Asma's Feed
Oct 25, 2011

Saudi Arabia buries Crown Prince Sultan

RIYADH (Reuters) – The funeral of Saudi Arabia’s Crown Prince Sultan on Tuesday set the stage for King Abdullah to name a new heir, widely expected to be veteran Interior Minister Prince Nayef, a choice that would emphasize stability in the world’s top oil exporter.

Amid the flashing of cameras, Sultan’s sons and brothers carried his corpse, swathed in a brown shroud, on a bier through a throng of mourners in Riyadh’s sprawling Imam Turki bin Abdullah mosque for funeral prayers before burial.

Oct 25, 2011

Saudi Arabia to bury Crown Prince Sultan, name heir

RIYADH (Reuters) – The funeral of Saudi Arabia’s Crown Prince Sultan on Tuesday set the stage for King Abdullah to name a new heir, widely expected to be veteran Interior Minister Prince Nayef, a move that would emphasise stability in the world’s top oil-exporting country.

Sultan’s body, swathed in a brown cloth, was carried through the throng of mourners on a bier amid the flashes of cameras in the sprawling Imam Turki bin Abdullah mosque in Riyadh for funeral prayers before burial.

Oct 25, 2011

Jarir to focus on GCC, sees double-digit Q4 growth

RIYADH, Saudi Arabia (Reuters) – Saudi-based bookstore and office supplies chain Jarir Marketing Co 4190.SE will hold off expansion plans in Egypt over the next two years to focus on a growing domestic regional market, boosted by sales in electronics, its chairman said on Tuesday.

Jarir plans to spend over 300 million Saudi riyals ($80 million) to open up to 9 stores in Gulf Cooperation Council (GCC) countries by 2013 said Muhammad al-Agil, who heads the family-controlled firm, at the Reuters Middle East Investment Summit in Riyadh.

Oct 24, 2011

Jadwa likes Saudi construction, sees petchems

RIYADH, Saudi Arabia (Reuters) – Jadwa Investment sees strong growth in the Saudi construction sector from the kingdom’s massive building plans but predicts a slowdown in the key export-driven petrochemicals industry as global growth weakens.

“It will be the theme of following government spending so I think building and construction, industrial investment and cement are areas that can not fail to benefit from the huge government investment and spending program,” Jadwa’s head of research Paul Gamble told the Reuters Middle East Investment Summit.

Oct 24, 2011

Exclusive – Saudi Arabia won’t tap reserves, mulls project bonds

ABU DHABI (Reuters) – Saudi Arabia will not need to tap into its reserves this year to finance additional budget spending but it is considering whether to issue Islamic or conventional bonds to help fund specific projects, the country’s Finance Minister Ibrahim Alassaf told Reuters.

Responding to a wave of social unrest across the region, the world’s top oil exporter pledged early this year to spend an estimated $130 billion, or nearly 30 percent of its economic output, on housing and other social measures for its citizens over an unspecified period.

Oct 24, 2011

Exclusive – Saudi Arabia won’t tap reserves

ABU DHABI (Reuters) – Saudi Arabia will not need to tap into its reserves this year to finance additional budget spending but it is considering whether to issue Islamic or conventional bonds to help fund specific projects, the country’s Finance Minister Ibrahim Alassaf told Reuters.

Responding to a wave of social unrest across the region, the world’s top oil exporter pledged early this year to spend an estimated $130 billion (81 billion pound), or nearly 30 percent of its economic output, on housing and other social measures for its citizens over an unspecified period.

Oct 17, 2011

Saudi King has successful back operation

JEDDAH, Saudi Arabia (Reuters) – Saudi King Abdullah has had a successful back operation in Riyadh on Monday, the royal court of the world’s top oil exporter said in a statement.

The monarch is in his late 80s and has introduced cautious reforms since becoming king in 2005. He went into the King Abdulaziz Medical City in the capital Riyadh late on Sunday for an operation to tighten the ligaments around his third vertebra.

Oct 16, 2011

Saudi Sept CPI inflation at 8-mth high of 5.3 pct

JEDDAH, Saudi Arabia/DUBAI, Oct 16 (Reuters) – Saudi
Arabia’s annual inflation rose to an eight-month high of 5.3
percent in September, boosted by price rises of miscellaneous
products and services, while monthly price growth almost
doubled, data showed on Sunday .

Inflation in the biggest Arab economy and world’s
top oil exporter had hovered below 5 percent for most of 2011.
It was 4.8 percent on an annual basis and 0.5 percent
month-on-month in August.

Oct 12, 2011

Five major Saudi banks post strong Q3 profits

JEDDAH, Saudi Arabia, Oct 12 (Reuters) – Five major Saudi
banks posted third-quarter net profits, three of which beat
analysts forecasts, citing lower operational costs as well as
increased income from banking fees and investments, the lenders
said on Wednesday.

Saudi Arabia’s biggest Islamic Bank, Al Rajhi Bank
posted an 18-percent rise in its third-quarter net profit to 1.9
billion riyals ($506 million) from 1.6 billion, attributing the
rise in profit to higher revenue from banking fees and
investment income.

Oct 11, 2011

Saudi king to undergo operation in coming days

JEDDAH, Saudi Arabia (Reuters) – Saudi King Abdullah, who underwent surgery last year for back-related problems, will undergo an operation in the coming days, Saudi Arabia’s state news agency reported on Tuesday.

The health of the ruler of the world’s leading oil exporter is of keen interest, given his age — thought to be 88 — and uncertainty over how power would be transferred within Saudi Arabia’s ruling royal family. The family governs Saudi Arabia in consultation with conservative clerics adhering to the austere Wahhabi school of Islam.