Prime Minister's Adviser on Finance and Planning Rashed Al Mahmud Titumir has said Bangladesh aims to emerge as a global manufacturing hub and export gateway by developing stronger regional production networks as part of its strategy for economic development.

In this regard, he said, cooperation between Bangladesh and Pakistan could set a new example, proposing the establishment of integrated production networks linking South Asia, Southeast Asia, the Middle East and North Africa.

Titumir made the remarks while addressing the inaugural session of the four-day 29th Sustainable Development Conference as the guest of honour in Islamabad, Pakistan, on Monday, according to a press release issued by the Ministry of Finance today (3 November).

The conference was organised by the Sustainable Development Policy Institute (SDPI).

He stressed that developing countries should attract investments that build domestic capacity, facilitate technology transfer and create employment opportunities.

The adviser also said Bangladesh planned to increase public spending on education from around 2% of GDP at present to 5% by 2030.

He said Bangladesh was working to develop stronger production networks with other South Asian countries to restore normal production flows and address the long-term adverse effects on global manufacturing structures.

Titumir said the initiative could play an important role in promoting inclusive and sustainable development across South Asia.

Referring to the ongoing global economic slowdown, he said the government was implementing social safety net programmes, including the Family Card and Farmers' Card initiatives, to ensure balanced development.

The adviser expressed hope that such measures would help Bangladesh overcome the prolonged economic crisis and poverty arising from war, energy shortages and the misrule of the previous government.

Pakistan's Federal Minister for Planning, Development and Special Initiatives Prof Ahsan Iqbal presented the keynote paper at the conference.

The four-day event features around 50 panel and plenary sessions, with more than 300 development experts and prominent figures from political and social spheres expected to participate. Over 100 of the participants are women.

Delegates from South Asia, Southeast Asia, China and other parts of the world are taking part in the conference.

After attending the event, Titumir visited the newly constructed Bangladesh Chancery Complex in Islamabad and exchanged greetings with officials and employees of the Bangladesh High Commission.

He also planted a sapling of a jamun tree on the chancery premises.

During his visit, the adviser held separate meetings with Pakistan's Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, Ahsan Iqbal, Federal Minister for Energy Ali Pervaiz Malik, and Prime Minister's Adviser on Industries and Production Haroon Akhtar Khan.

The meetings discussed opportunities for exchanging experiences and strengthening mutual cooperation in addressing challenges in areas of shared interest.

After a two-year IPO drought, six companies have applied to raise a combined Tk612 crore from the capital market, including Scandex (BD), which would become the first 100% export-oriented garment manufacturer to go public in seven years.

The apparel maker, which exports T-shirts for men, women and children, has sought to raise Tk55 crore through an initial public offering (IPO), mainly to expand its factory and purchase machinery.

The last 100% export-oriented garment manufacturer to raise funds through an IPO was Ring Shine Textile, which secured Tk150 crore in 2019. However, the company has since struggled to keep its business running amid multiple challenges.

Several garment manufacturers raised funds from the capital market between 2014 and 2017 to expand their businesses, according to regulatory data. But no RMG company launched an IPO after Ring Shine until Scandex's recent application.

Scandex has proposed an offer price of Tk13 per share, comprising a Tk10 face value and a Tk3 premium.

Tk55cr IPO plan for Scandex

Scandex (BD) Ltd, incorporated in 2001, is a 100% export-oriented ready-made garment manufacturer with its factory in Savar, Dhaka.

The company has an authorised capital of Tk150 crore and paid-up capital of Tk75.60 crore.

Its product portfolio includes men's, women's and children's T-shirts, including round-neck, V-neck and long-sleeved varieties, as well as hoodies with kangaroo pockets.

Scandex currently has the capacity to produce around 15 lakh pieces a month. Its annual production rose from approximately 35 lakh pieces in 2019 to 1.70 crore in 2026, according to its prospectus.

IPO pipeline expands to Tk612cr

The prolonged IPO drought, which began in 2024, reflected economic uncertainty, global headwinds and reluctance among businesses to raise expansion funds from the capital market. The political transition in August 2024 was followed by a review and overhaul of public-offer regulations.

Following the introduction of revised rules that eased several requirements and procedural complexities, companies have begun returning to the market to raise capital.

Six companies have so far applied to the stock exchanges to raise a combined Tk612 crore – five through the fixed-price method and one through book-building.

Confidence Power and Energy has sought Tk400 crore through book-building, while five other companies have applied under the fixed-price method: Scandex (BD) for Tk55 crore, Alliance Finance for Tk34.65 crore, Parkway Packaging and Printing for Tk78 crore, Digicon Technologies for Tk30 crore and Protective Islami Life Insurance for Tk15 crore.

Alliance Finance

Alliance Finance, a financial institution licensed by Bangladesh Bank, was incorporated in 2003 as Alliance Leasing & Finance Company Ltd but began commercial operations in 2017.

It was established by local corporate sponsors and individual entrepreneurs, including representatives of Summit Group, Rangs Group, Alliance Holdings Ltd, Green Delta Insurance Company Ltd and Concept Knitting Ltd.

Its major shareholder is People's Leasing & Finance PLC, a subsidiary of People's Bank, Sri Lanka's largest state-owned bank.

According to its prospectus, the partnership combines local market knowledge with Sri Lankan financial-sector experience to support the company's goal of providing innovative, customer-oriented financial services in Bangladesh.

Confidence Power seeks Tk400cr

Confidence Power and Energy PLC has applied to the capital market regulator and stock exchanges to raise Tk400 crore through an IPO, marking a major development after more than two years without a book-building issue.

The power-sector company submitted its application after holding a 10-day roadshow as part of its IPO preparations, according to sources.

Techno Drugs was the last company to raise funds through book-building, securing Tk100 crore in early 2024. No further IPO applications were submitted following the fall of the Awami League-led government in August that year, as the capital market regulator also reviewed and amended the public-offer rules.

Under the revised rules, Confidence Power has set an indicative share price of Tk242. Eligible investors participating in the bidding process can place bids within a band of 25% above or below that price to determine the cut-off price.

The company plans to use the proceeds to develop two 100MW (AC) grid-connected solar power plants – one in northern Cox's Bazar and the other in Mongla, Bagerhat – and partially repay its bank loans.

According to its prospectus, 83% of the proceeds will go towards land purchases and civil construction for the projects, 15% towards loan repayment and the remaining 2% towards IPO-related expenses.

