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Saudi Arabia and Ukraine are looking to their revived Joint Business Council, set to be reestablished this year, to unlock economic, investment, and trade opportunities.With Kyiv facing an energy crisis in the wake of its ongoing conflict, Riyadh is poised to step in and help meet its energy needs. In return, Saudi Arabia is seeking key food imports from Ukraine, including various types of meat and grains.The two countries announced the revival of the council in a joint statement on Tuesday during Ukrainian President Volodymyr Zelensky’s official visit to the kingdom.Both sides discussed the strength of their economic ties and…

LIV Golf CEO Scott O’Neil at CNBC’s CONVERGE LIVE event in Singapore on March 13, 2025.CNBCLIV Golf, the professional men’s golf tour backed by Saudi Arabia, wants the game to become more like Formula 1 racing with well-heeled fans and a wide range of ancillary entertainment.”The golf is who we are, but it’s really about the festival around golf that makes us different,” LIV Golf CEO Scott O’Neil said during a fireside chat at CONVERGE LIVE. “You can bring your family, you can bring a date, you can bring friends,” he added.At a recent event in Miami, LIV held a…

Alamy/Hulya Ozkok via Reuters People in Istanbul enjoy a fast-breaking sunset picnic during Ramadan Ramadan is generally perceived as a time of slower business activity, with executives postponing major deals and travel schedules at a standstill.  But if we delve into the data, a different picture emerges – one that challenges conventional wisdom about business travel patterns during the holy month. The pre-Ramadan rush: a threefold increase One of the most surprising trends in corporate travel is the sharp increase in business trips just before Ramadan begins. While many assume that the holy month generally induces a slowdown, companies are…

Wam The funds will be used for early redemption of a sukuk maturing in September 2025 and the repayment of outstanding bank debt Aldar Properties said the $500 million sukuk (Islamic bond) issued by its subsidiary was oversubscribed more than seven times. The sukuk order book of Aldar Investment Properties reached $3.6 billion, with regional and global investors making up 61 percent and 39 percent of the requests, the developer said in a statement. Sukuk are sharia-compliant bonds that were developed as an alternative to conventional bonds, which are not considered permissible by many Muslims as they pay interest and…

Gold prices edged up on Thursday as persisting uncertainty over tariffs drove safe-haven demand, while a cooler-than-expected US inflation print supported the dollar by bolstering rate cuts expectations.Spot gold gained 0.1% to $2,934.08 an ounce as of 0745 GMT, while US gold futures eased 0.1% to $2,943.70.”I think $3,000 is the next logical target, likely to be reached sometime over the next several months,” said Marex analyst Edward Meir.”The CPI data was encouraging but I suspect that the tariff increase has yet to be picked up in the inflation data.”The US consumer price index increased less than expected last month,…

Saudi Arabia’s Ministry of Islamic Affairs distributed 10 tons of dates and Iftar meals to over 75,000 people in Kyrgyzstan during Ramadan.Bishkek, March 13, 2025 — The Ministry of Islamic Affairs, Dawah, and Guidance, through the Religious Attaché at the Saudi Embassy in Kazakhstan, successfully launched the Custodian of the Two Holy Mosques’ Gift Programs on Wednesday, distributing dates and Iftar meals in the Kyrgyz Republic during the blessed month of Ramadan 1446 AH. The event took place at the prestigious Sheraton Hotel in Bishkek, the capital of Kyrgyzstan, and was attended by a host of dignitaries, including the Saudi…

Saudi Arabia’s total bank credit reached a record SAR 3,005,946 million by January 2025, marking a 15% annual growth.Riyadh, March 13, 2025 — The total bank credit granted to both the public and private sectors in Saudi Arabia has reached a historic milestone, soaring to SAR 3,005,946 million by the end of January 2025. According to the latest monthly statistical bulletin released by the Saudi Central Bank (SAMA), this significant figure reflects robust annual growth of 15%, marking an increase of over SAR 348,219 million compared to the same period in 2024, when total bank credit stood at SAR 2,621,726…

Reuters A Cairo branch of Banque Du Caire, which is Egypt’s sixth largest bank by assets Banque du Caire selling 45% stake Emirates NBD doing due diligence Egypt privatising state businesses Emirates NBD, Dubai’s largest bank by assets, has begun due diligence ahead of buying a stake in Egypt’s sixth-largest commercial bank, Banque du Caire. The purchase would be the latest sale of a government-owned asset in a stalled privatisation programme, according to regional media. Egypt agreed an expanded $8 billion loan from the International Monetary Fund last year and hopes to raise up to $2.5 billion from privatising state-owned…

The Roads General Authority reported over 3.7 million vehicle crossings to Makkah in the first ten days of Ramadan, driven by the influx of Umrah pilgrims.Makkah, March 13, 2025 — The Roads General Authority (RGA) has announced that over 3.7 million vehicles have passed through the roads leading to Makkah during the first ten days of Ramadan, marking a significant surge in traffic due to the influx of Umrah pilgrims and visitors coming to perform religious rituals during the holy month. This remarkable increase in vehicle crossings highlights the growing number of people visiting the sacred city for Umrah, underscoring…

The ICD provided $25 million in Islamic financing to Uzbekistan, aimed at supporting the growth of small and medium-sized enterprises and boosting the private sector.Jeddah, March 13, 2025 — The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank (IsDB) Group, has announced a landmark $25 million Islamic financing initiative aimed at fostering the growth of Uzbekistan’s private sector. In collaboration with Asian Alliance Bank, the financing deal is set to provide crucial support to small and medium-sized enterprises (SMEs) across the country, encouraging their expansion and contributing to the nation’s overall…