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Top Saudi Arabia Business News
      

B2C in the Middle East, could reach $500 million by 2003.

According to research by Ajeeb.com, the Sakhr Sofware division, the market for business-to-consumers (B2C) in the Middle East, which is not worth $150 million, could reach $500 million by 2003.

Compaq consolidates the Middle East PC market leadership

Egypt, the UAE and Saudi Arabia provided the strongest growth as Compaq consolidated its PC market leadership in the Middle East for the third quarter. The U.S. company said sales rose 65.7 per cent in Egypt, 48.8 per cent in the UAE and 42.5 per cent in Saudi Arabia compared to the corresponding period last year.Full Story

PRINCE SULTAN LAYS FOUNDATION 2 KHUBAR

PRINCE SULTAN BIN ABDULAZIZ, SECOND DEPUTY PREMIER, DEFENSE AND AVIATION MINISTER AND INSPECTOR GENERAL, LAID HERE ON FRIDAY EVENING THE FOUNDATION STONE FOR THE PROJECT OF PRINCE SULTAN CENTER FOR SCIENCES AND TECHNOLOGY....Full Story
December 30th, 2000

Saudi Haradh contracts awarded

Technip of France announced the award of two major contracts for the development of the Haradh gas project, reported MEED. Sources said the contracts for client Saudi Aramco were worth USD435m, and went to a mixture of local and European contractors. Work on the two contracts will begin immediately with completion of the pipeline contract due by mid-2003. The news shows how the pace of infrastructure investment is now picking up in Saudi Arabia.
December 28th, 2000

The London office of Saudi Al-Rajhi Investments and Banking Group is to close

The London office of Saudi Al-Rajhi Investments and Banking Group is to close, according to a report in Al-Sharq Al-Awsat. It quoted sources as saying that the group was cutting costs, despite the importance of the London operation in managing its overseas assets. London recently emerged as the most expensive city in Europe, and many banks are reviewing operations.
December 28th, 2000

Saudi Yemeni companies snap-up Egypt's Sainsbury's

Saudi companies Al Mohib and Al Issai, together with Yemeni firm Hayel Said, have agreed to buy-out Sainsbury's 60 per cent holding in an Egyptian supermarket chain. The British retailer announced its intension to sell three weeks ago after heavy losses. The group has opened 114 stores in the Cairo area this year, and was affected by calls for a local boycott of US and Israeli products.
December 27th, 2000

Gold sales to Saudi Arabia fell from 208 to 199 tonnes last year

Gold sales to Saudi Arabia fell from 208 to 199 tonnes last year, according to figures released yesterday by the Dubai Chamber of Commerce from the World Gold Council. Demand from Egypt improved, however, from 104 to 125 tonnes, and UAE gold sales were almost unchanged at 79.4 tonnes in 1999.
December 27th, 2000

GCC bank loans at USD116bn

The GCC commercial banks have outstanding loans of USD116bn, and personal loans comprise 34 per cent of this portfolio, according to a report from the Gulf Organization for Industrial Consulting. The balance was made up by: 24 per cent trade finance, 11 per cent construction, 10 per cent for both manufacturing and government sectors, 3 per cent for transport and telecommunications and other loans at 8 per cent. The report said international banks were leading the development of the regional banking sector.
December 24th, 2000

Ihilal.com seeks equity

Islamic financial portal Ihilal.com said it is in discussions with further investors, and plans to launch early next year. Its shareholders are Andersen Consulting, private Saudi investors, Deutsche Bank and Saudi American Bank. The portal has a capital base of USD6m and USD6m in draw-down facilities.
December 24th, 2000

Construction of the new King Abdul Aziz Hospital in Sakaka

The Saudi Ministry of Health has approved the construction of the new King Abdul Aziz Hospital in Sakaka. The ministry will finalize the contract for the 200-bed hospital in two months, said Oquail Al Ghamdi, director general of health affairs in Al Jouf. He hoped that the hospital would greatly promote health matters in the region.

Saudi balances budget


After two decades of budget deficits, Saudi Arabia yesterday announced a balanced budget for 2001 of USD57.3bn. The budget surplus for 2000 is now expected to be USD12bn against a previous forecast deficit of USD7.5bn. The current account surplus will be USD14.8bn. King Fahd said real GDP would grow by 4.1 per cent in 2001 to USD164.7bn thanks to high oil revenues. December 19th, 2000
Full Story

Just in......

Volvo Penta receives order for 220 engines from Saudi Arabia
3rd Jan 2001
EXPERTS TO STUDY REDUCTION IN ELECTRICITY CHARGES

3rd Jan 2001
32 COUNTRIES TO TAKE PART IN ISLAMIC TRADE FAIR
3rd Jan 2001
Saudia Arabia prepare Opec for 1.5m bpd supply cut

3rd Jan 2001
Saudi Arabia said Opec needed to cut production

3rd Jan 2001
Saudi Arabia, Bahrain slowly open property mart to expatriates

2ed Jan 2001
demand for U.S. products about 50 percent down.
31st December 2000
PRINCE SULTAN LAYS FOUNDATION 2 KHUBAR
30th December 2000
Technip of France announced the award of two major contracts
28th December 2000
Saudi Al-Rajhi Investments and Banking Group is to close London office.
28th December 2000
Saudi Yemeni companies snap-up Egypt's Sainsbury's
27th December 2000
Gold sales to Saudi Arabia fell from 208 to 199 tonnes last year
27th December 2000
Hertz partnership with Saudi Arabian Airlines
26th December 2000
MORE THAN 2.1 MILLION VEHICLES ENTER MAKKAH
24th December 2000
SAUDI-SINO TRADE LIKELY TO GROW %60 
24th December 2000
CONTRACT AWARDED FOR SECOND PHASE OF SHUAIBA POWER PLANT 24th December 2000

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