• Israeli lawmakers approve revised wartime budget

    The new budget passed by a vote of 62 lawmakers to 55. It modifies the budget passed in May 2023, increasing the spending limit by 70.4 billion shekels ($19.4 billion), or more than 14 percent, according to a statement from Israel's legislature, the Knesset.
  • Mubadala Capital, Woori sign partnership

    The two firms will explore mutually beneficial investment opportunities.
  • Bitcoin surpasses $57,000 as crypto rally remains strong

    Dubai, UAE - The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market rally. The rise follows Bitcoin's climb above $54,000 on Monday, a milestone not reached since December 3, 2021. The cryptocurrency has been experiencing a bullish trend since January 11, when...
  • Red Sea Global, Riyad Bank sign agreement on $522m financing

    TABUK, SAUDI ARABIA - Red Sea Global (RSG) has completed a US$522 million (SAR2 billion) financing agreement with Riyad Bank, a press release said on Sunday. According to the release, the financing supports RSG's Joint Venture (JV) with Kingdom Holding Company (KHC), a prominent global investment company headquartered in Saudi...
  • Tunisia parliament votes to let central bank finance budget

    The parliament ratified by a huge majority of 92 votes out of 133 an amendment to an article that prohibited the central bank from financing the public treasury. The new measure allows the central bank to lend the state US$2.2 billion to be repaid without interest in 10 years after...
  • Saudi Arabia, Swiss Fund unveil billion-euro initiative for zero-emissions investments

    Riyadh, Saudi Arabia - Saudi Arabia and Swiss Fund have decided to initiate financing initiatives in the debt market in a move towards bolstering investments in zero-emissions projects. Saudi Minister of Investment, Eng. Khalid Al-Falih, announced the collaboration during a Saudi-Swiss round table meeting in Riyadh on Monday. The strategic...
  • Turkey’s inflation 65% in Jan, piles pressure on central bank

    Istanbul, Turkey - Turkey's annual inflation rate stayed stable in January at nearly 65 percent, but month-on-month consumer price increases jumped sharply following a huge minimum wage hike, official data showed Monday. The year-on-year inflation rate moved to 64.86 percent -- up a notch from 64.77 percent in December, the TUIK...
  • Societe Generale to slash 900 jobs

    The bank employs 117,500 people around the globe.
  • Aldrees Petroleum to hike capital by 33%

    The company's capital now stands at US$266 milion.
  • Global Islamic finance market to touch US$4.9trn in 2025, says Malaysian official

    Hong Kong-- The global Islamic finance market would touch US$4.9 trillion by 2025, according to Yazrin Syakhairi, Malaysian Trade Commissioner at the Consulate General of Malaysia in Hong Kong. Speaking on the sidelines of the Asian Financial Forum (AFF) in Hong Kong, Syakhairi told the Emirates News Agency (WAM) that...
  • Hub71-backed ABHI to set up global headquarters in Abu Dhabi

    DUBAI, UAE - With support from the Abu Dhabi Investment Office (ADIO), Hub71-backed ABHI, an embedded finance platform founded in Pakistan, is advancing to its next growth stage by establishing its global HQ in Abu Dhabi to grow its international operations. ABHI joined Hub71, Abu Dhabi’s global tech ecosystem, in...
  • Middle East needs strong Saudi Arabia, says kingdom’s finance minister

    Dubai, UAE-- Saudi Arabia's Finance Minister Mohammed Al-Jadaan said the Middle East needs a strong Saudi Arabia to contribute and that the future outlook looked positive despite recent shocks. The minister was speaking at Davos in a session titled "Saudi Arabia: Continuing Efforts towards a More Sustainable Economy". Al-Jadaan said...
  • CBUAE balance sheet touches US$182 billion in November 2023

    Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) saw its balance sheet soar to $182.43 billion at the end of November 2023, marking a significant surge in its financial strength. This impressive growth is revealed in the bank's latest balance sheet report. The report highlights a robust...
  • BRICS to launch bonds worth US$28bn in local currencies

