Innovative private sector must play its part in energy transition, business forum told at COP28

  • DUBAI: The private sector can no longer be on the periphery of energy transition efforts, Commonwealth Secretary-General Patricia Scotland has insisted on the sidelines of the UN Climate Change Conference.   Speaking at the Business Philanthropy Climate Forum — a first-of-its-kind e...
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Saudi Arabia extends voluntary oil cuts of 1m bpd until Q1 2024

  • RIYADH: Saudi Arabia on Tuesday decided to extend its voluntary crude output cuts of 1 million barrels per day until the end of the first quarter of 2024 in coordination with some OPEC+ members, the state-run Saudi Press Agency reported quoting an official source from the Ministry of Energy. ...
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PIF secures $5bn syndicated term loan covered by K-SURE 

  • RIYADH: Saudi Arabia’s Public Investment Fund has secured a term loan of $5 billion from a group of nine international lenders, covered by the Korea Trade Insurance Corp. This agreement signifies PIF's ongoing effort to diversify its funding sources in a strategic manner.  This fina...
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PIF’s ROSHN Group signs tech investments MoU with Hong Kong’s Tsangs Group  

  • RIYADH: Saudi Arabia’s technological investment landscape is poised for expansion as the Public Investment Fund’s ROSHN Group has entered into an agreement with Hong Kong’s Tsangs Group.   A memorandum of understanding marks a notable step in enhancing collaboration opportunities be...
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Saudi Arabia’s trade surplus with China soars by 257% in September

  • RIYADH: China maintained its position as Saudi Arabia’s primary trading partner in September, dominating both exports and imports, according to the latest data released by the General Authority of Statistics. The trade surplus with China soared to SR6.67 billion ($1.78 billion), reflecting a ...
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Noor Riyadh lights up Saudi Arabia’s cultural ecosystem

  •   The festival brings art to the people, nurtures local talent and develops the creative ecosystem Saudi Arabia’s capital is poised to be bathed in light as Noor Riyadh prepares to flip the switch on the world’s largest light art festival. The third edition of the annual celebration of...
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Dubai’s inflation moderates to 4.27% in October: official data

  • RIYADH: Dubai’s inflation rate slightly eased to 4.27 percent in October, compared to 4.5 percent in the previous year, the official data showed.   The report from the Dubai Statistics Center highlighted a 4.70 percent annual increase in transport expenses driven by rising petrol pr...
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Iran aims for oil output of 4 million bpd for 2024-25 – Tasnim

  • DUBAI: Iran’s oil production should reach 3.6 million barrels per day by March 20, 2024, Iran’s oil minister Javad Owji said on Tuesday according to semi-official Tasnim news agency, up from the current level of 3.4 million barrels per day, according to Reuters. “We aim to reach 4 million bar...
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Startups flourish from Morocco to Saudi Arabia

  • CAIRO: Startups across the Middle East and North Africa region managed to raise significant funding rounds, hailing a rebound in the venture capital space. Saudi Arabia’s fintech sector marked a significant stride with LYNK successfully securing an investment round.   This financi...
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Egypt sells stake in tobacco firm Eastern Co. to UAE company 

  • CAIRO: Egypt has sold a stake in tobacco products maker Eastern Co. in its first foreign sale of a major state asset since it agreed to a privatization program with the International Monetary Fund last December.  The buyer was the UAE’s Global Investment Holding Co., Eastern CEO Han...
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