Author: Steven Sahiounie

RIYADH: The Saudi Green Initiative is gearing up for the third edition of its forum on Dec. 4, during the UN Climate Change Conference at Expo City in Dubai. SGI, through hosting a multitude of expert-led talks under the theme “From Ambition to Action,” aims to convene senior governmental officials, climate experts and CEOs to share their collective insights on what additional measures are required to address the pressing challenges climate change poses. Adel Al-Jubeir, Saudi minister of state and climate affairs envoy, told Arab News that the Kingdom’s approach to climate change is an inclusive one, rooted in cooperation, exchange of expertise,…

RIYADH: Jordan witnessed an 11 percent decrease in its trade balance deficit in the first nine months of 2023 compared to the same period of the previous year, official figures have revealed. The monthly report on external trade released by the Jordanian Department of Statistics showed the gap between imports and exports stood at 7.08 billion dinars ($9.99 billion), compared to 7.96 billion dinars in the same period in 2022. The data revealed that the country’s exports in the first three quarters of this year amounted to 6.76 billion dinars, with imports totaling 13.84 billion dinars. Examining specific commodities, precious ornaments, jewelry and pharmaceutical products played a crucial role…

ROME: Italy is discussing joint investments with Saudi Arabia in the automotive, mining, oil and gas, defense, hydrogen and space sectors, Industry Minister Adolfo Urso said on Monday. Since taking office in October 2022, Italian Prime Minister Giorgia Meloni has sought to forge closer ties with the Gulf, shrugging off the concerns of previous coalitions over human rights in the region. Urso is visiting the Arabian peninsula until Tuesday, with meetings in Qatar, Saudi Arabia and the UAE. “Italy and Saudi Arabia are committed to developing a regulatory and industrial framework that favours and accelerates strategic autonomy in the critical…

RIYADH: Saudi Arabia’s banking sector saw a 3.74 percent quarterly increase in aggregate net income in the third quarter of 2023 to reach SR18.03 billion ($4.8 billion) from SR17.38 in the previous quarter, according to a recent report. In its latest report, global professional services firm Alvarez & Marsal highlighted that the operating income of Saudi banks increased by 2.9 percent quarter on quarter, primarily fueled by a 3.8 percent growth in net interest income. However, a slight decline in non-core income, 0.5 percent, partially offset these gains. Reducing impairment charges by 17.9 percent quarter on quarter also played a…

RIYADH: Saudi Exchange has officially launched single stock options, the newest offering in its derivatives market, with trading beginning on the morning of Nov. 27. In an event inaugurating the launch at the Tadawul headquarters in Riyadh, the CEO of the body, Mohammed Al-Rumaih, outlined that this introduction to the market will serve to increase liquidity within the exchange, providing an opportunity for investors to diversify their portfolios while simultaneously mitigating risk. The body disclosed its plan to introduce 100 shares of US-style, physically settled options, with four underlying assets selected from the biggest and most liquid companies on the…

It is noted that the option of dollarization in trade with India has been excluded MOSCOW, November 27. /TASS/. Russia prefers to trade with India, Iran, China and the Arab countries using national currencies and does not allow for any possibility of a new dollarization of Russian foreign trade, Russian Presidential Special Representative for Environmental Issues Sergey Ivanov said at the Primakov Readings international forum. “Despite all the problems with the rupee, we nevertheless prefer trading [with India] in rupees and rubles and not in dollars. This already speaks to the fact that we have excluded the option of dollarization…

“The destructive actions of the Western minority have had an effect that is, broadly speaking, contrary to what they had intended, because they stimulate a configuration that favors the strengthening of multipolar fundamentals in international life,” the top Russian diplomat noted MOSCOW, November 27. /TASS/. The United States is using the dollar as a weapon and launching trade wars, Russian Foreign Minister Sergey Lavrov said at the Primakov Readings international forum. “The US and its European allies are using a wide set of tools to engage in geopolitical engineering [to serve their purposes]. Among them are actions aimed at provoking…

According to the latest data, Russian gold deliveries to Hong Kong soared by 527.1% year on year or by 6.3 times HONG KONG, November 27. /TASS/. Gold supplies from Russia to Hong Kong set a record for eleven years at the least and skyrocketed by 625.8% in January-October 2023. They jumped 7.3 times year on year to total 41.42 bln Hong Kong dollars (HKD) (about $5.31 bln), according to TASS estimates based on data from the Hong Kong Census and Statistics Department. According to the latest data, Russian gold deliveries to Hong Kong soared by 527.1% year on year or…

Payments were made in accordance with the presidential decree on the temporary procedure of performing state debt liabilities of the Russian Federation to residents and foreign creditors MOSCOW, November 27. /TASS/. The Russian Finance Ministry has honored obligations to pay the coupon yield on Eurobonds mature in 2026, the Ministry says in its Telegram channel. “The Eurobond payment agent (National Settlement Depository) received funds to pay the coupon yield on Eurobonds of the international bond loan of the Russian Federation with maturity in 2026 totaling 6.3 bln rubles (an equivalent of $71.3 mln),” the Ministry informs. Payments were made in…

“It is ironic that the IEA, an agency that has repeatedly shifted its narratives and forecasts on a regular basis in recent years, now addresses the oil and gas industry and says that this is a ‘moment of truth,'” Haitham Al Ghais noted MOSCOW, November 27. /TASS/. The manner in which the International Energy Agency (IEA) chose to preach to representatives of the oil and gas sector lacks tact, Secretary General of the Organization of Petroleum Exporting Countries Haitham Al Ghais said, cited by the OPEC on its website. Last week, the (IEA) released a report titled “The Oil and…