عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia Backs WTO Reform and Supports a Fair, Transparent Global Trading System at G20 Summit

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah participates in the opening session of the G20 Leaders' Summit held in Johannesburg, Nov 22, 2025 - SPA
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah participates in the opening session of the G20 Leaders' Summit held in Johannesburg, Nov 22, 2025 - SPA
TT
TT

Saudi Arabia Backs WTO Reform and Supports a Fair, Transparent Global Trading System at G20 Summit

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah participates in the opening session of the G20 Leaders' Summit held in Johannesburg, Nov 22, 2025 - SPA
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah participates in the opening session of the G20 Leaders' Summit held in Johannesburg, Nov 22, 2025 - SPA

On behalf of Saudi Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah participated in the opening session of the G20 Leaders' Summit, held in Johannesburg, South Africa.

The event this year was held under the theme "Inclusive and Sustainable Economic Growth Leaving No One Behind: Building Our Economies; The Role of Trade; Financing for Development and the Debt Burden".

During the session, the Saudi minister delivered a speech in which he began by conveying the greetings of the Custodian of the Two Holy Mosques and the Crown Prince, along with their sincere wishes for the success of South Africa's Presidency, which is hosting the G20 meetings for the first time on the African continent.

He also expressed their support for the efforts of member states in strengthening economic cooperation and promoting sustainable development globally, SPA reported.

The minister affirmed the Kingdom's full support for efforts to reform the World Trade Organization and strengthen a fair and transparent multilateral trading system that enables countries to participate effectively in the global economy, stressing that international trade is a fundamental pillar of inclusive development and economic stability.

He highlighted the Kingdom of Saudi Arabia's efforts, in line with Saudi Vision 2030, to promote responsible investment, sustainable industrialization, and the efficient use of resources to support development.

The minister further called for aligning the G20's initiatives with the Sustainable Development Goals and addressing challenges related to food security, energy, climate, digital transformation, and the reduction of illicit financial flows through international cooperation grounded in shared responsibility.

The minister concluded his speech by emphasizing that global challenges transcend borders and require genuine international solidarity and multilateral cooperation to foster a more inclusive and sustainable global economy.

The session was attended by Minister of Finance Mohammed Aljadaan and Vice Minister of Finance and Saudi Sherpa for the G20 Abdulmuhsen Alkhalaf.

Most Viewed

 
 
Business

India Secures 60 Days of Oil Supply amid Hormuz Disruption

Small boats sail loaded with goods in front of a container ship in the waters of the Strait of Hormuz off the coast of Oman, June 25, 2025 (AFP)
Small boats sail loaded with goods in front of a container ship in the waters of the Strait of Hormuz off the coast of Oman, June 25, 2025 (AFP)
TT
TT

India Secures 60 Days of Oil Supply amid Hormuz Disruption

Small boats sail loaded with goods in front of a container ship in the waters of the Strait of Hormuz off the coast of Oman, June 25, 2025 (AFP)
Small boats sail loaded with goods in front of a container ship in the waters of the Strait of Hormuz off the coast of Oman, June 25, 2025 (AFP)

India has secured crude oil supplies for the next 60 days, ensuring stable fuel supplies in the country despite disruption in shipments from the Middle East, the oil ministry said in a statement on Thursday.

India, the world's third biggest oil consumer and importer, was buying over 40% of its oil imports from the Middle East. Those supplies are disrupted due to the US-Israeli war on Iran.

Higher availability of crude in global markets, mainly from the Western hemisphere, has helped offset the shortfall, the government said.

Taking advantage of a temporary US waiver, Indian refiners have also ramped up purchases of Russian crude, securing millions of barrels to fill the supply gap.

"Despite the situation at the Strait of Hormuz, India is today receiving more crude oil from its 41-plus suppliers across the world than what was previously arriving through the Strait," the ministry said.

As a net exporter of petroleum products, India’s domestic availability of petrol and diesel remains structurally secure, the government said.

The world's fourth-largest refiner has oil and fuel stocks sufficient to meet 60 days of demand, against a total storage capacity of 74 days, it added.

"Nearly two months of steady supply is available for every Indian citizen, regardless of what happens globally. The next two months of crude procurement have also been secured," it added.

