Economy

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Economy

Saudi program advances Yemen transport network

The Saudi Development and Reconstruction Program for Yemen has made significant strides in enhancing the country's transport infrastructure. With 33 projects completed, the initiative aims to connect various Yemeni cities and governorates, thereby facilitating the movement of people and goods across the region. These developments are crucial for improving access to essential services such as healthcare, education, and markets. By strengthening land, sea, and air transport networks, the program supports trade and economic activities, which are vital for Yemen's recovery and growth amid ongoing challenges. This initiative not only aims to bolster the economy but also to improve the overall quality of life for Yemenis by ensuring better connectivity and access to resources. The impact of these projects could be transformative for the war-torn nation, fostering stability and development in the long term.

Arab NewsYemenAdded 19 hours ago

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Economy

Visa research — the future of remittances in Saudi Arabia will be built on trust

Remittances play a crucial role for many expatriates in Saudi Arabia, as they often support families back home. The trust in the remittance process is essential, as it directly impacts the financial well-being of those receiving the funds. With advancements in digital technology, the speed and accessibility of sending money internationally have improved, but consumer expectations continue to evolve. The research highlights the importance of building trust in remittance services, especially as more people rely on these transactions for their daily needs. As the remittance landscape changes, providers must adapt to ensure that users feel secure in their financial dealings. This shift is not just about technology but also about understanding the emotional and practical implications of sending money abroad. Ultimately, the future of remittances in Saudi Arabia hinges on creating a reliable and trustworthy environment for users. This will not only benefit the expatriates but also the economies of the countries they support through their remittances.

Arab NewsSaudi ArabiaAdded 28 hours ago

Economy

Why Indonesia Issues US$3 Billion Global Sukuk - Tempo.co English

Indonesia's recent issuance of a US$3 billion global sukuk highlights the country's commitment to Islamic finance. This move is part of a broader strategy to attract foreign investment and promote economic growth while adhering to Sharia principles. The sukuk issuance is expected to bolster Indonesia's financial standing in the international market, showcasing its potential as a leader in Islamic finance. By tapping into the global sukuk market, Indonesia aims to diversify its funding sources and support various development projects. This initiative not only reflects Indonesia's economic ambitions but also underscores the growing importance of Islamic finance in the global economy, particularly in Muslim-majority countries. The success of this sukuk could pave the way for similar initiatives in the future, enhancing Indonesia's role in the Islamic finance sector.

TempoIndonesiaNov 6, 2026

Economy

Egypt approves government spending cuts amid regional economic pressures - IslamiCity

The Egyptian government has approved significant spending cuts in response to ongoing regional economic pressures. This decision comes as the country faces financial challenges that have been exacerbated by external factors, including inflation and reduced foreign investment. These cuts are expected to impact various sectors, including public services and infrastructure projects, which may lead to widespread implications for the Egyptian population. The government aims to stabilize the economy while balancing the needs of its citizens during these tough times. As Egypt navigates these economic challenges, the effectiveness of these spending cuts will be closely monitored. The government's approach reflects a broader trend in the region where many countries are reassessing their economic strategies amid global uncertainties.

IslamiCityEgyptNov 6, 2026

Economy

Egypt approves government spending cuts amid regional economic pressures

The Egyptian government has approved significant public spending cuts to address economic challenges stemming from regional tensions. These measures aim to reduce expenditures while ensuring that essential public services and social protection programs remain intact. Key actions include a 20 percent reduction in electricity consumption and a 30 percent cut in fuel use by government vehicles, alongside a freeze on budget allocations for goods and services. The decision comes in response to ongoing regional crises that have put pressure on Egypt's economy. The government plans to postpone fuel-intensive projects for at least three months, with a reassessment of their implementation based on future developments. These cuts reflect the government's commitment to managing its budget effectively while navigating a complex economic landscape. Overall, these measures are part of a broader strategy to stabilize the economy and maintain essential services during challenging times. The impact of these cuts will be closely monitored as the situation evolves in the region.

