German Diplomatic Tour Calls for Gaza Ceasefire Amid Expanding Saudi-American Business Ties and Economic Developments
German Foreign Minister Annalena Baerbock urges Gaza truce during Middle East tour as IMF notes Saudi economic resilience amidst oil sector challenges.
German Foreign Minister Annalena Baerbock has begun a diplomatic tour of the Middle East to call for a Gaza truce and coordinate humanitarian aid. Focusing on a US-proposed ceasefire plan, she visits Saudi Arabia, Jordan, Israel, and the West Bank amid significant casualties in the conflict.
Meanwhile, in the business sphere, American Express has expanded its point-of-sale acceptance in Saudi Arabia by an impressive 180% and aims for 90% coverage by 2025. This initiative, highlighted at the 24 Fintech conference in Riyadh, is part of Saudi Arabia's larger goal of achieving 70% non-cash transactions by 2030.
Speaking of Saudi Arabia, the IMF's 2024 review has noted significant economic progress under Vision 2030 despite challenges in the oil sector. With a 0.8% GDP contraction due to oil cuts, the country saw the non-oil sector grow by 3.8%, driven by private consumption and investment.
However, the energy sector took a toll on the Saudi stock market, with the Tadawul All Share Index (TASI) slipping by 52.23 points due to declines in major companies like Saudi Aramco and Aldrees. Despite this, Al Rajhi Bank saw an uptick, showing some resilience in the financial sector.
On a lighter note, the Saudi Falcons aerobatic team wowed audiences at the Egypt International Air Show 2024, which was inaugurated by Egyptian President Abdel Fattah El-Sisi. The event, featuring over 300 aviation and aerospace companies, highlights advancements in defense, space, and commercial aviation.
Finally, tying it all together, Saudi Foreign Minister Prince Faisal bin Farhan discussed the Gaza crisis and strengthened bilateral ties with French Foreign Minister Stéphane Séjourné and EU High Representative Josep Borrell. Their meeting underscores ongoing efforts to navigate regional developments and reinforce international cooperation.
Meanwhile, in the business sphere, American Express has expanded its point-of-sale acceptance in Saudi Arabia by an impressive 180% and aims for 90% coverage by 2025. This initiative, highlighted at the 24 Fintech conference in Riyadh, is part of Saudi Arabia's larger goal of achieving 70% non-cash transactions by 2030.
Speaking of Saudi Arabia, the IMF's 2024 review has noted significant economic progress under Vision 2030 despite challenges in the oil sector. With a 0.8% GDP contraction due to oil cuts, the country saw the non-oil sector grow by 3.8%, driven by private consumption and investment.
However, the energy sector took a toll on the Saudi stock market, with the Tadawul All Share Index (TASI) slipping by 52.23 points due to declines in major companies like Saudi Aramco and Aldrees. Despite this, Al Rajhi Bank saw an uptick, showing some resilience in the financial sector.
On a lighter note, the Saudi Falcons aerobatic team wowed audiences at the Egypt International Air Show 2024, which was inaugurated by Egyptian President Abdel Fattah El-Sisi. The event, featuring over 300 aviation and aerospace companies, highlights advancements in defense, space, and commercial aviation.
Finally, tying it all together, Saudi Foreign Minister Prince Faisal bin Farhan discussed the Gaza crisis and strengthened bilateral ties with French Foreign Minister Stéphane Séjourné and EU High Representative Josep Borrell. Their meeting underscores ongoing efforts to navigate regional developments and reinforce international cooperation.
