The Kingdom of Saudi Arabia’s rating, represented through the General Statistics Authority (GASTAT), jumped 25 places in the World Bank’s Statistical Performance Index (SPI).
It ranked first in the Gulf and moved up 4 places in the same index among G20 countries, ranking 15th after ranking 19th in 2019.
The World Bank recently announced the impact of the Assessment of the Maturity and Performance of Statistical Systems, which covered 186 countries. The assessment focuses on five main dimensions across more than 52 indices, covering knowledge sources, statistical products and services, and infrastructure.
The Kingdom achieved one hundred percent in the size of knowledge use and scored 80. 8% on the assessment, a significant increase from the previous score of 63. 4% in 2019. This is the highest increase among G20 countries, with an expansion rate of 17. 4%. .
The president of GASTAT, Dr. Fahad Aldossari, said that GASTAT gained from sensible leaders and helped achieve strategic transformations in the statistical production spaces and technical infrastructure.
He added that this has had a great impact on the statistical role played by GASTAT and contributed to the structure and calculation of high-quality statistical indices and insights that are praised by foreign organizations specialized in the field of statistics.
This achievement also reflects the confidence of the leadership in GASTAT’s national role in providing statistical data, building and measuring national statistical indices that support sustainable development plans, developing the Saudi economy, and improving the quality of life in the Kingdom.
Three members of an Algerian army helicopter crew died Wednesday in a twist of fate during a nighttime educational mission, state television reported Thursday.
An investigation has been opened into the causes of the incident, state television added.
Danish shipping and logistics company Maersk on Thursday reported lower-than-expected fourth-quarter earnings and said it expects 2024 earnings well below last year’s amid an oversupply of container ships, although uncertainty persists over the effect of disruptions in the Red Sea.
Maersk has suspended its percentage buyback program amid uncertainty.
Maersk said it expects underlying earnings before interest, taxes, depreciation and amortization (EBITDA) to be between $1 billion and $6 billion this year, up from $9. 6 billion last year, according to Reuters.
“There is still significant uncertainty about the duration and degree of Red Sea disruption, with durations ranging from a quarter to a full year in the predicted range,” he said in a statement.
Maersk said EBITDA dropped to $839 million in the fourth quarter from $6.54 billion a year earlier, lagging analysts’ expectations of $1.13 billion.
“The impact of this situation is causing new uncertainty for how this is going to play out from an earnings perspective throughout the year,” CEO Vincent Clerc told CNBC’s “Squawk Box Europe.”
“We have very little visibility as to whether this is a scenario that will happen in a matter of weeks or months, or whether it is something that will last all year,” he added.
In a statement, the company added that its board of directors had to “immediately suspend the percentage buyback program, with a stimulus that will be reviewed once market conditions stabilize at the Ocean [division]. “
The global supply chains have faced dangerous disruption since the end of 2023 after the giant shipping companies detoured their trips away from the Red Sea after a series of Houthis attacks.
Oil prices climbed Wednesday as hostilities in the Red Sea continued with more attacks by Yemen’s Houthis.
Brent crude futures, the foreign benchmark, rose 0. 7% to $79. 17, while U. S. West Texas Intermediate futures rose 0. 7% to $79. 17. They rose 0. 8% to $73. 87.
Two ships were attacked with ballistic missiles on Tuesday, the AP reported, citing British and U. S. authorities.
The US Central Command said Houthi militants fired six anti-ship ballistic missiles toward the Red Sea and the Gulf of Aden, in a post on X late Tuesday, adding that there were no injuries.
“Tensions in the Middle East continue to be on people’s minds, fueling concerns about sources,” said Susannah Street, an analyst at Hargreaves Lansdown. But she added that costs remain 5% below levels reached in late January and 16% below recent highs. in September.
The FII Institute has announced the return of the FII PRIORITY Miami summit, themed ‘On the Edge of a New Frontier’. The event is set to take place on February 22-23 at the Faena Hotel & Forum, Miami Beach.
