Saturday, May 21

Business

National Competitiveness Center Hosts Saudi-Swedish Meeting on Economic Partnership

Business
Riyadh-- The National Competitiveness Center hosted a meeting of representatives of the Ministry of Human Resources and Social Development, the Local Content and Government Procurement Authority, the Zakat, Tax and Customs Authority, and the Public Investment Fund, with a delegation of the Swedish business network in Saudi Arabia, led by Swedish Ambassador to Saudi Arabia Niclas Trouvé, in the presence of Deputy Minister of Commerce and CEO of the National Competitiveness Center Dr. Iman Al-Mutairi.The participants reviewed their roles in improving and facilitating business practice, in addition to promising opportunities in Saudi Arabia, and strengthening the economic and trade partnership between the two countries, especially in sectors that contribute to diversifying the sources of the ...

Saudi Stock Exchange Main Index Ends Trading Lower at 12,427.96 Points

Business
Riyadh-- Saudi Stock Exchange's main index ended trading lower here today, losing 285.42 points to close at 12,427.96 points.The total value of the trading reported was SAR 8.5 billion, while the toll of shares traded was over 191 million, divided into over 466,000 deals.The Saudi Parallel Equity Market Index (NOMU) ended the day losing 323.98 points, to close at 22,508.40 points, with a valuation of SAR 30 million and an overall tally of more than 276,000 stocks traded and divided into as many as 1,721 deals.Source: Saudi Press Agency

Japan Posts Trade Deficit of 839.2 Billion Yen in April

Business
Tokyo-- Japan posted a merchandise trade deficit of 839.2 billion yen (6.5 billion dollars) in April, the country's Ministry of Finance said on Thursday, according to the dpa.The figures beat expectations for a shortfall of 1,150 billion yen following the 414.1 billion yen deficit in March (revised down from the original 412.4 billion yen deficit).Exports were up 12.5% on year to 8.076 trillion yen, shy of forecasts for an increase of 13.8% and slowing from 14.7% in the previous month.Imports jumped an annual 28.2%, missing expectations for a gain of 35.0% and down from 31.2% a month earlier.Source: Saudi Press Agency

Minister of Industry: We seek in Saudi Arabia to manufacture 300,000 cars annually by 2030

Business
Riyadh-- Minister of Industry and Mineral Resources and Chairman of Saudi Industrial Development Fund (SIDF) Bandar Al-Khorayef stressed that the car industry file in the Kingdom of Saudi Arabia is among important files that the national strategy for industry has considered due to the fact it is among the complicated industries that contribute to developing the supply chains for several products, noting that the country targets to manufacture more than 300,000 cars annually by 2030.Al-Khorayef, during a ceremony to lay the foundation stone of Lucid Motors at the King Abdullah Economic City in Rabigh, noted that the Kingdom of Saudi Arabia targets manufacturing cars to cover the local demand and export to the world, stressing that the volume of expenditure on cars in the Kingdom of Saudi Ar...

Asian Shares Fall

Business
Tokyo-- Shares dropped sharply in Asia on Thursday, the Associated Press reported.Shares fell in all regional markets except Indonesia's. Oil prices were higher.The Dow Jones Industrial Average sank more than 1,100 points, or 3.6%, and the S&P 500 had its biggest drop in nearly two years Wednesday, shedding 4%. The tech-heavy Nasdaq fell 4.7%.The Nikkei 225 in Tokyo lost 1.9% to 26,395.81 and the Hang Seng in Hong Kong dropped 2.5% to 20,119.96. In South Korea, the Kospi shed 1.3% to 2,592.32, while Australia's S&P/ASX 200 gave up 1.7% to 7,062.90.The Shanghai Composite index edged 0.1% lower to 3.083.20.On Wednesday, the S&P 500 fell 165.17 points to 3,923.68, while the Dow slid 1,164.52 points to 31,490.07. The Nasdaq slid 566.37 points to 11,418.15.In other trading, benchmark U.S. crude...

Future Aviation Forum Witnesses Signing of A Number of Agreements Worth USD2.7 Billion

Business
Riyadh-- Future Aviation Forum, which was held under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and hosted by the General Authority of Civil Aviation from 9 to 11 May, 2022 in Riyadh, witnessed the signing of more than 50 agreements worth USD2.7 billion (SAR 10 billion).Minister of Transport and Logistic Services Eng. Saleh Al-Jasser presented the "Riyadh Aviation Declaration", describing the adoption of this declaration as a pivotal point in the history of the global aviation sector.Al-Jasser indicated that the second forum will be held in 2024, expressing his happiness to host the Future Aviation Forum once every two years.Source: Saudi Press Agency