Breaking News
1 week ago
Kuwait halted trading on its stock exchange on Sunday until further notice after authorities cited exceptional circumstances linked to rising regional tensions, as countries across the Gulf grappled with the fallout from a sharp escalation between Iran and its adversaries. Boursa Kuwait said the decision was taken by the Board of Commissioners of the Capital Markets Authority and would take effect from March 1 until further notice. The move, the exchange said, was intended to protect investors’ interests, uphold market fairness and ensure the integrity and stability of trading during a period of uncertainty. “The suspension aims to safeguard the orderly functioning of the market and reinforce transparency and discipline in managing the current phase,” the statement said, adding that regulators would continue to monitor developments closely and take further measures as required. The halt follows heightened security concerns across the region after several countries, including Kuwait, UAE, Qatar, Bahrain and Jordan, reported missile attacks on Saturday. The strikes came in the wake of a major Israeli American assault on Tehran, which Iranian media said resulted in the death of Supreme Leader Ayatollah Ali Khamenei.
2 weeks ago
As digital assets continue to mature globally, the conversation in the Middle East is shifting. It is no longer just about access to crypto. It is about how that access is structured. In a region where financial systems have long been shaped by strong governance frameworks and clearly defined compliance standards, innovation cannot be disruptive. It must be inclusive by design. That is where structured, Sharia-aligned financial innovation enters the picture, as a framework for clarity, transparency, and broader participation. This approach is especially significant considering that global Islamic finance assets are projected to reach US$9.7 trillion by 2029, growing at an average annual rate of 10% [LSEG Islamic Finance Development Indicator 2025 / ICD Islamic Finance Report]. This highlights the vast potential for growth within Sharia-compliant financial markets. Across the region, millions of potential users remain cautious about digital assets, not due to a lack of interest, but because they want greater clarity on how returns are generated, what mechanisms underpin yield products, how risk is structured, and which governance standards apply. “Financial freedom must be built on trust and clarity,” said Tarik Erk, MENAT Lead & Senior Executive Officer, Abu Dhabi at Binance, “In this region, inclusive growth […]
2 weeks ago
Saudi Arabia recorded its widest quarterly budget deficit in five years in the final three months of 2025, as lower crude oil prices weigh down the kingdom’s finances, Bloomberg is reporting. Data released by the Saudi Ministry of Finance shows the government posted a deficit of 94.9 billion riyals ($25.3 billion) in the fourth quarter, which brought the total shortfall for 2025 to nearly 276.6 billion riyals ($73.73 billion), more than double the previous year’s 115.6 billion riyals ($30.82 billion) deficit in 2024. The full-year deficit amounted to roughly 5.5 percent of gross domestic product. Non-oil revenue reached about 122.6 billion riyals ($32.68 billion) in the fourth quarter of 2025, while oil revenue fell to around 154.2 billion riyals ($41.10 billion), down from 170.8 billion riyals ($45.53 billion) in the same period a year earlier, according to Finance Ministry data. Saudi Arabia has been running budget deficits since late 2022, with Bloomberg Economics noting that the kingdom would need oil prices to average about $97 per barrel in 2025 to balance its budget. That figure rises to roughly $114 per barrel when domestic spending by the sovereign wealth fund is included. Meanwhile, Brent crude, the global benchmark for oil prices, is currently trading at […]
2 weeks ago
Saudi Arabia recorded total revenues of 1.11 trillion riyals ($296 billion) in 2025, compared with total expenditures of 1.38 trillion riyals ($357.7 billion), resulting in a budget deficit of approximately 270 billion riyals ($61.7 billion). The Finance Ministry said oil revenues amounted to 606.54 billion riyals ($161 billion), while non-oil revenues totaled 505.28 billion riyals ($134.6 billion), reflecting continued diversification efforts. For more news on Saudi Arabia, visit our dedicated page. In the fourth quarter alone, Saudi Arabia posted a deficit of 94.85 billion riyals ($25.3 billion). In December, the cabinet approved the 2026 budget, projecting total revenues of 1.147 trillion riyals ($305.67 billion) and an estimated deficit of 165.4 billion riyals ($44.1 billion). The 2026 plan includes a 2 percent increase in spending compared with the 2025 budget. According to the Finance Ministry, Crown Prince Mohammed bin Salman directed ministers and officials to remain committed to implementing development and social programs outlined in the budget and to advance the goals of Vision 2030. He also instructed officials to prioritize Saudi citizens and focus on serving them. The 2026 budget marks the beginning of the third phase of Vision 2030, which centers on accelerating delivery and intensifying implementation efforts.
2 weeks ago
Saudi Arabia recorded total revenues of SR1.11 trillion in 2025, while expenditures reached approximately SR1.389 trillion, resulting in a budget deficit of SR276.61 billion, the Ministry of Finance announced. According to the ministry’s report, oil revenues totaled SR606.54 billion, accounting for 54.55% of total revenues. Non-oil revenues reached SR505.82 billion, representing 45.45% of total revenues and marking a 1% increase compared to 2024. The report detailed actual spending across sectors, with compensation of employees amounting to SR574.53 billion. Expenditures on goods and services reached SR316.34 billion, while financing costs totaled SR54.47 billion. Subsidies stood at SR53.91 billion and grants at SR5.19 billion. Social benefits reached SR99.32 billion, while other expenditures totaled SR134.16 billion. Non-financial (capital) expenditures amounted to SR168.51 billion. In the fourth quarter, revenues reached SR276.74 billion and expenditures totaled SR371.59 billion, resulting in a quarterly deficit of SR94.85 billion. Non-oil revenues accounted for 44% of fourth-quarter revenues at SR122.56 billion, while oil revenues reached SR154.19 billion.
