Author: Steven Sahiounie

The meeting highlighted the decision of the BRICS group to include Saudi Arabia and UAE as its members MUSCAT —The Financial and Economic Cooperation Committee under the Gulf Cooperation Council (GCC) has adopted an implementation plan and timetable for completing the requirements for realizing the Gulf Customs Union before the end of 2024.The 120th meeting of the committee, held in Muscat on Thursday, also approved several laws and decisions that will contribute to accelerating the economic integration of the GCC countries and realizing Gulf economic unity in 2025. This is in implementation of the directives of the leaders of the GCC…

CAIRO: At least two Egyptian banks have suspended the use of Egyptian pound debit cards outside the country to stop a drain on foreign currency as the country’s currency shortage worsens. Arab African International Bank sent a notice to customers on Wednesday and Arab International Bank sent one on Thursday announcing the suspension, according to several customers.A customer representative for Arab African International Bank confirmed the move, saying it was due to the country’s foreign exchange shortage. One banker in Egypt said all banks were facing similar problems as a result of the currency shortage, but that each was taking…

LONDON: Oil prices were stable but on course for a week-on-week loss, as demand fears due to macroeconomic headwinds were compounded by another partial lifting of Russia’s fuel export ban. On Friday, Brent futures were down 11 cents, or 0.13 percent, at $83.96 at 3:03 p.m. Saudi time, while US West Texas Intermediate crude futures were down 13 cents, or 0.16 percent, at $82.18. Russia announced that it had lifted its ban on diesel exports for supplies delivered to ports by pipeline, under the proviso that companies sell at least 50 percent of their diesel production to the domestic market.…

LONDON: Global markets were calmer on Friday as bonds steadied ahead of US payrolls data that investors hope will show a moderation in jobs growth and give the Federal Reserve little ammunition to raise interest rates again, according to Reuters. US stock futures were about 0.25 percent firmer ahead of the jobs figures due at 3:30 p.m. Saudi time. The dollar, slightly firmer, was heading for a 12-week winning streak after hitting its best level in about 11 months earlier in the week. The euro, meanwhile, was heading for a record 12th week of declines against the dollar. After talk…

RIYADH: As Saudi Arabia is making great strides in the fields of media and technology, investors from Hong Kong are eyeing investment opportunities in the Kingdom. According to Patrick Tsang, chairman of the city’s Tsang Group, Saudi Arabia is set to receive “a lot” of funding that will propel the Kingdom into a new era of development. During an interview with Arab News, Tsang said thanks to Saudi Arabia’s significant economic growth in recent years, his company is keen on expanding into the Gulf country as it offers immense opportunities. “I foresee in the next five, 10, 15 years, this…

CAIRO: Saudi Arabia’s startup ecosystem continues to thrive amid government efforts to support the sectors and growing investors’ interest in different sectors. Jisr, one of Saudi Arabia’s human resources tech firms, recently concluded its series A financing round of SR112 million ($30 million), aiming to delve deeper into diverse sectors. Described as the most substantial series A funding in the Middle East’s software-as-a-service domain, the financing was spearheaded by Saudi Arabia’s Merak Capital. Established in 2016 by Mohammed Al-Johi, Jisr claims to be Saudi Arabia’s pioneering HR management platform, serving a clientele of over 3,000 across approximately 16 sectors. In an…

RIYADH: As the global population surges, securing a stable supply of food and water has become paramount for a sustainable future. Saudi Arabia, ever at the forefront of change, places this challenger at the center of its sustainability initiatives. Driven by government entities and small to medium-sized enterprises, Saudi Arabia’s food security landscape is experiencing notable transformations, with various stakeholders actively contributing. “Over the past decade, Saudi Arabia has made significant strides in bolstering its food security,” Abdulaziz Al-Saud, CEO and co-founder of Barakah, a Saudi enterprise focused on reshaping the food security scene, told Arab News. Al-Saud emphasized the…

RIYADH: In a world increasingly marred by environmental challenges, there is a dire need to stabilize greenhouse gas concentrations in the atmosphere that will prevent the outbreak of war between man and nature. To enable low-carbon, climate-resilient development in the region and promote collaboration between organizations, the Middle East and North Africa Climate Week 2023 is taking place in Riyadh from Oct. 8-12. The event is hosted by the government of Saudi Arabia and organized by the Ministry of Energy and the Secretariat of the UN Framework Convention on Climate Change. In 2022, global investment in the energy transition grew…

The deliveries are destined for Kazakhstan and Uzbekistan Russia on Saturday launched natural gas deliveries to Uzbekistan via Kazakhstan. President Vladimir Putin attended an official launch ceremony alongside his Kazakh and Uzbek counterparts, Kassym-Jomart Tokayev and Shavkat Mirzoyev. According to the Russian president, the project is mutually beneficial and aims to strengthen energy security in the region. While most of the flows are destined for Uzbekistan, some of them will divert to north-eastern regions of Kazakhstan, with which Russia shares a border. “The implementation of this project will have obvious benefits for all three countries. Uzbekistan will get an additional…

Russia, China, Brazil, Japan, and Mexico are set for rapid development amid overall global uncertainty The UN Conference on Trade and Development (UNCTAD) has warned of a stalling global economy, with growth slowing in most regions from last year and only a few countries bucking the trend. According to its report on Wednesday, world economic growth is expected to slow from last year’s 3% to 2.4% in 2023. All regions, except for East and Central Asia, were forecast to post slower growth this year than in 2022, with the largest drop occurring in Europe. The report indicated that some economies,…