黑料社区

Bahri signs deal with IMI for first Saudi-built large-scale fleet

Bahri signs deal with IMI for first Saudi-built large-scale fleet
The ships will be built at IMI鈥檚 Ras Al-Khair yard, the largest maritime facility in the Middle East. SPA
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Updated 8 sec ago

Bahri signs deal with IMI for first Saudi-built large-scale fleet

Bahri signs deal with IMI for first Saudi-built large-scale fleet

RIYADH: 黑料社区鈥檚 national shipping carrier Bahri has ordered six Ultramax bulk carriers from International Maritime Industries, marking the Kingdom鈥檚 first large-scale commercial vessel project.聽

The ships will be built at IMI鈥檚 Ras Al-Khair yard, the largest maritime facility in the Middle East, and are designed for efficiency and access to ports with limited infrastructure, according to a press release.聽

The move to build its first Saudi-made vessels comes as part of Bahri鈥檚 ongoing fleet modernization program.聽

The initiative recently saw a significant boost in August, when the company signed a $1 billion deal to purchase nine very large crude carriers from Greece-based Capital Maritime and Trading Corp.

Ahmed Ali Al-Subaey, CEO of Bahri, said: 鈥淭his agreement marks a strategic milestone for Bahri and a defining moment for the maritime industry in the Kingdom.鈥澛

He added: 鈥淭hrough our partnership with International Maritime Industries to launch the first large-scale national shipbuilding program, we are not only modernizing our fleet but also laying the foundations for a sustainable and globally competitive maritime sector.鈥澛

Al-Subaey noted that the construction of these new carriers will allow the company to expand into strategic markets, elevate service levels, strengthen supply chain resilience, and create long-term value for customers and stakeholders.聽

The newly designed Ultramax carriers are engineered for high levels of flexibility and operational efficiency. A key feature is their ability to access ports with limited infrastructure, which will allow Bahri鈥檚 dry bulk sector to expand into specialized markets and emerging trade routes.聽

This capability is expected to reduce exposure to market volatility and enhance the resilience, competitiveness, and sustainability of the rapidly evolving shipping industry.聽

The agreement reflects Bahri鈥檚 support for the Kingdom鈥檚 maritime industry and its role in strengthening the national economy and supply-chain capabilities to enhance 黑料社区鈥檚 trade competitiveness.

The company posted solid financial results in the first quarter of 2025, with net profits increasing 18 percent year on year to SR533 million ($142 million), supported by fleet efficiency, proceeds from vessel sales, and diversified shipping operations.


Kuwait raises $11.25bn in first global bond sale since 2017聽

Kuwait raises $11.25bn in first global bond sale since 2017聽
Updated 14 sec ago

Kuwait raises $11.25bn in first global bond sale since 2017聽

Kuwait raises $11.25bn in first global bond sale since 2017聽

RIYADH: Kuwait secured $11.25 billion through a three-part sovereign bond as it returned to global debt markets for the first time in eight years. 

The move drew strong demand and was priced at some of the tightest spreads for an emerging-market issuer this year. 

The deal comprised $3.25 billion of three-year notes, $3 billion of five-year bonds, and $5 billion of 10-year debt. The tranches are priced at 40 basis points over Treasuries for the shorter maturities and 50 basis points for the 10-year, tighter than Kuwait鈥檚 2017 debut, according to a press release. 

The transaction was 2.5 times oversubscribed, with the order book peaking at $28 billion. More than 66 percent of the allocations went to investors outside the Middle East and North Africa region, including 26 percent from the US, 30 percent from Europe and the UK, and 10 percent from Asia. 

The broad investor base reflects Kuwait鈥檚 increasing integration into global capital markets and the strength of its credit fundamentals. 

Kuwait鈥檚 Minister of Finance, Sobeen Al-Mukhaizim, said the issuance underscores investor confidence in 鈥淜uwait鈥檚 fiscal strength, prudent policies, and enduring financial buffers.鈥 

He added: 鈥淭his transaction reinforces Kuwait鈥檚 credibility in global markets and deepens our partnership with international investors as we advance our Vision 2035.鈥 

A recent report by Fitch Ratings affirmed Kuwait鈥檚 long-term foreign-currency issuer default rating at AA- with a stable outlook, underpinned by the country鈥檚 large financial buffers and robust external balance sheet. 

However, the agency also highlighted risks stemming from Kuwait鈥檚 reliance on hydrocarbons, a large public sector, and comparatively weak governance indicators. 

The latest offering is one of the largest sovereign bond deals of 2025 and includes one of the biggest order books of the year. 

The transaction was led by Citi, Goldman Sachs International, HSBC, J.P. Morgan, and Mizuho as Joint Global Coordinators. Bank of China and Industrial and Commercial Bank of China acted as Passive Joint Lead Managers. 

