Saudi Arabia will open its capital market to foreign investors starting next month, marking the latest push in a series of initiatives to drive investment inflows and enhance market liquidity. 

Starting February 1, access to the kingdom’s capital market will be accorded to all categories of foreign investors, enabling them to invest directly into Tadawul’s main market, according to Saudi’s financial market regulator. 

The amendments will eliminate the concept of qualified foreign investors in the main market. Prior to the approved regulations, only a qualified foreign investor with assets worth 1,875,000,000 Saudi riyals, equivalent or more was permitted to open an investment account. 

The amendment will also abolish swap agreements, which were previously used as an option to allow non-resident foreign investors to merely gain economic benefits of listed securities. Instead, it will grant them the ability to directly invest in listed shares on the main market. 

Ownership of foreign investors in the capital market exceeded 590 billion Saudi riyals by the end of Q3 2025, while overseas investments in the main market reached approximately 519 billion Saudi riyals during the same period.

The latest amendment builds on previous measures such as the initiative to simplify investment accounts for foreign investors announced this July. Individual foreign investors residing in any GCC country were permitted to open an account and invest in listed shares. 

In a first, investors who had moved to their home country but had previously resided in Saudi Arabia or other GCC country were allowed to continue investing in listed shares on the main market.  

"These approved amendments align with the CMA's gradual approach to opening the market, building on previous phases and paving the way for complementary steps aimed at further opening the capital market," the regulator said.

The Saudi Tadawul market, which opened up to foreign investors in 2015, operates two primary equity market segments - the main market and the Nomu - parallel market.

Earlier this year, the capital market authority allowed foreigners to invest in listed companies owning real estate in the twin holy cities of Makkah and Madinah.  
 

Pakistan’s halal meat exports to China rose sharply in 2025, driven by growing Chinese demand and improved market access, with shipments increasing more than threefold year on year, according to official Chinese customs data.

Data from the General Administration of Customs of China (GACC) shows Pakistan exported halal meat products worth more than $14.32 million between January and November 2025, compared with $4.23 million during the same period in 2024 — a year-on-year increase of 239%.

Industry experts said the growth reflects stronger trade cooperation, rising Chinese demand for high-standard processed meats, and improved compliance with sanitary, phytosanitary and halal certification requirements. Promotional efforts at bilateral trade platforms, including Pakistan–China business-matching events held in Beijing in September 2025 during the Pakistani prime minister’s visit, have also supported exports.

Pakistan first secured GACC approval to export heat-treated meat products to China in 2019, but exports gained traction in 2023–2024 as more exporters obtained the certifications required to clear Chinese customs.

Analysts believe continued policy support and closer industry cooperation could help Pakistan increase its share of China’s growing protein import market, particularly as demand rises for certified halal and value-added meat products.

Malaysia's IslamiCruise, which was being launched as Asia’s first luxury Umrah cruise programme, in partnership with Saudi Arabia’s Aroya Cruises, is facing scheduling problems. The inaugural January–February 2026 voyage has been rescheduled as organisers revise routes and packages.

The 15-day, fully halal-certified cruise was officially introduced as part of Malaysia’s halal tourism push and recognised as a Visit Malaysia 2026 product. Departing from Port Klang, the one-way journey is designed to take pilgrims to Jeddah via Banda Aceh, Oman and the Maldives, before passengers complete their Umrah pilgrimage in Saudi Arabia.

IslamiCruise International announced on November 19, 2025, that sales had been temporarily suspended due to internal assessments indicating a need to better align sailing schedules with market demand and school holiday periods. The company said it remains in discussions with Aroya Cruises’ owners to finalise a revised and commercially viable launch date.

The cruise vessel can accommodate more than 3,500 passengers and offers four accommodation categories, ranging from standard cabins to suites and villas. Onboard facilities include swimming pools, water slides, sports amenities and halal dining, alongside religious programming and lectures led by Malaysian preacher Ustaz Wadi Anuar and Indonesian scholar Ustaz Abdul Somad.

While the programme is designed primarily for Muslim travellers performing Umrah, non-Muslim passengers are also permitted to join the cruise, with tailored packages that exclude pilgrimage activities.

