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  • Factbox: What are the deals on Ukraine, Russia grain exports?

    The extension of a deal allowing the safe Black Sea export of Ukrainian grain and fertilizers beyond May 18 hangs in the balance after Russia issued a list of demands linked to a related agreement on its own such exports.

  • Saudi Arabia draws $17 bln demand for sukuk on debt market return

    "Probably taking advantage of the market and front loading in case there is more pressure on the oil price," said Monica Malik, chief economist at Abu Dhabi Commercial Bank. "If the debt ceiling issue is resolved and market attention shifts back to inflation, the yield could be higher," she added, referring to a standoff over raising the U.S. government's borrowing limit.

  • Disasters, exacerbated by climate change, displaced more people than war in 2022—the year Russia invaded Ukraine

    By the end of 2022, a total of 71.1 million people were living in internal displacement, a state in which they have been forced to flee their homes but not crossed an international border. It marks the highest number on record and a 20% increase on the previous year.

  • What role will Middle East play in Ukraine’s post-war reconstruction?

    Last month, a joint assessment by Ukraine’s government, the World Bank, the European Commission, and the United Nations estimated that the cost of reconstructing Ukraine is now at $411 billion. Since Russian President Vladimir Putin launched his full-scale invasion in February 2022, Western allies have made a raft of commitments to help rebuild the war-torn state. Italy will host a bilateral conference later this month on funding Ukraine’s reconstruction, while London will host a global conference in June for political and business leaders from all over the world.

  • Ukraine war spurs record global spending on military, Stockholm think tank says

    Global military spending rose to a record last year as Russia's war in Ukraine drove the biggest annual increase in expenditure in Europe since the end of the Cold War three decades ago, a leading conflict and armaments think tank said on Monday. World military expenditure rose by 3.7% in real terms in 2022 to $2.24 trillion, the Stockholm International Peace Research Institute (SIPRI) said in a statement.

  • Xi Hosts Brazil’s Lula in Diplomatic Push for Ukraine Cease-Fire

    Brazil President Luiz Inacio Lula da Silva arrives in China on Wednesday as President Xi Jinping seeks to build momentum for talks to halt fighting in Ukraine more than a year after Russia’s invasion. Lula’s trip to Shanghai and Beijing comes as Xi embarks on a round of diplomacy in the weeks after visiting Moscow, where he strengthened political ties with Russian President Vladimir Putin even while touting Beijing’s vague blueprint for peace that included a call for a cease-fire in Ukraine. The Chinese leader last week hosted French President Emmanuel Macron and European Commission President Ursula von der Leyen to discuss the effort.

  • Saudi Electricity to raise $2 bln with dual-tranche sukuk with green tranche

    Saudi Electricity Company (5110.SE), majority owned by the sovereign Public Investment Fund, is set to raise $2 billion from a sale of dual-tranche Islamic bonds, a bank document on the deal showed on Monday. The company's offer is made up of 10-year green sukuk and 30-year conventional Islamic paper, the document showed. Orders for the 10-year tranche topped $9.2 billion and the 30-year tranche drew more than $6.2 billion in demand, both excluding interest from joint lead managers, the document said.

  • Saudi Arabia’s Al Rajhi Bank to raise $1 bln with sukuk

    Saudi Arabia's Al Rajhi Bank (1120.SE) is set to raise $1 billion with five-year sustainable Islamic bonds, a document from one of the banks arranging the deal showed on Wednesday. The spread on the sukuk was set at 110 basis points (bps) over U.S. Treasuries (UST), tightened from initial price guidance of around 150 bps over UST after demand topped $3.75 billion, the document showed.

  • Saudi Arabia, UK bolster security cooperation

    Saudi Minister of the Interior Prince Abdulaziz bin Saud bin Naif bin Abdulaziz and UK Secretary of State Suella Braverman have held an “official discussion” in London on ways to develop cooperation in areas of security, SPA said. The meetings “reflected the common desire to boost the strategic and historical ties between the two friendly countries,” according to SPA. “The session saw the signing of several agreements in the security, development and training fields between the Ministry of the Interior of Saudi Arabia and the UK Home Department,” SPA said, although it not give exact details of the agreements.

  • Saudi debt management unit closes $2.2bln March sukuk

    The National Debt Management Center (NDMC) has announced the closure of its March issuance under the Saudi government powered Saudi Rial (SR)-denominated sukuk programme. The total amount of all bids received for the sukuk hit SR8.342 billion ($2.2 billion) and the total amount allocated was set at SR3.374 billion ($898 million), reported SPA.