Economy

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Economy

PIA temporarily suspends Riyadh flights, confirms PAA

Pakistan International Airlines (PIA) has announced a temporary suspension of its flights to Riyadh, a significant route for many Pakistani expatriates. This decision comes in the wake of recent attacks at Riyadh airport, raising concerns about aviation safety in the region. The Pakistan Aviation Authority (PAA) has dismissed rumors circulating on social media regarding the reasons behind the suspension, emphasizing that the safety of passengers is the top priority. The suspension of flights could impact many Pakistani workers and families who rely on this route for travel between Pakistan and Saudi Arabia. The PAA's clarification aims to reassure the public and maintain confidence in the safety measures being implemented. As the situation develops, further updates from PIA and PAA are expected to address the concerns of travelers. This incident highlights the ongoing challenges faced by airlines operating in regions affected by security threats, and the importance of ensuring safe travel for all passengers. The aviation industry in Pakistan is closely monitoring the situation to adapt to any changes in travel regulations or safety protocols.

Geo NewsPakistanAdded 24 hours ago

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Economy

India in talks with Saudi Arabia for investment in strategic port projects

India is currently engaged in negotiations with Saudi Arabia to secure investments in significant port projects, including Vadhavan and Galathea Bay. These discussions are part of a broader initiative to enhance maritime cooperation between the two nations, aiming to strengthen their shipping partnership. The talks took place during South Asia's largest maritime conference, where both countries expressed a commitment to fostering trade and improving shipping capacity in the region. The establishment of a joint working group is a key outcome of these negotiations, which will focus on collaboration in the maritime sector. This partnership is expected to not only boost economic ties between India and Saudi Arabia but also enhance regional trade dynamics. The investments in port infrastructure are crucial for both nations as they seek to expand their influence in maritime trade. Overall, this initiative reflects a growing trend of collaboration between Muslim-majority countries and India, highlighting the importance of strategic partnerships in the global economy. The successful implementation of these projects could lead to significant economic benefits for both nations and their respective communities.

Arab NewsIndiaAdded 24 hours ago

Economy

Saudi Council of Economic and Development Affairs notes private sector momentum

The Saudi Council of Economic and Development Affairs convened to discuss the latest economic trends affecting the nation. During the meeting, they reviewed a report from the Ministry of Economy and Planning that addressed global economic developments and their implications for Saudi Arabia. Key topics included rising inflation and the tightening of monetary policies by major central banks, which present both challenges and opportunities for the Saudi private sector. The report emphasized the need for the Saudi economy to adapt to these global changes while leveraging potential growth areas. The discussions highlighted the importance of maintaining momentum in the private sector amidst these evolving geopolitical conditions. This meeting reflects Saudi Arabia's ongoing efforts to navigate complex economic landscapes and ensure sustainable development. As the global economy faces uncertainties, Saudi Arabia's proactive approach aims to bolster its economic resilience. The insights from this meeting will likely influence future policies and initiatives to support the private sector's growth and stability.

Arab NewsSaudi ArabiaAdded 28 hours ago

Economy

Saudi Arabia and UAE agree to strengthen power grid and rail connectivity

Saudi Arabia and the UAE have taken significant steps to enhance their regional cooperation by signing a memorandum of understanding focused on power grid interconnection and rail connectivity. This agreement aims to improve logistics and energy efficiency, which are crucial for both nations as they seek to deepen their economic ties and regional integration. The memorandum was signed by Saudi Energy Minister Prince Abdulaziz bin Salman and UAE Investment Minister Mohammed Alsuwaidi, highlighting the commitment of both countries to collaborate on electricity exchange and sales. This initiative is expected to bolster the energy sector and facilitate smoother transportation across the region. By strengthening these infrastructures, Saudi Arabia and the UAE are not only enhancing their own economies but also setting a precedent for other Gulf Cooperation Council (GCC) countries to follow. This agreement could lead to increased trade and investment opportunities within the region, benefiting the broader Muslim community in these nations.