Parkway Packaging seeks Tk78cr

Parkway Packaging and Printing Ltd, a concern of DBL Group, has applied to raise Tk78 crore through an IPO, offering shares at Tk40 each, including a Tk30 premium over the Tk10 face value.

The company plans to issue 1.95 crore shares under the fixed-price method and list on the stock market's main board.

The proposed IPO would make Parkway Packaging one of the few companies to seek a premium through the fixed-price method. Dorin Power Generations and Systems last used this approach in 2016, raising Tk58 crore with a Tk19 premium per share.

According to its proposed IPO prospectus, Parkway Packaging plans to spend Tk65 crore on factory buildings and infrastructure, Tk10.65 crore on machinery and equipment, and Tk2.35 crore on IPO-related expenses.

Businesses are divided over whether Washington should propose new tariffs on Vietnamese goods this month, with Tesla and Samsung not in favour, while others have called for penalties, submissions to the US government show.

The Trump administration has set a November 29 deadline to conclude a trade probe launched in May over the Southeast Asian nation's alleged intellectual property violations. It designated Vietnam as a priority foreign country, the first jurisdiction in 13 years to be added to the most serious US watchlist category.

The US has accused Vietnam of a persistent failure to resolve long-standing concerns about IP protection and enforcement. A separate probe into alleged excessive capacity is also underway. Vietnam has urged Washington to conduct its investigations objectively. It is not clear if any tariffs linked to IP violations would be general or sector specific.

The US currently levies a general 12.5 percent tariff on Vietnamese goods that was imposed in July after an investigation into alleged failures to prevent imports of goods made with forced labour. Vietnam, long accused of being a transit hub for Chinese goods, faced 20 percent tariffs after Trump's Liberation Day, which were struck down by the Supreme Court. Many economists have said the objective of the Trump administration is to reimpose at least the same level of tariffs that the Supreme Court abolished.

Electric car maker Tesla urged the US Trade Representative to take into account the supply chain needs of American manufacturers. Some advanced components and precision manufacturing equipment cannot be sourced domestically despite major investments in US production, it said in comments sent on July 2. Samsung's US unit made a similar argument, noting Vietnam produces a significant share of Samsung's smartphones and network equipment for the US market. The South Korean company is Vietnam's largest foreign investor, having invested about $25 billion there.

Retail groups and trade associations representing industries with extensive manufacturing operations in Vietnam, including footwear, apparel and makers of consumer goods such as bikes or video game consoles, also opposed additional tariffs. Vietnam's exports to US surged 42 percent in the first eight months of this year compared to the same period in 2025, making it the US trading partner with the largest goods surplus ahead of China and Mexico. That compares with its position as the fourth-biggest at the end of 2025.

Industry groups representing US producers of steel, seafood, plywood, solar panels and wood products accused Vietnam of unfair practices and called for new tariffs. Copyright holders such as software, film and music industry groups urged Washington to secure concrete commitments from Vietnam to combat widespread piracy.

The Business Software Alliance, whose members include Microsoft, Oracle and IBM, said about three-quarters of software installed on personal computers in Vietnam was unlicensed, citing a 2017 survey. It criticised what it described as inadequate enforcement, despite repeated commitments by Vietnam to address the issue.

The Motion Picture Association said Vietnam was a major hub for online piracy, hosting websites distributing stolen film and television content that attracted over 12.5 billion visits worldwide last year. It called for stronger enforcement and improved market access for legitimate streaming services.

India may be the world’s fastest-growing major economy, but its stock market is among the worst performers in emerging markets. That’s because economic growth has not translated into corporate earnings growth. The question is whether that will change.

GDP growth doesn’t drive share prices; earnings do. Over the last five quarters, India’s real GDP growth has hovered between 7.7 percent and 8.6 percent. This reflects initiatives to support consumption and investment, including personal-income and goods-and-services tax cuts, and higher spending on roads, railways, power and urban infrastructure.

Yet the country’s Sensex index has risen only 8 percent in that period and is down roughly 15 percent this year through October. The disconnect comes down to one thing: sluggish earnings. The trajectory of Indian equities since 2001 looks less like a steady climb and more like a step function.

From 2003 to 2007, the FactSet Market Index for India grew at a compound annual growth rate (CAGR) of 54 percent. This was driven by robust underlying earnings growth of 32 percent a year, featuring a capex boom and favourable global liquidity. Over the next 12 years, earnings — and the equity market — stagnated as indebted companies cut investment after the global financial crisis, while demonetisation, the GST rollout and a 2018 liquidity crisis among non-bank lenders disrupted growth and credit.

The next leap came between early 2020 and mid-2024, when the market compounded at 34 percent a year as corporate earnings grew by 18 percent annually, driven by a revival in bank lending, public capital spending, investment incentives, lower corporate tax rates, and a post-pandemic surge in technology-services demand.

But momentum reversed sharply in late 2024. Earnings growth has remained in the single digits after years of unusually strong gains, as growth normalised and higher energy and industrial-input costs squeezed margins. That weakness has coincided with a more than 20 percent decline in the index, according to FactSet. An AI-driven earnings boom in North Asia made India’s earnings-per-share (EPS) growth look especially pedestrian.

India’s GDP growth since mid-2025 was driven largely by government spending on infrastructure and a surge in private consumption, fuelled by the country’s 2025 tax cuts. But these efforts could not offset margin pressure from local and global forces. Raw-material prices spiked, exacerbated by conflicts in the Middle East and between Russia and Ukraine. Indian companies have struggled to pass these costs on because of limited pricing power.

Since October 2024, the spread between retail and wholesale inflation — a key indicator of manufacturers’ pricing power — has narrowed as higher energy, input and transport costs lifted wholesale prices, while weak demand and intense competition constrained companies’ ability to pass those costs on.

Consumer durables and staples have been among the hardest hit. EBITDA margins in consumer durables fell to 7.4 percent in the September quarter, from 11.7 percent two years earlier, according to FactSet. Exposed companies include appliance and electrical-goods makers Havells India and Voltas, as well as jewellery and watchmaker Titan.

Staples groups, including Hindustan Unilever and Godrej Consumer Products, have struggled to pass higher costs on to price-sensitive consumers. AI is also pressuring India’s flagship technology services sector. Margins are down modestly, to 21.17 percent from 22.37 percent two years earlier, but are expected to fall further as AI reshapes demand for traditional outsourcing.

