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US Financial Firms Pledge $1.7 Billion to UK Ahead of Trump’s Visit

MP Peter Kyle who has been appointed to the role of Business Secretary walks towards 10 Downing Street, as part of a reshuffle by the British government following the resignation of Deputy Prime Minister Angela Rayner in London, Britain, September 5, 2025. (Reuters)
MP Peter Kyle who has been appointed to the role of Business Secretary walks towards 10 Downing Street, as part of a reshuffle by the British government following the resignation of Deputy Prime Minister Angela Rayner in London, Britain, September 5, 2025. (Reuters)
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US Financial Firms Pledge $1.7 Billion to UK Ahead of Trump’s Visit

MP Peter Kyle who has been appointed to the role of Business Secretary walks towards 10 Downing Street, as part of a reshuffle by the British government following the resignation of Deputy Prime Minister Angela Rayner in London, Britain, September 5, 2025. (Reuters)
MP Peter Kyle who has been appointed to the role of Business Secretary walks towards 10 Downing Street, as part of a reshuffle by the British government following the resignation of Deputy Prime Minister Angela Rayner in London, Britain, September 5, 2025. (Reuters)

The British government on Saturday announced over 1.25 billion pounds ($1.69 billion) in fresh investment from major US financial firms, including PayPal , Bank of America, Citigroup and S&P Global, ahead of a state visit by President Donald Trump.

The investment is expected to create 1,800 jobs across London, Edinburgh, Belfast and Manchester, and deepen transatlantic financial ties, the Department for Business and Trade said.

Bank of America will launch its first operation in Northern Ireland, creating up to 1,000 jobs in Belfast. Citigroup plans to invest 1.1 billion pounds across its UK operations, including a further commitment to growing its presence in Northern Ireland.

S&P Global will invest over 4 million pounds in Manchester, supporting 200 permanent roles, while BlackRock is expected to allocate 7 billion pounds to the UK market next year and has opened a new office in Edinburgh, nearly doubling its local workforce.

"These investments reflect the strength of our enduring 'golden corridor' with one of our closest trading partners," said Britain's trade minister, Peter Kyle.

Finance minister Rachel Reeves said the investments would "kickstart the growth that is essential to putting money in working people's pockets across every part of the United Kingdom."

The government said the deals line up 20 billion pounds in trade between Britain and the US.

Also on Saturday, the British Embassy in Washington said the countries were planning to sign a technology agreement in the coming days to bolster collaboration between their trillion-dollar tech sectors.

Trump is to fly to Britain on Tuesday for his second state visit, which is expected to last three days.

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Business

Morocco’s Royal Air Maroc Scales Back Flights Due to Fuel Costs

People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)
People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)
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Morocco’s Royal Air Maroc Scales Back Flights Due to Fuel Costs

People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)
People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)

Morocco's state-owned carrier Royal Air Maroc (RAM) said on Saturday it would temporarily suspend several routes to African and European destinations due to ‌rising jet ‌fuel prices, ‌elevated ⁠operating costs and ⁠weak demand.

Tensions in the Middle East have driven a surge in global jet fuel ⁠prices, putting ‌pressure ‌on carriers and ‌prompting temporary route suspensions.

RAM ‌will pause flights linking Moroccan airports with several African cities ‌of Bangui, Brazzaville, Kinshasa, Douala, Yaounde and ⁠Libreville, ⁠the airline said in a statement.

It will also halt flights to the European destinations of Malaga, Barcelona, Lyon, Bordeaux, Marseille and Brussels.

Business

Official: Iraq Has Not Yet Applied for an IMF Loan

A floating oil export platform in Basra port, Iraq (Reuters)
A floating oil export platform in Basra port, Iraq (Reuters)
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Official: Iraq Has Not Yet Applied for an IMF Loan

A floating oil export platform in Basra port, Iraq (Reuters)
A floating oil export platform in Basra port, Iraq (Reuters)

Financial Advisor to the Iraqi Prime Minister Mazhar Mohammed Saleh revealed on Saturday that Iraq has not yet submitted a formal request for a loan from the International Monetary Fund (IMF).

The Iraqi News Agency quoted Saleh as saying that “Iraq enjoys close relations with the IMF, and since 2003, it has concluded more than five agreements, three of which were Stand-by Arrangements, while the other agreements related to emergency support.”

Iran's war has caused significant disruptions in supply chains, especially in the energy sector, which was severely affected by a near-complete closure of the Strait of Hormuz, through which about 20 percent of global oil supplies pass.

Saleh stated that “the Fund has played a significant role in supporting the Iraqi economy over the past 23 years, especially since Iraq is now considered one of the biggest victims of the ongoing war in the region, considering that 85 percent of its oil exports pass through the Strait of Hormuz. This has caused significant harm and international concern, given that Iraq is an important and active member in the stability of the region and world markets.”

He pointed out that there is an Iraqi government team in contact with the IMF, meeting with Fund officials for consultations twice a year.

He clarified that “Iraq signed an agreement with the IMF on July 7, 2016, for a Stand-by Arrangement by providing a significant loan, which played a major role in supporting the general budget,” noting that “signing an agreement with the Fund is a matter decided by the Iraqi government, and this does not prevent consultations between the two parties, as Iraq is a member of this institution responsible for global stability.”

Saleh mentioned that “Iraq will borrow from the International Monetary Fund if the need arises, but there is no formal request from the government yet, and the current need is for the war in the region to stop, and for its geopolitical impacts on oil exports to cease.”

He added that “technical assistance from the IMF is available now, unlike the issue of financing, which requires the approval of a program by the Iraqi government.”

He explained that “the loan itself represents a reform program to support the budget or to achieve social goals, such as supporting the health and education sectors, because it is a human investment that must be subject to conditions defining expenditure directions and commitment to a reform program agreed upon by the Iraqi state and the IMF.”

Business

Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port

Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port
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Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port

Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port

The Saudi Ports Authority (Mawani) has added CMA CGM's Ocean Rise Express (OCR) shipping service to Jeddah Islamic Port, aiming to strengthen maritime connectivity between Saudi Arabia and global markets, support the smooth flow of supply chains, and increase the efficiency of port operations.

The OCR service will connect Jeddah to key international ports, including Kobe, Nagoya, and Yokohama in Japan; Xiamen, Yantian, and Nansha in China; Rotterdam in the Netherlands; Hamburg in Germany; and Southampton in the United Kingdom.

The route will utilize vessels with a capacity of up to 10,000 TEUs, according to SPA.

This addition aligns with Mawani’s efforts to enhance Jeddah Islamic Port’s global competitiveness and support international trade.

By enabling access to new markets, the initiative reinforces the Kingdom's position as a global logistics hub in line with the National Transport and Logistics Strategy and Saudi Vision 2030.