in the GCC
2015/05/23
Amana Insurance is one of the promising insurance companies in Saudi Arabia ready to compete with new lines of business.

Amana Insurance was established in 2010 and the insurance market here has been volatile over that period, lots of competition, race to the bottom pricing and these sorts of things but the company has progressively lost less and less money since you have been here and presently looks like it’s really going to grow significantly and turn that corner and become very profitable and interesting.

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Mr. Fawwaz Alkhodari, CEO of Abdullah A. M. Al-Khodari Sons Company
2015/05/22
Cash flow priority for AlKhodari in it’s aim to capitalise on Saudi mega project boom

We would like to get a view of the story behind the company in your own words.

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