Business

RIYADH: The global food import bill is forecast to reach a record high of $1.98 trillion in 2023, up 1.5 percent from 2022, due to a combination of factors including an increase in international prices and higher volumes, the latest UN report showed.    The Food and Agriculture Organization of the UN in its biannual report stated that the anticipated increase in the 2023 bills will happen due to an additional $18.4 billion stemming from higher international prices and $12.9 billion from higher volumes. 

RIYADH: Saudi Arabia’s Tadawul All Share Index remained steady in the first session of the week, gaining 0.75 points or 0.01 percent to close at 11,516.89.  The trading turnover of the benchmark index was SR5.35 billion ($1.43 billion), as 120 stocks advanced, while 95 retracted.  Parallel market Nomu continued its upward movement for the fourth consecutive session, leaping 1,990.46 points to close at 28,988.06.  The MSCI Tadawul Index also picked up 0.03 percent to 1,519.18. 

RIYADH: Saudi Arabia’s sovereign wealth fund on Sunday launched a commercial-scale contract development and manufacturing organization, Lifera, to help boost the local biopharmaceutical industry. The pharmaceutical investment company aims to focus on manufacturing life-saving and essential pharmaceutical products, including insulins, vaccines, plasma therapeutics, monoclonal antibodies, cell and gene therapies, and innovative small molecules, said an official statement. It seeks to bolster Saudi Arabia’s position as a global pharmaceutical manufacturing destination.

RIYADH: The number of scale-ups in Dubai surged 26 percent in 2022, according to a report issued on Sunday. The report titled “Dubai’s Venture Capital Ecosystem,” issued by the Dubai Chamber of Digital Economy, said scale-ups in the emirate raised over $11.7 billion in capital in the last 10 years. It said as many as 306 fast-growing companies in the region are located in Dubai.

RIYADH: Tourists traveling to The Red Sea Project can expect better mobility and accessibility options as Saudi authorities are developing the Kingdom’s first geographical navigation map that charts the scope of marine tourism in the coastal area.   The Saudi Red Sea Authority and the General Authority for Survey and Geospatial Information have partnered with 19 government agencies to develop the first-ever coastal tourism map of the Red Sea.  

RIYADH: Saudi Arabia, a country which has been dependent on its rich oil reserves for several decades, is now on a path of economic diversification. With Vision 2030, Saudi Arabia’s Crown Prince Mohammed bin Salman is proving that the Kingdom could perform well in non-oil private sectors too.   As Saudi Arabia’s private sector expands rapidly, the Kingdom is expected to provide more job opportunities to nationals and foreign talents alike in the coming years. 

RIYADH: Latvia is eager to strengthen trade ties with Saudi Arabia, allowing Latvian companies to contribute to the Kingdom’s Vision 2030 social reform and economic diversification agenda, Ilze Indriksone, Latvia’s minister for economics, has told Arab News. Speaking after the conclusion of the Saudi-Latvian Business Forum in Riyadh earlier this month, Indriksone emphasized the need to expand economic cooperation, boost bilateral trade, and increase investment in research, development and technology.