The Organization of the Petroleum Exporting Countries (OPEC) remains optimistic about global oil demand and emphasizes the critical need for sustained investment in the oil and gas sector, according to OPEC Secretary-General Haitham Al-Ghais. Speaking at an energy industry event in Abu Dhabi, Al-Ghais expressed concern about under-investment and deemed calls to halt investment in […]
Ralph de Geus, a prominent serial entrepreneur, has made a name for himself in the business world as the owner and shareholder of multiple successful ventures. With a diverse portfolio and a passion for nurturing startups and scale-ups, he has emerged as a key player in the entrepreneurial ecosystem. De Geus is best known as […]
Red Sea International (RSI), a Saudi modular building solution provider, has successfully secured a financing deal worth SR330 million ($87.9 million) with Al Rajhi Bank. This financial arrangement encompasses a SR250 million loan that will facilitate RSI’s acquisition of a 51 percent stake in Fundamental Installation for Electric Work Co. Ltd., commonly known as First […]
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 […]
