BEIJING: Apple said it has invested $1 billion in Chinese ride hailing app Didi Chuxing, the bitter rival of US-based Uber, as the tech giant seeks to better understand its second-biggest market.
The announcement comes as Apple faces headwinds in China, where it has seen huge drops in sales of its popular electronics, but is working to expand its mobile payments service and is even believed to have ambitions for driverless cars.
Didi, formerly known as Didi Kuaidi, is China’s largest ridesharing service, and the tie up may serve as a way for Apple to get to know the Chinese market ahead of a long-rumored expansion into the transportation sector.
“We decided to make the investment for a number of strategic reasons, including the chance to learn more about certain segments of the China market,” CEO Tim Cook told Xinhua.
Apple is thought to be one of a number of tech companies, including Google and Chinese search giant Baidu, that are developing driverless cars.
The move may also be intended to help Apple expand its Apple Pay service, which faces strong Chinese competition, analysts said.
The twin prospects may help soothe investors nervous about Apple’s prospects in the Middle Kingdom.
The company’s shares have dropped more than 13 percent since April 26, when it reported its first ever fall in iPhone sales, largely due to waning interest from Chinese consumers.
On Thursday, the stock closed down 2.4 percent, losing its coveted spot as the world’s biggest publicly traded company to Google parent company Alphabet.
The fall from grace, blamed on the company’s failure to expand into the lower-priced handsets popular in developing markets, came amid a string of bad news from China.
Last month, authorities shut down Apple’s movie and book services. Adding insult to injury, it was revealed to have lost a court case over the use of its iPhone trademark.
Hoping for a turnaround, Cook will travel to Beijing later this month to lobby senior leaders.
Didi, which also has backing from Chinese Internet behemoths Tencent and Alibaba, likely hopes to use the deal to strike a death blow to US-based Uber, its main competitor for the Chinese ridesharing market.
Apple’s injection was the “single largest investment the company has ever received,” said Didi, which dominates the car-hailing sector in China and says it has almost 90 percent of the market.
Uber, which has received funding from Baidu, along with state-owned Citic Securities — is a small, but scrappy competitor.
Didi and Uber both have deep pockets and have been locked in a war of attrition for riders.
In February, Uber said it lost $1 billion annually in China as it competes for market share and Didi is thought to be dropping similar amounts as both companies subsidise users’ rides, which are much cheaper than regular cab fares.
Last September, Didi’s president Jean Liu said the company was “burning through cash,” according to a report by Bloomberg News.
Though Apple’s investment in Didi is large, the deal seems more notable for its strategic rather than financial significance.
There are “lots of opportunities for closer cooperation between the two companies,” Cook told Xinhua.
One area they are likely to explore is mobile payments, according to Chinese analysts who say the investment could be a good opportunity for Apple Pay.
The service was recently launched in China but has to contend with well established existing competitors owned by Alibaba and Tencent — now its fellow shareholders in Didi.
Didi says it has more than 300 million passengers registered and provides over 11 million rides a day — numbers that provide an excellent opportunity for Apple Pay, according to an article on Chinese web site Huxiu.
“It is undoubtedly a good value for Apple to tie up with an app that has a large user base and where frequent payments are made,” it said.
It is technically illegal in China for private cars to offer rides for payment, and authorities occasionally stage stings to arrest drivers, but regulations are not often enforced, creating an opening for ridesharing services to flourish.
Didi invested in Uber’s US rival Lyft last year, along with Alibaba and Tencent, and announced last month that it would cooperate with it to compete with Uber on its own turf.
Apple invests $1bn in taxi app Didi
Apple invests $1bn in taxi app Didi
Closing Bell: Saudi main index slips to close at 11,756
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 8.18 points, or 0.07 percent, to close at 11,756.21.
The total trading turnover of the benchmark index was SR4.27 billion ($1.13 million), as 154 of the stocks advanced and 86 retreated.
The Kingdom’s parallel market, Nomu, also lost 28.57 points, or 0.10 percent, to close at 28,570.03. This comes as 41stocks advanced while 48 retreated.
The MSCI Tadawul Index lost 3.03 points, or 0.20 percent, to close at 1,497.68.
The best-performing stock of the day was Al-Baha Investment and Development Co., whose share price surged 9.94 percent to SR3.87.
