The Kingdom of Morocco now allows participative finance. On January 2 the central bank, Bank Al-Maghrib, issued authorizations for five banks to begin commercializing shariah-compliant products and services.
Saudi Arabia's Public Investment Fund (PIF), which is expected to exceed $2 trillion in 2018, is slated to play a major role in diversifying the Saudi economy, with big investments in a technology, healthcare and other sectors.
The desert kingdom's bold plans to boost the private sector and diversify away from oil include a little more government spending this year.
With the worst of its financial pressures behind it, Saudi Arabia is forging ahead with its ambitious Vision 2030 development plan to diversify away from oil dependency and stimulate demand.
In early 2017 the Commercial Bank of Dubai will launch CBD NOW, the UAE’s first digital-only bank. The new bank is based entirely online and will offer all the services a regular bank does.
Low oil prices are forcing the country to build up other sectors—most notably healthcare—to shore up its ability to weather economic storms.
Michel Accad, who took over as CEO at Al Ahli Bank Kuwait in May 2014, talks to Global Finance about why the Kuwait banking system remains solid despite falling oil prices and other pressures.
Interview with Sulaiman Al-Marzouq, head of treasury at National Bank of Kuwait, about changes in Gulf economies and NBK’s role in development.
Israel's economy depends on foreign trade, and that presents a challenge under current conditions. Policymakers remain focused on high-tech while keeping an eye on global political developments.
Oil-rich Qatar is spending heavily on infrastructure, even as it goes deeper into debt, claiming the massive spending is aimed at creating a knowledge-based economy.
Qatar plans to spend more than $200 billion on infrastructure projects, including roads, bridges, railways, and ports, and has loosened guest worker sponsor requirements to facilitate recruitment.
The Egyptian pound was floated this fall, and quickly lost half its value. But the reform is part of restructuring Egypt's economy to encourage foreign investment.
After two years of a political vacuum, Lebanon finally elected Michel Aoun president. Under the constitution, however, the head of state has little power, and his election sparks little hope.
Qatar has begun construction of a new financial city which aims to be the country’s Wall Street or Canary Wharf.
Saudi Arabia’s Public Investment Fund (PIF) has joined with Japan's SoftBank Group to launch what could become a $100 billion fund to focus on technology investments.
Abu Dhabi’s Al Hilal Bank is the safest Islamic bank in the six GCC states, replacing Al Rajhi Bank of Saudi Arabia, which falls to seventh position following downgrades prompted by the downgrading of the Saudi government. Kuwait Finance House ...
After several years of inactivity, the Gulf Cooperation Council (GCC) could see a spate of M&A deals in financial services.
With mounting payment obligations and a worsening balance of payments, Pakistan has returned to the Islamic bond market after a two-year hiatus. In early October, Pakistan mopped up $1 billion through a dollar-denominated Islamic bond with a five-year tenure.
According to a recent IMF, World Bank and Arab Monetary Fund report, 40% of Arab banks are experiencing “a significant decline” in the scale of correspondent banking relationships. The report shows 167 terminated accounts in 2015 compared to 71 in ...