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Qatar’s April Trade Surplus Reaches $6 Billion

RIYADH: Qatar recorded a trade surplus of 22 billion Qatari riyals ($6 billion) in April 2023, according to a report released by the country’s Planning and Statistics Authority.   The data reflects a 3.5 percent increase over March while a 35.6 percent decline on an annual basis.   The value of merchandise imports during April 2023 also fell 6.3 percent from the previous year and 9.3 percent from the last month to reach an estimated 8.7 billion riyals.  
Business

Saudi Arabia’s Healthcare Industry Goes Digital

CAIRO: Saudi Arabia is leading the digitalization wave in the wellness space by improving quality care, patient experience, and sustainable health development on par with the best in the world. The Kingdom aims to restructure the health sector by enhancing its capabilities as an effective, integrated, value-based ecosystem focused on the patient’s health.
Business

ADNOC Drilling Expands Fleet to Achieve $3bn Revenue by 2023

RIYADH: On the back of a strong first-quarter performance, ADNOC Drilling plans to go big on its expansion strategy as it eyes 20 percent year-on-year growth in revenue this year.  As a sole drilling partner to Abu Dhabi National Oil Co., ADNOC Drilling launched a bold fleet expansion program to enable the energy giant achieve its production targets.  In an interview with Arab News, the CEO of the Middle East’s largest national drilling company, Abdulrahman Abdulla Al-Seiari, said they grew the fleet by 16 rigs in 2022, bringing the total to 115. 
Business

Big inflows in US money market funds due to debt ceiling caution

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.
Business

Saudi Arabia’s Merchandise Exports Increase to $28 Billion, Up 4.4%

RIYADH: Saudi Arabia's total merchandise exports rise by 4.4 percent in March to SR106.1 billion ($28.29 billion), compared to SR101.1 billion in the previous month, according to the latest report released by the General Authority for Statistics.  The report, however, noted that the Kingdom's overall merchandise exports fell 25.3 percent year-on-year in March, as the value of exports amounted to SR142 million in the same month of 2022. 
Business

Saudi point-of-sale transactions decline for second consecutive week

RIYADH: Spending by Saudis fell for the second week in a row in the seven days ending May 20, according to point-of-sale transactions data released by the Saudi Central Bank.  The food and beverage sector saw the biggest drop in POS value, falling by SR136.17 million ($36.3 million), or 8 percent, the figures published by the bank, also known as SAMA, showed.  The Kingdom’s aggregate POS transactions shrunk by 7.3 percent last week, totaling SR10.1 billion, driven by the decrease in food and drink spending, showed the data. 
Business

NEOM Green Hydrogen Company in Saudi Arabia seals $8.4bn plant deals

RIYADH: Saudi Arabia’s NEOM Green Hydrogen Company (NGHC) signed financial documents with 23 local, regional and international banks and investment firms on a green hydrogen production facility at a total investment value of $8.4 billion on Monday. The plant is currently being built at Oxagon, in Saudi Arabia’s region of NEOM.
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