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Reuters A Cairo branch of Banque Du Caire, which is Egypt’s sixth largest bank by assets Banque du Caire selling 45% stake Emirates NBD doing due diligence Egypt privatising state businesses Emirates NBD, Dubai’s largest bank by assets, has begun due diligence ahead of buying a stake in Egypt’s sixth-largest commercial bank, Banque du Caire. The purchase would be the latest sale of a government-owned asset in a stalled privatisation programme, according to regional media. Egypt agreed an expanded $8 billion loan from the International Monetary Fund last year and hopes to raise up to $2.5 billion from privatising state-owned…

The Roads General Authority reported over 3.7 million vehicle crossings to Makkah in the first ten days of Ramadan, driven by the influx of Umrah pilgrims.Makkah, March 13, 2025 — The Roads General Authority (RGA) has announced that over 3.7 million vehicles have passed through the roads leading to Makkah during the first ten days of Ramadan, marking a significant surge in traffic due to the influx of Umrah pilgrims and visitors coming to perform religious rituals during the holy month. This remarkable increase in vehicle crossings highlights the growing number of people visiting the sacred city for Umrah, underscoring…

The ICD provided $25 million in Islamic financing to Uzbekistan, aimed at supporting the growth of small and medium-sized enterprises and boosting the private sector.Jeddah, March 13, 2025 — The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank (IsDB) Group, has announced a landmark $25 million Islamic financing initiative aimed at fostering the growth of Uzbekistan’s private sector. In collaboration with Asian Alliance Bank, the financing deal is set to provide crucial support to small and medium-sized enterprises (SMEs) across the country, encouraging their expansion and contributing to the nation’s overall…

OPEC on Wednesday kept its forecast for relatively strong growth in global oil demand in 2025, saying air and road travel would support consumption, and reported that Kazahkstan led a jump in February OPEC+ output despite an ongoing production pact. The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand will rise by 1.45 million barrels per day (bpd) in 2025 and by 1.43 million bpd in 2026. Both forecasts were unchanged from last month. “Trade concerns are expected to contribute to volatility as trade policies continue to be unveiled. However, the global economy is…

Alamy via Reuters Project finance is becoming ever more important in funding the growing number of major infrastructure projects across the Gulf region Financing outlook strong Loans repaid from revenues Attracting international investors Financing a project and project finance are not necessarily the same thing. Irrespective, project finance is as important as ever in the Gulf in funding billions of dollars of infrastructure projects, from energy and water schemes to data centres and battery storage facilities, according to experts.  Abbas Hussein, global head of infrastructure and development finance at Standard Chartered, said the outlook for project finance this year and…

Oil prices edged up on Wednesday, supported by a weaker dollar, but gains were capped by mounting fears of a US economic slowdown and the impact of tariffs on global economic growth. Brent futures rose 37 cents, or 0.53%, to $69.93 a barrel at 0951 GMT, while US West Texas Intermediate crude futures gained 37 cents, or 0.53%, to $66.62 a barrel. Crude has been supported in recent days by a weaker US dollar and the Energy Information Administration (EIA) moving away from earlier calls of strongly oversupplied oil markets this year, UBS analyst Giovanni Staunovo. The dollar index, which…

The Ministry of Environment, Water, and Agriculture has announced that potato production in Saudi Arabia continues to thrive, solidifying its status as a key staple. In 2023, local production reached approximately 621,751 tons, effectively meeting domestic market demands, SPA reported. The ministry revealed an impressive 87% self-sufficiency rate for potatoes. This achievement underscores the quality and efficiency of local production, significantly reducing reliance on imports and aligning with the Kingdom’s food security objectives.During Ramadan, the ministry encourages consumers to prioritize national products, emphasizing potatoes as a sustainable and nutritious option for iftar and suhoor meals. Their high nutritional value supports…

Safe-haven gold held its ground on Wednesday, aided by tariff uncertainty and a cooler inflation report that keep bets for a US rate cut intact. Spot gold was up 0.1% at $2,917.93 an ounce as of 1258 GMT. US gold futures inched up 0.1% $2,923.80. Data showed that US consumer price index rose 0.2% last month after accelerating 0.5% in January. However, the improvement is likely temporary against the backdrop of aggressive tariffs on imports that are expected to raise the cost of most goods in the months ahead. “Gold has been resilient but stuck in a range in recent…

King Abdullah Economic City (KAEC) and Arcapita, the global alternative investment firm, announced that they have signed a Memorandum of Understanding (MoU) at a ceremony held in Bahrain. This strategic collaboration will focus on developing state-of-the-art warehousing facilities, promoting the Industrial Valley’s growth, enhancing operational capabilities within KAEC and the Kingdom, fostering innovation, and attracting foreign investment. Under the terms of the MoU, Arcapita will leverage its expertise in creating high-quality built-to-suit industrial real estate facilities and oversee the development of warehouses tailored to meet the requirements of potential tenants, further contributing to the region’s industrial and logistical growth. The…

Libya’s Mabruk Oil Operations has resumed production at the Mabruk oilfield after a decade-long shutdown, the Tripoli-based Government of National Unity (GNU) said in a statement on Wednesday. Production officially restarted on Sunday at an initial rate of 5,000 barrels per day, according to the statement, with plans for an increase to 7,000 bpd by the end of March and 25,000 bpd by July. Crude began to be transferred to the nearby Al-Bahi field on Tuesday as part of efforts to improve the efficiency of the country’s oil infrastructure and operations. Libya’s National Oil Corporation (NOC) had said it planned…