Other top performers included Saudi Reinsurance Co., whose share price rose 9.83 percent to SR48.05, as well as Anaam International Holding Group, whose share price surged 9.33 percent to SR18.74.
Mobile Telecommunication Co. Saudi Arabia recorded the most significant drop, falling 4.15 percent to SR12.46.
Arabian Internet and Communications Services Co. also saw its stock prices fall 3.66 percent to SR300.
Derayah Financial Co. also saw its stock prices decline 2.91 percent to SR30.05.
On the announcements front, SABIC Agri-Nutrients Co. announced its interim condensed consolidated financial results for the period ending on March 31.
According to a Tadawul statement, the firm reported a net profit of SR985 million in the first quarter of 2025, reflecting a 17.12 percent surge compared to the same quarter in 2024.
This increase is mainly due to a 22 percent rise in sales, an increase in the share of results from an associate and a joint venture; yet, it was limited by a jump in the cost of goods sold mainly due to the increase in primarily feedstock costs.
SABIC Agri-Nutrients Co. ended the session at SR105.40, down 0.58 percent.
Bank Albilad has also announced its interim condensed consolidated financial results for the first three months of 2025.
A bourse filing revealed that the company reported a net profit of SR700.4 million in the period ending March 31, up 8.9 percent compared to the corresponding quarter a year earlier. This rise in net profit is primarily attributed to an increase in net income from investing and financing assets, net exchange income, and net fee and commission income.
Bank Albilad ended the session at SR29.40, up 0.51 percent.
Saudi Awwal Bank has also announced its interim financial results for the period ending on March 31. According to a Tadawul statement, the firm reported a net profit of SR2.13 billion in the first quarter of 2025, reflecting a 4.5 percent rise compared to the same quarter in 2024. This increase is mainly linked to a rise in total operating income. This was partially offset by an increase in net provision for expected credit losses, and total operating expenses.
Saudi Awwal Bank ended the session at SR35.90, up 0.28 percent.
Arab National Bank announces its interim financial results for the first three months of 2025. A bourse filing revealed that the company reported a net profit of SR1.3 billion in the period ending March 3, up 5.5 percent compared to the corresponding quarter a year earlier.
Arab National Bank ended the session at SR22.32, down 1.35 percent.
Saudi Tadawul Group Holding Co. announced its interim financial results for the period ending on March 31. According to a Tadawul statement, the firm reported a net profit of SR120.5 million in the first quarter of 2025, reflecting a 40.19 percent drop compared to the same quarter in 2024. This decrease is mainly linked to a decline in operating revenues, a rise in operating expenditures, and a drop in earnings per share, as well as a reduction in gross profit coupled with a drop in operational profit.
Saudi Tadawul Group Holding Co. ended the session at SR194.00, down 1.63 percent.
Saudi Telecom Co. has announced that it will distribute SR2.74 million in interim dividends to the shareholders for the first quarter of 2025.
According to a Tadawul statement, the total number of shares eligible for dividends amounted to 4.98 billion, with the dividend per share standing at SR0.55. The statement also revealed that the dividend percentage to the share par value stood at 5.5 percent.
Saudi Telecom Co. ended the session at SR48.00, up 0.21 percent.
Oman projects 3.4% economic growth for 2025, outpacing global peers
JEDDAH: Oman expects its economy to grow by 3.4 percent in 2025, surpassing the performance of many global peers, a senior official announced at the Sultanate’s first International Investment Forum in Muscat.
Speaking at the Advantage Oman Forum on April 27 at the St. Regis Al-Mouj Muscat Resort, Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al-Yousef emphasized the event’s significance. He stated that the anticipated growth "reflects the resilience of Oman’s economy and the confidence it has earned in global markets," according to the Oman News Agency.
Al-Yousef highlighted the increasing momentum across Oman’s economic and investment sectors. “Foreign direct investment in Oman surged by 16.2 percent in the third quarter of 2024 compared to the same period in 2023. Moreover, Oman’s credit rating has been upgraded to ‘BBB-‘ with a stable outlook by S&P Global Ratings,” he added, as per ONA.
According to the Gulf state’s Foreign Ministry, the gross domestic product at constant prices grew by 1.9 percent by the end of the third quarter of 2024, reaching 28.15 billion Omani rials ($73.2 billion) at market prices, compared to 27.63 billion rials in the same period the previous year.
