Tech Saudi Aramco leads $30m investment in tech startup Wa’ed Ventures, the $500 million venture capital fund owned by Saudi Aramco, and Japanese conglomerate Sumitomo have invested in Zension Technologies, a consumer electronics startup. Wa’ed led the funding raise of $30 million, which also included Dubai-based Global Ventures. Based in Riyadh, Zension provides consumers with access to the latest tech devices. Instead of purchasing devices […] January 7, 2025
Opinion Banking and Finance Despite ‘greenlash’, UAE banks will stick to net zero commitment US banks may have withdrawn from the Net Zero Banking Alliance, but FAB and ADCB should stay put January 7, 2025
Tax Kuwait’s multinationals tax to raise $825m a year, says minister Kuwait expects its tax on multinational businesses to generate nearly $825 million a year, the country’s finance minister has said. Noora Al Fassam told state television on Tuesday that the 15 percent tax would affect nearly 300 companies – 45 from Kuwait and the other GCC states and about 250 from other countries. Fassam described […] January 7, 2025
Opinion Economy A roadmap for a new Syria The challenges are daunting and the stakes are high January 7, 2025
Infrastructure Iraq expects road and rail project to provide 20,000 jobs Iraq’s planned $17 billion project to build a rail line and motorway up to the border with Turkey aims to create at least 20,000 jobs for citizens, officials said. Transport minister Razzak Al-Saadawi said the Road Of Development project, which is backed by the UAE and Qatar, will include the construction of several industry cities […] January 7, 2025
Analysis Markets Private companies lead Gulf IPOs to raise $12bn in 2024 Gulf initial public offerings raised a combined $12.1 billion last year as companies across myriad sectors including retail, healthcare, energy and financial services went public, deepening and broadening the region’s stock markets. High subscription levels for 2024’s diverse listings demonstrate strong investor interest in gaining exposure to the Gulf’s oil and non-oil economies. There were […] January 7, 2025
Banking and Finance Order book for $12bn Saudi bond 3 times oversubscribed Saudi Arabia has raised $12 billion from a three-tranche bond to meet its funding needs. The tranches of $5 billion, $3 billion and $4 billion have a duration of three, six and 10 years, respectively, the National Debt Management Center (NDMC) said in a post on social messaging platform X. The total order book reached […] January 7, 2025
Economy Turkey seeks to curb foreign-currency borrowing The central bank of Turkey has further tightened access to foreign currency borrowing by businesses, while opening the door for an increase in some lira-denominated commercial loans. The country’s central bank last week announced it was lowering its ceiling on foreign currency loan growth to 1 percent a month, down from the previous upper limit […] January 7, 2025
Finance Saudi Arabia’s PIF secures $7bn investment financing Saudi Arabia’s Public Investment Fund (PIF) has raised $7 billion to finance future investments. The fund’s murabaha credit facility – a common Islamic financing tool in which buyer and seller agree to cost and markup of an asset – was supported by a syndicate of 20 international and regional financial institutions, PIF said in a statement. […] January 6, 2025
Opinion Banking and Finance The rise of AI and the fall of cash: 5 banking trends for 2025 Customers are becoming more demanding, tech is evolving and neobanks are disrupting the status quo January 6, 2025
Economy Non-oil activity hits 9-month high in UAE Non-oil activity hit a nine-month high in the UAE in December. The country logged a 55.4 rating for the month in S&P’s global purchasing managers’ index (PMI) in the non-oil economy, up from 54.2 in November. Survey respondents said new business in the UAE had expanded at the fastest rate for nine months. However, they […] January 6, 2025
Analysis Markets Investor demand lowers yield on China’s dollar bonds Strong investor demand has lowered the yield on Chinese dollar bonds originally sold in Riyadh last November to below those of United States’ 10-year treasuries. This negative spread indicates pent-up demand for similar Chinese paper and could lead Beijing to sell more debt in Saudi Arabia, which is China’s second-largest oil supplier. In mid-November, China […] January 6, 2025
