Economy

Work on the Kingdom Tower in Jeddah is now above the ground and construction is moving at an accelerated pace, a top official announced on Wednesday.“The tower will be ahead of any other high-rise...
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Caterpillar raises forecast as construction offsets mine woe

Caterpillar posted better- than-expected first-quarter earnings and sales and boosted its full-year profit outlook on improved expectations for construction while also saying the mining industry co



Qualcomm’s sales might miss estimates as licensing sales slow

SAN FRANCISCO: Qualcomm, the world’s largest maker of mobile-phone chips, forecast fiscal third-quarter sales and profit that may miss analysts’ estimates as handset makers sell fewer phones based



Barclays profit falls on fixed-income slump

LONDON: Barclays Plc said its first-quarter profit fell after a “significant” drop in revenue from its investment bank’s fixed- income operations, extending an industry slump across that busines



Shares in French giant Alstom leap on rumoured GE bid

PARIS: Engineering giant Alstom, a top name in French industry, was caught in a swirl of speculation that US group General Electric is about to make a $13.0 billion bid, and its shares leapt.




Britain’s budget gap narrowest since financial crisis

LONDON: Britain’s hefty budget deficit has fallen to its lowest since the financial crisis, official data showed, helping the government argue it is delivering on a key economic pledge a year



Iconic Jeddah Kingdom Tower construction work gathers pace

Work on the Kingdom Tower in Jeddah is now above the ground and construction is moving at an accelerated pace, a top official announced on Wednesday.



STC picks banks for debut sukuk issue

DUBAI: Saudi Telecom Co (STC), the Gulf's biggest telecommunications operator by market value, has picked three banks to manage its debut Islamic bond offer, banking sources aware of the transaction t



Telecom stocks down 1.92 percent

The Saudi stock market continued its downward momentum and fell for a third consecutive session on Wednesday.



UAE nuclear program gains momentum

With an ambition to generate up to 25 percent of its electricity needs — or 5.6GW — through nuclear means by 2020 nuclear energy has gained momentum in the UAE.

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