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Crude Oil Slides as UK Rate Hike Sparks Demand Concerns

RIYADH: Oil prices fell for a second straight session and were headed for a weekly decline of more than 3 percent on Friday, as a higher-than-expected interest rate hike in Britain and warnings about looming rate rises in the US ignited concerns over demand, according to Reuters. Brent futures slipped 51 cents, or 0.4 percent, to $73.76 a barrel, while US West Texas Intermediate crude futures were down 42 cents, or 0.6 percent, at $69.09 at 3:40 a.m. Saudi time. 
Business

Islamic Banks in UAE See $177bn Asset Growth in Q1

RIYADH: Reflecting the growing popularity of Islamic financing, gross assets of the Shariah-compliant banks operating in the UAE grew to 650 billion dirhams ($177 billion) by the end of the first quarter of 2023, a year-over-year increase of 7.31 percent compared to 605.7 billion dirhams in the same period last year, according to figures by the Central Bank of the UAE.  
Business

Oil Prices Set to Rise on Optimistic China Demand

NEW YORK/SINGAPORE: Oil prices were set to snap a two-week losing streak despite trading marginally lower early on Friday, amid optimism about higher energy demand from top crude importer China and a weaker dollar, according to Reuters. Brent futures dipped 17 cents, or 0.2 percent, to $75.50 a barrel by 6:41 a.m. Saudi time, while US West Texas Intermediate crude dropped 16 cents, also 0.2 percent, to $70.46 a barrel. Both benchmarks surged about 3 percent during the prior session.
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SAMA reports 5.59% increase in Saudi Arabia’s M3 money supply to $700bn

RIYADH: Saudi Arabia’s M3 money supply has surged 5.59 percent to SR2.63 billion ($700 billion) in the week ending June 8, up from SR2.5 billion on Dec. 31, according to data released by the Saudi Central Bank, also known as SAMA. The M3 money supply — the broadest measure of liquidity in the monetary system — went up 0.83 percent to $2.61 billion in the week ending June 8 compared to the preceding week.  The SAMA data also revealed that the money supply in Saudi Arabia has been stable at SR2.6 billion in the past seven weeks.
Business

India and UAE aim for $100bn non-oil trade by 2030

RIYADH: India and the UAE have mutually agreed on Monday to double the target of non-oil trade to $100 billion from $48 billion by 2030, India’s Commerce and Industry Minister Piyush Goyal said. The goal to achieve this target was set in the first meeting of the Joint Committee of India-UAE Comprehensive Economic Partnership Agreement in New Delhi. Signed in 2022, the India-UAE CEPA is expected to increase the total value of bilateral trade in goods to over $100 billion and services to over $15 billion within five years. 
Business

Saudi Arabia’s M3 Money Supply Increases by 4.7% Since December 31st

RIYADH: Saudi Arabia’s M3 money supply has surged 4.71 percent since December 2022, according to data released by the Saudi Central Bank, also known as SAMA. The M3 money supply — the broadest measure of liquidity in the monetary system — reached SR2.61 billion ($697 billion) in the week ending June 1, up from SR2.5 billion on Dec. 31. However, the money supply for the week ending June 1 dropped 0.29 percent compared to $2.62 billion in the week ending June 25.
Business

UBS and Swiss Govt. Guarantee Credit Suisse Losses

ZURICH: UBS and the Swiss government signed on Friday an agreement to cover up to 9 billion Swiss francs ($10 billion) in losses from its emergency takeover of Credit Suisse, the country’s largest bank, Reuters reported. The deal comes with various conditions, including a requirement that UBS keeps its headquarters in Switzerland, the government said in a statement. The loss protection agreement will become effective with the completion of the Credit Suisse takeover, expected as early as June 12, UBS said in a separate statement.
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