Economy

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Economy

IMF identifies 6 buffers helping Gulf economies withstand oil shocks

The International Monetary Fund (IMF) has identified six key economic buffers that have enabled Gulf economies to withstand recent oil shocks. These buffers include diversified export routes, economic diversification, and substantial financial reserves, which have collectively contributed to the resilience of these economies during challenging times. Despite this resilience, the IMF warns that prolonged economic challenges could deplete these buffers, highlighting the need for swift government actions and enhanced regional cooperation to maintain stability. The projections for individual Gulf economies vary significantly, with Saudi Arabia expected to experience growth, while countries like Bahrain and Iraq may face severe economic contractions. This analysis underscores the importance of strategic economic planning in the Gulf region, particularly as global oil markets remain volatile. The findings serve as a crucial reminder for policymakers to prioritize diversification and collaboration to safeguard their economies against future shocks.

Arab NewsSaudi ArabiaAdded 12 hours ago

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Economy

Bank BSN Pushes for ASEAN Islamic Finance Integration to Support Sustainable Growth

PT Bank Syariah Nasional (Bank BSN) has emphasized the need for enhanced integration of Islamic finance within the ASEAN region. This initiative aims to foster sustainable economic growth and development among member countries. The call for integration highlights the potential of Islamic finance to contribute positively to the regional economy, particularly in addressing social and environmental challenges. Bank BSN's push for integration aligns with broader efforts to promote Islamic finance as a viable alternative to conventional banking systems. By collaborating with other ASEAN nations, the bank seeks to create a more cohesive financial framework that supports ethical investment and financial inclusion. This approach is expected to benefit both businesses and consumers in the region. The integration of Islamic finance in ASEAN could lead to increased investment opportunities and economic resilience. As countries work together to implement these strategies, the potential for growth in the Islamic finance sector appears promising, paving the way for a more sustainable future in the region.

Antara NewsThailandAdded 13 hours ago

Economy

Minister Yusril calls for stronger zakat management regulations

Yusril Ihza Mahendra, Indonesia's Coordinating Minister for Law, has emphasized the need for improved regulations in zakat management. He believes that stronger oversight will enhance the effectiveness of zakat distribution, ensuring that it reaches those in need. This call for reform is part of a broader initiative to strengthen social welfare programs in the country, particularly in the context of Islamic finance and community support.

Antara NewsIndonesiaAdded 15 hours ago

Economy

Prolonged war, disruptions present biggest risk to Mideast economies

The ongoing conflicts in the Middle East are significantly impacting the region's economies. Disruptions in energy production and shipping routes are exacerbating the situation, leading to increased risks for economic stability. As these conflicts continue, the potential for long-term economic repercussions grows, affecting not just local populations but also global markets. Economic analysts warn that the prolonged nature of these conflicts could deter foreign investment and hinder recovery efforts. The instability in the region may lead to higher costs for essential goods and services, further straining the economies of affected countries. This situation calls for urgent attention from international stakeholders to mitigate the risks and support economic resilience. In light of these challenges, regional governments are urged to collaborate and seek diplomatic solutions to restore stability. The future of Middle Eastern economies hinges on addressing these conflicts and ensuring that critical infrastructure is protected and operational.

Daily SabahMiddle EastAdded 15 hours ago

Economy

Syria to rejoin Arab constituency at IMF after 14 years

Syria's rejoining of the Arab constituency at the IMF marks a significant shift in its international economic relations. After 14 years of being part of the Russian Federation’s group, this move is seen as a step towards reintegration into the Arab economic framework. The decision was made following discussions between key Syrian financial officials and the Arab constituency's executive director during the IMF and World Bank meetings in Bangkok. This change could potentially open up new avenues for economic support and collaboration for Syria, which has faced severe economic challenges due to ongoing conflict and sanctions. The Syrian Finance Ministry's announcement indicates a strategic pivot back towards Arab partnerships, which may enhance Syria's economic stability in the long term. The implications of this decision are significant for the region, as it reflects broader geopolitical shifts and the potential for increased cooperation among Arab nations. Observers will be watching closely to see how this affects Syria's economic recovery efforts and its relationships within the Arab world.

