Economy

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Economy

Saudi Arabia calls for more Islamic finance in Syria to help recovery

Saudi Arabia has emphasized the need for increased Islamic finance to aid Syria's economic recovery. A senior official highlighted that Syria is at a critical juncture, requiring a strategic partnership to address its challenges. The call was made during an event at the UN General Assembly, underscoring the importance of a coordinated approach to support Syria's rebuilding efforts. The Advisor at the Royal Court, Abdullah bin Abdulaziz Al-Rabeeah, stressed the necessity for a unified plan that prioritizes actionable steps. This initiative aims to leverage Islamic finance as a tool for recovery, which could significantly impact the war-torn country's economy. The focus on Islamic finance reflects a broader trend of utilizing faith-based financial systems in humanitarian efforts. This appeal for Islamic finance comes amid ongoing discussions about Syria's future and the role of international aid. The involvement of Saudi Arabia in this context highlights its commitment to supporting Muslim-majority countries facing economic hardships.

Arab NewsSyriaAdded 11 hours ago

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Economy

Syria, Lebanon discuss reconstruction, investment at Beirut forum

The first Syrian-Lebanese Investment Forum took place in Beirut, focusing on reconstruction and economic collaboration between the two nations. Government officials and business leaders discussed various investment opportunities, emphasizing sustainable development and transportation. The forum aimed to strengthen trade ties and foster closer economic cooperation in the region, which is crucial for both countries' recovery and growth post-conflict. Key discussions included strategies for rebuilding infrastructure and enhancing business environments to attract foreign investments. The event highlighted the importance of regional partnerships in addressing economic challenges and promoting stability. Participants expressed optimism about the potential for increased cooperation and mutual benefits from joint ventures. This forum marks a significant step in post-war recovery efforts for Syria and Lebanon, as both countries seek to revitalize their economies and improve living conditions for their citizens. The outcomes of this meeting could pave the way for future collaborations and investments in the region.

Arab NewsLebanonAdded 9 hours ago

Economy

Saudi Arabia’s economy to expand 4.1% in 2027: OECD

The OECD has projected that Saudi Arabia's economy will grow by 4.1% in 2027, indicating a significant recovery and expansion. This growth rate surpasses the OECD's forecasts for the global economy, G20, and G7 countries, showcasing Saudi Arabia's resilience in the face of economic challenges. The anticipated growth is a notable shift from a previously projected contraction of 1.8%, reflecting the Kingdom's strategic economic initiatives and diversification efforts. This positive outlook is crucial for Saudi Arabia as it continues to implement Vision 2030, aiming to reduce its dependency on oil and enhance various sectors. The growth is expected to attract foreign investment and create job opportunities, benefiting the local population and the broader Muslim community. As the Kingdom positions itself as a key player in the global economy, this expansion could have ripple effects across the region and beyond. Overall, the OECD's forecast highlights Saudi Arabia's potential for economic leadership in the coming years, which is vital for its development goals and the welfare of its citizens. The Kingdom's economic performance will be closely monitored by international investors and policymakers alike.

Arab NewsSaudi ArabiaAdded 9 hours ago

Economy

Türkiye strengthens fight against money laundering, FATF says

Türkiye has made significant strides in combating money laundering and terrorist financing, according to a recent report by the FATF. The country has implemented measures to enhance its regulatory framework, but challenges remain, particularly in tracing cross-border criminal proceeds. Continued efforts are necessary to improve the recovery of illicit funds and strengthen the overall financial system. The FATF's assessment highlights the importance of Türkiye's role in the global fight against financial crimes, especially given its strategic location. While progress has been noted, the report emphasizes that further actions are required to meet international standards. This includes better cooperation with international partners and improving domestic enforcement mechanisms. As Türkiye works to bolster its financial integrity, these developments are crucial for maintaining investor confidence and ensuring compliance with global financial regulations. The ongoing efforts will not only benefit Türkiye but also contribute to the broader fight against terrorism financing and organized crime.

