Economy

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Economy

Syria, World Bank agree to set up fund for recovery and reconstruction

Syria has reached an agreement with the World Bank to establish a multi-donor trust fund aimed at recovery and reconstruction. This initiative comes in the wake of over a decade of civil war that has devastated the country. The fund will focus on providing concessional financing, investment guarantees, technical support, and capacity building to aid in Syria's rebuilding efforts. The establishment of this fund is a significant step towards addressing the extensive damage caused by the conflict. It reflects a commitment from international partners to support Syria's recovery process. The trust fund is expected to facilitate various projects that can help restore infrastructure and improve living conditions for the Syrian population. As Syria continues to navigate the challenges of post-war recovery, this collaboration with the World Bank could play a crucial role in stabilizing the economy and fostering development. The success of this initiative will depend on the effective mobilization of resources and the cooperation of multiple stakeholders involved in the reconstruction efforts.

Arab NewsSyriaAdded 13 hours ago

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Economy

IsDB, UNDP to strengthen recovery in crisis-hit member countries

The Islamic Development Bank Group (IsDB) and the UN Development Programme (UNDP) are collaborating to enhance recovery efforts in crisis-affected member countries. This partnership aims to build resilience and support sustainable development in regions facing significant challenges. During a recent meeting in Bangkok, IsDB Group President Muhammad Al Jasser discussed ongoing cooperation and explored new areas for collaboration with UNDP representatives. The discussions highlighted the importance of coordinated efforts to address the needs of countries impacted by crises, ensuring that recovery strategies are effective and inclusive. Both organizations are committed to leveraging their resources and expertise to foster stability and growth in these regions. The partnership reflects a broader commitment to international cooperation in addressing pressing global challenges. This initiative is particularly relevant for Muslim-majority countries that often face unique challenges in crisis recovery. By strengthening collaboration between IsDB and UNDP, there is potential for significant positive impact on the lives of millions affected by crises across these nations.

Arab NewsAdded 24 hours ago

Economy

Saudi energy investments helped cushion global economy from shocks, finance minister says

Saudi Arabia's finance minister highlighted the role of the Kingdom's energy investments in stabilizing the global economy amid recent shocks. During the IMF and World Bank Annual Meetings, he noted that these investments, along with structural reforms, have enhanced the country's resilience against regional uncertainties. The minister emphasized that Gulf Cooperation Council countries are now better equipped to handle economic challenges, showcasing a collective strength in the face of global market fluctuations.

Arab NewsSaudi ArabiaAdded 25 hours ago

Economy

Moody’s upgrades Egypt’s rating to B3, maintains positive outlook

Moody's Ratings has upgraded Egypt's sovereign credit rating to B3, a significant improvement from Caa1. This upgrade is attributed to enhanced public finances and effective economic reforms that have positively impacted government debt and interest burdens. The positive outlook from Moody's suggests that there is potential for further economic improvement in Egypt, which is crucial for the country's financial stability and growth. The upgrade, announced on October 16, reflects a broader trend of economic recovery in Egypt, which has faced numerous challenges in recent years. Stronger revenue collection has played a key role in this positive assessment, indicating that the government's fiscal policies are beginning to yield results. This rating change is likely to influence investor confidence and could lead to lower borrowing costs for the Egyptian government. Overall, this development is significant not only for Egypt's economy but also for the broader Muslim community, as it may affect economic relations and investments in the region. The upgrade could pave the way for increased foreign investment, which is vital for Egypt's ongoing development efforts.

Arab NewsEgyptAdded 27 hours ago

Economy

Syria discusses $1.5 billion funding with Saudi Arabia, prepares to sign first package

Syria is currently in discussions with Saudi Arabia regarding a significant funding initiative worth $1.5 billion. This funding is aimed at revitalizing key sectors such as energy, health, and infrastructure within Syria, which has been severely impacted by years of conflict. The initial phase of this funding will see the signing of a $406 million package, which is expected to address urgent needs in these critical areas. The collaboration between Syria and Saudi Arabia marks a notable step towards economic recovery and rebuilding efforts in the war-torn nation. This financial support could play a crucial role in stabilizing the region and improving living conditions for the Syrian population, who have faced immense hardships. The outcome of these discussions will be closely monitored by various stakeholders in the region and beyond.

