By T N Ashok WASHINGTON: Indian Prime Minister Narendra Modi’s visit the United States is more significant than ever at a time when the geo-political situation is fast changing, and new leaders take over in many countries. Modi’s scheduled meeting with US President Donald Trump on Thursday in White House offered positive results for the […]
Saudi Arabia has reported a fiscal deficit of 115.625 billion riyals for 2024, driven by a 6% increase in total spending compared to the previous year, as per data from the Ministry of Finance. This rise in expenditure aligns with the kingdom’s commitment to its Vision 2030 economic transformation strategy, which aims to diversify the economy beyond oil dependence.
The government’s initial projection for the 2024 deficit was 79 billion riyals, approximately 1.9% of GDP. However, updated estimates have revised this figure to 115 billion riyals, around 3% of GDP. In the first nine months leading up to September 30, the deficit stood at 58 billion riyals, with more than half of this amount recorded in the third quarter alone.
Total government revenues for 2024 reached 1.26 trillion riyals , marking a 4% increase from the previous year and exceeding initial budget estimates by 7%. Notably, non-oil revenues have shown significant growth, contributing to the overall revenue increase.
The Vision 2030 initiative encompasses several large-scale projects, including the NEOM megacity, the Red Sea Project, and Qiddiya, all designed to stimulate economic diversification and reduce reliance on oil revenues. These projects require substantial upfront investments, contributing to the current fiscal deficit. The government has emphasized that this “deficit by design” is a strategic move to foster long-term economic growth and sustainability.
Despite the widening deficit, Saudi Arabia’s non-oil sector has demonstrated resilience. Since 2017, non-oil economic growth has consistently ranged between 4% and 5%, indicating progress in the kingdom’s diversification efforts. The government remains optimistic that continued investment in Vision 2030 projects will yield significant economic benefits in the coming years.
However, the ambitious nature of these projects has raised concerns about financial feasibility. Some initiatives, such as the NEOM megacity, have faced challenges related to budget overruns and delays. Analysts suggest that the kingdom may need to reassess certain projects to ensure fiscal sustainability.
In response to these challenges, Saudi Arabia is adjusting its investment strategies. The Public Investment Fund plans to reduce its foreign investment portfolio from 30% to 18%, redirecting focus toward domestic projects that align with Vision 2030 objectives. This shift aims to bolster local economic development and maximize the impact of government spending.
Starbucks has unveiled an ambitious plan to significantly increase its presence in the Middle East by opening approximately 500 new stores over the next five years. This expansion is expected to create around 5,000 jobs in the region, underscoring the company’s commitment to growth in this market. Chief Executive Officer Brian Niccol emphasized the strategic importance of this move, stating that the Middle East offers substantial opportunities […]
By Arun Srivastava How far the RSS chief Mohan Bhagwat would succeed in his mission to rejuvenate the saffron ecosystem and rejuvenate the cadres in West Bengal, who have been feeling disconsolate and crestfallen due to the intense factional feud in the state BJP, is not yet clear, but one thing is certain that they […]The fragrance industry in Qatar is experiencing significant growth, driven by a strong cultural appreciation for luxury scents and an increasing demand for high-quality and exclusive perfumes. The presence of premium retailers such as LETOILE has contributed to the expansion of the market, offering a diverse selection of international and niche fragrances. As consumer preferences shift toward personalization, sustainability, and digital shopping experiences, the industry is adapting […]
Microsoft Gaming has announced the appointment of Kayleen Walters as the new head of Mojang Studios, the developer behind the globally acclaimed game Minecraft. Walters, who currently serves as Vice President and Head of Franchise Development at Microsoft Gaming, will assume her new role immediately, following the departure of Åsa Bredin.
Bredin, who joined Mojang in 2021 and became its head two years later, has stepped down to focus on personal goals outside of work. In an internal memo, Helen Chiang, Chief Operating Officer of Microsoft Game Content and Studios, expressed gratitude for Bredin’s contributions, stating, “Åsa has been a vital part of our team, and I am deeply grateful for the positive impact and contributions she has made since joining in 2021.”
Walters will lead Mojang Studios while continuing her responsibilities in franchise development at Microsoft Gaming. She will collaborate closely with Mojang’s global leadership team, including Amy Stillion, who is taking on an expanded role as Chief of Staff. Stillion will support both games and content studios’ operations, as well as Mojang Studios specifically.
Federico San Martin will now manage day-to-day franchise development operations, reporting directly to Walters. This restructuring aims to streamline leadership and maintain momentum within the studio.
Helen Chiang addressed the transition in her memo, acknowledging the challenges that come with change but expressing confidence in the team’s ability to continue delivering exceptional experiences for players and the community. She stated, “With strong leadership in place and a clear vision for the future, we are well-positioned to tackle the challenges we face in the marketplace with speed and momentum.”
