Halal Products Development Company, a Public Investment Fund company has inked a partnership with DinarStandard, a US-based advisory and research firm, to advance halal innovation.

The agreement, signed at the London Halal Forum 2025 held on November 20-21, reinforces a shared commitment to strengthen industry capabilities, and accelerate global growth through research, strategic development, and impactful collaboration.

The cooperation will help accelerate the development of the halal economy and foster innovation, as well as cement Saudi Arabia’s position as a global centre of excellence for the halal sector. 

Established in 2022, HPDC aims to localise knowledge, technology and innovation for the development of halal products as well as develop the local halal production industry through partnerships with domestic and international players.

The PIF subsidiary promotes investment and economic opportunities for the industry by introducing services, including specialized advisory. 

DinarStandard specializes in government innovation, the global halal economy and the social impact space. Since 2008, it has supported over 30 government entities, investment institutions, industry leaders, and multi-laterals from over 12 countries worldwide. 

DinarStandard is also the parent company and owner of Salaam Gateway. 

The US Department of Commerce said on Wednesday that it has authorised the export of advanced artificial intelligence (AI) chips to two companies in the UAE and Saudi Arabia.

Abu Dhabi-based tech firm G42 and Public Investment Fund (PIF) subsidiary Humain are both slated to receive American semiconductors, equivalent of up to 35,000 Nvidia Blackwell chips (GB300s).

The approvals are contingent on both companies meeting “rigorous security and reporting requirements”, the commerce department said in a statement. 

The purchase will promote “continued American AI dominance and global technological leadership”, the statement read. 

UAE’s Ambassador to the US, Yousef Al Otaiba, welcomed the authorization as  ”another milestone” in the partnership between both nations. 

“The authorization follows sustained engagement between both governments and reflects the confidence that underpins our collaboration in advanced technology and national security," Ambassador Otaiba said in a statement.     

Peng Xiao, Group CEO of G42, said the announcement marks a defining moment for the company and its partners as they segue from planning into execution. 

"Our shared infrastructure model sets a new benchmark for secure, high-performance computing that is designed to serve the needs of both nations. What we build in the UAE, we will continue to match in the US, maintaining symmetry and trust at every layer," added Xiao. 

The milestone accelerates foundational projects already underway in the UAE, including Stargate UAE, the 1GW AI compute cluster. 

The cluster forms part of the UAE–US AI Campus, an AI infrastructure hub that will include 5GW of capacity for AI data centres in Abu Dhabi, enabling US hyperscalers to offer latency-friendly services to companies operating within 2,000 miles of the UAE. 

Humain announced early Wednesday that it would deploy up to 600,000 Nvidia's AI chips in Saudi Arabia and the US over the next three years. 

Palm Azgar Finance Company, a licensed financial services provider based in Riyadh, has announced the launch of PUSD, a stablecoin issued through its British Virgin Islands affiliate and fully backed by UAE dirhams (AED) and Saudi riyals (SAR) reserves. The digital asset maintains a 1:1 peg with the U.S. dollar, with reserves held in regulated, Shariah-compliant Gulf institutions.

The company said PUSD is designed to provide a secure, transparent, and accessible bridge between Islamic finance and the global digital economy. Monthly third-party audits will verify that fiat currency reserves fully back each token.

The stablecoin is expected to debut on major cryptocurrency exchanges later this year, enabling faster cross-border payments, decentralized finance (DeFi) participation, and institutional use. According to Palm Azgar, the structure of PUSD ensures users maintain full control over their assets, with no freezing or blacklisting capabilities built into the system.

Founded in Riyadh, Palm Azgar Finance develops Shariah-compliant digital asset solutions aimed at expanding financial inclusion. Its newly launched product, Palm USD (PUSD), reflects growing regional interest in blockchain-based financial tools that combine transparency, Islamic finance compatibility, and real-world asset backing.

Debt capital market (DCM) activity in the GCC is expected to remain robust through 2026, underpinned by a strong issuance pipeline and favorable funding conditions, according to a new report by Fitch Ratings.

Outstanding GCC DCM volumes reached $1.1 trillion in the third quarter of 2025, marking a 12.7% year-on-year increase. Sukuk accounted for more than 40% of total issuances, rising nearly 22% year-on-year, outpacing the 7.2% growth in conventional bonds.

“We expect the GCC debt capital market to remain resilient into 2026, supported by robust issuance, favourable funding conditions, and a high-quality issuer base — over 81% of rated dollar sukuk are investment grade,” said Bashar Al Natoor, Fitch’s global head of Islamic finance. “However, the GCC DCM remains fragmented across its six member countries in terms of maturity, depth, and credit profile, with Saudi Arabia and the UAE the most developed, although all markets saw activity this year.”

Fitch noted that the GCC accounted for 32% of all emerging-market U.S. dollar debt issued in the first nine months of 2025 (excluding China) and is expected to remain among the top emerging-market issuers next year. Continued issuance will be driven by government initiatives to deepen domestic markets, diversify funding sources, finance budget deficits, and address upcoming debt maturities.

