News

  Emirates Business Jumeirah Golf Estates, the leading residential golf community, successfully launched Phase 2 of its award-winning Redwood Park community to a marketplace of eager buyers. The much anticipated sales event, which saw a major portion of the townhouses within Redwood Park sell out, welcomed a number of purchasers – with buyer confidence boosted by the recent announcement that ...

  Emirates Business Increased demand for energy efficient lighting solutions in the Gulf Cooperation Council (GCC) is spurring fresh growth for the LED market, as the sustainable and long-lasting luminaire looks to dominate the regional architectural and public lighting landscape. Analysts Frost & Sullivan estimate that the GCC’s LED (light-emitting diode) market was worth US$900 million in 2015, comprising 38 ...

  Jeddah / TNS Secretary General of the Committee on Information and Awareness in Saudi Banks, Talaat Hafeth, said that transactions made using the Mada System for sales points and ATMs amounted to SR58.6 billion this Ramadan, marking a growth rate of 8 percent compared to the previous year. He said that the highest number of sales made in a ...

  Jeddah / TNS The Arab Tourism Experts Union, a tourism body of experts seeking to promote tourism among the Arab countries, selected Riyadh as its headquarters. The union also decided to open branch headquarters in a number of Arab countries. The countries that represent the general commission of the union include Saudi Arabia, Jordan, Iraq, Yemen, Oman, Tunisia, Algeria, ...

  Jeddah / TNS A total of 14,062 establishments have showed compliance to the directive that aims to employ Saudi males and females in the telecom sector, a recent statistic showed in the second month of ongoing inspection campaigns. As various ministries take part in implementing the 50-percent nationalization of the telecom sector, the Eastern Province registered the highest number ...

  Bloomberg Ahmad Hamad Algosaibi & Brothers Co. signed a deal with a majority of its creditor banks to restructure about $6 billion of debt, taking the Saudi conglomerate one step closer to ending a seven-year impasse over the Middle East’s biggest default. The agreement with a five-member committee representing about 80 banks, which include BNP Paribas SA and Standard ...

  Emirates Business Egypt will “soon” receive the first tranche of a $1.5 billion loan from Saudi Arabia, an Egyptian minister said, a cash injection that could help to ease a dollar shortage that has weighed on economic growth. The first payment will be about $500 million, Egypt’s Minister of International Cooperation Sahar Nasr said. The loan is one of ...

  ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council, has issued a resolution naming the committee members of the International Defence Exhibition (IDEX 2017), under the chairmanship of Major General Faris Khalaf Al Mazrouei. The ...

  Chengdu / AFP Increasingly frequent terrorist attacks are becoming a growing threat to the global economy, finance chiefs from the world’s leading economies said on Sunday. Earlier this month 84 people were killed in Nice when a Tunisian truck driver—suspected to be inspired by the IS extremist group—ploughed a 19-tonne vehicle through a holiday crowd. That followed Paris attacks ...

  Abu Dhabi / WAM The Emirates Nuclear Energy Corporation (ENEC) and Korea Hydro & Nuclear Power (KHNP) have signed an Operating Support Services Agreement (OSSA) at a ceremony held at ENEC’s headquarters in Abu Dhabi in the presence of senior management representatives from both companies. Under the agreement, KHNP will dispatch experienced and qualified nuclear plant personnel to the ...