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 five...

Majeed Al Abduljabbar will be the CEO from January 1, 2024.

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...

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 Bank...

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.

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.

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...

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...

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 approved...

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...

It is expected to speed up the use of yuan in trade.

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.

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 Saudi Press...

Amman, Jordan--Jordan has succeeded in securing US$1.9 billion in foreign aid and negotiations are underway to ramp it to $3.2 billion by the end of the year.Addressing Jordan's financial assistance at a forum convened by the government on the shores of the Dead Sea on Friday, Minister of Planning and...

JOHANNESBURG, SOUTH AFRICA - Algerian Minister of Finance Laaziz Faid discussed with South African Finance Minister Enoch Godongwan, ways to enhance economic cooperation between the two countries.During the meeting on Thursday, the two ministers discussed the available opportunities to enhance trade exchange and joint investment, with the aim of achieving...

Cairo, Egypt-- Arab Parliament on Monday endorsed the call for victims of terrorism in the Arab world to be supported "financially and economically" to overcome tragedies. The parliament said that those affected by the evil claws of terrorism in the Arab world must be supported to overcome their tragedies.The call...

Net profit was affected by higher interest rate.

Muscat, Oman--Looking to address its mounting debt, Oman Air has backed a restructuring program to reduce its losses by 15 percent in the ongoing fiscal year while aiming to reach a break-even point by 2026.  The airline in May made a forecast of reducing its net loss by a further 56...

Dubai, UAE -- The United Arab Emirates Sunday launched Ministry of Finance's Strategic Plan 2023-26 aimed at accelerating government performance through financial empowerment, sustainability, innovation and future foresight, financial leadership and sustainable development.Deputy Ruler of Dubai and Minister of Finance Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, who launched...

Riyadh, Saudi Arabia-- Saudi Arabia has signed a $77 million loan agreement with Belize to set up a solar power plant in the Central American country.In this connection, the CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, today signed a loan agreement with the Prime Minister...

Firm's EBITDA rose 12.7% y-o-y to $127 million in H1 2023.

DUBAI, UAE – UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri highlighted the importance of collective action and collective finance to strengthen sustainable development.She also called upon G20 countries to fulfill their commitment to providing the pledged financial support for global climate initiatives.Almheiri addressed the G20...

ABU DHABI, UAE - The UAE Ministry of Finance (MoF) on Saturday announced administrative penalties for violations related to the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses. The penalties will be imposed on Taxable Persons, whether an individual or a legal entity, who do...

The money transfer firm plans to set up base across the GCC.

The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry said. More than 92 percent of revenues came from oil after prices surged following last year's Russian invasion of Ukraine.

In a UAE's first, Istikrar will offer long-term, fixed-rate home finance.

Indian Finance Minister Nirmala Sitharaman, chair and host of the summit in Gandhinagar, began by telling finance leaders of "the responsibility we have... to steer the global economy towards strong, sustainable, balanced and inclusive growth". Talks will also focus on "critical global issues such as strengthening the multilateral development banks...

The deal between the two countries will include partnership on irregular migration, economic development and renewable energy. Tunisia has been criticized over its treatment of migrants after President Kais Saied accused "hordes" of migrants from sub-Saharan African countries of a "plot" to change the country's demographic makeup.

Abu Dhabi, UAE -- NEOPLY, a South Korean blockchain technology company, will establish its global headquarters in Abu Dhabi, the Abu Dhabi Investment Office (ADIO) said Monday and added that the move underscores emirate's appeal as a magnet for innovation-driven companies.NEOPLY provides a decentralized finance (DeFi) platform and a variety...

Dubai, UAE--The UAE's financial advisory market is expected to reach a market volume of nearly $239 billion by the end of this year.According to Bas Kooijman, CEO and Asset Manager of DHF Capital S.A., the UAE's ultra-high-net-worth individuals (UHNWI) demographic is projected to grow at a compound annual growth rate...

Washington, United States--One year after its ruling to erase abortion rights, the conservative-dominated US Supreme Court has underscored its determination to push society sharply to the right by scrapping long-established progressive policies.In emphatic rulings this week the court banned universities from giving minorities priority in admissions -- so-called "affirmative action" --...

A former assistant of Riad Salameh, the governor of Lebanon's central bank, has been charged with money laundering by France. Last year, France, Germany and Luxembourg seized assets worth $130mn in a move linked to a probe into Salameh's wealth. He is accused of having amassed a fortune during his...

