RIYADH: A strong stock of government financial assets has cemented Kuwait’s standing as it secures an ‘A+’ rating from Standard & Poor. In its latest report, the global rating agency affirmed Kuwait’s sovereign rating with a stable outlook, primarily attributing it to government financial assets supporting around 418 percent of the nation’s gross domestic product…
Abu Dhabi: , The Middle East and North Africa’s first and largest low-cost carrier (LCC) operator, on Friday marked the resumption of its first flight to Basra in Iraq from Sharjah International Airport. The new route connects Sharjah and Basra with a frequency of four weekly flights. Basra is Air Arabia’s fourth direct route to Iraq…
RIYADH: Saudi Arabia will increase its oil production capacity from 2025 to 2027, before going back to the current level of 12.3 million barrels per day in 2028, the Kingdom’s energy minister has revealed. Speaking at the International Economic Forum in St. Petersburg, Prince Abdulaziz bin Salman said the Organization of the Petroleum Exporting Countries, and…
RIYADH: More than 120 international firms received licenses to relocate their regional headquarters to Saudi Arabia during the first quarter of 2024, representing a 477 percent year-on-year increase. In its quarterly report, Saudi Arabia’s Ministry of Investment revealed that the 127 permits issued in the first three months of the year underscores the Kingdom’s attractive and…
HOUSTON/BEIJING: Oil prices fell in Asia on Friday as comments from a Federal Reserve official bolstered expectations of rates staying higher for longer, a view that will be tested later in the day with a keenly-awaited US inflation report, according to Reuters. The market, which is waiting on a weekend OPEC+ decision on production cuts,…
Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has announced the establishment of the Qazaqstan Business Council to enhance bilateral trade and investment ties between the business communities in Dubai and Qazaqstan. The establishment of the Business Council reflects the growing economic relations between the two markets….
RIYADH: Saudi Arabia’s Public Investment Fund has been named the world’s most valuable sovereign wealth with a brand value of $1.1 billion, according to an analysis. In its latest report, UK-based strategic consultancy Brand Finance revealed that Saudi Arabia’s wealth fund secured the top spot in the list due to its diverse investment strategy, trust…
President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Excellency Yoon Suk Yeol, President of the Republic of Korea, today witnessed the signing of a landmark Comprehensive Economic Partnership Agreement between the UAE and the Republic of Korea, paving the way for a new chapter of economic cooperation and mutual growth. The ceremony…
Muscat: Pursuant to the Council of Oman’s keenness to develop the capital market sector, activate its role as funding option, enhance the contribution of commercial companies to the local economy and to augment the market value of Muscat Stock Exchange and to increase the number of companies listed therein, His Majesty the Sultan issued Royal directives…
RIYADH: Saudi Arabia’s top 10 listed banks saw their earnings surge by 8 percent in the first quarter of 2024, reaching SR18.65 billion ($5 billion) compared to the corresponding period of the previous year. The increase in earnings can be attributed to several factors, including an 11 percent growth in lending and a rising interest…