Arab NewsSyriaAdded 11 hours ago

Economy

Kenya hikes fuel prices amid higher import costs linked to Middle East conflict

Kenya has recently increased fuel prices due to rising import costs, which are partially attributed to ongoing conflicts in the Middle East. This hike is expected to strain household budgets significantly, affecting various sectors such as transport, agriculture, and construction. The economic implications of these rising costs could lead to broader social challenges, particularly for low-income families who are already struggling with inflation.

AfricanewsKenyaAdded 8 hours ago

Economy

Zamfara empowers 300 youths with skills, starter packs

The Zamfara State Government has successfully graduated 300 youths from its Government Enterprise and Empowerment Programme. This initiative, in collaboration with the European Union and the International Organisation for Migration, aims to enhance sustainable livelihoods in the region. Each participant received a starter pack to help them establish their own businesses, promoting self-sufficiency and economic growth among the local population. The program reflects a commitment to empowering young people in Nigeria, particularly in areas with high unemployment rates. Such initiatives are crucial for fostering economic development and reducing poverty in Nigeria, especially in states like Zamfara that face significant challenges. By equipping youths with skills and resources, the government is taking steps towards building a more resilient economy.

Daily TrustNigeriaAdded 9 hours ago

Economy

Saudi Arabia’s FDI inflows jump 33.5% to $42.4bn: GASTAT

Saudi Arabia has seen a significant increase in foreign direct investment (FDI) inflows, which rose by 33.5% year-on-year, reaching approximately $42.4 billion in 2025. This surge is attributed mainly to the construction and manufacturing sectors, which have attracted substantial investments. The General Authority for Statistics reported that construction activities alone accounted for SR34.5 billion, making up 21.7% of the total inflows. The growth in FDI is a positive indicator for the Saudi economy, reflecting the country's ongoing efforts to diversify its economic base and reduce reliance on oil revenues. The manufacturing sector also played a crucial role, drawing in SR33.4 billion, which represents 21% of the total FDI. This trend aligns with Saudi Arabia's Vision 2030 initiative, aimed at fostering economic growth and sustainability. Overall, the increase in foreign investments is expected to create job opportunities and enhance the overall economic landscape in Saudi Arabia, benefiting various sectors and contributing to long-term growth. The government's focus on attracting foreign capital is likely to continue as part of its broader economic strategy.

Arab NewsSaudi ArabiaAdded 12 hours ago

Economy

Iraq devalues dinar to ease cash crunch, leaving traders in limbo

The Iraqi government has decided to devalue the dinar in an effort to alleviate a cash crunch affecting the economy. This move is aimed at ensuring that salaries can be paid, but it has left many traders in a state of uncertainty. With rising import costs, the implications of this decision are significant for both local businesses and consumers in Iraq. As the dinar weakens, traders are grappling with the challenges of increased expenses while trying to maintain their profit margins. The devaluation could lead to higher prices for imported goods, which may further strain the purchasing power of the Iraqi population. This situation highlights the delicate balance the government must strike between stabilizing the economy and supporting its citizens. The long-term effects of this devaluation remain to be seen, but it underscores the ongoing economic struggles faced by Iraq. Stakeholders are closely monitoring the situation as they navigate the complexities of a fluctuating currency and its impact on daily life.

Al Jazeera EnglishIraqAdded 14 hours ago

Economy

Saudi annual inflation edges up to 1.9% in September as housing costs rise

Saudi Arabia's annual inflation rate has risen to 1.9% in September, primarily influenced by increased housing costs. The General Authority for Statistics reported that the housing, water, electricity, gas, and other fuels category saw a significant annual increase of 3.6%. Additionally, transport prices rose by 2.3%, contributing to the overall inflation trend. Despite these increases, consumer prices remained stable compared to the previous month, indicating a complex economic landscape. The rise in housing costs is particularly noteworthy, as it affects many households across the nation. As inflation impacts various sectors, the government may need to consider measures to alleviate financial pressures on citizens. This inflation trend is essential for understanding the economic conditions in Saudi Arabia, especially as it relates to the cost of living for residents. Monitoring these changes will be crucial for both policymakers and the general public as they navigate the economic environment in the coming months.