The issuance follows the passage of Kuwait鈥檚 new public debt law in March, which lifted the borrowing ceiling to 30 billion Kuwaiti dinars ($98.1 billion) and enabled longer-term borrowing, a report by Reuters found. 


GCC banks鈥 return on equity climbs to 13.2% in H1: EY聽

GCC banks鈥 return on equity climbs to 13.2% in H1: EY聽
Updated 22 min 32 sec ago

GCC banks鈥 return on equity climbs to 13.2% in H1: EY聽

GCC banks鈥 return on equity climbs to 13.2% in H1: EY聽

RIYADH: Gulf banks delivered stronger profits and healthier balance sheets in the first half of 2025 even as lower interest rates began to weigh on lending margins, a new report showed. 

According to the EY GCC Banking Sector Outlook, average return on equity rose to 13.2 percent, driven by higher non-interest income and tighter cost controls. 

Operating efficiency improved, with the cost-to-income ratio falling to 32 percent, while asset quality strengthened as non-performing loans declined to 2.4 percent from 2.8 percent a year earlier, the report added.  

This strong performance is underpinned by a positive macroeconomic forecast for the GCC, with economic growth projected at 3 percent in 2025 before accelerating to 4.1 percent in 2026, supported by infrastructure spending, economic diversification, and vibrant private sector activity. 

This comes as Kamco Invest reported that GCC-listed banks posted a record $16.2 billion in net profit in the second quarter, driven by higher revenues and efficiency gains that offset rising impairment charges. 

Mayur Pau, EY MENA financial services leader, said: 鈥淲ith solid capital buffers, healthier balance sheets and improved efficiency, banks are well-positioned to navigate near-term pressures and pursue long-term opportunities.鈥 

The sector also maintained strong capital buffers, with an average Tier 1 capital ratio of 17.5 percent and a capital adequacy ratio of 18.9 percent, reinforcing its ability to withstand potential economic shocks. 

The report also flagged emerging challenges. Net interest margins contracted to 2.6 percent from 2.8 percent in the first half of 2024, reflecting the impact of interest rate cuts. Liquidity conditions have also tightened, with the loan-to-deposit ratio rising to 94.1 percent.

EY noted that these factors are squeezing traditional revenue streams, prompting banks to focus on diversifying income and enhancing operational efficiency. 

鈥淏ank profitability remains intact, underpinned by rising non-interest income and stable asset quality,鈥 Pau said, adding that net interest margins are under pressure following rate reductions implemented in late 2024, which triggered loan repricing at lower yields.

鈥淭his trend is expected to persist with further rate cuts announced in September 2025,鈥 he said. 


Global leaders call for unity against cybersecurity threats

The Global Cybersecurity Forum Annual Meeting kicked off in Riyadh on Wednesday. (AN photo by Abdulrahman bin Shalhoub)
The Global Cybersecurity Forum Annual Meeting kicked off in Riyadh on Wednesday. (AN photo by Abdulrahman bin Shalhoub)
Updated 01 October 2025

Global leaders call for unity against cybersecurity threats

The Global Cybersecurity Forum Annual Meeting kicked off in Riyadh on Wednesday. (AN photo by Abdulrahman bin Shalhoub)
  • Dangers highlighted at Global Cybersecurity Forum in Riyadh
  • Saudi 鈥榮howing the way,鈥 Senegal鈥檚 Macky Sall tells Arab News

RIYADH: Day one of the Global Cybersecurity Forum Annual Meeting concluded here with calls for governments and the private sector to secure critical infrastructure and build international agreements against mounting cybersecurity threats.

Macky Sall, the former president of Senegal, told Arab News at the GCF: 鈥淐ybersecurity is a global challenge. It ignores borders.

鈥淪o if you want to have global action and be positive, we should bring together countries, states and nations and the private sector who are leading the big platform, what we call Big Tech.鈥

鈥(The) Kingdom of 黑料社区, with this initiative, launched in 2020, the Global Cybersecurity Forum, is showing the way, and the Kingdom invests a lot to fight terrorism and to develop capabilities,鈥 he added.

Now in its fifth edition, the forum aims to continue strengthening the safety and resilience of cyberspace by advancing international collaboration.

The forum announced the Global Initiative for Capacity Building in Cyberspace, a major plan to scale cohesive advances in cyberspace, and strengthen online resilience.

The new initiative aims to deliver accelerated capacity development at scale in areas of greatest need through expert-led workshops, training and education programs, international simulations and cyber drills, and policy development support.

Also planned is collaboration around research and development to enhance the skills of beneficiaries worldwide, including policy practitioners, law enforcement personnel, and cyber diplomats.

Implementation will be led by 黑料社区鈥檚 National Cybersecurity Authority, Saudi Information Technology Co., and the GCF, in partnership with UN agencies.

