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Pharmaceuticals and food sectors key focus of Saudi ministers’ Egypt trip

Pharmaceuticals and food sectors key focus of Saudi ministers’ Egypt trip
Deputy Minister of Industry and Mineral Resources for Industrial Affairs Khalil bin Salamah meeting with officials from Eva Pharma. SPA
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Updated 16 December 2024
Miguel Hadchity
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Pharmaceuticals and food sectors key focus of Saudi ministers’ Egypt trip

Pharmaceuticals and food sectors key focus of Saudi ministers’ Egypt trip
  • Key highlight of the trip was a tour of Almarai’s “Beyti” factory in Beheira Governorate
  • Meeting emphasized leveraging Industry 4.0 technologies to boost productivity in both nations’ industrial sectors
Updated 16 December 2024
Miguel Hadchity
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RIYADH: Boosting pharmaceutical ties was the centerpiece of a visit by leading Saudi ministers to Egypt as the two countries sought to enhance industrial cooperation and explore investment opportunities.

The Kingdom’s Minister of Industry Bandar Alkhorayef traveled to the north African country on Dec. 15, with a focus on boosting collaboration in the industrial and mining sectors while identifying mutual opportunities in areas such as food and pharmaceuticals, according to a statement. 

He was joined by Deputy Minister Khalil bin Salamah, Saudi Export-Import Bank CEO Saad Al-Khalb, and Saudi Export Development Authority CEO Abdulrahman bin Sulaiman Al-Thukair. 

During the visit, Alkhorayef met with senior Egyptian officials and major private sector leaders to highlight Saudi Arabia’s competitive investment environment, incentives for investors, and strategic industrial priorities, the Saudi Press Agency reported. 

The official visit aims to strengthen the countries’ strategic partnership. In 2023, Saudi Arabia’s non-oil exports to Egypt amounted to SR9.9 billion ($2.6 billion), while non-oil imports from Egypt totaled SR9.6 billion. 

A key highlight of the trip was a tour of Almarai’s “Beyti” factory in Beheira Governorate, where Alkhorayef reviewed its role in local community development and supply chain localization. He also visited several pharmaceutical facilities to gain insights into Egypt’s manufacturing expertise. 

Bin Salamah held bilateral talks with Mohamed Zaki El-Sewedy, chairman of Egypt’s Federation of Industries, with the discussions focused on encouraging the private sector to capitalize on available industrial investment opportunities across both countries.

The deputy minister also met with executives from leading pharmaceutical companies, including Minapharm, to discuss localizing medical industries in Saudi Arabia and exploring potential collaboration in biopharmaceutical manufacturing. 

He also held talks with officials from Eva Pharma around opportunities in generic pharmaceutical production and veterinary vaccines. 

Additionally, there were discussions with the chairman of Medical Union Pharma regarding the integration of active pharmaceutical ingredients in the Saudi market, with a focus on both chemical and biological components. 

Moreover, Bin Salamah met with the chairman of the British Egyptian Co. for General Development, also known as Galina, to explore potential investment opportunities in Saudi Arabia and discuss the growth of the frozen and packaged fruits and vegetables trade.

The meeting also emphasized leveraging Industry 4.0 technologies to boost productivity in both nations’ industrial sectors. 

Topics: Minister of Industry and Mineral Resources Bandar Alkhorayef Khalil bin Salamah pharmaceutical Saudi-Egypt ties Egypt Saudi Arabia

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Libyans grapple with fresh currency devaluation

Libyans grapple with fresh currency devaluation
Updated 13 sec ago
AFP
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Libyans grapple with fresh currency devaluation

Libyans grapple with fresh currency devaluation
  • Libyans are facing a sharp deterioration in their purchasing power after a sudden devaluation of the Libyan dinar
  • Libya has Africa’s most abundant hydrocarbon reserves, but it is struggling to recover from years of conflict since 2011
Updated 13 sec ago
AFP

TRIPOLI: Already worn down by years of political turmoil and economic hardships, Libyans are now facing a sharp deterioration in their purchasing power after a sudden devaluation of the Libyan dinar.
Experts have said the national currency’s exchange rate decline came as a consequence of ballooning public expenditures by the country’s rival governments in recent years.
Libya has Africa’s most abundant hydrocarbon reserves, but it is struggling to recover from years of conflict after the 2011 NATO-backed uprising that overthrew longtime dictator Muammar Qaddafi.
It is currently divided between a UN-recognized government in the capital Tripoli and a rival administration in the east backed by general Khalifa Haftar, with the division exacerbating the country’s economic woes.
The Libyan central bank earlier this month devalued the dinar by 13.3 percent, the second such move in five years.
The exchange rate went up to 5.56 dinars to the US dollar from 4.48 — while on the black market it jumped to 7.80 dinars to the US dollar from 6.90.

