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.

Bank Negara Malaysia has launched a three-year initiative to test how blockchain-based asset tokenization can be used to modernize key aspects of the country’s financial system, including SME financing and Islamic capital markets. The plan, announced a couple of days ago, builds on the central bank’s existing Digital Asset Innovation Hub and will run through 2027.

The program will involve banks, fintech firms and blockchain developers working within a regulated sandbox to pilot real-world use cases. “This is not about adopting technology for its own sake. Each project must show clear economic value,” the central bank said in its discussion paper outlining the roadmap.

The initiative focuses on solving structural challenges such as Malaysia’s RM101 billion ($21.5 billion) SME financing gap, where smaller firms often struggle to secure credit despite strong demand. Under one proposed model, large companies would issue tokenized invoice receivables that smaller suppliers could use as collateral or payment, accelerating cash flow and reducing settlement delays.

A second area of testing will explore tokenized sukuk and other Islamic finance instruments, using smart contracts to automate payments while remaining Shariah-compliant. The roadmap also includes pilots for ESG-linked assets, where payouts would be tied to verifiable environmental metrics to prevent greenwashing.

The central bank said tokenization projects will be assessed against three criteria: measurable real-world benefit, a clear advantage over traditional systems, and technical feasibility using current infrastructure. Pilot projects are expected in 2026, followed by wider trials in 2027. An industry working group co-led with the Securities Commission will oversee development and regulatory coordination.

Malaysia joins a growing group of Asian regulators testing tokenized finance, including Singapore’s "Project Guardian" and Hong Kong’s "Project Ensemble". However, Bank Negara Malaysia reiterated that cryptocurrencies remain outside the scope of the initiative and are not recognized as legal tender due to volatility risks.

Only licensed financial institutions will be allowed to participate in pilots, with early testing restricted to familiar assets such as deposits, loans and bonds, before expanding into more complex instruments. The central bank is accepting feedback on its tokenization paper until March 1, 2026.

If the roadmap advances as planned, tokenized financial products could begin rolling out across Malaysia’s regulated markets from 2027 onward.

Saudi Arabia has opened subscriptions for its November issuance of the government-backed “Sah” savings sukuk, offering investors an annual return of 4.71%, slightly lower than the 4.83% rate set in October, the National Debt Management Center (NDMC) announced.

The subscription window runs until 3 p.m. on November 4, according to an NDMC statement posted on X. The sukuk is part of the government’s 2025 issuance calendar and forms a key component of wider efforts to expand savings and deepen retail participation in the domestic debt market.

The one-year sukuk offers fixed returns paid at maturity, with a minimum subscription of 1,000 Saudi riyals ($266) and a maximum of 200,000 Saudi riyals per investor. Subscriptions are open to Saudi nationals aged 18 and over through approved digital investment platforms, including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, and Al-Rajhi Capital.

The Sah program was launched under Vision 2030, which aims to increase Saudi Arabia’s household savings rate from about 6% to 10% by 2030.

The initiative comes as sukuk continues to represent a growing share of the Kingdom’s funding strategy. In October, the NDMC raised 7.54 billion Saudi riyals ($2.01 billion) through its regular riyal-denominated sukuk program, issued across four tranches with maturities between 2029 and 2039.

Saudi Arabia remains the GCC’s most active issuer in the fixed-income market. According to the Kuwait Financial Centre (Markaz), the Kingdom raised $20.32 billion through 36 debt issuances in the third quarter of 2025, representing a 62.7% year-on-year increase.

S&P Global has previously noted that steady sukuk issuance, combined with growth in the non-oil economy, is expected to support the continued expansion of the global Islamic finance sector.

Red Sea Global (RSG) has secured SAR 6.5 billion ($1.73 billion) in financing from a consortium of Saudi banks to advance the next phase of construction at AMAALA, the luxury wellness tourism destination on the kingdom’s Red Sea coast.

The facility, arranged under a mix of conventional and Islamic financing, was led by Riyad Bank as sole underwriter, with The Saudi Investment Bank (SAIB) and Bank AlBilad acting as mandated lead arrangers. The structure follows RSG’s Green Loan Framework, which aligns with global sustainability-linked lending standards.

The financing marks the latest collaboration between RSG and Riyad Bank, which also supported the company’s earlier SAR 2 billion facility for a joint venture to develop the Four Seasons Resort on Shura Island.

The deal was advised by Akin (borrower counsel) and Linklaters (lenders counsel), which structured the package under internationally recognised Green Bond and Green Loan Principles.

The transaction adds to a growing pipeline of green financing in Saudi Arabia as the country positions sustainable tourism as a key pillar of economic diversification.

Saudi Arabia hosted the ninth edition of the Future Investment Initiative, welcoming over 9,000 delegates. 

The forum, in its ninth edition, has stood out as an eminent investment and strategic partnerships platform, having helped seal more than $250 billion in deals since inception. 

This year’s event closed on a message of determination and optimism, a new era driven by AI, human ingenuity and a shared belief of progress. 

More than half of the year’s speakers hailed from the technology sector, reflecting how the world is gravitating towards a tech-centric, AI-powered world. 

Private equity is the new economic driver
Investors agreed that private capital — valued at over $13 trillion and projected to surpass $20 trillion within five years — has become the world’s new economic backbone.

Recalibrating the new AI frontier
Philip Johnston of Starcloud announced the launch of the world’s first AI data center in space, powered by SpaceX’s 100x reduction in launch costs. 

“We can now train AI off-planet — cooled by the cosmos,” he said.

