Resarch said that the clustered bomb that have been deployed in Yemen were from Britain and is helping to traiin the Saudi forces.
Saudi Arabia
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Saudi Arabia's non-oil businesses recorded an increased activity in November. This came after the sector struggled in September to October. Compared to the previous month's PMI record of 53.2, the sector gained momentum as it recorded 55.0 in November.
Saudi Arabia’s King Salman issued a directive to transfer $27 billion to the Public Investments Fund. The allocation to the sovereign wealth fund aims to diversify investments and lessen the country’s dependence on oil revenues.
Softbank Group Corp. has declared its alliance with Saudi Arabia. Japan's Softbank was happy to have Saudi as its partner in a multibillion investment. The biggest bet ever.
Softbank Group Corp. has declared its alliance with Saudi Arabia. Japan's Softbank was happy to have Saudi as its partner in a multibillion investment. The biggest bet ever.
Wall Street ended higher on Tuesday trading session as energy stocks rallied helped by increasing crude prices. The US crude prices reached its new height in 2016.
Saudi Arabia just got a negative rating from Fitch, from AA to AA-. The downgrade is due to the oil-rich kingdom's decision to slash its average oil price assumptions from $35 to $45 a barrel for 2016 and 2017.
Russia produced 10.91 million barrels per day in March. This recorded as the highest in 30 years and raising the doubt on the production freeze.
The Kingdom of Saudi Arabia is poised to sell bonds after it has secured syndicated loans. The government is already in talks with the banks and will host Euromoney Saudi Arabia Conference on May 3 to 4 to determine the future of KSA market.
Islamic Finance is catching up among non-Islamic markets also. Economists and finance experts say that Islamic Finance is the need of the hour for the global economy in the wake of sluggish markets and looming uncertainty. Islamic finance assets globally are expected to be $1.8 trillion by 2020.
Saudi Arabia and Russia, the world's largest oil producers, have come to an agreement to reduce oil production into the January level. This is the first time for the two countries working together in efforts to fix the oil industry, which has been dropping for years.
Last Monday, Majid Al Futtaim announced its plans of building two shopping malls worth $3.7 billion in the oil kingdom. In the face prolonged state of oil price slump, these plans are expected to not only generate employment but boost the sluggish economy as well. The two projects will enter their first phase of construction this year with completion dates ranging between 2017 and 2018.
Saudi Arabia has suffered from the oil price collapse, and needs to plan a diversified economic strategy. The country has called $30 per barrel oil price is not rational, and aiming to encourage foreign investment to enter the country.
Russia says there's proposal from OPEC on production cuts and it's open to have a word on oil production cuts. Russia is a non-OPEC oil producing nation. Russian oil minister said that the proposal envisages five percent cut in the oil production to support falling oil price. However, there's no clarity over the proposal whether it was from OPEC or non-OPEC members.
Vietnam warned China against drilling an oil rig in borderline waters in the South China Sea. Vietnam's anxiety over the rig develops subsequent to a recent flight testing carried out by China on a fake island in Spratly archipelago.
