IsDB leads multilateral development banks group in $300-$400bn lending boost target RIYADH: A group of elite financial institutions, led by the Islamic Development Bank, is aiming to increase its lending margin by $300-$400 billion over the next decade to reduce global inequalities. The announcement came after presidents of ten multilateral development banks met in Washington, D.C., to … Read more
RIYADH: In a bid to add impetus to the adoption of clean energy sources worldwide, Saudi utility firm ACWA Power has signed a deal with the International Renewable Energy Agency, said a press release issued on Thursday. The Saudi-listed firm said that the partnership aligns with its mission to provide sustainable energy solutions and seeks … Read more
RIYADH: Saudi Arabia’s crude production reached a seven-month high of 9.01 million barrels per day in February, data from the Joint Organizations Data Initiative showed. This represented a rise of 55,000 bpd or 0.61 percent compared to the previous month. Furthermore, the data indicated that the Kingdom’s crude exports rose to 6.32 million bpd, reflecting … Read more
TOKYO/SINGAPORE: Oil prices extended losses on Wednesday as worries about global demand due to weak economic momentum in China and a likely rise in US commercial stockpiles outweighed supply fears from heightened tensions in the Middle East, according to Reuters. Brent futures for June fell 40 cents, or 0.44 percent, to $89.62 a barrel by … Read more
RIYADH: Saudi Arabia is emerging as a proactive leader, pioneering green initiatives to mitigate economic challenges posed by the transformation toward sustainability, according to the International Monetary Fund. A recent report by the IMF highlighted the intricate dynamics at play and underscored the Gulf Cooperation Council and Saudi Arabia’s strategic positioning in this evolving scenario. … Read more
RIYADH: Saudi Arabia’s proactive leadership and investments in advanced tech solutions have positioned it as a global innovation leader, according to a top official. During the LEAP 2024, Anant Maheshwari, president and CEO of Honeywell’s Global High Growth Regions portfolio, told Arab News that Saudi Arabia was a “crucial market” for the company, being one … Read more
RIYADH: Economic development, conflict resolution, and future resilience are all rooted in cross-border human capital readiness, a panel of experts claimed during the Human Capability Initiative in Riyadh. As the global community grapples with an ever-growing climate crisis, geopolitical tensions, and an imminent “fourth” industrial revolution, Saudi Arabia’s Permanent Representative to the EU, Haifa Al-Jedea, … Read more
RIYADH: In a bid to attract global talent and diversify its economy away from oil, Saudi Arabia has added five new categories to its premium residency program. The program, launched in 2019, aims to allow eligible foreigners to live in the Kingdom and receive benefits such as exemption from paying expat and dependents fees, visa-free … Read more
DUBAI: More than 230,000 people in countries neighboring Palestine and Israel could be pushed into poverty as the effects of the war ripples across the region, according to a UN-led assessment. Countries in the Arab region, particularly those that form the “ring of fire” around Israel and Palestine, face a grave economic downturn thanks to … Read more
RIYADH: When Saudi Arabia launched its ambitious roadmap for economic diversification in 2016, there was too much skepticism over its outcome, as the Kingdom had been reliant on crude oil for several decades. Seven years later, the Vision 2030 blueprint has not only facilitated the rise of the Kingdom’s non-oil sector but also fired up … Read more