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BANGKOK, THAILAND – Media OutReach Newswire – 14 February 2025 – Money20/20, the world’s leading fintech show and the place where money does business, unveils its agenda for the upcoming Asia show held in Bangkok on April 22-24 at the Queen Sirikit National Convention Center (QSNCC). The show will explore five key pillars: collaboration, security, frictionless user experiences, sustainability, and the frontiers of emerging technologies. The pillars […]

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.

Deyaar Development PJSC, a prominent Dubai-based real estate developer, has unveiled plans to initiate five new property projects in 2025, collectively valued at approximately Dh8 billion . This strategic move aims to capitalize on the robust demand within the emirate’s property market. The company’s Chief Executive, Saeed Mohammed Al Qatami, highlighted that these forthcoming projects will encompass a diverse range of residential, commercial, and hospitality developments. He […]

The 2024 Formula 1 Etihad Airways Abu Dhabi Grand Prix significantly boosted the local economy, with international visitor spending in Abu Dhabi increasing by 34% compared to the same week in 2023, according to Visa’s latest Travel Pulse report. During the event, 133,000 Visa cardholders from 178 countries made in-person transactions in the city, marking a 9% rise in visitors and a 29% uptick in transactions.

Visitors from the United States led in spending, accounting for 14% of the total, with an average spend per card of $285, which is 29% higher than the overall average for the event. Other top-spending nationalities included Kazakhstan , the United Kingdom , Saudi Arabia , and Oman .

The Grand Prix’s economic impact extended beyond Abu Dhabi, as 62% of these visitors also spent in other emirates, particularly Dubai and Sharjah. Additionally, 4% of non-GCC visitors continued their journeys to other GCC countries during or after the event, highlighting the boost to regional tourism.

In Abu Dhabi, spending on travel services experienced the largest growth, rising by 68% and representing 18% of the total spend during the F1 weekend. Dining expenditures also saw a notable increase, up 53%, accounting for 19% of the total spend in the emirate. Retail spending grew by 17%, contributing 14% to Abu Dhabi’s overall spend.

Across the UAE, travel services saw an 18% increase, making up 9% of the total spend. Dining spend rose 27%, contributing 8% to the total spend across the nation. Retail spending witnessed an impressive 83% surge, accounting for 27% of the total spend across the UAE during the F1 weekend.

KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 14 February 2025 – HolidayGoGoGo, a leading travel agency in Malaysia, is excited to introduce a brand-new range of overseas tour packages designed for adventure-seekers and leisure travellers. Travellers of every budget can now explore stunning beaches, endangered marine life, or iconic cultural sites with HolidayGoGoGo’s customisable packages, providing them the perfect opportunity to explore Southeast Asia and beyond. […]

Planning a multi-generational getaway that balances affordability and comfort? Here are ten U.S. destinations offering diverse activities to delight every family member. Orlando, Florida, stands out as a premier family vacation spot. Home to Walt Disney World Resort, it offers attractions like the Magic Kingdom and Animal Kingdom, providing entertainment for all ages. Families can also explore the Orlando Science Center and the Crayola Experience, ensuring a […]

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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 […]

The KDE community has unveiled Plasma 6.3, introducing a suite of enhancements tailored for digital artists and creative professionals. This latest release focuses on refining the user experience, particularly in the realm of digital art, by overhauling the Drawing Tablet configuration interface. The System Settings’ Drawing Tablet page has been reorganized into multiple tabs, offering improved navigation and new configuration options. Artists can now map specific areas […]

LEAP, the acclaimed technology event, is expanding into Asia with the introduction of LEAP East, scheduled at the Hong Kong Convention and Exhibition Centre from 9 to 11 July 2026. Organised by Tahaluf, this inaugural event aims to attract global tech leaders, innovators, and investors to one of the world’s most dynamic cities. The conference will feature over 300 expert speakers and 300 exhibitors, showcasing advancements across […]

