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74% of Saudi CEOs Confident in Kingdom’s Growth for Next 3 Years: KPMG

RIYADH: A vast majority CEOs in Saudi Arabia are confident about the Kingdom’s economic growth over the next three years despite the prevalent inflationary pressures and geopolitical tensions, revealed a global survey by KPMG.  The global professional services network, in its latest CEO Outlook report, revealed that 74 percent of Saudi chief executives are optimistic about the economic growth of the Kingdom over the next three years, compared to just 60 percent who are confident about global progress. 

“World Defense Show Expands with More Participating Nations: CEO Announces”

RIYADH: Saudi Arabia’s World Defense Show is set to get bigger in its second edition with a substantial increase in the number of participating countries, according to a top executive. The General Authority for Military Industries recently announced that the second edition of WDS will be held in Riyadh from Feb. 4-8, 2024. Speaking at the Paris Air Show, WDS CEO Andrew Pearcey revealed that Bahrain, Oman, Denmark and Turkiye had joined the event, adding to its growing popularity.

Encouragement for US Businesses to Invest More in Iraq

LONDON: American businesses are being encouraged to increase investment in Iraq as the country looks to move on from decades of devastation. Speaking to journalists, including Arab News, on Tuesday following a trip to Iraq, the special representative for commercial and business affairs at the US State Department said he is “very excited” at the opportunities to be part of the rebuilding of the country.

Al-Falih: Saudi Arabia Plans More Airlines to Meet Demand

RIYADH: Within months of launching Riyadh Air, Saudi Arabia is exploring the possibility of adding more airlines to its growing aviation sector, revealed a top minister.  In an interview with Al-Arabiya on the sidelines of the ongoing Paris Airshow, Saudi Minister of Investment Khalid Al-Falih said that the Kingdom’s aviation sector is witnessing significant growth, necessitating the country to look at the possibility of introducing more airlines to meet the rising demand.  

Riyadh Air CEO announces direct flights from Saudi capital to major European cities

PARIS: In line with its goal to serve over 100 destinations by 2030, Riyadh Air will connect the Kingdom’s capital to major cities of Europe, its CEO said.   Speaking to Arab News on the sidelines of the Paris Air Show, Tony Douglas said the company intends to reveal something new every two months as the airline gears up for its 2025 launch. While Saudi Arabia is one of the world’s fastest-growing economies and the highest populated country within the Arabian Peninsula, it is not globally well-connected as it needs to be.  

King Abdullah Port and Tabadul Partner to Enhance Logistics Efficiency

RIYADH: Delivery times for goods passing through King Abdullah Port are set to be reduced after the facility signed a strategic partnership with the Saudi Company for Electronic Information Exchange, known as Tabadul, to develop a digital system to boost the Kingdom’s logistics sector. The two entities signed a contract on Tuesday which will see the port’s Smart Gate System merge with Tabadul’s Truck Management System in a move that will increase efficiency.

Islamic Banks in UAE See $177bn Asset Growth in Q1

RIYADH: Reflecting the growing popularity of Islamic financing, gross assets of the Shariah-compliant banks operating in the UAE grew to 650 billion dirhams ($177 billion) by the end of the first quarter of 2023, a year-over-year increase of 7.31 percent compared to 605.7 billion dirhams in the same period last year, according to figures by the Central Bank of the UAE.  

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