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The “1st Greater Bay Area Health and Longevity Summit & Awards Ceremony” concludes successfully in Macao // Emaar approves Development buyout ahead of planned delisting // Technology shares plunge as Nasdaq enters correction // Oil advances towards $100 as tanker attacks persist // Meraas showcases five residential zones at Dubai Design Week // Xi Jinping Preparing For A Trilateral Summit With Trump And Putin At APEC Summit On Nov 18-19 // Dubai boat show confirms international shipyard line-up for November // OpenAI abandons secrecy agreements for future data centres // Beyond the exhibition floor: How robots, AI and networks are moving into the real world // Emirates Group records AED 4.1 billion half-year profit // Private varsities bill all set to face the axe // Ousted top Kochi cop gets IG post // e-Crime Bureau Signs Cybersecurity Partnership With Smart Africa, Reinforcing Its Global Expansion // Geely’s i-HEV Intelligent Hybrid Technology Offers a New Direction Vision for Gasoline-Powered Vehicles // CR Longdation Aethereal Cybersecurity × Global Cybersecurity Alliance (GCSA) Join Hands to Establish the “AI and Cybersecurity Research Centre” // Motorola introduces Signature 27 flagship priced at $1,599 // Hong Kong mandates crypto transaction disclosures to tax authorities // APT29-linked campaign exploits outdated Apple and Android software // OpenAI introduces GPT-6 Cyber with restricted security access // Ningbo Consensus on Collaborative Development released at 2026 Global Mayors Dialogue · Ningbo //

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BANGKOK, THAILAND – Media OutReach Newswire – 2 December 2024 – Her Royal Highness Princess Sirivannavari Nariratana Rajakanya graciously inaugurated the Federation of Thai Fashion Designers (FTFD). The FTFD aims to advance the Thai fashion industry by fostering sustainable growth and establishing Thailand as a global fashion hub. Event Highlights The inauguration ceremony took place on Friday, 29 November 2024, at Impact Arena, Exhibition and Convention Center, […]

By Dr. Gyan Pathak Slowing down of GDP growth to seven quarters low of 5.4 per cent during second quarter of the financial year 2024-25 and contraction of the wages during the same period for the first time since the pandemic (March 2021) shows that India has fallen into a vicious circle of decline in […]

Dubai’s event calendar this December is brimming with cultural activities, ranging from international musicals to world-class music festivals. The city’s vibrant arts scene continues to captivate audiences with a diverse lineup of performances that cater to a wide range of tastes. Notably, iconic shows like *Singin’ in the Rain* and acclaimed international musicians are set to grace Dubai’s renowned venues, offering memorable experiences for locals and tourists alike.

The much-anticipated *Singin’ in the Rain* musical is currently being performed at the Dubai Opera, a venue known for its acoustics and luxury. The classic Broadway production has been adapted for Dubai’s stage and promises to deliver a unique theatrical experience. Running until December 14, the show is a romantic comedy set against the backdrop of Hollywood’s Golden Age. Audiences will be treated to the classic charm of the film, re-imagined with live music, dynamic choreography, and state-of-the-art visual effects. Ticket prices for this iconic musical start at 390 AED, making it accessible to a broad audience looking to enjoy a night of nostalgia and song.

On December 3, the 20th Emirates International Peace Music Festival will be held at the Zabeel Theater. This annual event, a hallmark of Dubai’s cultural calendar, brings together artists from around the world to promote global peace through music. The festival will feature a variety of performances, with a strong emphasis on blending different musical traditions to celebrate unity and harmony. The event has long been regarded as an important platform for cultural exchange, attracting attendees who appreciate the power of music in promoting peace. Tickets for this event start at 100 AED, offering an affordable way to experience some of the best global talent.

A day later, on December 4, the Moscow Jazz Orchestra, led by the renowned Igor Butman, will take to the stage at the Zabeel Theater. Butman, one of Russia’s most celebrated jazz musicians, is known for his exceptional skill and charismatic performances. The orchestra will showcase a blend of traditional jazz with a modern twist, offering an evening of captivating music for jazz enthusiasts. Butman’s leadership of the Moscow Jazz Orchestra has made them a prominent fixture in the international jazz scene. Tickets for this event begin at 175 AED, providing an opportunity for both seasoned jazz fans and newcomers to the genre to enjoy an evening of world-class music.

