Author: Steven Sahiounie

Palestinian President Mahmoud Abbas met with the Slovenian Prime Minister Robert Golub, on the sidelines of the “Gaza Emergency Humanitarian Response Conference” hosted by Jordan. President Abbas thanked the Slovenian Prime Minister for his country’s courageous and principled position on the recognition of the State of Palestine, which complements Slovenia’s positions in support of international law and international legitimacy, as well as the right of the Palestinian people to freedom and independence. The President stressed that the decision to recognize Palestinian statehood would contribute to protecting the two-state solution, which is being systematically destroyed, as well as to achieving security,…

President Rashad Al-Alimi, chairman of Yemen’s Presidential Leadership Council, returned to Aden on Monday after visiting several countries in the region to discuss ways to bring peace and prosperity to the war-torn nation. During his trip, the PLC leader held talks with officials from Saudi Arabia and other key regional and international actors. They discussed prospects for reviving the peace process, and ways to mitigate the economic hardships worsened by the Houthi militias’ attacks on oil facilities and ships in the region, the Yemeni News Agency, Saba, reported on Monday. Al-Alimi thanked the members of the Arab Coalition including Saudi…

In a meeting on Monday with Israeli Prime Minister Benjamin Netanyahu, US Secretary of State Antony Blinken stressed the importance of a post-conflict plan in Gaza along with the necessity of preventing the war from spreading, the State Department said in a statement. “He reiterated that the [ceasefire] proposal on the table would unlock the possibility of calm along Israel’s northern border and further integration with countries in the region,” the statement reads. This development comes as part of efforts led by the US to push forth a ceasefire proposal that would see the release of all captives in exchange…

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,…