Preliminary data released by the National Centre for Statistics and Information in December showed that the value added by oil activities fell by 2.8 percent, totaling 8.88 billion rials by the end of the third quarter of 2024, down from 9.13 billion rials a year earlier. Oil activities accounted for 31.6 percent of GDP.
Al-Yousef also pointed to Oman’s monetary strength, saying: “The Omani rial is ranked the third strongest currency in the world in 2025. These developments underscore Oman’s strong economic fundamentals and our potential for impact-oriented investors.”
Describing the forum as a "strategic platform," he noted it gathered leading figures from across a range of industries and emphasized that Oman’s growth is bolstered by positive international indicators.
The two-day forum was inaugurated by Sayyid Shihab bin Tariq Al-Said, Deputy Prime Minister for Defense Affairs. Organized by the Ministry of Commerce, Industry and Investment Promotion, the event attracted more than 250 officials, decision-makers, and investors from regional and international markets, underscoring Oman’s emergence as an investment destination.
The first day of the conference featured five key sessions. The opening session, titled “The Shape of Things to Come,” examined megatrends expected to reshape the future of business and governance, with speakers stressing the importance of innovation and sustainability as competitive advantages. The second session, “Risky Business,” discussed strategies to promote a culture of calculated risk-taking, psychological safety, and advanced risk assessment frameworks.
In the third session, “A Defining Moment,” speakers addressed corporate responsibility in tackling climate change and biodiversity loss, advocating for the adoption of circular economies and green technologies, while emphasizing the critical role of public-private partnerships. The fourth session, “Beyond the Comfort of Certainty,” focused on balancing risk and reward in navigating uncertainty for organizational success. The final session, “Have You Heard the One About?” explored how leaders can use purposeful storytelling to reposition countries globally, attract strategic tourism and investment, and build soft power through culture, identity, and vision.
During the forum, Al-Said toured the accompanying exhibition, which showcased the participation of government entities and private sector organizations.
The second day of the event is set to feature panel discussions with key decision-makers, open forums for investor engagement, the signing of new investment agreements, and specialized roundtables addressing sectors such as tourism, logistics, mining, food security, renewable energy, and information technology, according to ONA.
IMF-World Bank meetings end with little tariff clarity, but economic foreboding
- Former Pakistan central bank chief says for many developing countries, there is a real sense of despair that the agenda on Financing for Development is really not centerstage
- During the whirlwind week, many finance and trade ministers sought to meet with US Treasury Secretary Scott Bessent and other key Trump administration officials, to no avail
WASHINGTON: Global finance leaders came to Washington this past week seeking clarity on what it would take to get some relief from President Donald Trump’s multi-layered tariff assault and on just how much pain it will bring to the world economy.
Most headed home with more questions than answers.
Many participants in the International Monetary Fund and World Bank Spring Meetings had a sense that Trump’s administration was still conflicted in its demands from trading partners hit with his sweeping tariffs. During the whirlwind week, many finance and trade ministers sought to meet with US Treasury Secretary Scott Bessent and other key Trump administration officials, to no avail. Those that did were often told to be patient — even as the clock steadily ticks down on the 90-day pause Trump had granted on the steepest levies.
Indeed, not a single deal was finalized over the course of the week despite the Trump administration touting the receipt of 18 written proposals and a full slate of negotiations.
“We are not negotiating. We are just presenting, discussing the economy,” said Polish Finance Minister Andrzej Domanski. He added that he stressed “how this uncertainty is bad for Europe, for the US I mean, it’s actually bad for everyone.”
Warnings that the tariffs — 25 percent on all US imports of vehicles, steel and aluminum and currently 10 percent for most everything else — would cause painful damage to the US and other major economies went largely unheeded by US officials.
“We know that they think — that it won’t be that bad,” Domanski said. “They think it’s a short-term pain, long-term gain. And I’m afraid that we’ll have short-term pain, long-term pain.” The Trump administration’s most substantial trade negotiations during the week were with Japan and South Korea, but the results were inconclusive as Bessent cited “productive” talks with both countries. Specific currency targets for the Japanese yen were not discussed, but both countries’ currency policies are expected to be part of future talks as the US sees currency weakness against the dollar as a nontariff barrier to American exports. The IMF took a slightly more optimistic view of the economic fallout from the highest US tariffs in more than a century, slashing growth forecasts for most countries in its World Economic Outlook but stopping far short of predicting recessions — even for the US and export-dependent China, which now faces US tariffs of 145 percent on many goods.
