Author: Steven Sahiounie

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…

Linda Thomas-Greenfield, the US ambassador to the UN, pressed the United States line that only Hamas is left to accept US President Joe Biden’s ceasefire deal. “For months the United States has worked around the clock alongside Egypt and Qatar to broker a ceasefire deal between Israel and Hamas,” US ambassador said at UN headquarters in New York. “Such a deal has proven elusive. Why? Because Hamas has refused to accept any agreement. But right now, there is another opportunity,” Thomas-Greenfield added, saying the deal “is nearly identical to Hamas’s own proposals”. “This deal would bring hostages home, ensure Israel’s…

Amar Bendjama says his country voted in favour of the draft resolution because “it can represent a step towards an immediate and lasting ceasefire”. “I would like to extend our gratitude to the US delegation, especially Ambassador Linda Thomas-Greenfield, for their diligent efforts and for addressing some of our concerns in the final text,” he said in his remarks shortly after the vote. “Algeria engaged during the negotiation process in good faith, working closely with Palestinian mediators to achieve a resolution that ensures an immediate ceasefire and hopefully will have a tangible impact on the ground. This text is not…

The Egyptian foreign minister engages in discussions with his Russian counterpart, concentrating on the ongoing Israeli aggression on Gaza and ways to establish a permanent ceasefire Egyptian Foreign Minister Sameh Shoukry discussed on Monday several issues with Russian Foreign Minister Sergey Lavrov, primarily focusing on the ongoing Israeli aggression on Gaza and ways to achieve a permanent ceasefire during a meeting ahead of the BRICS Ministerial Meeting in Nizhny, Novgorod. During the meeting, Shoukry emphasized efforts being made regarding Egyptian-Qatari mediation to reach a deal that would lead to a prisoner exchange, the delivery of aid to Palestinians in the Gaza Strip, and ultimately achieving…