Author: admin

Saudi Arabia’s Diriyah has been named one of the Global Eco-Friendly Destinations for 2025 by the British travel platform Wanderlust, which annually highlights leading destinations committed to sustainable tourism. The recognition stems from a joint effort between the Saudi Tourism Authority and the Diriyah Gate Development Authority, which submitted a comprehensive nomination highlighting Diriyah’s initiatives in environmental, cultural, and tourism sustainability. Chief Executive Officer and Board Member of the Saudi Tourism Authority Fahd Hamidaddin stated that Diriyah’s selection underscores the Kingdom’s growing commitment to sustainability in tourism. “This recognition is a testament to our strategy of empowering local partners and…

Saudi Arabia’s listed energy companies recorded a combined net profit of SAR 97.76 billion ($26.06 billion) in the first quarter of 2025, marking a 4% decline from the SAR 101.78 billion ($27.14 billion) reported during the same period last year. The dip was primarily driven by a 4.63% drop in profits from industry giant Saudi Aramco. Despite the overall decrease, the sector’s performance was supported by increased sales volumes across gas, refined and petrochemical products, and integrated logistics services. Higher profit margins were also achieved due to relatively stable operations, improved global shipping rates, and lower financing costs. The sector…

US President Donald Trump threatened on Friday to ratchet up his trade war again, pushing for a 50% tariff on European Union goods starting June 1 and warning Apple he may slap a 25% levy on all imported iPhones bought by US consumers.The twin threats, delivered via social media, roiled global markets after weeks of de-escalation had provided some reprieve in the tariff battle. Major US stock indexes and European shares fell and the dollar weakened, while the price of gold, a safe-haven for investors, rose. US Treasury yields fell on fears about tariffs’ effect on economic growth, said Reuters.Trump’s…

Treasury Secretary Scott Bessent said on Friday that President Donald Trump does not believe that the European Union’s trade offers to the United States are of sufficient quality and that he hopes that a June 1 50% tariff threat will “light a fire under the EU” in negotiations with Washington. Bessent told Fox News Channel that many other top US trading partners are negotiating in good faith with the exception of the EU. Intensifying his trade war, Trump on Friday said he was “recommending” a 50% tariff on EU goods starting on June 1, Trump warned Apple that he may…

Treasury Secretary Scott Bessent said on Friday that President Donald Trump does not believe that the European Union’s trade offers to the United States are of sufficient quality and that he hopes that a June 1 50% tariff threat will “light a fire under the EU” in negotiations with Washington. Bessent told Fox News Channel that many other top US trading partners are negotiating in good faith with the exception of the EU. Intensifying his trade war, Trump on Friday said he was “recommending” a 50% tariff on EU goods starting on June 1, Trump warned Apple that he may…

Gold prices rose 1% on Friday and were on track for their best week in six, boosted by a weaker dollar and as worries over the United States’ worsening fiscal health sent investors towards safe-haven bullion. Spot gold was up 1% at $3,325.47 an ounce as of 1119 GMT. Bullion has risen 4% this week, its highest since April 7. US gold futures gained 0.9% to $3,325.10. President Donald Trump’s tax bill is supporting gold as there are concerns that this is negative for the fiscal situation of the dollar and some investors are diversifying out of treasury into gold,…

Moroccan water and power utility ONEE said it has been granted 300 million euros ($340 million) in loans from the European Investment Bank (EIB) and German state lender KfW to support integration of renewable energy into the national grid. The financing package comprises 170 million euros from the EIB and 130 million euros from KfW, the utility said on Friday, adding that the money will be used to expand its electricity transmission network by 730km. ONEE plans to invest $19 billion in its electricity development plan through 2030, the year Morocco will co-host the World Cup soccer tournament, together with…

Iraq’s Oil Ministry reaffirmed on Friday its commitment to working with US energy companies, but emphasized that cooperation must occur through the federal government and not directly with the Kurdistan Regional Government, which would violate the Iraqi constitution. Iraq’s federal government has reservations about energy agreements signed by the Kurdistan region, after Iraqi Kurdish Prime Minister Masrour Barzani oversaw the signing of two deals worth a combined $110 billion over their lifetimes with US companies. “Ministry has no objection or reservation regarding engagement with these companies, provided that such engagement is not conducted directly with the Kurdistan Regional Government in…

Kohler Co., the global leader in kitchen and bath design and innovation, announces the launch of its first Signature Store (KSS) in the Kingdom of Saudi Arabia.This landmark showroom, developed in partnership with Bayt Al Ebaa and designed by the internationally acclaimed Kristina Zanic Consultants, marks a significant milestone in Kohler’s commitment to transforming lifestyles through bold design, sustainable innovation, and immersive experiences. Transform Your Expectations with Kohler Signature Store, Riyadh The Riyadh KSS is an experiential space that showcases Kohler’s 151-year legacy of craftsmanship and innovation. It is designed to inspire visitors through a series of thoughtfully curated environments—these…

Qatar’s $526 billion sovereign wealth fund has received approval to acquire a 10 percent stake in China Asset Management Co. It is a rare Gulf investment into one of the country’s largest mutual fund houses as Doha walks a diplomatic tightrope between Washington and Beijing. The green light from the China Securities Regulatory Commission was confirmed in an official filing this week, paving the way for the Qatar Investment Authority (QIA) to become the third-largest shareholder in ChinaAMC.  ChinaAMC manages more than 1.8 trillion yuan ($250 billion) in assets across mutual and exchange-traded funds. An ETF is a type of…