Can corporate India pull itself out of this earnings slump? Some sectors are gaining momentum. In financials, bank credit growth accelerated from 9 percent year-on-year in May 2025 to 19.4 percent in September, pointing to stronger revenue growth for lenders such as ICICI Bank and State Bank of India.

The pickup is driven by digital expansion, consumer borrowing, and ongoing infrastructure investment — not solely by government programmes. Meanwhile, an interest-rate hike cycle, which many economists anticipate given elevated inflation, could widen net interest margins. Industrials and technology hardware are also experiencing strong earnings growth, both benefiting from the massive infrastructure and energy capacity buildouts, as well as the data-centre boom. Overall, Indian earnings are expected to record a CAGR of 16.5 percent over 2027 and 2028, according to FactSet consensus estimates.

Importantly, FactSet projects this growth will outpace Asian earnings by 2028, as rapid expansion at North Asian technology leaders — including Samsung Electronics, SK Hynix and Taiwan Semiconductor Manufacturing — slows. India’s sharpest market downturns, in 2010–13 and 2024–26, coincided with domestic earnings trailing the wider region. A reversal of this trend would boost domestic stocks.

For investors, however, the Indian market remains risky. There’s no guarantee that forward earnings estimates will not be downgraded, as they were over the past two years. One positive sign is that consensus EPS estimates for 2026 and 2027 have held flat through the Iran war even as energy prices have spiked, highlighting expectations of resilience. If the war subsides and commodity prices abate, Indian earnings could surge further, potentially boosting equities.

Conversely, if the conflict drags on, higher commodity prices could further weaken earnings. Ultimately, India’s outperformance will depend on the successful translation of economic momentum into corporate profits. Otherwise, the market could continue to test investors’ patience, which is already wearing thin.

Labour leaders believe an announcement by December on a new minimum wage for garment workers, with the revised pay taking effect from January, could help restore normalcy in industrial areas amid ongoing wage protests and violence.

They raised the proposal with the government at a meeting with the home and labour ministers at the Secretariat today (2 November), according to sources familiar with the discussion.

The labour ministry is also positive about expediting the wage-setting process. While some garment manufacturers oppose an early announcement, others are not opposed to it.

They also favour communicating the proposed timeline to workers soon, Babul Akter, workers' representative on the wage board, said at the meeting, sources said.

After the meeting, Babul told The Business Standard, "I don't know what the owners will decide. But whatever happens, we will work to ensure that the new wage is announced by December and workers receive it from January."

A senior labour ministry official, seeking anonymity, told TBS, "We have informally asked the wage board to submit its proposal by December, if possible."

Salahuddin Shopon, president of the IndustriAll Bangladesh Council, who attended the meeting, said they had urged the wage board to meet quickly to facilitate an announcement by December.

"If workers receive a message that a new wage will be announced by December, it will play a positive role in normalising the situation," he told TBS.

Earlier today, Babul also told a press conference that the wage board should not delay the process in the name of holding meetings.

He called for consecutive meetings, even at night if necessary, to ensure the new wage is announced by December and workers receive it from January.

Labour Secretary Md Abdur Rahman Tarafder told TBS that the ministry could not set a deadline for the wage board as it was an independent body. "However, we will try to ensure that it submits its recommendations as soon as possible," he said.

A senior Bangladesh Garment Manufacturers and Exporters Association (BGMEA) leader, speaking on condition of anonymity, said December would be a reasonable time for the announcement as the existing minimum wage would complete three years that month.

"However, the announcement must come from the wage board," he said, adding that although the law allows the board up to six months to submit its proposal, it could reach a unanimous decision after just two meetings without violating the law.

Mohammad Hatem, president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said the industry was not in a position to implement a new wage by December.

He explained that manufacturers needed time to negotiate new prices with international buyers based on the revised wage structure.

The current minimum monthly wage for garment workers is Tk12,500. Workers have been protesting, demanding an increase to Tk30,000.

The existing minimum wage came into effect in December 2023. As the labour law provides for a wage review every three years, the current rate will complete its three-year term in December.

The country's benchmark stock index fell to a five-month low today (2 November) as investors remained cautious amid ongoing third-quarter earnings disclosures and rising domestic and global uncertainties, triggering widespread sell-offs.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), dropped 51 points to close at 5,333, while the blue-chip DS30 index declined 26 points to settle at 2,042, dragged down by sharp losses in major heavyweight stocks.

Investor sentiment remained weak throughout the session, with risk aversion discouraging fresh investments amid a lack of positive market catalysts.

Turnover on the Dhaka bourse fell 13% to Tk418 crore from the previous session, reflecting subdued investor participation.

Sector-wide selling pressure swept the exchange, resulting in 249 issues declining, 86 advancing, and 51 remaining unchanged by the end of the day.

Market analysts at EBL Securities highlighted that the equity market suffered another bruising session as persistent caution surrounding corporate financial disclosures continued to weigh heavily on investor sentiment, while a lack of positive triggers kept buyers on the sidelines.

Brokerage firm Sheltech Brokerage noted that the index breached key support levels amid compounding anxieties including domestic business concerns stemming from recent RMG worker protests, geopolitical tension in the Middle East following US midterm elections, and mixed Q3 earnings announcements.

Sectoral activity saw textile stocks dominating liquidity with a 24.2% share of overall daily turnover, followed by general insurance at 13.1% and mutual funds at 10.5%.

However, sectoral returns were overwhelmingly negative, food stocks led the sector-wise decline with a 3.8% drop, while mutual funds and paper sectors both contracted by 2.4%. The textile sector managed a modest 0.7% gain, standing out as the sole gaining sector on the bourse.

On the stock-specific front, Prime Textile led the gainers' chart with a 9.77% surge, followed by Silva Pharma gaining 8.82%, Union Capital jumping 8.16%, Usmania Glass rising 7.95%, and Agrani Insurance advancing 7.40%.

Conversely, mutual funds dominated the losers' board, with CAPM IBBL Mutual Fund shedding 8.07%, First Janata Bank Mutual Fund falling 5.71%, Gemini Sea Food dropping 5.50%, IFIC First Mutual Fund losing 5.41%, and market giant BAT Bangladesh sliding 5.37%.

Meanwhile, trading activity was heavily concentrated in Evince Textile, Matin Spinning, Phoenix Finance First Mutual Fund, Envoy Textile, and BRAC Bank, which emerged as the top traded stocks of the day.