    Tehran, Iran-- BRICS is preparing to launch new bonds in global markets, which will be available in local currencies rather than in the US dollar The BRICS bank, known as the New Development Bank (NDB), will soon release the bonds called ‘Maharaja Bonds’ worth $28 billion, IRNA reported on Sunday...
  • CBUAE cancels license of First Insurance Brokers Company

    ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) has cancelled the license of First Insurance Brokers Company (First Insurance), an insurance company operating in the UAE. CBUAE struck First Insurance’s name off the Register, pursuant to Article 22 (2) of the Board of Directors Resolution No.15 of...
  • Qatar National Bank forecasts world economic growth to be 2.9% in 2024

    Doha, Qatar--Qatar National Bank (QNB) expects the global economic growth to be around 2.9 percent in 2024, roughly the same rate as last year. QNB, in its weekly commentary, said, "There is no doubt that expectations for 2024 were influenced by the experience of investor sentiment from 2023, when negative...
  • Saudi insurance sector targets 25m beneficiaries by 2030

    Riyadh, Saudi Arabia - Saudi Arabia saw an 18% surge in health insurance beneficiaries in 2022, reaching a total of 11.5 million individuals by year-end, a report by the Saudi Council of Health Insurance revealed. The target is to reach 25 million beneficiaries by 2030, aiming for health insurance to...
  • Jordan’s public debt rises to $46.1bn by Oct 2023 end: Ministry

    Dubai, UAE -- Jordan's public debt till the end of October 2023 has risen to $46.1 billion, 89.6 percent of the country's GDP. The Ministry of Finance said the government had borrowed $3.8 billion in the first ten months of 2023. In December, the government approved the 2024 budget with...
  • Saudi Arabia set to open its first financial center

    Riyadh, Saudi Arabia - Saudi Arabia is poised to launch its inaugural financial center, with unified and standardized policies and guidelines, Chairman of the Steering Committee at the Ministry of Finance, Abdul Aziz Al-Furaih said during the inauguration of the Leadership Forum for the Transformation to Accrual Accounting in Riyadh....
  • GCC makes pivotal strides in development, diplomacy

    In 2023, Saudi Arabia, UAE, Qatar, Bahrain, Oman and Kuwait collectively advanced in technology and sustainable development, achieving global integration.
  • UAE insurance sector assets rise US$3.1bn in 9M 2023

    ABU DHABI, UAE - The UAE insurance sector continues to exhibit robust growth, as evidenced by a 9.6 percent increase in total assets during the first nine months of 2023, reaching US$35.8 billion (AED 131.6 billion) by the end of the third quarter. This translates to an impressive US$3.1 billion...
  • Sharjah Consultative Council okays emirate’s draft budget 2024

    Sharjah, UAE - The Sharjah Consultative Council approved the draft law regarding the budget of departments and entities of the Sharjah government for the fiscal year 2024 during its second meeting, local media reports said. The meeting was held Thursday at its headquarters in Sharjah as part of its first...
  • Qatar expects a decrease in inflation next year

    Doha, Qatar-- Inflation in Qatar is expected to fall in 2024, according to Ali bin Ahmed Al Kuwari, the Minister of Finance. In a press conference on Thursday, the minister said that the inflation witnessed in Qatar in 2023 was temporary and associated with a specific period and reasons, such...
  • ADIB, Aldar close $272m financing deal

    Aldar's total ESG financing facilities reach $1.30 billion.
  • BCI’s subsidiary secures US$100m loan from SIDF

    RIYADH, SAUDI ARABIA - Basic Chemical Industries Co.'s (BCI) subsidiary Chemical Marketing and Distribution Co. Ltd. secured a loan from the Saudi Industrial Development Fund (SIDF) to finance its project in Jubail Industrial City.  The US$100 million (SAR 376 million) loan, secured on Sunday, has a duration of seven years and three...
  • World Bank to expand climate funding in MENA by $10 billion

    Brhane said the World Bank integrated climate into all its work across the MENA region and is on track to align 100 percent of new operations with the goals of the Paris Agreement.
  • Nasdaq Dubai lists Philippines ‘ROP Sukuk Trust’ worth US$1bn