Daily SabahTürkiyeAdded 11 hours ago

Economy

Nearly half million investors affected by Türkiye funds liquidation

The recent liquidation of over 100 Turkish investment funds has left nearly half a million investors in a precarious situation. These funds, valued at approximately $18 billion, were ordered to be liquidated by authorities, raising concerns about the financial stability of many individuals and families. This decision could have significant implications for the Turkish economy and the livelihoods of those affected, particularly in a country where economic challenges are already prevalent. Investors are now grappling with the uncertainty of their financial futures as they await further information from the authorities. The liquidation process is expected to take time, and many are anxious about the potential losses they may incur. This situation highlights the vulnerabilities within the Turkish financial system and the need for regulatory oversight to protect investors. As the news unfolds, the impact on the broader economy and the potential for public unrest among affected investors remains to be seen. The government's response to this crisis will be crucial in restoring confidence among the populace and ensuring economic stability in the region.

Daily SabahTurkeyAdded 12 hours ago

Economy

Ambition, authenticity and innovation — the values powering Saudi Arabia’s entrepreneurial rise

Saudi Arabia is experiencing a significant economic transformation that is fostering a new wave of entrepreneurship. This shift is empowering a generation of individuals who are eager to turn their ambitions into successful enterprises across various sectors, including technology and tourism. The rise of these entrepreneurs is not only creating jobs but also contributing to the Kingdom's broader goals of economic diversification and market expansion. The entrepreneurial landscape in Saudi Arabia is marked by innovation and authenticity, with many business owners drawing on their unique experiences and values. This diversity in entrepreneurial stories reflects the changing dynamics of the economy and the potential for growth in various industries. As these businesses flourish, they are also playing a crucial role in shaping the future of the Saudi economy. Overall, the rise of entrepreneurship in Saudi Arabia signifies a pivotal moment in the Kingdom's economic journey, highlighting the importance of ambition and innovation in driving progress. This development is likely to have lasting implications for the region and beyond, as it positions Saudi Arabia as a hub for new business ventures.

Arab NewsSaudi ArabiaAdded 14 hours ago

Economy

Protesting guards shut down major Libya oil refinery

Protests by guards have led to the shutdown of Libya's Zawiya oil refinery, the second-largest in the country. This closure follows an earlier incident where an armed group shut a valve at another oilfield, raising concerns about the stability of Libya's oil production. The National Oil Corporation is currently assessing the situation, but the specific demands of the protesting guards remain unclear, highlighting ongoing tensions in the region. The impact of these protests could have significant implications for Libya's economy, which heavily relies on oil exports. The National Oil Corporation's partial access to the Brega Petroleum Marketing Company indicates that while some operations continue, the overall production capacity is at risk. As the situation develops, it will be crucial to monitor how these protests affect both local communities and the broader economic landscape in Libya. This incident underscores the fragile state of governance in Libya, where protests and armed groups frequently disrupt essential services. The international community will be watching closely, as any prolonged disruption could affect global oil markets and Libya's recovery efforts.

Arab NewsLibyaAdded 25 hours ago

Economy

Syria's $200bn dream meets an economy in retreat

Syria is facing significant economic challenges despite ambitious plans for investment and regional revival. The government aims to transform political power into effective institutions that can foster wealth and improve the social contract. However, the reality of a retreating economy complicates these aspirations, making it difficult to achieve the desired outcomes for the Syrian populace. The ongoing economic struggles are exacerbated by the political situation in the country, which has hindered progress in rebuilding and development. As the government promotes its vision for a prosperous future, the actual implementation of these plans remains uncertain. The need for stability and effective governance is critical to restoring public trust and improving living conditions. Investors are cautious, and the success of any economic revival will depend on the government's ability to create a conducive environment for growth. The challenges ahead are substantial, and the path to recovery will require significant reforms and commitment to change.

The CradleSyriaAdded 29 hours ago

Economy

Libya oil production hit after armed group shuts pipeline valve

Libya's oil production has faced significant disruption due to an armed group shutting a valve on a key pipeline. The National Oil Corporation (NOC) reported that this action has led to a noticeable drop in oil output, which is critical for the country's economy. The ongoing instability in Libya continues to impact its vital oil sector, raising concerns about future production levels and economic recovery.

AfricanewsLibyaAdded 32 hours ago

Economy

Şimşek tells US investors Türkiye economy resilient despite shocks

Turkey's Treasury and Finance Minister, Mehmet Şimşek, addressed U.S. investors, emphasizing the resilience of Turkey's economy amidst global challenges. He highlighted that despite regional conflicts and economic shocks, Turkey's economic fundamentals remain strong. This message aims to reassure foreign investors about the stability and potential of Turkey's market in the face of adversity.

