NEW DELHI: Apple announced Friday that it will launch its first online store in India next week, as it seeks to increase sales in one of the world’s fastest-growing smartphone markets.
The company at present uses third-party online and offline retailers to sell its products in the country.
Apple CEO Tim Cook said in a tweet that the company “can’t wait to connect with our customers and expand support in India.”
The Sept. 23 launch comes ahead of India’s major Hindu festival season beginning next month.
With a nearly 1.4 billion people, including millions of new Internet users every month, India has become a key focus of tech giants over the last few years.
In August, three contract manufacturers for Apple iPhones and South Korea’s Samsung applied for large-scale electronics manufacturing rights in India under a $6.5 billion incentive scheme announced by the government.
Apple assembles some smartphones at Foxconn and Wistron’s plants in two southern Indian states.
Apple to launch first online store in India next week
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Apple to launch first online store in India next week
- The company at present uses third-party online and offline retailers to sell its products in the country
- India has become a key focus of tech giants over the last few years
Egypt’s manufacturing index rises 3.9% in March
RIYADH: Egypt’s manufacturing and extractive industries index — excluding crude oil and petroleum products—rose by 3.9 percent in March, reaching 120.47 points, up from 115.93 in February, according to the Central Agency for Public Mobilization and Statistics.
The increase was largely driven by seasonal demand for food and a significant boost in steel rebar production, CAPMAS reported.
The monthly index, which uses the fiscal year 2012-13 as its base and reflects producer prices from January 2020 onward, is part of Egypt’s ongoing efforts to enhance industrial measurement standards.
The rise in manufacturing activity also coincides with Egypt’s strengthening economic ties with Arab markets. Total trade volume with Arab countries reached $30.5 billion in 2024—a 16 percent increase from $26.3 billion in 2023.
Egyptian exports to Arab nations rose by 18 percent to $16.2 billion, while imports grew by 14 percent to $14.3 billion. Saudi Arabia remained Egypt’s top Arab trading partner, with bilateral trade surpassing $11.3 billion. Egyptian exports to the Kingdom totaled $3.4 billion, followed by the UAE at $3.3 billion and Libya at $2 billion. On the import side, Egypt received $7.9 billion in goods from Saudi Arabia, $2.7 billion from the UAE, and $947 million from Kuwait.
Sector-wise, the food manufacturing index jumped 10.18 percent in March, rising to 160.02 from 145.24 in February—driven by Ramadan-related consumption. The base metals sector saw even sharper growth, climbing 22.89 percent to 65.92 from 53.64, largely due to heightened steel rebar production amid robust construction and infrastructure activity.
However, not all sectors fared equally. The tobacco products index plummeted by 27.44 percent to 118.84, down from 163.78 in February, reflecting a drop in cigarette consumption. Similarly, the printing and reproduction of recorded media sector fell 14.43 percent to 115.18, attributed to the seasonal completion of textbook printing contracts.
CAPMAS emphasized that the new figures reflect both seasonal trends and long-term structural shifts in Egypt’s industrial landscape.
Conflict-hit states suffer GDP losses of over 60%, says IMF’s Jihad Azour
RIYADH: Conflict-hit Middle Eastern countries have suffered severe economic shocks, with output losses surpassing 60 percent of gross domestic product in some cases, a senior International Monetary Fund official said.
Speaking at an event on Global and Regional Economic Developments and Outlook in Riyadh, Jihad Azour, director of the IMF’s Middle East and Central Asia Department, identified Lebanon, Syria, the West Bank, and Gaza as among the most affected.
The ongoing conflicts have severely disrupted economic activities, infrastructure, and trade in these areas, leading to deep recessions and humanitarian challenges that have compounded the economic fallout.
“Those countries over the last few years have been subjected to a lot of suffering, with a strong negative economic impact, with loss of outputs that could exceed 50 or 60 percent of GDP,” Azour said.
He noted that the ripple effects of these conflicts have extended beyond their immediate borders, saying: “Those conflicts did not only affect countries who were subjected … but also had an impact on the neighborhood.”
According to Azour, Egypt lost around $7 billion in Suez Canal revenues in under a year, largely due to disruptions in maritime trade routes. Meanwhile, Jordan saw a drop in tourism revenue, a sector crucial to its economic output and employment.
The director highlighted that global trade tensions are another major contributor to economic uncertainty, citing the sharp increase in tariffs.
“The rise in tariffs was extremely high. Went from something, for example, for the US — then less than 5 percent — to a peak of 30 percent. This is a big change in such a short period of time,” he said.
He emphasized that rapid developments, whether geopolitical or economic, are defining today’s global landscape, making it increasingly difficult for nations to maintain consistent projections.
“We are at a moment where history is accelerated and developments are shaped very quickly,” he said.
In contrast to the turmoil facing some countries, Azour highlighted the relative stability and resilience of the Gulf Cooperation Council economies.
