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Islamic Finance
Profit at Saudi’s PIF dips to $6.9bn as assets, revenue rise 
Saudi Arabia’s sovereign wealth fund recorded a significant drop in net profit for 2024, impacted by rising interest rates, inflation and impairment losses.  The Public Investment Fund (PIF) raked in $6.88 billion (25.8 billion Saudi riyals) in net profit last year, falling 60% from $17.18 billion (64.43 billion Saudi riyals) in 2023.  The drop in net profit, which resulted from “adjustments to operational plans and cost estimates”, totalled less than 2% of total assets, state-run Saudi Press Agency said.   The fund’s top line grew from $88 billion (331 billion Saudi riyals) in 2023 to $115 billion (431 billion Saudi riyals) last year. Assets increased 18% from $977 billion (3.66 trillion Saudi riyals) at the end of 2023 to $1.15 trillion (4.32 trillion Saudi riyals)  by December 2024.  PIF attributed
OIC Economies
Iran’s fragile state could trigger a change in government 
Iran is facing pressing economic and social challenges, exhibiting signs of state failure, according to analysts. The country’s existing problems were exacerbated by the recent military clash with Israel.  “The conflict imposed significant economic costs on Iran, estimated between $24-35 billion, or 6.3-9.2% of its GDP,” Khalid Al Terkawi, economic consultant at Jusoor Studies Centre told Salaam Gateway.  “It exacerbated existing challenges like sanctions, mismanagement, and chronic shortages. This led to currency devaluation, severe trade deficits, and high inflation. Essential goods shortages and worsening power outages also occurred.”  A 12-day conflict erupted on June 13, after Israel launched air strikes on Iranian miliary and nuclear sites, targeting its top
OIC Economies
OIC roundup: Oman, Uzbekistan ink deals to expand air links, trade
Here's a roundup of key developments across the OIC ecosystem during June   Editor's note: Its partnership season across the OIC canvas, with Oman looking to strengthen cooperation with Uzbekistan and Algeria.    Then, there's Malaysia seeking to extend ties with Guinea-Bissau with key Islamic economy sectors at the centre. Qatar and Pakistan are exploring economic cooperation, too.    Trade Developments Malaysia / Guinea-Bissau M'sia, Guinea-Bissau extend ties with focus on Islamic economy sectors Malaysia and Guinea-Bissau have reaffirmed their commitment to strengthening bilateral relations, focusing on key sectors such as the halal industry, Islamic finance, energy, and capacity building.   Prime Minister Anwar Ibrahim encouraged Malaysian corporations,
OIC Economies
Israel-Iran conflict may add up to $10 risk premium to oil prices
The conflict between Iran and Israel could add a geopolitical risk premium of $5-$10 to oil prices, as the Middle East region’s security risk rises, global rating agency Fitch has said.  “We expect the geopolitical risk premium in oil prices to be contained at around $5-$10. Material disruption to Iran’s production or export infrastructure would add more upward pressure to prices,” Fitch adds.  Iran produced about 3.26 million barrels a day of crude oil in 2024, according to OPEC. “In the unlikely event that all Iranian exports are lost, they could be replaced by spare capacity from OPEC+ producers, which is around 5.7 million barrels a day. Higher oil prices would benefit the region’s oil producers, through higher fiscal and external revenues, particularly should they raise output to
OIC Economies
Saudi GDP grows 3.4% in Q1, outpacing flash estimates 
Saudi Arabia’s economy grew more than expected in the first quarter of 2025, on non-oil and government activities, beating earlier government estimates.  The kingdom’s first quarter gross domestic product (GDP) grew 3.4% year-on-year, beating flash estimates of 2.7% suggested by the country’s General Authority for Statistics in May.  The growth was driven in part non-oil activities, which rose 4.9%, beating earlier estimates of 4.2%. Government activities grew 3.2% mirroring last month’s forecast Oil growth contracted by 0.5%, improving against a 1.4% decline projected in May.  Wholesale and retail trade, restaurants, and hotels recorded the highest growth rates during the first quarter of 2025, reaching 8.4% year-on-year and 0.7% quarter-on-quarter. Saudi
OIC Economies
OIC roundup: Development banks pledge $2bn for joint development projects
Here's a roundup of key developments across the OIC ecosystem during the month of May Editor's note: The Islamic Development Bank has been noted for launching key development projects across member countries but it has, very recently, been joined by the Asian Development Bank, with each pledging a whopping $1 billion each to co-finance joint initiatives.      Trade Developments   Image Courtesy: AP News   GCC / Malaysia Gulf Cooperation Council, Malaysia agree to launch free trade talks The Gulf Cooperation Council (GCC) countries have agreed to begin free trade talks with Malaysia, as announced during the GCC-ASEAN Summit in Kuala Lumpur.   The decision, made on May 26, 2025, marks the start of negotiations aimed at enhancing trade relations between
OIC Economies
Trump’s regional tour reinforces US-GCC ties amid strategic, economic realignments
United States President Donald Trump’s state visit to the Gulf region this week has underscored the renewed strategic alignment between Washington and the Gulf Cooperation Council (GCC), with both sides using the occasion to deepen defence, economic and diplomatic cooperation. Trump’s three-day tour, which began in Saudi Arabia on May 13 and continues through Qatar and the United Arab Emirates, marks his first official overseas trip since retaking office in January. The visit also coincides with the GCC-US Summit, where Trump and Gulf leaders discussed regional security, trade, and investment strategies. The Riyadh leg of the trip focused heavily on economic agreements and military cooperation. According to Saudi Crown Prince Mohammed bin Salman, more

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