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RIYADH: On a macro level, the Group of Seven nations has reached a deal to launch a “Climate Club” where they agree on joint rules and standards to fight global warming. Zooming in, the Saudi Arabian Refineries Co. has signed an initial agreement with UK-based Christof Global Impact to develop $300 million renewable energy projects. Looking at the bigger picture: • The UK is
RIYADH: Saudi stocks gained in the first trading session of the week, recovering slightly following steep declines due to fears over interest rate hikes and a potential recession. The main index, TASI, surged 1.8 percent to close at 11,513, while the parallel market, Nomu, shed 0.9 percent to 20,681. Most Gulf stock exchanges advanced in line with Saudi Arabia, with Qatar’s
RIYADH: Saudi stocks ended Wednesday with a steep decline despite a recent rebound, as the threat of a recession continued to weigh on investor sentiment. TASI, the main index, approached one of its lowest levels in months again, dropping 2.9 percent to 11,319. The parallel Nomu market also lost 1.1 percent to 20,649. Stock exchanges in Dubai, Qatar, and Abu Dhabi were down
RIYADH: Saudi Arabian Refineries Co. has signed two non-binding agreements with UK-based Christof Global Impact for the development of renewable energy projects in the Kingdom aimed at reducing carbon emissions. The first project involves constructing a refinery to produce biodiesel a carbon-negative biofuel derived from algae with an initial investment of up to SR1