Egypt-based fintech Lucky has raised $23 million in a Series B funding round comprising both equity and debt, as it looks to expand its credit offerings and scale operations across North Africa, the company said in a statement.

The round included participation from Disruptech Ventures, Development Partners International (DPI) through its Nclude platform, Suez Canal Bank, and OneStop, led by investor Mohamed Farouk, who has also been appointed chairman of Lucky’s board.

The company said the new funding will be used to strengthen its credit products, invest in technology infrastructure, and support regional expansion, while preparing for regulatory developments tied to digital banking and payments.

Lucky is also working toward obtaining a payment service provider (PSP) licence, which would enable it to broaden its digital financial services offering in line with evolving regulations in Egypt.

The company’s expansion comes as Egypt advances its digital finance agenda, with regulators introducing new frameworks aimed at improving financial inclusion and enabling fintech growth.

Tourism revenues losses in the GCC resulting from the US-Israel war against Iran could range between $13 and $22 billion, the GCC secretary-general has said. 

Tourist figures are expected to plunge between 8 and 19 million due to military escalation in the region, state news agency WAM quoted Jasem Albudaiwi as saying. 

Speaking at an extraordinary meeting of the committee of the GCC Ministers of Tourism held on Tuesday, Albudaiwi said that the challenges facing Gulf nations are no longer “a passing circumstance” but rather a true test of the GCC’s ability to ensure continued efficiency and stability of its sectors. 

Data from the Gulf Statistical Centre suggests that GCC countries collectively received more than 72 million tourists in 2025, netting in nearly $120 billion in revenues. 

“The developments we are witnessing today have cast a shadow over the vital tourism sector, impacting travel patterns, the pace of tourism activity and the stability of related markets," he said. 

“[The] escalation necessitates that we all move from traditional coordination to a higher level of practical integration and proactive response, given that the tourism sector in the GCC countries is a fundamental pillar for achieving economic sustainability."

The GCC secretary-general also pointed out that experience has proven that the GCC countries are capable of overcoming all crises and challenges efficiently and effectively, relying on their close ties and effective integration across all fields.

The escalating conflict in Iran is costing the Middle East’s travel and tourism sector a minimum of $600 million per day in international visitor spending, the World Travel & Tourism Council estimated last month. 

Key regional aviation hubs including Dubai, Abu Dhabi, Doha and Bahrain, which collectively process around 526,000 passengers per day, experienced closures and operational disruption amid heightening tension and escalating conflict. 
 

Dubai’s benchmark stock index rose nearly 7%, after the US and Iran agreed on a two-week conditional ceasefire in a conflict that has had profound socio-economic impacts on the region. 

The Dubai Financial Market General Index rose 6.91% or 373 points to close at 5777.47 on Wednesday. Real estate companies, banks and airlines reported the highest gains, with Dubai’s flagship develop Emaar rising 13%. Emirates NBD, the emirate’s largest bank by assets registered 10.67% in gains while Dubai Islamic Bank rose 6%. 

The Abu Dhabi Stock Exchange also registered modest gains of 2.84% on Wednesday, giving a much-needed respite to investors. 

Energy markets welcomed the pause, with WTI crude oil futures dipping more than 15% to below $93 per barrel on Wednesday. Brent crude oil futures tumbled more than 15% toward $91 per barrel, according to the Trading Economics website. 

The ceasefire is contingent on the reopening of the Strait of Hormuz, a vital waterway which facilitates the passing of substantial amounts of oil, gas and non-energy products. 

Arab countries could suffer staggering losses of up to $200 billion due to the Iran conflict, with the military escalation potentially wiping out between 3.7%-6% of the region’s collective gross domestic product (GDP). 

Türkiye and Azerbaijan have signed a tourism cooperation protocol to explore ways of boosting tourism and enhancing collaboration within international entities. 

The 5th meeting of the Azerbaijan–Türkiye Joint Tourism Working Group, held in Antalya, focused on bilateral tourism cooperation, collaboration within international organizations and tourism education, managing coastal areas for tourism purposes, winter, health, and gastronomy tourism.

Ways of improving the legislative framework for sustainable tourism were also discussed, according to Azerbaijan’s state news agency. 

The discussions emphasized on cooperation mechanisms between the public and private sectors, managing regional tourism and cultural heritage, enhancing experience and information exchange in marketing and promotion, and drafting a joint action program for 2026.

The officials explored cooperation within the UN Tourism, the Economic Cooperation Organization (ECO), the Organization of Islamic Cooperation (OIC), D 8, and the Organization of Turkic States (OTS).

The meeting also addressed cooperation in COP31, the 31st session of the climate change conference to be held in Turkiye later this year. Azerbaijan hosted COP29 in November 2024. 

It was noted that, for the first time in COP history, tourism was included in the thematic agenda, and an agreement was reached to share Azerbaijan’s experience in this area with Türkiye.
 

Pakistan’s Securities and Exchange Commission (SECP) has approved the country’s first Shariah-compliant credit risk-sharing product, aimed at improving access to financing for micro, small and medium enterprises (MSMEs) and the agriculture sector, the regulator said on Saturday.

The product, developed by the National Credit Guarantee Company Limited (NCGCL), introduces a risk-sharing mechanism designed to reduce credit exposure for financial institutions while remaining aligned with Islamic finance principles. It offers an alternative to conventional credit guarantees, which are typically interest-based.

According to the regulator, the product, which has not yet been formally named, is structured as a Takaful-based credit guarantee built on the principle of tabarru. It has also advised NCGCL to introduce a brand identity and consider establishing an Islamic window to offer similar solutions.