Arab NewsSaudi ArabiaAdded 13 hours ago

Economy

Saudi Arabia needs national center to assess legislation impact, Riyadh Economic Forum hears

Experts at the Riyadh Economic Forum have called for the establishment of an independent center in Saudi Arabia to evaluate the impact of legislation. This center would focus on assessing economic, social, and environmental outcomes of public policies across various government bodies. The initiative aims to standardize evaluation methods and enhance coordination among public entities, which could lead to more effective governance and policy-making in the kingdom.

Arab NewsSaudi ArabiaAdded 33 hours ago

Economy

Indonesia's modest fashion industry eyes global markets, Minister says

Indonesia's Creative Economy Minister highlighted the potential of the country's modest fashion industry in global markets. The minister emphasized that this sector not only caters to local demand but also has the capacity to attract international consumers. With the growing interest in modest fashion worldwide, Indonesia aims to position itself as a leader in this niche market. The minister's remarks come as part of a broader initiative to promote Indonesia's cultural heritage through fashion. By leveraging local craftsmanship and sustainable practices, the industry seeks to appeal to a diverse audience while maintaining its Islamic values. This strategy could enhance the visibility of Indonesian designers on the global stage. As the modest fashion trend continues to rise, Indonesia's government is committed to supporting local designers and businesses. This includes providing resources and platforms for showcasing their work, which could lead to increased economic opportunities and cultural exchange in the fashion industry.

Antara NewsIndonesiaAdded 35 hours ago

Economy

Syria seeks to expand $493m in World Bank grants

Syria is actively seeking to expand its financial support from the World Bank, building on $493 million in grants already received. These funds are aimed at improving critical sectors such as electricity, healthcare, and water, which are essential for the country's recovery and development. Finance Minister Mohammed Barnieh has been engaging with international financial institutions to secure additional funding during the recent IMF and World Bank meetings in Bangkok. The discussions highlight Syria's ongoing efforts to stabilize its economy amidst the challenges posed by years of conflict and sanctions. By focusing on essential services and public finances, the Syrian government aims to enhance the living conditions of its citizens and rebuild the nation's infrastructure. The involvement of major financial entities like Citigroup indicates a potential for increased international cooperation in Syria's economic recovery. This initiative is crucial for the Syrian population, as improved access to basic services can significantly impact their quality of life. The outcome of these negotiations could lead to more substantial investments in the country, fostering long-term growth and stability.

Arab NewsSyriaAdded 35 hours ago

Economy

IsDB signs $238m Cameroon road deal, discusses support for Syria and Mozambique

The Islamic Development Bank (IsDB) has signed a significant financing agreement with Cameroon, amounting to €212.35 million, aimed at improving the Douala–Bafoussam Road. This project is expected to enhance regional connectivity and provide better access to economic opportunities for the local population. In addition to the road project, IsDB officials engaged in discussions regarding recovery efforts for Syria, highlighting the bank's commitment to supporting humanitarian needs in conflict-affected regions. The potential support for Mozambique was also on the agenda, indicating IsDB's broader focus on development in various Muslim-majority countries. These initiatives reflect the IsDB's ongoing efforts to foster economic growth and development in regions where Muslims reside, thereby contributing to the overall welfare of these communities. The financing agreement is seen as a crucial step towards improving infrastructure and economic prospects in Cameroon.

Arab NewsCameroonAdded 37 hours ago

Economy

Saudi Arabia’s SPARK, Dalipal sign $2.1bn energy equipment manufacturing deal

Saudi Arabia has entered into a significant partnership with China's Dalipal Holdings to establish an advanced energy equipment manufacturing facility. This $2.1 billion deal, signed at King Salman Energy Park, marks a major step in the Kingdom's efforts to diversify its economy and enhance its manufacturing capabilities. The agreement includes a 25-year lease for the facility, which will cover over 1 million square meters. The initial phase of the project will see an investment of approximately $600 million, indicating strong financial commitment from both parties. This collaboration is expected to create numerous job opportunities and contribute to the local economy, aligning with Saudi Arabia's Vision 2030 objectives aimed at reducing reliance on oil and fostering sustainable development in various sectors.

