💼📈 Saudi PIF Hits $925B, Solidifies Global Top 6 Position!

📬 Good Morning,

Today’s edition covers major developments impacting regional economies. From challenges in Egypt's Suez Canal to financial gains in the UAE and Saudi Arabia, here’s what you need to know:

🚢 Suez Canal Traffic Drops 70% as Egypt Faces $3.5B Revenue Loss

📰 What is it about?

• The Suez Canal has seen a 70% decline in traffic, leading to a $3.5 billion drop in revenue.

• This decline is linked to reduced vessel transit due to security risks from the ongoing Yemen conflict.

💡 Why it matters?

• The Suez Canal is a key economic artery for Egypt, and this revenue loss could have significant implications for the country's economy.

• The situation highlights the impact of regional conflicts on global trade routes.

🔜 What’s next?

• Egypt may seek additional foreign support or explore alternative strategies to mitigate the financial impact.

📈 Markets

💰 UAE Banks Attract $14.7 Billion in New 3-Month Deposits

📰 What is it about?

• UAE banks received $14.7 billion in new "3-month" deposits in the first five months of 2024, marking an 8.9% increase from December 2023.

💡 Why it matters?

• This surge reflects strong investor confidence in the UAE's banking sector and its stable economic conditions.

• National banks dominate this market, showing their robust position in the financial landscape.

🔜 What’s next?

• Continued growth in deposits could strengthen the UAE's banking sector, attracting more foreign investments.

Quote of the day
“Learn as if you will live forever, live like you will die tomorrow.” —Mahatma Gandhi

📈 Saudi Arabia’s PIF AUM Rises to $925 Billion

📰 What is it about?

• Saudi Arabia’s Public Investment Fund (PIF) has increased its Assets Under Management (AUM) to $925 billion, a 29% year-on-year growth.

💡 Why it matters?

• PIF’s growth is crucial for achieving Saudi Arabia's Vision 2030, with significant investments in the local economy.

• The fund’s expansion positions Saudi Arabia as a major player in global finance.

🔜 What’s next?

• PIF is on track to double its assets by 2025, potentially leading to more large-scale projects and further economic diversification.

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