Arab NewsSyriaAdded 29 hours ago

Economy

Idlib pomegranate farmers squeezed by rising costs, weak demand

Farmers in Idlib, Syria, are facing significant challenges as they prepare for a promising pomegranate harvest. Rising production and transportation costs, coupled with weak demand and low prices, are severely impacting their income. This situation is particularly concerning as pomegranate cultivation is a vital source of livelihood for many families in the region. The town of Darkush, located in northwestern Idlib, is known for its agricultural output, especially pomegranates. However, the farmers are struggling to find export outlets, which further exacerbates their financial difficulties. The economic strain on these farmers highlights the broader challenges faced by the agricultural sector in conflict-affected areas. As the harvest season approaches, the farmers are hopeful for better market conditions but remain uncertain about their future. The situation underscores the need for support and intervention to help stabilize the local economy and ensure the livelihoods of those dependent on agriculture in Idlib.

Arab NewsSyriaAdded 41 hours ago

Economy

Syrian finance minister discusses development with Qatar, Norway

The Syrian Finance Minister, Mohammed Yisr Barnieh, recently met with Qatar's Finance Minister, Ali bin Ahmed Al-Kuwari, to discuss financial cooperation. This meeting took place during the International Monetary Fund and World Bank Group’s annual meetings in Bangkok. They focused on Qatar’s role in supporting Syria's recovery and development efforts, highlighting the importance of international partnerships in rebuilding the war-torn nation. The discussions underscore the ongoing economic challenges faced by Syria and the need for external support to facilitate recovery. Qatar's involvement is particularly significant given its previous humanitarian assistance to Syria. The collaboration aims to enhance financial stability and promote economic growth in the region. As Syria continues to navigate its post-conflict landscape, such international dialogues are crucial for fostering economic development and improving living conditions for its citizens. The outcomes of these discussions may pave the way for further investments and aid in the future.

Arab NewsSyriaAdded 41 hours ago

Economy

Banking sanctions halt Iran’s exports to Pakistan: Official

Iran's exports to Pakistan have faced a temporary halt due to banking sanctions, as reported by Iranian media. Peyman Sanandaji, an official from the Tehran Chamber of Commerce, clarified that while exports are affected, the shared land border remains operational, allowing imports from Pakistan to continue. The sanctions have complicated the banking processes necessary for Iranian exporters, creating challenges for trade between the two countries. Sanandaji emphasized that Pakistani importers must navigate the electronic import forms through their banking system, which has been hindered by the sanctions on Iran. Despite these challenges, he reassured that the border is not closed, and trade can still occur, albeit under strained conditions. The situation highlights the ongoing impact of international sanctions on Iran's economy and its trade relationships. This development is significant for both Iranian and Pakistani economies, as it underscores the complexities of cross-border trade amid sanctions. The continuation of imports from Pakistan into Iran suggests a resilience in trade ties, even as exports face hurdles.

Middle East MonitorIranAdded 46 hours ago

Economy

Beyond oil: The Gulf crisis is becoming a food security crisis

The ongoing Gulf crisis is escalating into a significant food security issue, affecting both local populations and global food supply chains. As Gulf states rely heavily on food imports, disruptions in shipping routes can lead to severe shortages and increased prices for essential goods. This situation not only threatens the food security of families in the Gulf but also impacts farmers worldwide who depend on materials from the region to cultivate their crops. The crisis highlights the interconnectedness of global food systems, where local conflicts can have far-reaching consequences. With many Gulf countries importing the majority of their food, any delays in shipments can lead to immediate shortages. This could result in families struggling to afford basic meals, exacerbating existing economic challenges. As the situation develops, it is crucial for stakeholders to address the implications of the Gulf crisis on food security. Ensuring stable supply chains and supporting local agriculture will be vital in mitigating the impact on both the Gulf region and global food markets.