Arab NewsSaudi ArabiaAdded 37 hours ago

Economy

IMF forecasts 3.3% contraction of Saudi economy amid regional conflict and Houthi attacks

The International Monetary Fund (IMF) has projected a 3.3% contraction in Saudi Arabia's economy for 2026, primarily due to escalating Houthi attacks and regional conflicts. This forecast highlights the significant impact of geopolitical tensions on the world's largest oil exporter, which is facing increasing pressure on its economic stability. The report also indicates that the broader region may experience economic downturns as a result of restrictions imposed by Iran on critical shipping routes, further complicating the situation for Saudi Arabia and its neighbors. The IMF's outlook comes in the wake of heightened military activity in Yemen, where fighting has resumed after a period of relative calm. This resurgence of conflict, coupled with external pressures, poses challenges for Saudi Arabia's economic growth and stability. The situation underscores the interconnectedness of regional security and economic performance, particularly for oil-dependent economies. As the global economy continues to grapple with various challenges, the implications of these forecasts extend beyond Saudi Arabia, affecting regional markets and international oil prices. Stakeholders will need to closely monitor developments in the region to assess potential impacts on global energy supplies and economic conditions.

Middle East MonitorSaudi ArabiaAdded 38 hours ago

Economy

5th AlBaraka Summit opens in London, bringing together global Islamic finance leaders

The 5th AlBaraka Summit has commenced in London, gathering leaders from the global Islamic finance sector. This summit aims to address the pressing need for a responsible economic model that aligns with Islamic principles. Secretary-General Yousef Hassan Khalawi emphasized that neglecting this responsibility could have dire consequences for humanity. Participants at the summit are expected to engage in discussions about innovative financial solutions that adhere to Islamic law while promoting sustainable development. The event serves as a platform for collaboration among various stakeholders in the Islamic finance industry. Key topics include ethical investment, financial inclusion, and the role of Islamic finance in global economic stability. As the summit unfolds, it highlights the growing importance of Islamic finance in the global economy and the need for a cohesive approach to economic challenges. The discussions may pave the way for new initiatives that could significantly impact Muslim communities worldwide.

Anadolu AgencyUnited KingdomOct 13, 2026

Economy

London brings together global business leaders at Global Business Excellence Gala

The Global Business Excellence Gala in London gathered leaders from various sectors, including fintech and investment. This event highlighted the potential for collaboration within the Islamic economy, showcasing opportunities for growth and innovation. The participation of diverse executives reflects a commitment to strengthening ties across banking, investment, and technology sectors, which are crucial for the development of the Islamic financial landscape.

Anadolu AgencyUnited KingdomOct 13, 2026

Economy

IsDB chief in Jakarta: A US$2.56 billion plan with a missing climate pillar

Dr. Muhammad Al Jasser, chairman of the Islamic Development Bank (IsDB), recently visited Jakarta to unveil a significant five-year development plan. This plan, valued at approximately US$2.56 billion, aims to fund essential infrastructure projects in Indonesia, a nation heavily impacted by climate change. However, the absence of a dedicated climate pillar in the plan raises concerns about its effectiveness in addressing environmental challenges. During his visit from October 7 to 10, 2026, Al Jasser emphasized the importance of Islamic finance in supporting development initiatives across Muslim-majority countries. The IsDB, which operates under Islamic finance principles, focuses on projects that align with the needs of its member countries. The partnership strategy for 2026 to 2030 was officially launched by Indonesia's Finance Minister Suahasil Nazara on October 8, highlighting the collaborative efforts between the bank and the Indonesian government. The lack of a climate component in such a substantial financial plan could hinder Indonesia's ability to combat climate change effectively. Stakeholders are now calling for the integration of sustainable practices to ensure that the development initiatives are both economically viable and environmentally responsible.

Middle East MonitorIndonesiaOct 13, 2026

Economy

Pakistan seeks global finance overhaul

Pakistan's new G-24 chair, Aurangzeb, has announced plans to advocate for a significant overhaul of global financial systems. This initiative aims to amplify the voices of developing nations, particularly those in the Global South, in international economic discussions. The push for reform comes at a time when many Muslim-majority countries are facing economic challenges exacerbated by global financial policies. Aurangzeb's leadership is seen as a crucial opportunity for these nations to address their unique financial needs and promote equitable economic practices. By prioritizing the interests of the Global South, Pakistan hopes to foster a more inclusive financial environment that benefits all nations, especially those that have been historically marginalized in global economic dialogues.