Reflecting on the region’s evolving economic landscape, Azour said that diversification efforts have helped GCC nations weather global uncertainty.
“GCC economies have benefited from the effort of diversification to maintain a level of growth that could withstand any volatility in oil prices or any cut in oil production,” he said.
He continued: “Over the last three to four years, we had a sustainable level of growth around 3 to 4 percent, 5 percent in certain cases. Thanks to the reforms and to the acceleration of transformation, this has helped GCC countries to maintain a high level of growth, despite the fact that the agreement under the OPEC+ has been extended several times.”
Looking ahead, the IMF official expressed cautious optimism, suggesting that despite the current uncertain environment, the economic outlook across the region remains positive, particularly for oil-exporting nations.
“Let me first say that we expect, despite this maybe foggy background, we expect economies to recover this year across the board, in most of the countries in the region, yet the pickup of growth is going to be stronger in the oil-exporting countries, in particular in GCC, where we expect it also to increase by 1 percent this year and another 1 percent in 2026,” he said.
According to Azour, the anticipated recovery is largely fueled by strong performance and a stable contribution from non-oil sectors across the Gulf, driven by long-term diversification efforts.
He also offered a more hopeful outlook for countries affected by conflict, noting signs of stabilization and early recovery.
“We expect the post-conflict countries to preserve a certain level of growth this year and for some to start recovering,” he said.
Azour added: “The good news is inflation is still under control in most of the countries except a few where the level of inflation is still at double-digit, but for most of the countries, it’s already now getting closer to their objective set in their monetary policy.”
In a region facing mounting challenges, the IMF’s outlook underscores that reform, stability, and smart investment aren’t just options — they’re imperatives for resilience.
Human-centered travel takes priority in Saudi Arabia’s tourism vision, says minister
- Minister says Kingdom’s tourism future lies in authentic human experiences, not just infrastructure
- Ahmed Al-Khateeb stresses technology should enhance — not replace — personal interaction
RIYADH: Saudi Arabia is placing human-centered travel at the forefront of its tourism strategy, focusing on authentic cultural experiences, meaningful interactions, and community engagement as it reshapes its global tourism identity.
Tourism Minister Ahmed Al-Khateeb emphasized that this people-first approach is designed to balance the Kingdom’s rapid infrastructure development with heritage preservation and stronger community connections. The strategy, he said, forms a cornerstone of Saudi Arabia’s broader ambition to become a leading international tourism destination.
Al-Khateeb’s remarks come amid the launch of TOURISE, a new platform introduced by the Kingdom to unite global leaders across tourism, technology, investment, and sustainability. The initiative aims to foster innovation and collaboration as Saudi Arabia accelerates its tourism growth while maintaining a focus on sustainable and inclusive development.
In an interview with CNN, Al-Khateeb emphasized the importance of human connection in travel, stating: “We want the experience in travel and tourism to be human.”
While acknowledging the role of innovation, Al-Khateeb stressed that technology should enhance — not replace — personal interaction. “We will definitely always use technology, but we will encourage and protect” human interaction because travel is all about people, he said.
The recently launched TOURISE platform, unveiled in late May, is designed to serve as a global forum bringing together key players in the tourism industry. According to Al-Khateeb, the initiative will unite regulators, operators, investors, and nongovernmental organizations to shape the future of a sector that accounts for “10 percent of global GDP and 10 percent of global jobs.”
He described the initiative as “unique” in its ability to bridge government and business to foster innovation and sustainable development in tourism.
The Kingdom welcomed 30 million international visitors in 2024, a 9.5 percent increase from the previous year. This influx is part of the kingdom’s broader strategy to diversify its economy beyond oil.
Riyadh is a focal point of the Kingdom’s destination development plans. “Riyadh is top priority. Riyadh winter is the most beautiful winter in the world,” said Al-Khateeb, referencing attractions like Diriyah, King Salman Park, and the entertainment hub Qiddiya, which he described as “the largest-ever built sport, entertainment and culture city.”
Al-Khateeb pointed to the Red Sea as a top priority, noting the launch of new resorts under Red Sea Global.
“People love to visit the Red Sea, to explore the Red Sea,” he said, highlighting the region’s appeal alongside heritage tourism and Arabian hospitality.
Despite geopolitical challenges, Al-Khateeb maintained that Saudi Arabia is moving forward with confidence.
“We’re happy to see that there’s de-escalation in many areas in the region. And I think what is happening in Syria is a very positive thing, and I hope the rest of the region will follow,” he said.
“It is very normal that you have some huge investment, upload investment in a country like Saudi Arabia, this investment is exposed to, sometimes, risk — capacity, availability risk, financial risk and so on.”
“However, we know this. We have all the mitigation in place,” he added.
Looking to the future, Al-Khateeb emphasized the Kingdom’s preparations for hosting the FIFA World Cup 2034 across multiple cities, including the mountainous south.
“We are holding the World Cup in many cities in Saudi Arabia that will give the chance for the fans to explore the nature and the topography,” he said.
