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Newcastle Chairman’s Dream: To Become the Top Club

LONDON: Newcastle United chairman Yasir Al-Rumayyan said on Friday he wants the Magpies to become the “number one” club, but made it clear that the ongoing development of the team will adhere to the sport’s financial fair-play rules. During an interview published on the club’s social media, the Saudi Public Investment Fund supremo said the board of directors now expects the club to be playing at the very top level of European football on a regular basis, and will build a “squad of stars.”
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Macron finalizes $100bn climate finance accord with leaders in France

PARIS: Wealthy nations finalized an overdue climate finance pledge to developing countries worth $100 billion on Friday and created a fund for biodiversity and the protection of forests, France’s president said, according to Reuters. Emmanuel Macron was speaking at a final panel of a summit in Paris where some 40 leaders, including two dozen from Africa, China’s prime minister and Brazil’s president had gathered to give impetus to a new global finance agenda.
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

PIF’s Jada to Boost Saudi Arabia’s Startup Scene

CAIRO: Saudi Arabia’s startup landscape has received a significant push after a subsidiary of the Kingdom’s Public Investment Fund committed to investing in several venture capital vehicles. PIF’s Jada Fund of Funds Co. plans to invest an undisclosed amount in Bahrain-based Investcorp’s $500 million Saudi pre-initial public offering growth fund. The investment vehicle is exclusively focused on supporting a diverse range of companies based in Saudi Arabia during their pre-IPO stage.
Business

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

Saudi Arabia’s NDMC Concludes $667m Sukuk Issuance in June

RIYADH: Saudi Arabia’s National Debt Management Center announced the closure of the riyal-denominated sukuk program issuance for June with the total bid amount received at SR2.5 billion ($667 million).    The total amount allocated was SR7.43 billion with the sukuk issuance divided into tranches — the first has a size of SR622 million maturing in 2030. The second tranche was valued at SR1.84 billion million maturing in 2035, the NDMC said in a statement   Also called an Islamic bond, sukuk is a debt product issued according to Shariah or Islamic laws.    
Business

Saudi Arabia and UK Collaborate at London Forum to Celebrate Achievements and Discuss Future Vision

LONDON: Economic and trade relations between the UK and Saudi Arabia were further cemented in London this week as delegations from the two countries convened to mark the progress of the Kingdom’s Vision 2030 initiative and explore fresh avenues for collaboration. The UK Saudi Business, Trade and Partnership Forum, hosted at Mansion House in the heart of the City of London by the Saudi British Joint Business Council and the Saudi National Competitiveness Center, drew government officials, business leaders, and experts from both nations.
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Spain prosecutor seeks dismissal of corruption case against Sanchez’s wife

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Group behind alleged influence peddling and business corruption complaint says case solely based on media reports.

Lebanon Postpones Local Elections Due to Violence in South | TOME

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BEIRUT: Lebanon’s parliament on Thursday delayed municipal elections for a third time in two years, state media reported, as militants in the country’s south exchanged near-daily fire with Israel for over six months. The powerful Iran-backed Hezbollah group has been trading fire with Israeli forces across the border since the day after its Palestinian ally Hamas carried out a deadly attack on Israel on October 7, triggering the ongoing war in the Gaza Strip.

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Lebanon Postpones Local Elections Due to Violence in South | TOME

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BEIRUT: Lebanon’s parliament on Thursday delayed municipal elections for a third time in two years, state media reported, as militants in the country’s south exchanged near-daily fire with Israel for over six months. The powerful Iran-backed Hezbollah group has been trading fire with Israeli forces across the border since the day after its Palestinian ally Hamas carried out a deadly attack on Israel on October 7, triggering the ongoing war in the Gaza Strip.

Morocco aims to become aircraft manufacturing hub amid high demand

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CASABLANCA, Morocco:  Moroccan officials want to turn the country into an aviation hub, luring investors aiming to spread out their supply chains to more nations with available and affordable workers.

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China concerned over EU raids on security equipment company

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Diplomatic mission condemns raids on Dutch and Polish offices of Chinese company Nuctech.

Solomon Islands Support for US Agency’s Return Revealed

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Peace Corps found 'overwhelming support and enthusiasm' for return to Pacific island nation, report shows.

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