RIYADH: Carbon markets are set to play a pivotal role in achieving climate goals, with efforts from Saudi Arabia and the UAE, paving the way for a smooth energy transition. According to a new report from the International Energy Forum, carbon markets are capable of effectively lowering the costs associated with greenhouse gas removal by … Read more
RIYADH: Local markets and online shopping will experience a surge during Ramadan activities thanks to an influx of consumers adapting their shopping habits during the holy period. The purchasing power of customers in the Kingdom during the month reflects a unique blend of cultural traditions, religious observances, and economic factors. In line with global consumer tendencies, … Read more
GCC telecommunication firms reinventing themselves as ‘techcos’: S&P Global RIYADH: Telecommunication companies in the Gulf Cooperation Council region are redefining themselves as technology firms to diversify their revenue streams, S&P Global said. In its latest report, the credit rating agency noted that moderate growth prospects for core telecom operations are one of the key drivers … Read more
RIYADH: Global trading system accessibility, intellectual property, and dispute settlement take center stage as the 13th World Trade Organization Ministerial Conference commenced in Abu Dhabi. The four-day event, starting on Feb. 26, will address these issues within the WTO, featuring the participation of trade ministers and senior officials from around the world, the Saudi … Read more
RIYADH: Saudi Arabia’s 5G coverage is almost double the global average of 42 percent thanks to “really good operators that have high demands,” according to a senior industry executive. Speaking to Arab News, Pekka Lundmark, CEO of telecommunications firm Nokia, underlined how the Kingdom’s 77 percent coverage rate marks it out compared to several parts … Read more
Startup of the Week – supply chain platform Omniful aims to boost Saudi Arabia’s e-commerce space CAIRO: E-commerce and supply chain operations platform Omniful is aiming to significantly boost its presence in the Saudi market after a successful $5.85 million seed funding round. In an interview with Arab News, CEO and co-founder of Omniful, Mostafa … Read more
WASHINGTON: The US ratings agency Moody’s downgraded Israel’s credit rating Friday due to the impact of its ongoing conflict with Hamas in Gaza, lowering it by one notch from A1 to A2. In a statement, Moody’s said it had done so after assessing that “the ongoing military conflict with Hamas, its aftermath and wider consequences … Read more
RIYADH: Increased credit to corporate activities propelled a 10 percent annual surge in loans for Saudi banks in 2023, reaching SR2.58 trillion ($690 billion), the latest data showed. According to the Saudi Central Bank’s latest monthly bulletin, credit extended to individuals, constituting 48 percent of bank loans, grew by 7 percent in 2023, while corporates … Read more
RIYADH: The Saudi Export and Import Bank has signed an agreement to insure Saudi Basic Industries Corporation’s sales on a letter of credit basis across 40 countries against non-payment risks posed by the issuing banks, the bank said in a statement on Tuesday. It is considered to be the largest policy ever issued in … Read more
CAIRO: Saudi Arabia’s startup ecosystem ranked first in regional venture funding activities in 2023, amassing an unprecedented $1.38 billion in capital. This achievement positioned the Kingdom at the forefront of venture capital funding in the Middle East and North Africa, surpassing the $1 billion mark for the first time, as reported by MAGNiTT in their … Read more