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9521 - 9530 from 16533 . In "BUSINESS"
German economy contracts in Q3 on weak foreign trade
BERLIN — Germany’s economy contracted for the first time since 2015 in the third quarter as global trade disputes and problems in the auto industry put the traditional growth engine of exports into reverse, raising concerns that a long expansion is faltering.Gross domestic product (GDP) in Europe’s biggest economy fell 0.2 percent quarter-on-quarter, the Federal Statistics Office said on Wednesday.But the economy Ministry said the upswing would resume in the fourth quarter, adding that the slowdown between July and September had been a temporary phenomenon as car companies struggled to adjust to new pollution standards known as WLTP.“A 0.2 percent contraction isn’t a catastrophe,” economy Minister Peter Altmaier said in Berlin.Compared with the same quarter of the previous...
November 14, 2018

German economy contracts in Q3 on weak foreign trade

IMF not changing Saudi recovery forecasts
Dubai — The International Monetary Fund (IMF) is not changing its forecasts for a recovery in Saudi Arabia’s economy in response to the death of Jamal Khashoggi, a senior IMF official said.Asked whether the IMF felt a need to re-examine its expectations for the economy because of the Khashoggi affair, Jihad Azour, director of the Middle East and Central Asia department at the Fund, said it did not.“What would have an impact is how oil prices will have moved going forward, and a certain number of other indicators like the pace of fiscal adjustment and the reforms that Saudi authorities will implement going forward,” he told Reuters this week.“The prospect for the Saudi economy for the next year is showing continuous growth, led by the increasing oil price as well as the increase...
November 13, 2018

IMF not changing Saudi recovery forecasts

The Custodian of the Two Holy Mosques King Salman presents the prestigious King Khalid Responsible Competitiveness Award to President of Huawei Middle East Charles Yang
King Khalid Responsible Competitiveness Award conferred on Huawei
RIYADH — King Khalid Responsible Competitiveness (RC) Award has honored Huawei, a leading global provider of information and communications technology (ICT) infrastructure and smart devices, with the first place prize of the prestigious King Khalid Responsible Competitiveness Award. This announcement was made during the illustrious annual Award Gala which took last Monday at Al Faisaliah Hotel in Riyadh. During the event, the Custodian of the Two Holy Mosques King Salman recognized Huawei for its excellent sustainability practices and responsible competitiveness leadership, as well as its exceptional management capabilities and innovative social and environmental initiatives. Launched in 2008, the King Khalid Responsible Competitiveness Award is the first and only award focused on...
November 13, 2018

King Khalid Responsible Competitiveness Award conferred on Huawei

Saudi Re’s net profit before Zakat surges 16% in 9 months ’18
RIYADH — Saudi Reinsurance Company (Saudi Re) recorded a net profit before Zakat of SR24.1 million in the nine-month period ending Sept.30, 2018, an increase of 16 percent over the same period last year. Total comprehensive income grew by 26 percent over the same period last year, as the nine month positive results were supported by a strong performance in the Q3 2018. Saudi Re recorded a net profit before Zakat of SR10 million in Q3 2018 compared to a net loss of SR270 thousands in Q3 2017. Net claims declined by 16 percent in Q3 2018, which had a positive impact on the underwriting results. Fahad Al-Hesni, Managing Director and Chief Executive Officer of Saudi Reinsurance Company, said: “The positive nine-month results reflect an improvement in the overall performance of Saudi Re...
November 13, 2018

Saudi Re’s net profit before Zakat surges 16% in 9 months ’18


Adel Al-Hamoudi
Tawuniya insures SAUDIA fleet
RIYADH —  The Company for Cooperative Insurance (Tawuniya) has entered into a contract with Saudi Arabian Airlines (SAUDIA) to provide insurance coverage for its aircraft fleet and its affiliated airlines. According to the contract, Tawuniya will provide insurance coverage for the Saudia Airlines aircraft against aviation accidents and public liability due to third parties’ injuries, death, and property damage as well as covering war risk. Furthermore, Tawuniya had successfully signed a contract with Flynas to provide insurance coverage for its aircraft. The company also provides property insurance to local and international airports of the General Authority of the Civil Aviation (GACA). By these contracts, Tawuniya acquired insurance contracts of the commercial airlines and civil...
November 13, 2018