Arab NewsSaudi ArabiaAdded 40 hours ago

Economy

From Aramco to ACWA Power: How Saudi Arabia is redrawing its map of energy influence

Saudi Arabia is redefining its energy influence through strategic partnerships, particularly in renewable energy. A recent agreement with Turkish firms to develop solar plants marks a significant shift from its traditional oil dependency. This initiative aims to establish long-term relationships that can adapt to changing global markets and political landscapes. The agreement includes plans for two gigawatts of solar capacity in Turkey, with a broader framework targeting five gigawatts. This move not only enhances Saudi Arabia's energy diplomacy but also reflects its commitment to diversifying its economic portfolio. By investing in renewable energy, Riyadh seeks to position itself as a key player in the global energy transition. As Saudi Arabia navigates this new landscape, the focus will be on leveraging its financial resources and expertise to build sustainable partnerships. This strategy could reshape its economic future and strengthen ties with other nations, particularly in the context of global energy demands and environmental concerns.

Middle East MonitorSaudi ArabiaAdded 44 hours ago

Economy

Bangladesh signs 15-year port deal with UAE-based DP World

Bangladesh has entered into a significant 15-year agreement with UAE-based DP World to manage a key terminal at Chattogram port. This terminal is crucial as it handles 44% of the port's container traffic, making it a vital part of the country's trade infrastructure. The deal has sparked protests among local demonstrators who oppose foreign management of such a critical asset. Police responded to the protests with baton charges, indicating the tensions surrounding foreign investment in Bangladesh's port operations. This agreement reflects ongoing trends in global trade and investment, particularly in developing countries, where foreign partnerships are often seen as necessary for infrastructure development, despite local opposition. The situation highlights the balance between economic growth and national sovereignty in Bangladesh's evolving economic landscape.

Anadolu AgencyBangladeshAdded 46 hours ago

Economy

UAE’s DP World to operate major terminal in Bangladesh’s largest port

DP World, a major logistics company based in Dubai, has signed a significant agreement with the Bangladeshi government to operate a key terminal at Chattogram Port. This port is vital for Bangladesh's economy, handling approximately 92% of the country's foreign trade. The agreement aims to enhance the operational efficiency and upgrade the facilities at one of the busiest terminals in the nation. The partnership is expected to bolster Bangladesh's trade capabilities, facilitating smoother import and export processes. As the main gateway for ocean cargo, improvements at Chattogram Port could lead to increased economic growth and better integration into global supply chains. This development reflects the growing importance of international partnerships in enhancing local infrastructure. Overall, this agreement signifies a step forward for Bangladesh's logistics sector, potentially attracting further foreign investment and improving the country's economic landscape. The collaboration between DP World and the Bangladeshi government highlights the strategic importance of Chattogram Port in regional trade dynamics.

Arab NewsBangladeshAdded 47 hours ago

Economy

Iraq devalues its currency but some MPs oppose it

Iraq's recent decision to devalue its currency has sparked opposition among some members of parliament. They argue that this move will exacerbate living costs and place additional financial strain on the country's most vulnerable populations. The devaluation of the dinar is expected to have significant economic repercussions, particularly for low-income families who are already struggling. Critics of the policy are concerned that it could lead to increased inflation and further economic instability in Iraq. As the government navigates these challenges, the debate among lawmakers highlights the tension between economic policy and the welfare of citizens. The outcome of this situation could have lasting effects on Iraq's economy and its people, especially those already facing hardships.

Al Jazeera EnglishIraqOct 8, 2026

Economy

IsDB launches $2.56bn financing plan to strengthen Indonesia’s infrastructure, workforce development

The Islamic Development Bank (IsDB) has unveiled a substantial $2.56 billion financing initiative aimed at bolstering Indonesia's infrastructure and workforce development. This plan is part of IsDB's broader partnership strategy for 2026-2030, developed in collaboration with the Indonesian government. Key focus areas of the financing plan include transport, food security, agriculture, energy security, health systems, and education. The initiative not only provides funding but also encourages private sector investment and offers technical assistance to align with Indonesia's development priorities. This significant investment reflects IsDB's commitment to supporting member countries in achieving sustainable development goals, particularly in sectors critical for economic growth and social welfare. The collaboration aims to enhance Indonesia's capacity to address pressing challenges and improve the quality of life for its citizens.

Arab NewsIndonesiaOct 8, 2026

Economy

Oman signs $1.4bn in investment agreements across key sectors

Oman has recently signed investment agreements totaling over $1.4 billion, focusing on economic diversification and development. This initiative is part of the Oman Vision 2040 strategy, which aims to enhance various sectors including tourism and housing. The agreements also emphasize partnerships in education and community support, indicating a comprehensive approach to improving the quality of life for Omani citizens. The investment forum highlighted key projects such as a major tourism complex and housing initiatives designed to assist low-income families. These developments are expected to create jobs and stimulate economic growth in the region. By diversifying its economy, Oman aims to reduce its reliance on oil and foster sustainable development. This significant financial commitment reflects Oman's proactive stance in addressing economic challenges and enhancing its global competitiveness. The focus on community support and education partnerships further underscores the government's dedication to improving social welfare and empowering its citizens.