Middle East MonitorGulf StatesOct 17, 2026

Economy

RI extends halal certification mandate for select sectors to Oct. 2028

The Indonesian government has announced an extension of the mandatory halal certification deadline for specific sectors until October 2028. This decision aims to ensure that products and services meet Islamic dietary laws, which is crucial for the Muslim population in Indonesia. The extension reflects the government's commitment to supporting the halal industry and promoting consumer confidence in halal products. Halal certification is significant not only for domestic consumption but also for Indonesia's export potential in the global halal market. By extending the deadline, the government is providing businesses with additional time to comply with the certification requirements, which can enhance their competitiveness. This move is expected to benefit various sectors, including food, cosmetics, and pharmaceuticals. The extension of the halal certification mandate is a positive development for the Muslim community, as it reinforces the importance of adhering to Islamic principles in commerce. It also highlights Indonesia's role as a leader in the global halal industry, catering to the needs of Muslim consumers both locally and internationally.

Antara NewsIndonesiaOct 17, 2026

Economy

EU-GCC: Energy security, diversification of sources cornerstone of economic stability and sustainable development

The recent joint statement from the EU and GCC highlights the importance of energy security and diversification for economic stability. This collaboration aims to enhance energy supply reliability and maritime security, which are crucial for sustainable development in the region. Additionally, the statement condemns Iranian attacks on GCC countries and emphasizes the need for diplomatic solutions to maintain regional stability. Participants in the meeting also discussed the potential for a comprehensive free trade agreement, which could significantly strengthen economic ties between the EU and GCC nations. This agreement is seen as vital for fostering long-term economic cooperation and resilience against external shocks. The focus on energy security and diversification reflects broader global trends as nations seek to reduce dependence on single sources of energy. The outcomes of this meeting could have lasting implications for the economic landscape of the Gulf region and its relationship with Europe.

Arab NewsGulf Cooperation CouncilOct 17, 2026

Economy

IMF chief urges cooperation on AI and war risks, as US hails economic momentum

The IMF chief has called for global cooperation to address economic risks, particularly those affecting developing countries. She highlighted the challenges posed by rapid advancements in AI and ongoing conflicts, including the war in the Middle East. The IMF's updated growth forecast remains below historical averages, indicating persistent economic instability and inequality. During the annual meetings in Bangkok, discussions centered on the impact of high inflation and rising interest rates on global growth. The IMF warned that without addressing these issues, the gap between advanced economies and poorer nations could widen further. The urgency for international collaboration was emphasized as a means to mitigate these risks. Despite these concerns, US officials pointed to positive economic indicators in the US, arguing for a more balanced view of the global economic outlook. The contrasting perspectives highlight the complexities of the current economic landscape, particularly for emerging markets facing volatility and uncertainty in the wake of AI investment fluctuations and geopolitical tensions.

ZAWYAOct 16, 2026

Economy

Iraq says lost $60bn as Mideast war hits oil exports

Iraq's economy has suffered a significant blow, with losses estimated at $60 billion due to the ongoing Middle East conflict. The disruptions in oil exports, primarily caused by Iran's blockade of a vital waterway, have severely affected Iraq's oil production capabilities. This situation not only impacts Iraq's economy but also has broader implications for the region's stability and energy markets. Foreign Minister Fuad Hussein highlighted the critical nature of these disruptions, emphasizing the need for urgent solutions to restore oil exports. The blockade has created a ripple effect, affecting not just Iraq but also neighboring countries reliant on its oil supply. As the conflict continues, the economic ramifications are expected to deepen, potentially leading to further instability in the region. The Iraqi government is under pressure to address these challenges while navigating the complexities of regional politics. The situation underscores the interconnectedness of geopolitical conflicts and economic stability, particularly in oil-dependent nations like Iraq.

Arab NewsIraqOct 16, 2026

Economy

Qatar announces ‘massive’ solar plant project in Lebanon

Qatar has announced a significant solar plant project in Lebanon, aiming to enhance the country's energy infrastructure. This initiative is expected to provide a sustainable energy source and create job opportunities in the region. Sheikh Mohammed also addressed ongoing Israeli violations in Lebanese territory during discussions with Prime Minister Nawaf Salam, highlighting the geopolitical context surrounding the project.

