Aramco is expected to post a bumper profit for the second quarter of this fiscal on the back of high price of crude. This is the assessment of various analysts before the oil-giant discloses its financial results on Sunday.

Saudi Venture Capital Company (SVC) has funded nearly 75 startups since its birth in 2018, providing them with about $250 million.

Iraq is confident about securing a $4 billion dollar loan from the International Monetary Fund (IMF) after it restarted talks with the world’s top lending institution.

Saudi Basic Industries Corp. (SABIC) has reported a big jump in second-quarter profit as it sold more chemicals at higher prices than the previous quarter amid an increase in crude prices.

Airlines across the world took a heavy beating from the Covid pandemic lockdown, posting on the whole net losses to the tune of $126.4 billion during 2020.

A year after posting billions in losses, Saudi British Bank (SABB), an affiliate of HSBC Holdings, has posted a sizeable net profit of $245 million in the second quarter of 2021.

Egypt’s exports of engineering products spiked by 54 percent to $282 million in June 2021, compared to $180m in the same month in 2020,

Saudi Arabia has seen a sharp rise in the gaming market among its population, with total gamers running into 21 million and the market growing at 4.1 percent this year.

During the first five months of this year, the Egyptian export of iron, steel has surged 179 percent to $584, lending a much-needed boost to the economy of the North African country.

In order to advance the digital infrastructure in the kingdom, Saudi Arabia will launch a $15 billion technology fund in partnership with private companies.

Arab countries topped Egypt's food export market destinations with a value of $1.090 billion or 55%, followed by the European Union (EU) with $340 million or 14%.

During the month the Real Estate Development Fund has deposited the money into accounts of Saudi citizens benefiting from the Sakani program.

The country has seen its economy contract by more than 8 percent last year, and its pile of debt has made it more worse

The $500-billion mega city will have its own laws and regulations to govern itself.

Al-Khaleej to build a factory in Spain with an investment of $590m. It will produce 900,000 metric tons of sugar a year

Only Saudi Arabia traded more with Bahrain, with the total value reaching $781 million during the quarter Oman was followed by Kuwait, which recorded $99 million in bilateral trade in Q2 There has been an unexpected surge in trade between the United Arab Emirates (UAE) and Bahrain in the second...

The government will work with the private sector, including local and international investors, to achieve the goal The kingdom is open to discussions with heavyweights like Amazon, Google, and other players willing to invest in the kingdom Saudi Arabia is looking to transform the kingdom into the main data center...

Shuaa Capital plans to set up three blank-check companies of around $200 million each.

The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments in public transportation, railways, and airport expansion in the next ten years. According to the kingdom’s transport and logistical services...

The funding to Egyptian businesses is expected to boost job creation The funding will also go towards purchasing factory machinery and medical equipment Small and medium-size enterprises in Egypt will receive a big boost from Saudi Arabia in more than $17.25 million funding, allowing them to stay afloat. This was...

Yemen is plagued by conflict that started with Houthi insurgence Some 80 percent of Yemenis are dependent on aid To cope with a worsening humanitarian crisis in the country, Yemen would receive $150 million in aid from the World Bank to shore up the war-scarred country’s basic healthcare, nutrition, and...

The company will invest in the UK, Europe, the MENA region, South Asia, North America Sharia-compliant investment industry is available across 80 countries but remains relatively new in Western markets Ethos Invest, the UK-based firm, seeks to raise $1.38 billion through a new Shariah-compliant fund, and become the world’s largest...

Abu Dhabi’s sovereign wealth fund Mubadala Investment Company has offloaded A$363 million ($274.82 million) share in Oil Search, which has major stakes in Papua New Guinea’s emerging liquefied natural gas (LNG) sector. Mubadala sold a 4.5 percent stake in Oil Search Ltd, the oil and gas producer said in a...

The funding round was led by US investor Rubix The latest capital infusion will help the firm improve its operations Online learning may not be an ideal tool to impart education, but it sure is finding investors to fund the space. Jordanian online learning management platform Edunation has raised $3...

Floward, founded in 2017, offers same-day delivery for fresh-cut flowers The firm also announced an expansion to the UK late last year A small online flower and gift delivery firm, Floward, has attracted quite a bit of attention in the financial circles of the Middle East by raising nearly $28...

The merger would reduce costs and help increase investment returns The merged entity now boasts of assets worth $250 billion In the wake of the merger of Saudi Arabia’s two biggest funds, the kingdom can now compete with the world’s largest insurance investors. The Saudi Cabinet last week approved the...

Saudi Arabia’s Bank Aljazira will issue US-denominated capital certificates that could reach up to $500 million, the Saudi bank said in a bourse filing. The sale, conducted through a Cayman Islands-registered vehicle, will only be available to pre-selected investors in a private placement, and the certificates are redeemable after five...

The term of the board overseeing the fund expired two months ago This dispute is also delaying investment and economic reforms Kuwait’s has a mega sovereign fund worth some $600 billion, but lately it has been losing its shine as it has become a victim of vicious political confrontation between...

