IMF cuts global growth outlook on impact of Trump tariffs
Washington, United States -- The International Monetary Fund on Tuesday slashed its forecast for global growth this year, citing the...
Economy
Business
Alkhorayef Water awarded $458m contract
The operation and maintenance contract will be for over 15 years.
- The existing plants in this package are Al Hafuf STP 1, Al Oyun STP and Al Omran STP. This is in addition to the new one, Al Hafuf STP 2, Argaam reported.
- The design and rehabilitation will be completed in two phases over 36 months from the contract date. Meanwhile, the O&M will be carried out over 15 years (180 months).
Business
Top U.S. stock indices drop for third consecutive day on Wednesday
The S&P 500 dropped for a fourth consecutive session on Wednesday, as Nvidia and other struggling technology names put downward...
- Technology-heavy Nasdaq Composite slid 1.15% to 15,683.37
- Asian shares advanced on Thursday even after sinking technology stocks sent Wall Street lower
Arts & Culture
Saudi Film “Norah”, backed by Red Sea Fund, secures official selection at Cannes
Directed by Tawfik Alzaidi, this Saudi film earned its place in the 'Un Certain Regard' section of the prestigious festival,...
- Set against the backdrop of 1990s Saudi Arabia, "Norah" narrates a tale of liberation through art
- Directed by Tawfik Alzaidi, this Saudi film earned its place in the 'Un Certain Regard' section of the prestigious festival, marking a major moment for Saudi cinema
Business
Sales of Dubai $10m-plus homes surges by 19% to $1.7bn in Q1
Dubai, UAE -- One hundred and five homes priced in excess of US$10 million were sold in Dubai during the...
- Knight Frank says that last year, Dubai recorded 431 home sales above $10 million, nearly 80 percent higher than the next nearest contender—London (240)
- New York (211) rounded off the world's top three most active luxury home markets in 2023.
Geostrategy
GCC nations express deep concern over Iran-Israel skirmishes
In light of the military escalation and developments in the Middle East region, the Ministerial Council of the Gulf Cooperation...
- In light of the military escalation and developments in the Middle East region, the Ministerial Council of the Gulf Cooperation Council held its 44th extraordinary meeting
- The council expressed its deep concern over the recent, dangerous developments of military escalation in the Middle East region and their negative impact
Business
Saudi imposes anti-dumping duties on products from 10 countries
Riyadh, Saudi Arabia -- Saudi Arabia has imposed anti-dumping duties on seven products imported from 10 European and Asian countries,...
- The products included all types of cement, including clinker, from all Iranian companies, with a dumping duty of 67.5 percent.
- The superabsorbent polymer products were also subject to anti-dumping measures on Saudi imports from five countries for five years.
Geostrategy
IEA lowers its forecast for global oil demand growth in 2024
According to the IEA, oil demand growth in Q1 2024 was lower than expected at 1.6 mln bpd, and the...
- The IEA emphasized that decreasing global oil demand growth indicates consumption will peak in the current decade.
- Despite the anticipated decline, however, the current rate of oil demand growth is largely similar to the trend prior to the COVID-19 pandemic.
Economy
Iraqi Prime Minister unveils action plan to revitalize local banking sector
The Iraqi government, in collaboration with the Central Bank of Iraq, will provide support for local Iraqi banks through foreign...
- The Iraqi government, in collaboration with the Central Bank of Iraq, will provide support for local Iraqi banks through foreign institutions and banks
- Consideration will be given to the credit rating of each bank in this process
Geostrategy
Turkey imposes trade restrictions on Israel over Gaza war
The new measures come a day after Turkey said Israel had blocked its attempt to airdrop aid to Gaza. "This...
- Foreign Minister Hakan Fidan on Monday vowed reprisals against Israel for blocking Turkey's air force from airdropping aid to Gaza.
- Turkey is one of the harshest critics of Israel's war on Gaza, with Erdogan branding Israel a "terrorist state". It attached a list of 54 products subject to export restrictions.
Economy
UN food organization raises forecast for world cereal production
Rome, Italy -- The Food and Agriculture Organization of the United Nations (FAO) has released a new Cereal Supply and...
- FAO forecast for world cereal production in 2023/24 to 2.841 billion tons, reflecting expectations of greater outputs of maize, rice and wheat.
- FAO also adjusted its forecast for global wheat production in 2024, now standing at 796 million tons, marking a 1.0 percent increase from 2023.
Company News
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SHUAA okays MCB tranches
Business
PIF completes $7 billion inaugural murabaha credit facility
Riyadh, Saudi Arabia -- Saudi Arabia's Public Investment Fund (PIF) on Monday announced its first murabaha credit facility for the...
Business
UAE aviation sector’s 2024 milestone: 1 million air traffic movements
Abu Dhabi, UAE -- The United Arab Emirates (UAE) achieved a milestone in the aviation industry as it surpassed 1...
Business
All six lines of Riyadh Metro are now operational
The Royal Commission for Riyadh City (RCRC) announced that the phased rollout of Riyadh Metro culminated as of Sunday, Jan....
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Business
Desert truffles: Saudi Arabia’s buried treasure
The 10-day Qassim Truffle Festival, currently in its fourth year, features 18 booths showcasing truffles, a dedicated auction area and...
- Fertile soil, untouched land, access to fresh water, a suitable climate, and the presence of the Helianthemum plant contribute to growth of desert truffles.
- The Qassim Truffle Festival, currently in its fourth year, is a testament to the region's truffle production.
Geostrategy
Israeli invasion destroys 90% of Gaza livestock, poultry farms
Gaza, Palestinian Territories - The Israeli forces have decimated 90 percent of 2,500 poultry and cattle farms in Gaza during...
- A million turkeys distributed across 150 farms, were culled, in addition to 80 percent of the total domestic poultry population, estimated to be 300,000 birds.
- Israeli forces destroyed 90 percent of the 100 cattle farms, which were breeding 50,000 calves annually, and culled 2,200 cows in 400 farms.
Business
Emirates’ first A350 takes flight
The airline operated the inaugural flight from Dubai to Edinburgh.
- The aircraft, featuring Emirates' latest cabin products, is the first of 65 A350s joining the airline's fleet over the coming years.
- Emirates has configured its A350 to provide three cabin classes, accommodating 312 passengers in 32 next-generation Business Class lie-flat seat.