Saudi Arabia and the UAE remain the largest DCMs in the region, representing 46% and 30%, respectively, of total outstanding GCC debt. Fitch rates more than 70% of the GCC dollar sukuk market, with 65% of these issuances in the ‘A’ category and nearly 85% on a stable outlook.

While sovereign debt-to-GDP ratios across most GCC economies remain below global peer averages, Bahrain stands as an exception, with Fitch forecasting a ratio of 129% by the end of 2025.

The report also highlighted steady growth in environmental, social, and governance (ESG)-linked instruments. ESG DCM outstanding reached $62.8 billion by the end of the third quarter, with sukuk accounting for nearly half — a 54.1% increase compared with the previous year.

China has surpassed the West to become the Gulf region’s largest trading partner.  

Gulf-China trade rose 14.2% to $257 billion in 2024, edging past Gulf’s combined trade with Western economies – comprising of the US, UK and the Eurozone - for the first time, according to a report published by think tank Asia House. 

That came as trade flows between the Gulf region and the West dipped around 4% to reach $256 billion. 

While the current gap between the Gulf’s trade flows with China vis-à-vis the West is narrow, it is expected to broaden to $75 billion by the year 2028. Gulf-China trade is projected to reach $375 billion the same year. 

“While the margin is narrow and there may be short-term fluctuations in the relative weight of these partners, particularly given the downward trend in oil prices in 2025, structural and fundamental factors overwhelmingly suggest Gulf-China trade will widen its lead over the West in the coming decade,” the report read. 

Gulf-Asia trade has grown by 40% over the last decade, from $368 billion in 2014 to a $516 billion in 2024. 

Gulf’s trade with emerging Asia also rose 14.4% in 2024 to $516 billion despite lower oil prices. Emerging Asia consists of 34 Asian economies, including China, India, and most ASEAN members, but excluding Japan, Singapore, South Korea, Hong Kong, Macao, Taiwan, Australia, and New Zealand. 

Energy remains foundational to the GCC’s Asian pivot, with Asia expected to remain the world’s fastest-growing energy market through at least 2050.

The UAE is driving the Gulf’s trade with Asia, with the country’s trade with emerging Asia rising 27% in 2024 to $268 billion, driven by its comprehensive economic partnership agreement (CEPA) programme, SWF deployments and interest from Asian investors and businesses.

On a bilateral basis, the UAE-China corridor stood out in particular, with bilateral trade climbing 28% to $119 billion in 2024, overtaking UAE-West, which rose to nearly $110 billion. 

Two-way sovereign wealth interests 
Gulf-Asia financial interconnectivity has also developed in tandem, with Asia receiving 40% of the estimated $56 billion deployed by Gulf sovereign wealth funds in the first nine months of 2025.

Simultaneously, Asian financial services firms are expanding into the Gulf to capitalise on its expanding sovereign and private wealth pools. 

“Financial institutions on both sides of the corridor are preparing for a greater influx of capital in the future, with increasing collaboration between Asian and Gulf bourses,” the research suggested.  
 

The United Arab Emirates has completed its first government transaction using the Digital Dirham, marking a major step in the country’s push toward a fully integrated digital economy.

The pilot transaction was carried out jointly by the Ministry of Finance and the Dubai Department of Finance, in coordination with the Central Bank of the UAE (CBUAE), the authorities announced on Tuesday.

According to Ahmed Ali Meftah, executive director of the central accounts sector at the Department of Finance, the transfer was executed through mBridge, a multi-central bank digital currency (CBDC) platform developed by the CBUAE. 

The Digital Dirham forms part of the CBUAE’s Financial Infrastructure Transformation Programme, designed to enhance payment systems and advance the UAE’s position as a hub for financial innovation.

The Digital Dirham initiative aligns with the UAE’s broader digital asset and payments strategy, which includes developing regulatory frameworks for stablecoins and digital currencies. Launched in March 2023, the central bank’s strategy requires stablecoins to be fully backed by high-quality liquid assets and subject to independent audits.

In a related development, Abu Dhabi entities IHC, ADQ, and First Abu Dhabi Bank announced plans in April to issue a dirham-backed stablecoin under CBUAE supervision.

Analysts say the move reflects the UAE’s efforts to provide regulatory clarity and infrastructure that supports institutional adoption of digital assets, key factors that could strengthen its position as a leader in financial innovation across the region.

Artificial intelligence startups in the Middle East and North Africa (MENA) garnered record venture capital (VC) funding in the first six months of the year, illustrating how the technology has emerged as a prominent investment theme across the region.  

Regional AI startups netted $302 million in H1, making up 17% of the region's total VC  funding of $1.78 billion, according to data analytics platform Magnitt. 

It also recorded promising growth in deal count, garnering 26% of the region's VC deal flow, up from 23% in 2024.

The MENA region reported its best half-year results for AI funding, surpassing last year’s total funding by 16%.

“Artificial Intelligence has become MENA’s defining venture theme in 2025,” the Magnitt report read. 

