Saudi Arabia Financial News

Cost of Living LIVE Updates January 03: The cost of living is the amount of money one needs to survive in a given place – and one's most essential needs such as food, water, housing, taxes, cost of commute, healthcare, etc. The high rate of inflation has pushed up the cost of living across the globe, burning a hole in the common man's pocket.

The elections year: 2024 is going to be the year of elections. An estimated number of over 4.1 billion people out of the total global population of over 8 billion are living in countries that will go to polls in 2024. According to Bloomberg, countries that contribute 80% of the world market cap and 60% of global GDP will be voting.

₹5,942 per bbl, having swung between ₹5,935 and ₹6,148 per bbl during the session, against a previous close of ₹6,027 per barrel. Also Read: India increases oil imports from Saudi as Russian purchases fall to 11-month low in December -A Reuters survey of economists and analysts predicted that Brent crude would average $82.56 a barrel this year, up slightly from the 2023 average of $82.17, with weak global growth expected to cap demand. Geopolitical tensions, however, could provide price support.

ALSO READ: BRICS Summit 2023 Highlights HERE "Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates joined BRICS as new full members which is a strong indication of the growing authority of the association and its role in international affairs," the Russian president said. 1. In a statement on the start of Russia's BRICS Chairmanship, Putin said in the statement published on the Kremlin website that the Russian 2024 BRICS Chairmanship will "focus on positive and constructive cooperation with all countries concerned".

BRICS bloc of top emerging economies, including India, Russia and China, has announced induction of five full members into it as part of an attempt to expand its strategic heft against the backdrop of Western dominance in world affairs. As Moscow assumed the presidency of BRICS, Russian President Vladimir Putin said on Monday that the grouping has become a 10-nation body now with Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates joining it as new members.

The US Navy headquarters reported sinking three small boats affiliated with Houthi militants in the Red Sea, according to military officials. This occurred as a response after a US warship answered a distress call from a merchant vessel in the region. The incident involved a Maersk container ship being targeted by Houthi forces at approximately 6.30 am local time, facing an attack from four small Houthi boats. Reuters quoted accounts by American, Maersk, and Houthi officials stating that US helicopters repelled an attack by Iran-backed Houthi militants on a Maersk container vessel, sinking three boats and killing 10 militants.

China hawks have the upper hand in the political battle over electric vehicles. They should be wary of overplaying it. The rules for getting a tax credit on EV purchases in the U.S.

students and parents and 24/7 through the Board's 1800-11-8004 toll-free number as per the press release. Since 1998, CBSE has been offering counselling in two phases that includes pre-exam and post-result. This service which began 25 years ago aims to ensure that students from affiliated schools experience minimal stress during examinations.

India recorded a trade deficit with nine of its top ten trade partners in the first seven months of 2023-24, with the US being the only country with which exports exceeded imports. India's trade surplus with the US — its largest trading partner — was $19.59 billion in the April-October period, show data from the commerce and industry ministry. However, with China, the second largest partner, the deficit was a whopping $51.11 billion, followed by a $33.56 billion gap with Russia, the fourth largest trade partner of India.

In the coming year, we will see not greater multipolarity, but greater bipolarity. China has replaced Russia as America’s main competitor in a new cold war that is less about ideology and more about markets and technology. The $18 trillion Chinese economy has already overtaken that of all 27 European Union countries combined, and China is the largest trading partner to more than 120 countries.

(Bloomberg) — Membership of the BRICS group of emerging-market nations is set to double, with Saudi Arabia, Iran, the United Arab Emirates, Ethiopia and Egypt to join its ranks on Jan. 1, South Africa’s envoy to the bloc said. 

The Bitcoin ETF industry is seeing new headlines hit the market almost every other day. So much so that Franklin Templeton, which is a global asset management company, has even submitted an application for its own spot ETF.

