Saudi Arabia records $5.6 billion trade surplus in October 2024 with 30% growth
Riyadh, Saudi Arabia - Saudi Arabia’s trade balance recorded a 30% monthly growth, achieving a surplus of SAR 20.769 billion...
Economy
Asian stocks mostly up after US tech rally
Asian stocks were mostly higher on Tuesday after a tech rally on Wall Street, but their gains remained modest in...
Economy
World adds 50% more renewable energy capacity in 2023
The International Energy Agency said that the renewable energy capacity added to energy systems went up 50 percent in 2023,...
- The IEA said the largest growth took place in China, with wind power additions rising by 66%
- Europe, the US and Brazil also hit all-time highs in renewable energy capacity
Economy
US regulators authorize first bitcoin funds on public markets
The authorization of the ETFs - which are comparable to stocks or mutual funds as far as accessibility to everyday...
- Regulators approved proposals for 11 ETFs to list on leading exchanges including the New York Stock Exchange, the Securities and Exchange Commission said in a 22-page order
- Exchange-traded funds are traded on public markets, granting investors exposure to price movements in asset prices without taking direct ownership of the underlying assets
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Saudi, UAE report highest levels of gross debt
Among the Arab countries, Egypt recorded the highest debt-to-GDP ratio of 92.7 percent while US and China are on an...
- Developing countries spent a record $443.5 billion to service their external public and publicly guaranteed debt in 2022, the World Bank said recently.
- The increase in costs shifted scarce resources away from critical needs such as health, education, and the environment.
Business
Five new residency programs to attract talent to Saudi Arabia
These residency products offer several benefits, including the ability to conduct business and invest in Saudi Arabia, own real estate,...
- Special Talent Residency: is focused on attracting healthcare professionals, scientists, and researchers with exceptional expertise and experience.
- Entrepreneur Residency is geared towards aspiring entrepreneurs and innovators eager to launch and grow their startups in the Kingdom.
Business
Saudi Arabia raises mineral resources estimates to $2.5 trillion
The Kingdom raised its mineral resources estimates from $1.3 trillion in 2016 on the exploration of nearly 30 percent of...
- The estimates were revised for phosphate, gold and rare earths. Moreover, the Kingdom’s reserves potential grew by 90 percent, the minister said.
- Despite being one of the wealthiest countries in terms of mineral wealth, the Kingdom is the world's fourth-largest importer of minerals.
Economy
WEF 2024 aims to bridge trust gaps amid global discord
Geneva, Switzerland - The World Economic Forum Annual Meeting 2024 is set to gather over 2,800 global leaders in Davos-Klosters,...
- The WEF 2024 entails sessions addressing global security, economic growth, climate action, technological disruption, and health and well-being
- The forum will emphasize public-private collaboration to translate ideas into actionable solutions, acting as an accelerator for cooperation among leaders and initiatives
Economy
Arab region faces soaring youth unemployment crisis
The region, with the world's highest youth unemployment rate, requires the creation of 33.3 million jobs by 2030 to accommodate...
- The region, with the world's highest youth unemployment rate, requires the creation of 33.3 million jobs by 2030 to accommodate the large number of candidates.
- Arab countries are required to transform their education systems to align with the evolving labor market and create job opportunities for youth in the region.
Economy
UAE economy likely to grow by 3.8 percent in 2025, says World Bank
WASHINGTON, US - The World Bank expected the UAE's real GDP to grow by 3.4 percent in 2023, rising to...
- The World Bank forecast the growth in the Gulf Cooperation Council countries to rise to 3.6 percent in 2024 and 3.8 percent in 2025.
- The report said that the growth rate in the Middle East and North Africa region slowed down sharply to 1.9 percent in 2023.
Economy
Boost investment to avert ‘decade of wasted opportunity’: World Bank
Global growth is set to slow from an estimated 2.6 percent in 2023 to 2.4 percent this year, 0.75 percentage...
- Growth in advanced economies is expected to slow to just 1.2% this year, while emerging market and developing economies should see growth ease slightly to 3.9%.
- After seeing reasonable growth in 2023, the United States and China -- the world's two largest economies -- are both likely to slow in the year ahead, the World Bank said.
Business
Bitcoin surpasses $47,000, first time since March 30, 2022
Abu Dhabi, UAE - Bitcoin surged above $47,000 on January 9, marking its highest value since March 30, 2022, as...
- Bitcoin, originating in 2008 under the pseudonym Satoshi Nakamoto, operates as a decentralized digital currency
- The robust trading volumes in Bitcoin mining firms signal a heightened investor interest, underlining the increasing prominence of cryptocurrencies
Saudi Arabia records $5.6 billion trade surplus in October 2024 with 30% growth
Riyadh, Saudi Arabia - Saudi Arabia’s trade balance recorded a 30% monthly growth, achieving a surplus of SAR 20.769 billion...
Economy
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Saudi Arabia invests billions in biotech sector: report
The kingdom accelerates its biotech and genomics sector with substantial investments, in line with Vision 2030's push for economic diversification...
Economy
Oil prices fall amid Israeli Palestinian cease-fire hopes, US crude stockpile building
Oil prices fell on Wednesday over growing hopes for a cease-fire agreement between Israel and Hamas and rising crude inventories...
Economy
US Federal Reserve keeps interest rates at 23-year high
Washington, United States - The US Federal Reserve on Wednesday held interest rates steady for a sixth straight meeting, keeping the...
Economy
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Economy
GCC countries mobilize to build resilient industrial supply chains: report
GCC countries are prioritizing actions like near-shoring, international partnerships, and technology adoption to ensure supply chain adaptability and responsiveness, says...
- Saudi Arabia launched the Global Supply Chain Resilience Initiative to attract investments and position itself as a hub for leading industrial companies
- The UAE is focusing on strengthening its food supply chains through local production initiatives, logistics hubs, and advanced technologies
Economy
MENA’s rising debt: A cause for global concern
MENA's debt-to-GDP ratio surged 23% in 6 years due to pandemic fallout, with only 8 of 19 countries returning to...
- The debt-to-GDP ratio in the MENA region has increased by over 23 percent in the past six years, according to World Bank report
- The report highlights a staggering increase of over 11 percentage points in the debt-to-GDP ratio in 2020 alone due to pandemic
Economy
Europe reverses course on interest rates, diverging from U.S. Fed policies
For much of the past two years, policymakers on both sides of the Atlantic raised interest rates aggressively to fight...
- The IMF recommended that the ECB cut rates quarterly in quarter-point increments until September 2025
- Monetary policy in the GCC will remain tight, deterring some private sector investment