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  • Saudi Arabia sukuk to join widely followed FTSE bond index

    FTSE Russell said on Thursday that Saudi Arabia's sukuk will be added to its widely followed local currency Emerging Markets Government Bond Index (EMGBI), effective next April. "Index inclusion of Saudi Arabian sukuk is scheduled to start in April 2022 and is projected to comprise 2.75% of the index on a market value weighted basis," FTSE Russell said in a press release.

  • UAE could invest further $1.4 billion in Britain this year, UK trade official says

    The UK’s Trade Commissioner to the Middle East, Simon Penney, told Reuters on Friday there was “line of sight” on a minimum of one billion pounds of transactions between now and the end of the year. “The expectations are high that it will reach a 2 billion (pound) watermark this year,” Penney said of the UAE investment in an online interview.

  • Saudi artist lands prestigious, UK museum-sponsored contemporary art prize

    Saudi artist Ajlan Gharem on Wednesday won the sixth edition of the prestigious Jameel Prize, a leading award for contemporary art and design inspired by Islamic tradition.

  • Saudi Arabia closes $1.7bn September sukuk program

    Saudi Arabia had approximately $228 billion debt outstanding by year-end 2020, of which 59 percent are riyal-denominated and 41 percent in foreign currency, says NDMC on its website.

  • MENA’s largest digital freight firm TruKKer buys Pakistan’s TruckSher

    TruKKer, the largest digital freight network in the Middle East and North African markets, said on Wednesday it had acquired Pakistan's TruckSher, as part of its expansion plans into the South Asian country. TruckSher, which commenced operations in Pakistan earlier in 2021, raised seed investment from VC firm Sarmayacar, and has grown healthily in the domestic Pakistan long haul sector, TruKKer said in a statement, but did not disclose the financial details of the deal.

  • Sukuk issuance to stop growing for first time in five years – Moody’s

    Global sukuk issuance will be flat or slightly lower this year after five straight years of strong growth as higher crude prices have reduced oil-rich Gulf governments’ financing needs, Moody’s said on Tuesday. The expected volume is despite issuance increasing in the first half of the year by 3% to $102 billion, driven by sales from Malaysia and Indonesia. Issuance volume in Southeast Asia, which made up more than half of total issuance in the first half, increased 22% while in the Gulf it declined 19%.

  • Saudi investment minister visits UK to widen trade prospects

    Saudi Investment Minister Khalid Al-Falih will take part in a series of meetings with UK business leaders during a visit to Britain in a bid to boost bilateral trade. The talks will cover the financial services, health, chemicals, hotel and hospitality, and manufacturing industries, among others. The minister said that more than 600 British companies were operating in Saudi Arabia and expressed aspirations that the meetings will contribute to increasing the volume of UK investments in Saudi Arabia.

  • Kuwait’s KFH eyes government projects in Saudi, plans new sukuk in 2022

    Kuwait Finance House (KFH) , the Gulf nation’s biggest Islamic lender, plans to finance government projects in Saudi Arabia, including in the NEOM business zone, its acting chief executive officer told Reuters.

  • Saudi Aramco Chairman Yasir Al Rumayyan Joins Mukesh Ambani

    Mukesh Ambani’s Reliance Industries (RIL) today said that the appointment of Saudi Aramco Chairman Yasir Al Rumayyan as an independent director of the company has taken effect from July 19

  • Reliance AGM: Mukesh Ambani announces $10 billion for renewables

    At the company’s 44th annual general meeting, livestreamed to a global audience, the 64-year-old billionaire also told investors about plans to develop a 5000-acre complex in the city of Jamnagar, Gujarat, which is already home to a giant Reliance oil refinery.