Author: Steven Sahiounie

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

Mikhail Mishustin noted that since the creation of the EAEU, the volume of mutual trade has almost doubled, agricultural production has increased by more than a quarter, and industrial production by more than 20%

Participants in the oil and gas project on development of Kalamkas-sea and Khazar fields in the Kazakh sector of the Caspian Sea are going to raise over $6 bln of investments, the press service of the Energy Ministry of Kazakhstan said.

“In May 2024, the Russian automobile market continued its rapid growth by +72.5% compared to May last year,” Chairman of the Automobile Manufacturers Committee Alexey Kalitsev said MOSCOW, June 4. /TASS/. Sales of new cars and light commercial vehicles (LCV) in Russia amounted to 132,400 with parallel import consideration, the Association of European Businesses (AEB) said. “According to the AEB Automobile Manufacturers Committee, total sales of new passenger cars and light commercial vehicles in May 2024 amounted to 125,501 units excluding alternative supply channels and about 132,363 units including them. This is confirmed by sales data from PPC – 132,523…

TASS-FACTBOX. The 27th St. Petersburg International Economic Forum (SPIEF) will take place on June 5-8, 2024. This year, SPIEF’s theme is “The Foundations of a Multipolar World – The Formation of New Areas of Growth.”