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Turkey to increase central bank’s foreign reserves to counter lira depreciation

RIYADH: Turkiye is intensifying efforts to boost foreign reserves in its central bank, the country’s finance minister has revealed. Writing on Twitter, Mehmet Simsek said the bank’s net international reserves rose to a record $8.5 billion last week. “The return to rational policies will continue gradually,” the minister wrote, adding: “We are accelerating our efforts to obtain additional foreign resources to our country in order to further strengthen the reserves.”

Crude Oil Prices Rise on US Stock Draws, Amid Lingering Rate Hike Concerns

RIYADH: Oil prices edged higher on Wednesday after industry data showed a larger-than-expected drawdown of US inventories, signaling robust demand from the world’s biggest oil consumer, but the gains were limited by worries over interest rate hikes.   Brent crude futures rose 43 cents, or 0.60 percent, to $72.69 a barrel at 09:28 a.m. Saudi time, while US West Texas Intermediate futures gained 40 cents, or 0.59 percent, to $68.10 a barrel.  

Saudi cement companies in central region may reduce prices due to strong competition.

RIYADH: A price war between cement producers is likely to break out in Saudi Arabia’s central region on the back of the giga-projects boom, according to a recent report from AlJazira Capital. Since the majority of the huge ongoing developments in the Kingdom are located in its center, companies from across the country have ventured into the region, causing competition to soar.   The report added that the central area is also logistically more feasible and accessible for the majority of the firms in the Kingdom, further attracting external players. 

SAFF introduces innovative funding program for women’s football empowerment.

The Saudi Arabian Football Federation (SAFF) on Monday announced a funding initiative and support system for women’s football clubs.   This initiative is designed to “further enhance the rapidly growing women’s football leagues and the wider sport in Saudi Arabia, ensuring its sustainability and development for years to come,” a press release read.    SAFF’s funding program will provide vital financial assistance to the Saudi Premier League and Women's First Division clubs.  

“Vingegaard and Pogacar Battle for Tour de France Victory”

BILBAO, SPAIN: Defending champion Jonas Vingegaard leads the Tour de France out of the Basque port of Bilbao on Saturday on a 21-day adventure crammed with peaks, postcard panoramas and an eye-catching showdown on a massive dormant volcano on the 3,404km route to Paris. The 30 mountains on the route lend Vingegaard of Jumbo-Visma an edge over two-time champion Tadej Pogacar backed by a reinforced Team UAE squad.

“Soft Dollar Boosts Appeal: Gold Prices Rise”

RIYADH: Gold climbed on Monday after a weaker dollar made bullion more attractive for overseas investors, although prices hovered close to three-month lows as traders assessed prospects of more interest rate hikes by the US Federal Reserve. Spot gold rose 0.3 percent to $1,926.19 per ounce by 8:38 a.m. Saudi time. US gold futures also gained 0.3 percent to $1,936.00. Bullion slumped nearly 2 percent in the previous week as hawkish comments from Fed officials signaled more rate hikes to tame sticky inflation.

“King Abdulaziz Port Achieves Record Container Throughput of 206,415 TEUs”

RIYADH: Saudi Arabia’s quest to ramp up trade volumes has seen one of its major ports registering an unprecedented growth in cargo volume. The King Abdulaziz Port set a new container throughput record of handling 206,145 twenty-foot equivalent units in May 2023, according to data released by the Saudi Ports Authority, also known as Mawani. The Dammam port surpassed its previous record of 199,609 TEUs in August 2022.

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