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  • Western Union collaborates with Banque Saudi Fransi for digital money – Blog

    The website notes that BSF customers can now send money for payout into bank accounts of loved ones in over 125 countries and territories, or to more than 550,000 Agent locations across more than 200 countries and territories, anytime.

  • Risks to Saudi Arabia’s banking sector to remain ‘contained’ as economy recovers

    “Under our base-case scenario, we expect domestic private sector credit to reach 90 per cent to 95 per cent of GDP [gross domestic product] in 2022-2023 versus 68.8 per cent in 2019. We expect the cost of risk to stabilise close to pre-Covid-19 levels after declining in 2021.”

  • Saudi Arabia converts its $300 million deposit with the Central Bank of Mauritania into a soft loan

    The Kingdom of Saudi Arabia, in implementation of directives by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and HRH the Crown Prince, has transferred its $300 million deposit with the Central Bank of Mauritania into a soft loan, as part of the Kingdom's ongoing efforts and leadership role in supporting the development and economy of Arab and Islamic states.

  • Attack on Iranian consulate tests Iran-Taliban relations

    ran has partially suspended operations at its diplomatic facilities in Afghanistan after demonstrations outside of its Herat consulate and Kabul embassy turned violent. Protests erupted on Apr. 11 after the spread of videos on social media which allegedly showed Afghan migrants in Iran being beaten by police and locals. This comes as Iranian officials have warned of efforts to stoke division between the two neighbors.

  • World Bank: Saudi Arabia’s Economic Update — April 2022

    Growth is expected to accelerate to 7% in 2022 before leveling out at 3.8% and 3.0% in 2023 and 2024, respectively. Stronger oil output is the main driver behind the recovery, which is expected to grow by 13% in 2022 following the end of the OPEC+ production cuts in December 2022. The non-oil sector is expected to continue its trajectory for growth, estimated at 4% in 2022 and 3.2% in the medium-term.

  • World Bank: Saudi Arabia’s Economic Update — April 2022

    The non-oil sector is expected to continue its trajectory for growth, estimated at 4% in 2022 and 3.2% in the medium-term. Despite headwinds from tighter fiscal and monetary policies in the medium-term, stronger private consumption is anticipated, as well as an increase in religious tourism and higher domestic capital spending—signaled through the PIF and other state agencies.

  • Saudi Arabia joins Lebanon’s electoral battle head-on

    At his residence in Yarze on Monday evening, Bukhari gathered the leading figures opposed to Hezbollah for an iftar dinner, including Prime Minister Najib Mikati, former Prime Ministers Fouad Siniora and Tammam Salam, former President Amin Gemayel and Michel Sleiman, Lebanese Force head Samir Geagea, Progressive Socialist Party leader Walid Joumblatt, Kataeb leader Sami Gemayel.Also present was US Ambassador to Lebanon Dorothy Shea, as were French Ambassador Anne Grillo and United Nations Special Coordinator for Lebanon Joanna Wronecka.

  • Oil rises on news EU may phase in a ban on Russian oil imports

    A phased-in ban would force European buyers "to seek alternative sources, some of which in the near term is being met by Strategic Petroleum Reserve releases, but in the future, more supplies coming out of the ground will be required," Andrew Lipow of Lipow Oil Associates in Houston said.

  • Ukraine war has ‘multiplied risks’ for Middle East’s poorer countries, says World Bank

    Bank cites coronavirus pandemic, tightening of global monetary policy and Ukraine war as factors adding to uncertainty in region's economic outlook

  • How Jeddah redevelopment project aims to clean up urban environment, improve quality of life

    Current trends indicate that an additional 3 billion people will be living in cities by 2050, increasing the urban share of the world’s population to two-thirds. Some 90 percent of this urban growth is likely to occur in low- and middle-income countries. In the context of cities like Jeddah, this has meant the rapid growth of densely populated and poorly planned urban districts that have swamped local infrastructure. In the words of Saleh Al-Turki, mayor of Jeddah since 2018: “Mistakes were made, ignored, and corruption occurred.”