It has become hard to keep up with our needs for food, medicine, transportation, education and bills

Karim Achraf, Libyan engineer

The impact was immediate, with small business owners and wholesale traders, who rely heavily on the parallel market to obtain foreign currency for imports, seeing their costs surge.
“The currency keeps going down,” said Karim Achraf, a 27-year-old engineer and father of three living in the capital, Tripoli.
“It has become hard to keep up with our needs for food, medicine, transportation, education and bills,” he said.
“We can’t trust our governments with our economy and safety.”
Political deadlock
Despite its vast oil reserves, output remains below pre-2011 levels and the country lacks a robust industrial and agricultural sector.
It is almost entirely dependent on imported food, medical supplies and consumer goods, with oil exports its main source of revenue.
The United Nations Support Mission in Libya (UNSMIL) has expressed alarm following the sudden devaluation, urging both administrations to take “urgent measures to stabilize the national economy.”
“Swift action is essential to reduce the negative impact on the Libyan people, including rising costs of living, declining purchasing power and the erosion of public trust in state institutions and leaders,” it said in a statement.
In Tripoli, dozens of protesters recently gathered outside the central bank headquarters to voice their anger.

Libya's central bank was forced to make the decision to protect what remained of the dinar’s strength

Mahmoud El-Tijani, an economist

But while much of the criticism has been aimed at the bank, some believe it is unfairly blamed for problems stemming from political deadlock and fiscal mismanagement.
Mahmoud El-Tijani, a Libyan economist, said the central bank was “a victim of the executive branch’s failure and division.”
He said it was “forced to make the decision to protect what remained of the dinar’s strength.”
Amid falling oil revenues, the devaluation of the dinar was used as a “last-chance measure to avoid bankruptcy and external debt,” he added.
Libya’s institutions, including its central bank, have for a decade found themselves caught between the rival governments.
Until 2023, the bank was split in two, with an internationally recognized headquarters in the capital and another in the east, with each printing bills signed off by their respective governors.
Last year, the then-governor of the bank fled amid violent tensions surrounding the institution, with the United Nations stepping in to broker a deal for a new governor to be appointed.
Central bank
Jalel Harchaoui, a senior fellow at the London-based Royal United Services Institute, said the central bank was “simply confronting the inevitable consequences of the political choices made by Libya’s ruling factions.”
“These enormous expenditures are highly political, arbitrary, and unsustainable,” he said.
“They are not decided by the central bank, which is a technocratic institution without the military or sociopolitical clout of Libya’s leaders.”
“Blaming the central bank is pure populism,” Harchaoui added, describing the bank as “a scapegoat.”
Anwar Al-Turki, a banker in Tripoli, said the central bank was being “mistreated” by political leaders who had authorized “the highest public spending in modern Libyan history.”
He said the decision makers had little regard for “good governance, financial compliance, or anti-corruption.”

Topics: Libyan Central Bank Libyan conflict

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Closing Bell: Saudi main index closes in red at 11,502

Closing Bell: Saudi main index closes in red at 11,502
Updated 17 April 2025
Miguel Hadchity
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Closing Bell: Saudi main index closes in red at 11,502

Closing Bell: Saudi main index closes in red at 11,502
Updated 17 April 2025
Miguel Hadchity

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 81.44 points, or 0.7 percent, to close at 11,552.98.

The total trading turnover of the benchmark index was SR4.72 billion ($1.25 billion), as 44 stocks advanced, while only 202 retreated.

The MSCI Tadawul Index decreased by 10.51 points, or 0.71 percent, to close at 1,469.39.

The Kingdom’s parallel market, Nomu, dipped, losing 369.85 points, or 1.27 percent, to close at 28,713.72. This comes as 29 stocks advanced while 60 retreated.