GQ Ball Pen Industries Limited, maker of the once-popular Econo-branded ballpoint pen, returned to profit in the July-September quarter of FY27, posting earnings per share (EPS) of Tk0.06, compared to loss per share of Tk0.51 in the same period a year earlier.

According to financial disclosures filed with the Dhaka Stock Exchange (DSE), the turnaround was driven mainly by non-operating income rather than core manufacturing activities.

Income from capital market investments, interest earnings on Fixed Deposit Receipts (FDRs) and rental receipts from GQ Shefali Tower in Uttara helped offset substantial operating losses, the disclosure said.

The company incurred a significant operating loss during the quarter, primarily due to a sharp rise in raw material and production costs. However, non-operating income pushed its bottom line into positive territory.

Despite the earnings recovery, cash flow deteriorated, with net operating cash flow per share turning negative at Tk0.06 in the first quarter of FY27, compared with Tk0.43 in the corresponding period of the previous year.

Meanwhile, net asset value (NAV) per share stood at Tk142.07 as of 30 September 2026, down from Tk143.60 on 30 June 2026.

Following the price-sensitive disclosure on Monday, GQ Ball Pen shares fell 1.14% to close at Tk597.90 on the DSE.

The quarterly recovery follows a broader turnaround in FY26, when the company broke nine consecutive years of net losses to post an annual profit of Tk1.31 crore.

Rewarding shareholders for the recovery, the board recommended a 12.5% cash dividend for FY26, up from 10% in FY25. The annual general meeting is scheduled for 30 November, following the record date on 4 November.

Most listed banks posted higher profits in the nine months through September this year, compared to the same period last year, buoyed by handsome returns from government securities.

Market analysts attributed the strong performance to the banks' relatively low volumes of non-performing loans (NPLs), high returns from Treasury investments and ability to mobilise deposits through good governance and public trust.

By contrast, several lenders reported substantial losses during the period as poor asset quality, weak investment income and mounting bad loans forced them to set aside large sums in provision against potential loan losses.

Of the 31 listed banks, excluding five merged banks, 17 reported year-on-year profit growth in the January-September period, while seven saw their profits decline. Two managed to narrow their losses, four sustained higher losses, and one slipped into the red during the period.

According to financial statements, BRAC Bank, Pubali Bank, City Bank, Prime Bank, Eastern Bank, Dutch-Bangla Bank and Jamuna Bank were among the major profit earners during the period.

Akramul Alam, head of research at Royal Capital, said banks with surplus liquidity had prudently invested their excess funds in Treasury bills and bonds, generating handsome returns.

"As private-sector credit demand remained weak amid persistent economic uncertainties, highly liquid banks preferred to invest excess funds in risk-free government securities," he said.

Investment opportunities have shrunk amid the economic slowdown following the political changeover in August 2024.

Private-sector credit growth stood at 4.75 per cent in August this year, reflecting waning business confidence and tighter lending conditions.

Mr Alam said well-performing banks had also been able to keep operating costs down and mobilise deposits at relatively lower costs because of their strong market reputation.

Strong performers

BRAC Bank's profit climbed 38 per cent year-on-year to Tk 21.21 billion, the highest in January-September among listed banks, supported by substantial income from government securities and higher interest income.

The bank delivered strong results across profitability, operating efficiency and balance-sheet expansion, underpinned by diversified businesses, sound governance and a customer-focused strategy.

Notably, its nine-month profit surpassed its full-year earnings in 2025, as consolidated interest income surged 26 per cent year-on-year during the period.

BRAC Bank's non-performing loan ratio stood at 2.27 per cent at the end of September, reflecting relatively strong asset quality.

Consolidated return on equity (RoE) and return on assets (RoA) stood at 20.28 per cent and 1.65 per cent, respectively.

Customer deposits exceeded the Tk 1.03 trillion mark, while loans and advances reached Tk 779.47 billion at the end of September.

"Continued customer confidence has enabled us to deliver growth well above the market while maintaining one of the industry's strongest asset quality indicators," said Tareq Refat Ullah Khan, managing director of BRAC Bank, in a statement.

Pubali Bank reported a 74 per cent year-on-year growth in profit to Tk 15.84 billion in the nine months through September, driven by higher investment income, commission, exchange and brokerage earnings.

"This significant improvement demonstrates the bank's focus on high-yield lending, diversification of fee, commission and investment income, cost optimisation and digital transformation," the bank said in its earnings note.

Its customer deposits also crossed the Tk 1 trillion mark for the first time, reaching Tk 1.10 trillion at the end of September.

Mr Alam said financially stronger and trusted banks had also benefited from a migration of deposits away from weaker lenders.

Despite a decline in third-quarter profit, City Bank reported a 20 per cent year-on-year growth in earnings to Tk 8.68 billion in January-September, riding on higher commission and fee income, alongside improved net interest and investment earnings.

Prime Bank's profit rose 9 per cent to Tk 6.85 billion in the nine months to September, despite a sharp contraction in net interest income.

Its net interest income plunged 64 per cent to Tk 1.36 billion, while investment income jumped 34 per cent to Tk 16.32 billion in the nine months through September.

NRB Bank returned to profitability, posting a profit of Tk 102 million in January-September against a loss of Tk 1.39 billion in the same period last year, mainly due to a substantial reduction in provisioning.

The bank's total provision fell to Tk 528 million in September from Tk 2.37 billion a year earlier.

Struggling lenders

Islami Bank Bangladesh, IFIC Bank, National Bank, Rupali Bank and Premier Bank reported substantial losses in January-September, indicating the increasing pressure they were facing from poor asset quality and negative net interest income.

Several of these lenders have struggled with deteriorating asset quality, as the extent of financial irregularities and bad loans became more apparent following the political changeover in 2024.

Irregular lending practices left some banks saddled with large volumes of toxic assets, while their weak financial positions constrained their ability to maintain adequate provisions against bad loans.

Islami Bank reported a loss of Tk 32.86 billion in the nine months through September, as its net interest income turned negative by Tk 18.28 billion, compared with a positive Tk 998 million in the same period last year.

The bank, however, said its management had undertaken various measures in line with recent guidance from Bangladesh Bank to strengthen its capital base, improve asset quality, intensify investment recovery and enhance income generation.

"These measures are expected to contribute positively to the bank's future earnings," it said in its earnings note.