IMF Managing Director Kristalina Georgieva acknowledged that member countries were anxious about the uncertainty shock to a global economy buffeted by pandemic, inflation and wars but held out hope that trade negotiations would ease the tariff strains.
“We recognize that there is work under way to resolve trade disputes and reduce uncertainty,” Georgieva told reporters. “Uncertainty is really bad for business, so the sooner there is this cloud that is hanging over our heads is lifted, the better for profit, for growth, for the world economy.” Several finance officials told Reuters that odds of recession were higher than the IMF’s 37 percent chance, citing private sector forecasts.
DEBT RISKS RISE
Eric LeCompte, executive director of Jubilee USA Network, a faith-based nonprofit group advocating debt relief, said that the IMF’s forecasts were clearly aimed at preventing market panic, even as officials in private meetings expressed concerns about new debt crises emerging. “It was a do-nothing kind of week,” LeCompte said, adding that debt discussions were inconclusive and overshadowed by tariff talks.
Reza Baqir, a former Pakistan central bank governor who now heads sovereign debt advisory at Alvarez & Marsal, said: “For many developing countries, especially in the Global South, there is a real sense of despair that the agenda on Financing for Development is really not center-stage. And who is going to be there to champion that debate?” World Bank chief economist Indermit Gill also sounded an alarm on rising debt levels for emerging markets, noting that tariffs had prompted a sharp slowdown in trade and foreign direct investment that are crucial to developing country growth.
He and other World Bank and IMF officials told countries to cut their own tariffs to boost growth prospects.
NO US WITHDRAWAL
Policymakers did breathe a sigh of relief when Bessent expressed US support for the IMF and the World Bank, declaring that they have “enduring value” but criticizing their “mission creep” into climate, gender and equality issues. Rather than withdrawing from the institutions as prescribed by the Project 2025 Republican policy manifesto, Bessent said he wanted to refocus them on their core missions of economic stability and development, with expanded World Bank energy financing options and an end to China loans.
Participants at the meetings, along with financial markets, were encouraged by Bessent’s comments early in the week that triple-digit US tariffs on Chinese goods and vice versa were unsustainable, suggesting that a deal to ease them could be reached soon. But
China denied Trump’s assertions that tariff negotiations were under way with Beijing, adding to the week’s confusion over his tariffs and offering little reassurance to country delegations.
“I think most people left here bracing for things to get worse from an economic perspective,” said Josh Lipsky, a former IMF adviser who is now senior director of the Atlantic Council’s GeoEconomics Center. “The broad picture, when you step back, is very concerning.”
But a big challenge for developed countries at the moment was the recent selloff in US Treasury debt and other dollar-based assets, which indicated an erosion of trust in US economic policies, Lipsky said.
Trust in US economic leadership was the fundamental reason that the dollar had achieved reserve currency status, he said. While the US economy is too big to ignore the dollar for now, trading partners will try to seek alternatives unless that trust is repaired, he added.
Saudi Arabia’s international tourism revenue soars by 148%, leading G20 nations
RIYADH: Saudi Arabia’s tourism sector achieved a historic milestone in 2024, with international tourism revenue surging 148 percent compared to 2019 — the highest growth rate among G20 nations.
This achievement reflects the success of Vision 2030, which has firmly positioned the Kingdom as a global leader in tourism, entertainment, and innovation.
The 2024 annual performance report highlighted record-breaking pilgrim numbers, cultural milestones, and major international events, all driven by strategic investments, regulatory reforms, and transformative mega-projects.
Tourism boom
Vision 2030 unlocked Saudi Arabia’s vast tourism potential, establishing it as one of the fastest-growing global destinations.
In 2024, international tourist arrivals surged to 29.7 million, up from 18.04 million in 2016, while domestic travelers nearly doubled to 86.2 million during the same period.
Surpassing its target of 100 million visitors seven years ahead of schedule, the Kingdom has now set a bold new goal of attracting 150 million annual tourists by 2030.
