RIYADH: Saudi Arabia has shown great ambition in financial reforms but could pick up a faster pace, according to the Minister of Finance, Mohammed Al-Jadaan. Speaking during a panel session at the third Saudi Capital Market Forum, Al-Jadaan urged Mohammed El-Kuwaiz, chairman of the Saudi Capital Market Authority, and Tadawul to expedite compliance while emphasizing … Read more
RIYADH: Saudi Arabia experienced an 11 percent increase in non-oil revenues, reaching SR457.73 billion ($122.06 billion) in 2023 compared to 2022, official data showed. The growth, primarily driven by increased taxes on income, profits, and capital gains, resulted in a 58 percent surge in these taxes, totaling SR38.64 billion, as reported in the fiscal year … Read more
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 6.28 points, or 0.05 percent, to close at 12,209.06. The benchmark index’s total trading turnover was SR7.89 billion ($2.10 billion), as 120 of the listed stocks advanced while 95 retreated. On the other hand, the Kingdom’s parallel market Nomu dropped 148.75 points, or 0.58 … Read more
RIYADH: A meeting of the top ministers of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, has reportedly kept oil output policy unchanged. The officials met online on Thursday to discuss market fundamentals. The Joint Ministerial Monitoring Committee can call for a full OPEC+ meeting or make recommendations on policy. … Read more
RIYADH: Egypt is considering issuing bonds denominated in Emirati dirhams, Indian rupees, and Hong Kong dollars as part of its diversified financing strategy. On the sidelines of the Asian Financial Forum, the North African country’s Minister of Finance, Mohamed Maait, told the Emirates News Agency that discussions are underway with Hong Kong’s Secretary for Financial Services … Read more
How South Africa’s genocide case against Israel could influence the course of Gaza war DUBAI: Whichever way the UN’s highest court rules in the case lodged by South Africa accusing Israel of genocide in Gaza, the high-profile proceedings alone may well be enough to change the course of the conflict, experts claim. An interim ruling … Read more
Real estate development is powerhouse for creating jobs, enabling sectors: minister RIYADH: Property development in Saudi Arabia has emerged as a powerhouse for job creation and sectoral advancement, according to the minister of human resources and social development. Speaking at a panel discussion on the first day of the Real Estate Future Forum in Riyadh, … Read more
RIYADH: A global promise of net zero will be unmet unless the societal impact on vulnerable nations, access, and affordability is considered, experts said. A panel of ministers, private sector players, and specialists at the World Economic Forum in Davos, Switzerland, sought to address how ambitious sectoral transitions can be aligned with equitable and socially responsible … Read more
RIYADH: Saudi Aramco has retained its position as the most valuable company in the Middle East in the latest global ranking by the strategy consulting firm Brand Finance, with a $41.6 billion brand value. The Saudi energy giant is followed by Abu Dhabi National Oil Co., valued at $15.2 billion, according to the report. Globally, … Read more
Startup Wrap — regional venture landscape kicks off 2024 with a flurry of deals CAIRO: Startups in the Middle East and North Africa are leaving no stone unturned at the beginning of 2024, with a flurry of deals in the second week of the year. Saudi health tech startup Clinicy has secured substantial investment through … Read more