Dubai’s cultural offerings this December highlight the city’s growing prominence as a global arts destination. The city’s venues, such as the Dubai Opera and the Zabeel Theater, have become synonymous with high-quality performances, attracting internationally renowned talent and a diverse audience. These events not only provide entertainment but also foster cultural dialogue, making Dubai a vibrant hub for the arts. Whether it’s the glamour of a Broadway musical or the soul-stirring sounds of an international orchestra, Dubai offers something for everyone this holiday season.

Abu Dhabi Investment Group is set to deploy a significant $100 billion in Brazil’s economy, marking a major step in the strengthening of bilateral economic ties between the UAE and Latin America’s largest economy. The announcement, made in late November 2024, highlights the UAE’s growing investment interests in Brazil, underscoring the nation’s desire to diversify its portfolio globally. The planned investments span a range of sectors, with […]

MACAU SAR – Media OutReach Newswire – 29 November 2024 – As winter sets in, the festive spirit comes alive at Galaxy Macau™, the luxury integrated resort (hereafter referred to as “Galaxy Macau”), with the launch of its “Symphony of Joy” festive campaign. The sumptuous series of festive celebrations was officially kicked off on November 28 with a special launch ceremony, which was graced by the presences […]

Transformative Event Shines a Spotlight on the Collaborative Design Excellence at the Greater Bay Area, setting the stage for a new era of creativity in the region Exhibition at DX design hub will run from December 3 to 16 with free public entry HONG KONG SAR – Media OutReach Newswire – 29 November 2024 – Organised by Hong Kong Design Centre (HKDC) and with the steer and […]

SINGAPORE – Media OutReach Newswire – 29 November 2024 – The “World of Opportunities: Russia-ASEAN” International Business Forum, held from November 26 to 27, officially concluded in Kuala Lumpur, the capital of Malaysia. Over two days, the Forum hosted more than 350 participants, including representatives from political, business, and academic circles, the media, as well as experts and public figures from 24 countries. Organized by the Roscongress […]

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HONG KONG SAR – Media OutReach Newswire – 29 November 2024 – HONMA Golf Limited (“HONMA”; together with its subsidiaries, the “Group”; HKEX stock code: 6858), one of the most prestigious golf brands worldwide, announces its consolidated interim results for the six months ended 30 September 2024 (the “Period”). Financial Highlights Revenue decreased by 25.6% to JPY9,814.5 million (equivalent to USD64.8 million), due to ongoing and intensified […]

Vinhomes Ocean City is a visionary urban ecosystem that redefines modern living. This sprawling Vietnamese development seamlessly blends wellness, community, and world-class amenities, offering a glimpse into the future of urban life. HANOI, VIETNAM – Media OutReach Newswire – 29 November 2024 – Vietnam, a rising star on the global stage, has steadily cemented its reputation as a dynamic economic hub in Southeast Asia. Situated at the […]

Aquaventure Waterpark in Dubai is gearing up to host an exciting opportunity for thrill-seekers and record-breakers alike. On December 7 and 8, 2024, the renowned waterpark will open its gates to anyone eager to challenge themselves and attempt to set new Guinness World Records. This two-day event will feature a variety of unique and fun categories, with official judges from the Guinness World Records monitoring the competition.

Participants will have the chance to try their hand at a selection of quirky and entertaining challenges. One of the most exciting categories involves the *fastest time to hook ten rubber ducks*, a test of agility and precision as competitors race to secure the rubber ducks in the shortest time possible. Another challenge, the *most swimming trunks pulled on over clothing in 30 seconds*, offers a humorous and lighthearted contest that is sure to bring plenty of laughs to both participants and spectators.

For those with a bit more skill in the water, the event will also feature the *fastest time to pass through 10 rubber rings*. This challenge requires not just speed but also nimbleness, as participants navigate their way through a series of floating hoops. Additionally, the *fastest time to topple ten targets using a water pistol* offers a combination of precision shooting and quick reflexes, with competitors aiming to knock over targets as quickly as they can, all while staying cool under pressure.

Younger participants will have a dedicated category, with the *most passes through an inflatable rubber ring in 30 seconds* available for those under 16. This challenge promises a fun, energetic race, as participants aim to beat the clock and set a new standard. For those interested in teaming up, the *most beach paddle ball passes in one minute (team of two)* will test not only individual stamina but also coordination and teamwork, adding a cooperative element to the event.

