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FINANCE & ECONOMY

Saudi Arabia projects $35bn budget shortfall in 2019
December 19, 2018

OPEC kingpin Saudi Arabia on Tuesday announced an expansionary budget for 2019 but projected a shortfall for the sixth year in a row due to low oil prices.

The budget projects a deficit of $35 billion, still about 32 percent lower than the estimated deficit for the current calendar year.

Spending is estimated"...

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Red Sea Mall, Ita’am win International Council of Shopping Centers award
December 18, 2018

JEDDAH —

Red Sea Mall and Ita’am Charitable Society celebrated their grand win at the “International Council of Shopping Centers” in the cause marketing category. The event was attended by a large number of dignitaries and businessmen. During the ceremony, a visual presentation was showcased about the award-winning project and the importance of community partnership in such a project, which led to the huge success.

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Saudi Arabia budget set to boost spending in 2019
December 18, 2018

LONDON: Saudi Arabia is expected to boost spending in its 2019 budget, due this week, even though oil prices have tumbled recently and the Kingdom’s crude output will decline.

A pre-budget statement in September, the first of its kind in Saudi Arabia, predicted next year’s budget would be SR 1.11 trillion ($300 billion), up 13 percent on 2018. It also forecast government revenue"...

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Utilities digitization powers growth of KSA’s largest industrial cities
December 18, 2018

JUBAIL —As the Saudi Arabian utility sector undergoes digital transformation to optimize its operations, modernize its infrastructure, and reshape offerings, all aligned with Saudi Vision 2030, Saudi Arabian utilities provider, Marafiq, has embarked on enhancing its digital intelligence with SAP.

Marafiq provides power and utility infrastructure to industrial cities within Saudi Arabia, which hosts some of the world’s largest hydrocarbon"...

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AHF Calls on UN Secretary-General to Dismiss UNAIDS Chief
December 18, 2018

(AETOS Wire) -- AIDS Healthcare Foundation (AHF) urges UN Secretary-General António Guterres to immediately dismiss Michel Sidibé from his position as Executive Director of the Joint United Nations Programme on HIV and AIDS (UNAIDS). The Program Coordinating Board’s inaction to remove Sidibé during this week’s meeting in Geneva is deplorable and an insult to staff who have been subjected to"...

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Algorand Appoints Pablo Azar as Chief Economist
December 18, 2018

(AETOS Wire) -- Algorand, a foundational blockchain and cryptocurrency company, announced today that it has named Pablo Azar as Chief Economist. Given Algorand's focus on creating sustainable value in a decentralized economy, Mr. Azar will be responsible for guiding Algorand’s economic policies. On the heels of announcing Steve Kokinos and W. Sean Ford as CEO and COO, respectively, Mr. Azar’s appointment as Chief Economist is another advancement for Algorand as it continues to develop its executive team. With a double Ph.D. from MIT, Mr. Azar will bring his unique expertise regarding the application of computer science and cryptography toward the creation of better market mechanisms. Further, he will be responsible for expanding the visibility of Algorand’s economic policy and enhancing......

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Dow Saudi Arabia and Eta’am pick winners of food wastage program
December 17, 2018

JUBAIL – Dow Saudi Arabia Company, a subsidiary of The Dow Chemical Company (Dow), and the Saudi Food Bank (Eta’am), recently announced the winners of a food wastage program for Royal Commission school students. The award ceremony was held in Jubail in the presence of Dow KSA, the Royal Commission and Eta’am.

As part of the program, 400 students took part in a two-week educational program in partnership with Royal Commission schools."...

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Best Finance Leaders in KSA honored at Saudi CFO Awards
December 17, 2018

RIYADH — Held alongside the 6th Annual Saudi Trade Finance Summit, organized by QNA International at the Al Faisaliah Hotel in Riyadh, the Best Finance Leaders in Saudi Arabia were honored at Saudi CFO Awards, in recognition of great finance leadership and initiatives supporting the vision and innovation of the finance leaders in the Kingdom for fulfilling key strategies in line with Saudi Vision 2030. The event highlighted, honored and celebrated path-breaking"...

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Why Saudi Arabia's ambitious solar plans have wavered
December 17, 2018

Around the world, high oil prices tend to accelerate the shift to renewable energy and electric vehicles. In Saudi Arabia, they have the opposite effect.

Over the past six years, the Saudis have announced investments of more than $350 billion aimed at making the sun-drenched kingdom the, well, Saudi Arabia of renewable energy.

But"...

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Prince Khalid bin Abdul Aziz bin Ayyaf Announces Launch of the 33rd Edition of Al Janadria Festival Next Thursday
December 17, 2018

His Highness Prince Khalid Bin Abdul Aziz bin Ayyaf, Minister of National Guard and Chairman of the Supreme Committee of the National Festival of Heritage and Culture – Janadria, announced the launch of the 33rd Edition of the festival on Thursday under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdul Aziz.

This was announced during a press conference held"...

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