SINGAPORE: Oil prices fell by more than 1 percent on Monday, as the market focus switched to fundamentals after Israel and Iran played down the risk of an escalation of hostilities following Israel’s apparently small strike on Iran, according to Reuters. Brent futures fell $1.21, or 1.4 percent, to $86.08 a barrel by 9:55 a.m. … Read more
Why displaced Syrians in Lebanon face an agonizing dilemma amid mounting hostility LONDON: Syrian refugees in Lebanon are in an impossible fix, unable to safely return home while also facing mounting hostility from host communities and local authorities, especially following the death of a Lebanese Forces party official, allegedly at the hands of Syrian criminals. … Read more
RIYADH: The World Bank has raised its expectations for Saudi Arabia’s economic growth to 5.9 percent in 2025 from 4.2 percent predicted earlier in January. In its latest report the bank, however, revised its 2024 forecast for the Kingdom’s gross domestic product growth downward to 2.5 percent from an earlier forecast of 4.1 percent. Concurrently, … Read more
BEIRUT: Israeli forces on Sunday struck a Hezbollah site in Lebanon’s east near the Syrian border as tensions soared following Iran’s direct attack on Israel. Shelling heavily targeted Lebanese border villages and the Bekaa Valley on Saturday night, as the Israeli military carried out raids on Khiam, Kfarkila, and Odaisseh. Artillery shelling also targeted Houla, … Read more
SINGAPORE: Oil prices rose on Friday as heightened tensions in the Middle East raised the risk of supply disruptions from the oil-producing region, though prices are set for weekly losses amid expectations of fewer US interest rate cuts this year, according to Reuters. Brent crude futures climbed 75 cents, or 0.84 percent, to $90.49 a barrel … Read more
SINGAPORE: Oil prices ticked up during trade on Thursday, after rising a dollar a barrel in the prior session, as investors braced for a worsening of the Middle East crisis, potentially involving Iran, the third-largest oil producer in the Organization of the Petroleum Exporting Countries. Brent crude futures was up 5 cents to $90.53 a … Read more
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 a 26 percent annual increase in time and savings deposits, … Read more
BEIJING/MANILA: China on Thursday blamed Philippine actions for recent rising tension between the two sides in the hotly contested South China Sea. “The provocations by the Philippine side are the direct cause of the recent heating up of the South China Sea issue,” a statement from the defense ministry read, adding: “China will not allow … Read more
RIYADH: Real estate transactions are set to surge in Saudi Arabia in 2024 thanks to Vision 2023 investments, according to an S&P Global report. In a report titled “GCC Real Estate How Credit Stories Have Evolved,” S&P believes the Kingdom’s property sector will also benefit from economic growth of up to 3 percent in the Gulf Cooperation … Read more
NEW DELHI: Representatives of the top UAE and Indian business bodies met with exporters in Chennai on Wednesday to boost trade between the Gulf region and India’s south. Commercial relations between the two countries have reached historic highs since the implementation of the UAE-India Comprehensive Economic Partnership Agreement in May 2022. The economic partnership under … Read more