Daily SabahTurkeyAdded 32 hours ago

Economy

Saudi Arabia restarts East-West oil pipeline, sources say

Saudi Arabia has resumed operations on its East-West oil pipeline after a temporary shutdown due to drone attacks. The attacks, attributed to Iraqi militia groups, disrupted crude loadings at the Yanbu terminal, impacting the country's oil exports. The reopening of the pipeline is crucial for maintaining Saudi Arabia's oil supply and economic stability in the region. The East-West pipeline is a vital infrastructure for transporting oil from the eastern oil fields to the western coast. The recent incidents highlight ongoing security challenges in the region, particularly concerning militia activities that threaten energy infrastructure. Saudi authorities are likely to enhance security measures to prevent future disruptions. This development is significant not only for Saudi Arabia's economy but also for global oil markets, as any disruption in oil supply can have far-reaching effects on prices and availability. The situation underscores the interconnectedness of regional security and global energy stability.

Express TribuneSaudi ArabiaAdded 33 hours ago

Economy

Saudi Arabia reportedly restarts East-West oil pipeline

Saudi Arabia has resumed operations at its East-West oil pipeline, a critical infrastructure for the country's oil exports. This development comes after recent drone attacks that had disrupted operations. The resumption of exports from the Red Sea port of Yanbu is expected to take place soon, which could have significant implications for global oil markets and the economy of the region. The East-West pipeline is vital for transporting oil from the eastern oil fields to the western coast, allowing for efficient export routes. The restart of this pipeline indicates a recovery from security threats that have previously impacted Saudi oil operations. As the global demand for oil fluctuates, Saudi Arabia's ability to maintain its export levels is crucial for both its economy and international energy markets. This development is particularly relevant for Muslim-majority countries that rely on oil revenues and for global markets that are sensitive to changes in oil supply. The situation will be closely monitored by analysts and stakeholders in the energy sector.

Daily SabahSaudi ArabiaAdded 35 hours ago

Economy

Egypt’s economy proves resilient despite regional turmoil, IMF says

The International Monetary Fund (IMF) has praised Egypt's economic resilience amid regional conflicts. The IMF's statement highlights that Egypt has implemented reforms that have bolstered economic growth and reduced inflation. These measures have also helped rebuild international reserves and improve the foreign asset positions of banks, positioning the country to better handle external pressures. Despite the ongoing turmoil in the region, Egypt's economy has shown signs of stability, which is crucial for its population and the broader Muslim community. The reforms supported by the IMF are seen as vital for maintaining economic health and ensuring that the country can navigate future challenges. This positive assessment from the IMF may also influence investor confidence and international relations, as Egypt continues to seek stability and growth in a complex geopolitical landscape. The ongoing economic reforms could serve as a model for other Muslim-majority countries facing similar challenges.

Arab NewsEgyptAdded 35 hours ago

Economy

Vessels trickle through Hormuz as Middle East conflict persists

The Strait of Hormuz remains a critical passage for oil and gas shipments, with recent data showing a significant drop in vessel traffic. Over the weekend, only 17 commodity vessels transited the strait, a stark decrease from 37 the previous week. This decline reflects ongoing tensions in the region, particularly between the US and Iran, which have led to a stalemate affecting shipping routes. Despite the reduced visibility of traffic, Middle Eastern oil producers are still managing to export their products. Many tankers are reportedly operating with their transponders turned off to avoid detection amid the heightened tensions. This situation underscores the precarious balance of energy supply and geopolitical conflict in the Gulf region. The implications of these developments are significant for global oil markets and could affect prices worldwide. As the situation evolves, the international community will be closely monitoring the Strait of Hormuz, given its importance to energy security and economic stability in the region.

Arab NewsIranSep 21, 2026

Economy

Iqbal seeks role in IMF talks

Iqbal has expressed a desire to participate in discussions regarding the International Monetary Fund (IMF) loan program. He emphasizes that the outcomes of these talks will significantly impact the economic development and well-being of the people. His involvement is seen as crucial for ensuring that the interests of the citizens are represented in the negotiations.

