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RIYADH – The ambitious trillion-dollar transformation plan envisioned by Saudi Crown Prince Mohammed bin Salman is encountering significant headwinds as the kingdom grapples with the prospect of funding cutbacks. Sources close to the matter have revealed that the economic downturn, coupled with escalating geopolitical tensions, has compelled Saudi authorities to reassess the financial viability of the multifaceted project. Initially conceived as a cornerstone of the kingdom’s economic […]

HONG KONG SAR – Media OutReach Newswire – 12 July 2024 – Today, IX Asia Indexes announced the 2024 2nd quarter review of ixCrypto Index Series and IX Digital Asset Industry Index Series. The constituent changes will be effective on 19th July, 2024 (Friday). The results of the constituent review and exchange review are as follows: 1. Constituent Review – ixCrypto Index Series 1.1 ixCrypto Index (“IXCI”) […]

A crippling power shortage has plunged the nation into an unprecedented crisis, leaving millions grappling with prolonged blackouts and economic disruption. The crisis, which has intensified over the past week, is being attributed to a confluence of factors including soaring fuel prices, inadequate power generation, and a surge in electricity demand. Metropolitan cities and rural areas alike are bearing the brunt of the power cuts, with hospitals, […]

Banks in the United Arab Emirates (UAE) are bracing for a decline in profits for the second quarter (Q2) of 2024, according to a recent report by CI Capital. This stands in stark contrast to the performance expected from Saudi Arabian banks, which are projected to deliver the highest year-on-year (YoY) earnings growth within the Gulf Cooperation Council (GCC) region. The report, which analyzed the performance of […]

The G7’s (Group of Seven) recent move to seize assets belonging to Russian oligarchs and government officials has triggered a potential financial ripple effect, with Saudi Arabia issuing a stark warning. The Saudis, a major oil producer and significant player in the global financial markets, have threatened to dump their holdings of US Treasuries if the G7 continues down this path. The crux of the Saudi concern […]

Saudi Aramco, the world’s largest oil producer by crude output, has re-entered the international debt market with a US dollar-denominated bond issuance. This marks the company’s first foray into the global debt market since 2021, signifying its continued financial strength and strategic investment plans. The details of the bond offering were announced on the Saudi Stock Exchange (Tadawul) on July 9th, 2024. The bonds will be senior […]

By Nantoo Banerjee It may look odd that India aspiring to be an industrial powerhouse and a major global economy received a total foreign direct investment (FDI) of only US$28 billion, last year, compared to tiny Singapore receiving $160 billion and Hong Kong $113 billion. According to the UN Conference on Trade and Development (UNCTAD), […]
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Oil prices surged on Monday, extending gains from the previous week after data revealed a larger-than-anticipated drop in U. S. crude oil stockpiles. The price of Brent crude futures, the global benchmark for oil, climbed by 1. 8% to $113. 10 per barrel. West Texas Intermediate (WTI) crude futures, the benchmark for U. S. oil, also rose by 1. 6% to $110. 20 per barrel. This increase […]

By K Raveendran Elon Musk’s reported decision to put Tesla’s India entry on hold might seem like a setback for the world’s largest electric vehicle (EV) market. But a closer look reveals a situation where this delay could sting Tesla more than India. India’s potential as a future EV powerhouse, coupled with Tesla’s current struggles, […]

Central banks around the world are facing a delicate balancing act:taming inflation without jeopardizing economic growth. This comes after a period of surging prices, fueled by supply chain disruptions and the war in Ukraine. The Federal Reserve in the United States is at the forefront of this effort. Jerome Powell, the Fed Chair, recently testified before lawmakers, acknowledging signs of softening growth and employment. However, he emphasized […]

Arabian Post Staff -Dubai The allure of long-term residency in Dubai is driving a surge in property purchases among professionals holding the coveted Golden Visa. This ten-year visa, awarded to investors and skilled workers in various fields, is prompting a shift from renting to owning as residents seek stability and potentially higher returns on their investments. Several factors are contributing to this trend. Recent policy changes have […]

Saudi Arabia’s residential property market received a significant boost in May 2024, with banks approving a substantial $2. 05 billion in new home loans. This figure, revealed by the Saudi Central Bank (SAMA), represents a 13% increase year-on-year and marks a 16-month high for the Kingdom’s mortgage market. The data indicates a robust and sustained demand for housing in Saudi Arabia. This trend aligns with the country’s […]

