Economy Saudi Arabia and Qatar to settle Syria’s World Bank debt Saudi Arabia and Qatar have jointly agreed to cover Syria’s arrears of $15 million with the World Bank. “This commitment will pave the way for the World Bank Group to resume support and operations in Syria after a suspension of more than fourteen years,” Saudi Arabia’s finance ministry said in a statement, according to UAE […] April 28, 2025
Opinion Markets Saudi Arabia needs foreign investors more than ever Better IPO access could unlock billions for Vision 2030 April 28, 2025
Finance Saudi Exim Bank’s credit doubling aids non-oil growth The Saudi Export-Import Bank (SEIB) doubled its credit facilities last year, helping to develop non-oil exports of the world’s second largest oil producer, the local Arab News reported. Credit facilities jumped 103 percent to SAR33.5 billion ($8.9 billion) compared with the year before, with export financing rising 70 percent to around SAR12 billion, the newspaper […] April 28, 2025
Analysis Markets Market volatility adds allure to utilities and telecoms In a month of wild market swings, Gulf equity investors have felt panic, trepidation, bewilderment and more. With further volatility probable, experts say a prudent strategy is to focus on defensive sectors less exposed to the global economy. Gulf bourses tumbled in early April, along with the US dollar and oil prices, after President Donald […] April 28, 2025
Video length: 3:09 VIDEO EXCLUSIVE Economy Egypt’s prosperity rests on private sector, says billionaire Sawiris Egypt’s second-richest man Naguib Sawiris has predicted a long-awaited turnaround in the country’s private sector. Sawiris told AGBI that it had taken the Egyptian government a long time to acknowledge the importance of the private sector, but that it now knows that the country’s economic future rests on it. “The private sector is the most […] April 25, 2025
Trade US-driven trade war forces Mubadala to change ‘assumptions’ Abu Dhabi sovereign wealth fund Mubadala Investment Company said it will take more time to consider its investments and is changing its “base case assumptions” against the backdrop of heightened global trade tensions driven by the US. The fund, which has more than $300 billion of assets under management in over 50 countries around the […] April 25, 2025
Economy IMF praises GCC economic diversification efforts Senior International Monetary Fund officials commended Gulf states this week for their efforts to expand sources of economic growth and fiscal revenue beyond oil. They also urged more intra-GCC trade, as global commerce is roiled by steep and volatile US tariffs. “I have a lot of praise to offer because they have been pursuing reforms […] April 25, 2025
Banking & Finance Dubai Islamic Bank reports first quarter profit increase Dubai Islamic Bank’s profits rose in the first quarter of this year, as deposits increased by more than a third and the non-performing financing ratio improved. Net profit after taxes rose 8 percent annually to AED1.8 billion ($490 million) in the first three months of 2025, driven by quality growth in earning assets. Pre-tax profit […] April 25, 2025
Banking & Finance Lebanon passes banking secrecy law Lebanon’s parliament on Thursday passed a new banking secrecy law allowing authorised entities to access records from the last decade, a long-awaited measure demanded by the International Monetary Fund to set the country’s shattered economy on track. It is parliament’s third attempt at amending banking secrecy regulations in Lebanon, after previous versions were considered by […] April 25, 2025
Economy UK lifts sanctions on Syria Britain said on Thursday it would support efforts to rebuild Syria’s financial system by removing sanctions to encourage investments in financial services, energy production and other sectors. London also lifted asset freezes on Syria’s Defence and Interior Ministries and a range of intelligence agencies, reversing penalties imposed during Bashar al-Assad’s presidency. The West is rethinking […] April 25, 2025
Markets Fuel delivery startup Cafu considers IPO Fuel-on-demand vehicle service Cafu is working on selling shares in an initial public offering (IPO). The UAE-based startup, founded in 2018, is working with financial advisory and asset management company Lazard, Bloomberg reported this week, without identifying its sources. Bloomberg said the Cafu IPO discussions are at a preliminary stage and no final decisions have […] April 25, 2025
Finance First Abu Dhabi among banks for Adani’s $750m loan India’s Adani Group is in discussions with a group of lenders including First Abu Dhabi (FAB) bank to secure a loan of as much as $750 million for its airport division. The other lenders are Barclays and Standard Chartered Bank, Bloomberg reported this week, without identifying its sources. The funds raised will be used to […] April 25, 2025
Finance Demand grows for Islamic banking in Oman Demand for shariah-compliant Islamic banking services in Oman has rocketed over the past four years despite the dominance of conventional banks. High demand was reflected in a sharp increase in deposits with the Gulf country’s two Islamic banks, the Beirut-based Union of Arab Banks (UAB) said. Deposits with Bank Nizwa and Alizz Islamic Bank, the […] April 25, 2025
Banking & Finance Mubadala and Fortress form $1bn private credit partnership Abu Dhabi’s Mubadala Investment Company has entered into a $1 billion strategic partnership with New York-based Fortress Investment Group to invest in private credit, the companies said on Thursday. Private credit has expanded in recent years, attracting investments from some of the world’s largest asset managers, as stricter regulations make it more expensive for traditional lenders to finance riskier […] April 24, 2025
Analysis Construction Quake lends urgency to Istanbul rebuild programme Istanbul, Turkey’s economic hub, has received a timely reminder that it is at the centre of a high-risk earthquake zone, having been rattled by a tremor of magnitude 6.2 on Wednesday. The hope is that the quake will jolt the city authorities into action to speed up a slow-moving building renewal scheme. Damage from the […] April 24, 2025
Analysis Economy Ratings agency moves Bahrain outlook to negative A major ratings agency has downgraded its outlook on Bahrain to negative, warning that fiscal reforms may be insufficient to lower the kingdom’s debt-to-GDP ratio and that foreign currency reserves remain weak. Lower oil prices and reduced crude production due to maintenance work at Bahrain’s Abu Safah oil field, which it shares with Saudi Arabia, […] April 24, 2025
Editor's Insight Trade India and Saudi Arabia’s common bonds Events may have overshadowed Narendra Modi’s trip to Jeddah this week – the Indian prime minister was forced to cut his visit short because of an attack in Kashmir – but there was much for him to discuss with his Saudi hosts. Amid market volatility and the new dispensation from Washington, Saudi Arabia and India – […] April 24, 2025
Energy Lebanon receives $250m World Bank loan to ease power problems The World Bank has granted Lebanon a $250 million loan aimed at helping to alleviate persistent power cuts worsened by last year’s war between Israel and Hezbollah, the country’s finance ministry said on Thursday. Even before the conflict, Lebanon had for years been struggling with a severe shortage of imported fuel and poor infrastructure. Following the conflict, however, […] April 24, 2025
Banking & Finance ADIB profit up 18% on increased lending and fee income Abu Dhabi Islamic Bank (ADIB) reported a double-digit growth in net profit for the first quarter, on the back of an increase in lending and income from fees and commissions. The bank, which is ranked by Forbes as the Middle East’s 12th most valuable lender, reported a net profit after tax of AED1.7 billion ($463 […] April 24, 2025
Trade New oil refineries in India among Saudi trade deals Saudi Arabia and India have strengthened their trade partnership in the areas of energy, defence, tourism and culture following a visit by Indian prime minister Narendra Modi this week. Energy sector agreements include plans for two new oil refineries in India and collaboration on petrochemicals, electricity, renewable energy and climate policy, Bloomberg reported. The countries, […] April 24, 2025
