Economy

RIYADH: The electrical interconnection project between Saudi Arabia and Iraq will support the Iraqi electrical grid, according to Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman. In an interview with Al-Arabiya, the prince said the connection was a dream that had become a reality and would achieve tangible economic benefits and enhance energy security. Speaking on the sidelines of the OPEC+ meeting in Vienna, he said: “We have no complexes about speculation in the oil market,” and the decision to cut oil production was a “precautionary” one.

RIYADH: The aviation industry’s efforts to develop low-carbon fuel at affordable cost received a boost after a deal was struck to invest $22.7 million into a UK startup working in clean energy technology.  The venture units of oil firms Saudi Arabian Oil Co. and Italy’s Eni have partnered with United Airlines to invest the amount into OXCCU, a company spun out from the University of Oxford.

RIYADH: Electricity networks across three Saudi governates are set to undergo SR1.4 billion ($373 million) worth of improvements to reduce the areas’ liquid fuel consumption and carbon emissions. State-owned Saudi Electricity Co. will invest the money across Rafha, Al-Wajh and Najran, reported the Saudi Press Agency.  Ensuring reliability and continuity, the company aims to maximize electric power generation units for network efficiency and subscribers’ benefits.

RIYADH: A new business visa for investors has been announced by Saudi Arabia as part of the Kingdom’s drive to attract foreign funding into the economy.  The “visiting investor” visa is being launched by Saudi Arabia’s Ministry of Investment, which worked closely with the Kingdom’s Foreign Affairs department to develop the new permit. 

RIYADH: Saudi Arabia’s real gross domestic product grew by 3.8 percent year over year in the first quarter of 2023, primarily driven by expansion in non-oil activities, according to a report released by the General Authority for Statistics.    The GASTAT report noted that the Kingdom’s non-oil activities expanded by 5.4 percent in the first three months of 2023 compared to the same period a year ago.    However, the Kingdom’s real GDP decreased by 1.4 percent in the first quarter of 2023 compared to the last quarter of the previous year. 

Indonesian President Joko Widodo and Malaysian Prime Minister Anwar Ibrahim pledge to jointly fight EU's palm oil ban.

RIYADH: A national real estate funding strategy for Qatar is needed to boost the sector, according to proposals put forward at a dedicated event held in the country.  The Ministry of Municipality announced the recommendations following the Qatar Real Estate Forum, which saw the participation of 1,500 leaders, decision-makers, and executives from across the world.