Economy

RIYADH: Participants of the 10th Arab-China Conference that concluded in Riyadh on Monday are optimistic that the evolving economic landscape of Saudi Arabia and Chinese expertise will help drive a huge transformation in the Kingdom and the wider Middle East. Rupert Hoogewerf, a researcher who founded the Huron Report, was one of the many key business personalities present at the two-day event.

RIYADH: The latest player in the global aviation industry, Riyadh Air, made an appearance with its remarkable livery at the King Khaled International Airport in the Saudi capital on Monday. A Boeing 787-9 Dreamliner painted aircraft flew at low altitude over several notable landmarks in the Riyadh skyline, including King Abdullah Financial District, Boulevard City, and some of the iconic main towers, thrilling residents with a glimpse of the Public Investment Fund-owned airline ahead of its public debut at the 54th Paris Air Show on June 19.

RIYADH: Oil prices declined on Monday ahead of a US Federal Reserve meeting as investors tried to gauge the central bank’s appetite for further rate hikes, while concerns about China’s fuel demand growth and rising Russian crude supply weighed on the market.  Brent crude futures fell 89 cents, or 1.19 percent, to $73.90 a barrel by 9:23 a.m. Saudi time. US West Texas Intermediate crude was at $69.33 a barrel, also down 1.20 percent. 

NEW YORK: Billionaire investor turned philanthropist George Soros is ceding control of his $25 billion empire to a younger son, Alexander Soros, according to an exclusive interview with The Wall Street Journal published online Sunday.

RIYADH: Business professionals from China are optimistic that events like the Arab-China Business Conference will help strengthen economic ties between the world’s second-largest economy and the region. They urged Chinese companies to explore opportunities in the Arab world particularly Saudi Arabia, as the Kingdom is rapidly transforming into an economic powerhouse. Lin Shunjie, chairman of China International Exhibition Center Group, told Arab News that his visit to the Kingdom had opened doors of new business opportunities between his country and the Arab world.

RIYADH: Saudi Arabia will become an attractive destination for Chinese tourists in the next 20 years, said the group CEO of the Diriyah Gate Development Authority. Speaking on the first day of the 10th Arab-China Business Conference in Riyadh on Sunday, Gerard Inzerillo said Chinese travel enthusiasts are raised in one of the most culturally rich countries in the world, as it is home to a unique cuisine, music, dance, literature and calligraphy.

After rising for four consecutive days, Saudi Arabia’s Tadawul All Share Index ended the week in green, as it gained 24.31 points, or 0.21 percent, to close at 11,397.14. The total trading turnover of the benchmark index hit SR7.14 billion ($1.90 billion), as 113 stocks advanced, while 94 retracted.  While parallel market Nomu gained 368.10 points to close at 21,849.68, MSCI Tadawul Index increased 0.16 percent to end the day at 1,509.41.