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  • Cash-strapped Pakistan inks agreement with Saudi Arabia-based bank to borrow USD 4.5 billion

    The loan, issued by IDB, will be used to pay for crude oil, refined petroleum products, liquefied natural gas (LNG) and industrial chemical urea over the next three years, Asia Times reported. The agreement was reached with the International Islamic Trade Finance Corporation (ITFC), the trading arm of the Jeddah-based IDB.

  • As the U.S. withdraws from Afghanistan, the Taliban advance is accelerating

    Afghanistan’s northern borderlands provide a worrying sign of things to come. Tajik President Emomali Rahmon ordered a mobilization of some 20,000 reserve troops to the border, while Reuters reported the country — the poorest in Central Asia — was considering preparing refugee camps in case of an influx of fleeing Afghan civilians.

  • Saudi Arabia Names Former Banker as Sovereign Debt Office’s Head

    Saudi Arabia’s National Debt Management Center, responsible for managing the kingdom’s sovereign borrowing, named Hani AlMedaini its acting chief executive officer.

  • Import rebound behind the decline in Saudi reserves, c.bank chief says

    "Reductions in reserves over the past couple of months were mainly to finance a rebound in pandemic-hit import demand, while leads-and-lags in oil income (tax and dividends) cause some degree of fluctuation in SAMA's reserves level," said Fahad al-Mubarak, the governor of the central bank.

  • Lebanon Probe Renews Push to Charge Top Officials for Port Blast

    The judicial investigator probing last year’s devastating explosion at Beirut’s port is seeking to file negligence charges against several Lebanese lawmakers and top security officials, reprising a move which led to his predecessor stepping down.

  • Citi’s banking revenue from Saudi Arabia ‘nearly tripled’

    Citigroup’s corporate and investment banking revenue for its Saudi Arabia business has “nearly tripled” since returning to the Kingdom in 2018, a senior executive said on Thursday.

  • Lebanon won’t get a bailout, U.S. diplomat says

    Lebanon’s economic situation is facing “immediate catastrophe,” according to a top U.S. diplomat, who said the country’s leaders need to demonstrate the will to reform before any external assistance can take place. David Hale, who most recently served as the undersecretary of state for political affairs and is now on detail from the State Department at policy institute the Wilson Center, said that Lebanon’s collapse is imminent.

  • Senior Barclays Banker in Dubai Is Said to Leave After a Decade

    Hazem Shish, Barclays Plc’s head of financial institutions banking for the Middle East, Turkey and Africa, is leaving after more than a decade with the British lender, people familiar with the matter said. Shish, who was based in Dubai, is departing to set up his own business venture, the people said, asking not to be identified as the matter is private. The banker plans to stay on until at least the end of the year to help with the transition, one of the people said.

  • Abu Dhabi’s ADNOC adds Goldman Sachs to lead banks on drilling IPO

    Abu Dhabi National Oil Company (ADNOC) has added Goldman Sachs (GS.N) to a lead role on the initial public offering of its drilling unit, sources said, in the bank's first such high-profile deal in the emirate since 2019. Goldman Sachs' investment banking unit was sidelined from any new business from Abu Dhabi two years ago after state fund Mubadala's subsidiary filed a lawsuit against it to recover losses suffered through its dealings with Malaysia's fund 1MDB.

  • StanChart starts offering banking services from Saudi branch

    Standard Chartered (STAN.L) has begun offering banking services through its branch in Saudi Arabia with a team of 25 people, the bank said on Thursday, as it boosts its presence in the Arab world's biggest economy. Saudi Arabia granted Standard Chartered a banking licence in 2019, which helps it to expand beyond the capital markets business it has conducted in the kingdom since 2011.