Express TribunePakistanSep 21, 2026

Economy

IMF: 36% of educated youth in Bangladesh unemployed - Dhaka Tribune

A recent report by the IMF highlights a concerning statistic regarding youth unemployment in Bangladesh. It reveals that 36% of educated youth in the country are currently unemployed, raising alarms about the economic prospects for the younger generation. This issue not only affects individual livelihoods but also poses significant challenges for the nation's economic growth and stability. The high unemployment rate among educated youth indicates a mismatch between the skills acquired through education and the demands of the job market. This situation calls for urgent attention from policymakers to create more job opportunities and align educational programs with market needs. Without intervention, the potential of a whole generation may be wasted, leading to broader social and economic repercussions. Addressing this issue is crucial for Bangladesh's future, as the youth represent a significant portion of the population. The government and private sector must collaborate to develop strategies that will enhance employment prospects and ensure that educated youth can contribute effectively to the economy.

Dhaka TribuneBangladeshSep 21, 2026

Economy

Saudi fintech Abwab.ai raises $4m in seed round led by Speedinvest

Abwab.ai, a Saudi fintech company, has successfully raised $4 million in a seed funding round. The investment was led by Speedinvest, a European venture capital firm, marking its first venture in Saudi Arabia. This funding aims to enhance Abwab.ai's AI-powered lending infrastructure, which is designed to support small and medium-sized enterprises in the region. The participation of Middle East Venture Partners in this funding round highlights the growing interest in fintech solutions within Saudi Arabia. Abwab.ai's technology is already being utilized by various financial institutions, indicating a positive reception in the market. The company aims to leverage this investment to expand its services and improve access to financing for businesses. This development is significant for the Saudi economy, particularly as it aligns with the country's Vision 2030 initiative, which seeks to diversify the economy and promote innovation. The success of fintech companies like Abwab.ai could play a crucial role in achieving these goals.

Arab NewsSaudi ArabiaSep 21, 2026

Economy

Syria, Iraq agree to boost coordination, digital customs link at Tanf crossing

Syria and Iraq have taken significant steps to enhance their economic cooperation by agreeing to electronically link their customs systems. This initiative aims to streamline trade procedures, improve data-sharing, and expedite transactions between the two nations. The agreement also includes plans to open the Tanf crossing for passenger traffic, which is expected to boost economic interactions further. The integration of customs systems is a crucial development as it will facilitate the growing import, export, and transit traffic between Syria and Iraq. By enhancing trade efficiency, both countries hope to strengthen their economic ties and support regional stability. The opening of the Tanf crossing for passenger traffic is particularly noteworthy, as it will allow for greater movement of people and goods across the border. Overall, this agreement marks a positive step towards improving bilateral relations and fostering economic growth in both Syria and Iraq. The collaboration could serve as a model for future partnerships in the region, emphasizing the importance of cooperation in overcoming economic challenges.

Arab NewsSyriaSep 21, 2026

Economy

Saudi Arabia leads globally as a destination for project investment

Saudi Arabia is positioning itself as a leading global investment destination, as highlighted at the Global Project Management Forum in Riyadh. Experts discussed the country's strategic vision under Vision 2030, which is driving significant economic growth and attracting international investments. The expansion of the project management ecosystem in Saudi Arabia is further establishing its role as a hub for expertise and collaboration in various sectors.

Arab NewsSaudi ArabiaSep 21, 2026

Economy

France diesel prices hit record high amid Middle East turmoil

Diesel prices in France have surged to a record high, reflecting the impact of ongoing conflicts in the Middle East. The rise in fuel costs is attributed to disruptions in global oil supplies, particularly due to the war involving the United States and Israel against Iran, which began earlier this year. This situation has been exacerbated by additional conflicts in Yemen and attacks on energy infrastructure in Saudi Arabia, leading to widespread economic implications. As of Sunday, the average price of diesel reached 2.41 euros per litre, surpassing the previous day's record. This increase is significant for consumers and businesses alike, as fuel prices are a critical component of the overall economy. The situation highlights the interconnectedness of global events and local economic conditions, particularly in a country like France that relies heavily on imported energy. The rising fuel prices may lead to broader economic challenges, including inflation and increased costs for goods and services. As the situation in the Middle East continues to evolve, it remains to be seen how these developments will further impact the French economy and the daily lives of its citizens.

