Author: Steven Sahiounie

RIYADH: In the face of worldwide economic uncertainty, Saudi Arabia stands out for its robust diversification efforts driven by Vision 2030 strategies, resulting in a surge of business activities despite prevailing concerns over inflation and geopolitical tensions. The International Monetary Fund’s latest World Economic Outlook report forecasts a deceleration in global economic growth, dropping from 3.4 percent the previous year to 2.8 percent in 2023, with an expected rise of 3 percent next year. The dire global economic forecast stems from a combination of factors, including the necessity for stringent policy measures to combat inflation, the ongoing conflict in Ukraine,…

Iranian Foreign Minister Hossein Amirabdollahian expressed the country’s readiness to finalize the contents of a strategic document on comprehensive cooperation with Oman. Amirabdollahian and his Omani counterpart Sayyid Badr Albusaidi held a telephone conversation on Saturday. The two top diplomats exchanged views on issues of mutual interest in bilateral, regional and international arenas. Amirabdollahian highlighted Iran’s readiness to finalize the provisions of a strategic comprehensive cooperation document between the two countries. He also appreciated the efforts by the Sultan of Oman, and expounded on Iran’s principled stances on the trend of talks aimed at lifting the sanctions. Badr Albusaidi, in turn,…

RIYADH: The Thai Trade Exhibition Saudi Arabia 2023 began on Sunday in Riyadh aimed at boosting commercial ties between the two countries and offering a platform for members of their respective business communities to explore opportunities. Thai Ambassador Darm Boontham inaugurated the first edition of the trade show, which showcases over 100 prominent Thai brands from the Southeast Asian country. The envoy thanked the Kingdom for its support to the Thai Embassy in organizing the event. He expressed his gratitude to several government bodies such as the General Authority of Foreign Trade, the Saudi Business Center, and the Federation of…

RIYADH: Elsewedy Electric, an Egyptian multinational electrical company, has recently announced its Saudi unit is playing a key role in the Kingdom’s $500 billion futuristic project NEOM with the supply of its cables for the development on the Red Sea coast. On its website, Elsewedy Electric KSA said it is providing low- and medium-voltage cables for the two 28 km tunnels being built as part of The Line, the world’s first zero-gravity vertical city, which is also planned to accommodate 9 million people. “Set in the NEOM mega city, this 170-km belt will become a massive green space, offering unique hyper-connected communities that…

RIYADH: Saudi Arabia’s Tadawul All Share Index marked a modest rise, gaining 64.81 points, or 0.57 percent, to close at 11,470.11 on Sunday. Meanwhile, parallel market Nomu witnessed a significant surge of 363.74 points, or 1.54 percent, concluding at 24,009.99. Simultaneously, the MSCI Tadawul Index made an 8.36-point climb, equivalent to 0.57 percent, reaching 1,483.46. With a total trading turnover amounting to SR3.9 billion ($1.11 billion), 143 stocks advanced while 72 registered declines. On the Nomu market, a traded value of SR33.9 million was recorded by the day’s close. Takween Advanced Industries Co. emerged as a standout performer, as its share…

RIYADH: Saudi flagship carrier Riyadh Air is not planning to compete with its Gulf neighbors’ vast hubs; instead, it will focus on the niche market of flights to and from the Kingdom, said a top official. Speaking to Financial Times, Riyadh Air CEO Tony Douglas said that regional competitors like Qatar Airways and Etihad Airways have grown by offering connecting flights through their airports. However, Riyadh Air will focus on carrying passengers to and from Saudi Arabia as the Kingdom emerges as a tourism hub. “If we look at our closest neighbor, Qatar, obviously Qatar Airways has an incredible international…

RIYADH: Despite the high interest rates that followed the US Federal Reserve’s recent quantitative tightening, the banking sector within the Gulf Cooperation Council exhibited continuous lending growth during the second quarter of 2023, as per findings from a Kamco Invest report. The report attributed this sequential growth during the quarter to a robust projects market pipeline and government efforts to mitigate the impact of higher interest rates. In response to persistent inflation in the US economy, the Federal Reserve raised its key interest rate from 0.5 percent in March 2022 to 5.5 percent in July 2023, marking its highest level…

RIYADH: In a major push to bolster startup growth, Oman’s Small and Medium Enterprises Development Authority has unveiled a series of pivotal amendments to the regulatory framework governing SME and craftsman financing.  Among the most significant changes, the loan ceiling has been raised from 5,000 Omani rials ($12,994) to 20,000 rials, and additional administrative fees have been waived. Moreover, the maximum loan value and upper age limit for applicants have been removed, allowing more entrepreneurs to access funding. Article 14, which previously imposed a cap on financing at 50 percent of the original funding, has now been removed.…

Figures from the World Steel Association (WSA) showed that Iran’s steel output had risen by 4.8% year on year in January-June to reach 16.1 million metric tons (mt), Iran’s Mines and Mining Industries Development and Renovation Organization (IMIDRO) said, Press TV reported. Iran was the world’s seventh largest steel producer in June with an output of 3.2 million mt, up 17.4% from June 2022, the report added. For years, Iran had been ranked 10th in worldsteel’s list of top steel-producing countries. However, a steady increase in Iranian steel production, which has been caused by the country’s expansionist policies in its metals sector, has…

Hossein Hosseinzadeh hailed the current administration for promoting energy diplomacy, saying the policy has helped Iran export technical and engineering services to Latin American countries. The lawmaker stated that the development of refineries overseas is one of the strategies to neutralize sanctions, and the Oil Ministry has made great achievements in this area, SHANA reported. Hosseinzadeh, who is a member of the Iranian Parliament’s Energy Committee, said the Oil Ministry is doing a technical and scientific job in Venezuela, adding that Iran’s oil and gas sectors are currently exporting technical and engineering services to other Latin American states as well. “We are witnessing (Iran’s) engagement…