Author: admin

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…

Despite a climate of global and regional economic uncertainty, the International Monetary Fund (IMF) expects the Gulf Cooperation Council (GCC) countries to post steady economic growth of around 1% annually in both 2025 and 2026. The projected growth is driven by the Gulf states’ ongoing efforts to diversify their economies and reduce reliance on oil revenues. The forecast was shared during an economic panel in Riyadh, where Dr. Jihad Azour, Director of the IMF’s Middle East and Central Asia Department, presented the Fund’s outlook for the region. While highlighting encouraging signs for oil-exporting countries, especially those in the Gulf, Azour…

Saudi Arabia continues to demonstrate resilience in the face of global economic challenges, bolstered by structural reforms and substantial financial reserves, According to Dr. Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF). He said the Kingdom is well-equipped to manage fluctuations in global oil prices. Speaking to Asharq Al-Awsat on the sidelines of an IMF-hosted panel in Riyadh on global and regional economic developments, Azour stressed that Saudi Arabia has significant reserves that act as a financial buffer against external shocks. These reserves, coupled with ongoing structural reforms under Saudi Vision…

Kuwait-listed Gulf Bank and Warba Bank have agreed to undertake a feasibility study and due diligence on a proposed merger. The two banks announced the decision in disclosure to the local stock exchange on Monday, following which their shares were suspended for one hour under the capital markets bylaws. The potential merger offers growth and expansion opportunities, as well as building competitiveness of the Islamic banking sector, the statement said. Last year, Gulf Bank was linked with a merger with Boubyan Bank, another local institution, according to stock exchange statements. Kuwait Finance House, an Islamic lender, has taken over the…

US President Donald Trump backed away on Sunday from his threat to slap 50% tariffs on imports from the European Union next month, agreeing to extend the deadline until July 9 for talks between Washington and the 27-nation bloc to produce a deal. Trump said he made the decision to postpone the levies following a conversation with Ursula von der Leyen, president of the European Commission. “I received a call today from Ursula von der Leyen, President of the European Commission, requesting an extension on the June 1st deadline on the 50% Tariff with respect to Trade and the European…

Saudi Arabia has repaid SAR60 billion ($16 billion) worth of Islamic bonds, or sukuk, maturing over the next five years and simultaneously issued new sukuk of the same value. The initiative aims to bolster the domestic market and meet debt obligations, the National Debt Management Centre (NMDC), which manages the Saudi government’s debt obligations and future maturities, said in a statement. The new sukuk are split into five tranches of SAR21.5 billion, SAR1.8 billion, SAR14.2 billion, SAR5.9 billion and SAR16.9 billion maturing in 2032, 2035, 2036, 2039 and 2040, respectively. HSBC Saudi Arabia, SNB Capital, Al Rajhi Capital, AlJazira Capital…

Egypt’s non-oil trade deficit has narrowed substantially in the first four months of 2025 amid a surge in exports, according to local media. The non-oil trade deficit, the difference between the value of exports and imports, fell 28 percent to $8 billion, Ashraq News, an Arabic news portal, reported citing a government document. Non-oil commodity exports jumped 27 percent year on year between January and April to $17 billion. Imports also rose by 1 percent year on year to $25 billion. Egypt is aiming to attract $60 billion in foreign direct investment and increase its annual exports to $145 billion…

Plan for pathways through Middle East Initiatives have stalled since 2023 ‘You have to give economic value’ to US President Donald Trump may reinvigorate efforts to establish a diplomatic and economic pathway from Europe to India through the Middle East. But trade advisers have told AGBI that, for the initiatives to gain fresh momentum in Washington, officials will need to outline more tangible benefits for the US. “The US is not part of the corridor. It is a US-backed corridor that ends in Europe, so you have to give an economic value to Trump,” says Afaq Hussain, an international trade…

Minister of Communications and Information Technology Abdullah Alswaha conducted a field visit on Sunday to stc Group’s operations center in Makkah to assess the Group’s comprehensive digital, technical, and logistical readiness to serve pilgrims during the 1446 AH Hajj season.The minister was accompanied by Vice Minister and Acting Governor of the Communications, Space and Technology Commission Eng. Haytham Al-Ohali, stc Group CEO Eng. Olayan Mohammed Al-Wetaid, and senior officials.During the visit, stc Group presented its strategic technical plan to ensure optimal service delivery across Makkah, Madinah, and the Holy Sites. The plan includes detailed analysis of network performance at more…