NEOM wraps up China tour by confirming Sindalah island attraction to open in 2024 RIYADH: Saudi megacity NEOM on Sunday wrapped up a tour courting Chinese investors with an event at its last destination, Hong Kong. The event was organized in partnership with the Belt and Road Office under the Commerce and Economic Development Bureau … Read more
RIYADH: The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have kept its output policy unchanged, as oil prices hit their highest in five months. The producers’ alliance made the decision during the 53rd meeting of the Joint Ministerial Monitoring Committee that took place via videoconference on Wednesday. The meeting … Read more
RIYADH: Saudi Arabia continued to record robust business activity in March with the authorities approving 18 requests for economic concentration, official data showed. Last month, as many as 17 concentration requests were submitted to the General Authority for Competition. The authority also oversaw a notable influx of cross-border deals, encompassing 10 acquisitions, five joint ventures, … Read more
RIYADH: Oman’s general inflation index remained stable at 105.3 in February compared to the same period in 2023, according to the latest official data. The data from the National Center of Statistics and Information also highlighted that the inflation rate had decreased to 0.0 percent in February compared to 1.8 percent recorded in the corresponding … Read more
RIYADH: Moody’s Investors Service has retained a positive outlook for Saudi Arabia’s banking sector thanks to the Kingdom’s economic diversification programs. In its latest report, the US-based credit rating agency said the demand for credit for government-backed projects will improve loan performance and generate strong profit for banks in Saudi Arabia. “The banks’ operating environment … Read more
RIYADH: Saudi Arabia’s capital market sector is progressing in the right direction, enabling the Kingdom to achieve its goals outlined in Vision 2030, said an expert. In an interview with Arab News on the sidelines of the Capital Market Forum in Riyadh, the European Director of Bloomberg, Constantin Cotzias, said that the Kingdom’s plans to … 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
Saudi Arabia’s first dedicated savings bond for individuals – ‘Sah’ – offering 5.64% yield RIYADH: Saudi Arabia has launched the subscription to its first savings product dedicated to individuals – Sah – with a yield reaching 5.64 percent on the first issuance. Registration for the Islamic-compliant bond, issued by the Ministry of Finance, started on … Read more
WASHINGTON: The US Federal Reserve voted Wednesday to leave interest rates unchanged for a fourth straight meeting, but said the “risks to achieving its employment and inflation goals are moving into better balance.” The Fed has a dual mandate to keep both inflation and the unemployment rate low, and has been heavily focused on bringing … Read more
Makkah forum marks Saudi Arabia’s pivotal role in global halal industry expansion MAKKAH: The global halal industry is poised for rapid expansion, with Saudi Arabia expected to play a vital role in developing Shariah-compliant products, said a senior minister. Speaking at the inaugural edition of the Makkah Halal Forum, the Kingdom’s Minister of Commerce Majid … Read more