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Oil prices edged lower on Wednesday after Russia agreed to US President Donald Trump’s proposal that Moscow and Kyiv temporarily stop attacking each other’s energy infrastructure, a move analysts say could eventually pave the way for Russian oil to enter global markets. Brent crude futures slipped 11 cents, or 0.16%, to $69.97 a barrel at 1130 GMT. US West Texas Intermediate crude (WTI) was down 12 cents, or 0.18%, at $66.78. Russian President Vladimir Putin agreed on Tuesday to stop attacking Ukrainian energy facilities but stopped short of endorsing a full 30-day ceasefire that Trump hoped for. “Crude prices softened…

The Saudi Fund for Development (SFD) will host a Gala Dinner on September 01, 2024, under the theme Celebrating 50 Years of Global Impact, commemorating five decades of driving sustainable global development and progress. Since its establishment in 1974, the SFD has been the main international development arm of the Kingdom of Saudi Arabia, supporting sustainable development initiatives across Africa, Asia and the Pacific, Latin America and the Caribbean, and Eastern Europe.  Through collaboration and partnership, the SFD’s work reaches those most in need around the globe.  The SFD is also committed to supporting the Least Developed Countries and Small…

The dollar rallied on Wednesday ahead of the Federal Reserve’s decision on interest rates, but retreated from the day’s highs after markets stabilized from an early shock caused by the detention of Turkish President Tayyip Erdogan’s main rival. Traders are also digesting the Bank of Japan’s earlier decision to hold interest rates steady, while the Fed’s policy decision later will be crucial for investors eager to know what the central bank makes of Trump’s policies and their impact on the US economy, and how that affects the rate outlook. Fed policymakers are widely expected to keep rates on hold, and…

In the heart of Saudi Arabia’s bustling tech scene, two visionary women are reshaping how language barriers are overcome in the digital age. Asmaa Naga, the Founder & CEO, and Tasneem Islam, the CCO of “STUCK?” the app, sat down with Destination KSA to discuss their groundbreaking app and its profound impact on global communication. STUCK?, born out of Asmaa’s relentless drive and Tasneem’s unwavering support, is not just an app but a testament to their enduring friendship and entrepreneurial spirit. “I’m always her support system,” Tasneem chuckles, “but she’s the brain behind Stuck?”. The idea of STUCK? stemmed from…

Unlike many global cruise lines, Aroya Cruises stands alone as a pioneer, celebrating the rich cultural heritage and hospitality of Arab culture, while providing a way to truly unwind on a one- of-a-kind ship that offers its guests a chance to relax and unwind. Aroya Cruises’ itineraries are meticulously crafted in ways no other cruise line has before. Sailing through the Red Sea, each journey promises a rich cultural immersion that highlights Saudi Arabia’s renowned hospitality, known in Arabic as Hafawa. We spoke with Aroya’s official spokesperson, Turky Kari, who guided us on how Aroya Cruises’ redefines Arabian cruising. He…

The dollar rallied on Wednesday ahead of the Federal Reserve’s decision on interest rates, but retreated from the day’s highs after markets stabilized from an early shock caused by the detention of Turkish President Tayyip Erdogan’s main rival. Traders are also digesting the Bank of Japan’s earlier decision to hold interest rates steady, while the Fed’s policy decision later will be crucial for investors eager to know what the central bank makes of Trump’s policies and their impact on the US economy, and how that affects the rate outlook. Fed policymakers are widely expected to keep rates on hold, and…

In a rapidly evolving digital landscape, Faisal Al Eisawi, the visionary Managing Director at Digitect, stands out as a leading force driving innovation and growth across Jeddah, Riyadh, and Cairo. With 25 years of experience in fostering relationships and nurturing a culture of performance-led creativity, Al Eisawi’s leadership has been pivotal in shaping Digitect’s success. Founded with a vision to elevate local digital marketing and content creation, Digitect began its journey during the pandemic, laying a foundation for resilience and innovation. Under Al Eisawi’s guidance, the agency has evolved into one of the fastest-growing in the industry over the last…

Saudi Arabia’s listed telecom companies saw a 69% surge in net profits by the end of 2024, reaching SAR 28.39 billion ($7.57 billion), compared to SAR 16.79 billion ($4.5 billion) in 2023. This growth was driven by higher revenues, an expanding customer base, and improved operational efficiency. The sector includes four companies: stc (Saudi Telecom Company), Mobily (Etihad Etisalat), Zain Saudi Arabia (Mobile Telecommunications Company Saudi Arabia), and GO (Etihad Atheeb Telecom). The first three follow a December fiscal year-end, while GO’s fiscal year ends in March. According to financial disclosures on Saudi Arabia’s stock exchange (Tadawul), stc accounted for…

As the world accelerates towards an unprecedented technological revolution, Saudi Arabia stands at the forefront of embracing and driving these changes. The nation is witnessing a transformative era characterized by rapid advancements in robotics, artificial intelligence (AI), and innovative technologies that are reshaping industries, economies, and societies. This is not just about adopting cutting-edge technologies but about integrating them into the very fabric of everyday life to improve efficiency, enhance quality of life, and drive economic diversification. This transformative epoch is marked by collaboration between government entities, private companies, educational institutions, and international organizations, ensuring that Saudi Arabia keeps pace…

Turkish Lira Touches Record Low, Stocks and Bonds Slide After Istanbul Mayor Detained  Türkiye’s lira fell as much as 12.7% and touched a new all-time low of 42 to the dollar on Wednesday, with bonds and stocks also tumbling sharply, after authorities detained President Recep Tayyip Erdogan’s main political rival. The move against Ekrem Imamoglu, the mayor of Istanbul, was called “a coup attempt” by the opposition and appears to cap an aggressive months-long legal crackdown on opposition figures across the country which has been condemned as a politicized attempt to silence dissent. Imamoglu was expected to be named as…