Latest news with #RIYADH
Arab News
6 hours ago
- Business
- Arab News
Kuwait economy rebounds in Q1 with 1% growth
RIYADH: Kuwait's economy returned to positive territory in the first quarter of 2025, recording a 1 percent year-on-year increase in real gross domestic product, according to a report from the National Bank of Kuwait. The rebound marks the end of seven consecutive quarters of contraction, driven primarily by a gradual recovery in the non-oil sector. The bank's analysis noted that the non-oil economy continued to expand, supported by sustained momentum in manufacturing, real estate, and transportation sectors, while the impact of previous oil production cuts has begun to fade. In parallel, Kuwait's oil production began increasing in April, adding 135,000 barrels per day, which is expected to benefit the overall economy in the coming months despite still-muted gains from the oil sector. The growth comes as the World Bank and the International Monetary Fund project that the GCC economy will grow by around 3.2–3.5 percent in 2025, supported by the rollback of OPEC+ production cuts and ongoing efforts to diversify the economy, despite global headwinds. NBK's analysis stated: 'With the negative effects of earlier voluntary oil production cuts beginning to fade, oil GDP recorded only a marginal decline, the softest since Q2 2023.' Growth in Kuwait's non-oil sector slowed to 2 percent year-on-year in the first quarter of 2025, down from 4 percent in the previous quarter, reflecting a moderation in manufacturing activity. Meanwhile, the oil sector contracted by 5.7 percent year on year, compared to a 0.3 percent contraction in the same period of 2024. Average oil output in the first quarter declined to 2.4 million bpd, an annual drop of 0.7 percent. However, NBK's report pointed to a likely improvement starting in the second quarter of this year, as Kuwait began unwinding OPEC+ production cuts in April, which could raise output to 2.2 million bpd. 'Originally planned to be unwound over the course of 18 months, OPEC+ has accelerated the pace of supply hikes with output now on a path to be fully restored in September, a full year ahead of schedule,' the report stated. This, combined with ongoing support for non-oil activity and the implementation of key public investment projects, is expected to help stabilize GDP growth. Across the Gulf region, the economic performance in the first quarter of 2025 also showed broad strength. Saudi Arabia reported a robust 3.4 percent year‑on‑year rise in GDP, driven by a 4.9 percent expansion in non‑oil activities, while oil output fell slightly by 0.5 percent, according to GASTAT. The UAE's non-hydrocarbon economy continued to drive growth, supporting full-year GDP forecasts of around 4.4 percent, underpinned by steady oil output and surging sectors of services, construction, and trade. CPI up Consumer prices in Kuwait rose in June, with the Consumer Price Index increasing by 0.29 percent from the previous month to 136.9. On an annual basis, inflation reached 2.32 percent compared with June 2024. The food and beverage group recorded the highest annual increase at 5.11 percent, driven by rising costs across categories including cereals, meat, dairy products, and vegetables. Other notable annual increases included clothing and footwear with 3.93 percent, miscellaneous goods and services with 4.80 percent, and health at 2.94 percent. Conversely, the transportation group recorded a decline of 1.81 percent year on year.
Arab News
a day ago
- Health
- Arab News
KAUST develops new tool to advance study of human embryos
RIYADH: King Abdullah University of Science and Technology has developed a new tool to study models of human embryos grown under artificial laboratory conditions. Scientists at the university have explained how the tool — deepBlastoid — is capable of analyzing pictures of the models with results of equal quality to human experts — but 1,000 times faster. 'Little is known about the very early stages of embryo development. With deepBlastoid we can scale up blastoid research to study embryo development and the effects of chemicals on the embryo and pregnancy,' said Mo Li, an associate professor at KAUST and an expert in stem cell biology. The laboratory at which Li works pioneered the embryo models known as human blastoids. The understanding of the human embryo in its early stages is significantly important for scientists in order to study fertility and detect pregnancy complications as well as developmental disorders. Due to ethical considerations, this type of research on human embryos has been limited. In this study, researchers at KAUST developed and trained their new tool using more than 2,000 microscopic images of blastoids. They also used the tool to analyze the impact of various chemicals on blastoid development, examining an additional 10,000 images. The insights gained from the KAUST research are of significance for women who are taking prescription medication or other drugs while planning for pregnancy, as they shed light on how such substances might interfere with early embryonic development. Peter Wonka, professor and member of the Center of Excellence for Generative AI at KAUST, said that 'deepBlastoid not only matches human performance in accuracy, it delivers an unparalleled increase in throughput. This efficiency allows scientists to analyze vast amounts of data in a short time, enabling experiments that were previously unfeasible.'