Middle East MonitorFranceSep 21, 2026

Economy

How oil, gas losses have shrunk Iran’s GDP by 10 percent during war

Iran's economy has faced significant challenges due to the ongoing US-Israel war, with the oil and gas sector experiencing a dramatic contraction. Recent data indicates that Iran's GDP shrank by 10.1 percent year-on-year, primarily driven by a 26.4 percent decline in the energy sector. The economic downturn is exacerbated by high inflation, a weakening currency, and disruptions in trade, leading to a broader impact on various industries. The Iranian government has reported that the economic situation is dire, with inflation reaching 69.9 percent and unemployment climbing to 9.1 percent. The US naval blockade has severely restricted Iran's ability to export oil, a crucial source of foreign currency, resulting in a significant drop in crude oil loadings. Additionally, trade has fallen by 25 to 35 percent, further straining the economy. Iran's leadership has linked the resolution of the conflict to economic relief, emphasizing the need for the release of frozen funds and an end to the blockade. As the situation evolves, the Iranian economy continues to face immense pressure, raising concerns about its ability to recover amidst ongoing hostilities and international sanctions.

Al Jazeera EnglishIranSep 21, 2026

Economy

How oil, gas losses have shrunk Iran’s GDP by 10 percent during war

Recent data reveals that Iran's GDP has contracted by 10 percent, primarily due to significant losses in the oil and gas sector. The sector itself has seen a staggering 26 percent decline, highlighting the economic impact of the ongoing conflict involving the US and Israel. This downturn not only affects Iran's economy but also has broader implications for the region, given the country's pivotal role in global energy markets. The repercussions of this economic shrinkage are felt across various sectors, leading to increased unemployment and inflation within Iran. As the country grapples with these challenges, the government faces mounting pressure to stabilize the economy and address the needs of its citizens. The situation underscores the interconnectedness of geopolitical conflicts and economic stability in Muslim-majority countries. As the conflict continues, the long-term effects on Iran's economy remain uncertain. Analysts are closely monitoring the developments, as they could influence regional dynamics and the global energy landscape in the coming years.

Al Jazeera EnglishIranSep 21, 2026

Economy

Islamic banks shielded by solid buffers amid regional tensions

Bahrain's Islamic banking sector is demonstrating resilience amid regional tensions, holding a significant 69% market share of total financing as of 2025. A report by Moody’s Ratings indicates that Islamic banks are well-positioned to maintain credit strength despite geopolitical challenges, such as the closure of the Strait of Hormuz, which has impacted supply chains and non-oil growth in the region. The report highlights that Islamic banks in Bahrain have robust capital buffers, with an aggregate Common Equity Tier 1 (CET1) ratio exceeding 22%, outperforming conventional banks. The sector has shown steady growth, with a 4% compound annual growth rate in Islamic financing over the past five years, indicating strong demand for Sharia-compliant products. Looking at the broader Gulf Cooperation Council (GCC) region, Islamic finance is driving growth in the banking industry, with significant market shares in countries like Saudi Arabia and the UAE. Moody’s anticipates that Islamic banks will continue to expand, supported by solid demand and superior loan quality, despite ongoing economic pressures and energy price volatility.

ZAWYABahrainSep 21, 2026

Economy

Iran GDP falls more than 10 percent in Mideast war: official statistics

Iran's economy has faced significant challenges due to the ongoing Middle East conflict, with a reported contraction of over 10 percent. This decline is attributed to the turmoil caused by US-Israeli military actions that began in late February, severely impacting various sectors of the Iranian economy. The Statistical Center of Iran released data indicating that the GDP shrank by 10.1 percent year-on-year during the first quarter of the Persian calendar, which runs from late March to late June. This economic downturn reflects the broader implications of regional conflicts on Iran's financial stability and growth prospects. As the situation evolves, the Iranian government may need to implement strategic measures to mitigate the economic fallout and stabilize the country’s financial landscape. The impact of these developments is likely to resonate within the Muslim community, particularly in relation to economic conditions and regional security.

Arab NewsIranSep 20, 2026