Saudi Arabia Financial News

imports from China declined 3% in calendar year 2023 over 2022, the commerce and industry ministry said Monday, adding that exports to both China and the EU rose 7.1% and 2.1%, respectively during the period. The statement comes more than a week after report by the United Nations Conference on Trade and Development (UNCTAD) showed that India’s trade dependence on China and the EU increased in 2023 while it reduced on Saudi Arabia. In its Global Trade Update on March 22, the UNCTAD said that India’s trade dependence on China and the EU increased 1.2% each in 2023 while it reduced 0.6% on Saudi Arabia. Trade interdependence between China and the US decreased further in 2023.

worst atrocity against Jews since the Holocaust, conflict has spread across the Middle East. In all, ten countries are now caught up in fighting. In Gaza Israeli soldiers and Hamas are still killing each other, even as 2m people face famine.

Also Read: Expert View | Oil market oversupplied with high US output, Brent seen at $87-$92 for 2024: ShareKhan's Mohammed Imran -In April 2023, OPEC+ announced oil production cuts of around 1.16 million barrels per day (bpd) in a surprise decision. The shock cut, led by Saudi Arabia, immediately drove crude oil prices 8 per cent higher to $83.95 per barrel, which at the time - was the highest rise in more than a year then. The voluntary cuts started from May 2023 and were put in place to last until the end of the year.

global spread of Homo sapiens. But where did these pioneers go after leaving Africa? After years of debate, a new study offers an answer. These bands of hunter-gatherers appear to have lingered for thousands of years as a homogeneous population in a geographic hub that spanned Iran, southeast Iraq and northeast Saudi Arabia before going on to settle all of Asia and Europe starting roughly 45,000 years ago, scientists said on Monday. Their findings were based on genomic datasets drawn from ancient DNA and modern gene pools, combined with paleoecological evidence that showed that this region would have represented an ideal habitat. The researchers called this region, part of what is called the Persian Plateau, a «hub» for these people — who numbered perhaps only in the thousands — before they continued onward millennia later to more distant locales.

In 2024, the «Magnificent Seven,» a group of the biggest technology companies, saw most of its members continue their impressive 2023 performance, except for Tesla (NASDAQ:TSLA) stock. Facing a myriad of challenges such as waning sales and growing competition in China, Tesla stock has underperformed the S&P 500 by a wide margin.

ICRA said: "India is a large consumer accounting for about 4-5% of the global consumption. Accordingly, India along with China and other large economies would impact overall demand and demand growth and Opec would be watching out for demand growth of the country." "However even considering global peak oil demand there is still a long way to go, so capacity and production increases by Opec are being done.

About a week after the U.S. and other Western countries froze funding to a U.N. agency for Palestinian refugees called Unrwa in late January, its top official flew to the Arab Gulf, hoping wealthy Arab monarchies would save the organization at a time when it is the main provider of humanitarian aid in Gaza.

Bankrupt crypto exchange FTX agreed to sell the majority of its shares in AI startup Anthropic for $884m, according to court filings from Friday.

The United Arab Emirates (UAE) is now readying a central bank digital currency (CBDC) for retail and wholesale use, according to a Central Bank of UAE (CBUAE) announcement on Saturday.

Following a disappointing year-to-date performance, Lucid (NASDAQ:LCID) stock received a much-needed boost at the Monday market open after a major positive development for the luxury electric vehicle (EV) manufacturer. 

(Reuters) -Lucid said on Monday it is raising $1 billion in capital from an affiliate of Saudi Arabia's Public Investment Fund (PIF), sending the shares of the luxury electric carmaker up about 8%.

Kentucky lawmakers have wrapped up work on a bill meant to help attract nuclear energy projects to a state where coal has been king for generations

Ferrari's Carlos Sainz has ended Red Bull's Formula 1 winning streak when the Spaniard took advantage of Max Verstappen's early retirement to win the Australian Grand Prix just two weeks after missing the previous race in Saudi Arabia due to an emergency appendectomy. Sainz, who started on the front row alongside Verstappen, kept his place into turn one, but passed the Dutchman on lap two at turn nine for the lead and took control once his rival retired two laps later with a fiery mechanical failure. Verstappen had won the first two F1 races of the season in Bahrain and Saudi Arabia and was on a nine-race winning streak.

AI startup Anthropic will not accept investments from Saudi Arabia in the sale process of 8% of its shares as  part of FTX’s bankruptcy proceedings .

Deep-pocketed, sovereign wealth funds are among the investors clamoring to get a stake in Anthropic, the red-hot artificial intelligence startup that's taking on OpenAI. One country that's being left out: Saudi Arabia.

Tennis could be on the verge of massive structural change if one of two separate proposals formulated by the four Grand Slam tournaments and the WTA and ATP professional tours ends up moving forward

Aster DM Healthcare on Wednesday said that the separation of its Indian and Gulf (GCC) businesses, and the proposed investment in its GCC business by an investor group led by UAE-based PE firm Fajr Capital, is in the final stage of completion. Aster DM in November last year had agreed to sell a majority stake in its Gulf business to a consortium led by Fajr Capital for $1 billion. Under the separation plan, a Fajr Capital-led consortium entered into a definitive agreement to acquire a 65% stake in the company’s GCC business. The plan was approved by the company’s shareholders in January 2024.

Over the first quarter of 2024, WTI crude oil is expected to rise by at least 15%. This uptick marks the end of a downward trend observed in the third and fourth quarters of 2023, which was part of a broader trend that began in mid-2022.

For many years now, the Middle East has been the home to a growing sense of economic dynamism and an increasing appetite for the latest investment opportunity.

For many years now, the Middle East has been the home to a growing sense of economic dynamism and an increasing appetite for the latest investment opportunity.

₹6,943/bbl on the multi commodity exchange (MCX). Also Read: Oil market oversupplied with record-high US output, Brent seen at $87-$92 for 2024: ShareKhan's Mohammed Imran -In Russia, exports are rising after Ukrainian drone attacks on the country's oil infrastructure putting pressure on oil prices. Traders assessed how Ukraine's recent attacks on Russian refineries would affect global petroleum supplies.