SIB H1 net profit $189m

Salini awarded $600m contract for 400 retail units in Diriyah Square

• Diriyah Square is located at the heart of Diriyah, the City of Earth, within the unique Najdi-inspired architectural Diriyah Masterplan.
• It is designed to develop a vibrant retail district featuring a mix of 400 iconic retail, leisure, and dining brands.

UAE, Germany launch joint business council to strengthen economic ties

• The event brought together more than 150 prominent business leaders from both countries and formed part of the official visit of Dr. Al Jaber to Germany
• The establishment of the UAE-Germany Business Council reflects the strong and long-standing economic partnership between the two nations

Esports World Cup returns with record-breaking participation, global reach

• Speakers confirmed that this year’s edition will be the biggest and most remarkable to date, featuring over 2,000 players representing 200 teams
• Competitors will vie for a prize pool totaling USD 70 million across 25 tournaments, covering 24 games, including chess, Valorant, and Fatal Fury

Dubai Islamic Bank completes $1bn sovereign financing Pakistan

• The five-year facility is an innovative transaction, partially guaranteed by a Policy-Based Guarantee (PBG) from the Asian Development Bank (ADB).
• DIB acted as the Sole Islamic Global Coordinator and alongside Standard Chartered also served as the Joint Mandated Lead Arranger and Bookrunner.

Saudi chocolate industry booms with over 3,500 commercial records

• Riyadh leads the Kingdom in chocolate manufacturing, boasting 1,490 commercial records.
• Saudi Arabia is the region’s biggest market for chocolates and, in 2024, the Kingdom imported a whopping 123 million kg of chocolate.

Iran voices ‘serious doubts’ over Israel’s commitments, including the ceasefire

• According to Iran's health ministry, at least 627 civilians were killed and 4,900 injured during the 12-day war with Israel.
• Retaliatory missile attacks by Iran on Israel killed 28 people, according to Israeli authorities.

Airlines suspend or reduce flights in Middle East after Iran strikes

• Germany's Lufthansa group, whose other airlines include Swiss, Austrian and ITA, has suspended flights to the Middle East until June 30.
• Turkish airline Pegasus has scrapped flights to Iraq, Jordan and Lebanon until June 30, and Iran until July 30.

MENA Brief | June 19: GCC central banks hold interest rates steady, Diriyah House launched in London

• Saudi-based Cluster2 Airports Company signed a strategic MoU with Airbus. The agreement will see the deployment of the Agnet Turnaround platform across Cluster2’s 22 airports.
• Saudi National Bank (SNB) has issued $1.25 billion in Tier 2 bonds at a 6% profit rate under its $10 billion Euro Medium Term Note program.

MENA Brief – June 16: Netanyahu eyes Gaza breakthrough, Iran rejects talks, Trump at G7, UAE oil giant bids big

• In major energy news, Abu Dhabi’s state-owned oil company has launched an $18.7 billion takeover bid for Australia’s Santos, offering a 28% premium
• The UAE’s economic momentum remains strong: its GDP grew 4% in 2024 to AED1.77 trillion, driven by a 5% rise in non-oil sectors