Transformative New Murabba Stadium design in Riyadh revealed by PIF
Equipped with cutting-edge sporting technology, the stadium will offer an immersive and personalized experience for fans. Additionally, it will act...Economy
China factory activity contracts for second straight month
Beijing, China - Factory activity in China shrank for a second straight month in June, data showed Sunday, underscoring the country's...Economy
Egypt calls for renewal of Black Sea grain export deal
MOSCOW, RUSSIA - Egypt's president on Friday called on Russia and Ukraine to find "urgent solutions" to allow the resumption of...Moscow withdrew from the agreement after protesting for months that parts of the deal that allowed for export of Russian fertilizer were not honored.
Russia refused to extend a deal brokered by UN and Turkey, under which Ukrainian grain exports passed through the Black Sea to reach global markets.
ExxonMobil Q2 profits $7.9bn
Profits fell on lower refining margins, natural gas prices.Natural gas prices are down sharply from the year-ago period following a mild winter.
The comparative weakness in refinery margins reflects sluggish economic conditions.
PIF sets up tourism firm Asfar
Firm Saudi Tourism Investment Company has been set up.The company will invest in new tourism projects and develop attractive destinations with hospitality, tourist attractions.
The company will leverage Saudi Arabia’s unique strategic location between the three continents of Asia, Africa and Europe
Tabreed H1 23 net profit $105m
New customers and projects were added in H1 2023.In the first half of the year, Tabreed's revenue increased by 9.4 percent YoY to US$290 million, from US$265 million in H1 2022.
Earlier this month, Tabreed started operating the cooling infrastructure, officially commencing its first operations in India.
Yen swings after Bank of Japan policy tweak, Asian equities mixed
After a closely watched meeting, the Bank of Japan said it would allow "greater flexibility" in government bond markets, having...The currency has been hammered for more than a year as the BoJ refused to shift from its loose policy
With prices picking up at home and the yen struggling, pressure has been growing on the bank to change tack
Evergrande’s e-vehicle unit shares plunge 70% after trading resumes
The company on Wednesday announced its earnings for 2021 and 2022 -- showing a loss of almost $12 billion --...Officials called a halt to dealing in China Evergrande New Energy Vehicle Group (NEV) on April 1 last year after it failed to release its financial results
In its financial results posted Wednesday, NEV said its debt hit 183.9 billion yuan ($25.6 billion) at the end of December 2022
Trade between Russia and Africa totaled $18 bn in 2022: Putin
Moscow, Russia - Trade turnover between Russia and Africa reached $18 billion in 2022, which is one of the results...Last year Russia’s trade with African countries in agricultural products increased by 10 percent to $6.7 billion
Russia exported 11.5mt of grain to Africa in 2022, and almost 10mt in the first six months of 2023
US Federal Reserve’s united fight against inflation enters new phase
Analysts are divided ahead of the Fed's next decision in September, with the so-called "hawks" predicting additional rate hikes in...Thursday's GDP figure for the second quarter came in above analysts' expectations, a day after the Fed hiked its benchmark lending rate to its highest point for 22 years.
The US central bank also left the door open to additional rate hikes, if needed, to get inflation down to its long-term target of two percent.
Saudi Arabia poised to become global biotech hub with $3.9bn R&D investment
Riyadh, Saudi Arabia - Saudi Arabia has positioned itself as a potential world-leading hub for biotech research, development, and pharmaceutical...The country's strategic move aligns with its ambitious goals of economic diversification and addressing crucial healthcare and food security challenges
With initiatives like the Saudi Human Genome Program and the Saudi Network for Clinical Trials, Saudi Arabia could establish a biotech cluster over the next decade
Saudi PIF signs MoU with Oman Investment Authority to expand investment in Oman
Riyadh, Saudi Arabia - The Public Investment Fund (PIF) announced on Thursday that it has signed a Memorandum of Understanding...The MoU builds on the Saudi Omani Investment Company (SOIC), a PIF-wholly owned company, which intends to invest up to $5 billion in Oman
The SOIC recently closed its first investment in Oman as a 20 percent anchor investor in Abraj Energy Services’ IPO
