Tourism to Contribute $31 Billion to Saudi Arabia’s GDP By 2020

With a nominal GDP of $684bn in 2017, Saudi Arabia’s economy is more than three times the size of the median for A-rated countries, says Moody’s. May 8, 2018 (BE2C2) — The Saudi tourism sector is expected to contribute $31.47 billion (SR118 billion) to the GDP by 2020, said Hamad Al-Ismail, vice president for Investment […]

UAE to Provide $200m to Pakistan For Roads, Health, Education, Water, Agriculture Under PAP Program

The agreement will be funded by the Abu Dhabi Fund for Development (ADFD) May 6, 2018 (BE2C2) — The UAE and Pakistan have signed a US$200 million cooperation agreement to execute Phase III of the UAE Pakistan Assistance Program (UAE PAP) covering uplift work in three provinces namely Balochistan, Khyber Pakhtunkhwa and the tribal areas […]

Iran Says ‘Will Not Renegotiate Nuclear Deal With U.S., Has Options to Withdraw’

“Even if U.S. allies, especially the Europeans, try to revise the deal…, one of our options will be withdrawing from it.” May 4, 2018 (DESPARDES/PKONWEB) — Iran’s foreign minister said on Thursday U.S. demands to change its 2015 nuclear agreement with the 6 world powers – the US, UK, Russia, France, China, and Germany – […]

Jeddah Suicide Bomber Was Indian National, DNA Tests By Saudi Arabia Confirmed

May 3, 2018 (DESPARDES/PKONWEB) — DNA tests have revealed that the man who blew himself up outside the US Consulate in Jeddah in summer of 2016, was Indian national Fayaz Kagzi, Saudi Authorities confirmed to Indian Security officials. Kagzi’s DNA samples were sent by India to Saudi Arabia in August 2017. “We have received confirmation […]

UAE in Talks With Microsoft, Apple to Allow Skype, Facetime Calls

Microsoft has confirmed that it is in talks with UAE’s telecom to lift the ban on Skype. With unblocking of Skype and Facetime apps for cellphones and notepads, about 8 million of expats in the UAE are expected to benefit the most for incoming and outgoing free calls inland and overseas. May 1, 2018 (BE2C2) […]

7 Pakistani Men on Trial For Dh14 Million Robbery in Dubai

Their original plan was to flee the country within two hours from the robbery with the use of fake passports. April 28, 2018: A driver of a money transportation vehicle and his two friends – all Pakistanis – stood trial at a Dubai court on the charge of stealing more than Dh14 million from his […]

Fashion Week Comes to the Kingdom–in Modest Style; Princess Noura, the New Face of Saudi Fashion

Great-granddaughter of Saudi Arabia’s founder this month oversaw her country’s first Arab Fashion Week—in modest style April 28, 2018 (DESPARDES/PKONWEB) — A young Saudi Arabian princess inspired by her time living in Tokyo is the new face of fashion in the Kingdom. Princess Noura bint Faisal Al-Saud, the great-granddaughter of Saudi Arabia’s founder, was named […]

Bangladesh Receives First LNG Shipment From Qatar

Liquefied natural gas could allay energy security concerns in the country, but finance issues could leave the country leaning toward coal. April 26, 2018 (BE2C2) — Bangladesh docked its first LNG cargo at a floating terminal less than a year after financing was secured, bolstering energy security, analysis finds. The super-cooled liquid gas was sent […]

UAE Firm Plans to Invest $3 Billion in Pakistan –With Focus On Real Estate Sector

April 26, 2018 (BE2C2) — One of the Royal Group Companies of UAE’s Sheikh Saeed Bin Khalifa Al Nahyan, has reportedly shown interest in investing $3 billion in different sectors of Pakistan’s growing economy, with focus on its several hundred billion dollars worth real estate market. Louai Mohammed Ali, chairman of the UAE-based BMS International […]