Middle East MonitorEgyptNov 6, 2026

Economy

Islamic banking market share rises to 7.53 percent in September: OJK

The Islamic banking sector in Indonesia has shown significant growth, with its market share reaching 7.53 percent as of September 2026. This upward trend reflects the increasing acceptance and demand for Islamic financial products among the population. The growth in market share is indicative of broader economic trends and the potential for further expansion in the Islamic finance sector in Indonesia. As more individuals and businesses seek Sharia-compliant financial solutions, the Islamic banking industry is poised to play a crucial role in the country's economic landscape. This development not only benefits the banking sector but also aligns with the values and principles of the Muslim community in Indonesia. The rise in Islamic banking market share is a positive sign for the economy, suggesting that financial institutions are adapting to meet the needs of a diverse clientele. This trend may encourage further investment and innovation within the Islamic finance sector, contributing to sustainable economic growth in the region.

Antara NewsIndonesiaNov 6, 2026

Economy

Handicrafts program for women launched in AlUla

A new vocational training program has been launched at Madrasat Addeera in AlUla, aimed at empowering young women through handicrafts. This initiative focuses on developing skills in design and traditional crafts, drawing inspiration from AlUla's rich cultural heritage and natural surroundings. The program is designed to equip participants with practical training and design principles, utilizing local materials and patterns. Applications for this seven-month course are open until November 12, providing a unique opportunity for women to enhance their craftsmanship. This initiative not only aims to foster creativity among young women but also seeks to promote local culture and craftsmanship, potentially contributing to the local economy and tourism in AlUla. By encouraging women to engage in traditional crafts, the program supports both personal development and community enrichment.

Arab NewsSaudi ArabiaNov 5, 2026

Economy

El Ni�o could delay Indonesia's rice harvest, raising Eid supply risk - IslamiCity

The El Niño phenomenon is expected to impact Indonesia's agricultural output, particularly rice production. This delay in the rice harvest could have significant implications for the upcoming Eid celebrations, which traditionally involve large family gatherings and feasting. As rice is a staple food in Indonesia, any disruption in supply could lead to increased prices and food insecurity during this important festive period. Farmers are already expressing concerns about the potential effects of El Niño on their crops, with predictions of lower yields. The government may need to intervene to ensure adequate supply and stabilize prices as Eid approaches. This situation highlights the vulnerability of food systems to climate change and the importance of timely agricultural planning. As Eid is a major religious celebration for Muslims, the impact of delayed rice harvests could resonate beyond just economic concerns, affecting cultural practices and community gatherings. The situation calls for attention from both policymakers and the public to mitigate potential hardships during this festive season.

IslamiCityIndonesiaNov 5, 2026

Economy

El Ni�o could delay Indonesia's rice harvest, raising Eid supply risk

The potential impact of El Niño on Indonesia's rice harvest could pose significant challenges for the upcoming Eid celebrations. As rice is a staple food in Indonesia, any delay in the harvest may lead to supply shortages, affecting prices and availability during this important festive period. The Institute for Development of Economics and Finance (Indef) has called on the Indonesian government to take proactive measures to mitigate these risks. Strengthening rice production and ensuring adequate stockpiles are essential to prevent food insecurity during Eid, a time when demand for rice typically surges. With Eid being a major religious celebration for Muslims, the implications of a disrupted rice supply could resonate beyond just economic concerns, impacting cultural practices and family gatherings. The government’s response will be crucial in ensuring that the festivities are not overshadowed by food shortages.

Antara NewsIndonesiaNov 5, 2026

Economy

Egypt-US sign $625 framework agreement aimed at advancing mutual prosperity

Egypt and the United States have entered into a significant framework agreement designed to enhance mutual prosperity. This agreement could see US contributions amounting to $625 million over the next five years, which may impact various sectors in Egypt. The collaboration aims to strengthen economic ties and support development initiatives within the country, potentially benefiting the local population and economy.

