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Saudi Arabia seeks to further reduce oil stockpiles

Saudi Arabia said Wednesday it will further trim oil production and exports next month to reduce excess stockpiles that have weighed on crude prices, as concerns mount over US oversupply. Saudi Aramco’s crude output in March will be 100,000 barrels per day (bpd) below its February level while exports will …

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Kuwait pledges $2 billion for Iraq's reconstruction

Kuwait will lend $1 billion to Iraq and commit a further $1 billion of investment to the country, Kuwaiti Emir Sheikh Sabah al-Ahmad al-Jaber al-Sabah told an international conference on Iraq’s reconstruction on Wednesday. Donors and investors have gathered in Kuwait this week to discuss efforts to rebuild Iraq’s economy …

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Saudi cleric endorses Valentine's Day as 'positive event'

A prominent Saudi cleric on Wednesday endorsed Valentine’s Day, long forbidden in the ultra-conservative kingdom, calling it a “positive social event” that was not linked to religion. The comment from Ahmed Qassim al-Ghamdi, former chief of the religious police in the holy city of Mecca, comes as 32-year-old Crown Prince …

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Du Q4 profit up nearly 15 percent in 2017

Du, the United Arab Emirates’ No.2 telecom operator, reported a 14.9 percent rise in fourth-quarter net profit on Thursday, boosted by a rise in revenue, improvement in gross margin and cost savings. The company, which ended rival Etisalat’s domestic monopoly in 2007, made a net profit after royalty of 425 …

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