Author: Steven Sahiounie

RIYADH: Oman’s Islamic banking sector witnessed a 12.6 percent year-on-year surge in total assets reaching 7 billion Omani rials ($18.25 billion), data issued by the country’s central bank showed. This figure accounts for approximately 17.2 percent of the Gulf Cooperation Council country’s overall banking system assets as of the end of June 2023. The data revealed that Islamic banking entities extended financing amounting to 5.8 billion rials by June 2023, marking a 12.8 percent growth compared to the previous year. Additionally, total deposits held with Islamic banks and windows rose by 10.5 percent, reaching 5.2 billion rials. In its banking…

RIYADH: Saudi Arabia’s franchise sector is set to enhance its contribution to the Kingdom’s gross domestic product with an initiative by the Small and Medium Enterprises General Authority. This initiative aims to unlock multiple opportunities within the sector. Also known as Monsha’at, the authority has organized the Commercial Franchise Week, a part of a series of business weeks, in collaboration with various government agencies, banks, and sectors dedicated to trademark allocation for small and medium enterprises. Scheduled from Aug. 20-24, the event is designed to showcase key initiatives and programs that offer support to entrepreneurs, the Saudi Press Agency reported. …

RIYADH: Affirming its commitment to the global fraternity, the Saudi Fund for Development has laid the foundation stone to kick off the construction of the Mangoky Bridge in Madagascar, an island country lying off the southeastern coast of Africa. The SFD has contributed $20 million as a soft loan to the project, alongside contributions from institutions and development funds in the Arab Coordination Group and the government of Madagascar, the Saudi Press Agency reported. The Mangoky Bridge will connect the Atsimo-Andrefana and Menabe regions, home to Madagascar’s most vital agricultural and tourism assets. The bridge is also expected to reduce…

RIYADH: In a bid to promote collaborative ties in the digital economy, Saudi Arabia’s minister of communications and information technology held talks with counterparts from Egypt and Turkiye on the sidelines of the G20 ministerial meeting in India. These discussions reflected the Kingdom’s commitment to fostering international partnerships in the realm of digital transformation, the Saudi Press Agency reported. Abdullah Al-Swaha’s discussions with the Egyptian Minister of Communications and Information Technology Amr Talaat revolved around strategic projects promoting youth, women and entrepreneurship. Additionally, as stated by the Egyptian Ministry, there was a shared emphasis on the importance of enhancing bilateral cooperation…

RIYADH: Brazilian exports to Saudi Arabia recorded robust growth in the first seven months of the year to reach $1.87 billion, the highest amongst all Arab countries, Emirates News Agency reported citing data from the Arab-Brazilian Chamber of Commerce. Additionally, Brazilian imports from the Kingdom were also the highest among Arab countries, standing at $1.98 billion. Brazilian exports to the UAE were the second highest in the Arab region, amounting to $1.64 billion between January and July. Egypt’s exports were $1.16 billion, while Kuwait and Qatar recorded $157.7 million and $155.9 million, respectively. According to the Sao Paulo-based industry body,…

RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman on Sunday launched a SR750 million ($200 million) fund for early investment in local and international high-tech companies, the Saudi Press Agency reported. The initiative is part of a strategy announced for the King Abdullah University of Science and Technology. It aims to transform research into economically productive innovations by focusing on the national priorities for research, development, and innovation. The key areas include health and wellness, sustainable environment and essential needs, energy and industrial leadership, and economies of the future. Crown Prince Mohammed bin Salman said: “Since the foundation of KAUST,…

Jordanian Energy Minister Saleh al-Kharabsheh said that the first phase of the electrical interconnection project with Iraq will begin this month, pointing out that talks between the two countries seek to reach an integrated link between them.and add Al-Kharabsheh, during an interview with the Egyptian platform “TAQA”, said that there is a project for electrical interconnection with Iraq and is being implemented in two phases. He explained that “in the first phase of the linkage, it was agreed with the Iraqi side to start the link line between the areas of “Risha and Rutba” and depends on medium voltage, and is…

The Governor of the Central Bank of Libya, Al-Siddiq Omar Al-Kabir, and his deputy, Marei Miftah, announced on Sunday the return of the bank as a “unified sovereign” institution.Noted  Central Bank of Libya In a statement, he urged continued efforts to address the effects of his east-west split. The bank added that the announcement came after an expanded meeting held today at the bank’s headquarters in Tripoli. Libya’s central bank split like other state institutions after war broke out in 2014, but began the reunification process in 2020, as part of a post-ceasefire peace process.The witness Libya An escalating political crisis in…

More than 40 countries have already confirmed their participation in the BRICS summit in Johannesburg, which will take place in two days, where many African leaders and representatives of international organizations will attend, while no Western leader has been invited. South Africa, which holds the rotating chairmanship of the BRICS, will host the 22th WTO Summit, which will take place from August 24 to <>.In this report, “Sputnik” updated the participants and the agenda of the summit. Member States The summit will be attended by the heads of state or government of the five member states – Brazil, Russia, India,…

Citizens of the country ranked first among foreigners purchasing property in Türkiye Russians topped the list of foreign buyers of real estate in Türkiye in July, the Turkish statistics agency TUIK reported this week. A total of 109,000 apartments were sold in Türkiye last month, up 16.7% from the same month last year, the data showed. Of this number, 2,801 properties were purchased by foreigners. Russians bought 772 apartments, topping the list of foreign buyers in July, unseating Iranian (272) and Iraqi (204) nationals, who ranked second and third. Antalya, Istanbul and Mersin were the most popular locales…