China, UAE Ink Deal To Open ‘Belt and Road’ Exchange in Abu Dhabi

It’s another big step for the Belt and Road Initiative (BRI); Investors and businesses seeking to tap into Beijing’s flagship project under BRI — the China-Pakistan Economic Corridor (CPEC) — could become its first beneficiaries, observers say. April 25, 2018 (BE2C2) — China’s largest securities exchange, the Shanghai Stock Exchange agreed a deal in principle […]

Iran Considers Currency Swaps With Turkey to Ease Trade, Banking Transactions

** Iran’s exports to Turkey during first nine months of 2017 amounted to around $5.84 billion, 75.7% more year over year. In return, Turkey exported $2.31 billion worth of goods, compared to $3.81 billion in the corresponding period of previous year, indicating about 65% decline. ** Iran and Turkey are said to have recognized the […]

Why Aramco IPO Won’t Happen Until 2019–at the Earliest

A $1.5 Trillion Aramco IPO Could Transform Global Stocks April 22, 2018 (Irshad Salim): The debate over which international stock exchange should be the venue for listing Saudi Aramco–the world’s most valuable company, has yet to be resolved while the timing of the initial public offering (IPO) appears to have been somewhat narrowed down. The […]

Toy Drone Shot Down Over Restricted Area in Riyadh

April 22, 2018 — Saudi police shot down an unidentified remote-controlled drone Saturday night after it was detected flying over a restricted area in capital Riyadh without a security clearance. The drone, believed to be a toy, was intercepted by officers at Al Khuzama police station, a spokesperson for the Riyadh Police Department said. The […]

Binladin Group Receives Multi-Billion Dollar Government Loans

The money will be used to prioritize work on projects deemed key to the government, as well as to pay staff and creditors. April 21, 2018: Saudi Arabia’s finance ministry has provided Saudi Binladin Group (SBG) with loans of around 11 billion riyals ($2.9 billion) to help turn around the fortunes of the construction giant, […]

Russia Awaits Formal Invitation to Join CPEC; Libya Wants Included in Belt and Road Initiative

(BE2C2) — Acting ambassador of Russian Federation on Monday said Russia was eagerly waiting for a formal invitation from China and Pakistan to invest in CPEC related projects. Vladirmir Berezyuk also said that a delegation of Russian businessmen will visit Pakistan very soon to explore new opportunities for investment. Addressing members of the Faisalabad Chamber […]

Iran to Replace US Dollar With Euro in Financial Reports

The Iranian rial has lost nearly two-thirds of its value to the US dollar over the last year; Amid currency crisis, the switch is aimed at circumventing restrictions on accessing US dollar and prevent market instability. April 20, 2018 — The government of Iran has announced plans to replace the US dollar with the euro […]

16 So Asian Sailors Stranded Off UAE Onboard Tanker For Over a Year

(DESPARDES/PKONWEB) — Fifteen Indian sailors and one Pakistani seafarer are stranded onboard a tanker 15 miles off the coast of UAE due to a legal dispute involving the ship owners. The sailors, who are stranded onboard MT Zoya1 for over a year now, have also not been paid salaries for four months. The ECB International […]

Years after his hanging, Saddam Hussein mystery lives on

In his native village of Al-Awjah, the mausoleum of Iraq’s executed dictator Saddam Hussein has been reduced to broken concrete and tangled barbed wire, showing no trace of his remains. The man who ruled Iraq with an iron fist for a quarter of a century was hanged at dawn on December 30, 2006, symbolizing the […]

Middle East: a Threat to World Peace & Security, Warns UN Chief

UN Secretary-General António Guterres in an address to the Security Council warns of threat to world peace and security because of the situation in Middle East. By ANTONIO GUTERRES — The situation in the Middle East is in chaos — to such an extent it has become a threat to international peace and security. The […]

PM Abbasi, Army Chief, Defense Minister in Saudi to Inspect Counterterrorism, Gulf Shield Exercises

(DESPARDES/PKONWEB) — Prime Minister Shahid Khaqan Abbasi along with a high level delegation reached Dammam on Sunday on a two-day official visit to inspect the exercises of the Islamic Military Counter Terrorism Coalition (IMCTC). The delegation accompanying the prime minister also includes the Army Chief and Defense Minister Khurram Dastgir. The second stage of the […]