This year’s summit features an interactive program focused on disruptive technologies and fostering innovation for investment and social betterment. This is an opportunity to explore and talk about how the most advanced advances in artificial intelligence, robotics, healthcare, finance, and sustainability can be seamlessly incorporated. in our global society.
“As we bring together some of the brightest minds from various sectors, we will make guilty decisions when it comes to investment and economic growth. This summit is a step forward towards building a sustainable and technologically complex future,” he said.
Egyptian President Abdel Fattah al-Sisi has raised the monthly minimum wage by 50% to 6,000 pounds ($194), which will take effect in March, as part of a 180 billion pound “urgent social coverage programme”, the presidency announced on Wednesday.
The move comes at a time when Egypt is under scrutiny over the devaluation of the British pound. Some analysts say a 200 basis point increase in interest rates through the central bank last week may simply imply that a devaluation is taking place.
The Egyptian pound, which has been pegged at 30. 85 to the dollar since March, was trading on the black market earlier this month at 71 to the dollar, but has since strengthened to around 60.
Sisi also ordered the government to raise the tax threshold of 33%, from 45,000 pounds to 60,000 pounds, for all public sector employees and staff, the presidency said.
The social package included a further increase in civil servants’ salaries from a minimum of £1,000 to £1,200 per month, starting in March.
The International Monetary Fund said on Thursday it had agreed with Egypt on the key policy components of an economic reform program, in a further sign that a final deal to augment a $3 billion loan is nearing completion.
Egypt has been suffering from a slow-burning economic crisis and chronic shortage of foreign currency and has been in talks with the IMF for the last two weeks to revive and expand the loan agreement signed in December 2022.
The agreement included commitments that Egypt would transition to a flexible exchange rate regime and the state’s footprint on the economy, while boosting the personal sector.
However, program disbursements are subject to 8 reviews, the first and second of which were scheduled last year but postponed because the exchange rate has remained stable.
The IMF mission chief for Egypt, Ivanna Vladkova Hollar, said last Thursday that the two sides made “excellent progress” in discussions of a comprehensive policy package needed to reach a Staff Level Agreement for the combined first and second reviews.
In January, the Egyptian government increased the prices of several services, adding electricity, metro tickets and telecommunications services, in an attempt to cause a budget deficit.
Egypt’s already weak economy has been hit by the Gaza crisis, which has hurt tourism and reduced shipping through the Suez Canal, a major source of foreign exchange.
The country’s net foreign exchange reserves rose to $35. 25 billion in January from $35. 22 billion in December, the central bank said on Monday, while annual headline inflation fell to 33. 7% in December from 34. 6% in November and to a record high of $38. 0. % in December-September, according to the national statistics firm CAPMAS.
The NEOM Board of Directors announced Xaynor, a beachfront club, nestled among the rocky landscapes along the pristine shoreline of the Gulf of Aqaba. Xaynor is the latest addition to the regional evolution in northwestern Saudi Arabia.
Xaynor’s secluded beachfront location offers a low-key destination where club members can enjoy the beautiful and unspoiled shoreline of the Gulf of Aqaba. With its striking architectural design and thoughtful interior, Xaynor elevates comfort and creates an environment conducive to recreation.
Arriving in Xaynor, guests will be greeted by its breathtaking canopy entrance, blending with the natural landscape and providing a captivating pathway down to the beach. This distinct architectural style effortlessly integrates concealed retreats and expansive open spaces. Guests can choose to indulge in private seclusion or mingle with other members.
Capturing the essence of coastal luxury, Xaynor will offer a variety of cool luxury, adding personal pools, beachfront lounges, gourmet restaurants, an exclusive entertainment venue, and a world-class spa and wellness center.
Complementing these offerings, Xaynor boasts boutique shopping and leisure options, accompanied by members-only experiences personalized in collaboration with internationally renowned brands in fashion, art, and lifestyle.
