RIYADH: Point-of-sale payments in Saudi Arabia recorded an 11 percent annual increase in January to reach SR53.8 billion ($14.35 billion), the latest data issued by the Saudi Central Bank showed. The surge in POS payments reflects the Kingdom’s commitment to digitalization and investments in a tech-driven future. Saudi Arabia is taking several measures to foster … Read more
RIYADH: Top Saudi banks demonstrated strong performances in 2023, with operating income growing by 9.5 percent, driven by non-interest revenue, according to professional services firm Alvarez & Marsal. The results of A&M’s fourth annual Kingdom of Saudi Arabia Banking Pulse for the 12-month period revealed a resilient and thriving financial sector with notable increases in key metrics. “The performance of the … Read more
RIYADH: A new premium residency visa has spurred home-ownership demand among Saudi-based expats, with 77 percent now looking to buy a property, a survey has revealed. Global property consultancy Knight Frank surveyed 241 expatriates in Saudi Arabia, and discovered the primary motivation for real estate purchasing in the Kingdom, especially among millennials, is its perceived status … Read more
RIYADH: Transport, tourism and logistics are set to help the Gulf Cooperation Council region secure gross domestic product growth far above the lobal average, economists have told Arab News. Experts believe that a focus on non-oil trade by GCC governments is helping countries display economic resilience in the face of global disruptions, such as the conflict … Read more
RIYADH: Saudi Arabia’s money supply surged 10 percent in January to reach SR2.72 trillion ($726 billion), the central bank data showed. The growth was primarily driven by a substantial rise in banks’ term and savings accounts, which recorded a rise of 31 percent to reach SR864.32 billion. The overall figure, however, also includes currency outside … Read more
RIYADH: Qatar experienced a 1.3 percent decline in inflation in January compared to December 2023, driven by decreased prices for communication and recreation, official data showed. According to the report released by the country’s Planning and Statistics Authority, the consumer price index, a comprehensive measure of inflation, reached 108.55 points. Compared to December, expenses for … Read more
SINGAPORE: Oil prices fell on Thursday after a larger-than-expected jump in US crude inventories, raising concerns about demand in the world’s largest economy and top oil consuming nation, according to Reuters. Brent crude futures fell 34 cents, or 0.4 percent, to $81.26 a barrel at 6:37 a.m. Saudi time, while US West Texas Intermediate crude … Read more
RIYADH: Chinese e-commerce giant Alibaba Group Holding plans to strengthen ties with the Gulf region by partnering with local firms in Saudi Arabia and the UAE. During a panel session at Dubai’s World Governments Summit, Michael Evans, president of Alibaba Group, highlighted the company’s successful partnerships within the Gulf Cooperation Council and expressed plans to replicate … Read more
Police use tear gas against Indian farmers marching to New Delhi to demand guaranteed crop prices NEW DELHI: Indian police on Tuesday used tear gas and detained some farmers who clashed with them and tried to break barricades blocking their way to New Delhi to demand guaranteed crop prices in a repeat of 2021 protests, … Read more
RIYADH: Saudi Arabia plans to stimulate urban policies to ensure coordinated services for residents by 2025 as part of its efforts to boost quality of life, says top minister. Speaking during the opening remarks of the first Global Smart City Forum held in Riyadh, the Kingdom’s Minister of Municipal and Rural Affairs and Housing Majid … Read more