First week of Ramadan sees Saudis spend $3.12 billion
Riyadh, Saudi Arabia - Saudi Arabian consumers spent a total of SR11.68 billion ($3.12 billion) through point-of-sale transactions during the...
Economy
Saudi Industrial Production Index climbs up in January 2024
Riyadh, Saudi Arabia--The Saudi Industrial Production Index (IPI) recorded 103.3 points in January 2024, compared to 103 points in December...
Economy
Business
Economic freedom, effective governance key to attract FDI: AMF
The study calls for the stability of the business environment by reforming relevant laws.
- The study calls for the stability of the business environment by reforming relevant laws
- The regulatory quality index outperforms all other factors in attracting investment
Economy
IMF unveils new trust to help ‘vulnerable’ countries
The IMF plans to raise at least $45 billion for a new trust to help ‘low-income and vulnerable middle-income countries’.
- The Washington-based crisis lender's Resilience and Sustainability Trust is expected to come into effect May 1
- It is in addition to a $650 billion boost to reserve assets called Special Drawing Rights allocated earlier this year
Economy
Agencies urge urgent food insecurity action
Major international organizations issued an appeal on Wednesday for urgent measures to deal with rising food insecurity in poor countries.
- The Russian invasion of Ukraine, and Western sanctions on Moscow, have sent energy and food prices soaring
- Meanwhile, rising natural gas prices also have impacted fertilizer production, which in turn has hurt farmers
Economy
Unvaccinated citizens can travel if they present negative PCR: UAE
The UAE will allow unvaccinated individuals to travel on April 19 if they present a negative PCR test result taken...
- Unvaccinated individuals aged under 16 is exempt from presenting a negative PCR test result upon arrival
- The policy is aimed at achieving sustainable recovery and the return to normalcy to boost the economy
Geostrategy
Iran says preliminary deal reached on frozen funds abroad
Tens of billions of dollars in Iranian money were blocked in many countries including China, South Korea and Japan.
- Delegations from concerned countries met Iran's foreign minister to discuss the deal to release its funds frozen in foreign bank
- In January 2022, Iran urged South Korea to unlock its funds and not to wait for the results of the Vienna talks
Geostrategy
Saudi, Kuwait to develop gas field despite Iran complaint
Saudi Arabia and Kuwait will develop a disputed gas field despite Iranian objections, while urging Tehran to engage in negotiations,...
- The two countries also issued a new invitation for Iran to negotiate over the boundary of the gas field
- Tehran had earlier said that the deal contravened "previously held negotiations", adding that it "reserves its right to exploit" the field
Economy
Yen slides to 20-year low against dollar
The yen hit its lowest level against the dollar in two decades on Wednesday, extending recent falls as the gap...
- Despite being traditionally considered a safe-haven currency, uncertainty fueled by the war in Ukraine has not caused the yen to strengthen
- Government spokesman Hirokazu Matsuno said "the stability of exchange rates is important and we see rapid currency moves as undesirable"
Economy
KSA to back joint Arab actions, develop regional economic ties
The Cabinet authorized the Tourism Minister to discuss tourism promotion with Iraq.
- The Cabinet authorized the Tourism Minister to discuss tourism promotion with Iraq
- Approval was also given for an MoU between Saudi Arabia and Algeria in housing field
Economy
IEA lowers world oil demand outlook on China lockdowns
Russian oil supply, meanwhile, is expected to continue to fall in April by 1.5 million barrels per day amid its...
- Rich countries have agreed to tap an additional 120 million barrels of oil from emergency reserves, with half from the United States.
- Prices fell below $100 in recent days as severe lockdowns in Shanghai raised concerns that crude demand from China would fall.
Ukraine crisis pushes US inflation to new four-decade high
"The Russia-Ukraine war has added further fuel to the blazing rate of inflation," Kathy Bostjancic of Oxford Economics said.
- Consumer price index has hit 8.5 percent over the 12 months to March, considered the biggest jump in last 4 decades
- Central bank Governor said that fall of Ukraine war "probably skews risks to the upside in inflation"
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
First week of Ramadan sees Saudis spend $3.12 billion
Riyadh, Saudi Arabia - Saudi Arabian consumers spent a total of SR11.68 billion ($3.12 billion) through point-of-sale transactions during the...
Economy
Company News
Latest News
Saudi CST urges public for feedback on ‘space use plan’ for frequency spectrum
Riyadh, Saudi Arabia--The Communications, Space and Technology Commission (CST) has urged the public to provide their views on its space...
Science
Saudi Arabia and India sign agreement on digital economy
Riyadh, Saudi Arabia - Saudi Arabia and India signed on Friday an agreement on digitization and electronic manufacturing. The agreement...
Economy
Challenges prevail as UAE adapts to remote work
The UAE labor law has introduced changes to support remote workers, but there are still gaps compared to European countries,...
Interview
Most Read
Business
China’s investment rises 23% in BRI countries in Jan-July 2023
BEIJING, CHINA - Between January and July 2023, Chinese enterprises made non-financial direct investments totaling US$13.69 billion (RMB95.34 billion) in...
- This growth amounts to approximately US$13.69 billion, constituting nearly 20 percent of the overall investment in January-July 2023.
- The value of newly signed contracts amounted to US$103 billion, indicating a marginal 0.6 percent year-on-year increase.
Stocks dragged further by US rate worry, China gloom
Expectations of another Fed hike have pushed 10-year Treasury yields -- a gauge of future rates -- close to their...
- All three main indexes on Wall Street sank for a third straight session on Thursday, while London, Paris and Frankfurt also suffered heavy losses
- Asian markets were well in the red, including Hong Kong, which was down for a sixth consecutive trading day, while European investors were also on the back foot
Economy
Disparity remains as Saudis, Emiratis see wealth gains
The financial landscape of Saudi Arabia and the UAE is undergoing a significant transformation, with most adults in the region...
- The net worth per adult in Saudi Arabia surged by an impressive 8.6 percent in 2021, followed by a 6.6 percent increase in 2022, both measured in US dollars.
- The Gini coefficient for wealth inequality in 2022 was 86.7 in Saudi Arabia and 86.9 in the UAE, placing both nations among the highest in global wealth inequality rankings.