Tabby, a prominent financial services and shopping application in the Middle East and North Africa , has successfully raised $160 million in a Series E funding round, elevating its valuation to $3.3 billion. This development positions Tabby as the most valuable fintech company in the region. The funding round was led by existing investors Blue Pool Capital, a Hong Kong-based investment firm, and Saudi Arabia’s Hassana Investment […]

SINGAPORE – Media OutReach Newswire – 13 February 2025 – In November 2022, the Land Transport Authority (LTA) made a monumental announcement of auctioning off the right to operate ad spaces at approximately 120 pedestrian overhead bridges, underpasses, and covered link-ways in a 10-year contract—a true first for the entity. One year later, the entity announced that out of seven proposals from four tenderers for the LTA, […]

HANOI, VIETNAM – Media OutReach Newswire – 12 February 2025 – F88 Investment Joint Stock Company (F88) has just announced its highest-ever consolidated after-tax profit, along with several key financial indicators that highlight the company’s rapid and sustainable recovery, following a challenging year. F88 posts highest-ever consolidated after-tax profit in 2024. Photo courtesy of the firm. F88, which owns 99.99 per cent of F88 Business Joint Stock […]

SINGAPORE – Media OutReach Newswire – 12 February 2025 – Chinese New Year is a time for togetherness, celebration, and sharing joy. Yet, amidst back-to-back gatherings and increased seasonal spending, the festivities can sometimes feel exciting and a little overwhelming1. Embracing the spirit of giving, Etiqa Insurance Singapore partnered with independent creative agency Blak Labs, to spread extra blessings to the community through its Multiply Blessings With […]

TAIPEI, TAIWAN – Media OutReach Newswire – 12 February 2025 – CyCraft Technology, a leading AI-powered cybersecurity company, proudly announces its collaboration with Malaysia’s IOI Group to deploy its autonomous threat management platform, XCockpit, for the Cyber Health Check Service (Compromise Assessment, CA). As a visionary conglomerate, IOI Group recognizes the need for innovative approaches to cybersecurity in the rapidly evolving AI era. This partnership marks a […]

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, […]

As Hong Kong witnesses a burgeoning interest in health insurance, Singapore grapples with the challenges of rising medical costs and financial risk management. Budget Priorities: Respondents in both regions allocate significant portions of their budgets to Family, Finance, and Health. Notably, there is a strong intent to increase health budgets in 2025, particularly among the middle-income segment, with 31% in Singapore and 26% in Hong Kong planning […]

Slovenia, nestled in the heart of Europe, is gaining recognition as a top-tier destination for hiking enthusiasts. The country’s diverse landscapes, ranging from towering alpine peaks to intricate underground cave systems, offer a plethora of trails that cater to both novice and seasoned hikers. Triglav National Park, Slovenia’s sole national park, stands as a testament to the nation’s commitment to preserving its natural beauty. Covering approximately 4% […]

Expected to open in late 2026, ASAI Cebu Oslob will introduce ASAI Hotels’ signature blend of modern design, local experiences, and vibrant communal spaces to one of the Philippines’ most scenic coastal destinations. BANGKOK, THAILAND – Media OutReach Newswire – 11 February 2025 – Dusit International, one of Thailand’s leading hotel and property development companies, and Grand Land Inc., a subsidiary of the Gaisano Grand Group of […]

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 […]

Gold prices have surged to an all-time high, reflecting investor anxiety following President Donald Trump’s declaration of a 25% tariff on steel and aluminium imports. Spot gold advanced 1.1% to $2,939.80 per ounce, briefly touching $2,942.70, while U.S. gold futures climbed 1.1% to $2,966.00. This marks the eighth record high for gold this year, underscoring its role as a safe-haven asset amid escalating trade tensions and inflation […]

The United Arab Emirates is intensifying its commitment to sustainable transportation by planning to install 500 electric vehicle charging stations nationwide by the end of 2025. This initiative aims to support the growing adoption of EVs and reduce carbon emissions, aligning with the country’s broader environmental objectives. Sharif Al Olama, Under-Secretary for Energy and Petroleum Affairs at the Ministry of Energy and Infrastructure, announced that over 100 […]

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