LONDON: A London jury has been discharged in a landmark fraud trial of four former Barclays executives accused of paying Qatar undisclosed fees to help rescue the bank at the height of the credit crisis in 2008.
Judge Robert Jay told the jury at Southwark Crown Court on Monday he was required to discharge them. No further details could be published due to continued reporting restrictions.
Former chief executive John Varley, Roger Jenkins, Tom Kalaris and Richard Boath are charged with conspiring to commit fraud by false representation when Barclays raised more than 11 billion pounds ($14 billion) from investors in 2008, allowing the British bank to avoid a state bailout.
Prosecutors allege the bankers excluded from public documents and hid from other investors around 322 million pounds in fees paid to the Qatari investors through so-called advisory service agreements (ASAs).
The defendants deny wrongdoing and said they had relied on legal advice.
The prosecution, brought by the UK Serious Fraud Office, is the first jury trial of a leading bank’s CEO over conduct during the financial crisis.
Qatari investors plowed around 4 billion pounds into Barclays during two fund raisings in June and October 2008.
London judge discharges jury in landmark Barclays Qatar case
London judge discharges jury in landmark Barclays Qatar case

- Jury discharged in landmark trial
- Reporting restrictions in place
Digital transformation to boost Saudi industrial productivity by up to 25%, says Aramco CEO

RIYADH: Integrating digital technologies is set to increase Saudi Arabia’s industrial productivity by 15 to 25 percent, according to Aramco President and CEO Amin Nasser.
Speaking during the Saudi Industry Forum in Dhahran, Nasser stated that the Kingdom’s shift into a new industrial era calls for an increased focus on digital transformation and the need to align it with proactive cybersecurity strategies.
This comes as Saudi Arabia works to solidify its position as a regional and global digital powerhouse, backed by major advances in artificial intelligence, data centers, e-government, and human capital development.
The Kingdom has emerged as the Middle East and North Africa’s largest digital economy, with a market value exceeding SR495 billion ($131.9 billion) in 2024 — equivalent to 15 percent of its gross domestic product, according to figures from the Ministry of Communications and Information Technology.
In his remarks, Nasser said: “Preliminary estimates suggest that effective integration of digital technologies could increase Saudi Arabia’s industrial productivity by 15 percent to 25 percent.”
He added: “Thanks to successive technological developments, industries will emerge over the next 10 years dominated by advanced technologies to a degree we have never seen before.”
Nasser noted that the world is undergoing profound geopolitical shifts and intensifying competition across technological, industrial, and economic domains — trends that are accelerating the transformation of Saudi Arabia’s industrial landscape.
He emphasized the need to prepare for this future, particularly as the Kingdom continues to invest in artificial intelligence, the Internet of Things, robotics, and automation.
These technologies, he explained, are aimed at more than just optimizing factory operations; they are vital for enhancing industrial productivity and ensuring operational reliability.
“At Aramco, we are working to establish a digital infrastructure that becomes an integral part of empowering the industrial sector,” Nasser said, adding: “This includes the launch of Aramco Digital Company, as well as a 450 MHz private wireless network dedicated to industrial use by the private sector.”
He continued: “Aramco Digital has also introduced an edge artificial intelligence service — AI on the Edge — designed for critical industrial facilities and complex applications, such as crowd management during Hajj.”
In the cybersecurity sphere, Aramco established Cyberani in 2021, a company focused on delivering industrial-grade solutions and software protection technologies.
“Aramco is working on projects to develop artificial intelligence platforms, data centers, and smart industrial complexes,” Nasser said.
He warned of the risks accompanying digital advancement, stating: “A technical malfunction or external interference through digital systems or control platforms could impact operations and disrupt the performance of industrial and economic facilities — especially those that do not invest sufficiently in digital protection.”
Highlighting the human element in digital security, he stated: “The most critical aspect of proactive protection systems is the development of human capabilities and deep expertise.”
Nasser concluded by stressing the importance of localizing digital supply chains and enhancing technological resilience.
“Building future Saudi industries supported by flexible supply chains, competitive costs, and excellence in artificial intelligence is essential and highly important — but it is not enough unless it is accompanied by proactive investment in digital protection,” he said.
The Saudi Industry Forum 2025, held from June 23–25 at the Dhahran International Exhibition Center, is sponsored by Eastern Province Governor Prince Saud bin Naif bin Abdulaziz.
The event aims to elevate the Kingdom’s industrial sector in alignment with Saudi Vision 2030, which seeks to diversify income sources and increase the sector’s contribution to the gross domestic product.
Egypt records 77% rise in remittances over 10 months

