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,...Business 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...Business Economy
Ukraine conflict could cut global economic growth by one point: OECD
Those countries "that have a common border with either Russia or Ukraine" would be particularly affected, while bearing the brunt...Growth in the eurozone risked being cut by up to 1.4 percentage points, according to the OECD.
It also warned against the risk of a "sharp increase in poverty and hunger", particularly in developing economies.
KSA is Austria’s main trading partner in Gulf: Official
The commercial exchange between Saudi Arabia and Austria has grown from around SAR 1.8 billion ($479 million) in 2005 to...The commercial exchange between Saudi Arabia and Austria has grown from around SAR 1.8 billion ($479 million) in 2005 to almost SAR 3.3 billion in 2020.
An Austrian delegation of companies specialized in various economic, industrial, agricultural, tourist and other sectors visited the Asharqia Chamber.
GCC retail electronics set for boost as buyers return
The retail electronics sector has proliferated in GCC countries, with demand rising not only due to the urge to own...In 2020, the global consumer electronics market was expected to generate revenues of $1.4 bn, with a CAGR of 4.6%
The retail electronics market reached over $1 bn globally in 2022, and is expected to grow by 1.82% annually
Saudi Central Bank hikes interest rates by 0.25 percentage points
The bank said the policy rate adjustments are consistent with its objectives of maintaining monetary stability.The repo rate is being changed by 0.25 percentage point from 1 percent to 1.25 percent
The reverse repo rate is being raised by 0.25 percentage point from 0.5 percent to 0.75 percent
Binance awarded specialist license by Dubai’s Virtual Asset Regulatory Authority
Under the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, Binance will be permitted to extend limited exchange products and...Under the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, Binance will be permitted to extend limited exchange products and services to pre-qualified investors
The VARA issued Virtual Asset Exchange License ensures Binance will be able to operate its regional business from Dubai in the newly announced regulatory ecosystem
CBUAE raises base rate by 25 basis points on Fed cue
The new rates are said to be effective from Thursday, March 17.The base rate is anchored to the US Federal Reserve’s IORB
It signals the general stance of the CBUAE’s monetary policy
US Fed raises interest rate in battle against high inflation
Markets are expecting a total of seven rate hikes this year, and while the US Federal Reserve’s Open Market Committee...At the conclusion of its two-day meeting, the Fed’s Open Market Committee announced a quarter-point rate hike
This is the first increase in interest rates since 2018 and since it cut the rate to zero at the start of the Covid-19 pandemic
OPEC projects UAE economy to grow rapidly in 2022
OPEC Monthly Oil Market Report has predicted the UAE's economic growth to quicken in 2022.OPEC released the reports on Tuesday where it credited tourism as one of a factor for the economic growth
Further, the rise in crude oil prices would also be a reason for rapid economic growth, said the OPEC reports
IEA cuts oil demand outlook, fears Russia supply ‘shock’
The International Energy Agency cut its world oil demand forecast for 2022 on Wednesday, warning that sanctions against Russia over...Russia, the world's biggest exporter of oil, has been hit with a slew of international sanctions over the war in Ukraine, which sent oil prices soaring.
While the measures exclude the energy market, the IEA said major oil companies, trading houses, shipping firms and banks have "backed away from doing business with the country".
Fintech opens center in Riyadh
It is a first-of-its-kind center in King Abdullah Financial District.This follows an increased number of fintech companies in the region
Saudi had witnessed a massive jump in venture capital investments in the fintech sector
