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US tariffs, low oil prices taking a toll 6 Saudi IPOs so far this year 4 more approved The Saudi budget airline Flynas announced that the retail tranche of its initial public offering (IPO) was oversubscribed four and a half times.  The news offers hope for upcoming IPOs in the kingdom following a fall in the share price of United Carton Industries Company (UCIC) after it listed on the main market last week. The airline, which is partly owned by billionaire Prince Alwaleed bin Talal, is selling 51.3 million shares, representing 30 percent of its stock, of which 10 million…

The Kingdom’s pavilion at Expo 2025 Osaka witnessed the launch of the “Exponeur” initiative, a global Saudi initiative that aims to connect entrepreneurs, innovators, and investors through the international Expo platform, and to leverage the global gathering to empower entrepreneurship ecosystems from all around the world.The initiative spans five years, from Expo Osaka 2025 to Expo Riyadh 2030, and works to link global challenges with opportunities for innovation through training programs, the highlighting of pioneering projects, and the creation of tangible impact to be presented at each edition of the Expo, starting with the Riyadh 2030 edition.Exponeur aspires to become…

Dubai-based airlines are resuming services to Syria after a gap of nearly 13 years as the Gulf states unite to support the war-torn country’s economic recovery.   Low-cost carrier Flydubai resumed operations to Syria, with the first flight landing at Damascus International Airport on Saturday, a move aimed at building ties between the UAE and Syria. The return of Flydubai’s flights marks a promising step toward the full return of UAE national carriers to Syria, Dubai Media Office reported, quoting UAE’s Ambassador to the Syrian Arab Republic Hassan Ahmed Al Shehhi. Hamad Obaidalla, chief commercial officer at Flydubai, said the airline…

Syrian ministers praised on Monday the ongoing support Saudi Arabia is providing to the “new Syria.” Speaking to Asharq Al-Awsat on the sidelines of the reopening of the Damascus Securities Exchange, Finance Minister Mohammed Yisr Barnieh stressed: “We appreciate Saudi Arabia’s support.” “Our brothers in Saudi Arabia have backed us in full at the international level and in returning Syria to international financial institutions,” he added, while hailing it for supporting lifting sanctions off the country. He highlighted Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah’s visit to Syria last week at the head of a large economic delegation.…

3-year unsecured loan Follows $750m funding last year DAE leases 750 planes Aircraft leasing company Dubai Aerospace Enterprise (DAE) has secured a $300 million loan from the Bank of China. The money will be used for general corporate purposes and support upcoming financing requirements, the company said in a statement on Monday. The three-year unsecured term loan was issued by the lender’s Dubai, London and Hong Kong branches. “This transaction provides us with additional liquidity to support the ongoing needs of our airline customers, while maintaining a modern and efficient fleet,” said Firoz Tarapore, CEO of DAE. Pan Xinyuan, general manager…

States vying for Gulf FDI Gulf companies tackle regulations Less prominent states benefit Among the flashiest deals announced during US President Donald Trump’s visit to the Gulf in mid-May was Emirates Global Aluminium’s $4 billion investment pledge to build the first new smelter in the US in 45 years in Oklahoma. The tentative agreement, EGA said in a press release, is subject to the parties finalising “state and local investment incentives and tax credit arrangements,” among other terms. This language underscores how even lower profile US states compete fiercely to secure large greenfield investment, where a company sets up from…

As part of its strategic expansion plans and in alignment with Saudi Vision 2030, Alesayi Motors, the official distributor of Mitsubishi Motors and FUSO in Saudi Arabia, has inaugurated its new state-of-the-art and fully integrated showroom in Dammam. This facility aims to deliver an exceptional customer experience, reflecting the company’s ongoing commitment to innovation and excellence in the automotive industry.The opening aligns with Mitsubishi’s global corporate identity, showcasing a sleek and interactive retail concept. The new showroom includes a dedicated space for Mitsubishi vehicles, designed to offer a comprehensive and immersive customer journey. Additionally, it features a standalone showroom for…

Türkiye’s manufacturing sector continued to contract in May, with firms scaling back production, employment, and purchasing activity amid muted demand conditions, a survey showed on Monday. The Istanbul Chamber of Industry Türkiye Manufacturing Purchasing Managers’ Index (PMI) fell slightly to 47.2 in May from 47.3 in April, marking the 14th consecutive month of moderation in the sector. A PMI reading below 50 indicates a contraction in activity. New orders declined, reflecting a persistently softening demand environment, and contributed to the most marked slowdown in manufacturing production since last October, the survey said. Employment and purchasing activity were also scaled back,…

In an industry often marked by bold promises, Tisoro Global has emerged as the rare entity that delivers—transforming investment migration from a bureaucratic challenge into a streamlined, tech-powered experience.At the Investment Migration Forum 2025 in Dubai, the company showcased exactly why it’s regarded as the global leader in this space.Guided by CEO Adnan Shoukat’s visionary leadership, Tisoro Global has redefined what’s possible through cutting-edge AI, elite partnerships, and an unwavering commitment to client success. Tisoro Global’s solutions are not just innovative—they’re transformative.From Complex to Seamless: The Tisoro ExperienceFor decades, investors seeking second citizenship or premium residency options have faced daunting…

Soaring borrowing demand Margins shrink with higher costs Intensifying competition Saudi Arabia’s big banks prospered in the first quarter thanks to soaring borrowing demand from companies. However, lending growth is likely to slow and margins are shrinking because of rising fund costs and intensifying competition. The kingdom’s six largest banks by assets are Saudi National Bank, Al Rajhi Bank, Riyad Bank, Saudi Awwal Bank, Banque Saudi Fransi and Alinma Bank. Their combined loan books grew 17 percent year on year and 5.7 percent versus the last three months of 2024, according to Citi. “Growth is mainly coming from corporate borrowing…