RIYADH: Saudi Arabia’s Public Investment Fund has approved the establishment of the Saudi-Bahraini Investments Co. with a capital of around SR18 billion ($5 billion), according to the Saudi investment minister.
On the sidelines of the Saudi-Bahraini Coordination Committee meeting held in Manama, Khalid Al-Falih said that the location of the company’s headquarters would be announced soon.
Al-Falih also stated that the group addressed around 13 ideas, some of which have been finalized while others are still in progress.
NEW YORK: Global economic growth is projected to be 2.3 percent in 2023, up 0.4 percentage points from a January forecast, and the prediction for 2024 has dropped 0.2 percentage points to 2.5 percent, according to a UN report released on Tuesday.
“Despite this uptick, the growth rate is still well below the average growth rate in the two decades before the pandemic of 3.1 percent,” said the World Economic Situation and Prospects report issued by the UN Department of Economic and Social Affairs.
RIYADH: Saudi Arabia’s National Debt Management Center has raised $6 billion from the sale of Islamic bonds, or sukuk, under its Global Trust Certificate Issuance Program.
A statement issued on Tuesday said the Kingdom sold a $3 billion six-year tranche at 80 basis points over US Treasuries and another $3 billion in 10-year notes at 100 bps over UST. Order books for the deal hit over $27 billion, it added.
The bid-to-cover ratio reflects the strong demand for the Kingdom’s issuances, confirming the international investors’ confidence in the Saudi economy.