Annual growth in eCommerce market expected to grow by more than 6 percent Currently, only 15 to 20 percent of orders are collected at a physical location operated by courier companies Online buying has been growing in Saudi Arabia in recent years at such speed that it is now estimated...

Ambassador of Germany to the UAE 'impressed' with the free zone’s infrastructure Trade between two countries expected to grow more steeply Trade between Dubai and Germany has vaulted to more than 6 billion in 2020 and is expected to grow more steeply in the years ahead. It is projected to...

  The figure of $20 billion represented 11 percent of the country’s gross domestic product in 2019 The construction and tourism industries are expected to benefit the most from the event   Qatar hopes to gain $20 billion from hosting the World Cup in 2022. “We anticipate the contribution to...

    With its abundant sunlight and wind resources, the Middle East could be the hub of renewable energy The latest country to enter the race is Egypt with its $4 billion investment plan   Hardly a week goes by when there is not a new announcement made by a...

Minimo VFX  CEO Felix Balbas said that his company would open a regional headquarters in Riyadh The studio will enter into a joint partnership with a local company Minimo VFX, the Spanish film studio, is going to make an investment of $250 million in Saudi Arabia through a joint venture...

World’s biggest oil exporter looks for foreign investments into a sector that has $1.3 trillion in untapped potential reserve value Saudi Arabia’s mining industry has already attracted some major foreign investors Saudi Arabia intends to auction two major mining licenses in 2022 for gold, copper, and zinc as the world’s...

The company issued 30,000 sukuk with a par value of $200,000 each The sale, launched on June 9, was Aramco’s first dollar-denominated sukuk The Saudi oil giant, Aramco, has said that it completed disbursing international trust certificates for $6 billion of sukuk. The company issued 30,000 sukuk with a par...

The offering consisted of 164 million shares in the bank The Abu Dhabi Investment Council is the largest shareholder in ADCB with a 60.2 percent stake An unnamed investor holding 2.4 percent stake in Abu Dhabi Commercial Bank (ADCB) has sold his entire stake in the lender for about 1.1...

  The credit is intended to give a boost to sectors critical to the overall economy of the United Arab Emirates The transport, storage, communication and real estate among the sectors receiving credit   In order to give a boost to sectors critical to the overall economy of the United...

  More than 350,000 customers benefited from the scheme launched seven years ago The National Bank of Egypt topped banks that provided the most funding for low-income people   Seven years after Egypt began to offer loans to low-income families to own homes, Egyptian banks and mortgage finance companies have...

Goldman Sachs believes rollouts of more vaccination against Covid around the world could boost economic activity and demand for oil

 Aramco's $12.4 billion oil pipeline deal could be template for hiring Company also plans to spend about $35 billion on capital expenditure this year Saudi oil giant Aramco has roped in Morgan Stanley as the lead adviser to review a potential multibillion-dollar stake sale in its natural gas pipeline network,...

The negotiations are ongoing and there is no certainty about reaching an agreement  Based on its current share price, the stake could cost China $4.2 billion China Southern Power Grid Co. is on the verge of acquiring about 10 percent of Abu Dhabi National Energy Co. (TAQA), according to Bloomberg....

  The second offering for 2021 has increased NBD’s listed bonds to more than $5.1 billion. It was 2.3 times oversubscribed and attracted demand from the region as well as Asia, Europe and the UK Emirates NBD, Dubai’s largest lender, has listed its $750 million bond - Additional Tier 1...

Abu Dhabi to construct museums and patronize sectors like media, gaming in $6 billion spending plan The plan is part of the vision to diversify economy away from oil   Abu Dhabi will spend $6 billion over the next five years to construct museums, as well as sectors such as...

The rise has been due to remittances sent by Egyptians working abroad According to the Ministry of Planning, the reserves cover eight months of Egypt’s imports Egypt’s foreign reserves shot up to $40.3 billion at the end of May, a jump of $125 million from the month of April. The...

Oil rick kingdom had recently announced a privatization plan that includes identifying 160 projects  Saudi finance minister Al-Jadaan opened a high-level G20 conference with his Italian counterpart Daniele Franco Saudi Arabia will raise $55 billion from privatization including sale of assets and public-private partnerships, according to the kingdom’s finance minister...

Also boosting oil this week was a slowdown in talks between the United States and Iran over Tehran’s nuclear program, which reduced expectations for a rapid increase in supply of Iranian oil to the market

  Iraq got a boost from high oil prices as it made some $6 billion in oil revenues. The country is looking to buy from ExxonMobil a 32 percent stake in an oilfield     The economy of Iraq received a boost from oil revenues when the country made some...

The project is considered to be one of the largest in the world Some 114 sq km of land will be cleaned up of oil Kuwait has set itself the task to clean up its soil contaminated with crude oil from the destruction of nearly 700 oil wells in the...

The company will use its existing cash balance to buy back shares over the next 12 months It also quashes allegations of manipulating operating or financial data on the Yalla app   Social media platform Yalla’s parent company Yalla Group Limited announced on Friday, May 21, that it would buy...