Saudi Arabia and UAE number of millionaires ‘to soar in 5 years’
Saudi Arabia and the United Arab Emirates are expected to see a significant growth in the number of millionaires in the next five years,...
Purchasing power in Syria drops 80 percent since war: report
Residents of war-torn Syria have seen their purchasing power drop by an estimated 80 percent since the beginning of the country's conflict in 2011,...
OPEC, non-OPEC discuss risk to oil investment, no output cuts
A meeting of oil experts from OPEC and non-member countries discussed the risk that low oil prices would reduce investment in new supplies but...
Saudi reforms may not prevent looming economic slump
At a three-day conference in Riyadh this week, hundreds of Saudi Arabian officials and businessmen discussed ways to rescue the economy from low oil...
IEA say OPEC responsible for oil glut of supplies
Oil prices may have rebounded off 12-year lows struck last month, but any hope for a broader recovery in the market would be misplaced,...
Saudi posts record $98 billion deficit in 2015
OPEC kingpin Saudi Arabia posted a record $98 billion budget deficit in 2015 due to the sharp fall in oil prices, the finance ministry...
Germany approves arms exports to Saudi Arabia and Oman
The German government has approved several arms export deals with countries in the Middle East, including delivery of 23 Airbus helicopters to Saudi Arabia,...
Saudi consumers still spending despite oil price slump
Bloomberg TV report that Saudi Arabians are still spending money despite the worldwide slump in oil prices. Emad Mostaque reports that the kingdom of...
Saudis battle for oil market domination
By abandoning the tight rein it held for decades on the oil market, OPEC heavyweight Saudi Arabia launched a battle for control that sent...
Kuwait oil row as minister tries to shuffle top executives
The chief of state-owned Kuwait Petroleum Corp has refused to carry out the oil minister's decision to swap the CEOs of two subsidiaries, risking...
