development

Alistithmar Capital, Ezdihar Real Estate partner to launch $293m property development fund

by

IsDB leads multilateral development banks group in $300-$400bn lending boost target RIYADH: A group of elite financial institutions, led by the Islamic Development Bank, is aiming to increase its lending margin by $300-$400 billion over the next decade to reduce global inequalities. The announcement came after presidents of ten multilateral development banks met in Washington, D.C., to … Read more

IsDB leads multilateral development banks group in $300-$400bn lending boost target

by

RIYADH: All airports in Saudi Arabia that received passengers’ complaints in March resolved them on time, according to the General Authority of Civil Aviation.  In its monthly classification for air transport service providers, GACA highlighted the performance of airlines and 13 airports based on traveler complaints filed during the third month of 2024.  As per the … Read more

ACWA Power inks deal to drive renewable energy development in Azerbaijan 

by

IsDB leads multilateral development banks group in $300-$400bn lending boost target RIYADH: A group of elite financial institutions, led by the Islamic Development Bank, is aiming to increase its lending margin by $300-$400 billion over the next decade to reduce global inequalities. The announcement came after presidents of ten multilateral development banks met in Washington, D.C., to … Read more

Saudi Arabia’s King Abdulaziz Royal Reserve Development Authority begins archaeological survey

by

Saudi Arabia and Armenia to forge ‘road map’ for diplomatic ties, FM Ararat Mirzoyan tells Arab News RIYADH: Armenia is committed to drafting a “road map” for the development of diplomatic relations with Saudi Arabia, Ararat Mirzoyan, Armenia’s minister for foreign affairs, told Arab News on Thursday in an exclusive interview during a visit to … Read more

Saudi tourism fund signs MoU for development of resorts in Kingdom

by

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

Saudi Arabia to host Islamic Development Bank Group annual meetings and golden jubilee

by

Saudi authorities highlight tourism commitments during UN Sustainability Week in New York NEW YORK: The Saudi tourism minister on Tuesday reiterated the Kingdom’s commitment to sustainable development of the travel sector. Ahmed Al-Khateeb said that under the leadership of King Salman and Crown Prince Mohammed bin Salman, Saudi Arabia has become one of the most … Read more

Saudi Fund for Development, St. Kitts and Nevis sign energy loan agreement

by

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

Budget Saudi Arabia to buy 70% stake in UAE freight firm Overseas Development

by

RIYADH: Saudi Arabia’s inflation eased to 1.6 percent in March, down from 1.8 percent the previous month, driven by changes in the food and beverage sector. The latest report from the General Authority for Statistics indicates that the Kingdom’s Consumer Price Index experienced a marginal decrease of 0.1 percent in March compared to February.   The … Read more

Saudi Fund for Development signs agreements to fund 2 hydropower projects in Azad Kashmir

by

RIYADH: Excavation work on three components of the Riyadh metro project is set to begin following the signing of a SR722.1 million ($192.5 million) deal between Saudi Real Estate Co., also known as Al Akaria, and Diriyah Gate.  The work will encompass areas known as Metro-Box Central, Metro-Box South, and Metro-Box East and the contract … Read more

Opening up financial sector and battling inflation key for Arab countries’ economic development: AMF

by

RIYADH: Financial openness and tackling inflation played a significant role in the short-term financial development of Arab countries, a new study suggests. A recent analysis released by the Arab Monetary Fund examined the impact of economic freedom on the development of the financial sectors of eight countries from 1980 to 2020: Algeria, Egypt, Jordan, Lebanon, … Read more