Opec's export revenue surged 43% last year amid high crude prices, EIA says
Opec's export revenue surged by nearly 43 per cent last year as Russia's war in Ukraine resulted in higher crude prices, according to the US Energy Information Administration.
The group’s net oil export revenue rose to $888 billion in 2022, from $622 billion a year earlier, the statistical arm of the US Department of Energy has said.
“The increase in net export revenue in 2022 is mostly attributable to higher crude oil prices, and to a lesser degree to higher petroleum liquids production,” the EIA said.
Brent, the benchmark for two thirds of the world’s oil, surged to nearly $140 a barrel after Moscow’s military offensive against Ukraine began in February last year.
The international benchmark has since given all up of its gains and is now trading below $80 a barrel as Russian crude supply remains steady and economic slowdown concerns weigh on investor sentiment.
Thursday, 29 June 2023
#SaudiArabia's Falak Investment Hub seeks to grow funding for start-ups
Saudi Arabia's Falak Investment Hub seeks to grow funding for start-ups
Saudi venture capital company Falak Investment Hub is seeking to grow its start-up funding base in line with the kingdom's ambitions to position itself as a hub for emerging technology companies, its chief executive has said.
The Riyadh-based company has helped businesses to raise more than 400 million Saudi riyals ($107 million), largely through a network of angel investors, Adwa Al Dakheel told The National in an interview.
This is on top of the 20 million riyals that Falak has invested to help accelerate the development of start-ups, which it also plans to boost by seeking the right partnerships, she said.
Falak, which has introduced more than 100 start-ups into the Saudi ecosystem since it started in 2018, is implementing a core strategy of increasing the know-how of angel investors so they can add more value when they invest in a company, Ms Al Dakheel said.
Saudi venture capital company Falak Investment Hub is seeking to grow its start-up funding base in line with the kingdom's ambitions to position itself as a hub for emerging technology companies, its chief executive has said.
The Riyadh-based company has helped businesses to raise more than 400 million Saudi riyals ($107 million), largely through a network of angel investors, Adwa Al Dakheel told The National in an interview.
This is on top of the 20 million riyals that Falak has invested to help accelerate the development of start-ups, which it also plans to boost by seeking the right partnerships, she said.
Falak, which has introduced more than 100 start-ups into the Saudi ecosystem since it started in 2018, is implementing a core strategy of increasing the know-how of angel investors so they can add more value when they invest in a company, Ms Al Dakheel said.
#Saudi citizens unemployment at 8.5% in Q1 2023 - official data | Reuters
Saudi citizens unemployment at 8.5% in Q1 2023 - official data | Reuters
Unemployment among Saudi citizens increased to 8.5% in the first quarter of 2023, compared to 8% in the fourth quarter of 2022, the Saudi general authority for Statistics said on Thursday.
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