    Dubai, UAE--Nasdaq Dubai has welcomed the first Sukuk listing by the Republic of the Philippines, "ROP Sukuk Trust", underscoring the exchange's reputation as the preferred choice for sovereign issuances. The Republic of the Philippines has chosen Nasdaq Dubai to list its maiden sukuk worth US$1 billion of Trust Certificates due...
  • US pledges climate aid for cities, more private sector finance

    Samantha Power, administrator of the US Agency for International Development, is visiting the COP28 summit where nations are wrangling over whether to promise a phasedown of fossil fuels. Power, the latest senior US official to join lead negotiator John Kerry, is focusing efforts on helping developing countries adapt to the...
  • FAB partners with Engie

    They will advance solutions in financial decarbonization.
  • ADQ and Qazaqstan Investment Corporation set up ‘investment platform’

    Abu Dhabi, UAE--ADQ and Qazaqstan Investment Corporation have established a co-investment platform focused on high-growth sectors such as food and agriculture, mobility, healthcare, energy transformation and clean technology, financial services technology, and education technology. The platform aims to explore and leverage investment opportunities in Kazakhstan as well as other countries...
  • UAE to invest $20-25 bn in cash-strapped Pakistan

    Abu Dhabi, UAE - The UAE and Pakistan recently sealed a significant deal, potentially injecting between $20 to $25 billion into Pakistan's struggling economy, according to media reports. The agreements, covering diverse sectors like energy, ports, food security, and finance, were signed after a meeting between caretaker Prime Minister Anwaarul...
  • Saudi PIF secures $5 billion financing in collaboration with K-SURE

    Riyadh, Saudi Arabia -- The Public Investment Fund (PIF) and Korea Trade Insurance Corporation (K-SURE) have announced the signing of a financing agreement through which PIF has raised a term loan from a syndicate of nine top international lenders that will be covered by K-SURE. The financing carries a door-to-door...
  • Gaza war: Israel stares at $48 billion in expenses

    Dubai, UAE - The ongoing conflict between Israel and Gaza could result in a significant economic toll for Israel, with estimations pointing to a potential cost of $48 billion over the current and upcoming year, Turkey's Anadolu Agency reports. Yali Rotenberg, the chief accountant at the Israeli Ministry of Finance, was...
  • Bahrain’s BIBF partners with UpGradelle to boost digital transformation

    Manama, UAE--The Bahrain Institute of Banking and Finance (BIBF) has partnered with UpGradelle, a leading French-based consultancy firm, to develop capabilities in the field of digital transformation. The agreement was signed during the visit of Eric Giraud-Telme, the Ambassador of France, who serves to strengthen education and training ties between...
  • European banks lack transparency on green finance: NGO

    ShareAction said banks amplify "green credentials to their customers and shareholders" but there is a "structural" lack of transparency on what their green finance activities achieve. It examined the green finance commitments and activities of Europe's top 20 banks. Banks are widely criticised for slow progress on the transition to...
  • UAE a key player in global financial landscape: NYSE vice-chairman

    Abu Dhabi, UAE--The UAE has solidified its stature as a key player in the global financial landscape, through launching economic projects and initiatives that have made it an ideal partner for the NYSE in exploring new markets, said John Tuttle, Vice Chairman of the New York Stock Exchange (NYSE) and...
  • ADIB publishes ‘sustainable finance framework’ establishing criteria for borrowing

    Abu Dhabi, UAE--Abu Dhabi Islamic Bank (ADIB) has published "Sustainable Finance Framework" establishing criteria and eligibility requirements that determine which projects are labelled “green”, “social”, or “sustainable”. The framework will determine the eligibility of projects for the bank to finance or refinance, including the issuance of green, social and sustainability...
  • Crypto crackdown intensifies on Hamas finance

    Israeli and US authorities have intensified their financial hunt into Hamas in recent days as they track illicit funds via digital currencies. Ari Redbord, global policy head at crypto tracking specialist TRM Labs, said there is now less crypto transfer activity on pro-Hamas support networks as a result.
  • Saudi Electricity Company signs $3 billion financing agreement