Dubai, UAE--The UAE and Russia have held the second round of negotiations on the double taxation agreement on income and capital. The talks follow the ministry’s efforts to further strengthen cooperation frameworks for tax matters, provide full protection to taxpayers from double taxation and avoid the obstruction of the free...

The coming months are likely to be "bumpy", warned UBS chief Sergio Ermotti on Friday, adding the integration will come with "waves" of difficult decisions, particularly regarding employment. The country's leading bank UBS was forced into a marriage to prevent its rival from going under, but it hasn't waited for...

Erdogan was sworn in on Saturday after winning a historic election runoff on May 28 and named a new cabinet appointing market-friendly politician Mehmet Simsek as finance minister.

Tourism and Finance were the next flourishing sectors named in the poll in which the majority of the respondents were in the 20-29 age group and mostly from Egypt.

Dubai, UAE - Standard Chartered will partner with the Dubai International Financial Centre (DIFC) in hosting the DIFC Treasury Leadership Forum, which will bring together senior treasurers from leading banks, multinationals and services providers to focus on how to optimize treasury operations for growth and the key trends shaping treasury...

Dubai, UAE-- In order to fulfill demand for working capital in Africa, DP World has partnered with Standard Bank, the largest bank in Africa by assets, to offer trade finance solutions jointly with DP World Trade Finance.African companies looking for trade finance will now be able to seamlessly access working...

Parliament also announced an investigation into Bashagha. The chamber, backed by military strongman Khalifa Haftar, had picked Bashagha in February last year to lead a government to replace that of Prime Minister Abdulhamid Dbeibah, who sits in Tripoli.

Jeddah, Saudi Arabia--The Islamic Development Bank (IsDB) Group has signed 77 financing agreements worth $5.4 billion with 24 member countries during its annual meeting in Jeddah. The four-day event hosted dozens of agreements, panels, summits, and business-to-business meetings with the high-level participation of its member countries.The agreements aim to develop...

The profit rose to US$22mn on the back of higher revenue.

China aims to play a more central role in the Gulf region, focusing on investment opportunities beyond the oil and energy relationship.

ABU DHABI, UAE -  Abu Dhabi Fund for Development (ADFD) has signed an agreement with the government of Mauritania to finance a project aimed at providing potable water to the city of Kiffa, which will be sourced from the Senegal River.The contribution from the ADFD towards this strategic project amounts...

Amman, Jordan-- Seeking to widen its economic and trade ties with Jordan, the Iraqi Business Council (IBC) will organize the Jordanian-Iraqi Business and Finance Forum next month in Amman, under the theme: "Building Bridges of Common Prosperity," with “wide” participation from the two countries’ investors, business owners, companies and other...

BERN, SWITZERLAND - The UAE discussed bolstering strategic relations and cooperation in various development, economic and financial fields of common interest with Switzerland here. The UAE's Ministry of Finance (MoF) held the fifth financial dialogue with the Swiss Confederation in Bern.Younis Haji Al Khoori, Undersecretary of the Ministry of Finance,...

Dubai, UAE – Jordan’s Ministry of Finance and Central Bank Wednesday said they have completed the issuance of $1.25 billion Eurobonds in global markets at a fixed coupon rate of 7.5 percent due in January 2029.The Ministry has reduced the coupon rate by 25 basis points from 2022's issue of...

Washington, USA - International Monetary Fund (IMF) approved SDR 3.7262 billion ($5 billion) on a two-year arrangement for Morocco under the Flexible Credit Line (FCL).Morocco has benefited from four Precautionary and Liquidity Line (PLL) arrangements since 2012, each totaling about $3 billion.The first PLL was approved on August 3, 2012,...

ZURICH, SWITZERLAND - Credit Suisse chairman Axel Lehmann said Tuesday he was "truly sorry" that the beleaguered bank could not be saved as he faced angry and tearful shareholders whose money has gone up in smoke.Credit Suisse's chiefs fronted up at the bank's annual general meeting, 16 days after its hastily-arranged...

Even with a better outlook for 2024, global growth will remain well below its historic average of 3.8 percent, she said at the China Development Forum. Uncertainties are exceptionally high, including because of risks of geo-economic fragmentation which could mean a world split into rival economic blocs.

BELGRADE, SERBIA - UAE Minister of State for Public Education and Advanced Technology  Sarah Al Amiri discussed cooperation in research and development (R&D), advanced technology, sustainability, food technology with the Serbian government.Al Amiri, in her visit to Serbia, discussed developing tools to finance research, innovation, energy transition and developing legislations...