With gas prices up, Algeria hikes defense budget to US$23bn
With its revenues buoyed by high hydrocarbon prices over the past year, Algeria intends to double its defense budget to $23 billion next year. Africa's top natural gas producer has seen a spike in tensions with its neighbor Morocco over the disputed Western Sahara.
S&P warns of fewer sukuk issues during 2022
Sukuk issuance volumes will not grow significantly in 2022 as global interest rates rise and funding needs for Gulf economies fall, according to a report from S&P Global Ratings.
SABIC records 412% spike in net profit to $1.5bn in Q3
Saudi Basic Industries Corp. (SABIC) has posted a nearly 400 percent spike in net profit to $1.5 billion for the third quarter as revenues grew on the back of higher prices.
Inflation spikes in Saudi Arabia, fueled by high food prices
The rate of inflation in Saudi Arabia spiked in September after being at the lowest level in August, according to official data.
Egypt’s export of iron, steel spikes 179 percent to $584m
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.