India has asked refiners to maximize production of liquefied petroleum gas, used as cooking fuel, as the nation was buying 90% of its LPG imports from the Middle East.

Domestic daily LPG production has been increased by 40% to 50,000 metric tons against a requirement of 80,000 tons, it said.

In addition, Indian companies have secured 800,000 tons of LPG cargoes from the United States, Russia, Australia, and other countries, it said.

These shipments, arriving across India's 22 LPG import terminals, provide roughly one month of assured supply, with further procurement underway, the government said.

Business

SAMA Licenses Two Companies to Provide Open Banking Services

SAMA Licenses Two Companies to Provide Open Banking Services
TT
TT

SAMA Licenses Two Companies to Provide Open Banking Services

SAMA Licenses Two Companies to Provide Open Banking Services

The Saudi Central Bank (SAMA) announced the licensing of “Altknwlwjya aljadydh llhulul albrmjyh” and “lyn tknwlwjyz Company Saudi Arabia litqniyat nuzum almaelumat” to conduct payment services by providing account information—one of the services associated with open banking.

The licenses were granted following the successful completion of the regulatory sandbox phase under SAMA’s supervision.

The decision reflects SAMA’s ongoing efforts to support and enable the financial sector, enhance the efficiency and flexibility of financial transactions, and promote innovation in financial services. This aims to advancing financial inclusion and expanding access to financial services across all segments of society.

SAMA emphasizes the importance of dealing exclusively with authorized financial institutions. To view licensed and permitted financial institutions, visit SAMA's official website.

Business

UK Suffers OECD's Biggest Growth Downgrade as Iran War Pushes Up Energy Costs

This overhead view shows buildings along the River Thames in London on March 25, 2026. (Photo by JUSTIN TALLIS / AFP)
This overhead view shows buildings along the River Thames in London on March 25, 2026. (Photo by JUSTIN TALLIS / AFP)
TT
TT

UK Suffers OECD's Biggest Growth Downgrade as Iran War Pushes Up Energy Costs

This overhead view shows buildings along the River Thames in London on March 25, 2026. (Photo by JUSTIN TALLIS / AFP)
This overhead view shows buildings along the River Thames in London on March 25, 2026. (Photo by JUSTIN TALLIS / AFP)

Britain's economic ‌growth prospects this year received the sharpest downgrade of any major economy in the OECD's interim forecast update on Thursday following the US-Israeli war ​on Iran, while inflation is set to rise faster too.

The Paris-based international body cut its 2026 forecast for British economic growth by half a percentage point to 0.7%, compared with a 0.4 percentage point downgrade for the euro zone and a 0.3 percentage point upgrade for the United States.

"Planned fiscal tightening and higher energy prices ‌are anticipated to keep ‌growth subdued in the United ​Kingdom, ‌though the ⁠impact ​will be ⁠attenuated by lower policy rates next year," Reuters quoted the OECD as saying in its report.

Following are further highlights from the report and other context:

Britain's growth forecast for 2027 is unchanged at 1.3%.

Britain's inflation forecast for 2026 is revised up by 1.5 percentage points from December to 4.0%, the ⁠biggest upward revision of any large, advanced ‌economy.

UK inflation in 2027 ‌is forecast to be 2.6%, 0.5 percentage ​points higher than in ‌December and above the Bank of England's 2% target.

Poorer UK households spend more on gas and electricity than in other rich countries, though total energy spending makes up a smaller share of UK inflation than elsewhere.

The OECD expects the ‌BoE to keep interest rates unchanged this year then cut in Q1 2027 as inflation ⁠eases.

⁠Britain's Office for Budget Responsibility, in forecasts finalized just before the start of the conflict, predicted GDP growth of 1.1% this year and 1.6% in 2027.

The BoE this month forecast inflation would rise to 3.0-3.5% over the next couple of quarters.

Prime Minister Keir Starmer has made boosting growth and reducing the cost of living top goals for his government.

Finance minister Rachel Reeves said the forecasts showed the war in the Middle East ​was affecting Britain but ​she would still focus on "regional growth, embracing AI and innovation, and establishing a closer relationship with the EU."