RIYADH: Saudi banks extended loans totaling SR2.62 trillion ($700 billion) in January, marking an 11 percent rise from the same month in 2023, according to official data. Figures released by the Kingdom’s central bank showed an increase in personal loans accounted for 33 percent of this growth, while the remaining 67 percent was attributed to … Read more
CAIRO: Egypt will export lifesaving insulin injections to Cuba as part of a new pharmaceutical market expansion into Latin America. The Insulinagypt injections, produced in Egypt and used to treat diabetes, will be exported through the United Company for Pharmaceuticals, an affiliate of the ACDIMA group. Khaled Abdel Ghaffar, Egypt’s minister of housing, said: “This … Read more
WASHINGTON: The US on Wednesday imposed sanctions on three people and four firms — across Iran, the United Arab Emirates and Turkiye — for allegedly helping to export goods and technology purchased from US companies to Iran and the nation’s central bank. Treasury’s Office of Foreign Assets Control said the procurement network transferred US technology … Read more
RIYADH: Saudi Arabia’s non-oil exports, including re-exports, rose by 2.5 percent to SR22.6 billion ($6.03 billion) in November 2023 compared to the previous month, official data showed. According to a recent release from the General Authority for Statistics, the Kingdom’s overall merchandise exports experienced a 15.6 percent year-on-year decrease in November, amounting to SR95 billion. … Read more
RIYADH: Qatar reported a positive foreign merchandise trade balance for December 2023, with a surplus of nearly 18.7 billion Qatari riyals ($5.13 billion). Recent data from the Planning and Statistics Authority revealed that the overall surplus represented a decrease of about 9.5 billion riyals, or a 33.7 percent drop, compared to the corresponding period in … Read more
PARIS/KYIV: Ukraine has managed to boost its Black Sea grain exports to a level not seen since before Russia’s invasion, although the Red Sea shipping crisis poses a new challenge to its crucial agricultural trade. Kyiv’s success in replacing a UN-backed Black Sea export deal with its own shipping scheme has brought relief for Ukrainian … Read more
Saudi Arabia’s industrial sector set to thrive on innovative production principles RIYADH: Saudi Arabia is looking to adopt pioneering manufacturing techniques as it seeks to turn its industrial sector into a key driver of growth, according to a top analyst. Karim Shariff, Middle East head of advanced manufacturing services practice at Bain & Co., told Arab … Read more
RIYADH: Saudi Arabia’s minister of industry and mineral resources has concluded his three-day official visit to Tokyo, highlighting the Kingdom’s commitment to fostering economic ties with Japan. During the visit, Bandar Alkhorayef emphasized attracting investments to contribute to the Saudi industrial and mineral sectors. As the Japanese investors’ roundtable discussions commenced, the minister expressed optimism about the … Read more
DUBAI: Russia said on Sunday it would deepen oil export cuts in December by potentially 50,000 barrels per day or more, earlier than promised, as the world’s biggest exporters try to support the global oil price. Saudi Arabia and Russia, the world’s two biggest oil exporters, called in December for all OPEC+ members to join … Read more