    Riyadh, Saudi Arabia -- The Saudi Electricity Company (SEC) announced today signing a $3 billion (SAR 11.25 billion) international syndicated facility agreement with four leading banks in the region. The agreement was signed amid Riyadh's prominent global economic event, the Future Investment Initiative. The financing agreement has a tenure of...
  • New CEO appointed in SRC

    Majeed Al Abduljabbar will be the CEO from January 1, 2024.
  • Women break barriers for gender equality in finance

    This culture should recognize and value the contributions of women and prioritize their growth and development. By highlighting successful women as role models and offering mentorship and learning opportunities, we can dismantle barriers and empower women to thrive in this industry, adds the Chief People and Intellectual Capital Officer of...
  • Egypt sells MENA’s first ‘sustainable panda bonds’ in US$500m issue

    Cairo, Egypt--Egypt has issued the first sustainable Panda bonds in the Middle East and North Africa worth $500 million with a yield of 3.5% over three years, according to a statement by the Ministry of Finance. The recent bond issuance is guaranteed by international banks including the Asian Infrastructure Investment...
  • Activists term IMF, World Bank ‘worst scam of the century’

    Activists from developing nations belonging to a group called People's Alternative Global Tribunal organized themselves in the Moroccan city as the IMF and World Bank held their annual meetings. Activists testified about how the policies of the international financial institutions impacted their countries, deepening economic inequality.
  • Saudi Arabia projects 2024 budget deficit at 1.9% of GDP

    The kingdom's finance ministry estimated expenditures for 2024 to be at US$333.5 billion. According to the ministry, the projection is based on the government's fiscal objectives to expand strategic spending at the sectoral and regional levels, broaden and diversify the economic base, as well as improve public services, among others.
  • Iraq pledges to raise financial support for Kurdistan

    Days after thousands of people took to the streets in the Kurdistan region over unpaid civil service salaries which they blamed on Baghdad, the federal government said it would disburse annually to Iraqi Kurdistan two trillion and one hundred billion dinars to be paid in three equal installments of more...
  • Saudi-China Entrepreneurs Association and HKTDC sign MoU

    Hong Kong - The Saudi Arabia-China Entrepreneurs Association (SCEA) has signed a Memorandum of Understanding (MoU) with the Hong Kong Trade Development Council (HKTDC). The agreement was signed during the eighth Belt and Road Summit, a two-day event themed "Ten Years of Cooperation for Mutual Benefit," which saw participation from...
  • IsDB to finance projects worth US$800m in member states

    JEDDAH, SAUDI ARABIA - The Board of Executive Directors (BED) of the Islamic Development Bank (IsDB) approved to finance projects worth US$800 million for improving the living conditions of the people in member countries and attaining Sustainable Development Goals (SDGs). IsDB President Dr. Mohammed Al-Jasser said that the projects were...
  • QFCA, QSE sign agreement with Malaysian firm to advance bonds and sukuk

    Doha, Qatar--The Qatar Financial Centre Authority (QFCA), Qatar Stock Exchange and Malaysian Rating Corporation Berhad (MARC) have entered into a memorandum of collaboration (MoC) to pursue a range of strategic initiatives aimed at advancing the financial landscape with a specific emphasis on bonds and Sukuk The scope of the collaboration...
  • Bank of China opens in Riyadh

    It is expected to speed up the use of yuan in trade.
  • Global trade finance gap grew to record US$2.5trn in 2022: ADB

    The Asian Development Bank survey found that rising interest rates, flagging economic prospects, inflation, and geopolitical volatility reduced the capacity of banks to deliver trade financing. But at the same time, rebounding strongly after the COVID-19 pandemic, global goods exports grew in 2021 and 2022 at 26.6% and 11.5%, respectively.
  • Saudi Arabia and Singapore pledge to ramp up economic ties

    Singapore-- Saudi Arabia and Singapore have pledged to enhance economic cooperation between the two countries and also reviewed the challenges facing the global economy. In this connection Saudi Minister of Finance Mohammed Aljadaan met in Singapore with Deputy Prime Minister and Minister of Finance of Singapore, Lawrence Wong. According to...