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Oil prices edged up on Wednesday, supported by a weaker dollar, but gains were capped by mounting fears of a US economic slowdown and the impact of tariffs on global economic growth. Brent futures rose 37 cents, or 0.53%, to $69.93 a barrel at 0951 GMT, while US West Texas Intermediate crude futures gained 37 cents, or 0.53%, to $66.62 a barrel. Crude has been supported in recent days by a weaker US dollar and the Energy Information Administration (EIA) moving away from earlier calls of strongly oversupplied oil markets this year, UBS analyst Giovanni Staunovo. The dollar index, which…

The Ministry of Environment, Water, and Agriculture has announced that potato production in Saudi Arabia continues to thrive, solidifying its status as a key staple. In 2023, local production reached approximately 621,751 tons, effectively meeting domestic market demands, SPA reported. The ministry revealed an impressive 87% self-sufficiency rate for potatoes. This achievement underscores the quality and efficiency of local production, significantly reducing reliance on imports and aligning with the Kingdom’s food security objectives.During Ramadan, the ministry encourages consumers to prioritize national products, emphasizing potatoes as a sustainable and nutritious option for iftar and suhoor meals. Their high nutritional value supports…

Safe-haven gold held its ground on Wednesday, aided by tariff uncertainty and a cooler inflation report that keep bets for a US rate cut intact. Spot gold was up 0.1% at $2,917.93 an ounce as of 1258 GMT. US gold futures inched up 0.1% $2,923.80. Data showed that US consumer price index rose 0.2% last month after accelerating 0.5% in January. However, the improvement is likely temporary against the backdrop of aggressive tariffs on imports that are expected to raise the cost of most goods in the months ahead. “Gold has been resilient but stuck in a range in recent…

King Abdullah Economic City (KAEC) and Arcapita, the global alternative investment firm, announced that they have signed a Memorandum of Understanding (MoU) at a ceremony held in Bahrain. This strategic collaboration will focus on developing state-of-the-art warehousing facilities, promoting the Industrial Valley’s growth, enhancing operational capabilities within KAEC and the Kingdom, fostering innovation, and attracting foreign investment. Under the terms of the MoU, Arcapita will leverage its expertise in creating high-quality built-to-suit industrial real estate facilities and oversee the development of warehouses tailored to meet the requirements of potential tenants, further contributing to the region’s industrial and logistical growth. The…

Libya’s Mabruk Oil Operations has resumed production at the Mabruk oilfield after a decade-long shutdown, the Tripoli-based Government of National Unity (GNU) said in a statement on Wednesday. Production officially restarted on Sunday at an initial rate of 5,000 barrels per day, according to the statement, with plans for an increase to 7,000 bpd by the end of March and 25,000 bpd by July. Crude began to be transferred to the nearby Al-Bahi field on Tuesday as part of efforts to improve the efficiency of the country’s oil infrastructure and operations. Libya’s National Oil Corporation (NOC) had said it planned…

Oil prices edged up on Wednesday, supported by a weaker dollar, but gains were capped by mounting fears of a US economic slowdown and the impact of tariffs on global economic growth. Brent futures rose 37 cents, or 0.53%, to $69.93 a barrel at 0951 GMT, while US West Texas Intermediate crude futures gained 37 cents, or 0.53%, to $66.62 a barrel. Crude has been supported in recent days by a weaker US dollar and the Energy Information Administration (EIA) moving away from earlier calls of strongly oversupplied oil markets this year, UBS analyst Giovanni Staunovo. The dollar index, which…

It is true what they say, there is only one Diriyah. In the heart of Riyadh, an ancient city is experiencing a Phoenix-esque metamorphication. Diriyah, the birthplace of the Kingdom, is undergoing a transformation unlike anything the world has seen before. At the helm of this grand vision is Jerry Inzerillo, Group CEO of Diriyah Company and United Nations Tourism Ambassador. With a hospitality career spanning the world’s most prestigious brands, Inzerillo is leading the charge in shaping the ancient city into a global cultural and tourism icon. A vision inspired by leadership (Credit: Supplied) It all began in 2018,…

Reuters Secretary of state Marco Rubio suggests Iran is in US sights but other Gulf economies may fare better The optimism is welcome – but it may be misplaced. This week the Riyad Bank Purchasing Managers’ Index in Saudi Arabia hit its highest level in more than 10 years – a significant vote of confidence in the Arab world’s largest economy. There was positive news too on jobs in the kingdom. Employment rose “solidly” last year, the survey found. Elsewhere, the local advisory house Jadwa Investment reported that consumer spending in Saudi Arabia rose by 7.5 percent last year – implying that ordinary people…

Rooted in tradition, Riyadh is also establishing itself as a global hub for contemporary and digital art. Artists like Turki AlQahtani are at the forefront of this cultural renaissance, pushing the boundaries of artistic expression by blending heritage with cutting-edge technology. “Patterns have long been central to Arab culture as a visual language of identity, history, and meaning,” says Turki AlQahtani, a media artist and filmmaker whose work explores Arab motifs through a digital lens. His journey began with a handheld camera, capturing everyday life, but soon evolved into a more intentional practice of constructing patterns, often using himself as…

Saudi Arabia’s private sector buyers are expected to spend $1.22 billion on residential real estate in 2025, with the NEOM megaproject emerging as the most attractive destination for home purchases, according to global real estate consultancy Knight Frank. NEOM, a centerpiece of Saudi Vision 2030, is projected to house 9 million people and plays a crucial role in the Kingdom’s economic diversification strategy, reducing reliance on oil. A Knight Frank report released on Tuesday, surveyed 1,037 households, including 100 expatriate families living in Saudi Arabia. The study found that both Saudi citizens and residents plan to spend $489 million on…