Author: Steven Sahiounie

Net foreign assets have fallen to the lowest level since 2009, according to the central bank Saudi Arabia’s foreign currency reserves plunged by more than $16 billion in July in the biggest slump since the outbreak of the Covid pandemic in 2020, the country’s central bank revealed in its monthly report. The reserves in net foreign assets dipped to 1.53 trillion riyals ($407 billion), after rising in May and June, to the lowest level since 2009 as Riyadh cut oil production in a bid to balance prices. Oil production in Saudi Arabia is expected to average 9 million…

Nickel exports are at their highest level in nearly two decades, RIA Novosti reports Imports of Russian nickel by Brazil stood at $11.1 million in July, the highest level since 2005, RIA Novosti reported, citing official data. Analysis by the outlet showed that supplies had more than doubled when compared to June. In absolute terms, Brazil’s imports of Russian nickel rose to 435.9 tons in July, the largest amount since July 2019. Russia was the top supplier of nickel to the South American nation in July, followed by Norway with deliveries worth $10.4 million, and the US at $7.3 million.…

RIYADH: Saudi Arabia is reaping the rewards of its substantial investments in diversifying its economy, with a key focus on the entertainment and tourism sectors. These investments have not only improved the nation’s income potential but have also paved the way for a departure from its reliance on hydrocarbons. The results of these efforts are evident in the figures published by the Saudi Central Bank for July, which revealed a surplus of $17.7 billion in the Kingdom’s current account balance during the first quarter of 2023. This reflects a significant revenue boost from tourism, reaching $9.8 billion in the first quarter…

CAIRO: As artificial intelligence continues to revolutionize industries globally, Saudi Arabia has emerged as a regional powerhouse in this domain with major global tech companies increasingly viewing the Kingdom’s market as a pivotal element for their worldwide operations. Disprz, a front-runner in skilling and talent development based in India, is setting its sights on transforming Saudi Arabia’s workforce. Leveraging its new AI-powered strategy, the company aims to make a significant impact on the Kingdom’s labor market. In an interview with Arab News, Subbu Viswanathan, co-founder and CEO of Disprz, shed light on the company’s ambitious future plans. …

RIYADH: Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Al-Khorayef concluded an official visit to Turkiye to strengthen collaboration in industry and mining, expand export opportunities between the two nations, and attract high-quality foreign investments across various targeted sectors, the Saudi Press Agency reported on Saturday. During his visit, Al-Khorayef held meetings with Turkish officials, including Minister of Industry and Technology Mehmet Fatih Kacir, Minister of Energy and Natural Resources Alparslan Bayraktar, Minister of Trade Omer Bolat, and President of the Turkish Defense Industries Union Haluk Gorgun. The discussions centered on reinforcing industrial collaboration, expanding non-oil exports, and elevating…

RIYADH: Saudi Arabia’s Public Investment Fund has signed a binding agreement to sell its 10.92 percent stake in National Gas and Industrialization Co. to Jadwa Investment Co. for SR491.19 million ($131 million), according to a bourse filing. The transaction is set to be executed as a negotiated deal, following the Saudi Stock Exchange’s trading and membership procedures on Sept. 3, with completion expected by Sept. 5, subject to various conditions and steps. The sale involved 8.18 million shares, with GIB Capital serving as the financial advisor to the sovereign wealth fund. Earlier in August, ADES Holding Co., with the backing…

RIYADH: The Public Investment Fund on Sunday announced the signing of a share purchase agreement to acquire a 100 percent shareholding in the Saudi Iron & Steel Co., also known as Hadeed, from the Saudi Basic Industries Corp. Based on a cross-conditional share exchange agreement, Hadeed will also acquire a 100 percent shareholding in AlRajhi Steel Industries Co, or Rajhi Steel, from Mohammed Abdulaziz AlRajhi & Sons Investment Co., or Rajhi Invest, in exchange for newly issued shares in Hadeed, the PIF statement said. In a separate statement to Tadawul, SABIC revealed that the transaction is valued at SR12.5 billion…

According to earlier reports, two civilians were wounded in Donetsk as a result of shelling by Ukrainian troops A civilian was killed as a result of Ukraine’s shelling attack on Donetsk, the mission of the Donetsk People’s Republic (DPR) to the Joint Control and Coordination Center (JCCC) for issues related to Ukraine’s war crimes said on Sunday. “A man born in 1951 was killed in the Petrovsky distrct,” it wrote on its Telegram channel. According to earlier reports, two civilians were wounded in Donetsk as a result of shelling by Ukrainian troops. Source: Tass

Country’s civil defense service said the eight had been swept away by floodwaters at Tlemcen and El-Bayadh on Saturday  Flooding caused by torrential rain has killed eight people in western Algeria, the country’s civil defense service said on Sunday.It said the eight had been swept away by floodwaters at Tlemcen and El-Bayadh on Saturday.The bodies of two women and two men, aged between 22 and 73, were recovered on Sunday at Tlemcen in the northwest, the civil defense said.They had been in a vehicle swept away when the Oued Ed-Dali river burst its banks.In El Bayadh in the southwest, three…

The Supreme Emergency Committee of the Prisoner National Movement announced today that Palestinian prisoners in Israeli jails will embark on an open-ended hunger strike starting September 14, to demand the suspension of the decision made by the racist Israeli cabinet minister, Ben-Gvir, to cut in half their family visits; from monthly to once every two months. The committee, in a statement, indicated that going on an open-ended hunger strike came in order to stop all decisions and policies that would tighten the noose on Palestinian prisoners as well as to restore the rights they were denied during the previous period.…