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Saudi Minister of Investment Khalid Al-Falih and Syrian Minister of Economy and Industry Mohammad Nidal Al-Shaar held a virtual meeting to discuss investment cooperation and economic opportunities in Syria, emphasizing the need for a conducive environment for regional partnerships. With a planned investment forum on June 18-19, the discussions aim to attract Saudi and Arab investors for Syria's reconstruction and post-war growth, following recent easing of Western sanctions and regional efforts to reintegrate Syria into the international economy.
Multiply Group has launched Multiply Media Group (MMG), uniting three major UAE out-of-home advertising firms under one platform, enhancing its media capabilities. Headquartered in Abu Dhabi, MMG aims for international expansion, targeting markets in Saudi Arabia, the UK, Europe, and the US, while leveraging AI and advanced analytics for performance-driven advertising. The initiative aligns with Multiply Group's strategy to grow in high-growth sectors, following recent joint ventures and acquisitions to strengthen its media presence.
The Dubai gold rate may see a further decline of Dh2-Dh3 from the current Dh369.25 per gram for 22K as demand softened during Eid Al Adha. While some shoppers took advantage of the offers, overall spending was lower than expected, with many hoping for prices to drop below Dh360 to stimulate fresh demand. The market is witnessing a shift, with more consumers interested in investing in physical gold rather than just purchasing jewelry.
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.
HSBC is expanding its investment banking operations in Asia and the Middle East, focusing on high-growth markets like Hong Kong and India while reducing its presence in less profitable regions. This strategic shift aligns with the bank's historical roots and capitalizes on the growing demand for IPOs, particularly as Hong Kong leads global rankings with nearly $10 billion raised this year.The evolving economic corridor between Asia and the Middle East presents unique opportunities for investment banks, with trade relationships projected to surpass those with Western nations by 2027. HSBC's recognition as the Middle East's best investment bank in 2025 underscores its strategic positioning in equity and debt capital markets, supporting the region's economic diversification efforts, especially under Saudi Arabia's Vision 2030.
Shopping malls in Saudi Arabia are poised for growth as they evolve into social and entertainment hubs, integrating retail and leisure experiences. With a strong demand for international brands and a focus on enhancing consumer experiences, the sector is set to thrive under Vision 2030, despite challenges like potential oversupply. The rise of e-commerce complements this transformation, driving footfall and encouraging innovation in mall offerings.
Next-gen high-net-worth individuals are increasingly favoring the Middle East for investments, driven by geopolitical security and economic stability. Saudi Arabia, through its Vision 2030 program and new residency initiatives, is positioning itself as a regional wealth hub, attracting over 20,000 millionaires to Riyadh and 10,400 to Jeddah. Meanwhile, the UAE is also benefiting from this trend, as the region seeks to enhance market connectivity and wealth management services amidst a backdrop of modest growth in HNWI wealth.
Gulf Cooperation Council countries scored 41.5 points in the 2024 Carbon Circular Economy Index, surpassing the global average. This reflects their commitment to sustainable energy and carbon reduction, with a focus on circular economy principles and significant investments in renewable energy. The region aims to capture and store up to 65 million tonnes of CO2 annually by 2035, aligning with broader climate goals and economic diversification efforts.
Saudi banks' outstanding loans surged to SR3.13 trillion ($833.7 billion) in April, marking a 16.51% annual increase, driven primarily by corporate borrowing, which rose 22% year-on-year. This shift reflects the Kingdom's project-driven growth model, with significant demand from sectors like real estate, education, and insurance, as large national projects under Vision 2030 fuel lending needs. Despite rising interest rates, corporate borrowing remains robust, while household loan growth has slowed due to higher mortgage costs linked to SAIBOR.
Saudi Arabia is tackling water scarcity through significant investments in desalination and wastewater treatment, aiming to double its desalination capacity to 20 million m³/day by 2030. The Kingdom is also integrating renewable energy and advanced technologies to enhance efficiency and sustainability in water management. Public-private partnerships are crucial in driving innovation and improving water accessibility, supporting the broader goals of Vision 2030.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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