分类： business

The UAE Central Bank’s decision to eliminate the minimum salary requirement for personal loans has been met with widespread enthusiasm among residents, though financial experts urge caution. The move, which allows banks to set their own minimum thresholds based on internal risk policies, is expected to expand access to credit for thousands of previously unbanked individuals, particularly low-income workers. However, concerns have been raised about the potential for increased borrowing for non-essential purposes. Pakistani expat Mohammed Haroon, a Dubai-based driver earning Dh4,000 monthly, expressed relief, stating the policy change came at a crucial time as he sought funds for his daughter’s wedding. Financial advisor KV Shamsuddeen highlighted the dual impact of the policy, noting it could reduce reliance on illegal loan sharks but also lead to unnecessary debt accumulation. He emphasized the need for enhanced financial literacy programs to educate workers on responsible borrowing. Industry analysts predict the shift will spur innovative lending products, such as micro-financing and savings-linked credit options, tailored to entry-level employees. While the policy is seen as a progressive step toward financial inclusion, experts stress the importance of cautious implementation to mitigate risks.

In a landmark series of agreements, the United States and Saudi Arabia have solidified a robust economic partnership, with deals worth hundreds of billions of dollars announced during Crown Prince Mohammed bin Salman’s visit to Washington. President Donald Trump revealed that $270 billion in new investment deals were signed, while Saudi state media reported an even higher figure of $557 billion. These agreements span various sectors, including technology, rare earth minerals, and energy, underscoring the deepening ties between the two nations.

Among the most notable deals is a joint venture between MP Materials, a US-based rare earths company, and Saudi Arabian Mining Company (Maaden). The partnership aims to establish a refinery in Saudi Arabia to process rare earth minerals, critical for advanced technologies. The US Department of War is financing the American contribution to this venture, highlighting the strategic importance of reducing reliance on China, which dominates global rare earth refining.

In the tech sector, Elon Musk’s xAI announced a collaboration with Saudi Arabia’s state-owned AI company, Humain, to develop a network of GPU data centers, including a massive 500-megawatt facility. Humain also secured partnerships with AMD, Cisco Systems, and Amazon to expand its data center capacity, positioning Saudi Arabia as a global hub for AI infrastructure. The kingdom’s competitive electricity prices, driven by its abundant fossil fuel and solar energy reserves, make it an attractive location for energy-intensive data centers.

Additionally, Saudi Aramco, the kingdom’s state-owned oil giant, signed 17 preliminary agreements with US companies, potentially worth over $30 billion. These deals span sectors such as liquefied natural gas, financial services, and advanced materials manufacturing, further cementing Saudi Arabia’s role as a key player in global energy markets.

While the scale of these agreements is impressive, questions remain about the distinction between pledges and actual financial commitments. Nevertheless, the deals reflect a concerted effort by both nations to strengthen economic and technological cooperation, with Saudi Arabia leveraging its sovereign wealth fund and strategic resources to attract global investments.

In a significant move to bolster economic growth, UAE Vice-President Sheikh Mohammed bin Rashid Al Maktoum unveiled the National Investment Fund with an initial capital of Dh36.7 billion. The announcement was made during the Cabinet meeting at the Dubai Airshow 2025 on Wednesday. The fund aims to attract foreign direct investments (FDIs) by offering financial incentives, with ambitious targets to increase annual FDIs from Dh115 billion to Dh240 billion by 2031, and to grow the accumulated balance from Dh800 billion to Dh2.2 trillion in the same year. Sheikh Mohammed emphasized the UAE’s commitment to providing a conducive environment for global investors, stating, “Our message is clear to all investors around the world… the United Arab Emirates welcomes you, it will provide the best environment for your investments and will support your future growth and success.” Additionally, the Cabinet reviewed the National Strategy for Industry, highlighting a 244% increase in national industrial spending over the past five years, reaching Dh110 billion. Industrial exports also surged to Dh197 billion, contributing Dh210 billion to the GDP, with a target of Dh300 billion by 2031. The UAE civil aviation sector was another focal point, contributing Dh340 billion (18.2% of GDP) in 2024, with airports handling 148 million passengers and over one million air traffic operations, marking significant year-on-year growth.

EFG Holding, a prominent financial institution with a universal bank in Egypt and a leading investment bank in the Middle East and North Africa (MENA), has announced impressive third-quarter results for 2025. The Group’s operating revenue surged by 27% year-on-year (Y-o-Y) to EGP 6.3 billion, while net profit after tax and minority interest rose by 22% to EGP 846 million. Total assets reached EGP 243.7 billion as of September 2025. The robust performance was primarily fueled by the Commercial Banking arm, Bank NXT, and the Non-Bank Financial Institutions (NBFI) platform, EFG Finance. Bank NXT reported a remarkable 119% Y-o-Y revenue increase to EGP 2.7 billion, with net profit after tax soaring by 245% to EGP 1.5 billion. EFG Finance also delivered strong results, with revenue growing by 38% Y-o-Y to EGP 1.5 billion, driven by Valu’s 79% revenue increase and higher loan issuances. Despite a 19% rise in operating expenses due to inflationary pressures and increased employee costs, the Group’s diversified business model and strategic positioning enabled it to navigate market volatility effectively. Karim Awad, Group CEO of EFG Holding, emphasized the firm’s agility and commitment to sustainable profitability, highlighting the successful capital increase for Bank NXT and Valu’s impressive post-listing performance.