Arab News
a day ago
- Business
- Arab News
Closing Bell: Saudi main market closes in green with 10,981 points
RIYADH: Saudi Arabia's Tadawul All Share Index closed higher on Monday, rising 16.46 points, or 0.15 percent, to end the session at 10,981.17. The total trading value on the main market reached SR4.3 billion ($1.1 billion), with 95 stocks advancing and 148 declining. The MSCI Tadawul 30 Index also rallied, adding 3.86 points, or 0.27 percent, to finish at 1,408.88. The Kingdom's parallel market Nomu slipped 82.58 points, or 0.30 percent, to close at 27,080.02. Of the listed stocks, 38 gained while 44 fell. The best-performing stock on the main market was SHL Finance Co., whose shares jumped 10 percent to SR23.87. Other notable gainers included Salama Cooperative Insurance Co., up 5.58 percent to SR13.62, Miahona Co. Limited, which gained 5.23 percent to SR26.94, Alamar Foods Co., rising 5.17 percent to SR53.95, and Fawaz Abdulaziz Alhokair Co., which climbed 4.92 percent to SR31.16. On the downside, Sahara International Petrochemical Co. posted the steepest drop of the day, falling 5.69 percent to SR17.90. Saudi Azm for Communication and Information Technology Co. declined 5.42 percent to SR 28.60, Alistithmar AREIC Diversified REIT Fund slipped 4.92 percent to SR 8.70, Wafrah for Industry and Development Co. fell 4.63 percent to SR27.20, and Riyadh Cables Group Co. dropped 4.13 percent to SR130. On the announcement front, Sports Clubs Co. is set to make its trading debut on Saudi Arabia's main market on July 22. The listing follows an initial public offering in which Sports Clubs floated 34.32 million shares, representing 33 percent of its issued capital, at a nominal value of SR1 each. Demand saw the individual tranche oversubscribed by 5.3 times, with investors guaranteed a minimum allotment of ten shares. To help stabilize the share price in early trading, the bourse has set a plus or minus 30 percent daily price limit and a 10 percent static limit. Founded in 1994, Sports Clubs operates a network of 56 branches across 18 Saudi cities. Its portfolio includes 41 Body Masters men's gyms, a brand established decades ago, and 15 Body Motions women's clubs, introduced four years ago as part of the company's gender-segmented expansion strategy.
