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
Pakistan pushes to forge strategic, economic partnership as Saudi FM visits Islamabad ISLAMABAD: Pakistani top leaders, including the prime minister, president and foreign minister, said on Tuesday the ongoing visit of Saudi Foreign Minister Prince Faisal bin Farhan to Islamabad would help transform a longstanding friendship between the two nations into a strategic and commercial … Read more
RIYADH: The World Bank has raised its expectations for Saudi Arabia’s economic growth to 5.9 percent in 2025 from 4.2 percent predicted earlier in January. In its latest report the bank, however, revised its 2024 forecast for the Kingdom’s gross domestic product growth downward to 2.5 percent from an earlier forecast of 4.1 percent. Concurrently, … Read more
LONDON: The Organization of the Petroleum Exporting Countries on Thursday predicted robust fuel use in the summer months and stuck to its forecast for relatively strong growth in global oil demand in 2024, while saying there was a chance the world economy could do better than expected this year, according to Reuters. OPEC, in a … Read more
CAIRO: Saudi startups continue to demonstrate a pioneering stance by capturing almost half of the region’s total venture funding in the first quarter of the year, underscoring the Kingdom’s growing influence in the regional startup ecosystem. In a notable achievement, Saudi ventures secured $224 million out of the $429 million raised across the Middle … 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
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
California’s governor publishes open letter of support to Arab and Muslim Americans CHICAGO: At a time when Islamophobia and anti-Arab sentiment are increasing in the wake of Israel’s war in Gaza, one American governor has felt compelled to tell Arabs and Muslims in America how much they are appreciated. California Gov. Gavin Newsom has issued … Read more
SRINAGAR: Thousands of people in the remote region of Ladakh have been protesting for over two weeks in freezing temperatures, demanding constitutional provisions from the Indian government to protect their territory’s fragile ecology and to have autonomy over land and agriculture decisions. Nestled between India, Pakistan and China, Ladakh has faced territorial disputes and suffered the … 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