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
WASHINGTON: Shareholders of the International Monetary Fund agreed this week on the importance of addressing challenges faced by low-income countries, many of which are facing unsustainable debt burdens, IMF Managing Director Kristalina Georgieva said on Friday. Multiple reports from the IMF and the World Bank this week sounded the alarm about economic developments and prospects … Read more
RIYADH: As artificial intelligence gains global attention and becomes a buzzword, Saudi Arabia is positioned for accelerated adoption to enhance efficiency across its industries. Over the years, AI has evolved into a transformative technology revolutionizing numerous industries and domains. Its development and adoption across sectors have spurred significant advancements, already reshaping how people live and … Read more
RIYADH: Dubai’s inflation witnessed a slight decrease in March, dropping to 3.34 percent compared to 3.36 percent in February, according to official data. The decline in inflation is attributed to lower prices of specific goods and services, notably in the food and transportation sectors. Dubai’s Consumer Price Index rose to 110.77 points in March, compared … Read more
ANKARA: Turkiye will take steps to strengthen its medium-term economic program and the three main priorities are to increase public savings, prioritize investments and accelerate structural reforms, President Tayyip Erdogan said. Speaking on Tuesday evening after a cabinet meeting, Erdogan said his economic team had made preparations for such steps to strengthen the program, MTP, … Read more
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 partnership. Prince Faisal arrived in Pakistan on Monday on a two-day visit … Read more
RIYADH: Egypt’s new economic path, focused on structural reforms empowering the private sector to lead growth and attracting investment, has begun to yield positive results, said the country’s finance minister. Mohamed Maait highlighted that despite the harsh impacts of global and regional economic crises, Egypt has seen financial indicators surpass budget estimates and targets over the … Read more
RIYADH: The fourth Gulf Cinema Festival, which runs until April 18, is currently taking place in Riyadh. Organized by the Saudi Film Commission under the patronage of Prince Badr bin Abdullah bin Farhan, the minister of culture and chairman of the commission’s board of directors, the event brings together several pioneers of Gulf cinema. Dignitaries, … 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
RIYADH: Buoyed by the millions of Umrah performers and worshippers throughout the holy month of Ramadan, Saudi Arabia braces for a surge in travel for Eid Al-Fitr. The spike is expected to result in a significant rise in the number of arriving and departing passengers from key Umrah airports. Air travel between the UAE and … Read more