This aligns with a dip in global stock markets with the ongoing worldwide trade war following US President Donald Trump’s reciprocal tariffs introduced earlier this month.

For instance, the Nasdaq index dipped 3.07 percent in the trading session on April 16, closing at 16,307.16, losing 516.01 points.

The best-performing stock was Alistithmar AREIC Diversified REIT Fund with its share price surging by 10 percent to SR6.60.

Other top performers included Dar Alarkan Real Estate Development Co., which saw its share price rise by 3.82 percent to SR22.84, and Allied Cooperative Insurance Group, which saw a 3.44 percent increase to SR16.22.

Al Mawarid Manpower Co. and Jabal Omar Development Co. also saw increases in today’s trading session, with their share prices advancing by 2.10 percent and 1.82 percent to SR145.60 and SR23.52, respectively.

The day’s worst performer was Al-Baha Investment and Development Co., whose share price fell 5.74 percent to SR3.12.

Middle East Specialized Cables Co. and Lazurde Co. for Jewelry also saw declines, with their shares dropping by 4.83 percent each to SR35.50 and SR13.40, respectively.

The top four and five worst performers were Raoom Trading Co. and Saudi Printing and Packaging Co., whose share prices dipped by 4.48 percent and 4.36 percent to SR78.90 and SR10.52, respectively.

Topics: TASI NOMU MSCI

Red Sea tensions slash Suez Canal revenue as Egypt pushes diplomatic path

Red Sea tensions slash Suez Canal revenue as Egypt pushes diplomatic path
Updated 17 April 2025
MOHAMMED AL-KINANI
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Red Sea tensions slash Suez Canal revenue as Egypt pushes diplomatic path

Red Sea tensions slash Suez Canal revenue as Egypt pushes diplomatic path
Updated 17 April 2025
MOHAMMED AL-KINANI

JEDDAH: Amid escalating tensions in the Red Sea, Egypt’s Prime Minister Mostafa Madbouly reaffirmed the country’s commitment to diplomatic solutions as disruptions to international shipping through the Suez Canal led to a dip in revenues.

Speaking at a high-level ceremony on April 16 celebrating the Suez Canal Authority’s Day of Excellence, Madbouly warned that regional instability has already had a significant impact on global trade, with Suez Canal revenues falling to $3.99 billion in 2024 — a stark drop from the record $10.25 billion recorded in 2023.

The decline follows a wave of attacks by Yemen’s Houthis on commercial shipping in the Red Sea, part of the group’s protest against the Gaza conflict. Between November 2023 and January 2024, they targeted over 100 merchant vessels.

Despite these challenges, Madbouly emphasized Egypt’s role as a stabilizing force, asserting that Cairo has deliberately avoided any actions that might undermine regional security. “Egypt has opted for a path of political solutions, working with international partners to address the crisis while ensuring the continued functioning of the canal,” he said in a statement.

The prime minister described the canal as “the heart of global trade,” underlining its historic and strategic value not only to Egypt but to international commerce.

He credited President Abdel Fattah El-Sisi’s leadership for ongoing development efforts, including modernizing the canal’s infrastructure and services.

The Suez Canal Authority also unveiled several new initiatives during the ceremony, including a ship waste management service in partnership with V Group, which aims to position the canal as a certified green route by 2030. Additional projects launched included the region’s first floating pontoon factory and the Suez Canal Innovation and Excellence Center.

In a show of international cooperation, Madbouly witnessed the signing of a memorandum of understanding with Spain’s Tejedor Lazaro Group to advance aquaculture and fish feed production — a move aligned with Egypt’s broader food security and investment strategy.

SCA Chairman Osama Rabie thanked the government for its backing and pointed to signs of recovery. He said 264 vessels had returned to transiting the canal instead of rerouting around the Cape of Good Hope since February, attributing this shift to adaptive marketing strategies and client engagement.

March 2025 brought modest gains: vessel transits rose by 2.4 percent, net tonnage increased by 7.1 percent, and revenue grew by 8.8 percent compared to January.

Despite headwinds including the COVID-19 pandemic and regional conflicts, Rabie highlighted the canal’s resilience. From 2019 to 2024, more than 121,000 ships passed through the waterway, carrying over 7.1 billion tons of cargo and generating nearly $40 billion in revenue.