Opinion Entrepreneurs Top Middle East startup trends for 2025 Investors will continue to be hesitant, but funding activity is likely to pick up after the cut in US interest rates January 6, 2025
Development US to ease Syria aid restrictions but sanctions remain The United States is to announce imminently an easing of restrictions on humanitarian aid and other basic services such as electricity to Syria. The strict US sanctions regime placed on Syria will remain, according to people briefed on the matter. The Wall Street Journal reported that the Biden administration approved the easing of restrictions over […] January 6, 2025
Analysis Oil & Gas Iraq turns to Turkmenistan to plug Iranian gas gap Iraq has always considered neighbouring Iran as a stable and reliable supplier of natural gas needed to run its power facilities, but experts now believe that alternative sources and domestic Iranian needs have put this relationship in doubt. Iran’s gas exports to Iraq have fluctuated sharply and the shortage has played havoc with Iraq’s power […] January 6, 2025
Economy Saudi Arabia estimates 2025 budget funding at $37bn Saudi Arabia will need estimated funding of SAR139 billion ($37.02 billion) in 2025 to cover the potential budget deficit. Finance minister Mohammed Al Jadaan has approved the borrowing plan, the National Debt Management Cente said in a statement. The ministry anticipates a budget deficit of SAR101 billion for the year, with nearly SAR38 billion of […] January 6, 2025
Economy Egypt targets new $3bn funding despite IMF loan Egypt aims to raise nearly $3 billion by the end of the current fiscal year, which ends in June 2025, finance minister Ahmed Kouchouk has said. The funding will be secured through diverse issuances, Reuters reported, citing an interview with Kouchouk on ONtv, an Arabic-language channel. Kouchouk said Egypt expects to receive $1.2 billion from […] January 6, 2025
Finance UAE’s Phoenix Group opens US crypto mining facility Phoenix Group, an Abu Dhabi Securities Exchange-listed company and one of the world’s leading bitcoin miners, has launched its 50 megawatt (MW) cryptocurrency mining facility in North Dakota, US. The opening of the site is part of the company’s bid to expand its capabilities and investments in the US. The company said that the facility, […] January 6, 2025
Video length: 04:13 VIDEO Tech Gulf sovereign wealth funds tilt towards emerging markets In the past 12 months Gulf sovereign wealth funds invested almost $10 billion in China, the largest such volume in history, Diego Lopez, Singapore-based managing director of Global SWF tells AGBI. This reflected a growing bias among Gulf funds towards emerging markets and domestic economies. “Every time [investment managers] are coming across a good opportunity […] January 6, 2025
Finance Turkey’s inflation falls to lowest in 18 months Inflation in Turkey eased more than anticipated in December 2024, reaching 44.4 percent, the lowest level in 18 months, according to the Turkish Statistical Institute (TurkStat). This marks the seventh consecutive monthly decline following the monetary easing from the central bank. On a monthly basis, consumer prices rose by 1.03 percent in December. Education, housing […] January 6, 2025
Finance Anti-corruption squad arrests Saudi government employees Government employees were among 145 people arrested in Saudi Arabia over corruption charges last month. The country’s Oversight and Anti-Corruption Authority (Nazaha) conducted 1,462 “oversight visits” in December, during which 390 accused individuals were investigated and the arrests made. Those involved worked for a range of government agencies including the ministries of the interior, defence, […] January 3, 2025
Mining Saudi Arabia chases 15% stake in Pakistan’s Reko Diq mine Saudi Arabia is in talks with Pakistan to acquire a 15 percent stake in one of the world’s largest undeveloped copper and gold resources, a Pakistani government minister has said. Negotiations between the two countries started last year over a minority stake in the Reko Diq copper and gold mine project in Pakistan’s southwestern Balochistan […] January 3, 2025