The SECP’s Shariah Advisory Committee reviewed and approved the structure, confirming its compliance with key Islamic finance principles, while recommending stronger governance and documentation frameworks to support implementation.

The approval comes as Pakistan accelerates efforts to transition its financial system toward Shariah compliance, following a 2022 directive by the Federal Shariat Court to eliminate interest-based banking by 2027. Authorities have since introduced reforms, including legal amendments and the expansion of sukuk issuances to replace conventional government debt instruments.

According to the SECP, the new product is expected to support financial inclusion and responsible lending by enabling banks and financial institutions to extend financing to underserved segments of the economy.

Arab countries could suffer staggering losses of up to $200 billion due to the Iran conflict, according to a new United Nations study.  

The US-Israel war against Iran could cost Arab states between $120 billion to $194 billion in economic losses, new estimates by the United Nations Development Programme (UNDP) suggest.

Military escalation could wipe out between 3.7%-6% of the region’s collective gross domestic product (GDP). Coupled with an estimated loss of 3.6 million jobs - exceeding the ones created in the region last year - the reversal will cast up to 4 million people into poverty. 

The body said that it conducted five simulation scenarios, representing escalating levels of conflicts. The GCC countries and Levant subregions are expected to bear the brunt of the largest macroeconomic losses, with potential economic contractions of up to 8.5% and 8.7%, respectively. 

The crisis is expected to exacerbate poverty in the Levant region by 5%, edging an additional 2.85-3.30 million people into poverty - accounting for over 75 percent of the rise in poverty across the region. 

“This crisis rings alarm bells for countries of the region to fundamentally reevaluate their strategic choices of fiscal, sectoral, and social policies,” said Abdallah Al Dardari, UN assistant secretary general and regional bureau director for Arab States at UNDP. 

“Our findings underline the pressing need to strengthen regional collaboration to diversify economies - beyond reliance on growth driven by hydrocarbons, and to expand production bases, secure trade and logistics systems.” 

Qatar and Kuwait could witness a 14% contraction in their national outputs this year should the conflict continue through to the end of April, Bloomberg reported Goldman Sachs Group economist Farouk Soussa, as saying. 

It is a stark downside from International Monetary Fund’s growth estimates for both countries in the run-up to the conflict. The agency projected Qatar’s GDP to grow by 6.1% in 2026 and Kuwait’s economy to expand by 3.8% this year.  

The conflict, now in its fifth week, has caused considerable damage to Iranian civilian and military architecture caused by the joint US-Israeli onslaught. The attacks also wiped out its top Iranian security and political echelons. 

Iran has carried out retaliatory attacks on its Gulf neighbours, causing substantial damage to airports, hotels, technology, and energy infrastructure as well as military bases. 

The repercussions are visible in global energy markets, with the crisis helping push Brent crude prices from roughly $72 per barrel to nearly $120 before easing slightly. 

The regional aviation industry has also felt the heat, with depressed travel demand and a lingering unease among travellers. 

“Since the escalation at end February 2026, the regional aviation network has shifted from an integrated commercial system to a set of restricted corridors, with several countries implementing partial or full airspace closures. As a result, global air cargo capacity on routes linking Asia, the Middle East, and Europe declined by nearly 40% between February 28 and March 3,” the study added. 
 

The Government of Pakistan raised $425,000 (Rs118.05 billion) in its 32nd auction of Government of Pakistan Ijarah Sukuk (GIS), reflecting continued demand for Shariah-compliant sovereign instruments, according to data from the Pakistan Stock Exchange.

The auction drew total bids of $1.5 million (Rs445.49 billion), indicating strong participation from investors and liquidity within the Islamic banking sector.

Meezan Bank, acting as the lead joint financial adviser, supported the structuring and execution of the transaction.

The government accepted one-year sukuk at a rental rate of 11.49%, while five-year fixed-rate sukuk were priced at 11.75%.

The 10-year variable rental sukuk also attracted notable demand, suggesting increasing investor interest in floating-rate Shariah-compliant instruments.

The sukuk issuance comes as Pakistan advances efforts to transition towards an Islamic financial system following the 26th Constitutional Amendment, which mandates the elimination of interest-based financing.

In this context, sukuk instruments are expected to play a larger role in meeting the government’s financing needs while maintaining compliance with Shariah principles.

The response to the latest auction highlights investor appetite for sovereign Islamic securities as the country expands its Shariah-compliant financing framework.

Turkey’s Turkcell has secured a $1 billion Shariah-compliant syndicated Murabaha financing facility to support its 5G rollout and digital infrastructure investments, the company said.

The facility was initially launched at $500 million but was increased to $1 billion after attracting strong demand from international lenders, with subscriptions exceeding the original target by around 2.4 times.

The seven-year facility carries a profit rate of secured overnight financing rate (SOFR) plus 1.95%, with a total cost of SOFR plus 2.14% including fees, and includes a two-year grace period on principal repayments.

HSBC acted as the sole coordinator and bookrunner for the transaction. Mandated lead arrangers included Kuwait Finance House, BNP Paribas, Dubai Islamic Bank, Emirates NBD, Gulf Bank, ICBC and QNB.

Turkcell said the proceeds will be used to fund investments in 5G technology, connectivity infrastructure and digital services as Turkey prepares to launch 5G services.

Separately, Turkcell has signed a memorandum of understanding with Mavenir to introduce AI-enabled voice and messaging services on its network. The collaboration will use cloud-based infrastructure to integrate artificial intelligence capabilities into core telecom services.