“Global Power Shift: Universal Energy Access and Biodiversity Vital, Says WEF Official”

RIYADH: As the world steadily progresses on its energy transition journey, sustainability must not be the only item on the agenda, a top official at the World Economic Forum has insisted. During an interview with Arab News, Roberto Bocca, head of energy and materials and a member of the executive committee at the organization, said ensuring energy security is also essential as the world switches from traditional fuels to renewables. 

IHG to Open 12 Holiday Inn Express Hotels in Saudi Arabia

RIYADH: Saudi Arabia’s hospitality and tourism sector will witness a new wave of growth and investments with IHG Hotels & Resorts and Tashyid for Hotel Operations signing an agreement to build 12 new hotels for SR1.3 billion ($346.6 million).  The deal will involve the construction of Holiday Inn Express hotels with 2,500 rooms across the Kingdom, with the first set to open in Jeddah by June 2025.

TASI up 66.80 points with healthcare stocks leading at closing bell

RIYADH: Saudi Arabia’s Tadawul All Share Index gained 66.80 points, or 0.59 percent, to close at 11,344.40 on Thursday as 132 of the 224 stocks rose, while 72 closed down. The top-performing index of the Saudi Stock Exchange was the Pharma, Biotech & Life Science Index, which soared 6.6 percent, followed by the insurance and transportation sectors, which rose 2 percent and 1.14 percent, respectively. While the parallel market Nomu rose 0.15 percent to close at 20,832.55, the MSCI Tadawul Index edged up 0.60 percent to close at 1,526.51.

Saudi Finance Minister emphasizes need for increased economic integration among Arab nations

JEDDAH: Saudi Minister of Finance Mohammed Al-Jadaan said on Friday that a series of global crises have highlighted the importance of economic integration among Arab nations, the necessity for increased cooperation, and the need for the development of sustainable economic and financial models. He said that such measures would help to enhance resilience in the Arab world in the face of the challenges and risks it faces, the Saudi Press Agency reported.

“Russian Ruble Gains Slightly Amid New Western Sanctions”

LONDON: The Russian ruble firmed on Friday, pushing back past the level of 80 to the US dollar, helped by higher oil prices but still hampered by reduced foreign currency supply and the latest Western sanctions, according to Reuters. By 11:03 a.m. Saudi time, the ruble was 0.4 percent stronger against the dollar at 79.93, and had gained 0.4 percent to trade at 86.22 versus the euro. It had firmed 0.3 percent against the yuan to 11.37.

US Debt Ceiling Hopes Boost Global Stocks to Monthly Highs

LONDON/SINGAPORE: Global shares hit a one-month high on Friday as markets reflected increased hopes of a US debt ceiling deal that could avoid a potentially calamitous default, according to Reuters. Europe’s STOXX 600 was up 0.7 percent, while e-mini futures for the S&P 500 rose 0.2 percent, following a 0.9 percent gain for the benchmark Wall Street index overnight. MSCI’s broadest index of global shares was up 0.2 percent, hitting its strongest level since mid-April and on course for its biggest weekly gain since late March.

Saudi Arabia’s M3 Money Supply Increases by 4.74% Since December End

RIYADH: Saudi Arabia’s M3 money supply has surged 4.74 percent since December 2022, according to data released by the Saudi Central Bank, also known as SAMA. The M3 money supply, which is usually monitored as a broad measure of liquidity in the monetary system, reached SR2.61 billion ($696 billion) in the week ending May 11, rising from SR2.50 billion on Dec. 31. The former M3 money figure also reflects a 0.17 percent drop in the week ending May 11 to the week ending on May 4 when it stood at SR2.62 billion.