Trump’s next 100 days: Now comes the hard part
In a dizzying first three months, Trump wielded executive power like no other modern president, signing more than 140 orders...
Economy
Global stocks mostly rise as Trump grants auto tariff relief
Stocks moved sideways on Monday after notching four straight positive sessions last week as Trump adopted a more conciliatory posture...
Economy
Economy
EIB pledges US$535mn for Syria-Turkey quake reconstruction
Brussels, Belgium--The European Investment Bank today pledged $535 million in earthquake reconstruction and recovery package for Turkey and Syria at...
- The reconstruction package is meant to restore basic living standards for more than 1.7 million refugees hit by the earthquake
- It will focus on Turkish regions devastated by the earthquake and is designed to enhance support for restoration of basic infrastructure
Business
SRC, Alrajhi sign refinance deal
SRC is looking to expand its refinancing portfolio.
- SRC said that the agreement is the latest in a series of similar deals to support mortgage financiers and originators
- It will provide liquidity, capital management, and balance sheet de-risking solutions to enhance real estate financiers’ capacity
Geostrategy
Saudi-Iran diplomatic pact leads to prisoner swap deal in Yemen
The UN has confirmed that Yemen's Houthi rebels and its internationally recognized government have reached an agreement to exchange more...
- According to UN special envoy to Yemen Hans Grundberg, the parties "agreed on implementation plans to release 887 conflict-related detainees from all sides"
- It is almost a year since the Houthis said they had agreed to a prisoner swap that would see 1,400 rebels freed in exchange for 823 pro-government fighters
Economy
New Saudi law brings in new businesses, more FDI
The New Companies Law simplifies the procedures to set up foreign businesses in Saudi Arabia, and removes several restrictions, says...
- The New Companies Law simplifies the procedures to set up foreign businesses in Saudi Arabia, and removes several restrictions, James Swallow of PRO Partner Group tells TRENDS
- Since the new law's implementation, there has been considerable interest from companies to operate and invest in the Kingdom, says Swallow, adding that is generating employment
Economy
US government seeks to avoid ‘bailout’ label amid banking turmoil
Days after SVB's collapse this month, the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) announced that its...
- In the 2008 financial crisis, authorities spared shareholders and bondholders, said David Smith, professor of commerce at the University of Virginia
- But "there's no bailout" this time in the sense that officials are protecting depositors rather than shareholders and bondholders, Smith said.
Business
Rosneft 2022 profit at $10.5bn
Firm said non-monetary factors played a role in earnings.
- Western powers have imposed sanctions against Russia due to the Ukraine war.
- Rosneft said that the profit level forms a solid basis for paying dividends.
Science
‘Rich nations must achieve net zero carbon by 2040’
UN Secretary General Antonio Guterres called on wealthy countries to move up their goals of achieving carbon neutrality as close...
- Most rich countries have set their goal at 2050 but some are more ambitious, like Finland (2035), or Germany and Sweden (2045).
- Leaders in emerging economies must commit to reaching net zero as close as possible to 2050, he said without naming any specific nation.
Business
European banking sector is resilient, says ECB
FRANKFURT, GERMANY - The European financial system is "resilient" and has sufficient liquidity, the European Central Bank said Monday, as banking...
- Switzerland announced that UBS would buy Credit Suisse for $3.25 billion, in a bid to prevent economic turmoil from spreading.
- ECB, European Banking Authority, EU's Single Resolution Board said they welcome the actions of the Swiss authorities to ensure financial stability.
Economy
US banking regulator sells Signature Bank assets to another lender
Signature Bank was seized by the Federal Deposit Insurance Corporation (FDIC) a week ago after it imploded in the wake...
- Flagstar Bank, a subsidiary of New York Community Bancorp, will take over all the deposits and some loan portfolios of Signature Bank, the regulator said in a statement
- The collapse of SVB, Signature Bank and fellow regional lender Silvergate has sparked fears of contagion across the industry as worried customers withdraw their cash
Economy
Kuwait Oil Company declares ‘state of emergency’ after oil spill on land
Teams have been dispatched to determine the source of the leak and contain the incident, Al-Amer said, declining to give...
- The emergency followed an "oil leak in the west of the country", the state-owned company said in a statement
- Kuwait is a major oil-producing country where nearly 90 percent of government revenues come from oil
Trump’s next 100 days: Now comes the hard part
In a dizzying first three months, Trump wielded executive power like no other modern president, signing more than 140 orders...
Economy
Company News
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Al Ansari 9M profit US$105m
Business
ADIB issues green sukuk
Business
Houthi attacks idle Suez Canal, deepen Egypt’s economic woes
The man-made waterway - which officially opened in 1869 - is crucial for Egypt, earning it $9.4 billion in transit...
UAE passport most powerful in MENA region, 11th in global index
Abu Dhabi, UAE - The UAE passport has climbed two positions to secure the 11th spot in the 2024 Passport...
Economy
World adds 50% more renewable energy capacity in 2023
The International Energy Agency said that the renewable energy capacity added to energy systems went up 50 percent in 2023,...
Economy
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Infographics
Saudi, UAE report highest levels of gross debt
Among the Arab countries, Egypt recorded the highest debt-to-GDP ratio of 92.7 percent while US and China are on an...
- Developing countries spent a record $443.5 billion to service their external public and publicly guaranteed debt in 2022, the World Bank said recently.
- The increase in costs shifted scarce resources away from critical needs such as health, education, and the environment.
Business
Five new residency programs to attract talent to Saudi Arabia
These residency products offer several benefits, including the ability to conduct business and invest in Saudi Arabia, own real estate,...
- Special Talent Residency: is focused on attracting healthcare professionals, scientists, and researchers with exceptional expertise and experience.
- Entrepreneur Residency is geared towards aspiring entrepreneurs and innovators eager to launch and grow their startups in the Kingdom.
Business
Saudi Arabia raises mineral resources estimates to $2.5 trillion
The Kingdom raised its mineral resources estimates from $1.3 trillion in 2016 on the exploration of nearly 30 percent of...
- The estimates were revised for phosphate, gold and rare earths. Moreover, the Kingdom’s reserves potential grew by 90 percent, the minister said.
- Despite being one of the wealthiest countries in terms of mineral wealth, the Kingdom is the world's fourth-largest importer of minerals.