AfricanewsEgyptNov 5, 2026

Economy

Saudi Arabia, Kazakhstan explore closer ties in key sectors

Saudi Arabia and Kazakhstan are actively seeking to enhance their economic cooperation, particularly in renewable energy and infrastructure. During a recent roundtable in Riyadh, officials discussed the potential for significant Saudi investments in a new smart city development in Kazakhstan. The chairman of the Saudi-Kazakh Business Council expressed optimism that the relationship between the two nations will flourish, leading to mutual prosperity and benefits. This collaboration reflects a broader trend of Muslim-majority countries seeking to strengthen ties and invest in sustainable development projects. The focus on renewable energy is particularly relevant given the global shift towards greener technologies. Both nations stand to gain from shared expertise and resources in these key sectors. As the world increasingly prioritizes sustainability, this partnership could serve as a model for other Muslim-majority countries looking to enhance their economic resilience and innovation. The outcomes of this cooperation may also influence regional dynamics and investment flows in the future.

Arab NewsSaudi ArabiaNov 5, 2026

Economy

Iraq’s budget deficit surges 346% as oil revenues slump

Iraq is facing a significant budget deficit, which has surged by 346% compared to the previous year. The deficit now stands at 36.26 trillion Iraqi dinars, equivalent to approximately $23.9 billion. This financial strain is largely attributed to a steep decline in oil revenues, which are crucial for the country's economy. Government spending has reached 89.08 trillion dinars, while total revenues have only hit 52.82 trillion dinars, indicating that revenues are covering less than 60% of expenditures. This imbalance poses serious challenges for Iraq's fiscal stability and public services. The situation highlights the vulnerability of Iraq's economy, which heavily relies on oil exports. As the government grapples with these financial pressures, the need for economic diversification and reform becomes increasingly urgent to ensure sustainable growth and stability in the future.

Arab NewsIraqNov 5, 2026

Economy

IMF country head urges Pakistan to broaden tax base, pursue growth-oriented reforms

The head of the IMF in Pakistan, Mahir Binici, has emphasized the need for the country to broaden its tax base. He argues that a simpler and fairer tax system is essential for financing development and investment initiatives. These reforms are crucial for Pakistan's economic growth and stability in the face of ongoing challenges. Binici's comments come at a time when Pakistan is grappling with economic difficulties, including inflation and fiscal deficits. The IMF has been a key player in providing financial assistance to Pakistan, and its recommendations often shape the country's economic policies. Implementing these reforms could potentially lead to improved economic conditions and greater investor confidence. As Pakistan navigates its economic landscape, the focus on tax reform highlights the importance of sustainable fiscal policies. The call for a more equitable tax system is seen as a step towards enhancing the overall economic framework and ensuring long-term growth for the nation.

Express TribunePakistanNov 5, 2026

Economy

Diversification reshapes Saudi Arabia’s fiscal foundations

Saudi Arabia's recent budget figures indicate a significant shift in its economic landscape, driven by a diversification strategy aimed at reducing dependence on oil revenues. The Ministry of Finance's report for the third quarter of 2026 reveals that total government revenue reached approximately SR858.9 billion, reflecting a 3% increase compared to previous periods. This growth in non-oil revenues and strategic investments highlights the Kingdom's commitment to strengthening its fiscal foundations and ensuring long-term economic stability. The diversification efforts are crucial for Saudi Arabia as it navigates the challenges posed by fluctuating oil prices and seeks to create a more resilient economy. By investing in various sectors, the government aims to foster sustainable growth and job creation for its citizens. The report underscores the importance of these initiatives in shaping the future of the Kingdom's economy. Overall, the positive trends in Saudi Arabia's budget reflect a proactive approach to economic management, showcasing the potential for growth beyond oil. This development is significant not only for the Kingdom but also for the broader Muslim community, as it may influence economic opportunities and partnerships across the region.

Arab NewsSaudi ArabiaNov 5, 2026

Economy

US commits $125m to new economic cooperation agreement with Egypt

The United States has announced a commitment of $125 million to a new economic cooperation agreement with Egypt. This agreement is the first of its kind, focusing on enhancing economic ties and supporting various initiatives, including water management and technology. The goal is to leverage Egypt's strategic advantages to promote private-sector growth and job creation, ultimately benefiting both nations economically. This initiative reflects a broader strategy to strengthen bilateral relations and foster mutual prosperity. By targeting key sectors, the agreement aims to address pressing economic challenges in Egypt while also providing opportunities for American businesses. The collaboration is expected to create a framework for sustainable development and economic resilience in the region. As Egypt continues to navigate its economic landscape, this partnership could play a crucial role in supporting its growth objectives. The investment underscores the importance of international cooperation in addressing local challenges and enhancing economic stability in Egypt and the wider region.

