Jordanian dinar fourth currency to join Buna Arab payments platform

Jordan’s dinar joins the Saudi riyal, Emirati dirham, US dollar and euro in the Buna payments system. (Reuters)
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Updated 06 July 2021
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Jordanian dinar fourth currency to join Buna Arab payments platform

  • Central Bank of Jordan, Arab Monetary Fund complete inclusion
  • Buna is centralized cross-border payments system

RIYADH: The Central Bank of Jordan and the Arab Monetary Fund have completed the inclusion of the Jordanian dinar as a settlement currency in the Buna platform for Arab payments, Asharq reported.

Jordan’s dinar is the fourth currency to be included in the payment system, joining the Emirati dirham, Saudi riyal, US dollar and euro.

Buna is a centralized cross-border payment system affiliated with the Regional Institution for Clearing and Settlement of Arab Payments, owned by the AMF.

The platform enables regional financial institutions to send and receive cross-border payments across the Arab region and beyond in Arab currencies, as well as key international currencies, in an efficient, cost-effective, risk-controlled, and transparent environment.


Saudi Arabia opens business travel channel with Syria to boost investment

Updated 22 July 2025
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Saudi Arabia opens business travel channel with Syria to boost investment

  • Syrian businessmen can apply for travel licenses directly at embassy in Damascus
  • Kingdom to organise Saudi-Syrian investment forum in Damascus

RIYADH: Saudi Arabia will introduce travel permits for businessmen and investors from Syria to deepen bilateral relations and facilitate mutual visits. 

Syrian businessmen can now apply for travel licenses directly at the embassy in Damascus, the Kingdom’s embassy said in an official post on X. Meanwhile, Saudi investors seeking to visit Syria can register via the Interior Ministry’s e-platform. 

Saudi Arabia and Syria have made significant strides in restoring diplomatic ties, with the Kingdom reopening its embassy in Damascus in 2024 after a 12-year hiatus. In April, Saudi Arabia and Qatar announced a joint initiative to settle Syria’s $15 million debt to the World Bank as part of broader efforts to support the financial recovery of the war-torn nation. 

“The embassy announces the availability of travel permits for interested Saudi and Syrian businessmen and investors, enabling them to exchange visits and explore investment opportunities in the two brotherly countries,” the statement said. 

The Kingdom’s Ministry of Investment announced that it will organize a Saudi-Syria Investment Forum in Damascus to explore cooperation opportunities to promote sustainable development in the two countries.

In an X post, the ministry said the forum is expected to witness significant participation from public and private sector entities on both sides.

In June, Saudi Minister of Investment Khalid Al-Falih held a virtual meeting with his Syrian counterpart, Mohammad Al-Shaar, to explore investment partnerships and discuss opportunities for collaboration across public and private sectors. 

Al-Falih affirmed the Kingdom’s commitment to helping stabilize and develop the Syrian economy, adding that stronger ties would serve the mutual interests of both countries and promote regional economic prosperity. 

Further aiding Syria’s economic recovery, US President Donald Trump signed an executive order in June to dismantle sanctions against the country. 

Following the announcement, Syrian Minister of Foreign Affairs and Expatriates Asaad Hassan Al-Shaibani posted on X that the decision by the US administration would support Syria’s economic revival and reintroduce the country to the global community. 


Most Gulf bourses fall on US tariff concerns, weaker oil

Updated 22 July 2025
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Most Gulf bourses fall on US tariff concerns, weaker oil

BENGALURU: Most Gulf stock indexes dipped on Tuesday, as investors worried about fading prospects of the EU’s trade deal with the US ahead of a looming tariff deadline, with weak oil prices offsetting strong corporate earnings.

The EU is exploring broader counter-measures against the US as prospects of an acceptable trade agreement with Washington wane, according to EU diplomats.

US President Donald Trump’s imposition of tariffs around the world risks hurting global economic growth, and with it oil consumption.

Dubai’s main share index eased 0.3 percent, marking the third straight session of losses as investors remained cautious ahead of key earnings and locked in profits following a multi-year rally.

Index heavyweight Dubai Islamic Bank dropped 1.2 percent while budget carrier Air Arabia fell over 3 percent, ending a five-session winning streak.

In Abu Dhabi, the index was under pressure as a wave of earnings releases this week kept many investors on the sidelines.

Qatar’s stock index reversed early losses to finish 1.1 percent higher, reaching its highest level in more than two and a half years, as nearly all sectors advanced.

Banking stocks led the advance, supported by strong earnings. Qatar Islamic Bank soared 6 percent, rising for a fourth straight session after reporting upbeat results.

Outside the Gulf, Egypt’s blue-chip index declined 1 percent, pulling back from a record high. 


Egypt current account deficit narrows to $13.2bn in 9 months through March

Updated 22 July 2025
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Egypt current account deficit narrows to $13.2bn in 9 months through March

DUBAI: Egypt’s current account deficit narrowed to $13.2 billion in the nine months through March 2025, from $17.1 billion in the same period a year earlier, Egypt’s central bank said on Tuesday.

The bank attributed the slimmer deficit to an 86.6 percent increase in remittances from Egyptians working abroad, as well as a rise in the services surplus due to 23 percent higher tourism revenue.

Oil exports declined by $430.5 million to $4.2 billion, from $4.6 a year earlier, while oil imports increased by $1.2 billion to $14.5 billion, from $9.7 billion.

Egypt has been seeking to import more fuel oil and liquefied natural gas this year to meet its power demands after enduring blackouts during periods of shaky gas supply in the past two years.

Concerns intensified after the supply of natural gas from Israel to Egypt dropped during Israel’s air war with Iran.

