Riyadh, Saudi Arabia.Johnnygreig | E+ | Getty ImagesCrashing oil prices triggered by waning demand, global trade war fears and growing crude supply could more than double Saudi Arabia's budget deficit, a Goldman Sachs economist warned.The bank's outlook spotlighted the pressure on the kingdom to make changes to its mammoth...
U.S. President Donald Trump with Mohammed bin Salman, crown prince of Saudi Arabia, at the start of the Group of 20 summit on 28 June 2019.Bernd von Jutrczenka | picture alliance | Getty ImagesDUBAI, United Arab Emirates — The wealthy Arab Gulf states are in a better position than...
Members of media chat before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. Hamad I Mohammed | ReutersSaudi state oil producer Aramco reported on Tuesday a decline in net profit to $106.2 billion in 2024, down from $121.3...
DUBAI, United Arab Emirates — Hedge fund titan Ray Dalio issued a fresh warning about the U.S. economy, warning of dire consequences if the Trump administration does not cut the country's debt."It's like if I was a doctor and I was speaking with you about your condition, I would...
A briefcase filled with Iranian rial banknotes sits on display at a currency exchange market on Ferdowsi street in Tehran, Iran, on Saturday, Jan. 6, 2018.Ali Mohammadi | Bloomberg | Getty ImagesIran is confronting its worst set of crises in years, facing a spiraling economy along with a series...
Digital render of NEOM's The Line project in Saudi ArabiaThe Line, NEOMIn Saudi Arabia's northwestern desert, a sprawling construction site replete with cranes and pile drivers sits encircled by a recently-built road. A pair of tracks cuts through the site like deep gashes through the sand, comprising the spine...
RIYADH — National debt is a major threat to markets in the near future, Saudi Arabia's finance minister said, expressing particular concern over lower income countries as well as what he described as rapidly growing global fragmentation."I think globally, the serious, serious issue that we need to watch is...
A delegate arrives at the King Abdulaziz Conference Centre in Saudi Arabia's capital Riyadh to attend the Future Investment Initiative (FII) forum.Fayez Nureldine | Afp | Getty ImagesThousands of financiers, founders and investors are set to descend on the Saudi capital of Riyadh for the eighth edition of the...
Riyadh, Saudi Arabia.Xavierarnau | E+ | Getty ImagesSaudi Arabia cut its growth forecasts and raised its budget deficit estimates for the fiscal years 2024 to 2026, looking ahead to a period of higher spending and lower projected oil revenues.Real gross domestic product is now expected to grow 0.8% this...
DUBAI, United Arab Emirates — Dubai's property scene is showing no sign of cooling off, as 2024 is on track to be another record year in terms of sales figures and property values, according to local real estate firms.Increasing demand for property, especially in the luxury space, is boosting...