Saudi Arabia
Iran and Saudi Arabia plan joint military exercises in the Red Sea
Iran and Saudi Arabia, two major regional powers in the Middle East, are reportedly preparing to hold joint military exercises in the Red Sea.
Saudi Arabia's real gross domestic product (GDP) in the first quarter shrank 1.7% from a year earlier, preliminary government data showed on Sunday, as a decline in oil activities continued to weigh on overall growth.
Oil activities were down 11.2% in the first quarter © Mena Today
Saudi Arabia's real gross domestic product (GDP) in the first quarter shrank 1.7% from a year earlier, preliminary government data showed on Sunday, as a decline in oil activities continued to weigh on overall growth.
The kingdom's GDP shrank 3.7% in the fourth quarter of 2023. The decline in the first quarter was the third consecutive quarter of year-on-year contraction in the kingdom, hurt by cuts to oil production and lower crude prices.
Oil activities were down 11.2% in the first quarter versus the previous year, estimates from the General Authority for Statistics showed, while non-oil GDP grew 3.4% year on year and government activities increased 2%.
Reporting by Hadeel Al Sayegh
Iran and Saudi Arabia, two major regional powers in the Middle East, are reportedly preparing to hold joint military exercises in the Red Sea.
The International Monetary Fund further lowered its GDP growth forecast for Saudi Arabia for 2024 to 1.5% and estimated growth to accelerate to 4.6% next year in its latest World Economic Outlook Report released on Tuesday.
Russia wants the BRICS summit to showcase the rising clout of the non-Western world, but Moscow's partners from China, India, Brazil and the Arab world are urging President Vladimir Putin to find a way to end the war in Ukraine.
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