Most Gulf markets in red on weak oil prices, global growth concerns
Gulf stock markets experienced significant declines on Tuesday, driven by weakened oil prices and rising concerns over global economic growth.
Saudi Arabia
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Tadawul closes higher as investors await fed chair Powell’s Speech; Almajed for oud announces IPO
Marble Design Factory's shares increased by 4.65% as it reported significant progress in constructing new showrooms and warehouses for its real estate development unit. Additionally, Red Sea International signed a substantial contract with Webuild, driving its stock up by 9.97%.
China and Saudi Arabia lead surge in Russian fuel oil imports amid global energy realignment
This development underscores a significant shift in global energy markets amid ongoing geopolitical tensions and economic realignments.
HRW criticizes Gulf States’ heat protection measures for outdoor workers
Michael Page emphasized that migrant workers in countries like Saudi Arabia, the UAE, and Qatar face severe risks, including chronic health conditions and fatalities due to the extreme heat.
Saudi ETFs surge on China’s A-share market, boosting financial cooperation
Two ETFs tracking Saudi companies debuted on China’s A-share market and extended gains, with one hitting the daily limit of 10% and the other opening 8% higher, highlighting growing financial cooperation between China and Saudi Arabia.
Saudi foreign minister: “Israel must accept that it cannot exist without a Palestinian state”
“Israel doesn’t get to decide whether or not the Palestinians have a right to self-determination. It is absolutely necessary that Israel accepts that it cannot exist without the existence of a Palestinian state,” Prince Faisal asserted.
Global leaders including PM Modi express concern over Saudi King Salman’s health
According to media reports, King Salman is currently undergoing treatment for lung inflammation in the city of Jeddah. This development has led to the postponement of a planned visit to Japan by Saudi Crown Prince Mohammed bin Salman, who is the de facto ruler of the Kingdom.
Saudi Arabia’s ambitious drive in artificial intelligence (AI) and beyond: A vision for the future
Saudi Arabia's bold push into artificial intelligence (AI) is not just about embracing cutting-edge technology; it's a strategic move to transform its economy and secure a leading position in the global tech landscape.
Saudi Arabia sees Pakistan as a prime economic partner, aims for robust investment collaboration
Almubarak stated that Saudi Arabia recognizes Pakistan's economic potential, citing its favourable demographics, strategic location, and natural resources.
Riyadh food poisoning outbreak linked to single company
The municipality stated that the company in question could face fines over the outbreak that came to light on April 25. All of its branches and food-processing facilities in Riyadh and Al-Kharj remain closed.
Saudi Arabia orders Aramco to lower maximum capacity target
For decades, Saudi Arabia has held the distinction of possessing the world's most significant spare oil capacity, providing a crucial buffer in the event of disruptions to global output.
Saudi Arabia unveils bold residency initiatives to attract foreign talent and investment
These programs offer an array of enticing benefits, providing participants with the opportunity to settle in Saudi Arabia, conduct business, own real estate, and secure work permits for themselves and their family members.
Saudi Arabia’s new civil laws signal investment opportunities through lingering caution
Legal experts suggest that the new law could be a game-changer by offering much-needed legal clarity for banks, law firms, asset managers, and corporations engaging in the Saudi market.
Saudi Arabia price cuts led to sharp drop in oil prices
The Saudi Arabia, world's top exporter, firmly decides to price cuts leading to a sharp drop in the prices of oil, overshadowing the middle east tension.
Oil prices retreat on Saudi cuts and OPEC surge despite Middle East tensions
In response to heightened supply and competitive pressures from rival producers, Saudi Arabia took action on Sunday by implementing substantial cuts to the February official selling price (OSP) of its flagship Arab Light crude to Asia.
Saudi Arabia slashes crude prices to 27-month low through global oil supply concerns
Saudi Aramco's decision to lower prices comes from increased competition from rival oil suppliers and growing apprehensions about a potential oversupply in the global oil market.
Saudi companies express concerns over Aramco’s fuel price hike impact on earnings
Yousef Husseini, Associate Director for Equity Research at EFG Hermes, noted that while the market reacted negatively to the news, investors were somewhat prepared for a potential increase due to the historically low prices.