RIYADH: Remittances from Egyptians working abroad rose by more than 77 percent in the first 10 months of the 2024-25 fiscal year, reaching a record $29.4 billion.
Between January and April alone, remittance inflows rose 72.3 percent year on year to $12.4 billion, official data from Egypt’s central bank showed.
The sharp increase underscores growing confidence among expatriates in the country’s financial system and reflects a broader improvement in Egypt’s external financial position.
The Central Bank of Egypt attributed the surge to recent measures aimed at stabilizing the exchange rate and encouraging the use of formal remittance channels.
The impact of these policies is also evident in the rise of Egypt’s net international reserves, which climbed to $48.5 billion at the end of May, up from $47.8 billion in March.
In a statement, the central bank noted: “On a monthly basis, remittances in April 2025 increased by 39 percent year on year, reaching approximately $3 billion, compared to $2.2 billion in the same month last year.”
The rebound in remittance flows comes amid broader economic reforms pursued under an International Monetary Fund-backed stabilization program. These reforms have bolstered Egypt’s foreign currency position and helped attract more international capital.
In May, Prime Minister Mostafa Madbouly announced that Egypt recorded real gross domestic product growth of 3.9 percent during the first half of the fiscal year. Private sector investment surged by 80 percent, while foreign direct investment rose by around 17 percent.
Inflation, however, remains a key challenge. The annual urban headline inflation rate accelerated to 16.8 percent in May, up from 13.9 percent in April, driven largely by continued pressure on non-food prices.
These inflation trends come as Egypt’s broader economic landscape continues to be shaped by both domestic and global pressures. The government is navigating a delicate recovery amid external shocks, ongoing structural reforms, and efforts to manage public debt.
In February, Moody’s affirmed Egypt’s “Caa1” long-term foreign and local currency ratings with a positive outlook, citing improved debt servicing capacity, higher reserves, and falling borrowing costs.
The ratings agency noted that recent currency devaluation and flotation helped boost foreign exchange reserves and reduce debt vulnerabilities. While a “Caa1” rating denotes high credit risk, the positive outlook reflects the government’s efforts to control inflation and stabilize interest rates.
Saudi PIF launches commercial paper program to diversify funding sources

- Program will enable PIF to issue short-term debt through offshore special-purpose vehicles
- Moody’s Ratings said programs will operate under newly established special purpose vehicles
RIYADH: Saudi Arabia’s Public Investment Fund has launched its first commercial paper program, introducing a new tool to diversify its funding sources and enhance short-term liquidity management.
A commercial paper is a debt instrument used to raise short-term funding, offering faster access to funds than traditional loans. It is widely used in global financial markets, offering PIF greater flexibility in meeting its needs while aligning with its dynamic investment priorities.
The CP program will enable PIF to issue short-term debt through offshore special-purpose vehicles, enhancing its liquidity management and complementing its long-term capital-raising initiatives.
According to a press release, the initiative, which includes US and Euro CP sub-programs, has received top-tier credit ratings of Prime-1 from Moody’s and F1+ from Fitch, underscoring its strong financial standing.
PIF has consistently demonstrated its ability to pioneer new financial instruments. In 2022, it became the first sovereign wealth fund globally to issue a green bond, including a landmark century green bond, followed by a successful $3.5 billion sukuk issuance, according to the fund.

PIF’s Head of Global Capital Finance and Investment Strategy and Economic Insights, Fahad Al-Saif, emphasized the program’s role in strengthening the fund’s resilient and adaptive financial framework.
“The establishment of our CP program reflects the continued strength and depth of PIF’s capital raising strategy; one that is dynamic, resilient, and fit for purpose, aligning funding solutions with our long-term investment priorities,” he said.
In a press release, Moody’s Ratings said that the programs will operate under newly established special purpose vehicles, CPDE Investment Co. and CPNL Investment Limited.
“PIF has an excellent liquidity profile,” Moody’s said in its rating rationale, citing the fund’s cash reserves of SR106 billion ($28 billion) and undrawn credit facilities as key strengths.
According to the agency, the USCP program will support maturities of up to 397 days, while the ECP program will cover maturities of up to 364 days, with proceeds earmarked for general corporate purposes.
PIF is Saudi Arabia’s primary investment arm, tasked with advancing economic transformation under Vision 2030. Through strategic partnerships and investments, the fund aims to build future-ready industries, create employment opportunities, and promote sustainable development.
As the driving force behind Saudi Arabia’s Vision 2030, PIF has established 103 companies since 2017, fostering economic diversification and sustainability.
Saudi Vision 2030 puts government performance at heart of economic growth drive, says minister