Eric Jang of 1X Technologies revealed plans to deploy 100,000 humanoid robots by 2027, marking what he called “the dawn of robots building robots.”

Empowering entrepreneurs
Startups operating in sectors such as AI-designed medicine, diagnostic health, humanoid robotics, and sovereign computing, captivated investors. 

CEO of Saudi Arabia’s National Technology Development Program (NTDP) Ibrahim Abdulaziz Neyaz pledged continued support to “enable creative entrepreneurs from around the world to serve humanity.”

Saudi Arabia: the new investment capital 
Yazeed Alhumied of Saudi sovereign fund PIF announced that Saudi Arabia’s asset management industry has exceeded SAR1 trillion in assets under management, propelled by product innovation, global partnerships, and talent development.

Chairman of the Capital Markets Authority Mohammed El-Kuwaiz revealed that private capital is now the fastest-growing segment of Saudi finance, expanding at nearly twice the industry rate, with private credit assets more than doubling in recent years.

Executives from Goldman Sachs, BlackRock, State Street, and PIF discussed the rapid rise of private credit, ETFs, and quantitative investing — with Goldman’s Dennis Walsh calling the kingdom “one of the most exciting emerging markets in the world for data-driven alpha.”

Venture capital firm Hasan.VC hosted the region’s largest halal startup showcase, featuring around 50 startups from its acceleration program’s third cohort.

The startups that form part of Cohort 003 from Hasan.VC’s five-week acceleration program, hailed from 11 countries, including Indonesia, Malaysia, Singapore, India. Bangladesh, the United Kingdom, the United States, Australia, Egypt, Saudi Arabia and the UAE. 

“What we’re seeing is the rise of a new generation of founders who are building with purpose, solving real-world challenges with integrity and innovation,” said Mohd Akhtaar, general partner and head of accelerator at HASAN.VC. 

The event, which convened angel investors, venture capitalists, and corporate leaders, also marked the launch of HASAN.VC Fund Round 3, enabling global investors to support startups in the halal and ethical sectors. 

“The momentum we’re seeing across halal and ethical tech is only the beginning. As we launch our fund’s third round, we’re opening the door to even greater collaboration and impact,” said Umar Munshi, managing partner at HASAN.VC. 
 

Indian businesses and exporters may steer a course towards GCC countries to circumvent steep US tariffs, according to analysts.  

US President Donald Trump signed an executive order in August, imposing an additional 25% tariff on imports from India, in addition to other duties, fees, taxes, exactions, and applicable charges.

The White House cited India’s continued purchase of Russian oil, as the rationale for the move, calling it a counter to Russia’s threat to US national security and foreign policy. Russia accounts for about 34% of India’s crude imports. 

Indian exports to the US fell 11.93% year-on-year in September, and a whopping 20.39% on the previous month, as the impact of the tariffs began to take shape. 

The steepest impact will fall on labour-intensive sectors where the US accounts for a large share of India’s exports - including carpets (58%), textiles and garments (35%), gems and jewellery (39%), and shrimp (32%), Ajay Srivastava, founder of the Global Trade Research Initiative, a Delhi-based think tank, tells Salaam Gateway. 

“These industries have thin margins and little room to absorb a 50% tariff shock.” 
The impact may drive Indian companies to veer towards other lucrative markets, including the GCC. 

“Several Indian firms, particularly in gems and jewellery and electronics assembly, are exploring a shift of production and processing bases to the UAE and other GCC countries to remain cost competitive. The region’s low-tariff access to key markets and strong logistics networks makes it an attractive fallback option,” adds Srivastava. 

“Sectors where production and finishing facilities can be quickly established are best positioned to reroute exports via the GCC.” 

Krishna Bhimavarapu, an economist at US-headquartered State Street investment Management adds that while there is a lot of uncertainty, there is a good chance for Indian firms to explore the GCC markets, especially given the positive trade dialogue that has been happening.

India has strong economic and diplomatic ties with the Gulf countries with bilateral trade worth $178.56 billion in FY2024-25. 

Indian exports to the UAE soared 24.33% year-on-year in September, rising from last year’s $2.8 billion to $3.5 billion last month. Exports to Saudi Arabia increased 14.2% last month, too, according to data released by the Indian ministry of commerce and industry.   

“Dubai and Abu Dhabi, already major re-export hubs, are emerging as natural staging points for Indian firms diversifying away from direct US shipments,” says Srivastava. 

The six-nation GCC hosts north of nine million Indian expatriates, making it an invigorating market for the Indian diaspora and products.  The influx of Indian businesses into the GCC has continued to gather momentum, with over 9,000 joining Dubai Chamber of Commerce during the first six months of the year.

Meanwhile, over 40 Indian companies have established regional headquarters in Saudi Arabia.

The UAE will also be home to Bharat Mart, a huge facility spread across 2.7 million square feet designed to provide new market opportunities to Indian manufacturers and exporters.

Trade alliances are in the ascendant, too - India signed a comprehensive economic partnership agreement (CEPA) with the UAE in May 2022, to reduce or eliminate tariffs on the vast majority of products. The Southeast Asian country has recenty concluded CEPA negotiations with the sultanate of Oman and is aiming to lock in a free trade agreement with Qatar by third quarter of next year to push bilateral trade to $30 billion by 2030.

Among reports of an imminent US-India trade deal, will such a pact, if realized, stall the influx of Indian companies looking to step up shop in the GCC? 

“I don't think so,” says Bhimavarapu. “Because there is also a trade dialogue with the GCC countries alongside with the US.”