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Saudi Arabia

Al Rajhi Bank Posts Fifth Straight Quarterly Profit Drop

The bank said it made SAR1.66 billion ($442.6 million) in the three months ending September 30, compared with SAR1.71 billion in the same period a year earlier.

Saudi Arabia Sentences Outspoken Shi’ite Cleric To Death

Last year a prosecutor said he was seeking to convict Sheikh Nimr al-Nimr for “aiding terrorists” and “waging war on God”, which carry the death penalty.

Saudi Bank’s $6bn IPO Ignites Religious Controversy

The controversy underlines how Saudi Arabia’s conservative brand of Islam can complicate economic decision-making in the Kingdom.

Saudi’s Riyad Bank Meets Expectations With 7.8% Q3 Net Profit Gain

The bank said it made SAR1.08 billion ($280 million) in the three months ending September 30, compared with SAR998 million in the same period of 2013, according to a bourse filing.

US National Shot Dead In Saudi Capital Riyadh

The assailant, who was wounded in the attack and then detained, is a Saudi national who was born in the United States.

Qatar Emir Tells Saudi King He Met Terms To End GCC Rift – Source

Saudi Arabia, Bahrain and the UAE recalled their ambassadors to Qatar in March, accusing Doha of failing to abide by an accord not to interfere in each other’s internal affairs.

Middle East’s Mega Refineries Up Diesel Output Just As Demand Fades

The IEA forecast that the Middle East’s net oil product exports will reach nearly one million barrels per day in 2015.

Saudi Prince Alwaleed Warns Against Oil Prices Slide

Brent crude oil touched just above $88 a barrel on Tuesday – its lowest in almost four years.

Saudi Arabia and Iran Swap Accusations As Tensions Persist

Shi’ite Muslim Iran and Sunni Saudi Arabia are enmeshed in a struggle for influence across the Middle East and they support opposing sides in political disputes across the region.

Saudi Hollandi Bank Meets Expectations With 6.6% Q3 Profit Gain

The lender said it made SAR461.8 million ($123.1 million) in the three months to September 30 compared with SAR433.3 million in the corresponding quarter of 2013.

U.S., Saudi Arabia Hit Militant Targets In Syria -U.S. Military

Strikes destroyed a machine gun firing position, a militant unit, damaged a staging location and several buildings.

Banque Saudi Fransi Q3 Net Profit Jumps 35%

The bank said it made SAR926 million ($246.9 million) in the three months ending September 30, compared with SAR685 million in the same period a year earlier.

Privately, Saudis Tell Oil Market: Get Used To Lower Prices

The Saudis now appear to be betting that a period of lower prices will be necessary to pave the way for higher revenue in the medium term.

Accor Announces Three Jeddah Properties

Today’s trio takes the French Group’s Middle East portfolio to 100 hotels

Stock News: Saudi Arabia Shares Tumble, Dubai Extends Drop

Dubai plunged 6.7 per cent, Abu Dhabi slid 2.1 per cent and Qatar dropped 2.7 per cent.

Saudi Arabia’s Almarai Q3 Profit Rises 13.4%

Almarai made a profit of SAR539.4 million ($143.8 million) in the three months to Sept. 30, up from SAR475.6 million in the year-earlier period

Saudi Arabia Tells OPEC It Raised Output In Sept Despite Oil Drop

The lack of a Saudi cut could add to perceptions of traders and analysts that the Kingdom is looking to defend market share, not prices.

US Vice President Apologises To Saudi Over His Comments On Islamic State

Biden earlier apologised to Turkey and the UAE for saying that regional US allies were partly to blame for the rise of IS in Syria.

Saudi Billionaire Prince Alwaleed Plans Meeting With Indian PM Modi

Prince Alwaleed said he was “impressed” by Narendra Modi’s speech when he was in the US.

Saudi September Non-Oil Business Growth Fastest In Over 3 Years

The SABB HSBC Saudi Arabia Purchasing Managers’ Index climbed to a seasonally adjusted 61.8 points in September, its highest level since June 2011.

Saudi Arabia Clerics Step Up Anti-Islamic State Drive At Haj

About three million Muslims, among them 1.4 million from abroad, are expected to perform haj this year.

Saudi Arabia Fears Yemeni Tumult May Boost Its Main Foe Iran

The capture of Yemen’s capital Sanaa by Houthi fighters, who have ties with Iran, has jolted Saudi Arabia.

Saudi’s National Commercial Bank Says To Raise $6bn In IPO

The bank will sell 300 million shares to Saudi individual investors and 200 million shares to the state-run Public Pension Agency at a price of SAR45 per share.

Saudi Cuts Official Crude Oil Prices In Battle For Market Share

The move comes amid calls from some within the OPEC for action to shore up prices, as international benchmark Brent crude oil has slumped to a two-year low.

Gunmen Wound Saudi Policeman In Shi’ite Muslim Stronghold

The policeman was shot and wounded by unknown assailants while stationed at a checkpoint at the entrance to the town of al-Awamiya late on Monday night.

Saudi Electricity Signs $682.5m Deals For Riyadh Metro

The seven contracts are to build stations and lay cables for the rail system in the Saudi capital.

Virgin Mobile Launches Services In Saudi Arabia

The two brands being launched by Virgin Mobile Middle East and Africa are Virgin Mobile, aimed at the youth market, and Friendi Mobile, targeting Saudi’s expatriate workers.

Austria Reports First MERS Case In Saudi National

The Saudi Arabian national is being treated in an isolation ward in a hospital while all people she had been in contact with would be checked for symptoms, a health ministry official said.

Funds To Slow Saudi Stock Buying, Bullish On UAE -Survey

Bullishness towards Saudi Arabia, which peaked in the July survey due to the announcement of stock market opening to foreign investment, has been declining.

Saudi Telecom’s Bahrain Unit Bets On Data To Boost Revenue

Viva said the launch of its next-generation mobile network – which allows web download speeds several times faster than its predecessor 3G – will help boost its revenues.