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News
MENA economy set for 8.5% rebound in 2027 after deep 2026 slump: BMI
5+ hour, 13+ min ago (546+ words) RIYADH: The Middle East and North Africa region is projected to return to growth in 2027, expanding 8.5 percent, after a contraction this year, according to a forecast from BMI, a Fitch Solutions company. BMI expects the MENA economy to contract by…...
Filipino households face growing pressure from economic fallout of Iran war
3+ hour, 29+ min ago (605+ words) MANILA: Malou Elsa Bacay used to leave Manila every week to visit her mother in the province, but since the Iran war dealt a blow to the Philippine economy, such trips can take place only once a month. The Philippines…...
IMF unlocks $1.8bn for Egypt after seventh program review
7+ hour, 53+ min ago (492+ words) RIYADH: Egypt gained immediate access to about $1.8 billion in International Monetary Fund financing after the fund’s executive board completed the latest reviews of the country’s economic reform arrangements. The decision allows Egypt to draw about $1.5 billion under the Extended Fund…...
Oman insurers post 5% H1 profit growth despite claims pressure
7+ hour, 13+ min ago (506+ words) JEDDAH: Net profits of Muscat-listed insurance and takaful companies rose 5 percent to 20.9 million Omani rials ($54.3 million) in the first half, from 19.9 million rials, despite pressure on earnings from rising claims. Financial results showed improved performance by most listed companies, while…...
Sukuk liquidity nears pre-war levels as recovery remains uneven: Fitch
9+ hour, 8+ min ago (498+ words) RIYADH: Liquidity among most Fitch-rated sukuk is edging closer to pre-war levels despite ongoing geopolitical tensions in the Middle East, although the recovery remains uneven, an analysis showed. As of Aug. 4, just over 75 percent of Fitch-rated sukuk had a liquidity…...
How corporations can mitigate an AI jobocalypse
22+ hour, 42+ min ago (209+ words) Artificial intelligence-related job displacement is coming, though no one knows how fast it will proceed, how far it will go, and which sectors it will affect most. Much depends on the pace at which individual firms apply the technology to…...
Saudi Arabia producer prices rise 8.5% in June on manufacturing gains
3+ day, 8+ hour ago (368+ words) RIYADH: Saudi Arabia’s Producer Price Index increased 8.5 percent year on year in June, driven by higher prices in the manufacturing sector, official data showed. Manufacturing prices rose 9 percent, while prices in the electricity, gas, steam, and air-conditioning supply sector increased…...
Public Investment Fund: 10 key takeaways from its new strategy
3+ day, 9+ hour ago (1607+ words) RIYADH: The Saudi Public Investment Fund is entering the period leading up to 2030 with a different investment philosophy from the one that guided its expansion over the past decade. After a period characterized by rapid growth, the establishment of companies…...
Saudi inflation remains among Gulf’s lowest at 1.8% in July
3+ day, 9+ hour ago (780+ words) RIYADH: Saudi Arabia’s annual inflation rate edged up to 1.8 percent in July, with housing rents continuing to drive price gains in the Kingdom, official data showed. According to the latest report by the General Authority for Statistics, the country’s consumer…...
World Bank approves $100 million grant to modernize Syria’s financial sector
1+ week, 1+ day ago (460+ words) LONDON: The World Bank on Friday approved a $100 million grant to help the Syrian Arab Republic build a modern, secure and digitally enabled financial sector. The grant from the International Development Association will finance the Syria Financial Sector Modernization Project,…...