Author: Steven Sahiounie

TEHRAN (Tasnim) – Iran’s deputy minister of roads said India has agreed to allocate $1 billion to the project on the development of Iran’s southeastern Chabahar Port. Implementation of the contract with India on developing Chabahar Port is on the priority of the programs of the Ports and Maritime Organization, Ali Akbar Safaei said. Negotiations were held with the Indian investors three months ago and signing the contract on the provision of the relevant parts and equipment at Chabahar Port is at the final stage, the deputy roads minister added. Pointing to the launch of a joint shipping company between…

RIYADH: Trade exchange between Saudi Arabia and Kuwait is set to increase further with the completion of their land customs technical connectivity project.

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Tuesday, as it shed 196.22 points or 1.66 percent, to close at 11,612.03. 

RIYADH: Total assets of Oman’s sovereign wealth fund increased by an estimated 7.4 percent year on year to reach 19.24 billion Omani rials ($49.9 billion) in 2023, according to new figures.  

RIYADH: Saudi Arabia’s point-of-sale spending reached SR15.22 billion ($4.05 billion) from May 26 to June 1, official figures showed.

RIYADH: Saudi Arabia has signed a deal to establish a logistics zone in the port of Djibouti, leveraging Africa’s gateway to propel the Kingdom’s products and exports, fostering economic interplay. 

PARIS: Bruno Le Maire, the French minister of economy, finance, and industrial and digital sovereignty, highlighted “the closeness of our ambitions and the immense potential of our collaboration between France and the Gulf states,” during his opening speech at the second edition of Vision Golfe in Paris. Le Maire emphasized three strategic areas to strengthen the collaboration: economic diversification, investment, and curbing global warming. He added: “The Gulf countries have taken a major turning point to diversify away from oil and gas revenues, and to emerge in the high value-added sectors of the future. France is ready to share its…

RIYADH: Saudi Arabia’s Public Investment Fund has initiated plans to issue sterling-denominated bonds, according to Arab News sources. The sovereign wealth fund has mandated Barclays, BNP Paribas, HSBC, and JPMorgan to act as joint global coordinators to arrange meetings with investors starting June 3. According to the sources, investor calls will be followed by a sale subject to market conditions. This would be the first sterling-denominated offering by Saudi entities since 2020 and reportedly only the second ever. The fund aims to issue two tranches of sterling-denominated bonds with five-year and 15-year maturity dates. With approximately…

The Eurasian Economic Union is an international integration economic formation, with Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan participating The Eurasian Economic Commission (EEC) has received a note from Iran on the republic’s wish to obtain observer status at the Eurasian Economic Union (EAEU), EEC Chairman of the Board Bakytzhan Sagintayev said. “Our trade partner Iran has shown interest in obtaining the status of an observer state. We received a respective note on May 27. It will be considered in due course,” he said at a meeting of the Eurasian Intergovernmental Council with an extended number of participants in the town…

Purchase and sales transactions of foreign currency are carried out by the Bank of Russia on the domestic market in the currency section of Moscow Exchange in the ‘Chinese yuan-ruble’ instrument from May 8 to June 6, 2024