Saudi Arabia's central bank cut its repo and reverse repo rates by 50 basis points to 5.50% and 5.0%, respectively. The move aligns with the Federal Reserve's decision to reduce U.S. interest rates by half a percentage point.

Rate cuts align with Fed policies as Gulf currencies are mainly pegged to US dollar, except for Kuwait's dinar

Donald Trump has argued that the Fed would only cut interest rates close to the election to help his political opponents.

The UAE Central Bank cut its benchmark interest rate on Wednesday, joining the US Federal Reserve in cutting the policy rate for the first time in four years. After hitting the pause on increasing interest rates since July last year,

Fed cut its rate by 50 bps on Wednesday as policymakers see another half a percentage point fall by end of this year