Author: Steven Sahiounie

Practical steps to continue developing trade, economic and energy cooperation, collaboration in the field of transportation, as well as financial cooperation were discussed Russian Foreign Minister Sergey Lavrov met with Indian Foreign Minister Subrahmanyam Jaishankar to discuss continued bilateral cooperation in various areas and international organizations. “The ministers exchanged views on the most pressing issues of bilateral relations and international problems. They discussed practical steps to continue developing trade, economic and energy cooperation, collaboration in the field of transportation, as well as financial cooperation. They emphasized the mutual desire to increase coordination in multilateral formats, primarily in the UN, as…

Minister of Foreign Affairs and Expatriates, Fayssal Mikdad, affirmed that Arab national security is interrelated and indivisible, and the challenges facing many Arab countries threaten Arab security as a whole. “These challenges, including interference in countries’ domestic affairs, military attacks, foreign occupation of parts of their lands, the spread of terrorism, poverty, and a decline in development indicators, threaten Arab security as a whole and requires strengthening Arab action and joint efforts to put an end to them”, Mikdad said before the 160th session of the Arab League Council at the ministerial level in Cairo held on Wednesday. “The West,…

The new ambassador of Saudi Arabia to Tehran started his diplomatic mission in the wake of rapprochement between the two Muslim countries after seven years of strained relations. Speaking upon arrival in Tehran on Tuesday, Abdullah bin Saud al-Anzi said the directives of the Saudi leadership stress the need to “enhance relations and intensify communication and meetings between the kingdom and Iran … toward broader horizons.” The two countries agreed to resume diplomatic ties back in March following a Chinese-brokered deal after a seven-year estrangement. Saudi Arabia’s Vision 2030 “represents a road map that reflects all aspects of cooperation that…

RIYADH: Saudi Arabia’s fiscal prospects are solid in the near term, primarily driven by Vision 2030 which has been steadily diversifying the Kingdom’s economy since its launch in 2016, according to the International Monetary Fund. In a press statement, the IMF noted that Saudi Arabia was the fastest-growing economy among G20 countries, achieving an overall growth rate of 8.7 percent. According to the UN financial agency, the Kingdom has sufficient precautionary reserves and the peg of the exchange rate to the US dollar is serving the Saudi economy well. While much of the world has suffered from inflationary pressures, Saudi Arabia succeeded in maintaining…

RIYADH: In a significant step to support the UAE’s net-zero goal, Abu Dhabi Commercial Bank said it has successfully priced a $650 million green bond, with the proceeds designated for financing eligible sustainable assets. The issuance, which was priced with a 5.50 percent coupon rate, featuring a spread of 125 basis points above US treasuries, aligns with ADCB’s Green Bond Framework. It was oversubscribed by 2.9 times, drawing interest from local, regional, and international investors, with total orders exceeding $1.9 billion. The demand underscores the market’s confidence in ADCB’s creditworthiness and the attractiveness of the bank’s sustainability initiatives, according to a statement. This marks ADCB’s second…

RIYADH: In a bid to expedite its exploration initiative, the Saudi Arabian Mining Co., also known as Ma’aden, has secured licenses for the Muhaddad and Ar Ridaniyah sites. As part of the company’s bid submission, it has committed to investing SR15 million ($4 million) in community initiatives benefiting citizens in both areas, with SR7.5 million allocated to each site. This commitment includes the establishment of a training center designed to empower local youth in the region. Furthermore, the agreement mandates that over 60 percent of workers at the sites must be recruited locally, and it requires the execution of multiple exploratory projects at both locations. The Muhaddad exploration site, located in the Asir region, covers an area of 139 sq. km and contains reserves of copper, zinc,…

RIYADH: In a move aimed at reinforcing economic and trade relations between the UAE and Egypt, Abu Dhabi Exports Office, the export-financing arm of Abu Dhabi Fund for Development, has signed a pivotal financing agreement with the National Bank of Egypt. Under the agreement, a revolving loan facility worth $100 million has been established, aimed at supporting UAE export transactions to Egypt. The initiative is strategically designed to bolster economic activities and cross-border relations, further enhancing the trade landscape between the two countries, according to a report by the Emirates News Agency, also known as WAM. “The agreement with the…

RIYADH: Saudi Arabia is set to become one of the world’s largest construction hubs thanks to more than $1.25 trillion of infrastructure and real estate projects in the pipeline, according to real estate consultancy firm Knight Frank. The firm’s annual Saudi Giga Projects report noted the combined value of commissioned infrastructure and real estate developments has already reached $250 billion, with the remaining figure made up of projects yet to be fully approved or given a construction start date. With the Vision 2030 deadline drawing nearer, Saudi Arabia’s real estate developments, considered the largest globally, are gaining momentum, said Faisal…

During the meeting, the envoy discussed bilateral ties and explored avenues for expanding trade and economic relations between the two countries. Representatives of Italian companies in the pharmaceutical-hygienic, agricultural and food, mining and mineral, petrochemical and road-construction sectors were present at the meeting. The two sides exchanged their views in the fields of economic cooperation and available opportunities existing between the two countries. Iran enjoys high capacities and potentials in various fields, including energy, agriculture, tourism, hygiene and pharmaceutical industries that can benefit Italian firms, Sabouri emphasized. “We are ready to pave the ground for facilitating bilateral economic cooperation between Iranian…

International Organization for Migration over 4 million people have been internally displaced by the conflict while another 1.1 million fled to neighboring countries More than 5 million people have now been displaced by the monthslong fighting in Sudan, the United Nations’ migration agency said Wednesday as clashes between the country’s military and a rival paramilitary force show no sign of easing.According to the International Organization for Migration, over 4 million people have been internally displaced since the conflicted erupted in mid-April while another 1.1 million have fled to neighboring countries. More than 750,000 have traveled to either Egypt or Chad,…