Browsing Category
Business
Saudi endowment investment funds exceed $133m in net assets
Saudi Arabia’s endowment investment funds have experienced significant growth, with the number of licensed funds increasing by 13 in 2023, reaching a total of 24, as reported by the General Authority of Awqaf.
In a newly released report,…
Read More...
Read More...
Banks in GCC benefiting from strong operating conditions: Fitch Ratings
Banks in the Gulf Cooperation Council are currently reaping the benefits of robust operating conditions, driven by factors such as high oil prices, contained inflation, and rising interest rates, according to Fitch Ratings.
In its latest…
Read More...
Read More...
Saudi development fund signs $10m deal with AIIB to support infrastructure programs
The Saudi Fund for Development has signed a $10 million contribution agreement with the Asian Infrastructure Investment Bank to bolster the financial institution’s newly established programs, as reported by the Saudi Press Agency.
This…
Read More...
Read More...
World Bank chief sees $100bn-plus lending boost from capital moves
World Bank Group President Ajay Banga on Tuesday said proposed new contributions from wealthy countries combined with balance sheet changes could boost the bank’s lending capacity by $100 billion to $125 billion over a decade.
Banga told…
Read More...
Read More...
UAE economy set for 3% growth in 2023, driven by non-oil sectors: S&P
The UAE is expected to achieve 3 percent economic growth in 2023 driven primarily by the non-oil sector, as outlined in a report by Standard and Poor’s.
The analysis from the ratings agency forecasts a further expansion rate of 4 percent…
Read More...
Read More...
Fitch upgrades Oman’s credit rating to BB+
Reflecting Oman’s commitment to fiscal stability, US-based Fitch Ratings upgraded the Gulf nation’s long-term foreign currency issuer default rating to “BB+” from “BB.”
According to the agency, the Omani government’s dedication to…
Read More...
Read More...
Saudi economy joins trillion-dollar club: FSC
Saudi Arabia has reached a significant milestone as its gross domestic product crossed the coveted 1 trillion-dollar mark for the first time, revealed the umbrella body of the Kingdom’s business community.
According to the state-run news…
Read More...
Read More...
Abu Dhabi launches $2.7bn investment plan to boost manufacturing sector
Abu Dhabi is embarking on an economic transformation with a 10 billion dirhams ($2.7 billion) investment plan to bolster its manufacturing sector through six strategic programs.
The goal is to more than double the sector’s size, reaching…
Read More...
Read More...
EU says no intention of cutting ties with China, but urges Beijing to reduce risk perception
The European Union has no intention of cutting ties with China even as the bloc takes steps to lower economic dependencies and de-risk, but China “could do a lot” to help reduce the perception of risk, the EU trade chief said on Monday.…
Read More...
Read More...
Saudi Arabia’s financial markets surpass Vision 2030’s strategic goals in 2022
Reflecting robust economic growth, Saudi Arabia’s financial markets reported a remarkable performance in 2022, surpassing the targets outlined in Vision 2030.
The Kingdom’s Capital Market Authority witnessed an uptick in 2022, with 49…
Read More...
Read More...