Recent data on Saudi Arabia's economy showed a mixed picture for the Kingdom, with non-oil PMI trending lower in March, month-on-month, while remaining in expansionary mode, according to Jadwa Investment and official government figures.
Saudi Arabia could be just weeks away from clinching the first significant funding package for a key part of Crown Prince Mohammed bin Salman’s program to diversify the Kingdom’s economy, Bloomberg reports.
Oil rose above $67 a barrel on Friday, gaining for a fifth session, "as a stronger demand outlook and signs of economic recovery in China and the United States offset rising COVID-19 infections in some other major economies," Reuters reports.
A new paper published by the King Abdullah Petroleum Studies and Research Center (KAPSARC) in Saudi Arabia examines the Kingdom's advances in economic diversification so far under Saudi Arabia's Vision 2030 social and economic reform plans, launched in 2016.
Oil rose to around $69 a barrel on Tuesday, a day after jumping above $70 for the first time in over a year as investors focused on prospects for tighter supply due to extended OPEC+ output curbs and amid growing hopes of a recovery in demand, according to a report from Reuters.
An attempted Houthi missile and drone strike on a Saudi Aramco facility in Dhahran did not cause any loss of life or damage to property, but initial concern over the attack caused oil's price to spike on international indices before paring back those gains, Saudi authorities said.
Saudi Arabia’s Public Investment Fund (PIF) launched a new venture that will invest $3 billion in developing tourism and infrastructure in the southwestern mountainous Asir region, according to Reuters and Saudi Arabia's official press agency.
