BUSINESS NEWS | Saudi Arabia Says It Provided $40 Billion To PIF From Foreign Reserves

RIYADH | SAUDI ARABIA – Saudi Arabia transferred a total of 150 billion riyals ($40 billion) from central bank foreign reserves to fund investments by sovereign wealth fund PIF in March and April, the finance minister said on Friday.

Saudi Arabia’s central bank foreign reserves fell in March by nearly $27 billion month-on-month, their fastest rate in at least 20 years, to around #464.5 billion, according to Reuters calculation based on central bank data. April figures are not yet available.

Finance Minister Mohammed al-Jadaan said in a statement that the transfers to PIF were done on an ‘exceptional basis’ but did not give a break down for each month.

‘While foreign exchange flows since the start of the year on average within historical levels, this measure (transfers to PIF) resulted in a reduction in net foreign reserves assets to support investment plans’, he said, adding the PIF investments would not be reflected in published central bank data.

‘Maximizing returns on the kingdom’s assets will reflect positively on economic performance and public finances and limit negative effects on the coronavirus pandemic. Returns on PIF investments will be available to support public finances when needed’, he said.

The kingdom, the world’s largest oil exporter, slipped into a $9 billion budget deficit in the first quarter as a oil revenues collapsed.

Jadaan also said in the statement that the government would continue to implement development plans to diversify the economy, increase local content and support private sector.


BREAKING NEWS | Saudi – Led Coalition Says Intercepts Drone, Houthis Say Abha Airport Hit

MILAN | ITALY – A Saudi-led coalition fighting in Yemen said on Thursday it had intercepted and destroyed an explosive drone launched towards the kingdom as Yemen’s Houthi group said it had it a target at Saudi Arabia’s Abha airport. In a statement published by Saudi state news agency SPA, a spokesman for the coalition … Continue reading BREAKING NEWS | Saudi – Led Coalition Says Intercepts Drone, Houthis Say Abha Airport Hit

ENTERTAINMENT | Paris Hilton Says She ‘Feels Free’ After YouTube Documentary

There’s a scene in a new documentary about Paris Hilton, where the so-called socialite is speaking with former classmates from a Utah boarding school. They joke about how on her reality series ‘The Simple Life’, Hilton pretended to be clueless over many things – including how to perform any sort of manual labor. One bluntly … Continue reading ENTERTAINMENT | Paris Hilton Says She ‘Feels Free’ After YouTube Documentary

ROYALS | Meghan Markle, Prince Harry Ditch Royal Titles For Upcoming Television Event

Meghan Markle and Prince Harry’s royal titles were ditched for the first time in a promo video for their upcoming television appearance, The Duke and Duchess will be honored for TIME Magazine’s annual list of 100 of the world’s most influential people. ABC will air the special on Sept.22, the first time the magazine is … Continue reading ROYALS | Meghan Markle, Prince Harry Ditch Royal Titles For Upcoming Television Event

BUSINESS | Saudi Arabia’s July Crude Exports Tick Up From Historic Lows – JODI

MILAN | ITALY – Saudi Arabia’s crude oil exports bounced back to 5.73 million barrels per day (bpd) in July from 4.98 million bpd in June, official data showed on Thursday. June’s exports were the weakest recorded in data stretching back to 2002. Monthly export figures are provided by Riyadh and other members of the … Continue reading BUSINESS | Saudi Arabia’s July Crude Exports Tick Up From Historic Lows – JODI

TRAVEL | International Arrivals To Abu Dhabi Must Wear Covid-19 Tracking Device

ABU DHABI – International passengers arriving at Abu Dhabi airport will now have to wear a tracking device while they complete a mandatory 14-day home quarantine due to COVID-19, according to state-owned Eithad Airways. Daily infections in the United Arab Emirates rose this month to their highest since the outbreak started, which officials have largely … Continue reading TRAVEL | International Arrivals To Abu Dhabi Must Wear Covid-19 Tracking Device

BUSINESS | Israel, Dubai Diamond Exchanges Begin Strategic Collaboration

DUBAI – The Israel and Dubai diamond exchanges have signed an  agreement to promote cooperation in a deal certain to boost direct trade between the Middle East’s main diamond hubs. The agreement was announced on Thursday two days after Israel and the United Arab Emirates signed an historic agreement to normalize ties and marks a … Continue reading BUSINESS | Israel, Dubai Diamond Exchanges Begin Strategic Collaboration

Experts: Rainy Season To Further Threaten Beirut Heritage

BEIRUT – Restoring Beirut’s damaged architectural heritage following the devastating August explosion will take hundreds of millions of dollars and costs will quickly rise if no action is taken ahead of the onset of the rainy season in less than two months, international experts warned Tuesday. An international coalition of museums and heritage protection groups … Continue reading Experts: Rainy Season To Further Threaten Beirut Heritage

NEWS ALERT | Saudi Arabia Says Rejects Any Threat To Regional Stability

RIYADH | SAUDI ARABIA  – The Saudi government stressed on Tuesday its keenness on the unity, sovereignty and safety of Arab territories, saying it rejects and threat to the region. Custodian of the Two Holy Mosques King Salman bin Abdulaziz chaired the cabinet meeting that was held via videoconference in Neom due to the ongoing … Continue reading NEWS ALERT | Saudi Arabia Says Rejects Any Threat To Regional Stability

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