Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz said that the kingdom has discovered two new natural gas fields in the Empty Quarter region. Prince Abdulaziz said the discovery of the Al-Hiran natural gas field was confirmed after gas flowed from the Hanifa reservoir at a rate of 30 million standard cubic feet per day, and 1,600 barrels of condensates daily. "Natural gas was also discovered in five reservoirs in previously discovered fields," the agency added, citing the minister. The discovery is set to reshape the landscape of Saudi Arabia’s energy r
The German government pledged to invest four billion euros in the Africa-EU Green Energy Initiative until 2030, with Chancellor Olaf Scholz saying that African countries should benefit more from their wealth of raw materials. Scholz discussed the pledge at a news conference on the G20 Compact with Africa summit in Berlin. He did not mention any specific projects but said the materials used in green energy should be processed in the African nations they come from. “This is about investments that pay off for both sides,” Scholz told delegates. “For example, on the road to climate ne
As many as 94,332 Indian tourists visited Singapore in October, up from 81,014 in the preceding month, said a media report on Tuesday. This surge positioned India as Singapore's third-largest tourist-generating market, surpassing Malaysia and Australia. According to the data released by the Singapore Tourism Board (STB), "A total of 94,332 Indian tourists visited Singapore in October, up from 81,014 in the preceding month. It took over countries such as Malaysia and Australia." Despite the impressive surge from India, Singapore's overall international visitor arrivals dipped to 1,125,94
South Korea is set to enhance its allure for foreign shoppers by doubling tax refund benefits starting in January. Finance Minister Choo Kyung-ho announced plans to raise the maximum limit for tax refunds on domestic purchases made by foreign tourists. Currently limited to 500,000 won ($370) per local purchase and 2.5 million won in total, the new policy aims to boost consumer spending amid a growing tourist influx. Under the proposed changes, the maximum refundable amount will be doubled, allowing foreign tourists to claim up to one million won (S$1,000) per local purchase and five millio
Philippine Airlines (PAL) and Singapore Airlines (SIA) have signed a new codeshare partnership agreement, which will allow the airlines to enhance flight options for their customers travelling between the Philippines and Singapore, and other domestic and international destinations via their hubs. The agreement will start on SIA’s and PAL’s flights between Singapore and Manila by the fourth quarter of 2023, subject to regulatory approvals, said the airlines in a joint statement on November 15. SIA will also codeshare on PAL’s flights from Manila to 27 destinations within the Philippin
Central bank digital currencies (CBDC) have the potential to replace cash, but adoption could take time, said Kristalina Georgieva, Managing Director of the International Monetary Fund at the Singapore FinTech Festival on November 15. CBDCs can replace cash which is costly to distribute in island economies, offer resilience in more advanced economies, and improve financial inclusion where few hold bank accounts, said the IMF chief, urging the countries to make a more proactive push to develop these currencies. In her speech in Singapore, Georgieva said that 11 countries, including a num
The Arab Coordination Group (ACG) plans to allocate up to $50 billion to help build resilient infrastructure and inclusive societies in the African continent, said the Islamic Development Bank President, Dr. Muhammad Al Jasser at the Saudi-Arab-African Economic Conference held in Riyadh, Saudi Arabia on November 10. Many countries in Africa are particularly vulnerable to climate change, making strengthening climate resilience and adaptation an urgent priority. The ACG financing will support initiatives in areas such as energy security and energy transition; regional integration and connect
The Seoul office market is experiencing a remarkable occupancy rate of over 98%, coupled with a 15% surge in rents since 2022, in stark contrast to declining demand in other global hubs like London and New York, according to data from CBRE Group. The thriving market in South Korea can be attributed to a unique combination of factors including supply and demand dynamics, cultural preferences, and economic resilience. Seoul, the capital city, boasts a mere 1.7% vacancy rate in the third quarter, a striking difference from the Asia-wide average of 19%. Since 2021, Seoul has grappled with a
The Ministry of Finance of Singapore announced on November 15 that every Singaporean adult will receive S$200 to S$800 from the Assurance Package in December. This will apply to Singaporeans aged 21 and above in 2024. “The Assurance Package aims to help Singaporeans tide through the period of higher inflation and cushion the impact of the GST rate increase. The package includes cash payments, rebates, Community Development Council (CDC) vouchers, and MediSave top-ups,” MOF said in a press release. When Singapore’s national Budget was rolled out for 2023, Deputy Prime Minister and
The Africa Investment Forum (AIF) 2023, which took place in Marrakech, Morocco from November 8-10, has achieved considerable success by securing $34.82 billion in investment interests for projects across the continent. Organised by the African Development Bank (AfDB), the AIF serves as a multi-stakeholder and multi-disciplinary platform aimed at advancing projects to bankable stages, raising capital, and expediting deals to financial closure. Its overarching vision is to direct capital towards critical sectors to achieve the Sustainable Development Goals, AfDB’s High 5s, and the African