With Guinness World Records judges overseeing the proceedings, participants can be assured of a fair and legitimate competition. The presence of these official adjudicators adds an extra layer of excitement, as record attempts are recognized on a global stage. Achieving a world record is a rare and prestigious feat, and Aquaventure’s event offers a unique chance to make history.

The competition will take place against the backdrop of one of Dubai’s most popular attractions, Aquaventure Waterpark, known for its thrilling water rides, sprawling lazy rivers, and breathtaking views. The waterpark’s setting, combined with the excitement of attempting to break a world record, makes this event a must-attend for both locals and tourists alike.

Participants will need to register in advance for the event, and the waterpark promises an atmosphere full of energy, fun, and friendly competition. Whether you are a seasoned athlete or just looking to try something new, the event caters to all ages and skill levels, offering an inclusive environment where anyone can participate and attempt to make their mark in the world record books.

As Aquaventure Waterpark prepares for this exhilarating event, it highlights Dubai’s ongoing commitment to hosting global events that draw visitors from all over the world. The city, already known for its luxury attractions and iconic landmarks, continues to enhance its reputation as a hub for exciting and unique experiences.

For anyone with a competitive spirit or the desire to do something out of the ordinary, this Guinness World Records challenge is the perfect occasion to make a lasting memory. Whether you walk away with a record-breaking achievement or simply enjoy the thrill of the competition, Aquaventure’s event offers a chance to be part of something special.

This event not only promises a fun-filled weekend for participants and spectators but also demonstrates the creativity and ingenuity that Dubai’s entertainment scene is known for. With the official Guinness World Records presence, the event will surely make waves, adding another unforgettable chapter to the city’s history of hosting world-class events.

By Nitya Chakraborty The last round of the state assembly elections of the country in 2024 along with the by polls ended on November 20 with the results declared on November 23. The massive victory of the BJP led Mahayuti in Maharashtra polls has given a new confidence to the BJP in offsetting the losses […]

Evision, a subsidiary of e&, has introduced the All Women’s Sports Network (AWSN), a dedicated platform to amplify the achievements and visibility of female athletes and leagues across various disciplines. This initiative aims to bridge the coverage gap in sports broadcasting, traditionally dominated by male-focused events, and features live telecasts of major competitions such as UEFA Women’s Soccer, FIBA Women’s Basketball, the Women’s Football Alliance, and the Women’s National Basketball League.

The venture is poised to redefine sports broadcasting by ensuring a spotlight on women’s sports, a domain often sidelined despite its growing popularity and influence. AWSN will not only provide a stage for high-profile events but also explore grassroots sports, creating a comprehensive ecosystem that celebrates female athletes globally. The platform reflects the increasing demand for diverse sports content and the changing perception of women’s sports as a critical cultural and commercial segment.

Dubai is a global icon of rapid urban transformation, evolving from a quiet desert town into a bustling international metropolis in just a few decades. Behind this remarkable growth lies a network of services enabling the city’s expansion and mobility. Among these, moving companies in Dubai are key players, ensuring seamless transitions for residents, businesses, and global professionals. The Unprecedented Growth of Dubai Population Growth and Urban […]

Exploring the Unique Characteristics of Tsuen Wan and Sha Tau Kok and Presenting Hong Kong’s Diverse Tourism Experience HONG KONG SAR – Media OutReach Newswire – 25 November 2024 – “Design District Hong Kong” (#ddHK) creative tourism project, organised by the Tourism Commission of Hong Kong, is set to return from 12 December 2024 to 14 February 2025, bringing visitors from around the world to explore the […]

El Salvador’s pioneering embrace of cryptocurrency has taken another bold step, with President Nayib Bukele proposing a plan to rent out the country’s volcanoes for Bitcoin mining. The initiative aims to leverage El Salvador’s abundant geothermal energy, which is already powering its own mining operations. Since adopting Bitcoin as legal tender in 2021, the nation has positioned itself at the forefront of cryptocurrency innovation, combining digital finance with renewable energy.