Al Jazeera EnglishLebanonOct 16, 2026

Economy

Iran ships some LPG, jet fuel despite US blockade, data shows

Despite facing a US naval blockade, Iran has successfully exported liquefied petroleum gas and jet fuel. These shipments were reportedly concealed to evade detection by US authorities. The ability to continue exports under such conditions highlights Iran's resilience in navigating international sanctions and economic pressures. This situation may have broader implications for the Iranian economy and its energy sector. As Iran seeks to maintain its economic stability, these developments could affect regional energy markets and international relations, particularly with countries reliant on Iranian fuel supplies.

Arab NewsIranOct 16, 2026

Economy

Indonesia, Iran partner to strengthen halal food ecosystems

Indonesia and Iran have taken a significant step towards enhancing their halal food ecosystems through a newly signed joint plan of action. This partnership aims to foster bilateral cooperation in the halal sector, which is crucial for both countries given their large Muslim populations. The agreement is expected to facilitate trade and improve standards in halal food production, benefiting consumers and businesses alike. The collaboration highlights the growing importance of halal food markets globally, as more countries recognize the economic potential of catering to Muslim consumers. By working together, Indonesia and Iran can leverage their respective strengths in halal certification and production to create a more robust supply chain. This initiative not only strengthens economic ties between the two nations but also promotes the values of halal living, which are integral to the Muslim community. As the halal market continues to expand, this partnership could serve as a model for other Muslim-majority countries looking to enhance their halal industries.

Antara NewsIndonesiaOct 16, 2026

Economy

Region need new trade routes, with or without Hormuz, UNDP’s Abdallah Al-Dardari tells Arab News

Abdallah Al-Dardari, the UNDP director for the Arab region, highlights the urgent need for new trade routes due to the ongoing US-Israeli conflict with Iran. The Strait of Hormuz, a crucial shipping lane, has been significantly affected, prompting the call for a Regional Convergence Initiative. This initiative aims to develop alternative trade and energy routes, fostering economic growth and reducing regional vulnerabilities amidst the crisis. The proposed initiative is designed to diversify the region's economic dependencies and enhance resilience against geopolitical tensions. Discussions are set to advance into the next phase, focusing on project developments and securing funding. This approach reflects a proactive strategy to mitigate the impacts of the current conflict on trade and energy supplies. By addressing these vulnerabilities, the initiative seeks to create a more stable economic environment in the region, which is essential for the prosperity of Muslim-majority countries affected by the ongoing tensions. The success of this initiative could have far-reaching implications for regional cooperation and economic stability.

Arab NewsIranOct 16, 2026

Economy

Trade Ministry, BPJPH seal deal on halal product assurance supervision

The Ministry of Trade in Indonesia has entered into a significant cooperation agreement with the Halal Product Assurance Agency (BPJPH). This deal aims to enhance the supervision of halal product assurance, which is crucial for the Muslim population in Indonesia, the largest Muslim-majority country in the world. The agreement will facilitate better monitoring and regulation of halal products, ensuring that they meet the necessary standards for Muslim consumers. This move is expected to boost consumer confidence and support the growth of the halal industry in Indonesia. As the global demand for halal products continues to rise, this partnership is timely and essential for maintaining the integrity of halal certification. It reflects Indonesia's commitment to providing quality assurance in halal products, which is vital for both local and international markets.

Antara NewsIndonesiaOct 16, 2026

Economy

Trade Minister encourages Indonesian modest fashion markets expansion

The Indonesian Minister of Trade, Budi Santoso, has expressed a strong commitment to expanding the country's modest fashion market. This initiative aims to support local designers and businesses while promoting Indonesia as a hub for modest fashion globally. The growth of the modest fashion industry is seen as a significant opportunity for economic development, particularly in a country with a large Muslim population. By fostering this sector, the government hopes to create jobs and enhance the country's cultural identity. Furthermore, the Minister's encouragement reflects a broader trend in the fashion industry, where modest clothing is gaining popularity among consumers worldwide. This move could position Indonesia as a leader in the modest fashion market, benefiting both the economy and the community.