Saudi Arabia’s banking sector is experiencing a surge in profitability, with aggregate bank profits reaching a 14-month high in May 2024. According to data released by the Saudi Central Bank (SAMA), the combined profits of Saudi banks hit SR7. 33 billion ($1. 96 billion) in May, reflecting a significant 16% increase year-on-year. This positive trend extends to the year-to-date figures as well. Banks have collectively recorded a […]

Step into July and Glow Up with iShopChangi, where beauty meets wellness in a burst of exclusive offers. Throughout July, score deals on premium beauty and wellness products at up to 60% off and get your hands on special Gift-with-Purchase promotions. Fancy an escape? Don’t miss out on the chance to win a Bali Wellness Retreat for a shot at ultimate relaxation. Whether you’re pampering yourself or […]

Qatar’s non-oil economy is firing on all cylinders, with June marking a two-year high in private sector growth. According to the latest Purchasing Managers’ Index (PMI) data compiled by Qatar Financial Centre (QFC), the non-energy sector witnessed a significant expansion in activity. The PMI for June reached 55. 9, a notable increase from 53. 6 in May. This figure signifies the strongest improvement in business conditions since […]

The Indian beauty sector received a significant shot in the arm recently with a $120 million investment in online retailer Purplle Group. The funding round, designated as Series E, was spearheaded by a subsidiary of the Abu Dhabi Investment Authority (ADIA), a prominent sovereign wealth fund. This investment, coupled with additional contributions from other participants, has propelled Purplle’s valuation to a staggering $1. 3 billion, solidifying its […]

By Arun Srivastava General election results in India have always been extraordinary and have thrown new set of political leaders. This year’s polls while were a moral victory for the INDIA bloc and marked the setback to communal politics, it also threw two young leaders, Rahul Gandhi and Akhilesh Yadav, in public arena who exhibited […]

Electric vehicle startup Fisker is facing a steep decline as the company seeks court approval to sell its remaining stock of SUVs at a fraction of the original price. The bankrupt company produced 3, 321 Ocean SUVs, initially priced around $70, 000 each. Now, Fisker is requesting permission to offload this inventory to a New York-based leasing company for just $14, 000 per vehicle. This fire sale […]

Arabian Post Staff -Dubai Dubai’s residential rental market, which has seen explosive growth in recent years, is anticipated to experience a period of stabilization with slower rent increases throughout 2024. This comes after a significant rise in rental prices fueled by high demand and a limited supply of available properties. Real estate consultancies like CBRE acknowledge the increasing pressure on affordability for tenants. Their reports indicate a […]

Office market net absorption remained positive, high street vacancies stabilized The Hong Kong Grade A office market recorded growth for the third consecutive quarter, with overall net absorption remaining positive at 318,000 sq ft in Q2. Nevertheless, office rents remained under pressure due to the lifted availability rate, dropping 1.5% q-o-q. The overall high street vacancy rate stabilized, and rents continued to record low single-digit growth rate […]

OPEC’s oil output defied expectations in June, rising for the second consecutive month according to a Reuters survey. This increase comes despite ongoing production cuts implemented by the wider OPEC+ alliance, which includes major non-OPEC producers like Russia. The survey, which tracks oil supply to the market and is based on industry sources and shipping data, revealed that OPEC’s 12 member countries collectively pumped 26. 7 million […]

Investment research firm Hindenburg Research profited modestly from the recent $153 billion plunge in the share prices of Adani Group, a conglomerate led by Indian billionaire Gautam Adani. According to a Bloomberg report, Hindenburg’s total windfall amounted to just $4 million, a relatively small sum compared to the scale of the market rout. The report highlights the limitations of short-selling strategies, even in situations of dramatic stock […]

By Anjan Roy Taxation of the super-rich is becoming current coin in International deliberations on the global financial structure and funding of development. In a recent multi-nation deliberations organised by the Heinrich Boll Stiftung of Berlin, Indian participant Rakesh Mohan, former deputy governor of RBI, drew attention to the fact that while the World bank […]

The first day of the week brought a slight dip to Dubai’s gold market, with prices opening lower compared to the previous week’s closing figures. The data, compiled by the Dubai Jewellery Group, revealed a decrease of Dh0. 50 per gram for the widely traded 24K variant. This translates to an opening price of Dh281. 25 per gram on Tuesday morning, down from Dh281. 75 per gram […]

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