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Saudi Arabia’s Red Sea Development Company signs $2bn worth of contracts to date
RIYADH: The Red Sea Development Company (TRSDC), which is behind the Kingdom’s flagship international tourism project, has signed SR7.5 billion ($2 billion) worth of contracts to date, the Saudi Press Agency reported. More than 70 percent
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FreshToHome – world’s largest online fresh fish and meat brand raises $121M to expand in UAE, Saudi Arabia and India
FreshToHome, the world’s largest fully integrated online brand in fresh fish and meat e-commerce raised $121M in Series C funding led by Investment Corporation of Dubai (ICD)-the principal investment arm of the Government of
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Oil producers may struggle to gauge demand amid second coronavirus wave: energy watchdog
Global oil stocks which rose during the height of the pandemic are being steadily reduced, the International Energy Agency (IEA) said on Wednesday, but a second wave is slowing demand and will complicate efforts by producers to balance the
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Saudi Arabia looks to cut spending in bid to shrink deficit
Saudi Arabia plans to reduce spending next year by about 7.5 percent to SR990 billion ($263.9 billion) as it seeks to reduce its deficit. This
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Gulf financial resilience to help ‘difficult’ recovery
DUBAI: The Gulf region is expected to face a difficult recovery from the economic shock of the coronavirus disease (COVID-19) pandemic, but
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Lufthansa to cut more jobs as it loses €500m a month
Lufthansa said Monday it will slash more jobs on top of 22,000 previously announced cuts and put more planes out of service with current losses
Read MoreOPEC+ panel to meet amid oil price decline
OPEC and allies, led by Russia, are scheduled to hold an online meet on Thursday to discuss compliance with their agreed output cuts and demand trends amid falling oil prices and a faltering economic recovery outlook. A panel of key producers
Read MoreCrunch meeting of oil alliance over cuts in output
Energy ministers from OPEC+, the oil alliance led by Saudi Arabia and Russia, are preparing for a crucial meeting on Thursday amid signs that the recovery in global oil markets is slowing down because of a resurgence in the COVID-19
Read MoreOil slides 5% to lowest level since June on demand fears
Oil slid 5 percent to below $40 a barrel on Tuesday, its lowest since June, over concerns that a demand recovery could weaken as coronavirus infections flare up around the world. Coronavirus cases rose in 22 of the 50 US states, a Reuters
Read MoreSaudi quarantine offers temporary lifeline to struggling hotels
Saudi Arabia has quarantined thousands of people in hotels, some in luxury suites, to combat COVID-19, throwing a temporary lifeline to an industry struggling just months after tourist visas were launched. Faced with nearly 4,500 coronavirus
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