With 2024 around the corner, it is a good time to take stock of the prevailing political uncertainties around the world and their possible economic consequences. It is a vast subject. In this short column, I will touch on only a few key political fault-lines and share some speculations on their possible economic consequences.

ultra-luxury tourism destination in Saudi Arabia. «The construction arm of Larsen & Toubro has been chosen as the turnkey engineering, procurement and construction (EPC) contractor....for the AMAALA project in the Red Sea region, Saudi Arabia,» the company said in a filing to BSE. AMAALA is an ultra-luxury destination set in the Prince Mohammed bin Salman Natural Reserve along Saudi Arabia's northwestern coast. Spanning 4,155 square kilometer, the project features pristine landscape and diverse natural ecosystems, coupled with unique and intriguing heritage and local culture. «The award of this prestigious contract stands testimony to the synergistic strength of diverse offerings of L&T Construction in providing innovative solutions to customers keen on sustainable, clean and reliable electricity and water system,» T Madhava Das, Whole-Time Director and senior Executive Vice President (Utilities), L&T said. L&T is a USD 23 billion multinational engaged in EPC projects, hi-tech manufacturing and services.

Ram temple in Ayodhya is set to be inaugurated, the city of Hyderabad earns a place of honor with its name etched on the intricately designed wooden doors that adorn the sacred structure. Anuradha Timbers, a century-old firm based in Hyderabad, has been entrusted with the task of crafting these doors, many of which will be adorned with gold plating, a TOI report stated.

NEW DELHI : Union defence minister Rajnath Singh, has vowed to take decisive action against those responsible for the assaults on the India-linked shipping vessels, MV Chem Pluto and MV Sai Baba, amid escalating tensions in the Red Sea region. For over a month, attacks by Yemen’s Houthi rebels on vessels using the crucial Red Sea shipping route have heightened uncertainty in the global economy. “The recent drone attacks on the MV Chem Pluto in the Arabian Sea and a few days ago on the MV Sai Baba in the Red Sea have been taken very seriously by the Indian government.

CAIRO (Reuters) — Saudi Arabia's cabinet on Tuesday announced its approval of contracting regulations for firms that do not have regional headquarters in the Kingdom, Saudi state news agency SPA reported.

Al Nassr is set for a pivotal encounter in the Saudi Pro League on December 26, gearing up to clash against reigning champions Al Ittihad in a much-anticipated showdown. While Al Ittihad teeters on the edge of relinquishing their title this season, Cristiano Ronaldo's squad is laser-focused on closing in on the current league leaders, Al Hilal. Their recent dominant display, sealing a convincing 3-1 victory against Al Ettifaq, has injected Al Nassr with a renewed surge of confidence as they aggressively pursue the coveted 2024 title. Ronaldo's pivotal 17th goal in the league during that decisive match has served as an added catalyst for the team's unwavering determination.

Investing.com – Saudi Arabia stocks were higher after the close on Monday, as gains in the Financial Services, Industrial Investment and Retail sectors led shares higher.

MV Chem Pluto, off the coast of India in Arabian Sea, Iran's foreign ministry rejected "worthless" Washington's accusations. "We declare these claims as completely rejected and worthless," said foreign ministry spokesman Nasser Kanani when asked about the US accusations.

crude oil purchased from the UAE is helping the world's third largest energy consumer push for taking the local currency global, as it looks for similar deals with other suppliers, officials said, adding internationalisation is a process and there are no targets. With the nation more than 85 per cent dependent on imports for meeting its oil needs, India has been pursuing a three-pronged strategy of buying from the cheapest available source, diversifying sources of supply and not breaching any international obligation like the price cap in case of Russian oil. While the strategy helped save billions of dollars, when it ramped up imports of Russian oil that was shunned by some in West post Ukraine war, it is looking to settle trade in rupees instead of dollars in a bid to cut transaction costs by eliminating dollar conversions. India in July signed an agreement with the UAE for rupee settlement and soon after Indian Oil Corporation (IOC) made payments for purchase of a million barrels of crude oil from Abu Dhabi National Oil Company (ADNOC) in Indian rupees. Some of the Russian oil imports too have been settled in rupee. Officials said the default payment currency for import of crude oil has been the US dollar for several decades and the currency traditionally has liquidity as well as lower hedging cost. But to boost the rupee's role in cross-border payments, the Reserve Bank of India allowed more than a dozen banks to settle trades in rupees with 18 countries since last year. Since then, India has been encouraging big oil exporters such as the UAE and Saudi Arabia to accept the Indian currency for trade settlements, officials said, adding the first success happened in August this year when IOC made the rupee