Arab News
a day ago
- Business
- Arab News
Foreign startup registrations in Saudi Arabia rise 118%
RIYADH: Saudi Arabia's Ministry of Investment has granted 550 foreign new ventures the Startup Investment Registration, known as the Riyadi license, as of mid-2025, marking an annual rise of 118 percent. The Small and Medium Enterprises General Authority, known as Monshaʾat, has issued 364 licenses to business incubators and accelerators nationwide, according to a report by the body. Monshaʾat said these entities provide facilities for prototype development, mentorship, and connections to investors and commercial partners. The increase in Riyadi registrations aligns with the Kingdom's surge in venture capital activity. According to regional platform MAGNiTT, Saudi Arabia led MENA VC funding in the first half of 2025, with $860 million raised, representing a 116 percent annual increase across 114 deals. This marked a 31 percent rise in deal count compared to the same period in 2024. This momentum built on a record 2024 performance, when startups in the Kingdom secured $750 million in funding and saw a 34 percent increase in early- and mid-stage 'MEGA' rounds below $100 million. 'This increase forms part of joint national efforts to reinforce the Kingdom's role as a regional hub for entrepreneurship by streamlining market access for foreign startups and establishing a flexible regulatory environment that supports innovation and attracts investment,' Monsha'at's report said. According to the Ministry of Investment, this trend reflects growing international interest in Saudi Arabia's investment environment, underpinned by recent legislative changes, expanded digital infrastructure, and a range of support programs introduced in line with the objectives of Vision 2030. Saudi organizers have hosted international startup events, including Biban and LEAP, which feature presentations on the local ecosystem and investment opportunities. Government agencies and private-sector representatives have attended overseas gatherings, such as the Web Summit, VivaTech, and Slush, to facilitate networking with foreign entrepreneurs and promote the Kingdom as a potential base for regional operations. In addition to the Riyadi permit, the Ministry of Investment will issue a full suite of eight sector-specific business licenses, designed to accommodate virtually any foreign investor's needs. These include service licenses, which permit 100 percent foreign ownership for activities such as IT, consulting, marketing, and hospitality; entrepreneurial authorizations that offer streamlined fees and access to government-led support for startups; and industrial licenses for establishing manufacturing facilities. Specialized agricultural permits cover crop cultivation and animal husbandry, while trade licenses authorize wholesale, retail and import-export operations. Additional categories encompass real estate licenses for development and brokerage projects, professional permits for individual practitioners and solidarity firms, and mining licenses for exploration and extraction activities. Each permit carries tailored minimum-capital requirements and documentation processes, but all are obtainable through MISA's online portal, which centralizes application, approval and renewal under a unified regulatory framework.
Arab News
a day ago
- Business
- Arab News
Saudi crude exports rise to 6.2m bpd: JODI
RIYADH: Saudi Arabia's crude oil exports rose to 6.19 million barrels per day in May, an annual increase of 1.19 percent, according to the Joint Organizations Data Initiative. The rise was driven by increased production, which also climbed during the month, rising by 2.12 percent year on year to 9.18 million bpd. This marks a continuation of the Kingdom's phased dialling up of output as OPEC+ producers gradually unwind voluntary cuts introduced in previous years. The JODI figures come amid broader market developments in the global oil sector. Earlier this month, eight key OPEC+ producers, including Saudi Arabia, Russia, and the UAE, agreed to accelerate their phased output increases, announcing a larger-than-expected 548,000 bpd production hike for August. The decision, taken during a virtual meeting, reflects confidence in global economic resilience and healthy market fundamentals, according to the OPEC Secretariat. The eight-nation subset of the alliance has been gradually reversing 2.2 million bpd of voluntary production cuts separate from the bloc's formal policy, with Saudi Arabia playing a leading role. This follows earlier monthly hikes of 411,000 bpd in May, June, and July, with a new, steeper increase slated for August. Saudi Arabia's refined oil exports saw a sharper uptick, growing by 12.12 percent to reach 1.37 million bpd in May. This growth was largely driven by a 25 percent year-on-year surge in shipments of motor and aviation gasoline, which reached 325,000 bpd. Despite this increase, other major refined components recorded declines — gas diesel exports fell 2.62 percent to 594,000 bpd, while fuel oil shipments dropped 3 percent to 161,000 bpd. Gas diesel remained the dominant component of refined exports, accounting for 43 percent of the total, followed by motor and aviation fuels at 24 percent, and fuel oil at 12 percent. Refinery crude output in the Kingdom declined by 7.64 percent year on year, settling at 2.72 million bpd. Direct crude burn, the use of crude oil for domestic power generation, rose by 23 percent in May compared to the same month of 2024, reaching 48,000 bpd, according to JODI. This year-on-year increase is likely driven by a combination of factors, including the continued population growth across the Kingdom, which has expanded residential and commercial power consumption.
