RIYADH: Saudi Arabia’s crude production reached a seven-month high of 9.01 million barrels per day in February, data from the Joint Organizations Data Initiative showed. This represented a rise of 55,000 bpd or 0.61 percent compared to the previous month. Furthermore, the data indicated that the Kingdom’s crude exports rose to 6.32 million bpd, reflecting … Read more
Chinese businesses shown NEOM opportunities as ‘Discover’ tour hits Beijing, Shanghai RIYADH: Opportunities for Chinese companies to engage with and invest in NEOM have been showcased in Beijing and Shanghai, attracting significant interest from several companies. The giga-project kicked off the Chinese leg of its global “Discover NEOM” tour in the capital on April 15, followed by a visit to … Read more
SINGAPORE: Oil prices rose on Friday as heightened tensions in the Middle East raised the risk of supply disruptions from the oil-producing region, though prices are set for weekly losses amid expectations of fewer US interest rate cuts this year, according to Reuters. Brent crude futures climbed 75 cents, or 0.84 percent, to $90.49 a barrel … Read more
HOUSTON/BEIJING: Oil prices rose on Wednesday after two straight days of losses, as the deadlock in Gaza ceasefire talks renewed uncertainty about the security of supplies from the Middle East, offsetting a bigger-than-expected build in US crude inventories, according to Reuters. Brent crude futures were up 25 cents at $89.67 per barrel at 9:50 a.m. … Read more
RIYADH: Saudi banks’ total deposits reached SR2.54 trillion ($677 billion) in February, marking a 10.26 percent increase from the same month last year, the official data showed. Analysis conducted on the data released by the Saudi Central Bank confirmed that growth was primarily fueled by a 26 percent annual increase in time and savings deposits, … Read more
SINGAPORE: Oil prices extended gains on Friday and headed for a second weekly gain, supported by geopolitical tensions in Europe and the Middle East, concerns over tightening supply and optimism about global fuel demand growth as economies improve, according to Reuters. Brent crude climbed 59 cents, or 0.7 percent, to $91.24 a barrel by 9:46 … Read more
RIYADH: Saudi Arabia continued to record robust business activity in March with the authorities approving 18 requests for economic concentration, official data showed. Last month, as many as 17 concentration requests were submitted to the General Authority for Competition. The authority also oversaw a notable influx of cross-border deals, encompassing 10 acquisitions, five joint ventures, … Read more
RIYADH: Custom duty exemptions for a range of manufacturing products coming into Saudi Arabia are now in effect, as the Kingdom seeks to stimulate its industrial sector. Raw materials, semi-processed goods and packaging materials, as well as machinery, equipment, and spare parts, are among the items which are now levy-free. In March, the Ministry of Industry and … Read more
SINGAPORE: Oil prices rose on Monday, adding to recent gains amid expectations of tighter supply from OPEC+ cuts, attacks on Russian refineries and as upbeat Chinese manufacturing data supported outlooks for improving demand, according to Reuters. Brent crude rose 24 cents, or 0.3 percent, to $87.24 a barrel by 9:49 a.m. Saudi time after rising 2.4 … Read more
RIYADH: Saudi Arabia is emerging as a proactive leader, pioneering green initiatives to mitigate economic challenges posed by the transformation toward sustainability, according to the International Monetary Fund. A recent report by the IMF highlighted the intricate dynamics at play and underscored the Gulf Cooperation Council and Saudi Arabia’s strategic positioning in this evolving scenario. … Read more