Saudi Arabia’s tourism strategy is driven by mega-projects aiming to transform the travel and hospitality industry.
Pioneering projects like The Red Sea — home to carbon-neutral resorts including Shebara, St. Regis, and Ritz-Carlton Nujuma — are redefining sustainable luxury tourism. The adjacent Red Sea International Airport, the region’s first carbon-neutral terminal, strategically connects over 250 million people within a three-hour flight radius.
In Diriyah, the birthplace of the first Saudi state, 3 million visitors experienced a seamless blend of heritage and hospitality, with developments like the Bab Samhan Hotel offering modern luxury rooted in history.
Meanwhile, at Qiddiya, major entertainment attractions are nearing completion, with Aquarabia Park 81 percent finished and Six Flags Park 87 percent completed.
The Kingdom’s global tourism profile continues to rise, with accolades including AlUla being named Best Cultural Tourism Project in the Middle East, Madinah ranking among the world’s top 100 destinations, and the Asir region earning four awards for excellence in culinary and cultural storytelling.
To enhance accessibility, the Kingdom expanded its e-visa program to 66 countries by 2024, simplifying entry for millions of travelers.
Additionally, Saudi Arabia has emerged as a global leader in safety, ranking highest among G20 nations in security indicators, further solidifying its reputation as a welcoming and secure destination for international visitors.
Pilgrimage services
Serving pilgrims remains a cornerstone of Saudi Arabia’s responsibilities. Vision 2030 has transformed the Hajj and Umrah experience into a model of efficiency, accessibility, and safety.
In 2024, the Kingdom welcomed 16.9 million foreign Umrah pilgrims and 1.61 million foreign Hajj pilgrims, reflecting significant growth from 2016 levels.
Innovations like the Makkah Route Initiative, which fast-tracks visa issuance and pre-clearance in eight countries, served 322,900 pilgrims in 2024 — a rise from just 1,700 in 2017.
The Nusuk platform played a key role in improving pilgrimage planning, helping achieve an 81 percent satisfaction rate on the Pilgrim Experience Index. Transportation infrastructure, including the Haramain High-Speed Railway, the Makkah Bus Network, and the Al-Mashaer Metro Line, facilitated the movement of 69.5 million passengers between holy sites.
The Kingdom’s commitment to pilgrims’ well-being is evident in its healthcare services. In 2024, 390,000 pilgrims received medical care, and 40,000 medical staff were mobilized. Adding to that, 189 hospitals, centers, and mobile clinics were deployed, and 28 open-heart surgeries and 720 cardiac catheterizations were performed.
About 153,000 volunteers supported pilgrimage operations in 2024, up from just 3,352 in 2021, showcasing the growing culture of community service.
Hosting mega-events
Saudi Arabia’s global influence expanded across sports, esports, and entertainment in 2024.
The Kingdom secured the rights to host the 2034 FIFA World Cup, which will feature 48 national teams competing across 15 stadiums in Riyadh, Jeddah, NEOM, Al Khobar, and Abha.
The tournament will be backed by 134 training facilities and 230,000 hotel units, contributing to infrastructure development, job creation, and long-term economic impact.
In the digital realm, Saudi Arabia hosted the inaugural Esports World Cup, the largest tournament of its kind, featuring 1,500 professional players, 500 elite clubs, and 22 competitions. Team Falcons emerged as champions, and the Kingdom further solidified its leadership by winning hosting rights for the Olympic Esports Games.
Meanwhile, Riyadh Season 2024 drew 19 million visitors, with a total attendance of 76.9 million across 423 entertainment attractions.
The festival featured top-tier performances, immersive themed zones, and vibrant cultural displays, reinforcing its reputation as a global entertainment event.
Cultural renaissance
Vision 2030 has revitalized Saudi Arabia’s cultural identity, merging ancient heritage with modern creativity.
The Kingdom now boasts eight UNESCO World Heritage Sites, including the newly listed Al-Faw Archaeological Site, and 16 UNESCO Intangible Cultural Heritage elements celebrating traditions like Arabic calligraphy, Saudi coffee, and falconry.
Groundbreaking discoveries such as the Bronze Age Village of Al-Natah in AlUla have further illuminated the region’s rich history.
