抖阴短视频

抖阴短视频鈥檚 annual inflation rate rises by 1.7% in 2024: GASTAT

抖阴短视频鈥檚 annual inflation rate rises by 1.7% in 2024: GASTAT
Housing rental prices rose by 10.6 percent year on year in 2024, significantly contributing to the overall rise in inflation. Shutterstock
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Updated 7 min 22 sec ago

抖阴短视频鈥檚 annual inflation rate rises by 1.7% in 2024: GASTAT

抖阴短视频鈥檚 annual inflation rate rises by 1.7% in 2024: GASTAT
  • Inflation rate remained among the lowest in the Middle East and globally,nflation rate remained among the lowest in the Middle East and globally
  • GASTAT highlighted a 0.8 percent year-on-year increase in food and beverage prices in 2024

RIYADH: Consumer prices in 抖阴短视频 increased by 1.7 percent in 2024, driven primarily by higher housing costs, data from the General Authority for Statistics revealed.聽

House rents surged by 10.6 percent year on year, significantly contributing to the overall inflationary pressure. The broader category of housing, water, electricity, gas, and other fuels saw a collective price increase of 8.8 percent, further intensifying the cost of living for households.

Despite the uptick, 抖阴短视频鈥檚 inflation rate remained among the lowest in both the Middle East and globally. This reflects the Kingdom鈥檚 ongoing efforts to ensure economic resilience and mitigate the impacts of global price pressures.

The actual inflation rate for 2024 was lower than projections made by the World Bank in October, which had forecasted a 2.1 percent increase for the year and a slight rise to 2.3 percent in 2025. Both figures were below the Gulf Cooperation Council average.

GASTAT鈥檚 latest report also detailed several other shifts in consumer prices. Food and beverage prices saw a moderate 0.8 percent increase, while restaurant and hotel costs rose by 2 percent. Educational expenses rose by 1.3 percent, further reflecting price trends across various sectors.

Meanwhile, several categories experienced price declines. Clothing and footwear prices fell by 3.4 percent, driven by a 5.8 percent drop in ready-made clothing. Similarly, the cost of furnishings and household equipment decreased by 3.4 percent, and transport costs fell by 2.4 percent.

The entertainment and culture sector also saw a price reduction of 1.3 percent, largely due to a 5.9 percent decrease in audiovisual equipment prices, underscoring the nuanced shifts in consumer price indices across different areas

In a separate report, GASTAT confirmed that 抖阴短视频鈥檚 inflation rate remained stable at 1.9 percent in December 2024, compared to the same month in 2023.

House rents continued to exert significant pressure, increasing by 10.6 percent year on year in December. Villa rents rose by 9.9 percent during the same period, further underscoring the housing sector鈥檚 impact on inflation. According to GASTAT, the housing sector accounted for 25.5 percent of the inflationary weight in December, highlighting its dominant role in shaping overall price trends.

The broader housing, water, electricity, gas, and other fuels category saw an 8.9 percent year-on-year increase in December, reinforcing the sector鈥檚 central role in driving inflation.

Food and beverage prices rose 0.8 percent, with meat and poultry prices seeing a notable 2.8 percent increase. Personal goods and services expenses grew by 2.2 percent, driven by a 20.2 percent surge in prices for jewelry, watches, and precious antiques. Education costs also increased by 1.1 percent, primarily due to a 1.8 percent rise in intermediate and secondary education fees.

On the other hand, prices for furnishings and home equipment fell by 2.8 percent, while clothing and footwear costs declined by 2.2 percent. Transportation expenses decreased by 2.5 percent, primarily due to a 3.9 percent reduction in vehicle purchase prices.


Strong Middle East representation as World Economic Forum unveils annual meeting agenda

Strong Middle East representation as World Economic Forum unveils annual meeting agenda
Updated 23 min 13 sec ago

Strong Middle East representation as World Economic Forum unveils annual meeting agenda

Strong Middle East representation as World Economic Forum unveils annual meeting agenda
  • Leaders from Israel, Iran, Syria and Palestine to be key speakers at event, which will address ongoing conflicts in the region and explore its future prospects
  • US President-elect Donald Trump set to appear; organizers highlight growing presence of Global South and tout 鈥榩arity鈥 among developing and developed countries

LONDON: The Middle East will have a significant presence at the annual meeting of the World Economic Forum next week, reflecting the growing influence of emerging markets, the organization said on Tuesday.

