RIYADH: Expatriate remittances from Saudi Arabia reached SR11.86 billion ($3.16 billion) in August, marking a 10 percent annual increase, according to recent data. Figures from the Saudi Central Bank, also known as SAMA, also revealed that transfers sent abroad by Saudi nationals rose by 19 percent year on year, totaling SR5.83 billion. As one of…
SINGAPORE: Oil prices fell more than $1 a barrel on Tuesday as traders took profits from a rally in the previous session that lifted the market to its highest level in over a month on fears the Middle East could be on the brink of a region-wide war. Brent crude futures fell $1.31, or 1.6…
RIYADH: Saudi Arabia’s official reserve assets reached SR1.76 trillion ($469.83 billion) in August, the highest in 21 months and a 10 percent increase year-on-year, according to recent data. Figures released by the Saudi Central Bank, known as SAMA, show these holdings include monetary gold, special drawing rights, the International Monetary Fund’s reserve position, and foreign…
PARIS: Israel’s neighbors closed airspace and airline crews skirted an escalating conflict, with many seeking diversions, after Iran fired a salvo of ballistic missiles at Israel on Tuesday.A spokesperson for tracking service FlightRadar24 said flights diverted “anywhere they could,” and a snapshot of traffic in the region showed flights spreading in wide arcs to the…
Washington: Microsoft has announced exciting changes for its mobile gaming ecosystem, revealing plans to merge its Xbox and Xbox Game Pass applications for iPhone and iPad users. According to The Verge, this update, expected to roll out soon, aims to create a comprehensive app that integrates features from both platforms, enhancing the user experience for gamers…
RIYADH: Consumers in Saudi Arabia spent SR247.2 million ($65.8 million) on electronics from Sept. 15 to 21, reflecting an 18.3 percent rise compared to the previous week, according to central bank data. The weekly point-of-sale bulletin released by SAMA revealed that spending in the hotels sector also rose, reaching SR292.4 million, marking an 18.2 percent weekly…
Dubai: The Power Transmission & Distribution (PT&D) vertical of Larsen & Toubro has won new orders in the Middle East for expanding and strengthening the electricity grids at high voltage levels. Saudi ArabiaThe different operating regions in Saudi Arabia’s national electricity network are being interconnected through High Voltage Direct Current links that enable exchange of power…
RIYADH: The Middle East’s eyewear market is set to be reshaped by a merger between MAGRABi Retail Group and Rivoli Vision which will see a focus on innovation and customer experience. According to Amin Magrabi, chairman of MAGRABi Retail Group, the deal will see store concepts integrated with digital platforms to offer a comprehensive range across…
RIYADH: After almost two years of rate hikes, the US Federal Reserve has slashed interest rates by half a percentage point to a range of 4.75-5 percent, but what does this mean for the startup and venture capital ecosystem? The relationship between the US Federal Reserve and the global startup ecosystem is somewhat complicated. Washington’s…
BRUSSELS: The European Union on Wednesday began the process of clawing back hundreds of millions of euros in funds meant to go Hungary after its ant-migrant government refused to pay a huge fine for breaking the bloc’s asylum rules.In June, the EU’s top court ordered Hungary to pay 200 million euros ($223 million) for persistently…