The plan is to include the UN Development Program, UN Office on Disarmament Affairs, UN Office on Drugs and Crime, UN Interregional Crime and Justice Institute, UN Institute for Disarmament Research, and the International Telecommunication Union, alongside Interpol.

In an interview with Arab News, Jurgen Stock, former secretary-general of Interpol, said: 鈥淕CF is a wonderful and a needed platform, a global platform to deal with something that is global by nature, which is cybercrime.鈥

鈥淎ll the threats related to our digital environment, which I mean, almost since a couple of years, have only shown one direction.

鈥淭he numbers, unfortunately, are going up, and now with new technologies coming up, artificial intelligence first and foremost, of course, this threat is not going away.鈥

鈥淎nd we have to deal and to address that threat in a collective way. No country, no region, no company, no government can fight that in isolation. We need strong partnerships. And I think this is exactly what GCF is about.鈥

Stock praised 黑料社区 for 鈥渋ts efforts in building partnerships with law enforcement, with regulators, telecommunication companies, IT security companies, and finally also law enforcement help closing these gaps as quickly as possible.鈥

According to the GCF 2024 Cybersecurity Workforce Report there is a worldwide shortage of 2.8 million cybersecurity professionals and skills gaps reported by 43 percent of information security executives.

The report highlights the urgency of a coordinated global effort to bridge persistent cybersecurity capacity gaps.

Speaking at a panel titled 鈥淎gainst the Odds: Gaining Consensus Amid Complexity,鈥 Croatia鈥檚 former president Kolinda Grabar-Kitarovic called for stronger regulation of AI and greater information sharing.

Sall urged action to bridge divides between developed and developing countries, while former US cyber director Chris Inglis emphasized the importance of building digital infrastructure that delivers real benefits for citizens.

Global leaders at the forum emphasized the importance of future-proofing international agreements, closing the digital gap between nations, and fostering collaboration that delivers tangible benefits.


Saudi budget carrier flyadeal begins service to Damascus聽

Saudi budget carrier flyadeal begins service to Damascus聽
Updated 01 October 2025

Saudi budget carrier flyadeal begins service to Damascus聽

Saudi budget carrier flyadeal begins service to Damascus聽

RIYADH: Saudi low-cost carrier flyadeal has started direct flights to Damascus, re-establishing air links between the two countries after a period of suspended services.

The inaugural flight, arriving from Jeddah on Oct. 1, was welcomed by Abdullah Al-Harith, Saudi deputy ambassador to Syria, at Damascus International Airport. 

The airline received regulatory approval earlier this year to operate to Syria, with CEO Steven Greenway announcing a planned launch in July. 

The move is part of a wider regional trend, with airlines such as flynas, FlyDubai, and Royal Jordanian also resuming services to Damascus. 

The return of international carriers follows recent decisions by the US and EU to lift long-standing economic sanctions on Syria, enabling renewed trade, tourism, and investment opportunities. 


KAFD and RCRC sign agreement to launch first phase of Riyadh Creative District

KAFD and RCRC sign agreement to launch first phase of Riyadh Creative District
Updated 01 October 2025

KAFD and RCRC sign agreement to launch first phase of Riyadh Creative District

KAFD and RCRC sign agreement to launch first phase of Riyadh Creative District

RIYADH: The first phase of the Riyadh Creative District is set to take shape after the King Abdullah Financial District Development and Management Co. signed a lease agreement with the Royal Commission for Riyadh City. 

Under the deal, RCRC will lease three landmark buildings within KAFD to host RCD鈥檚 initial operations, positioning the district as a hub for media, cultural, and creative technology enterprises. 

The initiative supports Vision 2030 objectives to transform Riyadh into a global center for innovation and culture. Launched under the patronage of Crown Prince Mohammed bin Salman, RCD seeks to unite Saudi and international talent to drive content creation, cultural exchange, and economic diversification. 

Mohammed Al-Sudairy, acting CEO at KAFD DMC, said the agreement 鈥渉ighlights KAFD鈥檚 commitment to shaping the industries of tomorrow.鈥   

He added: 鈥淏y bringing together creative thinkers, business leaders, and cultural institutions in a single destination, we are opening doors for emerging talent and advancing Riyadh鈥檚 status as a global hub for creative and cultural innovation.鈥  

Mazen Tammar, vice president of City Marketing and Investment Promotion at RCRC, noted that hosting RCD鈥檚 first phase in KAFD 鈥渞eflects our shared vision of building Riyadh into a world-leading destination for creativity and innovation.鈥   

He emphasized that the initiative 鈥渨ill empower the creative community, nurture local creative talent, attract global partners, and advance Riyadh鈥檚 role as a cultural and economic hub in line with Vision 2030.鈥  

The RCD was launched in February by the RCRC board of directors and has already begun attracting international institutions.   

Earlier this year, Italian fashion school Instituto Marangoni inaugurated its Riyadh campus within the district, marking a key milestone in the project's development.