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Greece’s center-right government on Saturday welcomed a credit rating upgrade by Moody’s, the last major ratings agency to lift junk status on government bonds that began 15 years ago during a severe debt crisis.“(This) upgrade marks the closing of a great cycle for the Greek economy and certifies the country’s return to European normality,” Finance Minister Kostis Hatzidakis said, describing the action as “a success not only of the government, but of all Greeks.”Moody’s announced the upgrade to Baa3 from Ba1 late Friday. It cited public finances that “have improved more quickly than we had expected” as a key factor…

The Saudi Ministry of Islamic Affairs hosted an iftar meal in Kuala Lumpur as part of the Custodian of the Two Holy Mosques’ program to support Muslim communities during Ramadan.Kuala Lumpur, March 15, 2025 – The Ministry of Islamic Affairs, Dawah and Guidance of the Kingdom of Saudi Arabia hosted a special iftar meal yesterday in Kuala Lumpur, Malaysia, as part of the Custodian of the Two Holy Mosques’ annual iftar program for Ramadan 1446 AH. The event brought together local Muslims to observe the holy month of Ramadan and foster a sense of unity and brotherhood. This year, the…

The Saudi Stock Exchange Main Index (TASI) closed lower by 13.03 points, while the Saudi Parallel Market Index (NOMU) gained 410.19 points.Riyadh, March 15, 2025 – The Saudi Stock Exchange Main Index (TASI) experienced a decline today, closing lower by 13.03 points to settle at 11,704.93 points. The trading session saw a total value of SAR 5.4 billion, with the volume of traded shares reaching approximately 330 million. Of the 238 companies listed on TASI, 155 recorded gains, while 83 saw their stock prices fall, reflecting a mixed performance across the market. Despite the dip in TASI, the Saudi Parallel…

The Saudi Ministry of Islamic Affairs hosted an iftar banquet in Bishkek, Kyrgyzstan, strengthening Muslim brotherhood and solidarity during Ramadan.Bishkek, March 15, 2025 – The Ministry of Islamic Affairs, Dawah, and Guidance of the Kingdom of Saudi Arabia hosted a gracious iftar banquet yesterday at the Central Mosque of Imam Sarakhsi in Bishkek, Kyrgyz Republic, providing an opportunity for Muslims observing Ramadan to come together in the spirit of unity and reflection. The event, which was attended by numerous local community members, scholars, and dignitaries, was part of the Custodian of the Two Holy Mosques’ renowned iftar program, which has…

ITFC won two prestigious Islamic Finance News Deal of the Year awards for its $604 million financing to Egypt and $30 million Murabaha facility to Tajikistan.Jeddah, March 15, 2025 – The International Islamic Trade Finance Corporation (ITFC), the trade finance arm of the Islamic Development Bank (IsDB) Group, has been honored with two prestigious Islamic Finance News (IFN) Deal of the Year awards for 2024, recognizing its significant contributions to global trade finance and economic development. These awards underscore ITFC’s commitment to facilitating critical trade finance solutions that support economic stability and growth, particularly in emerging markets. The first of…

Saudi Arabia’s Tadawul All Share Index (TASI) ended the second week of March with a slight decline for the third consecutive week, closing down 0.73% at 11,725.88 points, compared to the previous week’s close of 11,811.11 points. In an analysis of the market performance during the week ending March 13, Dr. Suleiman Al-Humaid Al-Khalidi, a financial market analyst, told Asharq Al-Awsat that the market experienced a sharp decline not seen in years, coinciding with a drop in global markets, particularly in the US, where $2 trillion in value was wiped out in a single day. This accounted for roughly 60%…

Reuters/Kaylee Greenlee Kuwait Petroleum Corporation CEO Shaikh Nawaf Al-Sabah speaks during CERAWeek CERAWeek, the annual gathering of the energy elite in Houston, Texas, is an intense crash course in the state of world oil and gas markets, geopolitics and all the technological paraphernalia that keeps the global economy turning. There is an unspoken rivalry between CERAWeek and Adipec – the autumn gathering in the UAE which also draws a global energy audience – but in the era of President Trump and American “energy dominance”, Houston is the place to be in 2025. It’s difficult to distil the sheer weight of…

LONDON — Gold prices reached $3,000 an ounce for the first time in history Friday, boosted by demand for safe-haven assets as investors fret about President Donald Trump’s tariffs and geopolitics.Prices hit a record $3,005 before paring those gains to trade at $2,994 at 9.04 a.m. ET.Jason Hollands, managing director at Evelyn Partners, a UK wealth manager, described the yellow metal as “the panic asset of choice” and said the latest rise in prices reflected “the extreme uncertainty facing the global trade system at the moment from the Trump administration’s erratic and aggressive approach to tariffs and corresponding retaliatory measures.”On…

Alamy via Reuters The phasing out of Opec+ production cuts and the impact of potential US tariffs on Canadian imports all point towards a period of heightened volatility within global markets Between 10am and 4:30pm on March 11 the tariff rate on Canadian aluminium and steel imports to the US was hiked to 50 percent, then dropped back to the original 25 percent.  Pity the unlucky trucker who crossed the border a few minutes late. With such turbulent policy it’s no wonder that stock markets and oil prices are nosediving. Brent crude has slid almost continuously since a peak at…

  Danil Shamkin/NurPhoto via Reuters Connect Cyprus appeals to Gulf investors on multiple fronts, from real estate to shipping Gulf energy, communications, health and shipping companies have been taking a closer look at Cyprus – both offshore and onshore. Out at sea, Qatar Energy is pushing forward with natural gas exploration – and may soon be joined by the Abu Dhabi National Oil Company (Adnoc). Meanwhile, Taqa, the Abu Dhabi energy and water company, is reportedly interested in a massive underwater electricity interconnection project.  Onshore, that emirate’s Pure Health bought a 60 percent stake – worth $2.3 billion – in Hellenic…