Saudi Arabia’s Purchasing Manager’s Index rises to 57.2 points in Feb
RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
Economy
China’s annual political conclave starts as economy sputters
Proceedings kick off Monday at 3:00 pm with the opening ceremony of China's People's Political Consultative Conference (CPPCC), which will...
Economy
Economy
Turkey’s troubled lira accelerates record slide
The Turkish lira suffered one of its biggest falls of the year on Tuesday and hit new historic lows to...
- The lira fell by nearly four percent to 10.36 to the dollar before clawing back some of its losses ahead of a meeting
- Turkey's nominally-independent bank has bowed to incessant pressure from President Recep Tayyip Erdogan to drive down the cost of doing business in order to stimulate growth
Business
Emirates expects to return to profit in ‘next 18 months’ as losses drop by half
Aviation giant Emirates expects to return to profitability "in the next 18 months" as the sector bounces back from the...
- The Dubai-based carrier said last week it was on the path to recovery as six-month losses dropped by more than half from a year earlier.
- Emirates posted an April-September loss of $1.6 billion, compared with $3.4 billion during the same period in 2020.
Market Report
Asian markets mixed with focus on inflation, Biden-Xi summit
Global markets have enjoyed about 18 months of healthy gains with many hitting record or multi-year highs .
- Global markets have enjoyed about 18 months of healthy gains with many hitting record or multi-year highs
- But with the recovery well on track and people returning to a semblance of normality, inflation is surging to levels not seen in decades
Economy
New service to help start business in Saudi Arabia in three steps
For new investors, the new service will require only three steps: visiting the Saudi Ministry of Foreign Affairs website and...
- Investors and companies wanting to do business in the Kingdom will benefit from the new reforms
- The ministry said there will be a broad marketing campaign to ensure that foreign investors and companies can benefit from the new service
Business
Pakistani Basmati export to KSA, UAE suffers setback
Briefing a National Assembly panel, Commerce Ministry’s Director-General Dr. Syed Kausar Zaidi said that Saudi Arabia imports 80 percent of...
- Briefing a National Assembly panel, Commerce Ministry’s Director-General Dr. Syed Kausar Zaidi said that Saudi Arabia imports 80 percent of its rice from India
- He; however, expressed the hope that the outcome of Prime Minister Imran Khan’s recent visit to Saudi Arabia may have some positive impact on the export of rice
Economy
Dubai sets up AED1bn fund to support startups
The Fund, an initiative of the Dubai Securities and Exchange Higher Committee, will focus on supporting efforts to implement the...
- The Fund seeks to fill a funding gap in the MENA venture capital (VC) market by investing in technology startups in the early stages of growth
- As part of its mandate, the Fund will invest in a range of key initiatives, including Dubai Future Accelerators, DIFC FinTech Hive and Venture Builder Studios
Economy
Crude fact: GCC set for big gains from high oil prices
In oil exporting countries, the fiscal deficits in 2020 will be replaced by large surpluses in 2021 and 2022, mainly...
- As oil prices rise, the oil-exporting countries in the MENA region - Saudi Arabia, the UAE, Kuwait, Qatar, Oman, Bahrain, Algeria, Iraq, Iran, and Libya - are likely to gain
- A rise in energy prices increases current account surpluses in Saudi Arabia by US$ 28.3 billion, in Iraq by US$ 11.6 billion, and in the United Arab Emirates by US$ 11 billion
Economy
Kuwaitis complain about rising prices, high inflation
Growing costs and a drop in purchasing power are seen as deterioration of the standard of living Kuwaitis have been...
- The International Monetary Fund (IMF) attributed Kuwait's high inflation rate in 2021 to sharp rises in food prices and the cost of travel-related services.
- The IMF expected that inflation would reach 3.2 percent by the end of this year and then stabilize at 3 percent in the medium run.
Economy
Saudi Arabia consistent on pension index
The Kingdom ranks 26 in the Mercer Institute Global Pension Index 2021 for the fourth year in a row, with...
- Saudi Arabia was ranked 26 in the Mercer Institute Global Pension Index 2021 for the fourth year in a row, with a total of 58.1 points, up from 57.5 last year.
- The report also identifies several key areas that require development in the country's pension system such as increasing the minimum support provided to the poorest individuals
Economy
‘Make it in the Emirates Lab’ launched with focus on SMEs
The program is the second public-private initiative by MoIAT following the Future of Industry Dialogue initiative, a series of interactive...
- MoIAT kicked off the Access SMEs program within the wider Make it in the Emirates Lab in collaboration with Procter and Gamble
- The training will also be available to select national students to further support and encourage their contribution to the industrial sector upon graduation
Saudi Arabia’s Purchasing Manager’s Index rises to 57.2 points in Feb
RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
Economy
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Geostrategy
GCC, API sign MoU to establish framework for cooperation
Riyadh, Saudi Arabia-- Seeking to establish a broad framework for cooperation in several areas, the GCC and the Arab Planning...
Economy
Most world stock markets advance as US inflation data looms
London, United Kingdom - World stock markets mostly rose Wednesday as investors jockeyed for position before key US inflation data. London...
Business
Broadcom to acquire VMware after EU okays deal
BRUSSELS, BELGIUM- The European Commission approved US chipmaker Broadcom's planned $61 billion takeover of cloud computing firm VMware on Wednesday, conditional...
Business
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Economy
Pakistan gets $1 billion boost from UAE ahead of key IMF decision
The deposit comes a day after Saudi Arabia transferred $2 billion to Islamabad and brings the state's foreign reserves to...
- Inflation has rocketed, the rupee has plummeted, and the country is struggling to afford imports, causing a severe decline in industrial output.
- Securing financial support from friendly nations has been a key condition of the IMF for approving a new standby deal for Pakistan worth $3 billion.
Business
Agthia Group launches Agthia Ventures
New firm is a $54 million corporate venture capital fund.
- Funded by Agthia and its parent company ADQ, Agthia Ventures will be managed together with Touchdown Ventures.
- Agthia Ventures will help entrepreneurs through access to the firm’s extensive industry knowledge, diverse distribution networks.
Business
Yahsat to invest US$100m
It is for capital expenditure of T4-NGS satellite program.
- The program, the next-generation telecommunications system for Thuraya, is scheduled to begin operational service in H1 2025.
- The total cost of the program is up to $550 million, including manufacturing, launch, insurance and new ground infrastructure.