RIYADH: Saudi Arabia’s Islamic Development Bank is set to provide a financing framework for Azerbaijan through a new agreement. The IsDB and the country’s Ministry of Economy signed a memorandum of understanding to establish a cooperative funding structure to potentially strengthen the bank’s support for Azerbaijan’s social and economic development, according to a release by … Read more
Arab nations see 9.8% surge in public expenditure, reaching $957.5bn in 2022: report RIYADH: Arab countries witnessed a 9.8 percent increase in total public expenditure, reaching $957.5 billion in 2022, compared to $878.9 billion in 2021, according to a recent analysis. The 43rd edition of the Arab Monetary Fund’s Joint Arab Economic Report disclosed that … Read more
CAIRO: Saudi Arabia’s entrepreneurial landscape is bustling with innovation, as startups across the Kingdom are leading a digital revolution in various sectors. Among these, the healthcare industry stands out as a primary focus, with a significant influx of technology firms dedicated to enhancing the sector’s efficiency and accessibility. In an interview with Arab News, Prince Mohammed … Read more
Oil Updates – crude falls on weak China data but set for first monthly gain since Sept BEIJING: Oil prices fell on Wednesday as lacklustre economic activity in China, the world’s biggest crude importer, weighed on sentiment, but prices were set for their first monthly gain since September as broadening Middle East conflicts raised supply … Read more
CAIRO: The fintech sector in Saudi Arabia is increasingly drawing international attention, fueled by the nation’s strategic vision to emerge as a regional leader in this domain. In line with its national ambition, Saudi Arabia aims to become a prominent regional fintech hub, targeting the attraction of 525 financial services companies by the year 2030, as … Read more
RIYADH: Disruptions in the Red Sea are expected to add to the global economic woes by increasing manufacturers’ working capital in Europe, the Middle East and Africa, according to a report. The maritime crisis is expected to affect the free cash flow of industrial manufacturers, a report issued by Fitch Ratings said. The agency noted that … Read more
RIYADH: The UAE’s industrial sector contributed 197 billion dirhams ($54 billion) to the country’s gross domestic product in 2023, up 9 percent compared to 2022 figures. Announced by the Ministry of Industry and Advanced Technology, this boost is mainly attributed to four main pillars, including providing a business-friendly environment that supports the growth and attractiveness … Read more
Ghada Atlasan is the tenant attraction manager for regional investments at Oxagon, NEOM’s industrial port city. Since early 2021, she has focused on enhancing the growth and development of Oxagon’s industrial manufacturing activities, collaborating with key stakeholders such as the Saudi Industrial Development Fund, to execute programs that align with the needs of the sector.
CAIRO: Saudi Arabia has solidified its position as a top destination for venture capital funding in the Middle East and North Africa thanks to a record-breaking end to 2023. In December, the region witnessed an unprecedented influx of startup funding, amounting to $1.15 billion, according to Wamda’s monthly report in collaboration with Digital Digest. This figure … Read more
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 216.56 points, or 1.82 percent, to close at 12,145.45. The total trading turnover of the benchmark index was SR10 billion ($2.7 billion) as 154 stocks advanced, while 62 retreated. Similarly, the MSCI Tadawul Index increased by 33.58 points, or 2.17 percent, to close at … Read more