ISLAMABAD: Prime Minister Imran Khan on Monday expressed confidence that the extraordinary session of the Organisation of Islamic Countries (OIC) will act as an impetus for the member states to assist Afghanistan. The premier held separate meetings with the OIC Secretary General Hussein Ibrahim Taha and foreign ministers of member countries including Saudi Arabia, Iran, … Read more
KARACHI: The Union of Small and Medium Enterprises (Unisame) has said that Adviser to the Prime Minister on Commerce Abdul Razak Dawood’s agenda for creating export culture has motivated the sector to export more and more, a statement said. “Being inspired by the plan of the adviser, we are requesting the SME exporters to export … Read more
ISLAMABAD: Foreign Minister Shah Mahmood Qureshi on Monday called OIC’s decision to establish a fund for Afghanistan for the revival of its banking system a ‘great success’ of the moot. A day after the 17th Extraordinary Session of Organisation of Islamic Countries (OIC) Council of Foreign Ministers, the foreign minister said Allah had bestowed Pakistan … Read more
RIYADH: State-owned NEOM and The Red Sea Development Co. are spearheading the Saudi government’s efforts to boost the yields of the aquaculture sector fivefold by 2030 in coordination with other key private players. The sector is expected to get a boost in the short- to medium-term through various projects to increase production to 600,000 tons … Read more
RIYADH: Saudi Arabia was among the top countries in the Middle East and North Africa for new venture capital deals in the third quarter of 2021 with startups raising SR769 million ($205 million) from 91 deals, Arab News reported. It is a 439 per cent hike as compared with the figures of a year ago during which … Read more
RIYADH: Saudi-based United Electronics Co, known as extra, to inject one billion Egyptian pounds ($64 million) as an initial investment for a fully owned subsidiary in Egypt, marking its first expansion outside the Gulf Cooperation Council, Arab News quoted the company, as saying, in a bourse filing. The expansion in Egypt will be financed entirely from the … Read more
RIYADH: Saudi online food delivery platform Jahez International Co, announced its initial public offering price on parallel market Nomu at SR850 ($226)/share, the highest end of its indicative range, Arab News quoted the company, as saying, in a bourse filing. This followed the completion of the book-building process by HSBC Saudi Arabia, which included 38.8 times oversubscription … Read more
RIYADH: Sanabil Investments, wholly owned by the Public Investment Fund, and 500 Global, a leading global venture capital firm has unveiled 11 startups in the second batch of the Sanabil 500 MENA Seed Accelerator Programme 2021, Arab News reported. Female founders lead a third of the batch, signaling 500 Global’s commitment to continue supporting diversity. The program … Read more
RIYADH: Saudi Arabia’s holdings of US Treasuries fell to the lowest level in about four years in October, Arab News reported. The kingdom’s stocks of US government debt fell by $8 billion, the most in a year, to $116.5 billion, the lowest level in four years, according to US Treasury Department data. Saudi Arabia was the biggest … Read more
Ras Al-KhairRas Al-KhairRIYADH: The Royal Commission in Ras Al-Khair Industrial City has signed an agreement to establish a SR15 billion ($3.9 billion) industrial complex on the east coast of Saudi Arabia, Saudi Press Agency reported. The three million sq-m complex will provide iron sheets that are used in the manufacture of cars and ships, the commission said … Read more
JEDDAH: The first Saudi Fashion Professional Association under the Ministry of Culture will be announced before the New Year, Arab News quoted its president, as saying. The association will consist of intellectuals and artists in Saudi Arabia to provide opportunities for professionals in the fashion sector. It will help professionals to “develop their skills, build their initiatives, … Read more
RIYADH: Some 140 local tour guides will be trained to boost Saudi Arabia’s tourism sector, it has been announced. This comes as part of the agreement signed between the Public Investment Fund’s Cruise Saudi and the Ministry of Tourism, Saudi Press Agency reported. The deal will see the two organisations working together in areas of development and … Read more
RIYADH: The annual rate of consumer inflation in Saudi Arabia has averaged 3.3 per cent in the year through November 2021, according to the data compiled by Arab News. However, several organisations expect it to be in the lower range of 1 per cent to 2 per cent next year. The 3.3 per cent rate is … Read more
RIYADH: Low-cost airline flyadeal will begin flights from Saudi Arabia to Egypt from January 6, 2022, Arab News reported. The company, a subsidiary of Saudia, will operate the Cairo-Riyadh route twice a day, with flights in both directions as a first stage. Egypt is the third international destination for flyadeal, following Dubai and Kuwait, bringing the … Read more
