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The global Islamic finance industry grew by 14.9% in 2024, reaching US$3.88 trillion in total assets, with significant contributions from Islamic banking, sukuk, and takaful. The sector is expanding into non-traditional markets, driven by fintech innovations and a positive outlook for growth, particularly in emerging economies. Projections indicate the Islamic fintech sector will exceed US$300 billion by 2027, with strong growth anticipated in sukuk and Islamic banking.
Newborn Town Inc. has launched its global headquarters at Hong Kong Science Park, marking a significant step in its expansion strategy. The company, which has seen remarkable growth in the MENA region, attributes its success to targeted market focus and innovative AI solutions that have driven substantial revenue increases. Despite strong financial performance, Newborn Town's market valuation remains low, suggesting a disconnect between its achievements and investor perceptions.
MENA startups raised $289 million in May 2025, marking a 25% increase from April, with Egypt leading the way due to Nawy's $75 million round. The UAE and Saudi Arabia followed with $86.7 million and $69 million, respectively, while AI funding fell short at $25 million. Early-stage investments dominated, with B2B models attracting $157 million, but the gender gap in funding persisted, with male-founded startups securing 82% of the total capital.
Saudi Aramco has reduced its official selling price for July crude oil to Asia, cutting the benchmark Arab Light crude by $0.20 to $1.20 above Oman and Dubai averages. This decision affects approximately 9 million barrels per day and serves as a pricing benchmark for regional producers. In North America, the price for Arab Light is set at $3.50 above the Argus Sour Crude Index, influenced by OPEC+ output increases and reduced Canadian production due to wildfires.
Emotional triggers are increasingly influencing purchase decisions in the MENA region, particularly during Eid Al Adha, with campaigns that evoke feelings boosting sales by up to 70%. The online gifting market is projected to grow from $1.8bn to $6.38bn by 2030, driven by a tech-savvy population and mobile commerce, which accounted for 47% of online purchases in the UAE in 2024. Key gifting trends include a preference for electronics and home goods, with floral gifts, especially peonies, seeing significant sales increases.
The Kuwait Investment Authority has become the first non-founder financial anchor investor in the $100 billion Artificial Intelligence Infrastructure Partnership, which aims to develop scalable AI data center infrastructure globally. This initiative, backed by BlackRock, Microsoft, and other major tech firms, seeks to mobilize up to $30 billion in equity to meet the growing demand for generative AI technologies. KIA's involvement underscores the increasing interest of Gulf sovereign wealth funds in digital infrastructure and aligns with broader national AI strategies in the region.
Kuwait Real Estate Company and IFA Hotels have awarded a Dh198 million infrastructure contract to Darwish Engineering for the Al Tay Hills project in Sharjah. This residential development spans over 6 million square feet and includes 1,100 units, with the first phase set for delivery in early 2028. The project features extensive green spaces and a 2.5-kilometre green river, highlighting strong investor interest, as evidenced by recent real estate deals worth Dh2.1 billion.
In May 2025, MENA startups raised $289 million across 44 deals, a 25% increase from April, with Egypt leading at $125 million, including Nawy's $75 million round. Fintech dominated funding with $86.5 million, while AI startups lagged, securing only $25 million. The funding landscape revealed a significant gender gap, with male-founded startups receiving 82% of the capital.
Emirates airline will resume flights to Damascus starting July 16, aiming to enhance connectivity and support Syria's economic recovery. This move will benefit the Syrian diaspora across the Americas, Europe, and the GCC, allowing them to reconnect with their roots and contribute to development efforts.
OPEC+ will increase oil production by 411,000 barrels per day in July 2025, following a virtual meeting of eight member countries. This decision is part of a gradual rollback of voluntary supply cuts initiated in 2023, driven by stable economic growth and low inventories. The group will continue to monitor market conditions and adjust production levels as necessary, with the next meeting set for July 6, 2025.
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global islamic finance assets reach 3.9 trillion with strong growth in 2024
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05:00 09.06.2025
Newborn Town establishes global headquarters in Hong Kong to drive expansion
04:00 06.06.2025
mena startups secure 289 million in may with egypt leading the way
09:22 05.06.2025
Saudi Aramco reduces July oil prices for Asian markets by twenty cents
07:38 05.06.2025
emotional commerce drives online gifting surge during eid al adha
12:50 04.06.2025
kuwait investment authority joins 100 billion ai infrastructure partnership
08:24 04.06.2025
Kuwait Real Estate Company awards major infrastructure contract for Al Tay Hills project
08:12 04.06.2025
mena startups secure 289 million in may with fintech leading funding
15:07 02.06.2025
emirates airline to resume flights to damascus starting july 16
09:40 02.06.2025
OPEC Plus to increase oil output by 411000 barrels per day in July
07:38 02.06.2025
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