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Saudi Arabia posted its highest trade surplus in 10 months in February, buoyed by a sharp drop in merchandise imports, a trend that supports state revenues, bolsters currency stability, and reflects strong global demand for locally produced goods. The Kingdom recorded a trade surplus of 31 billion riyals ($8.26 billion) in February, up 44.6% from 21 billion riyals in January and higher than the 29 billion riyals recorded in the same month last year, data from the General Authority for Statistics showed. The surge came despite a slight dip in exports, as merchandise imports fell by 5.6% month-on-month to 63…

Beijing on Thursday denied it has held trade talks with Washington despite repeated comments from the US government suggesting there had been engagement. “There is currently no economic and trade negotiations between China and the United States,” the Chinese commerce ministry’s spokesperson He Yadong said. Yadong added, “Any claims about the progress of China-US trade negotiations are groundless as trying to catch the wind and have no factual basis.” US President Donald Trump had suggested on Tuesday that the final tariff rate on China’s exports would come down “substantially” from the current 145%. Trump told reporters that Washington is going…

Binance, the world’s largest cryptocurrency exchange by volume, is helping to unite the industry, facilitate connections and drive conversation through its calendar of live and online events. Kim Murphy, its head of global event marketing, gives us the lowdown Why are events so important to Binance and the industry?  Events bring crypto to life. They turn ideas on a screen into something you can see, hear and question in real time. There’s no substitute for the trust that builds in a face-to-face conversation, whether it’s with a founder, regulator or someone you’ve only known through a Telegram group. For us,…

Wealth fund more cautious says CEO Each move considered on ‘merit basis’ US will remain investment target Abu Dhabi sovereign wealth fund Mubadala Investment Company said it will take more time to consider its investments and is changing its “base case assumptions” against the backdrop of heightened global trade tensions driven by the US. The fund, which has more than $300 billion of assets under management in over 50 countries around the world – including a stake in US private equity company The Carlyle Group – will consider each transaction on a “merit basis”, CEO Khaldoon Khalifa Al Mubarak said…

IMF calls for internal GCC trade ‘A lot of praise to offer’ – IMF director Lower oil prices have big impact Senior International Monetary Fund officials commended Gulf states this week for their efforts to expand sources of economic growth and fiscal revenue beyond oil. They also urged more intra-GCC trade, as global commerce is roiled by steep and volatile US tariffs. “I have a lot of praise to offer because they have been pursuing reforms and diversification of the economies,” IMF director Kristalina Georgieva said on Thursday in Washington. “Most countries have done really well. So now they see…

Dubai Islamic Bank’s profits rose in the first quarter of this year, as deposits increased by more than a third and the non-performing financing ratio improved. Net profit after taxes rose 8 percent annually to AED1.8 billion ($490 million) in the first three months of 2025, driven by quality growth in earning assets. Pre-tax profit rose 14 percent year on year to AED2.1 billion ($570 million), the bank said in a statement on Friday. Its assets expanded by 3 percent to AED355 billion, supported by deposit growth of 7 percent, bringing total deposits to AED265 billion.  The lender also reported…

The European Union and United States are far from reaching a deal on tariffs, France’s economy minister said Thursday, as the bloc seeks a way out from trade tensions with Washington. US President Donald Trump has slapped new 10 percent tariffs on most trading partners since returning to the White House in January, and imposed sharp levies on imports of steel, aluminum and autos, AFP reported. The EU has not been spared, and a 90-day pause on even higher rates, including for goods from the bloc, is due to expire in early July. “We’re not going to hide the fact…

Lebanon’s parliament on Thursday passed a new banking secrecy law allowing authorised entities to access records from the last decade, a long-awaited measure demanded by the International Monetary Fund to set the country’s shattered economy on track. It is parliament’s third attempt at amending banking secrecy regulations in Lebanon, after previous versions were considered by the IMF as insufficient, partly because they did not grant enough government bodies access to banking data. The law passed on Thursday grants entities including independent auditors access to banking records going back 10 years, two members of parliament confirmed to Reuters. It is expected to…

Britain said on Thursday it would support efforts to rebuild Syria’s financial system by removing sanctions to encourage investments in financial services, energy production and other sectors. London also lifted asset freezes on Syria’s Defence and Interior Ministries and a range of intelligence agencies, reversing penalties imposed during Bashar al-Assad’s presidency. The West is rethinking its approach to Syria after insurgent forces led by the Islamist Hayat Tahrir al-Sham ousted Assad as president in December after more than 13 years of civil war. “The Syrian people deserve the opportunity to rebuild their country and economy, and a stable Syria is…

Cafu working with Lazard Preliminary discussions stage Reintroducing delivery fee Fuel-on-demand vehicle service Cafu is working on selling shares in an initial public offering (IPO). The UAE-based startup, founded in 2018, is working with financial advisory and asset management company Lazard, Bloomberg reported this week, without identifying its sources. Bloomberg said the Cafu IPO discussions are at a preliminary stage and no final decisions have been made. Since starting up Cafu has expanded into other services including mobile car washing, oil changes, battery replacements and electric vehicle charging.  Cafu said in a note to customers this week that it will…