RIYADH: Saudi Arabia will deliver humanitarian aid overland on 200 trucks from Pakistan to Afghanistan, said King Salman Humanitarian Aid and Relief Center (KSRelief) Supervisor General Abdullah al-Rabeeah. Saudi Arabia Thursday sent two aircrafts carrying humanitarian aid to Afghanistan, state media reported, its first such initiative since the Taliban took control of the crisis-stricken country … Read more
RIYADH: Annual inflation rate in Saudi Arabia hit 1.1 per cent in November, up from 0.8 per cent in the previous month, Arab News quoted Gastat report, as saying. This is the highest level since June and the third month in a row in which inflation rate rose, yet it remains within analysts’ expectations. Specifically, … Read more
RIYADH: Saudi Arabia’s planned 2022 budget surplus of SR90 billion ($24 billion) depends on oil prices staying at $70 to $75/barrel, Arab News quoted Jadwa, a Saudi investment bank, as saying. Brent oil was trading at $73.01/barrel at 3:53pm Saudi time on Wednesday. The Saudi Ministry of Finance announced this week it expects revenues valued … Read more
RIYADH: Saudi Arabia’s Finance Ministry said it looks at long-term and historical periods to ensure oil price outlook is more accurate, Arab News quoted Finance Minister Mohammed Al-Jadaan, as saying. Speaking at a budget forum in Riyadh, the finance minister said revenues are calculated based on structural income factors. He said the Saudi budget surplus … Read more
Consumer prices in the Gulf Cooperation Council states are projected to have risen 2.1 per cent in 2021, compared with 1.2 per cent in 2020, Arab News quoted a report by the GCC Statistical Centre revealed. Looking forward, inflation rate forecasts for 2022 and 2023 are predicted at 1.8 per cent and 2.6 per cent, … Read more
RIYADH: Saudi Arabia is bracing for floating and listing SAL Saudi Logistics Services and several affiliates of Saudia, in the stock market, Arab News quoted Minister of Transport and Logistics Services, Saleh Al-Jasser, as saying. SAL is completing the required paperwork after applying for an IPO and is waiting for the Capital Market Authority to … Read more
PARIS: The Omicron coronavirus variant will slow the recovery in the global demand for oil but the market will be “more comfortable” in 2022, the International Energy Agency (IEA) said on Tuesday. The oil market “appears to stand on a better footing than it has for some time,” the IEA wrote in its latest monthly … Read more
RIYADH: Saudi Arabia’s Finance Ministry has announced the kingdom’s budget allocation for next year, and the education sector took the biggest share of the pie, Arab News reported. The ministry announced SR955 billion ($254.6 billion), 19.37 per cent, or SR185 billion, of which will go to education. General items sector takes the second biggest share with an … Read more
RIYADH: Saudi Arabia is expected to record a surplus of SR27 billion in 2023 and SR42 billion in 2024, Arab News quoted Finance Minister Mohammed Al-Jadaan, as saying, at a press conference; following the cabinet’s approval of the fiscal budget for 2022. He said the kingdom expects revenues to reach SR968 billion in 2023, while … Read more
RIYADH: More than SR12 trillion ($3.2 trillion) is set to be ploughed into Saudi Arabia by 2030, as the kingdom seeks to diversify its economy away from the oil sector, Arab News quoted the minister of investment, as saying. Speaking at a forum in Riyadh in the wake of the 2022 budget announcement, Khalid Al-Falih … Read more
RIYADH: One in 10 Saudi jobs will be in the tourism industry by the end of the next year, Arab News quoted the kingdom’s minister for the sector, as saying. Speaking at a forum in Riyadh to mark the unveiling of the 2022 budget, Ahmed Al-Khatib said SR500 million ($133 million) will be spent training … Read more
RIYADH: Saudi Arabia has identified housing as one of its key projects under the Vision 2030, and Minister Made Al-Hogail said that the ministry’s plans have not been affected by the pandemic, Arab News reported. In fact, the ministry is aiming at building 300,000 housing units over the next five years, in partnership with the … Read more
KARACHI: The State Bank of Pakistan (SBP) has said that the inflows of remittances sent by overseas Pakistanis grew 9.7 per cent to $12.9 billion during the first five months (July-November) 2021/22. The SBP said that with $2.4 billion of inflows during November 2021, workers’ remittances continued their strong streak of remaining above $2 billion … Read more
RIYADH: Saudi Arabia approved its 2022 budget on Sunday, projecting a surplus for the first time since oil prices collapsed in 2014. King Salman said the improved fiscal situation for the world’s biggest oil exporter comes “after the Kingdom of Saudi Arabia has overcome the economic repercussions and the exceptional stages of the coronavirus pandemic”. Cited … Read more
