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: Air transport from the UAE to Saudi Arabia surged 13 percent in March compared to the previous month, driven by rising demand due to Ramadan. According to the UAE’s General Civil Aviation Authority, weekly flights from the UAE to the Kingdom reached 383 in March, from around 338 the previous month. The Hajj season is … Read more
RIYADH: The net profit of insurance companies in Saudi Arabia surged by 1,221.3 percent year-on-year in 2023 to $861 million, driven by favorable economic conditions. According to the report released by research firm Insurance Monitor, in association with Lux Actuaries and Consultants, four firms from the Kingdom grabbed their spots on the list of the … Read more
RIYADH: The UAE’s economy received a positive outlook, with the nation’s central bank predicting a substantial 5.2 percent growth in the gross domestic product by 2025. According to the Central Bank of the UAE, the country’s GDP is expected to rise by 4.2 percent in 2024 before accelerating to 5.2 percent the following year. This … 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: 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
JEDDAH: Multinational technology company Siemens unveiled its new electrical equipment factory in Jeddah in the presence of the Kingdom’s Minister of Industry and Mineral Resources Bandar Alkhorayef. In partnership with its Saudi partner, Arabia Electric Ltd Equipment Co, the firm inaugurated the facility on Feb. 29 at the Modon Oasis in Jeddah. The 6,000 sq. m factory produces electrical equipment such … Read more
International investors, including from Saudi Arabia, eye lithium mining in Argentina SAO PAULO: Lithium mining has become a central element in several countries’ strategy to transition from fossil fuels to renewable energy. Saudi investors are aware of Argentina’s major role in this respect. Earlier this month, a delegation from the Saudi Energy Ministry visited the … Read more
PARIS: France and Qatar have sealed a strategic partnership under which Qatar has agreed to channel €10 billion ($10.85 billion) into start-ups and investment funds in France between 2024 and 2030, the French presidency said in a statement. The investments “to the mutual benefit of both countries” will target key sectors ranging from energy transition, semiconductor, aerospace, artificial intelligence, … Read more
RIYADH: Saudi artist Dr. Sami Almarzoogi’s solo exhibition at L’Art Pur Foundation in Riyadh “Is This a Gold Bar?” demonstrates the benefits of never giving up on your passion. Presented in collaboration with Hafez Gallery, the showcase presents Almarzoogi’s diverse body of work, encompassing paintings, drawings and mixed-media pieces, which delve deep into his exploration … Read more