Author: Steven Sahiounie

RIYADH: Oman’s banking sector experienced a 2.9 percent rise in total credit, reaching 30.8 billion Omani rials ($80 billion) by the end of March, official data showed. 

RIYADH: Saudi Electricity Co. received an upgrade from Fitch Ratings, raising its long-term foreign and local currency issuer default rating to “A+” from “A,” citing government support. 

RIYADH: Financing provided to small and medium enterprises in Saudi Arabia surged by 20.4 percent year on year to $73.5 billion in the fourth quarter of 2023, official data showed. 

RIYADH: Saudi Arabia is on track to help propel sustainable development globally through its pivotal role in artificial intelligence, according to the Kingdom’s finance minister. 

Saudi Arabia’s ACWA Power signed memorandums of understanding with several Japanese companies on the sidelines of the Saudi-Japan Vision 2030 Business Forum that took place on May 21. 

The levies on Chinese electric vehicles distort the car market, according to the Tesla boss Tesla CEO Elon Musk has denounced the US government’s newly announced tariffs on electric vehicles imported from China as “not good.” Washington rolled out steep tariffs on Chinese goods earlier this month, quadrupling duties on EVs to over 100%. The new measures affect $18 billion in imported Chinese goods, according to officials. “Things that inhibit freedom of exchange or distort the market are not good,” Musk stated at the Viva Technology conference in Paris on Thursday, Reuters reported. “Neither Tesla nor I asked for these tariffs, in…

The next British government will inherit a slew of economic problems, and will have to quickly decide how to tackle them, according to a think tank

Microsoft President Brad Smith said the tech company’s high profile deal with the United Arab Emirates-backed AI firm G42 could eventually involve the transfer of sophisticated chips and tools – a move that a senior Republican congressman warned could have national security implications.

The pound held steady on Thursday near multi-month highs a day after British Prime Minister Rishi Sunak called a national election and data showed inflation did not slow as much as expected in April. Sterling was flat on the dollar at $1.2722, having touched a two month high of $1.2761 the day before after data showed British consumer prices rose by 2.3 percent in annual terms in April, nearing the Bank of England’s 2 percent target but slowing less than markets had expected. It was also steady versus the euro at 85.07 pence to the common currency, around the pound’s strongest since February. The…

The OPEC+ group of oil producers, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies, has pushed back its output policy meeting by a day to June 2.