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  • Saudi Arabia bans import of heavy transport trucks older than five years

    PTA indicated that the implementation of the decision will contribute to raising the efficiency and competitiveness of the transport fleet and to achieve the strategic objectives of preserving the environment, reducing carbon emissions and pollution, in addition to reducing the rate of fuel consumption, along with operating and maintenance costs.

  • Lebanon’s central bank counts its gold for first time in at least 30 years

    A leaked report by Deloitte shows that four years ago, it evaluated Banque du Liban’s gold reserves at close to $18 billion, of which 60 per cent is held in Beirut, and the rest at the US Federal Reserve. The sources said they had no doubt that vast amounts of gold were inside BDL’s vaults.

  • GCC banks post $35bn profits on higher revenues in 2021

    Total net profits for the GCC banking sector increased by 40 per cent to reach US$35bn in 2021 as compared to US$25bn in 2020, recording one of the highest yearly profitability levels. The growth in the GCC banks’ profits during 2021 was led by an increase in total bank revenues as well as a decline in loan loss provisions, Kuwait-based Kamco Investment said in a research report. However, GCC banks’ profits remained below pre-pandemic profits of US$37bn reported in 2019, the report showed.

  • Citi to Sell Its Consumer Unit in Bahrain to Ahli United Bank

    The transaction includes Citigroup’s retail-banking, credit-card and unsecured-lending businesses, and excludes the firm’s institutional businesses, according to a statement. New York-based Citigroup said the deal is expected to close by the second half of the year, noting that Ahli United Bank was selected as part of a competitive auction process. “We are confident AUB will provide excellent opportunities for our customers and employees,” Michel Sawaya, Citigroup’s country officer for Bahrain, said in the statement. “For Citi, this transaction will enable additional investment in our strategic focus areas, including our institutional businesses in Bahrain.”

  • Sudan to seek $1 billion deposit in central bank, finance ministry says

    Sudan's finance minister will seek to arrange a $1 billion central bank deposit to support its currency when he visits Saudi Arabia, the finance ministry said in a statement on Tuesday. Sudan's economy has deteriorated since a coup last October which led to the suspension of international financing, and its currency has fallen by more than a quarter. The country has suffered from a chronic shortage of hard currency.

  • Oil prices could average $135 in 2022 if Russia-Ukraine war continues, MUFG Bank says

    "Barring a breakthrough in peace negotiations, we believe that the price-induced demand destruction — the only practical mechanism currently available in a world devoid of inventory buffers and supply elasticity — necessary to reduce consumption becomes widespread by the third quarter, with a corresponding Brent price above $140 per barrel,” Mr Khoman said.

  • Softbank’s exit from Indonesia’s new capital project sees it turn to Saudi Arabia, UAE and crowdfunding

    In January 2020, Luhut told reporters the Japanese tech firm would inject up to US$100 billion into the new capital city, but SoftBank’s founder and chief executive Masayoshi Son at that time said there were no discussions between both parties about investment amounts. Now, Indonesia will remove Son’s name from the new capital city’s steering board, leaving members that include Abu Dhabi Crown Prince Sheik Mohamed bin Zayed and former British Prime Minister Tony Blair.

  • Afghans’ Lives in Tailspin After Taliban’s Return

    Life was already extremely difficult in Afghanistan before the Taliban returned to power in 2021. Most Afghans were struggling to afford food and shelter, few felt safe, and they saw their lives getting worse with every passing year. But as bleak as this picture is, Gallup surveys conducted in August and September -- as the U.S. withdrew and the Taliban took control -- revealed unprecedented suffering among these already vulnerable people.

  • Taliban Outlaw Opium Poppy Cultivation in Afghanistan

    The Taliban’s decision to ban opium poppy in Afghanistan, which accounts for about 80 percent of the world’s supply of opium, comes as the group is under increasing international pressure after a series of decrees targeting women, including their ability to attend secondary school.

  • The Taliban: Unrecognized and unrepentant

    Despite expectations that China, Russia, and other states would try to exploit the Western military departure from Afghanistan, the Taliban’s regime remains unrecognized by any other government. Neighboring countries have not gone beyond limited diplomatic engagement, economic detachment, and security containment.