Saudi Arabia rises to 13th in global competitiveness rankings
The Kingdom ranked 13th out of 70 economies assessed in the annual report, improving from 17th place a year earlier...
Economy
PIF assets reach $910 billion by 2025 end, below Vision 2030 target
According to the latest Vision 2030 annual report, the real non-oil GDP reached $892 billion against a target of $904...
Economy
Economy
UAE-Morocco consortium sign $14 billion worth of energy, water infrastructure projects
Morocco on Monday signed deals with an Emirati-Moroccan consortium for energy and water infrastructure projects, which according to one of...
- The projects aim to "strengthen both water security and energy independence" in Morocco, the signatories said in a joint statement
- The total investment amounts to nearly 130 billion dirhams by 2030, Taqa Morocco said in a separate statement
Business
China’s Xiaomi to invest nearly $7 bn in chips
Chinese tech giant Xiaomi will invest 50 billion yuan ($6.9 billion) in developing high-end smartphone chips, the firm's founder said...
- Xiaomi, which sells goods from smartphones to vacuum cleaners and EVs, is one of China's most prominent consumer electronics firms.
- Xiaomi took initial steps into semiconductors for smartphones with the launch of the firm's first in-house chip - the Surge S1 - in 2017.
Economy
China factory output beats forecasts, weathering tariffs
Beijing, China - Factory output in China grew at a faster rate than expected last month, official data showed Monday,...
- Industrial production in the export powerhouse grew 6.1 percent on-year in April, according to figures published by the National Bureau of Statistics (NBS)
- The reading was higher than the 5.7 percent forecast in a Bloomberg survey, but still lower than the 7.7 percent jump recorded for March
Business
General Gulf inflation rate logs 1.7% by end of Dec 2024
Muscat, Oman -- The general inflation rate in the GCC countries rose by 1.7 percent at the end of December...
- The increase is primarily driven by a 5.9 percent increase in housing prices and a 2.8 percent rise in the prices of goods and services.
- The culture and entertainment group recorded a 1.8 percent increase, while both the food and beverages group and the education group rose by 1.2 percent each.
Business
US stocks move sideways but poised for weekly gains
The S&P 500 has risen the last four sessions, extending the positive momentum after last weekend's trade talks resulted in...
- The broad-based S&P 500 added 0.1 percent at 5,923.30, while the tech-rich Nasdaq Composite Index gained 0.2 percent to 19,146.48.
- Broadband and cable company Charter Communications gained 2.5 percent after announcing a deal to acquire Cox Communications for $34.5 billion.
Economy
Tehran says no objection to US investment in Iran
Iranian Foreign Minister Abbas Araghchi said Thursday that Tehran has no objection to US companies operating in the country, including...
- "We have no ban on the economic presence of American companies in Iran," Araghchi said, attributing the lack of US business activity to primary sanctions imposed by Washington
- His remarks come after President Donald Trump said Washington was "getting close" to a new nuclear deal with Tehran to replace the one he abandoned during his first term in 2018
Economy
US, China to slash tariffs as Trump to speak to Xi
After the first meetings between Washington and Beijing since Trump ratcheted up his trade war, the world's two biggest economies...
- The world's two biggest economies agreed in a joint statement to bring their triple-digit tariffs down to two figures and continue negotiations
- China hailed the "substantial progress" made at the talks, held at the discreet villa residence of Switzerland's ambassador to the United Nations in Geneva
Economy
US, China to publish details of ‘substantial’ trade talks in Geneva
The US and China will Monday give details of "substantial progress" touted by Washington on trade talks aimed at ending...
- It was the first time senior officials from the world's two largest economies have met face-to-face to talk trade since Trump imposed steep new levies on China totalling 145%
- The trade spat between Washington and Beijing has rocked financial markets and raised fears of a global economic slowdown and an inflationary spike in the United States
Economy
Asian markets rally after positive China-US trade talks
Asian stocks rallied Monday after top Chinese and US officials held "substantial" trade talks at the weekend, fuelling hopes the...
- Investors have been on a rollercoaster ride since Donald Trump unveiled eye-watering tolls on trading partners on April 2
- The US president eventually hiked the measures against China to 145 percent, which were met with retaliatory rates of 125 percent
Economy
Washington hails ‘substantive progress’ after trade talks with China
Washington expressed optimism at the end of a weekend of trade talks with China aimed to de-escalate trade tensions sparked...
- The meetings marked the first time senior officials from the two countries met since Trump slapped steep levies on China
- After the first day of negotiations, Trump had posted on Truth Social that the discussions had been "very good"
Saudi Arabia rises to 13th in global competitiveness rankings
The Kingdom ranked 13th out of 70 economies assessed in the annual report, improving from 17th place a year earlier...
Economy
Company News
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Syria reveals new post-Assad banknotes
Syrian leader Ahmed al-Sharaa unveiled on Monday new banknotes replacing those showing ousted ruler Bashar al-Assad and his family, hoping...
Economy
Prone to conflict, displacement, climate shocks, investing in cities is a strategy for global stability
Addressing fragility in cities is, therefore, not only a social imperative; it is also a crucial economic consideration. It is...
Economy
China says to launch digital currency action plan
Beijing, China -- China will on January 1 launch an "action plan" for boosting management and operations of its digital...
Economy
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Economy
Saudi Arabia’s high-stakes race toward Vision 2030: Diversifying amid global uncertainty
Moving forward, lower oil revenues will continue to pose challenges to the Saudi economy and its overall targets. Earlier this...
- As non-oil growth accelerates and private investment rises, the Kingdom faces the challenge of sustaining momentum without overstretching its fiscal limits
- Vision 2030 is reshaping the Kingdom’s economy at unprecedented speed, but sustaining growth amid lower oil revenues will test policymakers
Economy
Syria to start replacing currency from Jan 1: central bank chief
Syria's central bank chief said Thursday that the country's currency would start to be replaced with a revamped version from...
- Central bank chief Abdul Qadir al-Hasriya said that "January 1, 2026, is the start date for the replacement process" for the currency
- Hasriya said the move comes at a "pivotal national juncture that reflects the beginning of a new economic and monetary era"
Economy
“New Suez Canal on rails”: Egypt high-speed trains to connect Red Sea, Mediterranean
Workers have started laying tracks in the desert east of Cairo for Egypt's first high-speed train, which will link the...
- The Green Line, as it is known, is the latest of a long list of megaprojects undertaken by El-Sisi's government in the past decade
- The Green Line will run across the country's north, from Ain Sokhna on the Red Sea to Marsa Matrouh on the Mediterranean