The Day of Excellence event was attended by several ministers, foreign ambassadors, and maritime officials, underscoring the canal’s global relevance.

Topics: suez canal

Pakistan external account posts record monthly surplus, buoying investor confidence

Pakistan external account posts record monthly surplus, buoying investor confidence
Updated 17 April 2025
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Pakistan external account posts record monthly surplus, buoying investor confidence

Pakistan external account posts record monthly surplus, buoying investor confidence
  • Current account posts a record and one of the highest monthly surpluses in March 2025 with $1.19 billion, up 229% year-on-year
  • Pakistan stocks concluded Thursday’s session on bullish note, with KSE-100 Index advancing by 881 points to close at 116,901 level
Updated 17 April 2025
Ismail Dilawar

KARACHI: The State Bank of Pakistan said on Thursday the country’s current account, which comprises external trade and transfers, had posted a record and one of the highest monthly surpluses in March 2025 with $1.19 billion, up 229% year-on-year.
The Pakistan Stock Exchange also concluded Thursday’s session on a bullish note, with the KSE-100 Index advancing by 881 points, or 0.76%, to close at 116,901 level. 
“Investor sentiment was buoyed by record-high remittances, which contributed to a historic current account surplus in March 2025. The surplus for the first nine months of FY25 reached $1.9 billion,” Topline securities said in a statement. 
The surplus in March 2024 stood at $363 million, the latest central bank data showed. 
On Monday, Central Bank governor Jameel Ahmad had said the current account would show a “substantial” surplus this year through June mainly on the back of a record inflow of remittances which crossed the $4 billion mark in March, with Saudi Arabia once again topping the list of biggest contributors.
“With record monthly surplus in March 2025, cumulative surplus in country’s Current Account for 9MFY25 (Jul-Mar25) now stands at $1.86 billion, which was in a deficit of $1.65 billion in the same period last year,” SBP said. 
In March 2025, Pakistan’s exports recorded at $3.51 billion, growing 8.7% YoY and 6.0% MoM. Imports also rose 8.0% YoY to $5.92 billion in March but fell 1.9% MoM.
“Resultantly, while Trade Deficit (Goods+Services) went up 7% YoY, it narrowed 11.5% MoM in March 2025,” the data showed. 
For 9MFY25 (Jul-Mar25), total exports now stand at $30.9 billion, up 8.1% YoY, while total imports stand at $51.9 billion, up 10.7% YoY, with the cumulative trade deficit at $21.1 billion, up 14.7% YoY. 
“With oil prices down, and remittances continuing to make a record mark, Pakistan’s current account is expected to be in deep surplus by June FY25 and may also continue in FY26, thereby resulting in further scale-up in overall investor confidence,” the central bank said. 
Pakistan received a record-high $4.1 billion in remittances in March 2025, which bodes well for the government’s efforts to revive an economy that it expects will expand three percent this year, SBP governor Ahmad said at an event at the Pakistan Stock Exchange in Karachi on Monday.
The central bank had earlier projected economic growth to range from 2.5% to 3.5%.
“With this level of remittances, we are hoping that for the current fiscal year our current account will stay in surplus,” the governor said. “There will be a substantial surplus and this surplus is the best performance, I will say, on the external account during the last two decades.”
The country broke its own record in February when overseas Pakistanis remitted $3.1 billion.

Topics: Pakistan Stock Exchange (PSX) State Bank of Pakistan (SBP) Pakistan economy

Pakistan Stock Exchange seeks Islamic finance expertise from Malaysia

Pakistan Stock Exchange seeks Islamic finance expertise from Malaysia
Updated 17 April 2025
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Pakistan Stock Exchange seeks Islamic finance expertise from Malaysia

Pakistan Stock Exchange seeks Islamic finance expertise from Malaysia
  • PSX welcomes delegation of Malaysian scholars to foster collaboration between Shariah-compliant capital markets
  • Since launching first Ijarah-based sukuk in 2008, Pakistan has issued Ijarah sukuk worth over Rs6.5 trillion as of August 2024
Updated 17 April 2025
Ismail Dilawar

