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  • Saudi: Islamic Development Bank approves $1.12bln in development financing for nine member countries

    The Islamic Development Bank’s (IsDB) Board of Executive Directors, approved a total of US$ 1.12 billion for development projects financing in various sectors in 9 member countries as well as US$ 1.79 million grant for a number of other projects including market access readiness in the Republic of Yemen and special assistance grants to Muslim communities in 3 non-member countries, during its 347th session held, today, at the Bank's Headquarters in Jeddah, Kingdom of Saudi Arabia.

  • Islamic Development Bank approves $1.12bln in development financing for nine member countries

    The Islamic Development Bank’s (IsDB) Board of Executive Directors, approved a total of US$ 1.12 billion for development projects financing in various sectors in 9 member countries as well as US$ 1.79 million grant for a number of other projects including market access readiness in the Republic of Yemen and special assistance grants to Muslim communities in 3 non-member countries, during its 347th session held, today, at the Bank's Headquarters in Jeddah, Kingdom of Saudi Arabia.

  • Turkey’s central bank reserves boosted by friendly country support, Erdogan says

    The Turkish central bank's foreign currency reserves are getting stronger as friendly countries are providing support, President Tayyip Erdogan said, broadcaster Haberturk reported on Friday. The central bank's reserves have come under pressure from its forex market interventions to support the Turkish lira and to meet government institutions' forex needs.

  • Rumors of Mojtaba Khamenei being crowned with the Supreme Leader’s turban have been circulating for years. Now it may happen.

    As Raisi has stumbled, the prospects of the only other likely candidate for Supreme Leader have advanced. Attention is now focused on Khamenei’s second son Mojtaba, who seemed from the outset to be orchestrating Raisi’s presidency—in effect, providing Raisi the rope with which to fashion his own political noose.

  • Saudi Arabia central bank hires digital asset expert to grow industry

    AlZahrani is no stranger to the chaotic world of digital assets, having served as a former managing director at Accenture and in several consultancy roles for firms in the industry. According to Bloomberg, AlZahrani reports directly to Ziad Al Yousef, the central bank’s deputy governor for development.

  • Albania cuts Iran ties over cyberattack, U.S. vows further action

    Albania severed diplomatic relations with Iran on Wednesday and kicked out its diplomats after a cyberattack in July it blamed on the Islamic Republic, a move Washington supported as it vowed to take action in response to the attack on its NATO ally. Albania ordered Iranian diplomats and embassy staff to leave within 24 hours.

  • Legendary boyband Westlife to perform in AlUla

    As well as performing in AlUla, Westlife will bring their The Wild Dreams Tour to Abu Dhabi, UAE, a day later, on Thursday September 29. Westlife first broke into the harts with their debut single, Swear It Again, and went on to have a string of hits including What Makes A Man, World of Our Own and Flying Without Wings. Fans can expect to hear all these – and more – when Shane Filan, Mark Feehily, Nicky Byrne and Kian Egan perform in Riyadh in September.

  • Saudi Arabia’s Central Bank Hires Crypto Chief

    Saudi Arabia has recently appointed a leader for its virtual assets and central bank digital currency program. Meanwhile, the ninth month of the year has historically been one of the worst months for Bitcoin, which has fallen every September since 2017. Joanna Ossinger reports on Bloomberg Television.

  • Profits of Saudi banks jump 54% in July

    Saudi banks listed on Tadawul logged SAR 5.81 billion ($1.55 billion) in net earnings before Zakat and tax in July 2022, compared to SAR 3.76 billion ($1 billion) in July 2021, according to data collected by Mubasher based on official figures. During the first seven months of the year, accumulated profits of the banks operating in the kingdom increased by 34.50% or SAR 9.96 billion ($2.66 billion) yearly to SAR 38.80 billion ($10.35 billion), compared with SAR 28.84 billion ($7.69 billion).

  • Saudi Arabia calls for extradition of man who threatened kingdom’s embassy in Lebanon

    Saudi Arabia's ambassador to Beirut has called for the extradition of a Saudi man from Lebanon who threatened the kingdom's embassy in the Lebanese capital. "We call upon the competent Lebanese authorities to undertake the necessary legal procedures regarding the terrorist threats," ambassador Walid Bukhari said after a meeting with Lebanon's interior minister. Last week, the Lebanese Ministry of Interior and Municipalities said it ordered an investigation after a recording was published online of the Saudi dissident, believed to be named Ali Al Hashem, making the threats.