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
RIYADH: The latest edition of a framework designed to enhance e-government services and accelerate digital innovation in Saudi Arabia has been launched. The Digital Transformation Index for 2024 seeks to elevate the commitment levels of the public sector to decisions and directives concerning technological evolution. Additionally, it aims to improve the quality of e-government services … Read more
TOKYO: Oil prices rose in early Asian trading on Monday on concerns over tighter global supply brought about by escalating conflicts in the Middle East and between Russia and Ukraine, while a shrinking US rig count added to upward price pressure, according to Reuters. Brent crude futures climbed 52 cents, or 0.6 percent, to $85.95 a … Read more
SINGAPORE: Oil prices rebounded on Thursday as US crude and gasoline stock drawdowns lent support despite signs that the US Federal Reserve may keep interest rates higher for longer, according to Reuters. Brent crude futures for May rose 46 cents, or 0.5 percent, to $86.41 a barrel by 10:30 a.m. Saudi time, after falling 1.6% … Read more
RIYADH: Saudi Arabia’s Public Investment Fund has soared in an annual global ranking of sovereign wealth organizations, thanks to a 55 percent increase in assets under management. The value of PIF’s portfolio now stands at $925 billion, according to US-based Sovereign Wealth Fund Institute, up from $595.6 billion in 2022. This means the organization has surged … Read more
RIYADH: Top Saudi banks demonstrated strong performances in 2023, with operating income growing by 9.5 percent, driven by non-interest revenue, according to professional services firm Alvarez & Marsal. The results of A&M’s fourth annual Kingdom of Saudi Arabia Banking Pulse for the 12-month period revealed a resilient and thriving financial sector with notable increases in key metrics. “The performance of the … Read more
RIYADH: Moody’s Investors Service has retained a positive outlook for Saudi Arabia’s banking sector thanks to the Kingdom’s economic diversification programs. In its latest report, the US-based credit rating agency said the demand for credit for government-backed projects will improve loan performance and generate strong profit for banks in Saudi Arabia. “The banks’ operating environment … Read more
SINGAPORE: Oil prices rose on Wednesday on expectations of strong global demand, including in the world’s top consumer the United States, and as even somewhat sticky US inflation did not significantly alter expectations the Fed might start cutting rates soon, according to Reuters. Brent futures for May delivery rose 46 cents, or 0.6 percent, to $82.38 … Read more
RIYADH: Saudi Arabia’s technology conference LEAP 2024 is awash with thousands of international companies and startups, but government agencies are also using the event to showcase their digital products and services. As well as 1,800 exhibitors, 170,000 attendees and 1,100 expert speakers, over 30 public sector entities are attending the Riyadh-based gathering, now in its third … Read more