Majid Al Futtaim to invest in Saudi Arabia, other emerging markets

Majid Al-Futtaim recently launched its fourth VOX Cinemas multiplex in Riyadh at the Kingdom Centre. (Majid Al-Futtaim)
Updated 04 December 2019

Majid Al Futtaim to invest in Saudi Arabia, other emerging markets

CAIRO: Dubai-based Majid Al Futtaim will spend 2 billion Saudi riyals ($533.6 million) building cinemas in Saudi Arabia as part of a five-year 16-billion-riyal investment plan, its CEO said on Wednesday.
Majid Al Futtaim also plans to expand in Egypt, Uzbekistan and Uganda, chief executive Alain Bejjani told Reuters in an interview. The company began the Saudi expansion plan a year and a half ago.


Kuwait backs OPEC+ meeting, resumes Neutral Zone shipments with Saudi

Updated 43 min 20 sec ago

Kuwait backs OPEC+ meeting, resumes Neutral Zone shipments with Saudi

  • The shipment, of about one million barrels will be loaded on a tanker on Saturday and Sunday, for export to Asia

DUBAI: Kuwait supports Saudi Arabia’s invitation for a meeting between meeting of OPEC and non-OPEC oil producers, an informal grouping known as OPEC+, to curb global oil supply and halt the oil price rout, oil minister Khaled Al-Fadhel said on Friday.

The minister, cited by the state-news agency KUNA, also announced the resumption of crude shipments from the so-called Neutral Zone the country shares with Saudi Arabia for the first time in five years.

The shipment, of about one million barrels will be loaded on a tanker on Saturday and Sunday, for export to Asia, he said.