Author: Steven Sahiounie

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 145.35 points, or 1.21 percent, to close at 11,850.64. The total trading turnover of the benchmark index was SR4.37 billion ($1.16 billion) as 55 of the stocks advanced, while 166 retreated. Similarly, the Kingdom’s parallel market Nomu slipped 41.38 points, or 0.16 percent, to close at 26,638.19. This comes as 26 of the listed stocks advanced while 33 retreated. Meanwhile, the MSCI Tadawul Index slipped 20.47 points, or 1.37 percent, to close at 1,473.08. The best-performing stock of the day was Bupa Arabia for Cooperative Insurance Co. The firm’s share price…

RIYADH: Bahrain’s commitment to fiscal consolidation has witnessed S&P Global Ratings reaffirm its “B+/B” credit standing with a stable outlook despite challenges in 2023. 

RIYADH: Saudi exploration service provider ADES Holding Co. has secured a SR2.42 billion ($645.3 million) deal for six onshore drilling contracts with Kuwait Oil Co., marking an expansion of its operations. 

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