HFZA inks deal with Infinite Mining & Energy to build oil refinery

UBS set to complete its takeover of Credit Suisse today

• The merger of Switzerland's two biggest banks will be complex both technically and politically, resulting in a megabank unlike the Swiss have ever seen
• "If the takeover by UBS hadn't succeeded, there would have been an international financial crisis", said Thomas Jordan, chairman of the Swiss National Bank

Arab-China Business: Saudi Environment Ministry inks MoU with Beijing Institute of Genomics 

• The two parties will discuss the possibility of establishing a national platform for research and development in genetics and biotechnology
• The MoU aims to promote the use of advanced genomics technologies, the application of biotechnology solutions in agriculture and big data

SEWA holds talks with US consulate to promote innovation for energy solutions

• The meeting also touched upon SEWA's initiatives to bring down carbon emissions and fight climate change, besides discussing the upcoming COP28 conference
• The two sides also explored potential partnerships between SEWA and American companies in innovation and sustainable development

$800bn investments set to bolster Saudi tourism

• Saudi Arabia's tourism sector, fueling a 4.45% GDP growth, is set for an $800 billion investment boost over the next decade.
• Despite the global pandemic, Saudi Arabia welcomed over 93.5 million tourists in 2022, making it the fastest-growing tourism destination

Saudi tourism sector’s GDP share roars to 4.45%: Minister

• Saudi Arabia’s tourism spending has surged 93 percent in 2022 to reach $49 billion, up from US$25.4 billion in 2021
• The number of tourism-related jobs in 2022 reached 880,000, reflecting an increase of 15 percent compared to the previous year

UAE-Turkey partnership has scaled new heights: Al Marri

• The CEPA agreement between the two countries is expected to start a new era of ties, stimulating trade, increasing investment flow, and creating jobs
• The non-oil bilateral trade is expected to increase to US$40 billion annually in five years, and at the same time create 25,000 new jobs by 2031

Divided Fed expected to rally around a US interest rate pause

• Some officials may vote to hold the benchmark lending rate at the next meeting of the Fed's rate-setting committee, while leaving the door open to a hike in July if necessary.
• The data points to a mixed economic picture, with slowing growth, a tight labor market, and inflation still well above the Fed's two percent target.

UK retail lenders withdraw fixed home-loan products, rattling market

• The total number of available mortgage products has meanwhile fallen by about five percent in just under one month
• Hargreaves Lansdown estimates 16 percent of Britons are already struggling to meet monthly mortgage repayments

Desperate Syrians recycle plastic waste to make living

• In northern Idlib province, workers at a factory making mats and rugs churn out brightly coloured recycled plastic
• The mats made from recycled plastic cost between $5 and $15, while traditional Persian-style rugs are around $100