RIYADH: Jordan’s mining sector is set to grow substantially, with projections indicating that its contribution to the nation’s gross domestic product will reach 2.1 billion Jordanian dinars ($2.9 billion) by 2033. Up from 0.7 billion dinars in 2023, this ambitious target is part of the government’s newly announced initiative to transform Jordan into a mining … Read more
Saudi banks’ deposits reach $677bn in February, reflecting economic resilience RIYADH: Saudi banks’ total deposits reached SR2.54 trillion ($677 billion) in February, marking a 10.26 percent increase from the same month last year, the official data showed. Analysis conducted on the data released by the Saudi Central Bank confirmed that growth was primarily fueled by … Read more
Saudi Arabia witnessing unprecedented growth in asset management industry: CMA official RIYADH: Asset management activity revenues of capital market institutions in Saudi Arabia reached SR4.2 billion ($1.12 billion) in 2023, representing a rise of 58.6 percent in four years. According to Abdullah bin Ghannam, deputy for listed companies and investment products at Saudi Arabia’s Capital … Read more
Opening up financial sector and battling inflation key for Arab countries’ economic development: AMF RIYADH: Financial openness and tackling inflation played a significant role in the short-term financial development of Arab countries, a new study suggests. A recent analysis released by the Arab Monetary Fund examined the impact of economic freedom on the development of … Read more
RIYADH: Saudi Arabia’s Tadawul All Share Index wrapped up Monday’s trading session at 12,772.46 points, witnessing an increase of 10.03 points, or 0.08 percent. The parallel market, Nomu, ended the day at 27,204.67 points, down 75.02 or 0.28 percent. Conversely, the MSCI Tawadul Index grew by 1.53 points to close at 1,606.96, … 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
Red Sea Global launches national academy to train and upskill Saudis, CEO reveals RIYADH: Young Saudis will soon be further qualified in terms of technical specializations as the Red Sea National Academy launches, according to the group CEO. In an interview with Arab News on the sidelines of the Human Capability Initiative in Riyadh, John … Read more
RIYADH: Saudi Arabia is set to bolster national competencies in artificial intelligence with a new dedicated center, as part of a drive to turn the Kingdom into a leading industrial powerhouse. On the sidelines of the first Global Smart City Forum in Riyadh, the Ministry of Industry and Mineral Resources, in collaboration with the Saudi … Read more
Al-Habtoor Group initiates legal action against Lebanon over investment treaty breaches RIYADH: Business conglomerate Al-Habtoor Group has issued a formal notice against Lebanon for violating its bilateral investment treaty with the UAE. Under the treaty, signed in 1999, Beirut committed to protect Emirati investments on its soil. The dispute revolves around the UAE conglomerate’s … Read more
AI will help find high-potential mining targets in world’s first Geoscience Data Analytics Center RIYADH: Saudi Arabia is set for a groundbreaking technological venture in the mining sector with the launch of the Geoscience Data Analytics Center. Commissioned by the Saudi government, the facility is expected to commence operations later this year. Speaking to Arab … Read more