The gross domestic product of the Kingdom of Saudi Arabia grew by 1.1% in the second quarter of 2023 compared to the same period in 2022 due to non-oil activities that increased by 5.5% annually in the quarter. The non-oil sector is a focus area under Saudi Arabia’s Vision 2030, as the Kingdom aspires to steadily diversify its economy that has been dependent on oil for several decades. According to General Authority for Statistics (GASTAT), government services activities increased by 2.7% in the second quarter, while oil activities dipped by 4.2% on an annual basis. The fall
The International Monetary Fund (IMF) has said that it would “encourage” India to remove restrictions on export of a certain category of rice. The restrictions could exacerbate food price inflation and should be reversed, said the International Monetary Fund Chief Economist Pierre-Olivier Gourinchas in Washington on July 25. On July 20, The Government of India had banned the export of non-basmati white rice to boost domestic supply and keep retail prices under check during the upcoming festive season. This type of rice constitutes about 25 percent of the total rice exported from India.
Saudi Arabia’s Public Investment Fund (PIF) has signed a Memorandum of Understanding (MoU) with the Oman Investment Authority (OIA) and plans investments worth $5 billion in Oman. The MoU aims at expanding cooperation and investment between the two investment entities, enabling new and promising investments in Oman’s rapidly growing economy. It follows the establishment of the Saudi Omani Investment Company, to allocate $5 billion for investments across various promising sectors in Oman. In addition, the PIF’s investment portfolio will be expanded in the Omani market, to stimulate in
The Government of India has launched the Central Registrar of Cooperative Societies (CRCS)-Sahara Refund Portal to refund the hard-earned money of crores of depositors in four cooperative societies of Sahara Group in about 45 days. Calling the portal a historic moment, Cooperation Minister of India Amit Shah on July 18 said that this is the first time when depositors are getting refunds in a case where multiple government agencies are involved and each one has done a seizure. On March 29, the Government of India had said that money will be returned to 10 crore investors of the four coop
South Africa has started a fund to help the government fast-track electricity-generation projects needed to end a crippling energy crisis. The Energy One Stop Shop and Resilience Fund will aim to streamline regulatory processes needed for private investment in electricity production and help accelerate the approval of projects, said Trade, Industry and Competition Minister Ebrahim Patel at a virtual launch on July 27. The Energy One-Stop Shop will start with dedicated personnel, a website, a registration portal for energy projects, and a mapped process showing where a project is in the
Saudi Arabia’s Public Investment Fund (PIF) has established the Saudi Tourism Investment Company, or Asfar, to support the growth of the Kingdom’s tourism sector. Asfar will invest in new tourism projects and develop destinations with hospitality, tourist attractions, retail, and food and beverage offerings in cities across the country, the PIF said in a statement on July 27. In addition to offering co-investment opportunities to the private sector, the new company aims to create a supportive environment for local suppliers, contractors, and small and medium-sized enterprises.
India has joined Switzerland and the United Kingdom in the number of companies with over $150 billion market capitalisation. While the US tops the list with 51 companies, with market valuations of a minimum of $150 billion, China and France follow next with six and four companies, respectively. In India, the merger of HDFC twins has created a third Indian company to have a market capitalisation of at least $150 billion. This feat till now was enjoyed by two companies — Reliance Industries Ltd (RIL) and Tata Consultancy Services (TCS). Now, three nations — India, Switzerland, and the
Prime Minister Narendra Modi on July 26 inaugurated the International Exhibition-cum-Convention Centre (IECC) complex at Pragati Maidan in New Delhi. The redeveloped complex is the venue of the G20 Summit in September. The Prime Minister also felicitated the 'shramjeevis,' who built the new complex and performed ‘puja’ ahead of the inauguration of the complex, which has been developed at a cost of about ₹2,700 crore. The facility, with a campus area of nearly 123 acres, has been built after an overhaul of the old and outdated structures in the area. Owned by India Trade Promoti
German Minister of Labour and Social Affairs Hubertus Heil has said that he wants to encourage skilled professionals from India to come to Germany. In India for the G20 summit from July 17-22 , Heil added that Germany’s new immigration law makes it easier for students and professionals to move to the country, adding that they need “smart brains and helping hands” for their economy. Heil called India an important partner for Germany and stressed that it is important for both countries to seek solutions together. “In the long term, we could achieve cross-national comparability and re
A record 13.5 crore people moved out of multidimensional poverty between 2015-16 and 2019-21, said a report released by NITI Aayog on July 17. According to the report, National Multidimensional Poverty Index: A Progress Review 2023, India registered a significant decline in the number of multi-dimensionally poor from 24.85 percent in 2015-16 to 14.96 percent in 2019-2021, the report said. During this period, rural areas witnessed the fastest decline in poverty from 32.59 percent to 19.28 percent, it added. The National MPI measures simultaneous deprivations across the three equally weig