RIYADH: Saudi Arabia’s point-of-sales spending reached around SR52.76 billion ($14.05 billion) in June, registering a 1.75 percent rise compared to the same month last year, the latest data revealed. Figures from the Saudi Central Bank, known as SAMA, reported that 30 percent of POS spending during this period — amounting to SR15.73 billion — was … Read more
RIYADH: The market size of key minerals for energy transition is expected to double twofold to hit $770 billion by 2040, an analysis revealed. In its latest report, the International Energy Agency said that more investments are needed in the clean energy sector as the world strives to achieve net-zero emissions by the middle of the century. “The combined market … Read more
RIYADH: Greenfield energy projects are set to receive a boost, as The Arab Energy Fund has signed a $200 million funding agreement with the Saudi Arabian Industrial Investments Co. A memorandum of understanding was executed between the energy-focused financial institution TAEF and the Saudi-based industrial investment and development company, also known as Dussur. This deal aims … Read more
RIYADH: Saudi banks’ money supply rose 8 percent in March, as compared to the same month last year, to reach SR2.82 trillion ($753 billion), official data showed. According to the data released by the Saudi Central Bank, also known as SAMA, the increase was mainly fueled by a roughly 21 percent surge in banks’ term and … Read more
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
RIYADH: In a bid to add impetus to the adoption of clean energy sources worldwide, Saudi utility firm ACWA Power has signed a deal with the International Renewable Energy Agency, said a press release issued on Thursday. The Saudi-listed firm said that the partnership aligns with its mission to provide sustainable energy solutions and seeks … Read more
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
TOKYO/SINGAPORE: Oil prices extended losses on Wednesday as worries about global demand due to weak economic momentum in China and a likely rise in US commercial stockpiles outweighed supply fears from heightened tensions in the Middle East, according to Reuters. Brent futures for June fell 40 cents, or 0.44 percent, to $89.62 a barrel by … Read more
TOKYO/SINGAPORE: Oil prices extended losses on Wednesday as worries about global demand due to weak economic momentum in China and a likely rise in US commercial stockpiles outweighed supply fears from heightened tensions in the Middle East, according to Reuters. Brent futures for June fell 40 cents, or 0.44 percent, to $89.62 a barrel by … 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