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China’s export growth slowed to a three-month low in May as US tariffs slammed shipments, while factory-gate deflation deepened to its worst level in two years, heaping pressure on the world’s second-largest economy on both the domestic and external fronts. US President Donald Trump’s global trade war and the swings in Sino-US trade ties have in the past two months sent Chinese exporters, along with their business partners across the Pacific, on a roller coaster ride and hobbled world growth. Underscoring the US tariff impact on shipments, customs data showed that China’s exports to the US plunged 34.5% year-on-year in…

Oman Islamic banking growth Fuelled by demand Banks opening Islamic units Islamic banks in Oman are growing at a faster pace than their conventional competitors, according to a report by the central bank. The sultanate’s two Islamic banks, Bank Nizwa and Alizz Islamic Bank, and sharia-compliant units at other banks recorded higher growth in loans and deposits in the year to April 30, the report showed. Islamic banking prohibits the payment or receipt of interest, considering it usury. Instead, income is earned through profit sharing or through transactions that are backed by tangible assets or services.  Financing by Islamic banks…

MAF patriarch died in 2021 New board appointed Assets worth around $19bn The Government of Dubai has stepped in to take control of Majid Al Futtaim (MAF) Holding, a pillar of Dubai’s consumer economy.  A new board has been appointed to lead the group in an emirate-backed effort to resolve a long-running family succession battle. Founded in 1992, MAF is one of the largest closely held companies in the Gulf. It operates across retail, hospitality, real estate and entertainment with up to $19 billion of assets in 16 countries including the UAE, Saudi Arabia and Egypt. It owns Dubai’s Mall…

Turkey’s domestic economy is straining under the weight of double-digit inflation, a volatile currency and waning consumer spending. These headwinds are battering businesses across nearly every sector. With local demand weakening and growth prospects uncertain, Turkish companies are increasingly casting their sights abroad in search of sustainable expansion and diversified revenue streams. Fortunately for Turkey, shifting global trade patterns – spurred by renewed US protectionism and a realignment of Middle Eastern geopolitics after President Donald Trump’s recent Gulf tour – may offer a timely opening. For many companies, international markets could prove to be the vital lifeline needed to weather…

Saudi Arabia is positioning its tourism sector to rival oil as a cornerstone of the national economy by 2030, targeting a 10% contribution to GDP. This ambitious goal is part of the Kingdom’s broader Vision 2030 plan to diversify income sources and reduce reliance on hydrocarbons. To achieve this goal, Saudi Arabia is developing a comprehensive tourism ecosystem. This includes mega-projects like NEOM, Qiddiya, and the Red Sea, alongside nationwide infrastructure upgrades spanning major cities, villages, and remote areas. These efforts are already bearing fruit: the Kingdom surpassed 100 million visitors well ahead of schedule, prompting an upward revision of…

Down from last year’s high Less issuance from governments Dollar dominantes foreign-currency issuance New debt issuance in the GCC fell by more than a fifth in the first five months of the year, led by a decline in Saudi sovereign sales, London Stock Exchange Group (LSEG) data shows. Corporate sales of both conventional bonds and sharia-compliant bonds known as sukuk took up some of the slack. In total, Gulf bond and sukuk sales in both foreign and local currencies in the five months to May 31 fell 22 percent to $87.5 billion, compared with almost $113 billion in the same…

China’s export growth slowed to a three-month low in May as US tariffs slammed shipments, while factory-gate deflation deepened to its worst level in two years, heaping pressure on the world’s second-largest economy on both the domestic and external fronts. US President Donald Trump’s global trade war and the swings in Sino-US trade ties have in the past two months sent Chinese exporters, along with their business partners across the Pacific, on a roller coaster ride and hobbled world growth. Underscoring the US tariff impact on shipments, customs data showed that China’s exports to the US plunged 34.5% year-on-year in…

China’s export growth slowed to a three-month low in May as US tariffs slammed shipments, while factory-gate deflation deepened to its worst level in two years, heaping pressure on the world’s second-largest economy on both the domestic and external fronts. US President Donald Trump’s global trade war and the swings in Sino-US trade ties have in the past two months sent Chinese exporters, along with their business partners across the Pacific, on a roller coaster ride and hobbled world growth. Underscoring the US tariff impact on shipments, customs data showed that China’s exports to the US plunged 34.5% year-on-year in…

Emirates Islamic Bank (EIB) said it will seek suspension of its share trading on the Dubai Financial Market (DFM) from June 10, as it prepares to be fully merged with a rival lender. The decision comes after EIB or Emirates NBD (ENBD), Dubai’s largest bank by assets, received no objections to the latter’s mandatory acquisition announced this year. “All remaining EIB shares (not already held by ENBD) will be re-registered in the name of ENBD in EIB’s share register on or around June 13,” EIB said in a statement. ENBD will settle the payment to the remaining EIB shareholders from June…

Syria will be fully reconnected to the Swift global payment system within weeks, central bank governor Abdulkader Husrieh has confirmed in a media interview. The move comes after the US last month lifted its sanctions after 14 years, which will allow the rebuilding of the war-torn nation to commence. Husrieh said the return to the international bank messaging network will boost foreign trade, reduce import costs and facilitate exports, Financial Times reported. Swift will further lead to the inflow of foreign exchange, improve anti-money laundering compliance and reduce reliance on informal networks for cross-border transactions, the report said.  All foreign…