Saudi economy to register losses until 2027, says finance ministry
Saudi Arabia anticipates a budget deficit of 2.3 percent of GDP in 2025. Estimates put total government revenues for 2025...
Lebanon flights suspended as Hezbollah-Israel tensions continue to spiral out of control
Major airlines such as Emirates, Qatar Airways and Air France have suspended growing numbers of flights to Lebanon as tensions...
Business
Saudi Arabia issues 162 licenses to companies relocating hqrs to the Kingdom
Riyadh, Saudi Arabia - Saudi Arabia has so far issued 162 regional center licenses to the companies relocating their headquarters...
- The headquarters will operate in strict accordance with Saudi laws, providing crucial support, management, and strategic direction to their branches
- The Ministry of Investment has enacted a mechanism to offer premium residency status to executives working within these regional headquarters
Oil-reliant Saudi revises budget, projects deficit
The Gulf kingdom, the world's biggest crude exporter, had planned for a surplus of 16 billion Saudi riyals ($4.27 billion)...
- Oil revenue this year has fallen by 17 percent as prices have dipped and Riyadh has cut production in a bid to boost them
- Daily output is currently nine million barrels per day, down two million barrels from this time last year
Economy
‘Cooperation key in establishing global work agenda’
"The Summit acts as a nexus, uniting government officials, international organizations, business magnates, community institutions, scholars, and innovators. This collective...
- The World Governments Summit Organization emphasizes global dialogue and partnerships
- The Summit acts as a nexus for government officials, scholars, and innovators, says a UAE official
Business
Libya and Italy sign MoU to boost cooperation in civil aviation
Tripoli, Libya--Libya and Italy have signed an agreement to enhance cooperation to enable air transport companies to operate charter and...
- In September, a Rome-bound aircraft departed from Tripoli restarting flights to Italy after a nearly decade-long suspension due to an EU ban
- The agreement looks to boost cooperation between air transport companies to operate charter and regular flights between the two countries
Economy
Saudi Arabia’s coffee production exceeds 800 tons annually
Riyadh, Saudi Arabia - Saudi Arabia is among the top 10 countries in the world in coffee consumption, leading the...
- The Kingdom hosts more than 2,535 coffee farms in the Southern Region, including over 500 model coffee farms
- The country has also signed an agreement for the establishment of the Kingdom's first coffee city
Geostrategy
Saudi Arabia, Pakistan ink pact on digital transformation, innovation
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia signed a memorandum of understanding (MoU) with Pakistan here on Sunday...
- Under the terms of the MoU, Saudi Arabia and Pakistan will strengthen their SME and start-up ecosystems.
- They will cooperate on policies, regulations and legislation in the digitization and electronic manufacturing sectors.
Business
Saudi Arabia’s consumer spending up 8% to reach $30bn in Aug
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia grew 8 percent to SAR 115.4 billion ($30.76 billion) in August 2023, from...
- Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions and e-commerce sales through "Mada".
- E-commerce sales through Mada cards increased 27 percent YoY to SAR 14.4 billion in August, marking the highest-ever sales value.
Business
ROSHN group opens sale for SEDRA phase 3 units in Riyadh
RIYADH, SAUDI ARABIA - ROSHN Group, one of the Public Investment Fund (PIF) subsidiaries, announced on Sunday the opening of...
- SEDRA phase three will add 3,438 more houses to ROSHN’s first integrated development; 1,904 units are for sale in this initial sales tranche.
- SEDRA 3 offers prospective residents eight options of floor plans and eleven facades, in single- or multi-family configurations,
Economy
Threats and violence as Turks feud over soaring rents
The government has capped property rent increases at 25 percent for households, and aligned them with the official inflation rate...
- Rents in Turkey have soared by an average of 121 percent over the past year, according to a study published by Bahcesehir University in August
- Inflation approached 60 percent in August, but independent t economists say consumer price increases actually reached at least 128 percent
Geostrategy
Congress passes bill, averting US government shutdown
Three hours before the deadline, the Senate voted to keep the lights on through mid-November with a resolution that had...
- Tonight, bipartisan majorities in the House and Senate voted to keep the government open, US President Joe Biden said
- Biden berated McCarthy and the House Republicans for reneging on spending levels agreed with the White House months ago
Saudi economy to register losses until 2027, says finance ministry
Saudi Arabia anticipates a budget deficit of 2.3 percent of GDP in 2025. Estimates put total government revenues for 2025...
Company News
stc Group inks several pacts
Business
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Investment and innovation behind Qatar’s tech success
Maher praises the Gulf country for its substantial efforts, investments, and innovative ideas that have transformed it into a prime...
Economy
WTO ministers struggle to forge deals as talks go into overtime
ABU DHABI, UAE – World trade ministers were locked in disagreement Thursday on fisheries subsidies, agriculture and digital customs duties as...
Geostrategy
Abu Dhabi residential sector achieves record growth in 2023, says report
ABU DHABI, UAE - Abu Dhabi’s residential sector has witnessed one of the best years on record, where a total...
Business
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Business
Saudi Arabia permits over 350 firms to open regional HQ, mostly in Riyadh
Riyadh, Saudi Arabia -- Saudi Arabia has granted permission to more than 350 international companies to open their regional headquarters...
- Minister of Investment Khalid Al Falih said the Kingdom is transforming comprehensively through Vision 2030 by turning its economy green.
- He highlighted that new economic sector like the digital economy, and tourism will immensely develop human capital, demanding diverse skills and a new global outlook.
Economy
UAE presses for ‘sustainable development policies’ at BRICS meeting in Brazil
Sao Paulo, Brazil-- The UAE has affirmed that it collaborates with the BRICS nations in order to establish sustainable development...
- Al Hussaini said the UAE aims to boost cooperation between emerging and developing economies and set up governance frameworks on a global level
- The minister said they expect more fruitful collaboration among the group’s nations, which are increasing in importance and role in international affairs
Economy
Abu Dhabi sees 67% annual rise in number of AI company registrations
Abu Dhabi, UAE - The number of AI companies registered in Abu Dhabi grew at a compound annual rate of...
- The study highlights on Abu Dhabi’s ambitions to maximize the benefits of utilizing AI systems, applications, technologies, and solutions
- In recent year, Abu Dhabi Chamber has adopted innovation and digital transformations and implemented supportive policies