Walters, who joined Microsoft in 2018 after serving as a Vice President at Lucasfilm, has been instrumental in managing franchise development and has previously been involved with Minecraft’s branding and entertainment divisions. Her appointment comes as Mojang Studios continues to expand the Minecraft universe, with a Warner Bros.-produced “Minecraft” movie slated for release in April.
HONG KONG SAR – Media OutReach Newswire – 13 February 2025 – The HKCriminalLawyers.com platform has officially launched, providing Hong Kong citizens with a dedicated resource for criminal legal information and professional lawyer-matching services. Specializing in a wide range of criminal cases—including theft, fraud, assault, drug-related offenses, money laundering, and illegal gambling—the platform aims to assist individuals facing legal trouble by offering clear guidance and access to […]
By P. Sudhir The BJP has won the Delhi assembly election with a tally of 48 seats, polling 45.6 per cent of the vote. The Aam Aadmi Party (AAP) won 22 seats getting 43.6 per cent of the vote. The difference between the two was only 2 per cent but it translated into 40 seats […]
Preference for Spontaneous Travel, Grabbing Cheap Flights and Travelling on a Whim HONG KONG SAR – Media OutReach Newswire – 13 February 2025 – Blue Cross (Asia-Pacific) Insurance Limited (“Blue Cross”) today announced the results of a survey1 of young people’s travel habits and preferences, as well as their level of protection awareness. The survey found that young people love to travel, with nearly 70% planning to […]
JAKARTA, INDONESIA – Media OutReach Newswire – 13 February 2025 – At the Indonesia International Motor Show (IIMS) 2025, VinFast officially opened for sales for its mini-SUV VF 3. The company also announced a special policy providing free charging for all VinFast electric vehicles at VinFast charging stations operated by V-GREEN across Indonesia, reaffirming its commitment to delivering smart, accessible, and sustainable mobility solutions. VinFast announces the […]
Rajiv Jain, the billionaire founder and chairman of Florida-based investment firm GQG Partners, is actively expanding his investment footprint in the United Arab Emirates and Saudi Arabia. Following significant deals with prominent UAE entities such as International Holding Company , Aldar Properties, and ADNOC Gas, Jain is exploring further opportunities in these burgeoning markets. GQG Partners, managing assets worth approximately $160.4 billion, has recently executed a substantial […]
Pacific Investment Management Co. , a leading global investment firm managing approximately $2 trillion in assets, has inaugurated a new office in Dubai. This move signifies the company’s strategic effort to strengthen its presence in the Middle East, a region witnessing increased interest from major asset managers. The Dubai Financial Services Authority granted PIMCO a license on Wednesday, enabling the firm to operate within the Dubai International […]
By K Raveendran Prime Minister Narendra Modi’s call for greater emphasis on the Global South in the evolving world order shaped by artificial intelligence is a strategic proposition. With AI becoming the most critical technological force of the 21st century, it is imperative that developing nations, particularly those in the Global South, have a role […]
Customers digitalise memories with their spouses enjoy 20% off Valentine’s Day offer HONG KONG SAR – Media OutReach Newswire – 12 February 2025 – CaptureTM Hong Kong, a leading analogue media digitisation provider, has been commissioned by actor Kwok Fung to restore his memories with his family, friends and fellow artists in his 30 years of career. Born in 1951, Kwok Fung is a revered actor with […]
KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 12 February 2025 – Coming into 2025, the cryptocurrency market is on the upswing. Bitcoin has reached another all-time high (ATH), surpassing $109,000 on 20 January 2025, ahead of Donald Trump’s inauguration. The overall market growth is driven by institutional investors‘ crypto adoption, a change in regulatory sentiments, and general interest in digital assets, retail investors included. Considering this, […]
First local telecom carrier in Hong Kong to provide Microsoft Operator Connect1 HONG KONG SAR – Media OutReach Newswire – 11 February 2025 – HKT has partnered with Microsoft Hong Kong to provide Operator Connect, making it the first local telecom carrier to offer the new Microsoft Teams Phone solution for enterprises in Hong Kong. Operator Connect revolutionises business communications by seamlessly integrating existing business phone lines […]
By Nitya Chakraborty Prime Minister Narendra Modi will be meeting the United States President Donald Trump in Washington on February 13. He is going straight to U.S. on a two-day visit after completing his engagement in France on Tuesday, including co-chairing the global AI summit along with the French President Emanuel Macron. For all practical […]
MACAU SAR – Media OutReach Newswire – 11 February 2025 – One of the world’s most influential rock bands, Green Day officially launched their Asian tour on February 9 at Macau’s largest indoor entertainment venue, Galaxy Arena. Amid crashing waves of sound and thunderous applause, Green Day opened the night with their explosive track The American Dream Is Killing Me, sparking an electrifying atmosphere and igniting the […]
India is poised to enhance its naval capabilities through a significant acquisition of 26 Rafale Marine jets from France. The French government has submitted its final price proposal to New Delhi, marking a pivotal step in the procurement process. This development coincides with National Security Advisor Ajit Doval’s scheduled visit to Paris, where the deal is expected to feature prominently in strategic discussions.
