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The Saudi government has granted the General Authority for Food Security (GFSA) the authority to expand its revenue sources through investment initiatives and strategic partnerships with the private sector. The new move is intended to enhance the Authority’s capacity to fulfill its mandate, align with national goals, and operate within regulatory frameworks, while also cultivating a competitive investment environment within the food security sector. Recently, the Council of Ministers approved the formal organization of the GFSA, further reinforcing its role in safeguarding national interests and ensuring compliance with relevant regulations. This development follows the Cabinet’s decision in January 2023 to…

Institutional investors will be able to start subscribing to the Riyadh-based Sport Clubs Company’s initial public offering (IPO) from June 22. The subscription period will run for five days, the company said in a statement. In March, the Capital Market Authority, the market regulator, approved the sale of 34.3 million shares, or 30 percent of its share capital, on the main market. The float includes 10.4 million new shares and the sale of 23.9 million existing shares. The retail tranche, consisting of 6.86 million shares, will open for one day on July 8. The final allocation of offering shares will…

Bumper Q1 profits for Gulf banks Lenders vulnerable to rate cuts UAE and Qatar under pressure Many Gulf banks reported bumper first-quarter profits thanks to increased lending. But Qatari and Emirati lenders are the most vulnerable to expected interest rate cuts. Kuwaiti dinar aside, the five other Gulf currencies are pegged to the dollar, so their countries’ benchmark interest rates mirror those of the United States. The rapid rise in US rates – from near zero in early 2022 to a 24-year high of 5.25-5.5 percent in mid-2023 – boosted regional banks’ net interest margins and consequently their profits. Now though…

Gold prices held steady on Thursday as investors awaited US non-farm payrolls data due on Friday to assess the Federal Reserve’s interest rate path, while global trade tensions continued to simmer. Spot gold was steady at $3,373.69 an ounce, as of 0843 GMT. US gold futures were down 0.1% to $3,397.20. “I would say that the path of least resistance remains to the upside, despite today’s sort of flat mode for gold trading. But I think this is more due to traders being in wait-and-see mode ahead of non-farm payrolls,” said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades. Wednesday’s…

China has introduced a tracking system for its rare earth magnet sector, three sources said, as its export restrictions on them begin to cut off customers around the world. The national tracking system, which went into effect last week, requires producers to submit extra information online including trading volumes and client names, said two sources familiar with the matter and another briefed by those involved. The world’s largest rare earth magnet supplier and exporter, China in early April imposed export restrictions on seven medium to heavy rare earth elements and several magnets, requiring exporters to obtain licenses, Reuters said. Delays…

Cepa floated during Trump’s visit UAE companies face growing costs US has trade surplus with UAE UAE officials are to begin negotiations toward a bilateral trade deal with the United States as part of efforts to secure lower tariffs on Emirati steel and aluminium products in particular. Washington and Abu Dhabi have agreed to commence talks after the idea was floated during President Donald Trump’s visit to the Gulf in mid-May, Reuters reported.    The trip cemented the US administration’s warm ties with Gulf states and yielded hundreds of billions of dollars in commercial deals.  During Trump’s stop in Abu Dhabi,…

Vadimrysev | Istock | Getty ImagesOil prices slipped in early trade on Thursday after a build in U.S. gasoline and diesel inventories and Saudi Arabia’s cut to its July prices for Asian crude buyers.Brent crude futures fell 21 cents, or 0.3%, to $64.65 a barrel at 0047 GMT. U.S. West Texas Intermediate crude lost 29 cents, or 0.5%, dropping to $62.58.Oil prices closed around 1% lower on Wednesday after official data showed that U.S. gasoline and distillate stockpiles grew more than expected, reflecting weaker demand in the world’s top economy. EIA/SAdding to the weakness, Saudi Arabia, the world’s biggest oil exporter, cut its July prices for Asian crude buyers to nearly…

Dubai party hotel operator FIVE Holdings is considering listing in London or New York, three people with knowledge of the matter said. The company, which owns the Pacha hotel and nightclub, has been exploring an initial public offering in Dubai, it has said. Chairman and founder Kabir Mulchandani said last year the company was worth up to $3 billion and was considering a dual listing. He did not name possible locations. London could be a strong candidate given a majority of clients at FIVE’s Ibiza clubs are British nationals and that business generates significant revenues for the group, one of the people…

Two years of Şimşek reforms Criticism from within ruling party Outlook clouded by İmamoğlu arrest Two years after reversing a policy of fiscal unorthodoxy, Turkey’s economy and its finance minister are at a crossroads.  Criticism has mounted that the reforms put in place by Mehmet Şimşek since mid-2023 have either not gone far enough to restore stability or gone too far in clamping down on inflation, causing a slowdown in growth and investment. Şimşek, a respected investment banker, had held the posts of finance minister and deputy prime minister for economic and financial affairs in the 2010s. His return to…

Adani Airports Holdings raises money Wants to refinance existing debt Plans to expand capacity Adani Airports Holdings, the largest private airport operator in India, has raised $750 million from banks including the UAE’s First Abu Dhabi Bank (FAB). The other banks involved are Barclays and Standard Chartered, the Bombay Stock Exchange-listed company said in a statement on Wednesday. Adani Airports Holdings (AAHL) is a subsidiary of India’s Adani Enterprises, the flagship company of the Adani Group. AAHL is to refinance $400 million in debt, while the remaining $350 million will be invested in upgrading and expanding capacity at six airports.…