The country’s current geothermal-powered Bitcoin mining facility, located near the Tecapa volcano, has generated approximately 474 Bitcoin (valued at $29 million) using clean energy sources. This operation, managed by a state-owned geothermal plant, employs 300 mining processors and utilizes 1.5 megawatts of energy—just a fraction of the plant’s 102-megawatt capacity. The potential scalability of this model has prompted discussions on how other volcanoes in the country could be similarly utilized.

President Bukele’s proposal highlights a strategy to monetize unused geothermal resources while addressing global concerns about the environmental footprint of cryptocurrency mining. The use of renewable energy is an essential component of this vision, positioning El Salvador as a global leader in sustainable digital asset practices. This is particularly significant given the scrutiny Bitcoin mining faces due to its traditionally high energy consumption and carbon emissions.

El Salvador has continued to expand its Bitcoin-related endeavors despite challenges. The legalization of Bitcoin as tender initially drew widespread criticism from international financial institutions, with concerns about economic volatility and potential misuse. The country’s strategy, however, has persisted, with daily Bitcoin purchases by the government adding to its growing reserves, now estimated at 5,750 BTC (approximately $354 million). The administration has framed this as a move toward economic sovereignty and technological advancement.

The economic viability of cryptocurrency mining, combined with geothermal energy, has prompted interest from both domestic stakeholders and international observers. Geothermal energy, a consistent and renewable power source, provides a distinct advantage, as it is less susceptible to the fluctuations seen in other renewable energy forms like solar or wind. For El Salvador, where over 20 volcanoes contribute to a substantial geothermal energy potential, this resource could become a cornerstone of its energy strategy.

As the government looks to scale its operations, the proposed renting of geothermal sites could attract private and international investments. By offering ready access to clean energy and potentially favorable regulatory conditions, the country is positioning itself as an attractive hub for crypto mining. This vision, however, is not without its risks. The volatility of Bitcoin prices and external regulatory pressures continue to pose challenges. Critics have also questioned the long-term benefits of prioritizing Bitcoin over broader economic reforms, especially in a country where poverty and economic disparity remain pressing concerns.

Despite these criticisms, President Bukele has doubled down on the Bitcoin agenda, reinforcing his commitment through policies and public declarations. The initiative is also gaining traction among his supporters, a key factor in his successful 2024 re-election campaign. For Bukele, Bitcoin is not merely a financial tool but a symbol of El Salvador’s innovation and resilience on the global stage.

Arabian Post Staff -Dubai Saudi Arabia and the United Arab Emirates (UAE) are locked in a fierce battle for dominance in the Middle Eastern investment banking landscape, with both countries vying for the title of top destination for investment banking fees. The competition between these two financial powerhouses has intensified in 2024, fueled by an uptick in debt underwriting and strong initial public offering (IPO) activity. As […]

Akamai Technologies has successfully secured a significant portion of Edgio’s intellectual property in a strategic acquisition that includes critical patents and contracts. This move follows Edgio’s Chapter 11 bankruptcy filing, marking a pivotal moment in Akamai’s continued expansion in the content delivery network (CDN) and cloud security sectors. As the tech industry evolves, the deal underscores Akamai’s intent to enhance its service offerings and broaden its competitive […]

Eastern Europe is quickly becoming a popular destination for ski enthusiasts seeking a thrilling adventure without the hefty price tag associated with more established resorts in the Alps. Ski resorts in countries like Poland, Slovakia, and Bulgaria are gaining attention as affordable alternatives to the high-end ski destinations in Western Europe. These lesser-known mountains provide an exhilarating experience with much lower costs, making them an attractive option for budget-conscious travelers looking for a mix of adventure and value.

The snow-capped peaks of Eastern Europe offer a diverse range of ski options that rival some of the world’s most renowned destinations. With hundreds of miles of ski slopes, well-developed infrastructure, and stunning views, these regions are poised to capitalize on the growing trend of alternative winter sports destinations. Skiers can expect varied terrain suitable for all levels of expertise, from beginner slopes to challenging off-piste runs. The range of facilities is comparable to those in the Alps, but at a fraction of the cost.

In Bulgaria, the Bansko ski resort has become a standout location, renowned for its mix of traditional culture and modern amenities. Located in the Pirin Mountains, Bansko offers over 70 kilometers of ski slopes, making it one of the largest ski areas in the Balkans. What sets it apart is its exceptional value proposition, offering ski passes, accommodations, and meals that are significantly cheaper than similar services in the Alps. The resort is known for its friendly atmosphere, combining Eastern European hospitality with high-quality ski runs. Visitors are often drawn to the lively après-ski scene, which blends cultural authenticity with vibrant nightlife. Bansko’s reputation has grown steadily over the past decade, attracting both seasoned skiers and newcomers alike.

