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Jordan’s king agreed with U.S. Biden on need to defuse Jerusalem tension

Jordan’s King Abdullah agreed with U.S. President Joe Biden on the need to prevent a repeat of recent confrontations in Jerusalem’s Muslim holy sites that sparked concerns of wider conflict, state media said. In a phone call on Monday, Abdullah was quoted as saying the cornerstone of peace was a comprehensive Arab Israeli settlement based on a two-state solution […]

Turkish President Erdogan plans visit to Saudi’s Crown Prince

Turkish President Tayyip Erdogan plans to visit Saudi Arabia on Thursday and meet Crown Prince Mohammed Bin Salman as Ankara tries to mend ties with Riyadh after dropping a legal case on the killing of journalist Jamal Khashoggi in Istanbul. Relations have been tense since a Saudi hit team killed Khashoggi at the kingdom’s Istanbul […]

Watercraft, Vessel, Vehicle

Saudi Arabia, France pledge $30m for Lebanon aid

France and Saudi Arabia announced a joint development fund for crisis-hit Lebanon on Tuesday, pledging an initial $30 million to support food security and the country’s crippled health sector, a French embassy statement said. The funds will be routed to humanitarian projects to provide emergency aid, including food, to the most vulnerable populations in Lebanon, […]

Dollar hits five-year high, growth concerns dent euro

The dollar hit a five-year high ahead of the expected rate hike by Federal Reserve, while the euro weakened on growth concerns after Russia cut off gas supplies to parts of the region. The dollar has gained on expectations that the US central bank will be more hawkish than peers. The Fed is expected to increase rates by 50 basis […]

Yemen’s Houthis release crew of seized Emirati cargo vessel

The Houthi movement that controls most of northern Yemen has released the crew of the United Arab Emirates cargo ship RWABEE that was seized on January 3, the group’s spokesman said. The release of the crew – 11 in all according to sources familiar with the matter – was agreed with the assistance of Oman, spokesman Mohammed […]

US energy secretary says oil, gas output will continue to increase

The US Energy Secretary said on Monday US oil and gas production is rising and will continue to rise to make up for the 1 to 1.5 million barrels of oil per day that has been pulled off the market in the wake of Russia’s invasion of Ukraine. Jennifer Granholm told CNBC the boost in US oil […]

Person, Human, Crowd

UAE summons Israeli ambassador to protest against clashes in Al-Aqsa Mosque

The United Arab Emirates has summoned the Israeli ambassador to protest against clashes at Jerusalem’s Al-Aqsa mosque, the Gulf state’s Foreign Ministry said on Tuesday. Reem bint Ebrahim Al Hashimy, UAE Minister of State for International Cooperation, stressed the need “to immediately stop these events (and) provide full protection for worshippers”, the ministry said in […]

Egypt current account deficit narrows to $3.8bn

Egypt’s current account deficit narrowed to $3.8 billion in the October-December quarter from $4.85 billion in the same period a year earlier, boosted by a jump in tourism, the central bank said in balance of payments figures released on Thursday. The figures also showed a sharp outflow of portfolio investment, which shrank to a deficit […]

Sub-Saharan Africa’s growth to slow to 3.6% this year

Sub-Saharan Africa’s economy is set to grow 3.6% this year, down from 4% in 2021, the World Bank said on Wednesday, as it warned rising food and energy prices fuelled by Russia’s war in Ukraine could spark civil unrest in the region. While it upgraded the forecast for this year by 0.1 percentage points and […]

Egypt’s foreign reserves drop by $4bn on Ukraine war shock

The March reserves figure should have included a $5 billion deposit that Saudi Arabia said it placed with Egypt’s central bank just before the end of March, indicating that the scope of the strain on reserves had been even greater. The pressure on the currency prompted the central bank to devalue the pound by 14 […]

Egypt plans to issue first sovereign sukuk

Egypt plans to issue its first sovereign sukuk before the end of the current fiscal year ending in June, Finance Minister Mohamed Maiit said in a statement onSaturday. Maait also said that Egypt plans to tap the Japanese market by offering new issues in the future. Last month, Egypt issued 60 billion yen ($489.84 million) […]

Saudi Arabia deposits $5bn in Egypt’s central bank

Saudi Arabia has deposited $5 billion in Egypt’s central bank, the Saudi state news agency reported on Wednesday, and the kingdom is expected to invest further as the Ukraine war adds to the pressure on the Egyptian economy. Last week Egypt said it was in talks with the International Monetary Fund for potential funds and […]