Among the projects is the new Mohammed bin Salman Stadium in Qiddiya, which he described as “out of this world” and offering a “different experience for fans and for the players.”
This strategic focus on human-centered tourism aligns with Saudi Arabia's Vision 2030, aiming to position the Kingdom as a leading global tourism destination.
Riyadh airport tops Saudi on-time performance rankings in April: GACA data
- Saudia reported an 89% on-time rate for arrivals and departures
- Riyadh–Amman route recorded the highest on-time performance at 97%
JEDDAH: Saudi Arabia’s King Khalid International Airport recorded the highest on-time departure rate among the Kingdom’s international airports in April, achieving 90 percent punctuality, official data showed.
According to the monthly report published by the General Authority of Civil Aviation, the Riyadh-based hub outperformed larger airports such as Jeddah’s King Abdulaziz International, the Saudi Press Agency reported.
The report comes as Saudi Arabia continues to push operational upgrades under its National Aviation Strategy, part of the broader Vision 2030 plan to position the Kingdom as a regional air transit hub.
“The report issued in April 2025 indicated that King Khalid International Airport in Riyadh, King Fahd International Airport in Dammam, Abha International Airport, Neom International Airport, Turaif Airport, and Wadi Al-Dawasir Airport topped the advanced positions in the report,” the SPA report stated.
The rankings are based on data compiled by Matarat Holding Co. and exclude canceled flights. Performance is measured by flights departing or arriving within 15 minutes of their scheduled times.
In the category of international airports handling more than 15 million passengers annually, the Jeddah-based King Abdulaziz International Airport recorded a punctuality rate of 78 percent, according to the study.
For international airports serving between 5 million and 15 million passengers annually, King Fahd International Airport in Dammam secured the highest ranking with an on-time performance of 87 percent. Prince Mohammad bin Abdulaziz International Airport in Madinah, which also falls under this category, recorded a 72 percent rate.
In the segment of international airports accommodating between 2 million and 5 million passengers annually, Abha International Airport posted the highest punctuality rate at 91 percent. This was followed by King Abdullah bin Abdulaziz Airport in Jizan with 90 percent, and Tabuk Airport with 82 percent.
NEOM Bay International Airport led among international airports with fewer than 2 million passengers annually, achieving a 95 percent on-time departure rate. Other strong performers in this category included Al-Ahsa International Airport at 93 percent and Najran Airport at 89 percent.
Turaif and Wadi Al-Dawasir airports recorded perfect performance among domestic flight hubs, achieving 100 percent on-time departures. King Saud bin Abdulaziz Airport in Al-Baha followed closely with 99 percent, while Bisha Airport posted 94 percent.
At the airline level, national flag carrier Saudia reported an 89 percent on-time rate for arrivals and departures. Meanwhile, flynas achieved 86 percent for arrivals and 91 percent for departures, while flyadeal recorded 87 percent and 91 percent, respectively.
Regarding specific flight routes, the Riyadh–Abha domestic passage maintained a strong on-time departure rate of 96 percent. Other high-performing domestic routes included Riyadh–Tabuk and Riyadh–Dammam, both at 96 percent, while the Jizan–Riyadh route sustained its previous month’s rate of 95 percent.
Internationally, the Riyadh–Amman route recorded the highest on-time performance at 97 percent, followed by Riyadh–Bahrain at 94 percent, Riyadh–Dubai at 93 percent, and Riyadh–Kuwait at 92 percent. The Jeddah–Amman route also achieved a 94 percent punctuality rate.
Kuwait authorizes Investment Authority to borrow abroad, central bank to borrow domestically
- Law allows the government to issue financial instruments with maturities of up to 50 years
KUWAIT CITY: Kuwait’s minister of finance has authorized the country’s Investment Authority to carry out foreign borrowing operations and the Central Bank of Kuwait to conduct domestic borrowing operations on behalf of the ministry.
In March, Kuwait issued a decree law on public debt that outlined a framework for managing public borrowing, as the country prepares to return to global debt markets for the first time in eight years.
The law allows the government to issue financial instruments with maturities of up to 50 years and sets a ceiling for public debt at 30 billion Kuwaiti dinars ($97.9 billion), or its equivalent, in major convertible foreign currencies, said a statement on the official gazette.
Article 1 of the decision, signed by Finance Minister Noura Al-Fusam, authorizes the Central Bank of Kuwait, on behalf of the Ministry of Finance and “in coordination and consultation” with it, to carry out borrowing operations in Kuwaiti dinars or major convertible foreign currencies within the state “in accordance with recognized financial instruments and methods.”
Article 2 authorizes the Kuwait Investment Authority, on behalf of the Ministry of Finance and “in coordination and consultation” with it, to carry out borrowing operations in major convertible foreign currencies in global markets “in accordance with recognized financial instruments and methods.”
The last time Kuwait issued bonds was in 2017.