The Rafale Marine jets are intended for deployment on the INS Vikrant, India’s indigenous aircraft carrier, as well as at various naval bases. The inclusion of these advanced fighters is anticipated to significantly bolster the Indian Navy’s maritime strike capabilities. Defence sources indicate that the French side has offered a substantial price reduction following rigorous negotiations, underscoring the deepening defence collaboration between the two nations.
A French delegation recently visited New Delhi to finalise the terms of the agreement. The deal’s progression is expected to be a focal point during the India-France Strategic Dialogue, where NSA Doval will engage with his French counterparts. This dialogue aims to further solidify bilateral ties and address mutual security concerns.
India has approved specific modifications in the letter of request for the Rafale Marine jets, including the integration of the indigenous Uttam radar system. While this integration is projected to take approximately eight years and entails additional costs, it represents a significant step towards self-reliance in defence technology. Furthermore, India has requested the incorporation of homegrown weaponry, such as the Astra beyond-visual-range missiles and Rudram anti-radiation missiles, into the aircraft’s arsenal.
The pricing structure of the deal is informed by previous agreements, notably the procurement of 36 Rafale fighter jets for the Indian Air Force. Considerations include factors like inflation rates and the inclusion of specific requirements from the Indian Air Force, such as the provision of approximately 40 drop tanks and a limited number of workstations for the aircraft.
In addition to the Rafale Marine jets, India and France are finalising a deal for three additional Scorpene-class submarines. These submarines are slated to be constructed with French collaboration, further enhancing India’s underwater warfare capabilities. Both deals, collectively valued at nearly Rs 1 lakh crore, are anticipated to be concluded by the end of the current fiscal year, reflecting the robust and growing defence partnership between the two nations.
The acquisition of the Rafale Marine jets and Scorpene submarines aligns with India’s broader strategy to modernise its military assets and strengthen its defence posture in the Indo-Pacific region. As geopolitical dynamics evolve, such strategic partnerships and procurements are crucial for maintaining regional stability and safeguarding national interests.
The Rafale Marine, a naval variant of the Dassault Rafale, is renowned for its versatility and advanced combat capabilities. Equipped with state-of-the-art avionics and weapon systems, it is capable of carrying out a wide range of missions, including air superiority, ground attack, and reconnaissance. Its integration into the Indian Navy is expected to significantly enhance operational readiness and combat effectiveness.
The Scorpene-class submarines, developed by France’s Naval Group, are diesel-electric attack submarines known for their stealth and advanced sonar capabilities. The addition of three more Scorpene submarines will augment the Indian Navy’s underwater warfare strength, providing a strategic advantage in maritime operations.
Eurofiber, a prominent Dutch connectivity provider, has acquired Belgium-based Arcadiz, a leading supplier of critical connectivity solutions in the Benelux region. This strategic move aims to bolster Eurofiber’s position in delivering robust and scalable network solutions across Europe. Arcadiz, established in 1999 and headquartered in Leuven, has built a reputation for designing and implementing high-quality network infrastructures tailored for enterprises, governments, and public services. With a team […]
By Nantoo Banerjee With Indian Rupee (INR) dwindling almost daily against US Dollar (USD), it is good the Union Budget for 2025-26 has stopped repeating on making the Indian economy a $5-trillion GDP to become the world’s third largest by the end of this year or anytime too soon. The budget also provides no indication […]ONLYOFFICE has unveiled version 8.3 of its online editors, introducing approximately 30 new features and numerous bug fixes across the suite. This update significantly enhances the platform’s compatibility and collaborative capabilities. The latest release now supports Apple iWork formats—Pages, Keynote, and Numbers—as well as Hancom Office formats . Users can open these files directly within ONLYOFFICE, with formatting preserved. For editing purposes, these files are converted and […]
Abu Dhabi-based Ittihad International Investment LLC has secured a $450 million sustainability-linked revolving credit facility with a consortium of local banks. The facility was arranged by Emirates NBD, Commercial Bank of Dubai, and First Abu Dhabi Bank, serving as mandated lead arrangers and bookrunners, as well as sustainability joint coordinators. Additionally, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and Emirates Islamic acted as joint arrangers. The […]
Abu Dhabi National Oil Company has entered into a five-year contract to supply 2.5 million tonnes of liquefied natural gas to Bharat Petroleum Corporation Limited , according to sources familiar with the matter. Under this agreement, BPCL is set to receive 40 LNG cargoes, with deliveries commencing in April. The initial two years will see a gradual increase in supply volumes.
The formal signing of the deal is scheduled during the four-day India Energy Week conference. This partnership underscores the strengthening energy ties between the United Arab Emirates and India, reflecting a mutual commitment to energy security and diversification.
