عربي English Türkçe اردو فارسى
Logo
Latest News
Business

UK Second Largest Foreign Investor in Saudi Arabia

Photo by SPA
Photo by SPA
TT
TT

UK Second Largest Foreign Investor in Saudi Arabia

Photo by SPA
Photo by SPA

Saudi Minister of Investment Eng. Khalid Al-Falih highlighted the deep-rooted Saudi-British relations, saying the UK is the second largest foreign investor in the Kingdom with approximately $16 billion in investment shares.

This came during a panel session held on Tuesday as part of the Great Futures Initiative Conference at the King Abdullah Financial District. The event was held with United Kingdom (UK) Minister for Business and Trade Lord Dominic Johnson.
“The investment sector relies heavily on banks and economic ventures in the financial field," Al-Falih said, indicating that the Kingdom has the fastest growing economy over the past six years.
For his part, the British minister hailed the Kingdom's achievements in expanding joint economic ventures, noting that economic cooperation between the two countries will continue for many decades to come.
He also explained that economic cooperation between the two kingdoms demonstrates the depth of relations and cooperation, as the UK is keen to participate in Saudi Arabia's development.
The UK minister also commended the remarkable development in the Kingdom and the ease of access to investment in the Saudi market, citing the exceptional opportunities for British investors in Saudi Arabia.

Most Viewed

 
 
Business

Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
TT
TT

Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.