RIYADH: UAE Islamic banks saw their asset values rise to 703 billion dirhams ($191.4 billion) by the end of 2023 in what was an 11 percent annual increase, official data showed. Figures released by the Central Bank of the UAE revealed this was a jump from 630.7 billion dirhams in December 2022, marking a growth of 72.4 billion … Read more
RIYADH: Egypt’s currency was stable at around 49.5 pounds to the dollar as the market opened on Thursday, a day after the central bank let the currency plunge and pledged to shift to a more flexible exchange rate system as the country secured an expanded $8 billion program with the IMF. The pound stayed in the … Read more
Saudi Ministry of Industry launches advanced license to support construction investors RIYADH: Investors in Saudi Arabia will benefit from a new license aimed at reducing the bureaucracy involved in getting construction projects off the ground. According to a statement, the Ministry of Industry and Mineral Resources inaugurated the new service, which provides documents in accordance … Read more
CAIRO: The International Monetary Fund said on Sunday that larger declines in oil prices or extended OPEC+ cuts could weigh on Iraq’s fiscal and external accounts. “Iraq needs to increase non-oil exports and government revenue, and reduce the economy’s vulnerability to oil price shocks,” they said in a concluding statement.
SAO PAULO: Saudi Arabia is in overdrive to diversify its economy away from oil by exploring all available opportunities available domestically and abroad. This very quest took Saudi Investment Minister Khalid Al-Falih to several nations in Latin America between July and August 2023. The aim of the tour was to explore avenues for economic cooperation. The … Read more
RIYADH: Saudi Arabia is poised for a 105 percent surge in average wealth per person in the next 10 years, jumping from the current $54,000, a new study showed. According to Henley & Partners’ BRICS Wealth Report, the Kingdom presently holds the sixth position within the bloc in terms of high-net-worth individuals. The consulting agency … Read more
RIYADH: The global merger and acquisition market witnessed a 15 percent drop year-on-year to $3.2 trillion in 2023, marking its lowest level in a decade, according to recent findings. Dealmakers grappled with several obstacles, including high interest rates, increased regulatory scrutiny, and mixed macroeconomic signals, forcing them to be more selective in their pursuit of … Read more
HOUSTON/SINGAPORE: Oil prices were mixed on Tuesday, after posting losses the previous session, as broad economic concerns outweighed continued tensions in the Middle East that led to more tanker diversions, according to Reuters. Brent crude futures gained 3 cents, or about 0.04 percent, to $78.15 a barrel at 9:47 a.m. Saudi time. The contract had … Read more
WASHINGTON: US Treasury Secretary Janet Yellen pledged support for Egypt’s economy and reforms after meeting with the North African nation’s authorities on Tuesday in Washington amid talks over expanding Egypt’s $3 billion International Monetary Fund loan program. The Egyptian officials, including the country’s finance minister and central bank governor, also were due to meet with … Read more
BRUSSELS: The EU has set targets to dig up, recycle and refine lithium, cobalt and other metals it needs for its green transition, but a shortage of new money, crippling energy costs and local opposition could put them beyond reach. The bloc will likely need to find ways to trim demand, find substitute materials and forge … Read more