The UAE and Saudi Arabia emerged as the destinations of choice, absorbing more than 70% of AI funding in the region. The ongoing momentum of the two countries to become AI-native sovereigns, is shored up by state-backed programs and large-scale tech events.  

Momentum is shifting from early pilots to scaled deployment, the Magnitt research suggested, with more mid-stage transactions and sovereign-backed initiatives driving commercialization. 

Saudi sovereign wealth fund launched Humain earlier this year, to build entire AI stacks as well as manage advanced AI technologies and infrastructure. 

Boursa Kuwait, has reported a 59.81% year-on-year rise in net profit for the first nine months of the year. 

Boursa Kuwait, which operates the Kuwait Stock Exchange, reported $75 million (23.05 million Kuwaiti dinars) in net profit from January through the end of September, compared to $46.94 (14.43 million Kuwaiti dinars) from a prior-year period. 

Operating revenues rose 41.45% year-on-year to $120.5 million (37.06 million Kuwaiti dinars) between Q1-Q3, up from $85.2 million (26.20 million Kuwaiti dinars). 

Total traded value climbed 89.73% to 19.35 billion Kuwaiti dinars in the period ending September 30. Traded volume mirrored the surge, increasing 92.17% to reach 84.23 billion shares. Average daily traded value also rose 91.82%.  

Market capitalization reached 52.61 billion Kuwaiti dinars in the nine months through September, up 24.67% from 42.20 billion Kuwaiti dinars.  

Mohammed Saud Al-Osaimi, Boursa Kuwait CEO, said that the results of the Kuwaiti capital market reflect the tangible impact of the operational and regulatory reforms implemented by Boursa Kuwait and the broader market apparatus. 

Earnings per share surged from 71.85 fils to 114.82 fils during the first nine months of the year. The group’s total assets stood at 132.96 million Kuwaiti dinars as of September 30, up 11.74% compared to 118.99 million Kuwaiti dinar in 2024.

“Boursa Kuwait continues to play a pivotal role in the transformation of Kuwait’s capital market and the development of an integrated financial ecosystem,” said Bader Nasser Al-Kharafi, chairman of Boursa Kuwait. 

“By continuously advancing market infrastructure, enhancing efficiency and transparency, and aligning with international best practices, the company aims to foster an attractive investment environment.”

Boursa Kuwait’s premier market segment recorded a 49.82% year-on-year rise in traded value and 44.61% growth in traded volume. Firms are required to have a free float amount of 45 million Kuwaiti dinars, a seven-year operating history, and a round lot of 450 shareholders with a share value of 10,000 Kuwaiti dinars each to list on the premier segment.

Traded value in the main market surged by 191.32%, accompanied by a 136.38% rise in traded volume.

Boursa Kuwait has eased its listing requirements for the main market segment, decreasing the minimum fair value of freely traded shares not owned by the controlling shareholder group from 15 million to 5 million Kuwaiti dinars. Free-float shares must, however, represent at least 20% of total capital.

A consortium of Kuwaiti investment companies and a global exchange operator acquired 44% in Boursa Kuwait in February 2019. Capital Markets Authority offered its 50% stake in the bourse to Kuwaiti citizens in December 2019. 
 

Colombia has obtained halal certification for its coffee and cocoa exports, paving the way for broader access to Muslim-majority markets, President Gustavo Petro announced during a visit to Riyadh on the first leg of his Middle East tour.

“This certification will allow peasant farmers and their cooperatives to trade their coffee production directly with the Arab world,” Petro said in a post on X, adding that the move supports government efforts to shift rural economies away from illicit coca cultivation.

The certification, granted under Islamic dietary and production standards, is intended to remove barriers for Colombian exporters in markets where halal compliance is mandatory for food imports. It also aligns with the government’s strategy to diversify export destinations beyond the United States, Colombia’s primary trading partner for more than a century.

Industry reaction, however, has been mixed. The National Federation of Coffee Growers (FNC) noted that Colombia already ships coffee to several Middle Eastern countries and that the certification will not dramatically alter current trade flows for all producers. According to federation data, Colombia exported 56,234 bags of coffee to Saudi Arabia in 2023 and 118,992 bags in 2024 without halal requirements applying in every case.

The certification is expected to have greater impact on processed and value-added coffee and cocoa products, which face stricter entry conditions than unprocessed green beans. Meeting Halal standards requires alignment across the supply chain, including farming practices, processing, packaging and documentation.

Colombia is the world’s third-largest coffee producer and sees cocoa as a growing export sector with potential for higher-margin products. Government officials are of the view that halal compliance will help small and medium-sized producers compete in new markets and reduce dependence on a limited set of buyers.

The announcement follows a period of renewed diplomatic engagement between Colombia and Gulf countries, with Petro scheduled to visit Egypt and Qatar after Saudi Arabia. The government has framed the certification as part of a wider push to expand trade ties beyond traditional Western markets amid shifting global demand and trade pressures.

While the certification does not guarantee immediate export increases, it formalizes access to a fast-growing consumer base and positions Colombia to pursue longer-term trade agreements in the region.