Mirek Dusek, the forum鈥檚 managing director, said he was 鈥減leased鈥 with the increase in the number of representatives from emerging markets expected to attend the event. He added that the 鈥減roportion is growing this year. We鈥檙e seeing particularly strong numbers, for example, from the Middle East, also from South Asia.鈥

Nearly 3,000 people from more than 130 countries, including 900 business leaders, are expected to attend the annual meeting, which will take place in Davos, Switzerland, from Jan. 20 to 25.

The forum has faced repeated criticism from some for being an elite gathering focused on the traditional major powers and big business, but Dusek highlighted the growing presence of leaders from the Global South. He said participation among developing nations was now 鈥渙n parity鈥 with that of developed countries.

The theme of this year鈥檚 meeting is 鈥淐ollaboration for the Intelligent Age鈥 and it will address 鈥渇ive distinct but interconnected thematic priorities,鈥 the forum said, reflecting its efforts to navigate a complex geopolitical and economic landscape.

鈥(The agenda) is linked, first and foremost, to this deep sense of being on the cusp of a new era for the world economy, or at least in transition to a new situation for the world economy,鈥 Dusek said.

Key discussions will consider the transformative effects of rapid technological advances, including developments in artificial intelligence, as well as the challenges arising from geopolitical fragmentation and the need to foster global collaboration during what Dusek described as a 鈥渒ey time for the world economy.鈥

The forum will also address issues such as economic growth, trade and investment, exploring 鈥渘ew sources of growth in this global economy.鈥 It will examine how the public and private sectors can invest in the development of human capital and create quality jobs to help build modern and resilient societies.

The forum鈥檚 president and CEO, Borge Brende, said: 鈥淚t is our 55th annual meeting taking place in Davos, and it is happening against the most complicated geopolitical backdrop in generations. But still, in the fragmented and partly polarized world, there are still areas where we can collaborate.鈥

The Middle East is expected to play a pivotal role in the discussions, as the forum addresses ongoing conflicts in the region and its future prospects.

Syria鈥檚 foreign minister, Asaad Hassan Al-Shaibani, is scheduled to present his country鈥檚 plans for the future after the fall of the Assad regime in December after its 52-year rule.

The humanitarian crisis in Gaza will also feature prominently in discussions, alongside efforts to rebuild trust and promote reconciliation in the region. Israeli President Isaac Herzog, Palestinian Prime Minister Mohammed Mustafa, Iranian Vice President Mohammed Reza Aref, and the UN鈥檚 special envoy for Yemen, Hans Grundberg, are among the key speakers who will address the issues.

鈥淲e were very close (to a full-scale conflict) between Israel and Iran, and I don鈥檛 think we鈥檙e out of the woods yet,鈥 said Brende, as he expressed hope that the forum will serve as a platform 鈥渇or peace, reconciliation, and addressing humanitarian suffering.鈥

Rebuilding trust between institutions and efforts to address climate change are other longstanding priorities for forum, and organizers said these will remain central to the discussions.

Amid concerns that such topics have been 鈥渓osing ground鈥 amid other political and economic challenges, Gim Huay Neo, the forum鈥檚 managing director, reiterated its focus on finding and implementing tangible solutions.

鈥淭here will be multiple dialogs that will be really focused around tangible action that companies and governments can take to support the net-zero, nature-positive transition pathways and, more importantly, how they can work together to build partnerships that can enable and empower the action in a faster and much more skilled manner,鈥 she said.

In a surprise announcement, Brende said US President-elect Trump, whose inauguration coincides with the opening day of the forum, would participate via a digital address. He is expected to outline his administration鈥檚 plans for implementing its policies, in particular his pledge to end the war in Ukraine.

Ukrainian President Volodymyr Zelensky will also deliver a special address and take part in a question-and-answer session.

In total, 60 heads of state and government will take part in the event, including European Commission President Ursula von der Leyen and Chinese Vice Premier Ding Xuexiang.


抖阴短视频 to offer 5k聽sq. km of mining exploration opportunities in 2025: Alkhorayef

抖阴短视频 to offer 5k聽sq. km of mining exploration opportunities in 2025: Alkhorayef
Updated 15 January 2025

抖阴短视频 to offer 5k聽sq. km of mining exploration opportunities in 2025: Alkhorayef

抖阴短视频 to offer 5k聽sq. km of mining exploration opportunities in 2025: Alkhorayef

RIYADH: 抖阴短视频 is promoting upcoming exploration opportunities across 5,000 sq. km mineralized belts in 2025 as the Kingdom continues its steadfast growth in the mining sector, according to a minister. 

Speaking at the Future Minerals Forum in Riyadh on Jan. 15, 抖阴短视频鈥檚 Minister of Industry and Mineral Resources Bandar Alkhorayef said that the Kingdom鈥檚 mining sector is the fastest growing globally, with a mineral potential estimated at $2.5 trillion. 