Antara NewsIndonesiaOct 16, 2026

Economy

Iran ships some LPG, jet fuel despite US blockade, data shows

Iran continues to navigate the challenges posed by the US blockade by shipping liquefied petroleum gas (LPG) and jet fuel. Recent data indicates that Tehran has been utilizing ship-to-ship transfers to conceal its cargoes, a tactic that involves other Gulf producers. This strategy highlights Iran's efforts to maintain its energy exports despite international sanctions and economic pressures. The ongoing blockade has significantly impacted Iran's economy, forcing the country to adapt its shipping methods to circumvent restrictions. The use of ship-to-ship transfers is becoming increasingly common, allowing Iran to disguise the origin of its shipments. This development not only reflects Iran's resilience but also raises questions about the effectiveness of the US sanctions. As Iran seeks to sustain its energy sector, the implications of these actions extend beyond its borders, potentially affecting global oil markets and the geopolitical landscape in the region. The situation remains dynamic, with Iran's strategies likely to evolve in response to ongoing pressures from the US and its allies.

Express TribuneIranOct 16, 2026

Economy

WTO chief sees lasting impact on trade from Middle East war and geopolitics

The ongoing conflicts in the Middle East, particularly the Iran war, are reshaping global trade dynamics. Ngozi Okonjo-Iweala, the WTO chief, highlighted that these geopolitical tensions are causing companies to reassess their trade strategies to mitigate future risks. As a result, trade in the region has significantly contracted, and recovery may take time as businesses adapt to the new landscape. Okonjo-Iweala's insights suggest that the ramifications of these conflicts extend beyond immediate economic impacts, influencing long-term trade flows worldwide. The shifts in trade patterns are indicative of a broader trend where geopolitical instability is prompting companies to hedge against uncertainties. This could lead to a reconfiguration of trade relationships and supply chains, particularly affecting Muslim-majority countries in the region. The implications of these changes are critical for economies reliant on trade, as they may face challenges in recovery and adaptation. Policymakers and businesses will need to navigate this complex environment to ensure resilience in their economic strategies moving forward.

Arab NewsMiddle EastOct 15, 2026

Economy

Saudi Arabia’s NEOM port, logistics partner seek to expand Europe–Iraq corridor

Saudi Arabia is actively working to expand its NEOM port and logistics capabilities to enhance the Europe-Iraq corridor. This initiative comes in the context of regional efforts to mitigate the impacts of the ongoing US-Israeli conflict, particularly concerning Iran. The expansion aims to strengthen economic ties and improve trade routes, which could have significant implications for the region's stability and economic growth. As West Asian states navigate the complexities of the geopolitical landscape, this deal represents a strategic move to bolster logistics and trade infrastructure. The focus on the Europe-Iraq corridor highlights the importance of connectivity in fostering economic resilience amid regional tensions. This development could also influence the dynamics of trade and cooperation among neighboring countries. Overall, the expansion of the NEOM port and logistics partnership is a significant step for Saudi Arabia, reflecting its ambitions to play a pivotal role in regional trade and economic integration. The outcomes of this initiative will be closely watched by stakeholders in the region and beyond.

The CradleSaudi ArabiaOct 15, 2026

Economy

HSBC ‘halal’ fund invested millions into Palantir despite firm’s links to Israeli military

HSBC's Islamic investment fund has come under scrutiny for investing $38.3 million in Palantir, a company linked to the Israeli military. This investment raises significant concerns among Muslim investors regarding the ethical implications of supporting a firm associated with military actions in Gaza. The controversy highlights the challenges faced by Islamic finance in aligning investments with Shariah principles, particularly in politically sensitive contexts. The investment has sparked outrage within the Muslim community, as many view it as contradictory to the values of Islamic finance, which emphasizes ethical and socially responsible investing. Critics argue that such investments undermine the principles of justice and human rights that are central to Islam. The situation calls for greater transparency and accountability from financial institutions managing Shariah-compliant funds. As the global Muslim community continues to navigate complex geopolitical issues, the actions of major financial institutions like HSBC will be closely monitored. This incident serves as a reminder of the importance of aligning financial practices with the ethical standards expected by Muslim investors.

5 PillarsOct 15, 2026

Economy

Kenya hikes fuel prices amid higher import costs linked to Middle East conflict

Kenya has recently increased fuel prices due to rising import costs, which are partially attributed to ongoing conflicts in the Middle East. This hike is expected to strain household budgets significantly, affecting various sectors such as transport, agriculture, and construction. The economic implications of these rising costs could lead to broader social challenges, particularly for low-income families who are already struggling with inflation.

AfricanewsKenyaOct 15, 2026