3 weeks ago
Saudi crude shipments to India are set to reach their highest level since 2020 this month, narrowing the gap with Russian supplies as New Delhi faces ongoing US pressure to reduce its purchases of Russian oil, according to data from Kpler cited by Bloomberg on Friday. Flows from Saudi Arabia are projected at between 1 million and 1.1 million barrels per day (bpd), Kpler lead research analyst Sumit Ritolia said, describing the volumes as the strongest since November 2019, bringing Saudi exports broadly in line with Russian deliveries. Kpler estimates Russian crude shipments to India at around 1.2 million bpd this month, which would keep Moscow as India’s largest supplier, though at levels well below the more than 2 million bpd seen at peak periods over the past three years. For March, Kpler forecasts Russian flows easing further to between 800,000 and 1 million bpd, noting that such a drop could allow Saudi Arabia to retake the top spot if Indian refiners keep replacing Russian crude with Saudi shipments. In early February, US President Donald Trump announced a trade deal with India that linked tariff reductions to India halting purchases of Russian crude oil. He said he would cut punitive tariffs on Indian goods in exchange for […]
3 weeks ago
Iran’s black market for Starlink terminals has rapidly repriced, with reported street quotes of $4,000 per terminal, up from $700 to $1,000 last summer, as war risks surge and renewed fears grow over stricter internet censorship and another blackout. Bloomberg spoke with Starlink terminal sellers and human rights groups that said satellite internet via Starlink terminals is one of the only ways to stay connected to the rest of the world, as the Iranian government has cut access or forced traffic onto a highly monitored national intranet amid social uprisings. Now the terminals cost upwards of $4,000 per unit as war risks rise, and President Donald Trump has set a deadline for Iran to reach a “meaningful deal” on its nuclear program or face conflict with the US. Last month, the Iranian government implemented a two-week full-scale internet blackout to quell unrest, and connectivity to the outside world remains heavily throttled. There are about 50,000 terminals in the country, according to digital rights group Holistic Resilience. A Starlink seller on Telegram told the media outlet that units were extremely expensive in Iran, despite retailing in many parts of the world for a fraction of the price. In the US, Starlink […]
3 weeks ago
Blockchain in the UAE is no longer experimental. It is operating at scale across payments, remittances, tokenisation and digital identity, backed by regulatory clarity and institutional adoption. Tarik Erk is the Regional Head for MENAT and Senior Executive Officer, Abu Dhabi at Binance. In this article, he explains how this shift signals a future where blockchain functions as a trusted, production-grade national infrastructure. From Regulation to Execution: Why the UAE Is Setting the Global Standard for Blockchain Infrastructure In the global blockchain landscape, one challenge remains consistent: moving beyond hype and experimentation to real, regulated deployment that delivers tangible economic impact. The United Arab Emirates has emerged as a shining example of how thoughtful regulation and institutional collaboration can accelerate blockchain from a promising technology to a foundational national infrastructure. This vision inspired Binance to co-author a flagship research report with The Blockchain Center Abu Dhabi, released recently, that captures the UAE’s transition from blockchain experimentation to execution at scale. Our participation in this initiative reflects Binance’s commitment to operating within robust regulatory frameworks and supporting the UAE’s pioneering ecosystem, which is fast becoming a global benchmark for institutional-grade blockchain infrastructure. The research outlines compelling evidence that the UAE is […]
3 weeks ago
An Edinburgh-born entrepreneur is celebrating the fifth anniversary of his Dubai-based property venture which now has some 600 staff on its books. White & Co Real Estate, founded by Calum White, has also reported record turnover equivalent to some $79 million for 2025. The company has enjoyed five years of successive growth since being set up by the 32-year-old in January 2021, with the most recent financial period seeing revenue jump by 75 per cent. Profits, meanwhile, have increased to about $11.7m. With staffing numbers now sitting at 600 – 90 per cent are from the UK – White & Co Real Estate is now ranked as the largest Western brokerage business in Dubai, having opened its doors for the first time with just eight employees. Around 400 brokers work on a commission-only basis, while there are 200 salaried staff in one of the region’s fastest-growing property firms. White, who grew up in the Scottish capital, said: “I knew we were going to do well, I just didn’t know quickly we would get there. We have had five years of sustained growth, invested a lot into the expansion of the company, and it’s pleasing to see the results. “Growing up in Scotland, I was determined […]
3 weeks ago
Oman has opened the Al Rawdah border crossing for commercial goods in a move aimed at strengthening trade links with the United Arab Emirates, the Royal Oman Police (ROP) said. The Directorate General of Customs, under the ROP, said the crossing in Al Buraimi Governorate will facilitate the movement of goods, enhance operational efficiency and streamline trade between the two GCC states. The post connects Oman with the Emirate of Sharjah via the Al Madam border crossing, further boosting logistical connectivity between the two countries. Authorities said the step forms part of wider efforts to deepen economic cooperation and integration between Oman and the UAE. It is expected to accelerate the flow of goods, support bilateral trade and ease cross-border consignments. The Directorate added that operations at the crossing will be conducted through an integrated customs system aligned with approved procedures and international best practice.
Flip through our magazines online and read amazing content.
