Author: Steven Sahiounie

RIYADH: Saudi Arabia’s flag carrier flynas is set to become the sole low-cost airline operating from four bases within the Kingdom, following a recent agreement. In a significant development, flynas has inked a deal with Tibah Airports Operation Co. to establish its latest operations hub at Madinah Airport in line with its expansion and growth plans, according to a press release. This expansion also aligns with the goals outlined in the National Civil Aviation Strategy, which seeks to facilitate national air carriers in playing a pivotal role in connecting Saudi Arabia with the global aviation network.  Source: Arab News

DUBAI: Kuwait on Sunday appointed Fahd Abdulaziz al-Jarallah as finance minister, the state news agency said. He replaces Minister Manaf Al Hajeri who resigned from the government in July, less than three months after his appointment. Source: Arab News

RIYADH: Saudi Arabia’s Tadawul All Share Index began the week by shedding 35.42 points, or 0.31 percent, to close at 11,455.78 on Sunday. Saudi Arabia’s parallel market Nomu also dipped 70.74 points to close the trading session at 23,583.59. However, the MSCI Tadawul Index marginally edged lower and lost 0.01 points to 1,482.18. The total trading turnover of the benchmark index was SR4.31 billion ($1.146 billion) as 106 of the stocks advanced, while 104 declined. Al Sagr Cooperative Insurance Co. emerged as the top performer of the day. The company’s share price soared by 10 percent to SR18.70.…

NEW DELHI: Oil prices were stable on Monday, amid expectations that major producers would keep supplies tight, as hopes grew for the Federal Reserve to leave interest rates unchanged to avoid dampening the US economy, according to Reuters. Brent crude futures for November traded down 3 cents at $88.52 a barrel by 9:48 a.m. Saudi time. US West Texas Intermediate crude October futures were unchanged at $85.55 a barrel. Both contracts ended last week at their highest in more than half a year, after two previous weeks of losses. “Crude oil prices have been primarily driven by the anticipation of…

DUBAI: Oman’s OQ Gas Networks, the pipelines business of state oil giant OQ, said on Monday it planned to float up to 49 percent of its shares, in what is expected to be the biggest initial public offering in the sultanate in almost two decades. The offering, which begins this month, will give investors with access to growth in the company that holds a natural monopoly over essential gas transport in the country, the company said in a statement. As the exclusive operator of Oman’s gas transport system, OQGN supplies natural gas to power plants, free zones, industrial clusters, LNG…

ISTANBUL: Turkey’s annual inflation rate surged to a higher-than-expected 58.94 percent in August, official data showed on Monday, rising for a second month after a steep fall in the lira currency and recent tax increases. Month-on-month, consumer price inflation was 9.09 percent, easing slightly from 9.49 percent a month earlier. Price rises in transportation drove the monthly measure higher, while price increases for hotels, cafes and restaurants drove the annual measure. Finance Minister Mehmet Simsek — who has spear-headed a summer policy U-turn meant to rein in prices — said the fight against inflation would take time and patience was needed in the transition…

DUBAI: The UAE has established a regulatory body that would implement a framework for a national lottery and commercial gaming. Kevin Mullally has been appointed as chief executive of the newly established General Commercial Gaming Regulatory Authority (GCGRA), state news agency WAM reported, with industry veteran Jim Murren sitting as chairman of the board of directors. “The GCGRA will create a socially responsible and well-regulated gaming environment, ensuring that all participants adhere to strict guidelines and comply with the highest standards. It will coordinate regulatory activities, manage licensing nationally and facilitate unlocking the economic potential of commercial gaming responsibly,” WAM…

RIYADH: In a bid to further deepen economic and trade ties, Saudi Arabia and Italy will sign 20 cooperation agreements across various fields, said Khalid Al-Falih, the Kingdom’s minister of investment. Speaking at the Saudi-Italian Investment Forum in Milan on Sept. 4, Al-Falih said that both countries can complement and leverage each other’s strengths to build a better future. During the speech, Al-Falih invited Italian firms to come and operate in the Kingdom, noting that 150 licensed companies from the European nation are already functioning in Saudi Arabia. According to Al-Falih, Saudi Arabia and Italy should specifically focus on expanding the scale and quality of joint…

KARACHI: Pakistan is eyeing investment opportunities in the Saudi and Middle Eastern markets in the Information Technology sector, caretaker minister for IT Dr. Umar Saif said on Thursday, hoping the sector’s exports could swell to about $10 billion in the short term. The minister was speaking at a three-day exhibition titled ‘Declaring Pakistan the Regional ICT Hub’ at Karachi’s Expo Center where he spoke of Pakistan’s immense potential in the domestic and international IT market, saying that its population comprised educated and tech savvy youth.“At this point, my highest priority is to make sure that our youth gets better skills,…

CAIRO: Startups in the Middle East and North Africa region continue to attract robust investor interest, showcasing sustained vitality in entrepreneurial activity. In August 2023, MENA startups raised over $76 million through 18 deals which fares well against the broader Middle East, Africa, and Pakistan region, which raised $139 million across 46 deals in the same period, according to venture data research firm MAGNiTT. Notably, the MENA region accounted for two of the three exits recorded in the Middle East, Africa, and Pakistan in August, highlighting its growing role in the global startup ecosystem. However, these promising figures come on the heels of a challenging…