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The report additionally forecast that Saudi oil reserves will rise to as much as 273 billion bbls by 2017.
04:55 GMT
The country has maintained high oil production and exports by historical standards in the first half of this year.

July 24, 2014

Saudi's Tadawul is currently dominated by local retail investors, but opening up to the international market will broaden horizons (File/AFP)
13:07 GMT
Saudi Arabia's decision to open its stock market to the outside world was a good choice and already garnered strong support across the MENA region.
The overall OPEC share of total global production in 2013 averaged at 43.4 percent, slightly lower than in 2012, when it was 44.6 percent
10:22 GMT
OPEC member countries exported 4.5 mb/d of petroleum products in 2013, with the largest share devoted to Asian and Pacific countries (3.1 mb/d or 68.5 percent)
The kingdom is also expected to account for the second largest share of emerging ECM deal fees over the next 17 years (File/AFP)
08:48 GMT
Saudi Arabia will emerge as the world's seventh largest capital market by by 2030 according to a recent report.

July 23, 2014

The Middle East’s share of gold consumption was 6 percent last year, compared with 7.8 percent in 2010
10:36 GMT
The Middle East will take a bigger share of gold demand as buyers from Kuwait to Saudi Arabia to the United Arab Emirates diversify investments and Dubai nears offering a contract for immediate delivery bullion.
Economists hope the announcement will diversify Saudi Arabia's stock market (File/AFP)
08:21 GMT
Investors have welcomed a Saudi Cabinet decision to allow direct foreign investment in the country's stock market, with the move being seen as an attempt to diversify the economy away from oil.

July 22, 2014

Doha's top leader Emir Sheikh Tamim bin Hamad al-Thani arrived in Jeddah Tuesday (File Archive)
19:53 GMT
Qatar's top leader arrived in Saudi Arabia Tuesday in a rare visit since a major rift developed between Doha and Riyadh earlier this year.
Dealers in the hotels sector estimate the percentage of rented units according to the lease system at 5 percent of all housing units in the vicinity of the Grand Mosque.
04:55 GMT
New projects in the central area of Makkah has led Saudi and Gulf businessmen to renting out housing units in hotels overlooking the Grand Mosque for long-term lease of up to 15 years

July 21, 2014

The report states that the electricity tariff in Saudi Arabia is the lowest in the world because of governmental loans and support to electricity production companies through supporting fuel prices.
21:04 GMT
Saudis pay the cheapest electricity bills, according to one report, but seemingly not for long.
Security forces are only allowing Umrah pilgrims wearing “ihram,” the pilgrimage attire, to enter the Grand Mosque (AFP/ File).
16:30 GMT
Mecca authorities are only allowing Umrah pilgrims wearing "ihram" pilgrimage attire to enter the Grand Mosque.
“Saudi businessmen who visit Jordan for investment and trade often fall victim to fraud,” he explained, adding: “We strongly advise our citizens to seek legal consultation here in the embassy free of charge.”
15:10 GMT
“Houses and farms are still being maintained and have been registered via official documents since the Saudi Embassy had been established in Damascus,” he said.
Waad is in a state of shock following the death of her brother. (Image: Facebook)
08:20 GMT
Saudi singer Waad has sadly announced the death of her brother.
The report also stated that the ministry is finding it difficult to employ experienced expatriates due to the low salaries being offered to them.
03:00 GMT
The Ministry of Municipal and Rural Affairs has criticized the Saudization scheme of replacing expatriate employees with Saudi nationals, which has resulted in a shortage of experts in many positions.
In addition to six greenfield economic cities, efforts are being made to uplift cities such as Makkah toward Smart City status.
02:51 GMT
Saudi Arabia is all abuzz with excitement about ‘Smart Cities’ with social and technological factors converging to make the Kingdom ready for wide-spread Smart City developments.

July 20, 2014

He added that Africa was a very promising market for Sabic and the company was focusing on opening distribution centres in a number of African countries.
14:55 GMT
Sabic, which is 70 per cent state-owned, attributed the rise in profits to higher production and sales volumes as well as higher prices for products.

July 18, 2014

(Fayez Nureldine/AFP)
07:17 GMT
Four Civil Defense units, backed up by two rescue teams, battled for several hours a fire that ripped through a cluster of makeshift houses built on an empty plot in Al-Mansour Street in Mecca Thursday night.