Saudi Gazette - Economy

Global takaful to hit $20bn despite challenges

Tue, 18 Jun 2013 21:00:00 GMT

    JEDDAH – Global takaful business will reach $20 billion by 2017, a new report by Deloitte titled “The Global Takaful Insurance Market: Charting the Road to Mass Markets” revealed. The report said the GCC region contributes more than 62 percent of the takaful gross premiums and expanded by 17 percent to $5.7 billion

G8 pledges action on tax evasion

Tue, 18 Jun 2013 21:00:00 GMT

    ENNISKILLEN, Northern Ireland – Leaders of the G8 major economies struck a deal Tuesday to crack down on the “scourge” of illegal tax evasion and fight corporate tax avoidance that rob government coffers of billions. As countries across the world labor to cut deficits with deeply unpopular austerity measures, the G

Saudis spending on summer vacations to reach $5.1 billion

Tue, 18 Jun 2013 21:00:00 GMT

    JEDDAH – Saudis are expected to spend around SR19.5 billion ($5.1 billion) on their summer vacations, marking an 8 percent rise on last year, a local Arabic newspaper reported Tuesday. The number of trips from Saudi is expected to reach 6 million this summer, while foreign tourists are expected to make 4.8 million trips to the

D&S mulls listing on Tadawul

Tue, 18 Jun 2013 21:00:00 GMT

    JEDDAH – Dubai contractor Drake and Scull (D&S) may consider an additional listing of its shares on Saudi Arabia's Tadawul bourse though the firm does not have any imminent plans for it, its chief executive has said. Tadawul is the largest market in the Gulf Arab region, with much greater liquidity and trading volumes than

Delta fosters fitness to stimulate growth

Tue, 18 Jun 2013 21:00:00 GMT

    AL-KHOBAR – Delta Marketing Company Limited, one of the leading health & fitness providers in the Kingdom, opened recently its new showroom in Al- Khobar. The 400-square-meter showroom is staffed by professionally trained consultants that offer a comprehensive menu of services, from product selection, to installation and

Brazil woos Arab investors in oil

Tue, 18 Jun 2013 21:00:00 GMT

    JEDDAH – The Arab region has been a very important partner of Brazil in oil trade as Arab countries collectively account for up to 20 percent of Brazilian oil imports. From January to April 2013 alone, Brazil has already imported more than $2.76 billion worth of mineral fuel, oil, gas and other energy products from different Arab countries,

Cadillac sales in Kingdom sustain momentum

Tue, 18 Jun 2013 21:00:00 GMT

    RIYADH – Aljomaih Automotive Company, the exclusive dealer for Cadillac cars in Saudi Arabia, Cadillac's biggest market in the Middle East, clocked up record sales in May 2013, with a 31 percent increase compared to the same period last year. The introduction of the All-New Cadillac ATS early this year and the All-New Cadillac

AMF to provide $144m loan to Yemen on reform

Tue, 18 Jun 2013 21:00:00 GMT

    ABU DHABI — The Arab Monetary Fund (AMF) will provide a $144 million loan to Yemen this year to help its financial reform program, the fund said Monday. Recovery has been weak as political turmoil continues and attacks on oil installations deprive the government of vital budget revenues. The AMF loan will suppor

Zain KSA, Samsung sign deal to exclusively launch Galaxy S4 LTE

Tue, 18 Jun 2013 21:00:00 GMT

ZAIN KSA will exclusively launch the new Samsung Galaxy S4 LTE in Saudi Arabia, indicating that the device which is supported by Zain’s 4G/LTE network will be available in its flagships soon. The company pointed out that it has signed an agreement with Samsung to provide the new Galaxy S4 LTE exclusively, enabling subscribers to enjoy using with the

Gulf Opportunity Fund buys into Saudi AYTB

Tue, 18 Jun 2013 21:00:00 GMT

INVESTCORP’s Gulf Opportunity Fund has agreed to acquire a 38 percent stake in Al Yusr Industrial Contracting Company WLL (AYTB), a leading provider of technical industrial support services to the petrochemical, oil & gas and other key industrial sectors in Saudi Arabia and Qatar.  AYTB was founded in 1979 in Jubail and over its 33 year his

Dubai Mall to host global fashion event

Tue, 18 Jun 2013 21:00:00 GMT

The Dubai Mall seen at night is the world’s largest shopping mall based on total area and sixth largest by gross leasable area. The largest of its kind global fashion event in Dubai will elevate the city’s stature as one of the top international style destinations with The Dubai Mall’s “Vogue Fashion Dubai Experience” to be held on

Tech-savvy Muslims turn to smart devices

Tue, 18 Jun 2013 21:00:00 GMT

MUSLIMS in the Middle East are gearing up for what could be the most mobile-enabled Ramadan yet. The region is embracing mobility in record numbers, pushing smartphones and tablets into the limelight as crucial organizational and awareness-raising tools when the holy month commences. “Mobile technology is clearly more widely a

Qatar Airways orders for 9 B777-300s at Paris Air Show

Tue, 18 Jun 2013 21:00:00 GMT

Qatar Airways Chief Executive Officer Akbar Al-Baker (left) poses with Boeing Commercial Airplanes President and CEO Ray Conner after the signing by Qatar Airways for nine additional 777 Extended Range Aircraft at Le Bourget airport on Monday on the day of the opening of the International Paris Air Show. QATAR Airways has ordered for nine Boeing 777-300 ER (Exte

Basic Systems opens LG’s 1st Digital Signage showroom in Riyadh

Tue, 18 Jun 2013 21:00:00 GMT

BASIC Systems, a Saudi company specialized in the field of digital signage networks, and technical solutions and systems development, inaugurated LG’s Digital Signage & Security Products showroom in Riyadh. Basic Systems opens this showroom to showcase the latest LG Digital Signage Solutions Basic Systems Co Ltd. to offer customers the best and

Alkhabeer Capital names comm head

Tue, 18 Jun 2013 21:00:00 GMT

ALKHABEER Capital, a leading asset management and investment banking firm headquartered in Jeddah, announced the appointment of Tariq Hayat as Chief Corporate Communication Officer. Tariq joins Alkhabeer Capital from Arcapita Bank B.S.C., where he had worked since 2003 in senior corporate communications and management roles before being appointed as Arcapita&rsqu