Arab NewsEgyptNov 5, 2026

Economy

Middle East war, higher fuel costs hit Emirates Group as half-year profit falls 66 pct - TRT World

The ongoing conflict in the Middle East has significantly impacted the Emirates Group, leading to a substantial decline in profits. The company reported a 66 percent drop in half-year profits, primarily attributed to rising fuel costs exacerbated by the war. This financial strain highlights the broader economic challenges faced by businesses in the region due to geopolitical instability. As fuel prices soar, the Emirates Group is navigating a difficult landscape where operational costs are increasing. The war's implications extend beyond immediate financial losses, affecting travel and tourism, which are vital to the UAE's economy. Stakeholders are closely monitoring how these developments will shape the future of the airline industry in the region. The Emirates Group's situation reflects the interconnectedness of global events and local economies, particularly in a region where conflicts can have far-reaching consequences. The company's response to these challenges will be crucial in determining its resilience and recovery in the coming months.

TRT WorldUnited Arab EmiratesNov 5, 2026

Economy

Saudi Arabia records influx of 1,275 foreign companies in October

In October, Saudi Arabia welcomed 1,275 new foreign companies, marking a significant boost in foreign investment. The total declared capital for these establishments reached SR10.3 billion, equivalent to approximately $2.7 billion. This influx is seen as a positive step towards enhancing the national economy and creating productive investments. The Federation of Saudi Chambers has initiated this report to track foreign business entries, indicating a structured approach to monitoring economic growth. Sultan Al-Musallam, the chamber’s Secretary-General, expressed optimism that these investments will lead to substantial contributions to the Kingdom's economy. This development aligns with Saudi Arabia's broader economic diversification efforts under Vision 2030, aiming to reduce dependence on oil revenues. The increase in foreign establishments is expected to foster innovation and create job opportunities within the country, further strengthening its economic landscape.

Arab NewsSaudi ArabiaNov 5, 2026

Economy

Sudan factories struggle to restart after devastating wartime losses

The ongoing conflict in Sudan has severely impacted the economy, leaving many factories unable to restart operations. As a result, thousands of workers have lost their jobs, exacerbating the already dire economic situation for families. Consumers are now facing rising prices due to the scarcity of goods and disrupted supply chains, further complicating daily life in the war-torn nation. Efforts to revive the industrial sector are underway, but challenges remain significant. Many factory owners are grappling with damage to their facilities and a lack of resources to resume production. The situation is critical, as the economy relies heavily on these factories for employment and goods. International aid and support may be necessary to help Sudanese industries recover and provide relief to affected workers. Without intervention, the economic fallout from the conflict could lead to long-term instability and hardship for the population.

Al Jazeera EnglishSudanNov 4, 2026

Economy

Tinubu seeks fresh $7.7bn loan - IslamiCity

Nigerian President Bola Tinubu is reportedly seeking a new loan of $7.7 billion to support the country's economy. This move comes amid ongoing economic challenges and efforts to stabilize the financial situation in Nigeria. The proposed loan is expected to be used for various developmental projects and to address pressing fiscal needs. The Nigerian government has faced criticism over its handling of the economy, with rising inflation and unemployment rates affecting many citizens, including the Muslim community. This loan could have significant implications for the country's economic policies and the welfare of its population. As Nigeria is a Muslim-majority country, the economic decisions made by the government directly impact the lives of many Muslims. The outcome of this loan request will be closely monitored by both local and international observers, as it may influence future economic strategies and development initiatives in Nigeria.

IslamiCityNigeriaNov 4, 2026

Economy

Tinubu seeks fresh $7.7bn loan

President Bola Ahmed Tinubu has requested the National Assembly's approval for a new external loan of $7.7 billion. This loan aims to help finance Nigeria's significant budget deficit, which stands at ₦31.4 trillion for the 2026 fiscal year. The request highlights ongoing economic challenges faced by the Nigerian government and its implications for the country's financial stability. The proposed loan is part of a broader strategy to address fiscal shortfalls and stimulate economic growth. However, it raises concerns about Nigeria's increasing debt levels and the potential impact on future generations. Critics argue that reliance on external borrowing could hinder sustainable development. As Nigeria navigates these financial challenges, the government's approach to managing debt and budget deficits will be closely monitored by both local and international stakeholders. The outcome of this loan request could significantly influence Nigeria's economic landscape in the coming years.

