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Egypt could significantly reduce its wheat imports this year as domestic procurement is expected to reach up to 5 million metric tons, compared to 3.5 million tonnes last year, Supply Minister Sherif Farouk told reporters on Monday. “Increasing wheat procurement is a welcome development. We could exceed 4 million tons, even reach 5,” Farouk said. The figure is consistent with previously announced target of buying between 4 and 5 million tons from local farmers this season, compared to 3.4 million in 2024. While calling the rise in procurement promising, Farouk said it was “still not satisfying for us”, and predicted…

Time Entertainment raising up to $4.2m 20% stake floating on Nomu SAR76-80 price range The organiser of World Wrestling Association events in Saudi Arabia and the first Comic Con, a convention celebrating comic books, is selling shares to the public as the kingdom offers more entertainment opportunities to its population. Riyadh-based Time Entertainment is selling 200,000 shares, a 20 percent stake, to raise as much as SAR16 million ($4.27 million) in an initial public offering (IPO) on the kingdom’s junior exchange, Nomu, lead manager AlKhair Capital said in a statement. The book-building exercise ends on June 1, with the price…

The Iraqi federal government’s oil ministry has sued the government of the semi-autonomous Kurdistan Region of Iraq over oil and gas contracts it signed with US firms, three sources with direct knowledge of the matter said and a document showed. The legal challenge is the latest obstacle to the resumption of flows through the Iraq-Türkiye oil pipeline that have been halted since March 2023, despite pressure by the administration of US President Donald Trump. Masrour Barzani, the prime minister of the Kurdistan Regional Government, or KRG, oversaw the signing of two energy agreements worth a combined $110 billion over their…

Debt burden higher Credit rating outlook negative IMF urges consolidation The government of Bahrain sold close to $190 million in three-month treasury bills this week in a sale that was almost three times oversubscribed, despite IMF concerns over the kingdom’s rising debt levels. The BD70 million in bills carry a weighted average interest rate of 5.23 percent, the state-run Bahrain News Agency (BNA) reported on Monday.  The BNA said the sale brings the total outstanding value of outstanding government treasury bills to BD2.11 billion. Bahrain’s debt-to-GDP ratio stands at around 130 percent, more than triple that of Oman, the second…

HONOR, a global leading AI device ecosystem company, proudly unveils a landmark sponsorship agreement with Al Hilal Club Company, one of the Saudi Arabia’s most celebrated football club and a powerhouse in Asian football.This partnership represents a pivotal step for HONOR, deepening its engagement with Saudi consumers and aligning with the Kingdom’s transformative vision for sports and cultural excellence.The collaboration unites HONOR’s cutting-edge technological advancements with Al Hilal’s storied legacy, The leader of Saudi clubs and the most decorated Asian club in continental competitions.This collaboration establishes HONOR as a brand that celebrates local values while pushing technological boundaries.By supporting Al…

The Petrochemical Industries Company (PIC), a subsidiary of Kuwait Petroleum Corporation (KPC), signed on Sunday a memorandum of understanding (MoU) with China’s Wanhua Chemical Group to enhance cooperation in the petrochemical sector. The agreement was signed by PIC CEO Nadia Al-Hajji and Wanhua Chemical President Qu Guangguo at the Ahmad Al-Jaber Oil and Gas Exhibition. The signing ceremony was attended by Yu Xingtao, a representative of the Chinese government in Yintai, PIC said in a statement published by Kuwait’s state-owned news agency, KUNA. The MoU aims to open new avenues for collaboration in key areas such as research and development,…

Loans outpace deposits Oman banks eye foreign funds Strong profits support lending Omani bank loans rose to their highest in two years in March, raising speculation that local banks might borrow more from abroad as lending growth outpaces deposits. Figures released by the Central Bank of Oman (CBO) saw loans rise almost 9 percent year on year to OR33.4 billion ($87 billion) in March.  Personal loans, which made up 44 percent of total, climbed 7 percent and business lending 6 percent, the bulletin showed. By contrast, deposits grew at a slower pace of less than 7 percent to OR32.3. “Omani…

From false claims of Americans panic-buying Chinese goods to bot-driven attacks on US brands, a tide of misinformation is casting a shadow over a temporary trade truce between Washington and Beijing. The world’s two biggest economies agreed earlier this month to pause reciprocal tariffs for 90 days, a surprise de-escalation in their bitter trade war following high-level talks in Geneva, said AFP. But an alternate reality is unfolding across social media platforms, including China’s Douyin and Weibo, where a surge of falsehoods is fueling anti-American sentiment that could undermine the fragile truce. One online video, which garnered millions of views…

UAE aligns global standards Clearer rules, more products Expanding the crypto market Fresh digital asset regulations in the UAE may encourage further tokenisation and the rollout of more complex cryptocurrency-related products, analysts say. Tokenisation is the process of creating and trading digital tokens which are backed by real-world assets such as real estate, gold or art — on a blockchain. It enables direct and verifiable peer-to-peer transactions of these assets. Dubai’s crypto regulator Virtual Assets Regulatory Authority (Vara) has given virtual asset service providers (VASPs) until June 19 to comply with a new set of rules that tighten security. They…

Low-cost carriers are rapidly transforming Middle Eastern airspace. Once a marginal presence in a region long dominated by state-backed legacy giants, they now make up more than a third of all scheduled flights. Central to their evolution is a strategic move into wide-body operations, aimed at capturing new long-haul markets. Saudi Arabia’s Flynas, with its A330 order, and Flydubai, through its planned acquisition of Boeing 787s, are spearheading this trend.  By extending the low-cost model to further-flung routes, these carriers are generating new revenue streams while intensifying competition with traditional full-service airlines.  In a buoyant market, the recent IPO announcement…