FacebookInstagramTwitterContact

 

Suarez, Alba Strike As Barcelona Prepare For Chelsea By Edging Past Eibar           >>           Jose Mourinho: Use VAR Only When Referees Ask For Assistance           >>           New Mock Mars Mission In Hawaii Begins With Most International Crew Yet           >>           Facebook Will Send Postcards To Verify US Election Ad Buyers           >>           Facebook: Two-Factor Authentication Spam Was Caused By A Bug           >>           Microsoft’s Cortana Is Finally On IFTTT           >>           Severe Pizza Stalker Has Sent Over 100 Pizzas To A Lawyer           >>           Southern Charm's Naomie Olindo Admits She Got A Nose Job Two Weeks Ago           >>           Traditional Fermented Soybean Dish From Japan Can Clean Out Your Arteries And Clear Your Sinuses           >>           Pros And Cons Of Paleo, Low-Carb And Fasting Diets: What They All Have In Common Is Lots Of Fresh Vegetables           >>          

 

SHARE THIS ARTICLE




REACH US


GENERAL INQUIRY

[email protected]

 

ADVERTISING

[email protected]

 

PRESS RELEASE

[email protected]

 

HOTLINE

+673 222-0178 [Office Hour]

+673 223-6740 [Fax]

 



Upcoming Events


Chinese New Year (16th-17th Jan 2018)
| 00:00 AM


Yes2Malaysia education
February 19th, 2018 | 10:00 AM


Brunei Gastronomy Week
February 23rd, 2018 | 08:00 AM


Negara Brunei Darussalam 34th National Day
February 23rd, 2018 | 10:00 AM





Prayer Times


The prayer times for Brunei-Muara and Temburong districts. For Tutong add 1 minute and for Belait add 3 minutes.


Imsak

: 05:07AM

Subuh

: 05:17AM

Syuruk

: 06:35AM

Doha

: 06:58AM

Zohor

: 12:35PM

Asar

: 03:55PM

Maghrib

: 06:33PM

Isyak

: 07:44PM

 



The Business Directory


 

 



World Business


  Home > World Business


Saudi Arabia May Offer Cheap Loans To Spur Job-Rich Industries


Photographer: Simon Dawson/Bloomberg

 


 April 21st, 2017  |  10:00 AM  |   668 views

SAUDI ARABIA

 

Saudi Arabia may offer “almost interest-free” loans to companies in labor-intensive industries, as part of a plan to stimulate an economy squeezed by low oil prices and spending cuts, Finance Minister Mohammed Al-Jadaan said.

 

Officials are in talks with private companies about other kinds of government support too, Al-Jadaan said in an interview on Thursday in Washington, where he’s attending International Monetary Fund and World Bank meetings. The proposal will likely be ready by the end of the second quarter, he said.

 

Saudi Arabia has embarked on what it describes as an unprecedented shakeup of an economy that’s heavily reliant on oil. The so-called Vision 2030, spearheaded by Deputy Crown Prince Mohammed bin Salman, was announced last year and includes plans to sell shares in state companies and curb government spending.

 

There’s also a strong emphasis on creating jobs for the kingdom’s youthful population. Earlier on Thursday, Saudi authorities said that foreigners will be barred from working in shopping malls, a move expected to put 35,000 Saudis into work.

 

Debt Markets

 

Al-Jadaan said the new lending program will help companies restructure debt, easing the impact of higher domestic energy prices as subsidies are cut.

 

Authorities are also asking companies “what do you need from the government side, what are the issues you’re suffering in terms of licensing, procedure?” he said.

 

Saudi Arabia is likely to return to domestic and international bond markets this year after a successful sukuk sale, Al-Jadaan said, without giving details. He said the government prefers to borrow rather than draw on its reserves.

 

The government didn’t tap the central bank’s foreign-exchange holdings in the first quarter of this year, and the decline in reserves in the first two months may have been a result of private companies settling overseas bills or financing imports, al-Jadaan said.

 


 

Source:
courtesy of BLOOMBERG

by Alaa Shahine

 

If you have any stories or news that you would like to share with the global online community, please feel free to share it with us by contacting us directly at [email protected]

 

Related News


Let Najib decide on candidates for GE14 – Salleh

 2018-02-18 11:07:03

Sacred Tibetan Monastery In Lhasa Hit By Fire

 2018-02-18 11:18:19

Bain-Backed Consortium Is Said to Be Highest Bidder for Binani

 2018-02-18 11:35:33