Author: Steven Sahiounie

WASHINGTON: The International Monetary Fund on Friday said it had concluded a staff visit to Turkiye and was predicting growth in the country of 4.0 percent this year and 3.25 percent in 2024, with inflation due to drop to 46 percent at the end of 2024. “Despite the tragic earthquakes in February, growth has remained resilient,” James Walsh, who led the IMF’s staff team during their visit to Turkey in September, said in a statement. Source: Arab News

RIYADH: Oman’s banking sector has experienced significant growth, with the combined assets of banks and Islamic windows rising annually, rising 13 percent to about 7 billion Omani rials ($18.28 billion) in July, reported its central bank. According to the Central Bank of Oman, the increase accounted for 17.2 percent of the country’s total banking assets compared to the same period last year. The CBO data showed that financing balances extended by institutions engaged in Islamic banking increased by 12.3 percent, reaching about 5.8 billion rials. Deposits in Islamic banks and windows also grew 12.9 percent to about 5.3 billion rials…

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 168.83 points, or 1.57 percent, to close at 10,596.02. The total trading turnover of the benchmark index was SR3.80 billion ($1.01 billion) as seven stocks advanced, while 215 retreated. The Kingdom’s parallel market, Nomu, also shed 336.14 points, or 1.48 percent, to close at 22,331.80. This comes as 12 stocks advanced, while as many as 44 retreated. As for the MSCI Tadawul Index, it dropped 18.93 points, or 1.37 percent, to close at 1,363.51. The best-performing stock of the day was Saudi Reinsurance Co. The company’s share price surged 1.87 percent…

RIYADH: Highlighting the latest technologies revolutionizing environmental progress at MENA Climate Week in the Saudi capital, speakers called for adopting an all-inclusive approach to ensure energy transition. The MENA Climate Week, taking place in Riyadh from Oct. 8 to 12, will contribute to the UN Climate Change Conference, also known as COP28, in Dubai at the end of the year. Countries in the Middle East and North Africa region are working to reduce the threat of climate change by utilizing cutting-edge techniques and adapting more modern approaches. However, economic challenges delay the speed at which certain regions acclimate to more…

Both parties explored the latest developments in international monetary and financial systems, and the local, regional, and international economic landscape The UAE Ministry of Finance (MoF) held a meeting with the International Monetary Fund (IMF) Staff Mission at the Ministry’s headquarters in Abu Dhabi to discuss matters related to government budgets and revenues, overall monetary policies, debt management, tax policies and legislations, and government asset management at the Ministry. Younis Haji Al Khoori, Under-Secretary of Ministry of Finance, Ahmad bin Sulaiman, Director of the Federal Debt Management Office, Fatima AlSheikh, Director of Tax Policies and Legislations Department, Mariam Al Hajri,…

The company’s remarkable performance was driven by the rapid sale of over 2,400 units across various projects within short timeframes Egypt – Madinet Masr has announced that it has surpassed its annual sales goals for 2023 in just nine months, achieving record-breaking sales that exceeded the total sales of any previous year since the company’s establishment. The company expects its sales to reach EGP 20bn for the first time in its history by the end of the year. The company’s remarkable performance was driven by the rapid sale of over 2,400 units across various projects within short timeframes. For example, the…

During the meeting, the finance and budget bills for the coming year were discussed, with the head of state stressing the need to achieve the desired fiscal balance, based on the principles of social justice Tunisia – President Kais Saied met Minister of Finance Sihem Boughdiri Nemsia at the Carthage Palace on Thursday afternoon. During the meeting, the finance and budget bills for the coming year were discussed, with the head of state stressing the need to achieve the desired fiscal balance, based on the principles of social justice. President Saied stressed “the importance of relying on our own capabilities,” according…

Last month, the ECB raised its key interest rate to a record high of 4% European Central Bank President Christine Lagarde said in an interview published on Sunday that she was confident the ECB would meet its target of getting inflation back down to 2%, and relatively confident over Europe’s gas reserves situation. Last month, the ECB raised its key interest rate to a record high of 4%. “The key ECB interest rates have reached levels that, maintained for a sufficiently long duration, will make a substantial contribution to the timely return of inflation to the target,” Lagarde said in…

The Committee was co-chaired by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Dr. Nguyen Hong Dien, Vietnam’s Minister of Industry and Trade The Vietnamese Ministry of Industry and Trade has hosted the fifth UAE-Vietnam Joint Committee in Hanoi. The Committee was co-chaired by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Dr. Nguyen Hong Dien, Vietnam’s Minister of Industry and Trade. Senior diplomats and government officials from both sides participated in the Joint Committee and the Ministerial meeting, where bilateral talks covered a range of sectors and areas of…

This was stated by Dr Sultan Al Jaber, President-Designate of COP28, while delivering a speech during the Mena Climate Week in Riyadh, Saudi Arabia Around 85 per cent of the world’s economies, including the G20, have endorsed the global goal of tripling renewable energy and doubling energy efficiency by 2030 as the governments around the world push to achieve their net zero targets to deal with global climate threat. This was stated by Dr Sultan Al Jaber, President-Designate of COP28, while delivering a speech during the Mena Climate Week in Riyadh, Saudi Arabia. He stressed that a fair, just, equitable…