Neighboring Romania also presents enticing options for winter sports enthusiasts, with its Carpathian Mountains offering a variety of resorts that appeal to different tastes and budgets. Poiana Brașov, for example, is one of the country’s premier ski resorts. It boasts more than 24 kilometers of well-maintained slopes, snowboarding parks, and modern cable cars, all set against a dramatic backdrop of dense forests and medieval villages. Poiana Brașov is renowned for being both a family-friendly destination and a location that provides quality skiing without breaking the bank.

Poland is another Eastern European country with an emerging ski scene. Zakopane, situated at the foot of the Tatra Mountains, has long been a favorite for Polish tourists and is gaining recognition on the international stage. Zakopane offers over 40 kilometers of skiing terrain and a lively après-ski culture that is distinctly Polish. The town is particularly appealing for its picturesque charm, offering a combination of rustic wooden cottages and modern ski resorts. Zakopane’s affordable prices, particularly in comparison to neighboring Austria and Slovakia, have made it a rising star in the Eastern European ski market.

Slovakia, with its well-maintained ski resorts such as Jasná in the Low Tatras, is another destination that offers great value. Jasná, the largest ski resort in Slovakia, is renowned for its high-standard facilities, extensive terrain, and affordability. It has rapidly become a popular choice for those looking to experience skiing in the heart of Europe, offering nearly 50 kilometers of ski slopes and a range of winter activities for visitors of all levels. The resort’s modern amenities and beautiful setting in the Low Tatras National Park make it an attractive alternative to some of the more expensive Alpine resorts.

Despite the increasing competition from other countries, these Eastern European destinations retain a unique advantage: their affordability. In many of these regions, the cost of accommodation, food, and lift passes is significantly lower than in Western European ski resorts. For example, the cost of a ski pass in Bansko can be less than half of what visitors would pay at popular Alpine resorts like Chamonix or Zermatt. Similarly, lodging and dining options in countries such as Romania and Poland are often considerably cheaper, making it easier for families and smaller groups to enjoy a ski holiday without the financial strain that typically comes with top-tier Alpine resorts.

Beyond their affordability, these resorts also offer a different cultural experience that sets them apart from the traditional Alpine destinations. Skiers in Eastern Europe can expect a blend of history, culture, and scenic beauty that is unique to this region. Traditional cuisine, charming villages, and centuries-old castles add a distinctive charm to the ski experience. Eastern European resorts are also known for their hospitality, with smaller crowds and a more relaxed atmosphere than the sometimes over-crowded slopes in Western Europe.

The Abu Dhabi National Oil Company (ADNOC) has announced plans to sell shares in its gas subsidiary, marking a pivotal move to unlock substantial value for its investors and support the UAE’s broader economic diversification goals. This strategic move is expected to enhance the company’s operational flexibility while contributing to ADNOC’s long-term growth prospects.

The share sale involves ADNOC Gas, a key subsidiary of the state-owned energy giant, which has been positioned to lead the UAE’s transition into a low-carbon energy future. ADNOC Gas is a crucial player in the gas sector, focusing on production, processing, and transportation, with a portfolio that spans both domestic and international markets. The company has been at the forefront of ADNOC’s gas exploration and development efforts, a key component of the UAE’s broader energy strategy. By listing its shares, ADNOC is poised to create a more diverse capital structure, positioning ADNOC Gas as a standalone entity in the rapidly evolving global energy landscape.

As part of ADNOC’s broader push to tap into the capital markets, the gas unit’s share sale will provide the company with increased financial flexibility, funding for future investments, and an avenue to pursue more growth opportunities. The move comes in line with ADNOC’s broader corporate restructuring and its ongoing efforts to enhance shareholder value. The public offering is expected to be a significant milestone for ADNOC, with analysts predicting a strong interest from global investors looking to capitalize on the stability and profitability of ADNOC Gas.