Express TribunePakistanOct 13, 2026

Economy

Riyadh Economic Forum focused on maximizing achievements and attracting investment

The Riyadh Economic Forum, which commenced on October 12, aims to enhance Saudi Arabia's economic transformation. Experts emphasized the importance of maximizing returns on national achievements and attracting foreign investments. Key discussions included developing local talent, expanding investment opportunities, and implementing necessary regulatory reforms to support economic growth. During the three-day event, leading figures from various sectors, including investment and artificial intelligence, shared insights on the Kingdom's future economic direction. The forum's agenda is structured around five critical sessions designed to address key areas of focus for the Saudi economy. This initiative reflects Saudi Arabia's commitment to diversifying its economy and reducing reliance on oil. As the Kingdom continues to evolve economically, the outcomes of this forum could have significant implications for both local and international investors. The discussions held here will likely shape the future landscape of Saudi Arabia's economic policies and investment climate.

Arab NewsSaudi ArabiaOct 13, 2026

Economy

Landlords Pay Rent as insecurity triggers housing crisis in Kaduna

Insecurity in Kaduna is leading to a housing crisis as residents flee to safer areas. The rise in kidnappings and attacks has forced many to abandon their homes in the outskirts, seeking refuge in rented apartments within the city. This shift is causing a significant increase in rental prices, impacting low-income homeowners and threatening their investments. The situation is exacerbated by the ongoing violence, which has created a climate of fear and instability. As families leave their homes, the demand for rental properties in Kaduna city is surging, pushing rents higher and making it difficult for those with limited means to secure housing. This crisis not only affects individual families but also has broader implications for the local economy. Authorities and community leaders are urged to address the underlying security issues to stabilize the housing market. Without intervention, the ongoing crisis could lead to long-term economic challenges for the region, particularly for vulnerable populations who are most affected by rising costs and displacement.

Daily TrustNigeriaOct 13, 2026

Economy

Industry Ministry helps small businesses meet halal certification

Indonesia's Ministry of Industry is taking significant steps to assist small and medium industries in obtaining halal certification. This initiative aims to enhance the competitiveness of local businesses in the halal market, which is increasingly important for Muslim consumers. By providing support and resources, the ministry hopes to ensure that these businesses can meet the necessary standards and thrive in a growing sector. The halal certification process is crucial for businesses targeting Muslim consumers, as it assures compliance with Islamic dietary laws. The ministry's commitment reflects a broader trend in Indonesia to promote halal products and services, which are essential for the country's economy. This support is expected to boost local industries and create more job opportunities. As the global demand for halal products continues to rise, Indonesia's efforts to facilitate certification for small businesses could position the country as a leader in the halal market. This initiative not only benefits the economy but also strengthens the connection between local businesses and the Muslim community.

Antara NewsIndonesiaOct 13, 2026

Economy

Saudi Arabia to outpace global growth with 7.9% expansion in 2027: IMF

The International Monetary Fund (IMF) has projected that Saudi Arabia's economy will grow by 7.9% in 2027, significantly outpacing the global average of 3.4%. This growth is attributed to the Kingdom's diversified energy export routes, which have mitigated the effects of regional disruptions. The IMF's forecast reflects an increase of 2.4 percentage points from its previous estimate, indicating a robust economic recovery for Saudi Arabia. This anticipated economic expansion is crucial for the Kingdom as it continues to implement its Vision 2030 strategy, aimed at reducing dependence on oil and diversifying the economy. The growth forecast may also influence foreign investments and economic partnerships, enhancing Saudi Arabia's position in the global market. As the largest economy in the Arab world, Saudi Arabia's growth trajectory is of significant interest to Muslim communities globally, particularly in terms of economic opportunities and regional stability. The IMF's optimistic outlook could have far-reaching implications for the broader Middle Eastern economy as well.

Arab NewsSaudi ArabiaOct 13, 2026