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Türkiye’s central bank burnt through almost $12 billion defending the lira in a record intervention after President Recep Tayyip Erdogan’s detention of his political rival triggered a political crisis that scared investors and sent the currency reeling. The bank spent $11.5 billion propping up the currency on Wednesday after the detention of Istanbul’s mayor, Ekrem Imamoglu, the most prominent leader in Türkiye’s political opposition, said a person with knowledge of the matter and calculations based on official data by Burumcekci Research and Consultancy, the Financial Times reported. It said the intervention was nearly four times larger than any previous such…

Alamy via Reuters The Umm Al Qura IPO is the biggest this year in Saudi Arabia and one of three that has raised a combined $1bn Developer’s shares reach limit CMA allows three more IPOs Applications from 55 companies Shares in Saudi Arabia’s Umm Al Qura for Development and Construction surged 30 percent on Monday, the maximum allowed on a first day of trading. The Capital Markets Authority (CMA) also approved another three companies for initial public offerings. Within minutes of the opening of the Saudi Exchange, after Umm Al Qura raised SAR1.96 billion in a sale to the public…

Shutterstock/Shealah Craighead Donald Trump and Prince Mohammed bin Salman in the Oval Office in 2017; Saudi Aramco has pledged to deepen US investment While investors in Europe and Asia are treading water, the Arabian Gulf is diving headfirst into America Inc. The United Arab Emirates has committed $1.4 billion to a decade-long investment surge in the US. Saudi Arabia is considering a $1 trillion commitment, reportedly high on the agenda when President Donald Trump visits the kingdom in the coming weeks. These are not speculative punts. They are strategic, long-horizon bets being made at a moment when much of the…

Euro zone business activity grew at its fastest pace in seven months in March, supported by an easing in the long-running manufacturing downturn despite slower growth in services, a survey showed.The improving business climate in the common currency bloc could gain more traction over the coming months as plans for a spending splurge in infrastructure and defense, particularly in Germany, raise optimism for a turnaround in Europe’s economic fortunes, Reuters reported.HCOB’s preliminary composite euro zone Purchasing Managers’ Index, compiled by S&P Global, rose to 50.4 this month from February’s 50.2, its highest since August. It has remained above the 50…

Iraq’s oil minister Hayan Abdel-Ghani has said Iranian oil tankers seized by US forces in the Gulf were using forged Iraqi documents. The administration of US President Donald Trump has restored “maximum pressure” on Iran, reviving a policy that seeks to isolate the country from the global economy and eliminate its oil export revenue in order to slow Tehran’s development of a nuclear weapon. Abdel-Ghani was asked if he had received messages from the United States over the possibility that state oil marketer SOMO could be subject to sanctions itself over the violation of Iranian sanctions. “We received some verbal…

Oil prices slipped on Monday as investors assessed the outlook for ceasefire talks aimed at ending the Russia-Ukraine war, which could lead to an increase in Russian oil to global markets. Brent crude futures were down 25 cents, or 0.4%, at $71.91 a barrel by 0409 GMT. US West Texas Intermediate crude fell 20 cents, or 0.3%, to $68.08, Reuters reported. Both benchmarks settled higher on Friday and recorded a second consecutive weekly gain as fresh US sanctions on Iran and the latest output plan from the OPEC+ producer group raised expectations of tighter supply. A US delegation will seek…

– Saudi Arabia concluded its participation in the IPSASB meeting, contributing to updates in public sector accounting standards and supporting Vision 2030 goals.Riyadh, March 24, 2025 – The Saudi Ministry of Finance concluded its participation in the Q1 meeting of the International Public Sector Accounting Standards Board (IPSASB), which took place in Washington DC from March 18 to 21. During the meeting, several important topics were discussed, and advisory papers related to public sector accounting were approved. A presentation was given on the limited-scope update of the Public Sector Accounting Standard (IPSAS 33), titled “First-Time Adoption of Accrual Basis IPSAS,”…

Gold dipped on Monday as the dollar strengthened, while traders awaited fresh catalysts after a recent rally pushed prices to record highs, fueled by geopolitical concerns and hopes of US rate cuts. Spot gold was down 0.1% at $3,022.21 an ounce, as of 0526 GMT. US gold futures rose 0.2% to $3,026.30. Gold reached a record high of $3,057.21/oz on Thursday. The dollar index was hovering near its highest level since March 7, making greenback-priced gold less affordable for overseas buyers. “Gold is still well-positioned for further upside if markets remain edgy about the possible negative growth effects of tariffs,…

Aden, March 24, 2025 – The Saudi Development and Reconstruction Program for Yemen (SDRPY) continues implementing sustainable projects to enhance infrastructure and essential services in Yemen. Through 58 projects in the water sector—one of eight key areas supported by SDRPY—the program strengthens water resource management, diversifies water sources, and improves distribution efficiency across urban and rural areas. In partnership with the Selah Foundation for Development, SDRPY has launched two water security projects in Aden and Hadhramaut using renewable energy. These initiatives ensure sustainable water resources, reduce operational costs, and train personnel in solar energy system management. In Aden, the project…

Oman News Agency OQ Exploration and Production was the most profitable, reporting net earnings of OMR327 million Net profits of publicly-listed companies on the Muscat Stock Exchange (MSX) rose 53 percent to OMR1.3 billion ($3.4 billion) in 2024, compared to OMR877 million in 2023, according to a news report. Of the 90 listed companies, 69 reported profits in 2024, up from 68 in the previous year, Oman Daily Observer reported. Despite the number of loss-making companies increasing to 21, from 20 in 2023, total losses narrowed to OMR38.1 million, from OMR50.6 million the year before, the report said. OQ Exploration…