ADNOC’s gas subsidiary has seen strong performance in recent years, benefiting from both increased demand for natural gas and ADNOC’s investments in improving efficiency and expanding its infrastructure. The UAE’s strategic positioning as an energy hub also plays a key role in ADNOC Gas’s potential, with its expansive pipeline networks, substantial reserves, and proximity to growing energy markets in Asia and Europe. By offering shares to the public, ADNOC aims to capture additional capital that can be reinvested into expanding its gas production capacity and enhancing its market reach.

The sale also aligns with ADNOC’s broader efforts to diversify its revenue streams. The UAE’s long-term economic strategy emphasizes reducing dependency on oil, which accounts for a significant portion of the country’s GDP. By tapping into the global market for natural gas, ADNOC hopes to capitalize on the growing demand for cleaner energy sources. Natural gas has been increasingly recognized as a bridge fuel, offering lower carbon emissions compared to coal and oil, thus positioning ADNOC Gas to benefit from shifting global energy policies.

The decision to list ADNOC Gas is expected to draw significant interest from institutional investors, particularly those focused on energy and infrastructure sectors. With ADNOC Gas’s stable cash flows and its involvement in key infrastructure projects, it has emerged as an attractive prospect for those looking to invest in the Middle East’s energy sector. Furthermore, ADNOC has indicated that the share sale will also strengthen its corporate governance by increasing transparency and accountability.

ADNOC’s decision to list ADNOC Gas follows a broader trend among major energy companies to unlock value through initial public offerings (IPOs) and spin-offs. It mirrors similar moves made by companies in the oil and gas industry that are seeking to separate their traditional energy assets from their renewable energy or gas divisions. By creating standalone entities, these companies aim to streamline operations and enhance market valuations.

The share sale is also part of ADNOC’s broader initiative to increase the UAE’s capital markets activity. By expanding the participation of institutional and retail investors in its energy sector, ADNOC is working to boost the role of the UAE’s financial markets on the global stage. It is expected that the offering will deepen liquidity in the UAE’s stock markets and encourage further investments in energy-related sectors.

The proceeds from the share sale are anticipated to support ADNOC’s ambitious plans to develop new gas fields and expand its gas infrastructure. This includes the modernization of its gas processing plants and investments in carbon capture technologies, which are central to the UAE’s broader strategy for decarbonization. As part of its commitment to sustainability, ADNOC has been heavily involved in projects designed to reduce its carbon footprint while maintaining its role as a global energy supplier.

The listing of ADNOC Gas will likely have significant implications for the broader Gulf Cooperation Council (GCC) region, where energy companies are increasingly looking for ways to optimize their capital structures and attract new investors. The move underscores the UAE’s determination to maintain its position as a leading energy player while adapting to changing global energy demands and trends.

Experts believe that ADNOC Gas’s IPO could set a precedent for other energy giants in the region looking to unlock value and attract international investment. While ADNOC remains a state-owned entity, the partial sale of shares in ADNOC Gas represents a major shift in how energy companies in the UAE approach their capital strategies. The success of this listing could pave the way for more similar initiatives across the GCC, reinforcing the region’s reputation as a dynamic hub for energy innovation and investment.

The second episode of *Dune: Prophecy* received mixed reactions, with viewers praising its growing tension but simultaneously pointing to an awkward scene that marred the episode. While the show continues to build on its intricate narrative, a particular moment involving Josh Heuston and Tessa Bonham Jones raised eyebrows, leaving fans uneasy. The series, a prequel to *Dune*, set in the sprawling universe created by Frank Herbert, delves […]

Global leaders converge in Singapore to mark new era of growth and collaboration SINGAPORE – Media OutReach Newswire – 25 November 2024 – Forvis Mazars, the global professional services network, celebrated the new network formation in Asia-Pacific (APAC) on 30 October 2024 in Singapore. The event brought together key global and regional leaders, including Hérve Hélias, Chair of the Forvis Mazars Global Network Executive Board, and Matt […]

New reality show connects regional culinary talent with global opportunities in an exciting competition. BANGKOK, THAILAND – Media OutReach Newswire – 21 November 2024 – Dusit International, one of Thailand’s leading hotel and property development companies, is delighted to announce its role as a key sponsor of The Maverick Academy, a groundbreaking culinary competition series hosted by the renowned chef Alvin Leung – aka The Demon Chef […]

