BENGALURU: US money market funds saw big inflows in the week to May 24 as investors favored safer bets ahead of a deadline for politicians to agree an increase in the country’s debt ceiling, according to Reuters.
According to Refinitiv Lipper data, US money market funds received a net $39.9 billion of inflows, the biggest week of net buying in four weeks.
RIYADH: US-based destination marketing company Beverly Hills Conference & Visitors Bureau is exploring partnerships in Saudi Arabia and the Middle East to create and develop tourist-friendly locations.
Speaking to Arab News in Riyadh, Julie Wagner, CEO of BHCVB, said: “We are here to see all the new developments in Riyadh, as Saudi Arabia has been making a lot of inroads in creating a tourism-friendly destination.”
RIYADH: Oil prices softened in early trade on Friday, weighed down by conflicting messages from Russia and Saudi Arabia ahead of the next policy meeting of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, and a stronger dollar, according to Reuters.
Brent crude fell 30 cents to $75.96 a barrel at 3:15 a.m. GMT, while US West Texas Intermediate was down by 14 cents at $71.69 a barrel.
RIYADH: Entrepreneurs in Saudi Arabia are set to benefit from an investment of $7.5 million by Saudi Venture Capital into a fund aimed at helping early and late-stage startups.
The fund is managed by Endeavor Catalyst, the investment arm of Endeavor Global. The investment is part of SVC’s drive to inject $1.6 billion into startups and small and medium enterprises.
SVC is a subsidiary of SME Bank, one of the development banks affiliated with the National Development Fund.
JEDDAH: Saudi Arabia and Iraq on Thursday signed a raft of agreements to boost economic cooperation and develop a special economic zone.
The deals were signed during the fifth session of the Saudi-Iraqi Coordination Council in Jeddah.
The two sides agreed to identify economic opportunities to boost bilateral trade and investments in various sectors.
Following the session, Saudi Commerce Minister Dr. Majid Al-Qasabi said the meeting was an affirmation of the brotherly relations between the two countries and aimed to strengthen the strategic partnership.
RIYADH: In a bid to support women-owned small businesses in Saudi Arabia, Visa has launched the second edition of its She’s Next initiative in collaboration with the Ministry of Communications and Information Technology, the Small and Medium Enterprises General Authority, also known as Monsha’at, and Arab National Bank.
RIYADH: French utility company ENGIE is looking to further deepen its roots in the UAE market, with $11.9 billion already invested in different projects in the Gulf country, according to a senior official from the firm.
In a statement to the Emirates News Agency, Frederic Claux, ENGIE’s managing director of thermal & supply for the Asia, Middle East and Africa region, said the company is seeking to expand its reach in the UAE by offering renewable energy solutions for water desalination, battery storage, and green hydrogen projects.