Tawuniya insures SAUDIA fleet

The 2018 ADIPEC Award Winners
Aramco one of 2018 ADIPEC Award winners
ABU DHABI — Innovations from Saudi Aramco, BP Oman and NET Power have been named winners in this year’s ADIPEC Awards, while Mubadala Petroleum has been recognized for its social contribution, and a young Saudi Aramco engineer, Shamael Al-Shuhail, has been named Young ADIPEC Engineer of the Year.Announced at a gala dinner at Abu Dhabi’s prestigious Emirates Palace Hotel on Monday, the ADIPEC Awards are a highlight of the world’s leading oil and gas industry event, the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). They celebrate achievement and accomplishment in the industry, and recognize the leading companies, individuals, initiatives, projects and technologies that have displayed a level of excellence on an international scale.Shamael Al Shuhail, Young...
November 13, 2018

Aramco one of 2018 ADIPEC Award winners

Jihad Azour
GCC’s economy continues recovery, seen at 3% in ’19
DUBAI — Economic growth in the energy-rich Gulf will recover in 2018 from a contraction last year but remains vulnerable to volatility in crude oil prices, the IMF said on Tuesday.The global lender predicted that an overall energy price recovery from 2015-2016 lows would spur the economies of the six-nation Gulf Cooperation Council to grow by 2.4 percent in 2018 and 3.0 percent in 2019, after a contraction of 0.4 percent last year.Grouping Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, the GCC states together pump over 17 million barrels per day and depend heavily on crude revenues.But “the growth outlook for oil exporters remains subject to significant uncertainty about the future path of oil prices,” the IMF said in its Regional Economic Outlook for the...
November 13, 2018

GCC’s economy continues recovery, seen at 3% in ’19

BAIS 2019
Bahrain International Airshow 2018 opens
MANAMA — Airbus will be participating at the three-day Bahrain International Airshow 2018 at the Sakhir Airbase starting today (Nov. 14).Held under the patronage of King Hamed bin Isa Al Khalifa, King of the Kingdom of Bahrain, the Bahrain International Airshow is currently in its fifth edition, and is one of the fastest-growing Airshows in the Middle East. At the show Airbus will present its market-leading products and innovative technologies and deliver Airbus Foundation’s renowned youth development program, Airbus Little Engineer.Gulf Air became the first national airline in the region to receive and operate Airbus’ leading single aisle aircraft, the A320neo. The aircraft will be displayed on Gulf Air’s static display at the show.The A320neo Family incorporates the very latest...
November 13, 2018

Bahrain International Airshow 2018 opens




Shahzad Ahmad Khan, Pakistan Commercial consul, promotes bilateral trade between Pakistan and Saudi Arabia
Nine Pakistani companies take part in Foodex 2018
By Syed Mussarat KhalilSaudi Gazette.JEDDAH — Muhammad Arshad Munir, Pakistan Press Consul, said Pakistan Consulate is extending full cooperation to Pakistani businessmen match-making for their products in Saudi Arabia and to tap enormous opportunities emerging out of Saudi Vision 2030 to promote bilateral and investment.He was speaking to the media at the inauguration ceremony of 6th Edition of Foodex Saudi Exhibition Jeddah organized by Reed Sunaidi Company.On this occasion, Shahzad Ahmad Khan, the Commercial consul, said promoting bilateral trade between Pakistan and Saudi Arabia is one of the foremost responsibility of the Pakistan Consulate.The Trade Development Authority of Pakistan (TDAP), in collaboration with Commercial Section, Consulate General of Pakistan, selected the nine...
November 13, 2018

Nine Pakistani companies take part in Foodex 2018

Prince Abdulaziz Bin Nawwaf Bin Abdulaziz inaugurates 'Saudi Foodex 2018' Monday
Saudi food exports to rise even as Saudi Foodex 2018 opens
By Saleh FareedSaudi GazetteJEDDAH — Prince Abdulaziz Bin Nawwaf Bin Abdulaziz officially inaugurated “Saudi Foodex 2018”, a food and beverage commodity expo, on Monday night at the Jeddah Center for Forums and Events.Running on Nov. 12-15, the event is the 6th edition of the show, with a wide participation of 52 countries represented in more than 500 international brands, including the latest products of fresh, chilled and frozen foods, dairy products, food services, canned goods, meat, poultry, snacks and sweets. The exhibition is open to the public and investors over 4 days.During his tour around the exhibition, Prince Abdulaziz Bin Nawwaf Bin Abdulaziz noted that it is expected that Saudi food exports will jump to the list of non-oil exports over the next five years. This is...
November 13, 2018

Saudi food exports to rise even as Saudi Foodex 2018 opens

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