Browsing Category
Economy
Jabal Omar Development Co. receives license to operate 5-star tower
Jabal Omar Development Co. has been handed the license to operate the first tower of Saudi Arabia’s Jabal Omar Address hotels in Makkah.
The development consists of two towers, both of which contain 44 hotel floors and two helipads.…
UBS flags $17bn hit from Credit Suisse takeover
UBS Group AG expects a financial hit of about $17 billion from the takeover of Credit Suisse Group AG, the bank said in a regulatory presentation as it prepares to complete the rescue of its struggling Swiss rival, according to Reuters.…
UN forecasts world economic growth of 2.3% in 2023
Global economic growth is projected to be 2.3 percent in 2023, up 0.4 percentage points from a January forecast, and the prediction for 2024 has dropped 0.2 percentage points to 2.5 percent, according to a UN report released on Tuesday.…
Crude prices slightly rise; Total Energies secures deal for 2 drilling blocks in Suriname
Oil prices edged up on Monday as optimism about tightening supplies from the Organization of the Petroleum Exporting Countries and its allies supported crude prices.
Brent crude futures were up 9 cents, or 0.12 percent, to $74.26 a barrel…
Riyad Bank and NEOM collaborate, providing $800m finance for Sindalah island
Luxury tourist destination Sindalah island has received a SR3 billion ($800 million) boost thanks to a new partnership with Riyad Bank.
The development project, unveiled by Saudi Crown Prince Mohammed bin Salman last December, is the…
Taqa experiences significant profit surge in Q1 due to ADNOC Gas stake acquisition
Abu Dhabi National Energy Company, better known as Taqa, reported an almost sixfold jump in its first-quarter profit, boosted by its purchase of a 5 per cent stake in Adnoc Gas.
Net income attributable to shareholders for the…
April’s inflation rate in Saudi Arabia remains steady at 2.7%
Saudi Arabia’s inflation rate remained unchanged at 2.7 percent in April compared to March 2023, according to the latest report released by the General Authority for Statistics.
However, on a year-on-year basis, the Kingdom’s inflation…
Turkish lira faces increased volatility ahead of presidential run-off election
Traders are bracing for more volatility in the Turkish lira as the country appears to be headed for a presidential run-off election in the next two weeks, adding more pressure on the tightly controlled currency.
The lira was slightly…
Russian ruble fell to near one-year low past 80 to the dollar
The Russian ruble fell to a near one-year low past 80 to the dollar on Thursday as lower foreign exchange supplies and capital outflows combined with limited liquidity to outweigh support from relatively strong oil prices.
At 0812 GMT, the…
India central bank holding rates steady
The Reserve Bank of India keeps repo rate steady, monitoring global financial turbulence. Policy stance remains focused on withdrawal of accommodation. MPC retains key lending rate at 6.5%. RBI Governor signals further rate hikes…