This allocation of new exploration sites to tap mineral wealth is part of 抖阴短视频鈥檚 efforts to establish mining as the third pillar of the Kingdom鈥檚 industrial economy. 

Earlier this month, 抖阴短视频 allocated five sites for establishing mining complexes in the Makkah and Asir regions as part of the nation鈥檚 strategy to attract quality investments, enhance transparency, and support local communities.

鈥淕uided by our Vision 2030, 抖阴短视频鈥檚 mining sector has become the fastest growing globally, with a mineral potential estimated at $2.5 trillion. Our focus on regulatory frameworks, innovation, and infrastructure development has helped the Kingdom to become the top-tier destination for mining investment and exploration,鈥 said Alkhorayef. 

He added: 鈥淭his year also, we are promoting upcoming exploration opportunities across 5,000 sq. km of promising mineralized belts. Our exploration incentives program, launched only last year, is already giving results with six companies receiving funding.鈥 

Alkhorayef said that 抖阴短视频 has also launched the Mining Innovation Studio aimed at turning Riyadh into a global hub for the industry and accelerating cutting-edge technologies.

鈥淭his is just one step toward realizing Riyadh鈥檚 vision of becoming the Silicon Valley of mining,鈥 added the minister. 

During the speech, Alkhorayef said that events like FMF are crucial to elevating the mining sector and ensuring sustainable growth of the industry. 

Highlighting the progress of the forum, the Saudi minister added that the FMF has evolved and grown, with the number of attendees increasing from 3,500 in 2022 to over 20,000 in 2025. 

鈥淲ithin a few years, we could make FMF the most prominent international platform for minerals around the world, contributing to forming the future of the sector and achieving sustainable growth,鈥 said Alkhorayef. 

He added: 鈥淭his year, under the theme, 鈥楾he Year of Impact,鈥 we gather with a shared commitment to tackle some of the most pressing challenges of our times; ensuring a sustainable energy transition, addressing critical mineral shortage, and fostering economic prosperity for all.鈥 

During the talk, the minister added that this year鈥檚 FMF will also witness the launch of the first-ever regional leadership roundtable focussing on Africa, Central Asia, and Latin America to create a 鈥減owerful global minerals impact.鈥

He further said the forum will also witness several debates featuring industry leaders tackling issues such as resource depletion, sustainability, and stakeholder engagement. 

鈥淔uture Minerals Forum 2025 is promising to be a catalyst for actionable solutions and transformative change,鈥 said Alkhorayef. 


Oil Updates 鈥 crude inches up, but uncertainty over sanctions impact caps gains

Oil Updates 鈥 crude inches up, but uncertainty over sanctions impact caps gains
Updated 15 January 2025

Oil Updates 鈥 crude inches up, but uncertainty over sanctions impact caps gains

Oil Updates 鈥 crude inches up, but uncertainty over sanctions impact caps gains

SINGAPORE: Oil prices rose on Wednesday trimming losses from the previous day, as the focus turned back to potential supply disruptions from sanctions on Russian tankers, though gains were capped as the market awaited more clarity on their impact.

Brent crude futures edged up 11 cents, or 0.1 percent, to $80.03 a barrel by 8:15 a.m. Saudi time, after dropping 1.4 percent in the previous session. US West Texas Intermediate crude climbed 23 cents, or 0.3 percent, to $77.73 a barrel after a 1.6 percent decline.

Prices slipped on Tuesday after the US Energy Information Administration predicted oil would come under pressure over the next two years as supply would outpace demand.

鈥淭he dominant driver has been all about the Russian oil sanctions lately, compounded by a streak of stronger US economic data,鈥 said Yeap Jun Rong, market strategist at IG.

鈥淭he key question remains on how much Russian supply will be lost in the global market and whether alternative measures can offset the shortfall,鈥 said Yeap, adding that in the near term oil may give up some of its sharp gains from the past week.

The market also found some support on Wednesday from a drop in crude stockpiles in the US, the world鈥檚 biggest oil consumer, reported by the American Petroleum Institute late on Tuesday.

鈥淥il prices are trading firmer in early morning trading in Asia today after API numbers showed that US crude oil inventories fell more than expected over the last week,鈥 said ING analysts.

The analysts added that while crude oil stocks in the country鈥檚 flagship storage hub Cushing, Oklahoma, increased by 600,000 barrels, inventories were still historically low. Cushing in the delivery location for WTI futures contracts.

