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July, 29, 2016

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Business > Middle East
Saudi Arabia races to attract more investment, create jobs in overhaul
Saudi Arabia is racing to attract more investment and overhaul its economy as low oil prices expose it to urgent domestic challenges.
 
Mainland Chinese leader Xi Jinping announced Thursday billions of U.S. dollars in special loans and investments in the Middle East as Beijing seeks to boost its economic ties and clout in the region.
 
Dubai tower blaze shows risks in common material
Within minutes, the revelry of New Year's Eve in Dubai turned to horror as those gathered for fireworks downtown watched flames race up the side of one of the glistening city's most prominent luxury hotels.
 
Pakistan's benchmark Karachi Stock Exchange (KSE) will become the Pakistan Stock Exchange next week after merging with two other bourses to become the single share trading entity in the country, officials said Friday.
 
Saudi shares dived at the start of trading Tuesday a day after the oil-rich kingdom announced a record US$98 billion deficit this year and said it was drastically cutting fuel subsidies.
 
Saudi Arabia said Monday it was raising petrol prices by more than 50 percent for some products from Tuesday as it cuts a range of subsidies after posting a record budget deficit.
 
OPEC kingpin Saudi Arabia posted a record US$98 billion budget deficit in 2015 due to the sharp fall in oil prices, the finance ministry said on Monday.
 
Dubai plans to raise spending by 12 percent next year, balancing that out with identical growth in revenue, on a budget of 46.1 billion dirhams (US$12.6 billion), the government said Sunday.
 
Garment manufacturers face delays in the delivery of imported raw materials due to beefed-up security measures at Hazrat Shahjalal International Airport in Dhaka, which slows shipments.
 
Saudi Arabia to diversify economy: King Salman
Saudi King Salman on Wednesday said he has ordered economic reforms to diversify sources of income and reduce high dependence on oil following a sharp drop in crude prices.
 
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