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Saudi Gazette reportRIYADH — Eight OPEC+ member countries, including Saudi Arabia, Russia, and the UAE, will raise oil production by 411,000 barrels per day (bpd) in July 2025 as part of a phased reversal of previous voluntary output cuts, the alliance announced on Saturday following a virtual meeting.The decision follows the group’s earlier agreement on December 5, 2024, to gradually ease the 2.2 million bpd in voluntary reductions that were implemented in April and November 2023.The upcoming adjustment is equivalent to three monthly increments and reflects what the group described as a “steady global economic outlook” and “healthy market fundamentals,”…

Damascus has hosted the 22nd edition of the International Building Exhibition “Buildex,” its first since the fall of Bashar al-Assad’s regime in December 2024. The event drew strong participation and visitor turnout, signaling renewed interest in Syria’s reconstruction. More than 740 companies took part, including 490 local firms and 250 international companies from 39 countries. The exhibition was held at the new fairgrounds near Damascus International Airport. Notably, Turkish, Saudi, and Jordanian companies led the foreign participation, with Türkiye contributing over 150 firms, by far the largest foreign presence. Saudi Arabia and Jordan followed with 28 companies each, while China…

US President Donald Trump said on Friday he planned to increase tariffs on imported steel and aluminum to 50% from 25%, ratcheting up pressure on global steel producers and deepening his trade war. “We are going to be imposing a 25% increase. We’re going to bring it from 25% to 50% – the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States,” Reuters quoted him as saying at a rally in Pennsylvania. Trump announced the higher tariffs just outside Pittsburgh, where he was talking up an agreement between…

China’s manufacturing activity contracted in May for a second month, an official survey showed on Saturday, fuelling expectations for more stimulus to support the economy amid a protracted trade war with the United States. The official purchasing managers’ index (PMI) improved slightly to 49.5 in May from 49.0 in April but stayed below the 50-mark separating growth from contraction, in line with a median forecast of 49.5 in a Reuters poll. On Friday, US President Donald Trump accused China of violating a two-way deal to roll back tariffs and unveiled a doubling of worldwide steel and aluminium tariffs to 50%,…

When over 400 content creators gathered in the capital for the first-ever L’Oréal Skin Summit, it marked more than a milestone in beauty—it was a glimpse into the future of skincare.Among the expert voices contributing to this conversation was Xavier Fastinger, Head of R&I Development – Skin & Makeup for SAPMENA, whose extensive global experience has helped L’Oréal bridge science, innovation, and local insight across diverse markets.We caught up with Xavier during the summit to discuss the Kingdom’s unique potential, the evolving consumer mindset, and why science-first storytelling is the future of beauty.1) Why was hosting this summit in…

When over 400 content creators gathered in the capital for the first-ever L’Oréal Skin Summit, it marked more than a milestone in beauty—it was a glimpse into the future of skincare.Among the expert voices contributing to this conversation was Xavier Fastinger, Head of R&I Development – Skin & Makeup for SAPMENA, whose extensive global experience has helped L’Oréal bridge science, innovation, and local insight across diverse markets.We caught up with Xavier during the summit to discuss the Kingdom’s unique potential, the evolving consumer mindset, and why science-first storytelling is the future of beauty.1) Why was hosting this summit in…

The body’s immune system provides protection against harmful viruses, bacteria, and other foreign bodies. However, in some individuals, this protective mechanism can turn on the body itself.Such is the case with type 1 diabetes, a chronic autoimmune condition where the immune system mistakenly targets the very cells responsible for regulating blood sugar levels.According to Dr Mohammed Al-Sofiani, Associate Professor of Endocrinology, Diabetes, & Metabolism at King Saud University, many patients with type 1 diabetes usually present to the emergency room with symptoms like severe fatigue, weight loss, excessive urination, and excessive thirst.He explains that in people with type 1 diabetes,…

Gold prices fell on Friday as the US dollar ticked higher and investors remained cautious ahead of key US inflation data due later in the day to gauge the Federal Reserve’s monetary policy trajectory. Spot gold was down 0.7% at $3,292.28 an ounce as of 1145 GMT. Bullion is down 1.9% so far this week. US gold futures fell 0.8% to $3,290.30. The dollar rose 0.3% and was on track for a weekly gain, making gold costlier for foreign buyers. “The US dollar is up slightly, which could be a source of pressure for gold,” said Carsten Menke, analyst at…

Restructuring plan follows losses Mergers possible New larger bank an option Iraq is planning to change the management teams at its public banks in an attempt to improve their governance and reduce losses. The move is part of a comprehensive restructuring plan devised by the London-based consultancy firm EY which may involve mergers and the creation of a new larger state-owned bank. Iraqi prime minister Mohammed Al Sudani has ordered the reorganisation of the boards of government-owned banks, which control over 80 percent of such services in the country. Iraq has seven major government banks and more than 50 national…

Industry and agriculture decline Construction shows 7% increase Import growth a ‘serious problem’ Turkey’s economic growth slowed in the first quarter of the year, as declining activity in industry and agriculture offset expansion in other sectors, notably construction and information and communications.  Gross domestic product expanded 2 percent year on year in the first three months of 2025, according to data issued by the state statistics agency Turkstat on May 30.  The first-quarter result was the worst since the third quarter of 2020, at the peak of the Covid pandemic, when the economy contracted 10 percent.  Underpinning growth in the…