Suez Canal revenues declined to $2.6 billion, from $5.8 billion in a year earlier, as revenue from the vital global trade route continued to suffer because of Yemeni Houthis’ attacks on ships in the Red Sea.

The Iran-aligned group says it attacks ships linked to Israel in support of Palestinians in Gaza.

Meanwhile, Egypt’s tourism revenue reached $12.5 billion from July 2024 through March 2025, compared to $10.9 billion in the same period a year earlier.

Remittances from Egyptians working abroad increased to $26.4 billion, from $14.5 billion.

Foreign direct investment hit $9.8 billion, compared to $23.7 billion.


Closing Bell: Saudi main index slips to 10,843

Updated 22 July 2025
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Closing Bell: Saudi main index slips to 10,843

  • Parallel market Nomu dropped 340.01 points to close at 26,740.01
  • MSCI Tadawul Index declined by 1.33% to 1,390.20

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Tuesday, as it shed 137.97 points, or 1.26 percent, to close at 10,843.20. 

The total trading turnover of the benchmark index was SR4.92 billion ($1.31 billion), with 25 of the listed stocks advancing and 231 declining. 

The Kingdom’s parallel market, Nomu also dropped 340.01 points to close at 26,740.01. 

The MSCI Tadawul Index declined by 1.33 percent to 1,390.20. 

The best-performing stock on the main market was Sport Clubs Co., which debuted on the benchmark index on Tuesday. The firm’s share price advanced by 24 percent to SR9.30. 

The share price of Tourism Enterprise Co. also rose by 6.25 percent to SR1.02. 

Riyadh Cables Group Co. saw its stock price climb by 1.92 percent to SR132.50. 

The share price of Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, declined by 5.71 percent to SR29.38. 

On the announcements front, Etihad Etisalat Co., also known as Mobily, announced its net profit for the first half of the year reached SR1.59 billion, representing a 22.94 percent increase compared to the same period in 2024. 

In a Tadawul statement, Mobily attributed the rise in net profit to increased revenues across all business segments and its growing customer base. 

Mobily saw its stock price edge up by 1.90 percent to SR56.25. 

Saudi Automotive Services Co. said its net profit for the first half witnessed a year-on-year rise of 48.64 percent to SR33.98 million. 

According to SASCO, the rise in net profit was driven by a higher number of service stations, strong sales from its SASCO Palm and transportation segments, as well as an increase in the selling prices of diesel. 

The share price of SASCO rose by 1.48 percent to SR55. 

Dar Almajed publishes IPO prospectus 

Dar Almajed Real Estate Co. has published the prospectus for its initial public offering, which will list 90 million shares with a nominal value of SR1 each on the main market. 

The development follows the Kingdom’s Capital Market Authority’s approval for the company to float 30 percent of its SR300 million capital in March. 

The book-building process commenced on June 29 and will conclude on Aug. 4. 

The retail subscription period will run from Aug. 14 to 18. 

The company has appointed Saudi Fransi Capital as financial adviser, lead manager, institutional bookrunner, and underwriter for the IPO.


Saudi delivery volumes surge to 101m in Q2 amid logistics push

Updated 22 July 2025
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Saudi delivery volumes surge to 101m in Q2 amid logistics push

RIYADH: Saudi Arabia’s delivery sector processed more than 101 million orders in the second quarter of 2025, driven by surging e-commerce demand and ongoing investments in logistics infrastructure, official data showed. 

According to the latest report from the Transport General Authority, Riyadh accounted for 45.04 percent of the total delivery volume, followed by Makkah at 21.17 percent and the Eastern Province with 15.87 percent. 

Saudi Arabia’s delivery and rail sector expansion aligns closely with the National Transport and Logistics Strategy, which aims to position the Kingdom as a global logistics hub by 2030.  

Key NTLS goals include increasing the sector’s gross domestic product contribution to 10 percent, expanding rail networks to 8,080 km, boosting port throughput to 40 million Twenty-foot Equivalent Units annually, and enhancing air cargo capacity beyond 4.5 million tonnes.  

Other regions contributed smaller shares to the total delivery volume in the second quarter, including Al Madinah at 4.65 percent, Asir at 3.56 percent, and Al Qassim at 2.89 percent. 

Northern and less populated areas recorded modest volumes, with Al Baha at 0.21 percent, Northern Borders at 0.54 percent, Najran at 0.66 percent, and Al Jouf at 0.77 percent.  

This growth in delivery activity coincides with broader momentum in Saudi Arabia’s transport and logistics infrastructure. In the first half of 2025, Saudi Arabia Railways recorded over 7.9 million passengers across 21,205 passenger train trips, an 8 percent increase from the previous year.  

The rail network also supported the 1446 Hajj season, transporting over 4.3 million pilgrims via the Haramain High-Speed Railway and nearly 5.1 million pilgrims through the Mashaer Train network.  

On the freight side, SAR moved more than 14.9 million tonnes of cargo during the same period, marking a 13 percent year-on-year increase. 

These logistics gains were reinforced by Saudi Arabia’s active participation in key industry events and strategic partnerships with local and international firms.  

SAR’s involvement in major exhibitions and forums, alongside collaborations with companies such as STC, Lucid, Turkish Airlines, and SDAIA, underscores the Kingdom’s push to elevate transport capabilities and digital integration.  

Additionally, SAR’s recognition through ISO certifications and national quality awards reflects the growing emphasis on service excellence and governance in the sector. 

Supported by regulatory reforms, digital transformation, and infrastructure investment, the National Transport and Logistics Strategy aims to leverage Saudi Arabia’s strategic location to enhance multimodal connectivity and position the Kingdom among the world’s top ten in the Global Logistics Performance Index.