Author: Steven Sahiounie

RIYADH: Saudi Arabia’s space and satellite sector is set to receive a strategic boost with the Kingdom’s wealth fund establishing the Neo Space Group.

RIYADH: Saudi Arabia’s Yanbu governorate is poised to see the development of several industrial projects following an agreement between its Royal Commission and Skytower Investments Ltd. 

RIYADH: Saudi Arabia’s stock exchange has approved the listing of SR45.28 billion ($12.08 billion) worth of government debt instruments submitted by the Ministry of Finance. A Tadawul statement revealed that the exchange approved increasing the issuance of a government debt instrument, dated April 7, from SR15.98 billion to SR17.63 billion. Similarly, the bourse also approved the increase of another instrument, dated April 1, from SR29.29 billion to SR38.53 billion. According to a Tadawul statement, the listing commenced on May 27. On May 23, the exchange approved the Ministry of Finance’s request to list Saudi government debt instruments with a total…

RIYADH: Saudi Arabia’s top 10 listed banks saw their earnings surge by 8 percent in the first quarter of 2024, reaching SR18.65 billion ($5 billion) compared to the corresponding period of the previous year. 

Azerbaijan wants to borrow $5 billion from international credit institutions in the coming years for large infrastructure projects, including in territories secured in a lightning military offensive in September, the finance minister told Reuters. Azerbaijani forces regained control of the mountainous region of Nagorno-Karabakh, where ethnic Armenians had enjoyed de facto independence for decades, prompting at least 100,000 ethnic Armenians to flee. “Very big tasks stand before us,” Finance Minister Samir Sharifov said in an interview. He said the tasks in question were linked with the reconstruction and restoration of land now under Azerbaijan’s control, something that would also boost the country’s economic…

Redirecting the money to Kiev still poses a slew of technical and legal problems, Italy says The G7 has not reached a consensus on how to use the revenue generated by Russian central bank assets frozen abroad to help Ukraine, Italian Economy Minister Giancarlo Giorgetti announced on Saturday. Italy holds the group’s presidency this year, and hosted this week’s two-day meeting of the G7 finance ministers in the town of Stresa. At a press conference at the end of the summit, Giorgetti said the group made progress on the Russian assets issue, but “has yet to finalize” the process because it still “presents…

Italian lenders must quit the country to avoid a “reputational problem,” a European Central Bank policymaker has warned

The Russian ruble continued to strengthen against major currencies on Monday, jumping to its highest level against the dollar since late January, trading data from the Moscow Exchange (MOEX) shows.

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HAMBURG – Egypt’s state commodity buyer the General Authority for Supply Commodities (GASC) on Saturday bought 250,000 metric tons of raw sugar in an international tender all at $469.50 a metric ton CIF free out, traders said on Monday.