From a new stone tower on the border with Yemen, Saudi soldiers send out patrols in search of smugglers carrying drugs or weapons. They’re also trying to turn back a growing wave of illegal migrants drawn to the biggest economy in an Arab world rocked by political turmoil.
Saudi Arabia’s General Authority of Civil Aviation, which raised 15 billion riyals ($4 billion) from Islamic bonds sale last year, hired three banks for another local-currency offering, a banker familiar with the matter said.
The International Islamic Financial Market, a Bahrain-based standards-setting body, issued global guidelines that will provide a universal reference point for Shariah-compliant contracts banks can use to manage funds.
Saudi Arabia may need to persuade OPEC members to cut output to help keep oil prices above $100 level through the rest of the year, according to the Kingdom’s largest lender by assets National Commercial Bank.
Saudi Arabia’s national water company agreed to a 2.2 billion-riyal ($587 million) supply deal with Jeddah Economic Co. for the Kingdom tower project in the Red Sea port of Jeddah, Saudi Press Agency reported.