Aug 27 , 2010: Saudi economic outlook 'broadly positive,' says IMF
SAUDI ARABIA. Saudi Arabia's economic outlook remains “broadly positive” and the banking system is “fundamentally sound,” the International Monetary Fund (IMF) said today in a statement following a country visit.
“Saudi Arabia was well prepared in confronting the global crisis, reflecting lessons learnt from the mid-1980s, when oil prices collapsed and the country experienced a severe banking crisis,” the IMF said. The kingdom has good supervisory and regulatory frameworks, prudent macroeconomic and financial politics, and its fiscal stimulus was well targeted, it added.
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Aug 26 , 2010: MMC’s Saudi port project to go on despite harbour being aborted
MMC Corp Bhd’s port project at Jazan Economic City (JEC) in Saudi Arabia will proceed despite the tender for the construction of its harbour being aborted, said a MMC Corp spokesperson.
“As such, there will be no impact on our earnings prospects and our business in Saudi Arabia,” the spokesperson told StarBiz yesterday.
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Aug 23,2010:Competitiveness Goes Green With National Geographic
The Saudi Arabian General Investment Authority ( SAGIA) & National Geographic are launching a landmark initiative, which promises to formulate green models and strategies for the 2011 Global Competitiveness Forum (GCF) , an annual meeting of top business leaders, international political leaders, NGO's, selected intellectuals and active media members.
This partnership includes developing a custom magazine and an interactive web portal, where world leaders and heads of Global Fortune 500 companies can discuss environmental issues and sustainable competitiveness.
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Aug 16 , 2010 :Saudi Arabia's non-oil exports rise by 8%
The value of Saudi Arabia's non-oil exports rose by 8% to SR9.621bn ($2.56bn) in April compared to SR8.922bn in the same period in 2009. In the same month, the value of imports into the Kingdom dropped by 4% to SR28.429bn.
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Aug 14, 2010:Saudi Arabia invests $385bn in infrastructure, health and education
The Kingdom of Saudi Arabia's Council of Ministers endorsed the ninth five-year development plan this week, increasing spending over the next five years by 67%. The total investment over the next five years is $385bn. Despite the international economic downturn, the Kingdom continues to invest in the education and health of its people and its infrastructure.
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Aug 10 , 2010 : Saudi Arabia's 9th Development Plan OK'd
The Cabinet Monday reviewed and approved the country’s 9th Development Plan for the period 2010 to 2014, which will see a 67 percent increase in spending on the previous plan to a record new total of SR1,444 billion.
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Aug 08, 2010: Saudi Arabia to sign port deal
Beirut: Saudi Arabia's state-run Public Investment Fund and Singapore's port authority are expected to conclude, within one week, an agreement to expand King Abdul Aziz Port in Dammam in the east of the kingdom, pan-Arab Asharq Al Awsat daily reported Saturday, citing a senior Saudi official.
The project aims to more than double the port's capacity and involves building a container terminal that will be operated by a company that will be set up for this purpose, Naeem Al Naeem, general manager of King Abdul Aziz Port, told the paper.
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