Economy

Saudi Arabia’s Dammam port records 37.4% surge in container handling

Saudi Arabia’s Dammam port records 37.4% surge in container handling

RIYADH: Saudi Arabia’s King Abdulaziz Port in Dammam reported a notable 37.4 percent year-on-year increase in container handling during the first half of 2024, indicating strong growth in the maritime sector. The port managed 1.53 million standard units in this period, up from 1.11 million units last year. Transshipment containers also surged by 87.87 percent […]

Saudi statistics authority collaborates with industry body to enhance economic data

Saudi statistics authority collaborates with industry body to enhance economic data

RIYADH: Economic data is set to be enhanced in Saudi Arabia after the General Authority for Statistics signed an agreement with a leading business group. The goal of the newly signed memorandum of understanding is to contribute to the development and enhancement of information that supports policymakers in both the public and private sectors. The head of […]

Emirati and Egyptian central banks agree to currency swap deal

Emirati and Egyptian central banks agree to currency swap deal

The central banks of the United Arab Emirates and Egypt have agreed to a currency exchange deal, which could bolster the struggling Egyptian economy. A joint news release on Thursday said the agreement would allow the two central banks to exchange up to five billion Emirati dirhams and 42 billion Egyptian pounds, or roughly the equivalent […]

UAE-Thailand economic agreement to strengthen bilateral trade, says envoy

UAE-Thailand economic agreement to strengthen bilateral trade, says envoy

RIYADH: Trade and economic relationships between the UAE and Thailand are poised for significant growth as both nations prepare to sign a Comprehensive Economic Partnership Agreement amid ongoing negotiations, according to a senior envoy.  Sorayut Chasombat, ambassador of Thailand to the UAE, stated during a media briefing that the CEPA is expected to contribute $300 million to the country’s gross domestic […]

Saudi Council of Economic and Development Affairs holds meeting on economic issues

Saudi Council of Economic and Development Affairs holds meeting on economic issues

RIYADH: The Council of Economic and Development Affairs in Saudi Arabia held a virtual conference to discuss a slew of economic issues, the Saudi Press Agency reported.  During the meeting, they discussed reports, presentations and topics on its agenda, including the periodic presentation submitted by the Ministry of Economy and Planning on local and global […]

Saudi Arabia and India join forces to build bridge between startup ecosystems

Saudi Arabia and India join forces to build bridge between startup ecosystems

NEW DELHI: In a significant move aimed at nurturing the startup ecosystems in India and Saudi Arabia, the two nations unveiled the Startup Bridge initiative at an investment summit held in New Delhi on Monday.  Under this program, India’s Commerce and Industry Ministry, Invest India and the Federation of Indian Chambers of Commerce and Industry […]

Oil Updates — crude set to snap two-week losing streak on tightening supplies

Oil Updates — crude set to snap two-week losing streak on tightening supplies

SINGAPORE: Oil prices were set to snap a two-week losing streak as they rose for a fourth consecutive session on Friday due to tightening supplies and expectations that the Organization Petroleum Exporting Countries and allies, known as OPEC+, oil producers would extend output cuts to the end of the year.  The US West Texas Intermediate […]