BANGKOK, THAILAND – Media OutReach Newswire – 22 November 2024 – PT. Eka Mas Republik, operating as MyRepublic, has received two prestigious honours at the 2024 Asia Corporate Excellence & Sustainability (ACES) Awards: Asia’s Best Performing Companies and Asia’s Most Inspiring Executives. These accolades recognise MyRepublic’s leadership in Indonesia’s digital landscape and the exceptional vision of CEO Timotius Max Sulaiman. PT. Eka Mas Republik celebrates a double […]

Saudi Arabia has secured its first-ever credit rating upgrade from Moody’s Investors Service, a significant achievement that reflects the kingdom’s growing economic resilience and fiscal reforms. The credit rating agency raised the country’s rating from “A1” to “Aa3”, with a stable outlook, signaling enhanced investor confidence in the nation’s economic future.

This upgrade marks a turning point for Saudi Arabia, which has been actively pursuing a broad range of reforms under its Vision 2030 strategy. The country has made substantial strides in diversifying its economy away from oil dependence, focusing on non-oil sectors such as tourism, entertainment, and technology. The reforms have attracted attention from international investors and have been instrumental in Saudi Arabia’s efforts to modernize its economy.

The decision to upgrade Saudi Arabia’s rating is largely attributed to the country’s improved fiscal management and its ability to weather global economic challenges, including fluctuations in oil prices. Moody’s noted that the kingdom’s budgetary performance has been significantly strengthened by its efforts to boost non-oil revenues, such as through the implementation of a value-added tax (VAT) and reforms to its labor market and public sector.

Saudi Arabia’s efforts to diversify its revenue base have yielded positive results, according to financial analysts. Non-oil revenues have surged in recent years, providing the kingdom with a more stable financial foundation that is less reliant on volatile oil markets. Additionally, the government has made significant progress in reducing its fiscal deficits, which had been a major concern in previous years.

In a broader context, this upgrade is seen as a key indicator of the kingdom’s ongoing transition from an oil-dependent economy to one with a broader, more diversified economic base. Under Vision 2030, Saudi Arabia has committed to investing heavily in sectors like renewable energy, entertainment, and technology, with major projects such as the futuristic city of Neom and the Red Sea tourism developments receiving international attention. These initiatives are designed to boost foreign investment, create jobs, and reduce the kingdom’s economic vulnerability to oil price volatility.

The improvement in Saudi Arabia’s credit rating also comes at a time when the country has been actively pursuing strategic partnerships with global powers and international corporations. This includes strengthening its ties with the United States, China, and key European nations, as well as attracting international investment in various sectors. Moody’s noted that the kingdom’s international relationships have provided it with valuable opportunities to diversify its economic activities and deepen its global integration.

However, challenges remain as Saudi Arabia continues to navigate its ambitious reform agenda. While the country has made notable progress in certain areas, there are still concerns about the pace of some reforms and the potential for social unrest, particularly in relation to the country’s labor market and the integration of women into the workforce. Furthermore, while non-oil revenues have grown, they still represent a small fraction of the total fiscal intake, and the kingdom remains vulnerable to fluctuations in global commodity prices.

Despite these challenges, the positive shift in Saudi Arabia’s credit rating is viewed as a testament to the strength of its ongoing reforms and the successful implementation of key economic strategies. Investors have responded favorably, with some expecting further upgrades in the future as the kingdom’s economic transformation gains momentum.

The country’s sovereign wealth fund, the Public Investment Fund (PIF), is another key element of Saudi Arabia’s vision for the future. The PIF has been tasked with diversifying the kingdom’s investments beyond oil, and it has already committed to several high-profile projects in renewable energy, technology, and infrastructure development. The fund’s growing portfolio is seen as an essential component in ensuring the long-term stability of the kingdom’s economy.

While the rating upgrade offers an optimistic outlook for Saudi Arabia’s economic future, experts caution that the kingdom must remain vigilant in its efforts to reduce its dependence on oil and address lingering social and political challenges. Continued economic diversification, fiscal discipline, and the management of the nation’s growing public sector will be critical to maintaining the momentum of these reforms.

In light of these developments, it is clear that Saudi Arabia is on a transformative path, one that seeks to reshape its economic landscape and enhance its standing on the global stage. The upgrade from Moody’s is a significant milestone in this journey, and the kingdom’s leaders are now tasked with ensuring that the reforms and initiatives driving this transformation continue to produce tangible results.

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RYO YAMADA
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