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Five state IPOs since 2023 5% weight on frontier market index Emerging market status takes time Oman’s listing of several government companies on Muscat’s bourse has probably done little to boost the sultanate’s hopes of achieving emerging market status – for now at least.  Five state companies have gone public since 2023, raising almost $4 billion in total.  Their relatively poor post-listing performance, however, has soured investor sentiment and made further initial public offerings unlikely this year. Oman had hoped that the flotations would lead equity index compilers MSCI and FTSE Russell to award the country emerging market status.  That…

The Saudi Ministry of Industry and Mineral Resources announced on Tuesday the launch of the Women in Mining Association, a newly established non-profit organization dedicated to empowering Saudi women in the mining sector and enhancing their contribution to the sector’s ongoing transformation. The initiative reflects the ministry’s commitment to fostering the growth of non-profit organizations within the industrial and mining sectors, in recognition of their vital role supporting the Kingdom’s economic and social development. The association will develop women’s capabilities and equip them with advanced, sector-aligned skills. It aims to create a more diverse and inclusive work environment while enabling…

The dollar slipped on Tuesday after declining for a week, weighed down by the Federal Reserve’s caution over the economy and as US lawmakers came closer to passing a bill expected to widen the nation’s fiscal deficit. The greenback sold off broadly on Monday following last week’s downgrade of the US sovereign rating by Moody’s on deficit concerns. Now attention turns to a critical vote in Washington over US President Donald Trump’s sweeping tax cuts. Dollar selling continued on Tuesday, leaving the US currency down 0.35% against the yen at 144.305 hitting a fresh 12-day low. The euro rose 0.14%…

Gold prices eked out gains on Tuesday, buoyed by a lower dollar, while investors cautiously turned their attention to further developments in Russia-Ukraine peace talks and US tariff policy. Spot gold was up 0.2% at $3,236.94 an ounce as of 1102 GMT US gold futures gained 0.2% to $3,239.40. The dollar index was down 0.2% against its rivals, making gold less expensive for other currency holders, Reuters reported. “Main focus of traders in the gold market today is on the optimism around the US-China trade and also on renewed hopes for progress towards peace in the Russia-Ukraine conflict,” Ricardo Evangelista,…

Oil prices steadied on Tuesday due to uncertainty in US Iran negotiations and Russia-Ukraine peace talks, while new government data delivered a cautious outlook for top crude-importer China’s economy. Brent futures slipped 25 cents, or around 0.4%, to $65.28 a barrel by 1222 GMT. June US West Texas Intermediate crude futures, which expire on Tuesday, were down 20 cents, or 0.3%, to $64.6, while the more active July contract was down 19 cents, or around 0.3%, at $61.95 a barrel. Iran’s Supreme Leader Ali Khamenei voiced doubts over whether nuclear talks with the US will lead to an agreement, Mehr…

Saudi Awwal Bank (SAB), one of the leading banks in the Kingdom of Saudi Arabia and HSBC, the global banking and financial services organisation, have together been awarded the Middle East and Asia Cash Management Mandate for Riyadh Air, Saudi Arabia’s digital native carrier, as it prepares to commence operations in 2025.For over 70 years, HSBC and SAB’s banking partnership has enabled clients in the Kingdom to grow domestically and expand internationally.Together, SAB and HSBC will work closely with Riyadh Air to provide an integrated and seamless cash management program to manage all payment and liquidity needs across the two…

Saudi Arabia is attracting foreign direct investment (FDI) at a pace that is generating more than 39,000 jobs each year as the Kingdom’s investment climate undergoes sweeping changes. The surge has driven the issuance of over 14,000 investment licenses in 2023 up sharply from just 375 in 2017. The Kingdom has emerged as a key global investment destination, fueled by efforts to create new opportunities for both local and foreign investors, protect their rights, and offer high-quality, streamlined services. This transformation has helped boost licensing activity, drive economic growth, and encourage partnerships between global and local entities. A recent report…

As the dust settles on Donald Trump’s visit to the Gulf, the UAE should be grinning about its AI partnership with the United States. Signing deals is one thing; laying down the foundations for a long-term partnership is another, especially in the dog-eat-dog world of artificial intelligence.  Among the flurry of deals announced during Trump’s four-day trip, the US-UAE AI acceleration partnership stands out for several reasons. The centrepiece of this new alliance is the construction of a 5-gigawatt AI campus in Abu Dhabi, which hogged the headlines partly because of its sheer size. The 10-square-mile facility – to be…

The Public Investment Fund has held the second edition of the Directors’ Gathering, bringing together more than 1,000 top executives from Saudi Arabia and around the world to align on priorities between PIF and its portfolio companies, as well as to exchange insights and enrich the PIF ecosystem. The Directors’ Gathering focused on optimizing board performance and fostering collaboration among PIF portfolio companies and their stakeholders. Held in Riyadh, the event involved directors and executives from approximately 220 PIF portfolio companies, of which PIF has created and established 103, in line with part of its mandate to drive Saudi Arabia’s…

Amid the Donald Trump extravaganza in the Arabian Gulf last week, one notable theme was missing from the proceedings: energy dominance. Sure, there were plenty of energy deals – a wide-ranging MoU on cooperation in Saudi Arabia, as well as oil and gas production agreements in Qatar and the UAE. And energy is sure to have been a prominent subject in all the private discussions that took place beyond the glitzy gala dinners and spectacular conference halls. But the president did not once talk in public of his ambition to make the US the pre-eminent energy power in the world.…