Author: admin

Syria has signed a memorandum of understanding with a consortium of international companies led by Qatar’s UCC Holding to develop major power generation projects with a foreign investment valued at about $7 billion, UCC said in a statement on Thursday. The agreement involves building four combined-cycle gas turbine power plants with a total capacity of 4,000 megawatts, plus a 1,000-MW solar power plant in southern Syria, according to Reuters. “This agreement marks a crucial step in Syria’s infrastructure recovery plan,” said Syrian Energy Minister Mohammed al-Bashir, who signed the deal in Damascus in the presence of Syrian President Ahmed al-Sharaa…

Illicit activity falls from 0.6% to 0.15% Blockchain’s traceability combats misuses Binance has $2bn investment from MGX Illicit activity in cryptocurrency transactions has plummeted as a result of investment in compliance levels across the digital asset industry. Binance, the world’s largest cryptocurrency exchange platform, says shadowy practices including money laundering have dropped from 0.6 percent to 0.15 percent. More traditional currencies, which are usually issued by governments, last year had a much higher level of illegal activity, and accounted for 5 percent of global GDP. “We’ve consciously been improving this,” said Bader Al Kalooti, Binance’s Menasat head of growth and…

Equity markets across the Gulf had a mixed day on Thursday as a rebound in oil prices and a temporary lull in global volatility offered some respite following a US court ruling that struck down former President Donald Trump’s sweeping tariff measures. Brent crude rose 1 percent to $63.78 a barrel by 15:00 Gulf Standard Time, while West Texas Intermediate advanced 1.5 percent to $62.75. The gains lent support to energy-heavy economies such as Saudi Arabia and the UAE. But this was not universally reflected in the markets. Saudi Arabia’s benchmark Tadawul All Share Index ended the day down 0.24…

Saudi Arabia is preparing to resume direct flights to Damascus through its national carriers Flynas and Flyadeal, signaling a renewed connection with the Syrian market. The move is expected to serve a growing demand from travelers flying for tourism, business, Hajj, and Umrah. Both airlines announced on Wednesday that they are finalizing preparations to launch these routes. Flyadeal CEO Steven Greenway confirmed that his airline had secured official approvals last week and plans to begin direct service to Damascus in July. Similarly, Flynas is preparing to operate flights to Syria in the coming weeks as part of its broader expansion…

There’s a well-worn saying: you get what you pay for. But whether Saudi football league team Al Nassr has received full value from its reputed $600 million investment in Cristiano Ronaldo depends on how you measure success. Ronaldo turns 40 this year, and with his Al-Awwal Park contract set to expire this summer, a recent cryptic post on X – “This chapter is over. The story? Still being written. Grateful to all” – suggests his time in Saudi has reached its end. Where this Gulf episode fits in Ronaldo’s epic career is hard to say. The Portuguese striker arrived in…

Oil prices eased on Tuesday as market participants weighed the possibility of an OPEC+ decision to further increase its crude oil output at a meeting later this week.Anadolu | Anadolu | Getty ImagesEight oil-producing nations of the OPEC+ alliance could hike output by as much as 411,000 barrels per day in July, two OPEC+ delegates told CNBC, continuing a rapid unwinding of voluntary production cuts.Markets are awaiting a final decision on July production, with the eight countries — heavyweight producers Russia and Saudi Arabia, alongside Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates — set to review market…

The failure of a money centre bank is a traumatic event for shareholders, depositors, regulators and the broader financial system in any country. That trauma is magnified when Middle Eastern sovereign wealth funds dominate the failed institution’s capital structure. This dynamic was laid bare during the Credit Suisse crisis of March 2023. Among its largest strategic shareholders were the sovereign wealth funds of Qatar and Saudi Arabia, alongside the Olayan Group – the kingdom’s largest conglomerate, with longstanding holdings across Wall Street, the City of London and Zurich’s Bahnhofstrasse. The collapse of the 166-year-old Credit Suisse marked the most devastating…

Syrian Finance Minister Mohammad Yasar Barnieh announced that the Damascus Stock Exchange will reopen on Monday, June 2, following the completion of necessary reviews and procedures. According to the Syrian state news agency SANA, the minister confirmed that measures have been taken to ensure compliance with anti-money laundering regulations and to prevent the misuse of the market. Initially, trading will be limited to three days per week. Barnieh stated that the reopening aims to help stimulate the economy and revitalize financial transactions. He also revealed that preparations are underway for a comprehensive development plan for Syria’s capital markets. This plan…

EU keeps UAE on watchlist Designation ‘not linked’ to talks Deal expected within six months The European Union has relaunched free trade talks with the UAE, even as it continues to keep the Gulf state on its money laundering watchlist, a designation that can pose risks for investors. In February last year the UAE was removed from the Financial Action Task Force (FATF)’s grey list after being praised for reforms to curb illicit financial flows.  But the EU has kept the UAE on its own watchlist, with lawmakers in Brussels blocking a proposal to take it off last year, citing…

HUMAIN, Saudi Arabia’s new AI start-up backed by the Public Investment Fund (PIF), will launch a $10 billion venture capital fund as part of the kingdom’s efforts to become a global AI leader, the company’s CEO, Tareq Amin, told the Financial Times (FT) on Wednesday. Amin said HUMAIN will launch its fund this summer and will focus on investing in start-ups in the US, Europe and Asia. HUMAIN is now looking for a US tech company to become an equity partner in its data center business, he said, adding that the company was in talks with OpenAI, venture capital firm…