The API reported US crude oil stocks fell by 2.6 million barrels in the week ended Jan. 10, according to market sources citing the API figures. They added that gasoline inventories rose by 5.4 million barrels while distillate stocks climbed by 4.88 million barrels.

A Reuters poll showed analysts expected US crude oil stockpiles fell by about 1 million barrels in the week to Jan. 10. Stockpile data from the Energy Information Administration, the statistical arm of the US Department of Energy, is due at 6:30 p.m. Saudi time.

On Tuesday, the EIA trimmed its outlook for global demand in 2025 to 104.1 million barrels per day, while expecting supply of oil and liquid fuel to average 104.4 million bpd.

It predicted Brent prices would fall 8 percent to average $74 a barrel in 2025, then fall further to $66 a barrel in 2026, while WTI would average $70 in 2025 and fall to $62 next year.


World Economic Forum adds Aramco facility to its Global Lighthouse Network

World Economic Forum adds Aramco facility to its Global Lighthouse Network
Updated 15 January 2025

World Economic Forum adds Aramco facility to its Global Lighthouse Network

World Economic Forum adds Aramco facility to its Global Lighthouse Network
  • The network recognizes industrial sites that use advanced technologies to boost performance, operations and sustainability
  • North Ghawar Oil Producing Complex is the 5th Aramco facility to earn a place in the network

LONDON: The World Economic Forum has added Aramco鈥檚 North Ghawar Oil Producing Complex to its prestigious Global Lighthouse Network.

It is the fifth Aramco facility to earn a place in the network. The company said the addition honors its efforts to enhance operational and environmental performance.

Nasir K. Al-Naimi, the company鈥檚 upstream president, described the achievement as testament to the company鈥檚 focus on innovation and operational excellence.

鈥淚t validates our journey towards a truly digital and lower-carbon-emissions future, where technology empowers us to optimize our processes, reduce our environmental impact, and deliver exceptional value to our customers and shareholders.鈥

The Global Lighthouse Network, established by the forum in 2018 in collaboration with management consultancy McKinsey & Company, recognizes industrial facilities worldwide that have leveraged Fourth Industrial Revolution technologies to achieve measurable improvements in financial performance, operations and sustainability, and reduce environmental impacts.

The Aramco facility was one of 17 industrial sites worldwide added to the network on Tuesday. It now comprises 189 facilities worldwide, and Aramco is the only energy company represented by more than three facilities. The North Ghawar site is located in Al-Ahsa Governorate in the Eastern Province.


Four Seasons Beirut to reopen in 2026 after reconstruction

Four Seasons Beirut to reopen in 2026 after reconstruction
Updated 14 January 2025

Four Seasons Beirut to reopen in 2026 after reconstruction

Four Seasons Beirut to reopen in 2026 after reconstruction

JEDDAH: The Four Seasons Hotel in Beirut is set to reopen in the first quarter of 2026 after undergoing a comprehensive rehabilitation, according to a statement from Kingdom Holding Co.

鈥淥n the occasion of a new era for Lebanon, and under the leadership of His Excellency President Joseph Aoun, I am pleased to announce that the Four Seasons Hotel, Beirut, which Kingdom Holding built, will be entirely reconstructed and refurnished by Kingdom Beirut S.A.L and will reopen to the public in Q1 of 2026,鈥 Prince Alwaleed bin Talal, chairman of KHC, wrote on his X account on Tuesday.

Prince Alwaleed further noted that the hotel, located adjacent to Beirut鈥檚 Zaitunay Bay marina, would be upgraded to the highest international standards. The revamp is expected to position the property as one of the premier urban resorts worldwide.

The timing of the announcement follows recent diplomatic developments, including a call from Saudi Crown Prince Mohammed bin Salman to congratulate Lebanon鈥檚 new president, with an invitation to visit the Kingdom.

The Four Seasons Beirut was severely damaged in the 2020 Beirut Port explosion, which devastated much of downtown Beirut, an area once popular with Gulf tourists.

The region has since been affected by geopolitical tensions, including Hezbollah鈥檚 involvement in the Syrian war and its support for Houthis in Yemen.

Four Seasons, one of the world鈥檚 leading luxury hotel chains, has been privately owned by KHC and Cascade Investment, the investment vehicle controlled by Bill Gates, since 2007. Both KHC and Cascade own 47.5 percent stakes in the company, with the remaining 5 percent held by Triple Holdings, which represents Four Seasons鈥 founder, Isadore Sharp, according to KHC鈥檚 website.

KHC鈥檚 relationship with Four Seasons dates back to 1994, when the company first recognized the brand鈥檚 potential and invested in a minority stake through a private equity deal.