RIYADH: Saudi Arabia’s Vision 2030 prioritizes enhancing the performance of government bodies and institutions across the public, private, and non-profit sectors, recognizing their vital role in driving economic growth, according to the Kingdom’s economy minister.
Speaking at the 7th edition of the King Abdulaziz Quality Award, Minister of Economy and Planning Faisal Alibrahim, who also chairs the award’s supervisory committee, said the initiative boosts competitiveness and strengthens the investment climate.
It also drives economic complexity and broadens the reach and quality of services both locally and globally — ultimately generating high-value jobs for the Saudi population, the Saudi Press Agency reported.
This aligns with the Kingdom’s progress in the 2024 World Competitiveness Yearbook published by the Swiss-based Institute for Management Development, which ranked Saudi Arabia 16th out of 67 of the world’s most competitive countries. The business efficiency axis, in particular, advanced from 13th to 12th place.
The overall ranking marked a one-position improvement for the Kingdom, driven by gains in business legislation and infrastructure, placing the Kingdom 4th among G20 countries.
“Today, we celebrate national institutions that have proven that institutional excellence is not a slogan, but rather a strategic choice and a consistent management approach,” Alibrahim said in his remarks during the event.
He added: “The King Abdulaziz Quality Award is not just an occasion for recognition, but rather an ongoing journey to create models, stimulate performance, and raise the ceiling of institutional ambition.”
Alibrahim highlighted the role of the Saudi National Model for Institutional Excellence, which he described as a practical tool for enhancing capabilities, improving performance, and maximizing institutional impact.
The model is a framework that promotes organizational excellence across key sectors, using the King Abdulaziz Quality Award as a benchmark.
It focuses on leadership, strategic planning, and measurable outcomes in areas like academic quality and stakeholder satisfaction, guided by scientific methods and national standards.
Prince Mohammed bin Turki bin Abdullah, secretary-general of the King Abdulaziz Quality Award, said the initiative serves as a national platform to promote positive competition and consolidates the principles of governance.
A total of 63 organizations were recognized across gold, silver, and bronze categories for their application of high standards in quality, governance, and innovation.
The gold-level government winners included the Ministry of Health, the Ministry of Human Resources and Social Development, the Saudi Industrial Development Fund, and the General Organization for Social Insurance. Other winners included the Ministry of Transport and Logistics, the Royal Commission for AlUla, and the Council of Cooperative Health Insurance.
Thirty-four entities were awarded at the bronze level following a comprehensive evaluation process that measured performance, efficiency, and commitment to continuous improvement.
Saudi Arabia’s quality award program mirrors similar efforts in more than 90 countries and reflects the Kingdom’s ambition to embed institutional excellence into its economic model.
The King Abdulaziz Quality Award is positioned as the national benchmark for organizational performance, aiming to drive sustained development across key sectors.
IMF warns US strikes on Iran could disrupt global economy

- Managing Director said IMF is closely monitoring situation in Middle East
- IMF’s April report sounded warning over weakening global economy
JEDDAH: The International Monetary Fund has warned that US airstrikes on Iran could amplify global economic uncertainty, with potential spillovers far beyond energy markets, its head told Bloomberg on Monday.
IMF Managing Director Kristalina Georgieva said that the fund is closely monitoring the situation in the Middle East, particularly the impact of the conflict on oil and gas prices and supply routes.
Georgieva’s remarks come after the US military conducted targeted strikes on nuclear facility sites in Iran, effectively involving itself in Israel’s campaign to dismantle the country’s nuclear program, despite Tehran’s threats of retaliation that could spark a wider regional conflict.
US President Donald Trump stated that Iran’s key nuclear sites were “completely and fully obliterated” and warned the country against retaliatory attacks, asserting that the US could strike additional targets “with precision, speed and skill.”
Georgieva told Bloomberg that the IMF are looking at this “as another source of uncertainty in what has been a highly uncertain environment” adding that the institution is watching for two things: “One, how would that impact risk premia for oil and gas. There has been some movement upward— how far would it go? And two: would there be any disruption in energy supplies?”
She went on: “For now, no. But let’s see how events would develop— whether either delivery routes or spillovers to other countries may occur. I pray, no.”
The development saw Brent crude briefly rising by as much as 5.7 percent to $81.40 per barrel during early Asian trading on June 23 before retreating, according to Bloomberg.
When asked whether the transmission mechanism, specifically the channels where she sees the greatest impact of the Middle East shock, is currently reflected in energy prices, the managing director confirmed that it is.
“There could be secondary and tertiary impacts. Let’s say there is more turbulence that goes into hitting growth prospects of large economies, and then you have a trigger impact in a downward revision in prospects for global growth,” she told Bloomberg.
“As you know, we have already revised downward growth projections for this year, and we will be coming up with our next projections in July.”
Georgieva continued: “What we see in the first two quarters of the year broadly confirms the picture we painted in April, and it is somewhat slower global growth, but no recession.”
The IMF’s April report sounded a warning over the weakening global economy, sharply downgrading growth forecasts from January projections.
The fund identified surging trade tensions, record-high tariff levels, and rising policy unpredictability as key threats to both short- and long-term economic stability.