Saudi Arabia

18 March 2020; AFP: From empty hotels to shuttered beauty salons, oil-dependent Saudi Arabia is bracing for a coronavirus-led economic slump on top of possible austerity measures as crude prices go into free fall.

Huge losses are expected after the Arab world's biggest economy shut down cinemas, malls and restaurants, halted flights, suspended the year-round umrah pilgrimage and locked down eastern Qatif region -- home to around 500,000 -- in a bid to contain the deadly virus.

18 Mar 2020; MEMO: Saudi Arabia said on Tuesday that mosques would no longer be open for the customary five daily prayers or Friday congregations, an exceptional move to limit the spread of the coronavirus which has infected 171 people in the kingdom.

Saudi Arabia, which chairs the Group of 20 major economies, announced an extraordinary virtual leaders summit next week “to put forward a coordinated set of policies to protect people and safeguard the global economy.”

17 Mar 2020; MEMO: Saudi Arabia announced on Sunday the suspension of employees’ attendance at all government workplaces for a period of 16 days starting yesterday as a precautionary measures against the spread of the coronavirus, the Saudi News Agency reported.

The Saudi government’s decision does not include those working in the health, security and educational sectors.

16 Mar 2020; MEMO: The central banks of the United Arab Emirates (UAE) and Saudi Arabia, the two largest Arab economies, on Saturday announced stimulus plans worth a combined $40 billion to ease the impact of the coronavirus outbreak in their respective countries, Reuters reports.

RIYADH, Mar 14 (NNN-SPA) – Saudi Arabia will suspend international travel for two weeks from tomorrow, Sunday, in a bid to stop the spread of COVID-19 and ensure the safety of Saudis and residents.

A spokesperson for the Ministry of Interior said, the ban that starts at 11 am is to be considered an exceptional official holiday for citizens and residents, who will be unable to return to the kingdom due to suspension.

RIYADH, March 11 (Xinhua) -- Saudi Arabia denied on Wednesday news reports about reviewing oil prices with a Russian official.

A news report by Wall Street Journal released on Tuesday about Saudi Minister of Investment Khalid Al-Falih discussing with Russia's Energy Minister Alexander Novak to resolve differences in oil production policies is "baseless," the Ministry of Investment said in a statement on the Saudi Press Agency on Wednesday.

RIYADH/DUBAI (Reuters) - Saudi Arabia has asked state agencies to submit proposals for cuts of at least 20% to their budgets in a fresh austerity drive to cope with a sharp drop in oil prices, four sources familiar with the matter said.

They said the request was made more than a week ago due to concerns about the impact of the coronavirus epidemic on crude markets and ahead of the collapse of an oil output deal between OPEC and its allies on Friday.

Dubai, Mar 10 (AFP/PTI) Stock markets in the energy-rich Gulf states made a strong rebound in opening trade Tuesday, led by the Saudi bourse which jumped 5.6 per cent, as oil prices bounced after heavy losses.

Energy giant Aramco, which dominates the Saudi Tadawul market, gained 5.5 per cent after a series of sessions in the red where it tumbled below the price where it listed last December.

09 Mar 2020; MEMO: Saudi Aramco shares fell ten per cent this morning after Saudi Arabia slashed its official selling prices for crude and set out plans for a dramatic increase in oil production next month, prompting a sharp drop in prices, Reuters reported.

Shares in Aramco were trading at 27 riyals ($7.20), 15.6 per cent below its initial public offering (IPO) price of 32 riyals, which in December valued the company at $1.7 trillion in the world’s biggest share offering.

09 Mar 2020; MEMO: Saudi’s King Salman approved the arrests of three senior royals over the weekend, local sources told Reuters.

On Friday, his son, Mohammed Bin Salman, detained the king’s younger brother, and Prince Mohammed Bin Nayef, the king’s nephew and his half-brother Nawaf.

Three of the sources, including a regional source, said Mohammed and Nawaf Bin Nayef were picked up at a private desert camp on Friday. Two sources said Ahmed was taken from his home.