Arab NewsOmanOct 8, 2026

Economy

Saudi Arabia, UAE set to drive GCC private credit growth: Moody’s

Saudi Arabia and the UAE are poised to lead the growth of private credit in the Gulf Cooperation Council (GCC) region. According to Moody's Ratings, this growth is driven by the need for economic diversification and significant infrastructure investments that exceed traditional bank financing. Currently valued at approximately $6 billion, the GCC private-credit market is expanding rapidly, indicating a shift in financing strategies within the region. The report highlights that the GCC's private-credit market, while still small compared to the global figure of $1.8 trillion, is experiencing a surge in demand. This trend reflects broader economic changes as Gulf nations seek to reduce reliance on oil revenues and develop more sustainable financial frameworks. The anticipated growth in private credit could play a crucial role in supporting various sectors within these economies. As the region continues to evolve, the implications of this growth will be significant for investors and businesses alike. The expansion of private credit may also lead to increased competition among financial institutions and offer new opportunities for economic development in the GCC.

Arab NewsSaudi ArabiaOct 8, 2026

Economy

Bwala admits Tinubu’s Reforms Pushed More Nigerians Into Poverty

Daniel Bwala, the Special Adviser to President Bola Tinubu, has acknowledged that recent economic reforms have led to increased poverty among Nigerians. Despite this troubling admission, he emphasized that the country has seen significant progress since the reforms were implemented. This statement comes at a time when the impact of these reforms is being heavily debated across Nigeria, raising concerns about the economic well-being of the population. The reforms, which were aimed at improving the economy, have sparked discussions about their effectiveness and the challenges faced by ordinary Nigerians. Critics argue that the measures have disproportionately affected the vulnerable, pushing many into deeper poverty. Bwala's comments reflect a growing recognition within the government of the need to address these pressing issues. As the debate continues, many Nigerians are looking for solutions that can alleviate poverty and improve living conditions. The government's response to these challenges will be crucial in shaping the future economic landscape of Nigeria.

Daily TrustNigeriaOct 8, 2026

Economy

Iraq asks Syria to help export oil via its territory, bypassing Strait of Hormuz

Iraq is seeking to enhance its oil export capabilities by collaborating with Syria. This partnership aims to create a secure overland route for Iraqi crude oil, circumventing the strategically significant Strait of Hormuz. The Syrian Petroleum Company has indicated that preparations are underway to facilitate this export process, with trucks expected to begin transporting oil soon. The deal between Iraq and Syria is reportedly nearing completion, with expectations that the first shipments could commence by mid-October. This move is significant for Iraq, as it seeks to diversify its export routes and reduce reliance on maritime transport through potentially volatile regions. The collaboration could also strengthen economic ties between the two neighboring countries. This development comes amid ongoing challenges in the region, highlighting the importance of secure trade routes for oil-exporting nations. The successful implementation of this plan could have implications for regional energy dynamics and economic stability in both Iraq and Syria.

Middle East MonitorIraqOct 8, 2026

Economy

Gulf chambers union discusses strengthening economic integration and market security

The 15th Consultative Meeting of the Gulf Cooperation Council (GCC) took place in Manama, Bahrain, focusing on economic integration and market security. Ministers of commerce and industry, along with heads of federations and chambers of commerce, emphasized the need for stronger collaboration between government and private sectors. Sheikh Khalifa bin Jassim bin Mohammed Al Thani highlighted the significance of these discussions for enhancing economic ties within the region. Participants acknowledged the vital role of economic cooperation in addressing challenges and fostering growth in the GCC. The meeting aimed to create a more secure and integrated market environment, which is essential for the prosperity of member states. This initiative reflects a broader commitment to economic stability and development across the Gulf region. As the GCC countries work towards strengthening their economic frameworks, the outcomes of this meeting could have significant implications for trade and investment opportunities. The focus on collaboration is expected to enhance the overall economic landscape in the region, benefiting both public and private sectors.

