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Economy

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.

Oil prices rise as US debt default risk diminishes

SINGAPORE: Oil prices rebounded on Friday from losses of more than 1 percent the previous day as investors turned cautiously optimistic over the fading risk of a US debt default, according to Reuters. Brent futures rose 59 cents, or 0.8 percent, to $76.45 a barrel by 7:20 a.m. Saudi time, while US West Texas Intermediate crude climbed 48 cents, or 0.7 percent, to $72.34.

Saudi Minister Emphasizes Energy Collaboration with Arab and OPEC+ Nations for Global Oil Markets.

JEDDAH: Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman on Thursday said the Kingdom’s interest in energy cooperation with Arab countries is an integral part of its policy to strengthen its deep relations in all fields. Prince Abdulaziz said that this cooperation is embodied in coordination for joint Arab action in numerous projects, programs and initiatives, the Saudi Press Agency reported.

Etihad Rail collaborates with Arsenale to introduce high-end train service in UAE.

RIYADH: Travelers will have access to a luxury train service in the UAE after national railway network operator Etihad Rail partnered with Italian hospitality firm Arsenale Group in a move to boost tourism and showcase the country’s heritage and scenic attractions.  The firms signed a memorandum of understanding during the two-day Middle East Rail Exhibition and Conference in Abu Dhabi to roll out the 15-carriage transit option that will travel throughout the UAE toward the border with Oman. 

Saudi Tourism Fund partners with Minor Hotels for top brand development

RIYADH: Travelers will have access to more hospitality options in Saudi Arabia after the Kingdom’s Tourism Development Fund struck a deal with Minor Hotels Group to jointly develop mountain destinations, health resorts, and urban hotels in the country. The memorandum of understanding, which was signed during the International Hotel Investment Forum in Berlin, aims to establish an exclusive prolonged strategic relationship between the two organizations. 

Aramco Names New Heads for Upstream and Downstream Businesses

RIYADH: Saudi Arabian Oil Co. has named new presidents for its upstream and downstream businesses as the oil giant looks to materialize its long-term strategies across the global portfolio and value chain.    According to a press statement, Saudi Aramco has appointed Nasir K. Al-Naimi as the president of its upstream business and Mohammed Y. Al-Qahtani as the president of the downstream business.    The company’s board has approved the newly created positions and appointments of directors, and the changes will be effective from July 1, 2023.   

NEOM Port: Saudi Arabia’s Duba Gets a New Name

RIYADH: Duba Port, the primary seaport of entry to the northwest of the Kingdom, has been renamed as Port of NEOM. In order to transform local ports into globally competitive logistics hubs, the management of Duba Port was transferred from the Saudi Ports Authority to NEOM in 2022. Since the transfer, the port’s capabilities have been expanded to meet the rising volume of cargo coming into NEOM, including container and general cargo handling, a statement said.

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