Author: Steven Sahiounie

The reported policy shift has been condemned as “pathetic” and “Orwellian” by hawks The UK Foreign Office has banned government officials from describing Russia, China or other nations as “hostile states,” The Times reported on Monday, citing multiple sources. The wording has effectively been prohibited for use in official documents and even internal correspondence between civil servants and various government agencies, according to the newspaper. An unnamed official with another department told The Times that he had recently had a submission turned down by the Foreign Office over the language used. “States aren’t inherently hostile themselves, they just do hostile things,” the Foreign…

RIYADH: The Saudi-Jordanian Joint Committee held its 18th session on Sunday in Riyadh in the presence of government officials from both sides, the Saudi Press Agency reported. Saif bin Saad Al-Faqar, assistant undersecretary for sector development at Saudi Arabia’s Ministry of Transport and Logistics Services, said that the meeting was held under the directives of the Kingdom’s leadership and was in line with the bilateral economic agreement signed between the two countries in 1962. The official emphasized the countries’ ambitions to expand cooperation in various fields and implement recommendations made at past committee sessions. Dana Al-Zoubi, secretary-general of the Jordanian…

According to the Turkish leader, Ankara may play an important role in settling the conflict in Niger and talks on this matter are being held by the foreign ministry A military intervention in Niger by the countries of the Economic Community of West African States (ECOWAS) is unacceptable because it will destabilize the situation in many African countries, Turkish President Recep Tayyip Erdogan said on Monday. “The decision on a military intervention in Niger is unacceptable. It will lead to destabilization in many African countries. I hope that peace and stability in Niger will be reached as soon as possible,”…

BEIJING: China’s central bank on Monday cut a key interest rate in an attempt to counter the post-Covid growth slowdown in the world’s second-largest economy. Activity has been dragged down recently by uncertainty in the labor market and global economic sluggishness, weakening demand for Chinese goods. Financial troubles in the real estate sector, with several leading developers on the verge of bankruptcy and struggling to complete projects, also pose a major obstacle to growth. The People’s Bank of China said on Monday cut the one-year loan prime rate, which serves as a benchmark for corporate loans, from 3.55 percent to…

RIYADH: Saudi Arabia has emerged as the country with the highest number of dollar millionaires in the Middle East and North Africa region and ranked 23rd globally in 2022, according to a report by Credit Suisse. The Global Wealth Report indicated that the number of dollar millionaires in the Kingdom grew by 8 percent, reaching 354,000 in 2022, up from 325,000 millionaires the previous year. This development shows Saudi Arabia’s growing economic strength and its emergence as a significant player in the global wealth landscape. The list was dominated by the US and mainland China, with the…

RIYADH: Six Emirati banks have supported the green energy initiatives in the UAE by funding projects worth 190 billion dirhams ($51.8 billion) in 2022, according to the UAE Banks Federation. The UBF said First Abu Dhabi Bank, Abu Dhabi Commercial Bank, ENBD, Dubai Islamic Bank, Mashreq, and Abu Dhabi Islamic Bank collectively led the renewable energy projects last year. The significant increase in green financing by UBF members aligns with the Central Bank of the UAE’s Sustainable Finance Working Group guidelines and overarching sustainability goals. These efforts further the initiatives of the Year of Sustainability and bolster the UAE’s role…

RIYADH: Saudi Arabia’s Tadawul All Share Index reported a 30 percent increase in trading turnover to SR5.01 billion ($1.3 billion) on Monday compared to $1 billion on Sunday. TASI also closed at 11,408.45 points, declining 92.97 points or 0.81 percent. Parallel market Nomu closed at 23,520.10, lower by 93.42 points or 0.4 percent. MSCI Index fell 10.30 points to 1,484.03, a drop of 0.69 percent. The primary index witnessed 39 stocks advancing and 179 declining. On the other hand, Nomu reported a trading volume of SR30.4 million. TASI’s top performer was Red Sea International Co., which surged 7.96 percent to…

RIYADH: Oil prices rose on Monday as global supply is tightening with lower exports from Saudi Arabia and Russia, offsetting nagging concerns about global demand growth amid high interest rates. Brent crude climbed 61 cents to $85.41 a barrel by 09:49 a.m. Saudi time, while US West Texas Intermediate crude was at $81.88 a barrel, up 63 cents. The September WTI contract expires on Tuesday and the more active October contract gained 56 cents to $81.22 a barrel. Both front-month benchmark prices snapped a seven-week winning streak last week to post a weekly loss of 2 percent after the US…

RIYADH: Saudi Arabia is fostering synergies between the public and private sectors, with the National Center for Privatization signing an agreement with Al-Rajhi Bank on Sunday. The deal focuses on improving opportunities around privatization and public-private partnerships for local and international investors. The accord was signed by Hani Al-Saigh, vice president for strategic marketing and knowledge management at the NCP and Hossam Al-Basrawi, the general manager of corporate banking at Al-Rajhi Bank. This project involves driving market research, financial guidance, local and international marketing consultancy as well as events management, training programs and knowledge development. Al-Saigh stressed that this partnership…

RIYADH: Egyptian capital Cairo is emerging as a promising investment destination, according to a recent report by Knight Frank, which suggests that sovereign wealth funds in the Middle East could infuse up to $120 billion into the North African nation over the next few years. In its report titled “Africa Horizons 2023/24,” the global real estate consultancy noted that major global powers, including Saudi Arabia, the US, the UK, the UAE, South Korea, and China, have renewed their investment interests in Africa, particularly post-pandemic recovery. “With a population exceeding 109.3 million, Egypt stands as an alluring prospect that beckons us. In the heart of…