Daily brief: Al Rajhi Bank defies KSA austerity, OPEC flags US shale recovery

January 19, 2017 9:58 am

Stacked pile of newspapers. (Image: Alamy)

Al Rajhi Bank, the second-largest lender by assets in Saudi Arabia reported a five per cent rise in Q4 net profit. Here are the top seven business stories you need to know today.


Japan extends UAE crude storage deal through 2019

Japan has agreed to allow the Abu Dhabi National Oil Co (ADNOC) to store crude oil in the country for two more years, giving the nation’s second-largest supplier continued access to a depot through 2019, the trade ministry said on Thursday.


Egypt on track to receive IMF loan’s second tranche

Egypt is on track to receive the second tranche of a $12 billion three-year loan from the International Monetary Fund pending a visit in the end of February to review progress on its economic reform programme, the Fund said on Wednesday.


(Egypt secures $6bn bilateral financing for IMF loan)


Netflix adds more subscribers than expected

Netflix Inc’s international and U.S. subscriber additions sped past analysts’ estimates as the video streaming service released shows including the award-winning British drama “The Crown” and a revival of “Gilmore Girls.”


(Netflix ventures into Middle East, adds Arabic)


Facebook dismissive of censorship, abuse concerns, rights groups allege

Nearly 80 rights groups on Wednesday accused Facebook of “racially biased censorship” and failing to be more transparent about its removal policies and cooperation with law enforcement, adding to criticism the company has faced in recent months over its management of content on its network of 1.8 billion users.


Al Rajhi Bank defies Saudi austerity impact with profit rise

Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets, reported a five per cent rise in fourth-quarter net profit on Wednesday, meeting analysts’ forecasts as financing, investment and other income all increased.


(Saudi government could shelve $13.3 billion projects in 2017: Report)


Japan, Saudi Aramco extend Okinawa crude storage deal

State-run Japan Oil, Gas and Metals National Corp (JOGMEC) said it signed a contract with the world’s top exporter Saudi Aramco on Wednesday to extend a crude oil storage deal on the island of Okinawa by three years.


OPEC sees smaller oil glut in 2017 but flags US shale recovery

OPEC signalled a falling oil supply surplus in 2017 on Wednesday as the exporter group’s output slips from a record high ahead of a deal to cut supply and outside producers show positive initial signs of complying with the accord.



AMEinfo Staff
By AMEinfo Staff
AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.