Wednesday, January 19

Business

U.S. Department of Treasury Sanctions Hizballah Financiers in Lebanon

Business
Washington, The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated three Hizballah-linked financial facilitators and their Lebanon-based travel company. Specifically, OFAC designated Adel Diab, Ali Mohamad Daoun, Jihad Salem Alame, and their company, Dar Al Salam for Travel & Tourism. This action comes at a time in which the Lebanese economy faces an unprecedented crisis and Hizballah, as part of Lebanon’s government, is blocking economic reforms and inhibiting much needed change for the Lebanese people.In a statement issued today, the U.S. Department affirmed that Hizballah claims that it supports the Lebanese people, but just like other corrupt actors in Lebanon that the U.S. Department of Treasury has designated, Hizballah continues to profit from insul...

Saudi Economy Achieves the Highest Growth Rate in the G-20 Zone, Reports IHS Markit Index

Business
Riyadh, The IHS Markit index has expected the Saudi economy to record the highest growth levels among the G-20 countries at 11.1% during the last quarter of 2021, a wide gap of about 4.5% from its nearest competitor: Italy. The achievement reflects the efficiency of the economic reforms taken by the Kingdom since the launch of its Vision 2030.These positive figures come in light of the unlimited support and direct supervision His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister, who is also Chairman of the Council of Economic Affairs and Development, extends to the Vision 2030 programs, demonstrating the strength and efficiency of the economic reforms undertaken by the Kingdom since 2016. This had a great impact on overcoming the consequences of ...

KSrelief Launches a Project to Support and Empower Youths to Improve Living Conditions in Yemen

Business
King Salman Humanitarian Aid and Relief Center (KSrelief) launched, in Aden Governorate, Yemen, a project to support and empower youths to improve living conditions in Yemen, in the presence of Yemeni Minister of Social Affairs and Labor Dr. Mohammed Saeed Al-Zaouri, representatives of the local authorities in Aden, and Deputy Director of the KSrelief’s branch in Aden Naif Asiri.The project will benefit 1,250 youths in a number of Yemeni governorates.It comes within the humanitarian and relief projects being provided by the Kingdom of Saudi Arabia, through the KSrelief, to advance the economic situation and improve the income of the neediest groups in the Yemeni society.Source: Saudi Press Agency

Saudi Stock Market Index Closes High

Business
Riyadh, The main Saudi stock index (TASE) closed high, gaining 121.93 points, to close at the level of 12,079.01 points, with deals worth SR. 7.7 billion.According to the daily economic bulletin of the Saudi News Agency for the Saudi stock market, the volume of traded shares reached 197 million, through more than 340,000 deals, in which 123 companies increase, while 66 companies closed down.The Saudi parallel stock index (NOMU) closed high today, gaining 33.93 points, to close at the level of 26263.32 points, with deals worth SR. 186 million, and the volume of traded shares reached more than 1.2 million, through 5741 deals.Source: Saudi Press Agency

Investment Minister: Saudi Arabia Boosts Competitiveness of Mining Sector by Laws, Regulations

Business
Riyadh, Minister of Investment Khalid bin Abdulaziz Al-Falih stressed that the mineral resources sector is among the most important resources that support countries’ economies, and that launching the International Mining Conference reflects the Kingdom of Saudi Arabia’s interest in the mining sector in the world, its influence on the economic recovery and big impact on the future of several priority industries.Participating in session of the International Mining Conference, he said that the Kingdom of Saudi Arabia has increasing the competitiveness in the sector through enacting laws and regulation. To speed up procedures for geological exploration and attracting investments, the Kingdom of Saudi Arabia has developed the quality and availability of geographical data through several initiat...

Saudi Stock Exchange Main Index Ends Trading Higher at 11,843 Points

Business
Riyadh, Saudi Stock Exchange's main index ended trading higher here today, gaining 178.72 points to close at 11,843.55 points.The total value of the trading reported was SAR 8 billion, while the toll of shares traded was 185 million, divided into over 340,000 deals.The Saudi Parallel Equity Market Index (NOMU) ended the day gaining 297.77 points, to close at 26,143.59 points, with a valuation of SAR 162 million and an overall tally of more than 790,000 stocks traded and divided into as many as 5,123 deals.Source: Saudi Press Agency