In arts and entertainment, the critically acclaimed film "Norah" became the first Saudi production selected for the Cannes Film Festival’s official lineup, while the Kingdom’s first Arabic opera, Zarqa Al Yamama, premiered to acclaim.
The King Salman Global Academy for Arabic Language trained 782 international students, promoting Arabic language and culture across three continents.
Economic impact
Tourism is a major driver of Saudi Arabia’s economic diversification, with sector employment reaching 966,500 workers in 2024, up from 683,000 in 2020. Women now play a critical role, with 112,000 Saudi women employed in tourism, marking a 67 percent increase.
Investment in the sector has surged from $314.67 million in 2021 to $3.95 billion by the third quarter of 2024, fueling massive infrastructure expansion, including the Kingdom’s hospitality capacity growing to 475,900 hotel rooms.
Passengers in Saudi airports rose 46% in 2024
RIYADH: Saudi Arabia’s airports handled 128 million passengers in 2024, marking a 45.8 percent increase since the launch of Vision 2030 in 2016, according to the Kingdom’s latest annual report.
In 2024, airports across the country operated 905,000 flights and managed 1.2 million tonnes of cargo, underscoring Saudi Arabia’s growing stature as a logistics and aviation hub.
Strengthening the aviation and logistics sector is a key goal outlined in Vision 2030, as the Kingdom aims to establish itself as a global center for business and tourism by the end of this decade.
“Saudi Arabia is transforming its transport ecosystem, positioning itself as a global logistics and aviation hub by 2030,” the report stated.
As part of these efforts, the Kingdom launched over 60 new routes last year under its Air Connectivity Program, with 12 new international carriers beginning operations in Saudi cities. Since its launch in 2021, the program has expanded air links with global destinations, enhancing Saudi Arabia’s prominence in global aviation.
Innovation also took flight in 2024, with Saudi Arabia debuting the region’s first autonomous air taxi pilot project during the Hajj season. Designed to transport pilgrims across holy sites and expedite emergency responses, the air taxi pilot marks a significant step forward for the Kingdom’s smart mobility initiatives. Last year, Saudi authorities also granted the first operational license for drones to clean building facades.
Transportation and logistics
Saudi Arabia’s transportation and logistics infrastructure continued its rapid growth throughout 2024. The Kingdom ranked first regionally and 20th globally in handling commercial tonnage, while its Logistics Performance Index ranking improved to 38th globally, up from 52nd in 2016.
“Saudi Arabia has embraced its strategic location as a global gateway between East and West, transforming logistics and transportation into cornerstones of economic development,” said the report.
The year saw the launch of the $346.6 million Maersk Logistics Hub at Jeddah Islamic Port, and the addition of 34 maritime services across Jeddah Islamic Port, King Abdulaziz Port in Dammam, and Jubail Commercial Port.
Further cementing its leadership, the Saudi Ports Authority, also known as Mawani, won the International Finance Award for infrastructure development, highlighting the sector’s global recognition.
Saudi Arabia also secured membership in the Council of the International Transport Forum in 2024. Commenting on the achievement at that time, Saleh Al-Jasser, minister of Transport and Logistics, noted that it reaffirms the Kingdom’s pivotal role in advancing global transport and logistics services.
Additionally, the master plan for an integrated logistics zone at King Salman International Airport received approval, reinforcing the Kingdom’s ambitions to become a world-class logistics hub.
“Under Vision 2030, the logistics sector has undergone sweeping reforms and infrastructure advancements, aiming to make the Kingdom a world-class logistics hub that enables trade, strengthens regional integration, and supports national economic diversification,” added the report.
Expanding rail transport
Saudi Arabia’s rail sector also recorded significant progress. In 2024, 13 million passengers traveled via the national rail network, a 22 percent increase compared to the previous year, while freight movement reached 28 million tonnes.
“These developments are reinforcing the Kingdom’s position as a regional leader in integrated, sustainable transport, supporting both economic growth and improved quality of life,” said the report.
The Riyadh Metro, one of the world’s largest urban transit projects, was officially launched last year.
Spanning six lines and 176 km, the metro boasts a daily capacity of 3.6 million passengers. In its first week of operation, the network transported 1.9 million passengers.
The Riyadh Metro is a major component of Saudi Arabia’s Vision 2030 strategy, aimed at reducing traffic congestion in the capital and enhancing residents’ quality of life.