Daily TrustNigeriaNov 4, 2026

Economy

Pakistan eyes Saudi Arabia, Oman for LPG imports amid supply crisis

Pakistan is actively seeking to import liquefied petroleum gas (LPG) from Saudi Arabia and Oman to address a pressing supply crisis. The country's Petroleum Minister, Ali Pervaiz Malik, announced that these imports are part of both government-to-government and commercial agreements aimed at alleviating shortages and controlling rising prices as winter approaches. The urgency of this initiative follows Pakistan's recent closure of two key border crossings with Iran, a move taken to enhance security and combat smuggling in the southwestern region. This decision has further strained the country's energy supply, prompting the government to explore alternative sources for LPG. As the winter season nears, the government's efforts to secure these imports are critical for ensuring energy availability and stabilizing prices for consumers. The collaboration with Saudi Arabia and Oman could play a significant role in mitigating the impact of the current energy crisis in Pakistan.

Arab NewsPakistanNov 4, 2026

Economy

Taliban mines ministry announces $275 million coal and gas deal

The Taliban's mines ministry has announced a significant investment deal worth $275 million in coal and gas. This investment is set to unfold over a 30-year term, indicating a long-term commitment to resource development in Afghanistan. The announcement comes amid ongoing efforts by the Taliban to stabilize the economy and attract foreign investment despite international sanctions. Hidayatullah Badri, the Taliban mines minister, emphasized the importance of this deal for Afghanistan's economic future. The investment is expected to create jobs and boost local economies, which have been severely affected by years of conflict and instability. This move may also signal the Taliban's intention to engage more with international markets, although challenges remain due to the current geopolitical climate. As Afghanistan continues to navigate its economic landscape, such deals could play a crucial role in rebuilding the nation. However, the international community remains cautious, and the success of these initiatives will depend on various factors, including compliance with human rights standards and economic governance.

Amu TVAfghanistanNov 4, 2026

Economy

Baznas, OIC Youth explore cooperation on zakat diplomacy

Indonesia's National Alms Agency, Baznas, is actively seeking to establish a strategic partnership with the Organization of Islamic Cooperation (OIC) to enhance zakat diplomacy. This initiative aims to strengthen cooperation among member states in promoting the effective use of zakat, which is a form of almsgiving and an important aspect of Islamic finance. By collaborating with the OIC, Baznas hopes to improve the impact of zakat on poverty alleviation and social welfare across Muslim communities. The discussions between Baznas and the OIC reflect a growing recognition of the importance of zakat in addressing socio-economic challenges faced by Muslims worldwide. The partnership is expected to facilitate knowledge sharing and best practices in zakat management, ultimately benefiting those in need. This initiative could also lead to increased awareness and participation in zakat contributions among Muslims globally. As the global Muslim community continues to seek innovative solutions to pressing issues, the collaboration between Baznas and the OIC represents a significant step towards harnessing the potential of zakat for social good. This partnership could serve as a model for other Muslim-majority countries looking to enhance their zakat systems and improve community welfare.

Antara NewsIndonesiaNov 4, 2026

Economy

Jordan, IMF reach staff-level agreement on reviews, paving way for $294m

Jordan has successfully negotiated a staff-level agreement with the International Monetary Fund (IMF) regarding two program reviews. This agreement is crucial as it paves the way for approximately $294 million in financing, contingent upon approval from the IMF's management and executive board. The agreement encompasses the sixth review of Jordan's economic reform program, which is supported by the Extended Fund Facility, as well as the third review under the Resilience and Sustainability Facility. These reviews are essential for Jordan's economic stability and growth prospects. The IMF has projected a positive growth outlook for Jordan's economy, which is vital for the country's development and for the welfare of its citizens. This financial support could play a significant role in addressing economic challenges faced by the nation.

Arab NewsJordanNov 4, 2026