Arab NewsBahrainOct 8, 2026

Economy

IMF announces policy advisory program for war-ravaged Yemen

The International Monetary Fund has launched an 18-month policy advisory program aimed at aiding Yemen's economic recovery amidst ongoing conflict. This initiative is designed to help the country stabilize its economy and improve its macroeconomic frameworks, which are crucial for long-term recovery. Although the program does not include direct financial assistance, it provides essential technical support to one of the world's poorest nations, which has been severely affected by years of civil war. Yemen's situation remains dire, with the ongoing conflict exacerbating economic challenges and humanitarian crises. The IMF's involvement highlights the international community's recognition of the need for economic stabilization in Yemen, even as fighting continues. This program may serve as a critical step towards rebuilding the country's economy and addressing the urgent needs of its population. As Yemen continues to face significant obstacles, the success of this advisory program will depend on the cooperation of various stakeholders, including local authorities and international partners. The hope is that with the right support, Yemen can begin to recover and rebuild its economy in the coming years.

Arab NewsYemenOct 7, 2026

Economy

Inside Türkiye's plan to repay investors caught up in fund turmoil

Türkiye has announced a comprehensive plan to address the financial turmoil affecting nearly half a million investors. This situation arose from the liquidation of over 130 investment funds, which has caused significant concern among the affected parties. The government aims to restore confidence by initiating the first payments to investors as part of this recovery strategy. The plan outlines specific measures to ensure that investors receive their due amounts promptly. This initiative is crucial for maintaining economic stability and trust in Türkiye's financial system. By addressing these issues head-on, the government hopes to mitigate the impact of this crisis on the broader economy and its citizens. As Türkiye navigates these challenges, the focus remains on transparency and accountability in the financial sector. The successful implementation of this repayment plan could serve as a model for future financial crises, reinforcing the importance of investor protection and regulatory oversight.

Daily SabahTürkiyeOct 7, 2026

Economy

Humane, digitized approach defines PM’s fuel subsidy scheme: Pakistani diplomat

The Pakistani government has introduced a special fuel subsidy scheme aimed at providing relief to low-income citizens affected by rising fuel prices. This initiative comes in response to the increasing global oil prices, which have been influenced by ongoing tensions in the Middle East. Pakistani Consul Mohammad Irfan highlighted the importance of this scheme in alleviating the financial burden on those most impacted by these economic challenges. The fuel subsidy is particularly significant for motorcycle and rickshaw owners, who are among the most vulnerable groups in the economy. By targeting these low-income segments, the government aims to cushion the effects of inflation and ensure that essential transportation remains affordable. This approach reflects a broader strategy to address economic hardships exacerbated by external factors. As the situation in the Middle East continues to evolve, the Pakistani government is keen to mitigate its impact on domestic fuel prices. The subsidy scheme is a proactive measure to support the populace and maintain stability in the face of rising costs.

Arab NewsPakistanOct 7, 2026

Economy

Saudi Arabia’s money supply grows 5.6% in August

Saudi Arabia's money supply has seen a growth of 5.6% year-on-year in August, indicating a trend of monetary expansion. This growth comes alongside a consumer price inflation rate of 1.8%, suggesting that price pressures remain relatively stable despite the increase in money supply. Additionally, bank credit to the private sector rose by 6.1%, while claims on the government increased by 9.4%, reflecting a robust banking sector amidst regional economic uncertainties. The data released by the Saudi Central Bank, known as SAMA, highlights the ongoing financial dynamics within the kingdom. The increase in bank credit indicates a positive outlook for private sector investment, which is crucial for economic diversification efforts. However, the regional risks mentioned could pose challenges to sustained growth and stability in the financial sector. Overall, these monetary indicators provide insight into the economic landscape of Saudi Arabia, which is significant for both local and international investors. Understanding these trends is essential for assessing the kingdom's economic health and future prospects.

Arab NewsSaudi ArabiaOct 7, 2026

Economy

Türkiye's capital markets will be cleansed of 'greedy parasites': Erdoğan

President Recep Tayyip Erdoğan announced plans to reform Türkiye's capital markets, aiming to eliminate what he termed 'greedy parasites.' This statement comes amid ongoing financial turmoil in the country, as the government seeks to stabilize the economy and restore investor confidence. Erdoğan emphasized that these reforms are essential for the long-term health of Türkiye's financial system. He believes that by cleansing the markets, the government can create a more transparent and fair environment for investors. The announcement reflects the government's commitment to addressing economic challenges and improving the overall investment climate in Türkiye. As the country navigates these turbulent times, the focus remains on fostering sustainable growth and protecting the interests of the public and investors alike.