IFIC Bank also reported a loss of Tk 25 billion during the period, with its net interest income turning negative by Tk 22.88 billion, compared with a negative Tk 16.16 billion in the same period last year.

National Bank also endured a loss of Tk 30 billion in January-September, up from Tk 14.5 billion in the corresponding period last year.

"If a bank has high bad loans, it cannot earn interest from those. Moreover, it has to keep provisions for those bad loans from its profit, hurting the bottom line," said Akramul Alam of Royal Capital.

Private-sector credit growth fell to a historic low of 4.17 per cent in September 2026 amid a prolonged slowdown in economic activity.
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Private-sector credit growth has remained below 5.0 per cent for seven consecutive months, as demand for loans has weakened mainly due to inadequate energy supplies and geopolitical tensions, according to bankers.

They also said most banks had become cautious about approving fresh loans to avoid repayment risks amid a rise in non-performing loans (NPLs) across the banking sector.

The private sector credit growth came down to 4.17 per cent in September 2026 on a year-on-year basis from 4.75 per cent a month ago, according to the central bank's provisional data.

It was 2.63-percentage points lower than the Bangladesh Bank (BB) target of 6.80 per cent for the first half (H1) of current fiscal year (FY) 2026-27.

Actually, the private sector credit growth stood at 4.72 per cent in March, 4.75 per cent in April, 4.98 per cent in May, 4.47 per cent in June, 4.62 per cent in July, and 4.75 per cent in August, the BB data showed.

A banker with 36 years of experience, who served as a senior executive at a leading private commercial bank, told The Financial Express (FE) that he had never witnessed such low private-sector credit growth.Financial News Subscription

He also said the slowdown had persisted despite the ongoing implementation of a Tk 600-billion stimulus package.

The central bank had announced the stimulus package aimed at reviving economic activities and supporting businesses affected by the prolonged slowdown.

Besides, the banking regulator has already taken several measures to encourage banks to resume lending, including facilities for loan rescheduling and restructuring.

Despite these measures, banks and private-sector entrepreneurs have yet to regain sufficient confidence to significantly expand lending and investment, the senior banker explained.

"We cannot expand our loan portfolios to the expected level, mainly due to a shortage of creditworthy borrowers and an unfavourable investment climate," the private banker noted.

Talking to The FE, a senior central banker described the situation in Bangladesh as a 'credit crunch', mainly driven by the high volume of NPLs.

The classified loans in the country's banking sector ballooned to Tk 6.06 trillion as of June 2026, accounting for 32.78 per cent of the entire loans worth Tk 18.50 trillion disbursed by all scheduled banks.

The central banker also said fresh credit growth was negative at most banks, indicating their inability to expand lending.

"A coordinated approach is needed to accelerate private-sector credit growth," he noted.

"Private sector credit growth has fallen below 5.0 per cent, the lowest in more than three decades," Md Touhidul Alam Khan, Managing Director & Chief Executive Officer (CEO) of NRBC Bank PLC told The FE while replying to a query.

Dr. Khan also said this is the outcome of several interlinked factors: persistent gas and power shortages that prevent industries from operating at full capacity, weak domestic and export demand that has curbed appetite for fresh investment, low capacity utilisation in large manufacturing that has reduced borrowing needs, and a cautious banking sector weighed down by high lending rates and a large volume of NPLs.

The government has approved the final draft of a mutual legal assistance agreement in criminal matters with Hong Kong to help recover money and assets laundered out of Bangladesh.

The Cabinet approved the draft at a meeting chaired by Prime Minister Tarique Rahman at the Secretariat today (2 November) following a proposal from the home ministry.

Once signed, the agreement will allow Bangladesh and Hong Kong to exchange information, documents and evidence and provide legal assistance in criminal investigations and judicial proceedings, particularly in tracing and recovering illicit assets.

According to a ministry press release, the draft was received from the Hong Kong Special Administrative Region government on 14 May 2025. Following bilateral discussions and legal vetting, Hong Kong's Department of Justice agreed to the final draft on 17 October this year.

Bangladesh currently has similar bilateral agreements with India, signed in 2010, and South Africa, signed in 2019. The proposed agreement with Hong Kong will take the number to three.

The government has identified 10 countries and territories as priorities for recovering laundered money: United States, United Kingdom, Canada, Switzerland, Australia, Thailand, UAE, Singapore, Malaysia and Hong Kong. Malaysia, Hong Kong and UAE have expressed willingness to sign bilateral agreements.

On 21 April, Finance Minister Amir Khosru Mahmud Chowdhury told parliament that Bangladesh had sent mutual legal assistance requests to 23 countries, with another 21 in process. The requests seek information on overseas assets and assistance in enforcing court orders to seize and freeze them.

$234bn siphoned abroad in 15 years

An estimated $234 billion was illegally transferred out of Bangladesh between 2009 and 2023, according to figures presented in parliament by Tarique Rahman on 1 April, citing findings of the white paper committee formed by the interim government.

The average annual outflow was around $16 billion, equivalent to Tk1.8 lakh crore.

The government has identified 11 priority cases and formed 11 joint investigation teams led by the Anti-Corruption Commission (ACC), involving officials from the Criminal Investigation Department, National Board of Revenue's Central Intelligence Cell and Customs Intelligence and Investigation Directorate.

As of 25 March 2026, court orders had frozen and seized assets worth Tk57,168.09 crore domestically and Tk13,278.13 crore abroad, totalling Tk70,446.22 crore.

A total of 141 cases have been filed to recover laundered money. Chargesheets have been submitted in 15 cases, while verdicts have been delivered in six.

Court orders seizure of assets in Hong Kong

In a separate case, a Dhaka court has ordered the seizure of assets and freezing of bank accounts belonging to Nassa Group Chairman and former Exim Bank chairman Nazrul Islam Mazumder, his son Walid Ibn Islam and daughter Anika Islam in Hong Kong.

The order was issued on 9 September following an ACC application.

The ACC alleges that around Tk35,000 crore was fraudulently taken from 26 banks and laundered to the UK, Isle of Man and Hong Kong.

Investigators identified the three as beneficial owners of Hong Kong-based China Supreme Limited, which maintains an account with the Bank of East Asia.

The ACC sought the order, fearing assets purchased with illicit funds could be transferred elsewhere. However, the amount specifically transferred to Hong Kong has not been disclosed.

