Saudi Arabia’s real GDP grows by 3.4 percent in Q1 mainly on non-oil activities
Riyadh, Saudi Arabia -- Saudi Arabia’s first quarter real Gross Domestic Product (GDP) grew by 3.4 percent year-on-year, according to...Economy
IMF upgrades Saudi real GDP growth forecast to 6% in 2025, up from
Riyadh, Saudi Arabia -- The International Monetary Fund (IMF) has revised upwards its forecast for Saudi Arabia's economic growth to...Economy
World’s largest SWF posts $138 billion in H1 profit as AI demand boosts tech
Norway’s massive sovereign wealth fund on Wednesday posted first-half profit of 1.48 trillion kroner ($138 billion), primarily driven by robust...Completely different geopolitical situation now present more risks to global stocks
The PIF, which has $977 billion in assets, reported a 2023 profit of $17.2 billion in a July 2024 filing
Dubai real estate sales hit record $13.6bn in July, growth eases
Dubai, UAE - Dubai's real estate market reached a new peak in July, with sales hitting an all-time high of...Apartment sales, which accounted for nearly 45% of all transactions, surged by 62% year-on-year, with approximately 70% of these being off-plan sales
The villa segment also saw a shift towards the off-plan market in the past two months, resulting in a 9.9% year-on-year growth overall
Disparities in climate action risk worsening global economic inequality, warns new report
Geneva, Switzerland – A recent report by the World Economic Forum (WEF) highlights the growing concern that unequal access to...The WEF’s research reveals that disparities in access to green financing pose the greatest risk to economic equity across various sectors
The findings underline the need for a fair distribution of the costs and benefits of climate action among workers, consumers, and businesses
Saudi Arabia reforms investment law, simplifies process and investor protection to achieve $100 bn FDI target
The law will ensure equal treatment between domestic and foreign investors, protecting intellectual property and promoting fair competition in line...The updated investment law, approved by the Council of Ministers on Sunday, seeks to level the playing field for both domestic and international investors
It guarantees the rule of law, fair treatment, and the freedom to transfer funds without delay, among other protections
Oil prices soar 4 percent but US inflation fears ease
U.S. crude oil prices rose over 4% on Monday, surpassing $80 per barrel, as the Pentagon deployed additional forces to...WTI and Brent crudes were both hovering around $80 per barrel at time of publishing
Expectations for three-year inflation hitting a record low of 2.3%
West tells Iran to ‘stand down’ Israel attack threats; Tehran says ‘no way’
With tensions soaring in the Middle East, the United States says that Iran along with its proxies might attack Israel...Iran and its Lebanese ally Hezbollah have vowed revenge for the killings of Ismail Haniyeh and Fuad Shukr
The White House warned that a "significant set of attacks" by Iran and its proxies was possible as soon as this week
Saudis reform Investment Law in bid to attract foreigners
Saudi Arabia announced new business regulations aimed at boosting transparency and easing the process of investing in the kingdom as...Update will replace the current licensing process in 2025
Kingdom wants to hit $100 billion of FDI annually by 2030
Bitcoin crashes, Ether has worst drop since 2021 as crypto market melts
Cryptocurrencies reeled from a bout of risk aversion in global markets on Monday, at one point sending Bitcoin down more...Bitcoin traded 8.5% lower at below $54,000at $54,000 at time of publishing
About $700 million of bullish crypto positions using derivatives were liquidated in the past 24 hours
Fed Chair Powell confirms September rate cut signal
The Federal Reserve kept its key interest rate at 5.25% to 5.5%, citing “some further progress” toward its 2% inflation...Central bank’s economic forecasts do not take into account who wins the presidency.
Powell seemed to rule out the likelihood of a 50 basis-point rate cut
Dubai welcomes record 9.31 million visitors in first half of 2024
Dubai, UAE - Dubai has reinforced its position as a global tourism leader by welcoming a record 9.31 million international...In 2023, Dubai hosted 17.15 million international overnight visitors, and the city has maintained its strong tourism momentum into 2024
The growth in the first six months of this year suggests that Dubai is on track for a record-breaking performance
