IMF says Red Sea shipping down one-third due to Houthi attacks
"Container shipping... has declined by almost 30 percent," said Jihad Azour, director of the IMF's Middle East and Central Asia...Business Geostrategy
Banco Santander posts US$12bn profit
It made record profit on the back of higher interest rates.Business
SAMA completes e-linking procedures through Tanfeeth program
The Saudi Central Bank (SAMA) has completed electronic linking procedures with the Saudi Center for Economic Business through the “Tanfeeth”...This program aims to directly link the technical systems of government agencies and banks operating in the kingdom through the Saudi Central Bank.
The Central Bank stated that, through the “Tanfeeth” program, it aims to improve and develop joint business with government agencies.
Saudi Arabia’s overall exports in May 2022 was US$38.5bn
The Kingdom of Saudi Arabia’s overall merchandise exports increased by 83.4 percent in May 2022 compared to May 2021, the...Saudi Arabia’s overall merchandise exports increased by 83.4 percent in May 2022 compared to May 2021
The share of oil exports in total exports increased from 72 percent in May 2021 to 80.6 percent in May 2022
Saudi center to auction industrial properties in Riyadh
Saudi Arabia's Center for Attribution and Liquidation "Infath" will auction quality real estate in Riyadh on August 1, a media...The auctions offer 14 industrial real estate assets in eastern Riyadh, with large total areas estimated at more than 80,000 square meters.
The real estate consists of three industrial lands in Al-Sulay district licensed to establish industrial workshops, and 11 lands licensed to establish warehouses.
Borouge 4 expansion on track
EPC contractors are set to start construction this month.Upon completion, the project will boost the total annual production capacity of polyolefins produced in the UAE to 6.4 million tons.
It will also supply feedstock for the TA'ZIZ Industrial Chemicals Zone.
Saudi Arabia to pour in $5bn in poultry industry
Saudi Arabia will pour in $5 billion in the poultry industry in order to boost production as the kingdom looks...By targeting 1.3 million tons of broiler chickens per year, the ministry will ensure national food security, increase local content, and create employment opportunities
Ibrahim Qassem, the director-general of the Animal Resources Services at MEWA, told media that the volume of livestock projects exceeded 980 across all regions of the kingdom
SAIB shares vault more than 2%
The stock rose after it declared cash dividends of $80 million.The bank’s stock touched SR20.88 on Sunday, up from an opening price of SR20.5
Last year, SAIB paid an annual dividend of SR0.7 per share – the highest in years after freezing dividends for two straight years
Crises make GCC, Western countries more pragmatic
An increasing number of strategic agreements are being signed with the regional players as Europe, US seek to diversify sources...An increasing number of strategic agreements are being signed with the regional players as Europe, US seek to diversify sources of energy supply, says an expert at IRIS
Relations between the US and Arab countries are dominated by pragmatism as the former wants to carry out an active diplomacy to avoid being outstripped by the rivals
Russia assures Egypt of providing grains as per order
Russia's top diplomat reassured Egyptian leaders Sunday that their orders for Russian grain would be met as he began a...Foreign Minister Lavrov said that Russian exporters of cereals will fulfil their orders and provide grains to Egypt and other countries
Lavrov's visit comes hot on the heels of a landmark deal Russia and Ukraine signed on Friday with the United Nations and Turkey
Dubai most expensive city in Arab world
Mercer’s 2022 Cost of Living City Ranking ranks the emirate the 31st most expensive city in the world.Mercer survey is aimed at providing employers data to help them navigate compensation strategies for their mobile employees in the world.
Urkaine conflict, rising inflation and volatility of markets has affected the cost of living for most of the people in the world.
Center to combat financial fraud inaugurated in Saudi Arabia
A Joint Operations Center for Saudi Banks tasked with following up and monitoring cases of financial fraud that bank customers...The center brings together all Saudi banks under one roof to improve the customer experience and tackle confirmed cases of financial fraud.
The Center’s establishment came from from the Saudi Central Bank’s support for the stability of the banking sector, said SAMA governor.