Acting Foreign Minister Humaiun Kobir met with UK Foreign Secretary Ed Miliband on the sidelines of the Commonwealth Heads of Government Meeting (CHOGM) in St John's, Antigua and Barbuda, yesterday (2 November).

During the meeting, the two ministers expressed satisfaction over growing bilateral relations, marked by strong exports of Bangladeshi goods to the UK market and British investment in Bangladesh, according to a press release issued by the Ministry of Foreign Affairs.

They also discussed Bangladesh's agreement to purchase Airbus aircraft for its national carrier, the release said.

Both sides agreed to extend reciprocal support in multilateral forums on various issues, including climate change, safe, orderly and regular migration, and humanitarian assistance.

UK Foreign Secretary Ed Miliband thanked Bangladesh for hosting around one million forcibly displaced Myanmar nationals and assured continued British humanitarian support for Rohingya refugees.

During the meeting, Humaiun Kobir also conveyed an invitation from Prime Minister of Bangladesh to his British counterpart to visit Bangladesh at a mutually convenient time, the press release added.

Bangladesh received US$11,687 million in workers' remittances during the period from July 1 to November 1, 2026, marking a 14.7 per cent year-on-year growth compared to US$10,192 million received during the corresponding period of the previous fiscal year.

The country received US$222 million in remittances on November 1, 2026, significantly higher than US$43 million recorded on the same date in 2025, reports BSS.

The robust growth in remittance inflows reflects the continued contribution of expatriate Bangladeshis to the national economy and provides support to the country's foreign exchange reserves and external sector stability.

Forty-three companies and startups will showcase American products, services and technologies at the 30th US Trade Show 2026, scheduled to take place in Dhaka from November 5 to 7.

Organised by the American Chamber of Commerce in Bangladesh (AmCham), in association with the US Embassy in Dhaka, the three-day exhibition will be held at the InterContinental Dhaka, with 63 booths representing a diverse range of industries.

The exhibition will remain open from 10am to 8pm daily. Visitors can register online for a three-day pass, according to a press release. Syed Mohammad Kamal, president of AmCham, shared the details at a press conference in Dhaka yesterday.

The exhibition will remain open from 10am to 8pm daily. Visitors can register online for a three-day pass
This year’s event holds special significance as AmCham celebrates its 30th anniversary, marking three decades of promoting trade, investment and commercial cooperation between Bangladesh and the United States.

For the first time, the exhibition will have dedicated sector-based zones covering power and energy, ICT and the digital economy, banking and financial services, fast-moving consumer goods, manufacturing and logistics, education and development, and agribusiness. A separate startup zone will showcase emerging enterprises.

The event will also feature a carnival zone, where visitors can purchase products directly from exhibitors, and a heritage corner highlighting the trade show’s evolution and its contribution to Bangladesh-US commercial relations.

Alongside the exhibition, six thematic seminars will bring together policymakers, industry leaders and experts to discuss Bangladesh’s economic priorities and emerging opportunities. Topics will include power and energy, healthcare and medical technology, ICT and the digital economy, women’s leadership, investment opportunities in the United States through SelectUSA, and Bangladesh-US trade.

Business delegations from other American trade bodies will also attend to explore investment prospects, engage with local businesses and identify commercial partnerships.

The exhibition is expected to attract 10,000 to 15,000 visitors over three days, providing a platform for business networking, technology exchange and investment promotion, while strengthening economic cooperation between Bangladesh and the United States.

The Chittagong Port Authority (CPA) has extended its contract with local operator Saif Powertec Limited by three weeks to run the Chittagong Container Terminal (CCT), after the existing six-year agreement expired yesterday.

The authority’s traffic department issued a circular on Sunday extending the contract by three weeks, CPA Secretary Syed Refayet Hamim told The Daily Star.

The authority would assess the situation during this period before deciding on the next course of action, he said.

The extension is intended to keep container handling and other operations running smoothly while the authority finalises the process of appointing a new operator, sources said.

The development comes as the shipping ministry last month initiated a review of a proposal by Saudi firm Red Sea Gateway Terminal International (RSGTI) to operate the terminal.

On October 19, the CPA had asked Saif Powertec to remove its machinery, equipment and structures from the terminal and settle outstanding salaries, allowances and other dues of its workers and employees upon the completion of the six-year contract.

However, the CPA’s traffic department sent another letter to the company on November 1, requesting it to continue operating the terminal for three more weeks from November 2, sources said.

The letter said the extension was necessary as the process of appointing a new operator was still underway.

CPA officials said the handover to RSGTI under a public-private partnership arrangement might take more time to complete.

Saif Powertec began operating the CCT and New Mooring Container Terminal (NCT) in 2007.

The CPA ended the company’s contract to operate the NCT in July last year and appointed Bangladesh Navy-owned Chittagong Dry Dock Limited as an interim operator. It later signed a 15-year concession agreement with UAE-based DP World to operate and maintain the terminal.

The port authority has already decided not to renew Saif Powertec’s long-term contract for the CCT.

Canadian Prime Minister Mark Carney on Sunday said he had a "good conversation" with US President Donald Trump on the two countries' fraying trade ties, after Washington imposed wide-ranging tariffs on its northern neighbor.

Carney said on social media that the latest talks built on "recent constructive discussions on the outlines of a mutually beneficial trade deal."

"Our teams will now be working in the coming weeks to deliver that outcome," he said.

In his second term, Trump has upended global trade by imposing tariffs on friends and foes alike, with Canada -- one of the United States' biggest trading partners -- often in his crosshairs.

High-level trade talks between the two countries broke down in August, prompting Trump to impose a host of new levies -- some of which he has lifted ahead of crucial US midterm elections.

Affordability is a key issue for voters, and Trump's tariffs have fuelled inflation across the country.

The tariffs -- enforced after the August talks broke down -- impacted around $20 billion worth of goods, ranging from hockey sticks to cement.

In response, Canada imposed levies on an equivalent amount of American products, leading Trump to retaliate with another round of tariffs of as much as 50 percent on certain goods.

Trump last week said he expected a new trade agreement with Canada to be reached "pretty soon," but offered no details.

On Sunday, Trump confirmed the latest talks with Carney, saying officials had "the concept of a very good deal with Canada."

"We have the concept of a deal that's going to be great for our farmers, great for our country, and it'll be fine for Canada, too," he told reporters ahead of a midterms campaign event in Iowa.

Trump said the trade deal would include the construction of the Keystone XL pipeline, long opposed by environmental activists and shelved under his predecessor Joe Biden.