Daily SabahTurkeyOct 7, 2026

Economy

Saudi non-oil economy gains resilience as banks seek new funding: S&P

Saudi Arabia is experiencing a significant shift towards a non-oil economy, which is enhancing its economic resilience. Despite this positive trend, the Kingdom is facing a widening fiscal deficit, reported at SR160 billion ($42.7 billion) for the first half of 2026, marking a 71 percent increase from the previous year. This deficit is primarily driven by increased capital spending as the government invests in ambitious digital expansion projects. The analysis from S&P Global Ratings highlights the challenges that come with this transition, as the need for new funding sources becomes critical. The Kingdom's efforts to diversify its economy are commendable, yet the fiscal pressures indicate that careful management will be necessary to sustain growth. As Saudi Arabia continues to navigate these economic changes, the focus will remain on balancing fiscal health with developmental goals. Overall, the report underscores the importance of strategic planning in achieving long-term economic stability, especially in a region heavily reliant on oil revenues. The findings will be closely watched by investors and policymakers alike as they assess the future trajectory of the Saudi economy.

Arab NewsSaudi ArabiaOct 7, 2026

Economy

Philippines records halal certification boom as local industry grows

The Philippines is experiencing a significant increase in halal-certified businesses, driven by government initiatives to expand the local halal industry. This growth aims to tap into the lucrative global halal market, which is valued in the trillions of dollars. With Muslims constituting about 10% of the population, mainly in Mindanao and Metro Manila, this development is crucial for enhancing economic opportunities for the Muslim community in the country. The government's focus on halal certification not only supports local businesses but also promotes inclusivity and recognition of the Muslim population's needs. As the halal market expands, it presents a chance for the Philippines to position itself as a key player in the global halal economy. This initiative could lead to increased employment and investment in regions with significant Muslim populations. Overall, the halal certification boom in the Philippines reflects a growing awareness of the importance of catering to diverse consumer needs, particularly in a country with a notable Muslim demographic. This trend could foster greater economic empowerment and social cohesion within the nation.

Arab NewsPhilippinesOct 6, 2026

Economy

Nigeria no longer dependent on oil revenue, says Tinubu

President Bola Ahmed Tinubu has declared that Nigeria is significantly reducing its reliance on oil revenues. This announcement marks a pivotal moment for the country's economy, as the government aims to diversify its income sources. By focusing on sectors such as agriculture, manufacturing, and digital industries, the administration seeks to create a more sustainable economic landscape for Nigeria's future. The shift away from oil dependency is seen as crucial for Nigeria, a country that has historically relied heavily on crude oil exports. Tinubu's administration believes that this diversification will not only stabilize the economy but also unlock new growth opportunities. The emphasis on agriculture and manufacturing is particularly important for job creation and economic resilience. This strategic pivot could have significant implications for Nigeria's economic stability and growth trajectory. As the government invests in various sectors, it aims to foster innovation and entrepreneurship, ultimately benefiting the Nigerian populace and enhancing the country's global economic standing.

Daily TrustNigeriaOct 6, 2026

Economy

Saudi CSR forum calls for shift toward measurable social impact

The Global CSR Forum 2026 in Riyadh emphasized the need for measurable social impact in corporate social responsibility initiatives. Experts highlighted that traditional metrics like spending levels and beneficiary counts are insufficient for assessing success. They called for the development of precise measurement tools and a unified national social impact index to enhance the effectiveness and sustainability of social initiatives in Saudi Arabia.

Arab NewsSaudi ArabiaOct 6, 2026

Economy

Russia ready to grant $1B loan to Iran: Report

Russia is set to provide a $1 billion loan to Iran, with the funds awaiting bank account details from Tehran. This loan is part of a larger $20 billion financial agreement between the two countries, first reported in June. However, internal disagreements within the Iranian government regarding the allocation of these funds have delayed the transfer, with various ministries vying for different uses of the money. The Iranian Planning and Budget Organization is advocating for the funds to be used for vehicle imports, while the Oil Ministry has its sights set on purchasing equipment for the oil industry. Meanwhile, the Agriculture Ministry is pushing for the funds to be directed towards agricultural imports. This situation highlights the complexities of financial management within the Iranian government and the strategic economic ties between Iran and Russia. As the geopolitical landscape evolves, this loan could have significant implications for Iran's economy and its relationship with Russia. The outcome of these internal discussions will determine how effectively Iran can utilize this financial support to bolster its economic sectors.

Middle East MonitorIranOct 6, 2026