KARACHI: The Pakistan Stock Exchange (PSX) on Thursday welcomed a delegation of Malaysian Shariah scholars and professionals as the country seeks to advance its Islamic finance sector and foster cross-border collaboration between Shariah-compliant capital markets.
PSX and the Securities and Exchange Commission of Pakistan (SECP) have been striving in recent years to promote an Islamic capital market and create the enabling environment for the growth of Shariah-compliant investment.
Shariah lays down certain principles with regard to financial contracts and the conduct of business and trading in general. In particular, Shariah prohibits any transaction that involves an element of interest (riba). In order to ensure Shariah compliance of a product or service, it must be free from such prohibited elements and conform to other requirements of Shariah. Various stock exchanges, including PSX, have designed and launched products and services that cater to the specific requirements of Shariah.
PSX lists Shariah-compliant shares, sukuk (Islamic bonds), Islamic Exchange Traded Funds (Islamic ETFs), and Islamic Real Estate Investment Trusts (Islamic REITs). It is also deemed permissible as per Shariah for investors to subscribe to the Initial Public Offerings (IPOs) of Shariah-compliant securities. In addition, PSX offers Shariah-compliant indices comprised of shares of listed companies that meet certain predefined Shariah and technical screening criteria. A Shariah compliant facility to finance the purchase of shares is also available, through the National Clearing Company of Pakistan Limited (NCCPL), called Murabahah Share Finance.
Welcoming the visiting delegation from Malaysia, PSX Chairperson Dr. Shamshad Akhtar expressed hope for greater collaboration between the Islamic finance sectors of the two countries.
“Pakistan is also witnessing a growing demand for Shariah-compliant investment avenues,” PSX quoted Akhtar as telling the delegation. “With over 50% of listed companies on the exchange being Shariah-compliant, PSX offers a compelling platform for faith-based investments, including equities, sukuk, Islamic mutual funds, and ETFs.”
Since launching its first Ijarah-based Sukuk in 2008, Pakistan has issued Ijarah sukuk worth over Rs6.5 trillion as of August 2024.%
“The continued expansion of Islamic finance institutions, diversified asset classes, and investor-friendly regulatory frameworks are contributing to the sector’s momentum,” the PSX statement added.
Tariq Naseem, Head of Islamic Finance at SECP, provided an in-depth briefing to the visiting dignitaries regarding the progress and advancements in Islamic finance within Pakistan’s capital markets and non-banking financial sectors, particularly regulatory reforms and developments in the Islamic financial services industry undertaken to cater to both local and international market needs. The discussion also addressed the potential for enhanced collaboration between Malaysia and Pakistan in promoting Islamic finance on a global platform.
Farrukh H. Sabzwari, Managing Director and CEO of the Pakistan Stock Exchange, expressed his aspiration to benefit from Malaysia’s expertise in Islamic finance for the advancement of Pakistan’s capital market.
Sabzwari said only 0.14% of Pakistan’s population constituted the investor base, compared to 1% in Bangladesh, underscoring the significant potential for growth. He said approximately 80% of daily transactions at PSX were Sharia-compliant.
“Concluding the event, PSX management reaffirmed the Exchange’s dedication to building a robust Shariah-compliant capital market while highlighting the efforts of the PSX Shariah Focus Group — a multi-stakeholder platform comprising industry leaders, Shariah scholars, and financial experts — working collectively to foster an inclusive, faith-based financial system,” the PSX statement added. 
Pakistan’s government has failed to achieve a target set by the central bank to increase the share of Islamic banking deposits in the country by 50% by January this year, according to official documents seen by Arab News this week, as Islamabad attempts to rid the country’s banking system of interest.
Pakistan’s Federal Shariat Court (FSC) directed the government in April 2022 to eliminate interest by 2027. Following the order, the government and the State Bank of Pakistan have taken several measures ranging from changing laws in October 2024 to issuing sukuk bonds to replace interest-based treasury bills and investment bonds.
According to a presentation shared by the SBP with bankers in August 2024, a copy of which Arab News has seen, the central bank set an “indicative target” for the government to increase the share of Islamic banking deposits to 50% by January 2025, 65% by January 2026, 80% by January 2027 and 100% by December 2027. 
Pakistan, however, missed this target and was able to increase the market share of its Shariah-compliant banking deposits to only 24.9% by December 2024, the document stated.

Topics: Pakistan Stock Exchange (PSX) Pakistan Malaysia ties Shariah Banking

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