The US president's chaotic trade policies have seen Canada deepen its engagement with other allies.

On Friday, the European Union and Canada announced an alliance that would see Ottawa become the bloc's first "associate member," although there was some disagreement within the EU over the use of that term.

Bangladesh's merchandise exports to the United States grew by 11.51 per cent in the July-October period of the current fiscal year (FY27).Bangladesh Investment Guide

According to the latest statistics of the Export Promotion Bureau (EPB), Bangladesh earned US$3.35 billion from exports to the US during the first four months of FY27, up from US$3.00 billion in the corresponding period of the previous fiscal year.

The US market accounted for nearly one-fifth of Bangladesh's total merchandise export earnings during the period, underscoring its importance to the country's export-oriented economy, reports BSS.

Overall, Bangladesh earned US$17.09 billion from merchandise exports during July-October of FY27, registering a 5.88 per cent growth year-on-year. Exports to the US thus grew at a substantially faster pace than the country's overall exports.

Talking to BSS, Mohammad Hasan Arif, vice-chairman and chief executive (additional secretary) of the EPB, said the performance reflected the growing competitiveness of Bangladeshi products in the global market.

"The United States continues to be Bangladesh's most important export destination. Achieving 11.51 per cent growth in such a large and competitive market is highly encouraging for our export sector," he said.Bangladesh Investment Guide

He said Bangladeshi exporters had maintained the confidence of international buyers through timely shipments, improved product quality and compliance with international standards, despite uncertainties in the global economy.

"The strong growth in the US market demonstrates the resilience of our exporters and sustained demand for Bangladeshi products, particularly in major consumer segments," he added.

Market diversification gains momentum

Alongside strong performance in traditional export destinations, Bangladesh is expanding its presence in emerging markets, particularly in the Middle East and other non-traditional destinations.

According to EPB data, Turkey recorded the highest growth among the major export destinations during July-October of FY27, with exports rising by 82.69 per cent.

Bangladesh's exports to Turkey increased to US$292.15 million during the four-month period, up from US$159.92 million in the corresponding period of the previous fiscal year.

Exports to Saudi Arabia and the United Arab Emirates (UAE) also grew by 15.52 per cent and 12.93 per cent, respectively.

Spain also recorded double-digit growth, pointing to expanding export opportunities beyond Bangladesh's traditional major markets.Bangladesh Investment Guide

Arif said Bangladesh was making progress in diversifying its export destinations.

"Alongside the traditional destinations, we are witnessing encouraging growth in several emerging markets, especially in the Middle East. This will help create a more balanced export basket and reduce dependence on a few major destinations," he said.

Market diversification is becoming increasingly important for Bangladesh, as a broader geographical distribution of exports can reduce vulnerability to economic slowdowns, changes in trade policies and fluctuations in demand in individual markets.

UK, Germany remain major export destinations

The United Kingdom and Germany also remained among Bangladesh's leading export destinations during the July-October period.

The UK ranked second, with exports worth US$1.74 billion, while Germany ranked third, with US$1.57 billion.

Spain and the Netherlands ranked fourth and fifth, respectively, among Bangladesh's major export markets.Bangladesh Investment Guide

The performance in these European destinations highlights the importance of the European market to Bangladesh's export earnings, particularly for manufactured goods.

The US, the UK and Germany together accounted for a substantial share of the country's export earnings during the period, highlighting the importance of maintaining strong trade relations with established markets while exploring new destinations.

Exports to US rise 12.10pc in October

The latest EPB statistics also showed that Bangladesh maintained positive export growth in October.

Exports to the US reached US$756.64 million in October 2026, up 12.10 per cent from US$674.96 million in October 2025.

Bangladesh's overall merchandise exports stood at US$3.99 billion in October, registering year-on-year growth of 4.39 per cent.

Exports to the US thus grew faster than overall exports during the month, highlighting the market's continued contribution to Bangladesh's export performance.Bangladesh Investment Guide

Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said Bangladesh's current tariff position in the US market had given the country a relatively favourable competitive position, contributing to export growth.

"We are in a relatively favourable position in terms of tariffs compared to some competing countries, which is helping our exports remain competitive in the US market. This is also contributing to the growth of our exports," he said.

He added that the BGMEA was working closely with the Office of the United States Trade Representative (USTR) to address the additional 10 per cent tariff and explore ways to secure an exemption for Bangladeshi exports.

"We are continuing our discussions and engagement with the USTR to seek a solution so that Bangladesh can avoid the additional 10 per cent tariff. We are hopeful that through continued dialogue and negotiations, an appropriate outcome can be achieved," he said.

Shares of Islami Bank Bangladesh plunged below Tk20 today (2 November) for the first time in six years, as mounting losses, soaring bad loans and deepening financial distress continued to erode investor confidence in the country's largest private bank.

The bank's share price fell 5.34% to close at Tk19.50 on the Dhaka Stock Exchange (DSE) today, dropping below the Tk20 mark for the first time since 2020.

The decline marks a sharp reversal from 24 September 2024, when the share price peaked at Tk64 and the bank's market capitalisation crossed Tk10,000 crore for the first time. At today's closing price, its market value stood at Tk3,139 crore, wiping out nearly Tk7,000 crore from its peak valuation.

The sharp fall reflects growing concerns over the bank's financial health. Islami Bank reported a consolidated profit of around Tk100 crore in the first nine months of 2025 but swung to a consolidated loss of Tk3,286 crore in the same period of 2026. Its standalone loss reached Tk3,302.57 crore.

The bank suffered a particularly severe setback in the July-September quarter, reporting a loss of Tk1,970.18 crore.

In its financial disclosure, the bank attributed the deterioration mainly to lower investment income and higher profit expenses on deposits.

It said investment income was constrained by a large volume of classified investments, largely linked to fund embezzlement by connected parties and significant legacy exposures. Meanwhile, deposit profit expenses increased despite a decline in the deposit base.

The scale of the problem is reflected in the bank's 2025 annual report. Classified loans surged 44% to Tk94,322 crore, accounting for 51% of its total loan portfolio, up from 42.36% in 2024.

The report also revealed a massive provisioning shortfall. Against a required provision of Tk92,537.56 crore, the bank maintained only Tk7,922.41 crore, leaving a gap of Tk84,615.15 crore.

A senior bank official attributed the surge in reported bad loans to previously concealed exposures linked to the S Alam Group, which took control of the bank in 2017.

