Author: Steven Sahiounie

RIYADH: Saudi Arabia’s travel and tourism sector expanded by over 32 percent in 2023, contributing a record SR444.3 billion ($118.4 billion) to the nation’s gross domestic product, a new report revealed. 

Hamas accepts a UN Security Council ceasefire resolution and is ready to negotiate over the details, senior Hamas official Sami Abu Zuhri told Reuters on Tuesday, adding that it was up to Washington to ensure that Israel abides by it.Hamas accepts the UN security council resolution in regard to the ceasefire, withdrawal of Israeli troops and swap of hostages for detainees held by Israel, he said.“The US administration is facing a real test to carry out its commitments in compelling the occupation to immediately end the war in an implementation of the UN Security Council resolution,” Abu Zuhri said. US…

RIYADH: Qatar’s private sector saw a 6 percent increase in its exports in the first quarter of 2024, according to the country’s Chamber of Commerce and Industry.

RIYADH: Saudi Arabia mining sector reforms have seen it recognized as the fastest-growing regulatory and investment-friendly environment globally over the past five years, a new report stated. 

TOKYO/SINGAPORE: Oil prices traded lower on Tuesday, as investors waited for key US and China CPI data as well as the outcome of the Federal Reserve’s policy meeting to glean a clearer picture of where inflation is heading and how that will affect fuel demand, according to Reuters.

RIYADH: Saudi utility firm ACWA Power will increase its capital by SR7.13 billion ($1.89 billion) amid efforts to anchor its growth strategy of tripling the assets under management by 2030. According to a Tadawul statement, the funds will be generated through the issuance of right issues. This move is expected to allow the company to continue investing in its portfolio progress while maintaining a strong financial position. It also aligns with ACWA Power’s mission to reliably deliver electricity and desalinated water at a low cost, thereby contributing effectively to the sustainable, social, and economic development of communities and countries. The…

RIYADH: Saudi Arabia’s gross fixed capital formation surged to SR317.5 billion ($84.7 billion) in the first quarter of 2024, marking a significant 7.9 percent increase compared to the same period last year, recent data has revealed. The Ministry of Investment’s report underscores that this expansion was driven by growth in both the government and non-government sectors. GFCF, which represents the net increase in physical assets within an economy, plays a crucial role in gross domestic product as it reflects the accumulation of capital supporting future production capabilities and economic growth. Of the total GFCF, the government sector contributed 7 percent,…

The nation is reverting to a developing country due to the chancellor’s “lack of leadership,” the chief executive of Deutsche Boerse has said

European Union officials are trying to negotiate the continued use of Ukraine’s natural gas transit infrastructure after its contract with Russia’s Gazprom expires at the end of the year, Bloomberg reported on Monday.

The Jordanian capital of Amman is set to host on Tuesday an emergency international conference on the Gaza crisis, under the theme “Call for Action: Urgent Humanitarian Response for Gaza,” co-organized by Egypt and the United Nations. The high-level gathering, which will commence at 10:00am Cairo Time, will feature heads of state, senior government representatives, and key organizations addressing the humanitarian crisis in the Gaza Strip. Main objective The conference seeks to explore ways to strengthen the international community’s response to the humanitarian crisis in Gaza and outline effective measures to alleviate the suffering endured by the residents of the…