Positioned as the epitome of ultra-chic beach resort luxury, Xaynor is dedicated to crafting unforgettable moments that redefine exclusivity in a natural setting. Seamlessly merging indoor and outdoor spaces, it will stand as an icon of delicate elegance along the Gulf of Aqaba’s shores.
Aligned with NEOM’s commitment to conservation and innovation, Xaynor complements its coastal location. The new progression follows announcements by Leyja, Epicon, Siranna, Utamo, Norlana, Aquellum and Zardun, which are among NEOM’s sustainable tourism destinations in the flagship region.
Egypt’s Minister of Trade and Industry Ahmed Samir said on Tuesday that the country’s industrial balance deficit decreased from $11. 158 billion in 2023 to $36. 908 billion from $48. 66 billion in 2022.
A ministry quoted Samir as saying that product exports surpassed 2022 records and reached $35. 63 billion in 2023, while imports declined by 14% annually to $72. 54 billion in 2023.
Turkey, Saudi Arabia, the United Arab Emirates, Italy and the United States were the main markets that received Egyptian exports last year.
The Minister explained that Egyptian exports to non-Arab African countries achieved a significant increase of 7% to reach $2.24 billion, noting that Egyptian exports to Arab League countries amounted to $13.4 billion.
Exports to the EU last year amounted to $9. 50 billion and exports of goods to the United States reached $1. 966 billion.
Turkey leads export markets for Egyptian goods with $2. 94 billion, followed by Saudi Arabia with $2. 7 billion and the United Arab Emirates with about $2. 2 billion.
Meanwhile, Planning and Economic Development Minister Hala al-Said said the plan to rationalize public spending will fall short of the 3% economic expansion target for the current fiscal year.
Last week, the cabinet approved a draft resolution to rationalize capital spending through 15% controls, adding cuts in public treasury investment to the investment plan for the current fiscal year.
The mission also plans to postpone the implementation of tasks recently included in the investment plan, for the past year or for the current year, prohibiting any contracts or tenders until 30 June. It gives tasks similar to those.
He added that the decision was made not to start any new projects this year and to prioritize the finishing touch of projects that are 70% or more complete and are expected to be implemented during the 2023-2024 monetary year.
The International Monetary Fund (IMF) lowered its expansion expectations for Egypt’s economy for the current fiscal year 2023-2024 to 0. 6%, from a previous forecast of 3%.
The IMF also lowered its projections on the country’s genuine GDP expansion for the next fiscal year 2024/2025 to 4. 7%, from 5% forecast in October.
Egypt is suffering from a shortage of foreign exchange resources and its income from the Suez Canal, one of the foreign exchange resources, has been affected by attacks that have affected shipping in the Red Sea.
SERB, a Saudi company specializing in complex industries, displayed four manufactured drones at the World Defense Exhibition in Riyadh.
The move aligns with Saudi Arabia’s goal of generating more than a portion of its military apparatus and in the country by 2030.
SERB CEO Abdullah Al-Mufaqai highlighted the company’s education and development of local skills for defense manufacturing.
SERB is engaging with government bodies such as the General Authority for Military Industries (GAMI) and MODON in their defense capabilities, Al-Mufaqai told Asharq Al-Awsat.
He revealed that the company manufactures four unmanned products that are fully designed, analyzed, and manufactured by incorporating domestically experienced engineers and specialists.
The executive director noted that the location of military industries is one of the main objectives of the National Industrial Development Program, and Saudi Arabia aims to localize more than 50% of public spending on military equipment by 2030.
Saudi Arabia initiated the “Made in Saudi” program to support local industries, encouraging people to buy locally-made products and motivating Saudi companies to export to key markets.
The aim is to increase the Kingdom’s global trade attractiveness and increase non-oil exports to 50% of GDP by the end of the decade.
At the World Defense Show 2024, SERB highlighted the link between global defense manufacturing, which spans the land and maritime sectors.
Market research firm Mordor Intelligence forecasts a 15% annual expansion in the unmanned systems market, reaching $15. 31 billion by 2022.