The bank has been operating without a regular board or managing director since Bangladesh Bank dissolved its board in June 2026. A central bank-appointed administrator is overseeing the institution, while an acting managing director is running its operations.

The Bangladesh Energy Regulatory Commission (BERC) has raised the retail price of privately marketed liquefied petroleum gas (LPG) by Tk18.62 per kg for November, setting the price of a widely used 12kg cylinder at Tk2,060.

The new price of a 12kg cylinder is Tk223 higher than October's rate of Tk1,837 and will come into effect at 8pm today (2 November).

The latest increase follows a Tk252 hike in October, when the price of a 12kg cylinder rose to Tk1,837 from Tk1,585 in September.

In a press release, BERC Secretary Md Nazrul Islam Sarkar said the retail price of privately marketed LPG had been refixed at Tk171.68 per kg, up from Tk153.06 in October.

Meanwhile, the price of autogas, the LPG used in motor vehicles, has been raised to Tk91.95 per litre for November from Tk84.62 in October.

The consumer-level price of a 12.5kg cylinder supplied by state-owned LP Gas PLC has also been increased to Tk1,860 from Tk777 in October, a hike of Tk1,083.

Capital Alliance Holdings PLC (CAL), the Sri Lankan parent company of CAL Bangladesh, is set to acquire a 51% stake in Hong Kong-based fund manager Asia Frontier Capital Ltd (AFC) for $25 million, strengthening its presence in international frontier markets and potentially bringing greater focus to Bangladesh as an investment destination.

The acquisition will be made through CAL's Singapore-based subsidiary, CAL Global Pte Ltd, under an agreement signed with AFC at CAL's headquarters in Sri Lanka today (2 November), according to a disclosure made in Colombo Stock Exchange.

CAL Bangladesh officials said the deal could help attract greater foreign investment to Bangladesh's capital market, as major international fund managers typically diversify their portfolios across different markets while managing investments from financial hubs such as Singapore.

With CAL taking a controlling stake in AFC, Bangladesh could receive greater attention from international investors through the expanded investment platform, they said.

The proposed acquisition marks a significant step in CAL's international expansion, extending its geographical footprint and strengthening its expertise in frontier-market investing, according to a press release.

The partnership will connect CAL's operations in Sri Lanka, Bangladesh and Singapore with AFC's established investment platform in Hong Kong and its teams in Vietnam, Uzbekistan and Iraq.

The expanded network is expected to strengthen the group's ability to combine local market knowledge with international investor access. It will also provide a broader platform for channelling international capital into frontier markets and expanding investment opportunities for investors across the group's existing markets.

Commenting on the proposed acquisition, CAL Group CEO Kanishke Mannakkara said frontier markets offered some of the world's most compelling growth opportunities but remained difficult for international investors to access.

"This partnership changes that," he said, adding that the deal would give CAL access to three additional frontier markets and a presence in Hong Kong, one of the world's major financial centres.

"Together with AFC, we will serve as a conduit for international capital to access frontier markets and, just as importantly, for investors in our markets to access opportunities across the frontier and beyond," Mannakkara said.

He also praised AFC founder Thomas Hugger and his team for building a respected investment management business over more than a decade, saying CAL was looking forward to developing the next phase of the partnership.

Welcoming the acquisition, Thomas Hugger said frontier markets required local knowledge and patience, qualities he believed CAL brought to the partnership.

He said AFC's investors would continue to benefit from the same investment approach, team, processes and independent decision-making despite the change in ownership.

CAL would bring research and data capabilities in markets where information was scarce, long-standing expertise in frontier fixed-income markets and relationships with investors across South Asia, he said.

The backing of a listed and well-governed group would also strengthen AFC's compliance, technology and operational infrastructure as it expands, Hugger added.

Founded in 2013 by Hugger, AFC manages approximately $125 million in assets for investors across Europe, Asia and North America. Its portfolio includes the multi-country AFC Asia Frontier Fund and dedicated investment funds focused on Vietnam, Iraq and Uzbekistan.

AFC has also been a longstanding investor in Sri Lankan and Bangladeshi equities, building experience in both markets and establishing a reputation as an international investor specialising in frontier economies.

Established in 2000 and listed on the Colombo Stock Exchange, CAL is a full-service investment bank and capital markets solutions provider headquartered in Colombo. Its services include investment banking, asset and wealth management, fixed income, stockbroking and research.

The company manages assets exceeding $1.2 billion across Sri Lanka and Bangladesh.

In Bangladesh, CAL operates through CAL Securities Limited, a licensed stockbroker, and CAL Investments Limited, a licensed merchant bank. Its services include mergers and acquisitions advisory, wealth management and capital markets solutions.

According to the press release, CAL and AFC plan to explore expanding AFC's product range to include frontier fixed-income products and country-specific investment strategies, subject to applicable regulatory requirements.

In an email response to TBS, Hugger reiterated that AFC's existing investment management approach and independence would remain unchanged under the new ownership.

He said the partnership would provide AFC with the backing of a larger, well-governed group while strengthening its compliance, technology and operational capabilities, enabling the fund manager to pursue further growth across frontier markets.

Oil major Saudi Aramco said it was taking a 49 percent stake in state-backed AI company Humain on Sunday, injecting cash and assets as the tech firm tries to scale up to meet rising demand.

The Public Investment Fund, the Saudi sovereign wealth fund driving economic diversification efforts, will retain the other 51 percent, they said in a joint statement.
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Aramco, cornerstone of the oil-reliant Saudi economy, has been planning a significant minority stake for at least a year in Humain, which launched in May 2025.

“The transaction will further accelerate Humain’s growth and advance its full range of AI capabilities globally, with PIF and Aramco contributing AI assets, capabilities, and talent,” the statement said.

The Aramco stake, via a wholly owned subsidiary, “supports Humain’s rapid scaling to meet growing regional and global demand for AI compute”, the statement added.

Humain is planning to deploy three gigawatts of AI data centre capacity by 2030. It is also working on infrastructure and cloud platforms, and has developed an Arabic-language LLM, the statement said.

Aramco, one of the world’s biggest companies by market capitalisation, will inject about 9.9 billion Saudi riyals ($2.6 billion) into Humain this year along with AI, compute and digital assets.

Amin H. Nasser, Aramco’s president and CEO, said AI had helped the oil giant reach $11.3 billion in tech-related value since 2023.