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Saudi Arabia’s foreign minister Prince Faisal bin Farhan Al-Saud said on Saturday that the kingdom will jointly offer with Qatar financial support to state employees in Syria. “The kingdom will provide with Qatar joint financial support to state employees in Syria,” Bin Farhan said during a press conference with his Syrian counterpart Asaad Al-Shibani in Damascus. He did not provide details on the size of the financial support to be provided by Riyadh and Doha. However, it echoes a similar move by Qatar to bankroll Syria’s public sector. A joint statement by Saudi Arabia and Qatar later said on Saturday that the joint financial…

Cairo-based startup Mobile app banking success $1.3 bn loan book Egypt’s population is well over 100 million and, while famously entrepreneurial, is often unbanked or financially excluded. For investors, the loans market has long been seen as the Middle East’s financial holy grail – alluring, but ultimately unattainable. App-based lender MNT-Halan, though, may be the first to be able to say it has cracked the code. In Egypt alone, MNT-Halan now has a gross loan book of over $700 million – more than most conventional Egyptian banks, MNT Halan’s CEO and co-founder, Mounir Nakhla, tells AGBI. The app offers microfinancing,…

The European Commission said on Saturday that Europe was prepared to retaliate against President Donald Trump’s plan to double tariffs on imported steel and aluminum, raising the prospect of an escalating trade fight between two of the world’s largest economic powers. Trump’s announcement on Friday that he would increase tariffs on imported steel and aluminum to 50% from 25%, intensifies his global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back levies and trade restrictions for critical minerals. The European Commission said it “strongly” regrets Trump’s plan to…

The European Commission said on Saturday that Europe was prepared to retaliate against President Donald Trump’s plan to double tariffs on imported steel and aluminum, raising the prospect of an escalating trade fight between two of the world’s largest economic powers. Trump’s announcement on Friday that he would increase tariffs on imported steel and aluminum to 50% from 25%, intensifies his global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back levies and trade restrictions for critical minerals. The European Commission said it “strongly” regrets Trump’s plan to…

The European Commission said on Saturday that Europe was prepared to retaliate against President Donald Trump’s plan to double tariffs on imported steel and aluminum, raising the prospect of an escalating trade fight between two of the world’s largest economic powers. Trump’s announcement on Friday that he would increase tariffs on imported steel and aluminum to 50% from 25%, intensifies his global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back levies and trade restrictions for critical minerals. The European Commission said it “strongly” regrets Trump’s plan to…

Saudi Gazette reportRIYADH — Eight OPEC+ member countries, including Saudi Arabia, Russia, and the UAE, will raise oil production by 411,000 barrels per day (bpd) in July 2025 as part of a phased reversal of previous voluntary output cuts, the alliance announced on Saturday following a virtual meeting.The decision follows the group’s earlier agreement on December 5, 2024, to gradually ease the 2.2 million bpd in voluntary reductions that were implemented in April and November 2023.The upcoming adjustment is equivalent to three monthly increments and reflects what the group described as a “steady global economic outlook” and “healthy market fundamentals,”…

Damascus has hosted the 22nd edition of the International Building Exhibition “Buildex,” its first since the fall of Bashar al-Assad’s regime in December 2024. The event drew strong participation and visitor turnout, signaling renewed interest in Syria’s reconstruction. More than 740 companies took part, including 490 local firms and 250 international companies from 39 countries. The exhibition was held at the new fairgrounds near Damascus International Airport. Notably, Turkish, Saudi, and Jordanian companies led the foreign participation, with Türkiye contributing over 150 firms, by far the largest foreign presence. Saudi Arabia and Jordan followed with 28 companies each, while China…

US President Donald Trump said on Friday he planned to increase tariffs on imported steel and aluminum to 50% from 25%, ratcheting up pressure on global steel producers and deepening his trade war. “We are going to be imposing a 25% increase. We’re going to bring it from 25% to 50% – the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States,” Reuters quoted him as saying at a rally in Pennsylvania. Trump announced the higher tariffs just outside Pittsburgh, where he was talking up an agreement between…

China’s manufacturing activity contracted in May for a second month, an official survey showed on Saturday, fuelling expectations for more stimulus to support the economy amid a protracted trade war with the United States. The official purchasing managers’ index (PMI) improved slightly to 49.5 in May from 49.0 in April but stayed below the 50-mark separating growth from contraction, in line with a median forecast of 49.5 in a Reuters poll. On Friday, US President Donald Trump accused China of violating a two-way deal to roll back tariffs and unveiled a doubling of worldwide steel and aluminium tariffs to 50%,…

When over 400 content creators gathered in the capital for the first-ever L’Oréal Skin Summit, it marked more than a milestone in beauty—it was a glimpse into the future of skincare.Among the expert voices contributing to this conversation was Xavier Fastinger, Head of R&I Development – Skin & Makeup for SAPMENA, whose extensive global experience has helped L’Oréal bridge science, innovation, and local insight across diverse markets.We caught up with Xavier during the summit to discuss the Kingdom’s unique potential, the evolving consumer mindset, and why science-first storytelling is the future of beauty.1) Why was hosting this summit in…