Regional News

Riyadh / Reuters Embattled Saudi construction firm Mohammad Al Mojil Group (MMG) said it has written directly to Deputy Crown Prince Mohammed bin Salman explaining that it may not be able to continue operating. It was unclear if the privately owned company was seeking financial or other assistance from the government. In a short statement via the stock exchange on ...

  Riyadh / Emirates Business Marriott International, Inc. (NASDAQ: MAR) announced the opening of the Courtyard by Marriott Riyadh Olaya located in the capital city of Riyadh, Saudi Arabia. The contemporary new Courtyard by Marriott Riyadh Olaya rises proudly along the popular Olaya district in Riyadh and provides a new level of functionality and comfort to travelers within the Kingdom. ...

  Dubai / Emirates Business InterContinental Hotels Group (IHG), one of the world’s leading hotel companies, has announced the opening of InterContinental Doha Residences under a management agreement with Gulf Hotels Company WLL. Located on Doha’s longest natural private beach, each spacious residence offers tranquil living in distinctive surroundings. With a design that merges Arabian and European sophistication, InterContinental Doha ...

  DUBAI / Reuters Saudi Arabia’s government has made payments of 40 billion riyals ($10.7 billion) that it owed to private sector companies, the kingdom’s Arab News newspaper quoted a senior construction industry executive as saying. With its oil revenues slashed by low crude prices, the government of the world’s largest oil exporter has cut spending sharply this year and ...

  Dubai / Emirates Business USGBORAL ME, the renowned manufacturer of interior finishing products, has begun production of metal ceiling panels from its Dammam factory in Saudi Arabia, the newest and latest plant for metal ceiling in the region for the past 5 years. The move marks a major expansion of the company’s product portfolio, which comprises plasterboard, ceiling lining ...

BLLOMBERG Iranian Oil Minister Bijan Namdar Zanganeh said he’s optimistic that OPEC members will agree to proposed production cuts at a meeting in Vienna later this month. Zanganeh met the group’s secretary-general, Mohammed Barkindo, in Tehran on Saturday to discuss an accord that seeks to reduce output by as much as 1.3 million barrels a day. He described as “promising” ...

  MADRID / Reuters A Spanish consortium which is building a high-speed rail link between Mecca and Medina has reached a preliminary deal with Saudi Arabia to finalise the works after a series of delays and setbacks, Spain’s public works ministry said. The Al Shoula consortium comprising 12 Spanish companies including OHL and Indra as well as two Saudi firms ...

  Reuters Iran aims to ramp up wheat exports to clear a hefty surplus supported by a government self-sufficiency drive, but may continue to import some wheat to meet the quality requirements of local millers, an industry group said. The government has prioritised wheat — a heavily consumed staple in Iran — in domestic grain production in the face of ...

  AFP Fatima was already struggling to find cancer drugs for her father when a devaluation of the Egyptian pound this month caused the imported medicine to disappear altogether. “Before, I could still find it if I searched in several pharmacies. Today I can’t,” said the 34-year old teacher, who asked not to be named in full. A dollar crunch ...

  Bloomberg Siemens AG Chief Executive Officer Joe Kaeser said he expects revenue from Saudi Arabia to reach $5 billion by 2020 as Europe’s biggest engineering company focuses on energy projects and emerging markets. The first orders from Saudi Arabia are expected in the 2017 fiscal year, bolstered by spending on alternative energy sources like wind farms, Kaeser said in ...