Organisers estimate the initiative could attract between 6,000 and 8,000 visitors annually once fully operational, supporting Malaysia’s broader ambitions to strengthen its position in the global halal and Islamic tourism market.

A&M Capital Europe’s (AMCE) acquisition of French halal food producer Isla Délice has come under scrutiny after its strategic partner, Alvarez & Marsal, established a cybersecurity subsidiary in Tel Aviv, a development first reported by specialist halal media outlet Al-Kanz.

AMCE announced the takeover of Isla Délice on September 1, 2025, acquiring the company from British private equity firm Perwyn. Days earlier, Alvarez & Marsal registered A&M Cyber Risk Services Ltd in Tel Aviv, positioning the unit within Israel’s cybersecurity ecosystem at a time of heightened regional conflict.

Al-Kanz reported that while AMCE and Alvarez & Marsal are legally separate entities, AMCE publicly describes its relationship with Alvarez & Marsal as a “strategic partnership,” granting the fund access to the consultancy’s operational expertise and global network. The outlet said this link has raised reputational concerns for Isla Délice, France’s largest halal brand, particularly among Muslim consumers sensitive to Israel-linked business activity.

Isla Délice, founded in 1991, has faced recurring rumours over the years regarding alleged ties to Israel, which the company has consistently denied. In a previous statement, the company said it is French-owned and operates independently, with no Israeli ownership or operations.

According to Al-Kanz, the latest development differs from earlier claims because it involves verifiable corporate filings showing the establishment of Alvarez & Marsal’s cybersecurity subsidiary in Tel Aviv on August 27, 2025, prior to the completion of the Isla Délice acquisition. The subsidiary is located near Israel’s defence and military headquarters and focuses on cyber risk management and crisis response services.

AMCE has repeatedly highlighted its association with Alvarez & Marsal in investor materials, describing the relationship as central to its investment model. However, Isla Délice’s recent crisis communications have focused on the absence of a direct capital link between AMCE and Alvarez & Marsal, without addressing the broader strategic partnership outlined by its new owner.

Following Al-Kanz’s reporting, Isla Délice issued a press release and social media video rejecting what it described as “amalgamations” and “rumours.” In an email response to Al-Kanz, Isla Délice Chief Executive Officer Eric Fauchon said AMCE has no ownership or management connection to Alvarez & Marsal, and that communications were issued to protect the company and its employees.

The acquisition of Isla Délice was finalised in December 2025, and the brand has since increased its international visibility through marketing campaigns tied to major sporting events, as part of its broader European expansion strategy.

Top sovereign wealth funds across the Gulf region captured 43% of the total deal activity in 2025, as regional governments ramp up spending across industries. 

The GCC’s largest and most active sovereign wealth funds, including Abu Dhabi’s ADIA, ADQ, Dubai’s Mubadala Investment Company, Kuwait Investment Authority, Qatar Investment Authority and Saudi Arabia’s Public Investment Fund, spent $119 billion in 2025, up 43% on the previous year.

Saudi’s PIF was the most active regional spender of the year with investments worth $36.2 billion. Abu Dhabi’s Mubadala ran it close investing $33.7 billion as the emirate deploys its financial firepower to leap into the top echelons of powerhouse investors. 

Total assets controlled by sovereign wealth funds reached $15 trillion by the end of 2025, owed to the rally in financial markets, new government inflows and the establishment of new vehicles.

Coupled with pension funds, central banks and state-owned investors, the total assets reached an aggregated $60 trillion.

The US emerged as the main recipient of capital, absorbing 47% of all sovereign investments in 2025. Europe and Developed Asia-Pacific also received more capital than in 2024, while emerging markets - especially China, India, Indonesia and Saudi Arabia – slipped 26% drop year-on-year. 
 

OSON, a fintech holding company operating across Central Asia and the UAE, has completed a new digital architecture to support the launch of a multi-currency wallet in the Middle East and North Africa, as part of a wider international expansion planned through 2026.

The company said the next-generation platform replaces legacy systems with a modular, API-driven infrastructure designed to handle cross-border payments, regulatory compliance and scalable financial services across multiple jurisdictions. OSON processed more than 30 million transactions in 2025.

