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‘Black Monday’ for global stock markets
Global stock markets plunged as “Black Monday” hits Japan amid panic across bourses over fears of recession in the US.
Wall Street’s tech-heavy Nasdaq Composite index tumbled 6.3 percent at the open, with the S&P 500 falling 4.2…
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Saudi non-oil business activity steady with July PMI at 54.4
Saudi Arabia’s non-oil private sector showed robust growth in July, driven by sustained demand amid heightened competitive pressures, according to an economy tracker.
The Riyadh Bank Saudi Arabia PMI survey, compiled by S&P Global,…
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Saudi bank loans increase by 11% to hit $734bn
Saudi Arabia’s banking sector loans increased to SR2.75 trillion ($733.82 billion) in June, marking an annual 11.35 percent rise, official data showed.
An analysis released by the Saudi Central Bank, also known as SAMA, revealed that…
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Egypt records 10.3% drop in trade deficit value
Fruit, clothes and carpet exports helped Egypt reduce its trade balance deficit by 10.3 percent in May as imports also dropped, according to official data.
Figures released by the north African country’s Central Agency for Public…
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Aramco raises Arab Light crude prices to Asia
Saudi Aramco has adjusted its pricing for Arab Light crude oil sold to Asia for September, increasing it to Platts Dubai/DME Oman +$2 per barrel, up from +$1.80 in August.
This marks a two-month high for the Arab Light grade, though the…
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PIF-owned property developer ROSHN launches sales for Riyadh’s SEDRA Phase 4
Saudi real estate developer ROSHN has opened sales for 1,251 new homes as part of the fourth phase of its northern Riyadh-based SEDRA project.
This phase expands the flagship development by 1.8 million sq. meters, featuring homes near…
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Bahrain’s Q1 real GDP up 3.3% year-on-year, government report says
Bahrain’s economy grew 3.3 percent year-on-year in the first quarter of 2024, according to a quarterly economic performance report by the Ministry of Finance, citing preliminary data from the Information & eGovernment Authority.
The…
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Gulf bourses close in red on US recession fears
Major stock markets in the Gulf tumbled on Monday, tracking Asian shares lower on fears that the US could be heading for recession, while concerns about a widening conflict in the region added to the worries.
The US unemployment rate…
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ACWA Power’s net profit surges 35 percent to $274m in H1
Saudi utility giant ACWA Power reported a 35.46 percent increase in net profit for the first half of 2024, reaching SR926.79 million ($246.88 million), compared to the same period last year.
In a statement to the Saudi Stock Exchange,…
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Saudi Arabia launches 6th round of ‘Sah’ savings
Saudi Arabia has launched the sixth round of its subscription-based savings product, Sah, for August, offering an appealing return of 5.48 percent.
This initiative, which began on Aug. 4 and will continue until Aug. 6, aims to bolster…
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