Oman’s economic landscape is undergoing a significant transformation as global credit rating agency Standard & Poor (S&P) elevates the nation’s long-term credit rating from “BB” to “BB+.” This move by S&P Global underscores a notable shift in Oman’s non-oil sector, indicating the potential for substantial growth in the years to come, particularly between 2023 and […]
Saudi Arabia’s endowment investment funds have witnessed remarkable growth in 2023, with the number of licensed funds increasing by 13, totaling 24, according to the General Authority of Awqaf (Religious Endowments). In a newly released report, the authority disclosed that this expansion has propelled the net assets of endowment investment funds in the Kingdom beyond […]
The Ministry of Investment in Saudi Arabia has introduced a mechanism to grant premium residency to executives based at regional headquarters, as part of the country’s ongoing efforts to enhance its business environment. This initiative is a collaborative effort with the Premium Residency Center, according to an official release. In its pre-budget statement for 2024, […]
Saudi real estate developer ROSHN has announced the expansion of its presence within the Kingdom with the commencement of sales for the third phase of its flagship development, SEDRA, situated in Riyadh. This venture, backed by the Public Investment Fund (PIF), introduces 3,438 new residences and a diverse range of amenities within the expansive 20 […]
Saudi Arabia has adjusted its growth projections and is now anticipating a budget deficit for this year, instead of the earlier expected surplus, as indicated in a preliminary budget statement released by the Ministry of Finance. The largest economy in the Arab world expects the real gross domestic product (GDP) to expand by a modest […]
In anticipation of the 28th United Nations Conference on Climate Change (COP 28), the African Development Bank Group has introduced a series of comprehensive Country Focus Reports (CFRs). These reports aim to provide African policymakers with valuable insights and recommendations as they prepare for the global event, which is scheduled to take place in Dubai […]
In a groundbreaking move, the Asian Development Bank (ADB) has given the green light to capital management reforms that will inject a staggering $100 billion in fresh funding capacity into the Asia-Pacific region over the next ten years. This strategic initiative aims to combat a multitude of pressing challenges facing the region by leveraging private […]
Riyadh, September 28, 2023 – Saudi Arabia’s relentless pursuit of Vision 2030 goals has begun to yield promising results, with the nation’s overall unemployment rate declining to 4.9 percent in the second quarter of this year. This marks a significant reduction of 0.2 percentage points compared to the previous quarter, according to official data released […]
The Saudi Fund for Development has signed a $10 million contribution agreement with the Asian Infrastructure Investment Bank (AIIB) to support the financial institution’s newly established programs, as reported by the Saudi Press Agency (SPA). This initiative aims to strengthen infrastructure development in low-income member countries, helping AIIB bridge the financing gap in infrastructure and […]
The UAE’s EDGE Group, a global leader in advanced technology and defense solutions, has announced its acquisition of a 50% stake in SIATT, a Brazilian specialist in smart weapons and high-tech systems. The official signing of the acquisition deal took place at SIATT’s headquarters in São José dos Campos, with Faisal Al Bannai, Chairman of […]