As part of its regional expansion, OSON has established its global headquarters at the Dubai International Financial Centre, where it has received in-principle approval from the Dubai Financial Services Authority and is working toward full regulatory authorisation. The Dubai base will coordinate regulatory engagement, product localisation and partnerships across the GCC and wider MENA region, while also acting as a link between Central Asia and Middle Eastern markets.

The company operates a distributed development model, with engineering hubs focused on mobile wallets and infrastructure in Kazakhstan, high-volume payment processing in Uzbekistan, regulatory technology and GCC localisation in the UAE, and testing and optimisation in Kyrgyzstan and Tajikistan. 

Alongside consumer products, OSON is expanding its payments-as-a-service offering for banks and fintechs. Through a single API, partners can access cross-border remittances, digital service aggregation, identity verification and embedded connectivity tools, aimed at shortening product development cycles.

Looking ahead to 2026, OSON plans to roll out its multi-currency wallet in selected MENA markets, introduce AI-driven compliance automation tailored to GCC regulations, and deploy white-label eSIM solutions for financial institutions. The company said it is also preparing its systems to meet regulatory requirements for potential expansion into additional markets, including the United States.

Egypt has received $3.5 billion from Qatar as part of an investment agreement to develop a residential and tourism project on its northwestern Mediterranean coast.   

The payment represents the cash portion of the deal, Mohmed El-Homosany, the spokesperson for the Egyptian cabinet, said in a statement. 

The second phase involves an “in-kind consideration” consisting of the project’s residential units, that are expected to fetch about $1.8 billion on sale, he said. 

The New Urban Communities Authority is entitled to a share equal to 15% of the project’s net profits. 

The New Urban Communities Authority and Qatari Diar Company - the real estate arm of Qatar’s sovereign wealth fund – signed an agreement in November to implement an urban tourism project in the Alam El Roum area on the northwestern coast of Egypt's Matrouh Governorate.

The $29.7 billion project spans across 4,900 acres, along a 7.2 kilometer Mediterranean waterfront, featuring residential complexes, tourism and entertainment projects, golf courses and a yacht marina.

The project will also host a service free zone, electricity distribution and water desalination and treatment plants, hospitals, schools, universities, and several government offices. 

Approximately 60% of the total land area will be allocated for residential development, 25% to roads, squares and open green spaces with 15% to service areas. 
 

Pakistan has started exporting halal meat worth $14.5 million to Tajikistan, as both countries look to expand bilateral trade. 

The developments were shared by Pakistan’s Ambassador to Tajikistan, Muhammad Saeed Sarwar during a session with a Pakistani media delegation and local business representatives in Dushanbe, Pakistani state media reported. 

The Southeast Asian nation plans to export 143,000 tons of goods worth approximately $14.5 million to Tajikistan, Sarwar added. Halal products are expected to play a pivotal role in expanding bilateral trade, which is expected to reach $300 million in the coming years. 

A preferential trade agreement between the two countries is also on the cards, said Sarwar, emphasizing that trade liberalization would help promote regional economic integration.

The first-ever Tajik Cultural Week was inaugurated in Pakistan’s capital Islamabad recently, reflecting growing people-to-people and cultural ties. 

“Pakistan and Tajikistan share deep commonalities in faith, history, culture, and literature,” Sarwar remarked.

He further noted that Pakistan was among the first countries to recognize Tajikistan’s independence and establish diplomatic relations. 
 

Engro has closed a $475 million transaction financed entirely through Islamic banking to acquire Deodar’s more than 10,000 telecom towers, marking one of Pakistan’s largest Shariah-compliant deals as the conglomerate expands its digital infrastructure business.

Announcing the development on Tuesday, the company said the acquisition strengthens Pakistan’s domestic ownership of critical telecom assets and supports the shift toward shared tower infrastructure for mobile network operators.

State Bank of Pakistan Governor Jameel Ahmed, speaking at a ceremony marking the transaction, said the deal reflected “the conviction of Hussain Dawood and his family in getting it funded through Islamic banking,” commending the consortium of Islamic and conventional banks’ Shariah windows involved in structuring the financing. 

Engro noted that shared infrastructure, in which multiple mobile operators use a single tower, offers significant cost efficiencies at a time when each tower requires around $50,000 to build. The model, the company said, reduces duplication, supports wider network expansion and aligns with national goals to strengthen local control over digital infrastructure.