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  • Saudi Arabia’s Wealth Fund PIF Joins EM Rush to Tap Dollar Bond Market

    Saudi Arabia’s sovereign wealth fund raised $5 billion of high-grade bonds on Monday, the latest borrower to benefit from investors’ demand for emerging-market debt. The Public Investment Fund sold five-, 10- and 30-year senior unsecured notes in US dollars, according to a person familiar with the matter. Combined order books were above $27 billion, excluding joint lead managers’ interest, said the person, who asked not to be identified because they’re not authorized to speak about it.

  • Saudi’s SABIC gives go-ahead for $6.4 bln China petrochemical plant

    Saudi Basic Industries Corp (SABIC) (2010.SE), opens new tab will go ahead with building a petrochemical complex in southeastern China's Fujian province, the company said in an exchange filing on Sunday, shoring up Saudi ties with China, the world's top oil importer.
    The project, expected to cost around $6.4 billion, will be developed in a joint venture with state-owned Fujian Fuhua Gulei Petrochemical.
    First proposed in 2018, the joint venture marks the latest in a series of tie-ups between Saudi firms and Chinese refiners.

  • Saudi Arabia won’t recognize Israel without a path to a Palestinian state, top diplomat says

    Saudi Arabia’s top diplomat said the kingdom will not normalize relations with Israel or contribute to Gaza’s reconstruction without a credible path to a Palestinian state — a nonstarter for Israel’s government. Prince Faisal bin Farhan’s remarks in an interview with CNN broadcast late Sunday were some of the most direct yet from Saudi officials. Israeli Prime Minister Benjamin Netanyahu — who faces mounting domestic pressure over the plight of Israeli hostages, including an angry protest inside a parliamentary committee meeting on Monday — has rejected Palestinian statehood and described plans for open-ended military control over Gaza.

  • 6 takeaways from the 2024 World Economic Forum in Davos

    The annual meeting of the World Economic Forum in Davos, Switzerland, brought together 3,000 participants from around the globe. That included 1,600 business leaders, 350 heads of state and government ministers, and hundreds of academics, civil society leaders, and entrepreneurs. It was an elite affair as always, with sky-high lodging fees, champagne nightcaps, and chances to see and be seen by people holding some of the most influential jobs on the planet.

  • Libya says production has resumed at its largest oilfield after more than 2-week hiatus

    Libya’s state-owned oil company resumed production at the country’s largest oilfield Sunday, ending a more than two-week hiatus after protesters blocked the facility over fuel shortages.

    The National Oil Corp. said in a terse statement that it lifted the force majeure at the Sharara oil field in the country’s south and resumed full production. It didn’t provide further details. Force majeure is a legal maneuver that releases a company from its contractual obligations because of extraordinary circumstances.

  • U.S., Arab Allies Push Hostage-Release Plan Aimed at Ending Israel-Hamas War

    The U.S., Egypt and Qatar are pushing Israel and Hamas to join a phased diplomatic process that would start with a release of hostages and, eventually, lead to a withdrawal of Israeli forces and an end to the war in Gaza, diplomats involved in mediating the talks said.

    Taher Al-Nono, a media adviser to Hamas, said there was no real progress. After The Wall Street Journal’s report, Israeli Prime Minister Benjamin Netanyahu said on Sunday that he rejected Hamas’s demands because they included an end to the war.

  • UN migration agency seeks $7.9 billion for migrant support

    The United Nations migration agency aims to raise $7.9 billion this year through a new funding push to bolster efforts to protect migrants, reduce displacement and expand avenues to migrate legally, it said on Monday.
    The Geneva-based International Organization for Migration (IOM) is seeking funds from governments, private sector companies and individual donors, according to the announcement.
    "The evidence is overwhelming that migration, when well-managed, is a major contributor to global prosperity and progress," IOM Director General Amy Pope said in a written statement. "We can and must do better."

  • Israeli forces storm hospital as Khan Younis hit by bloodiest fighting of 2024

     Israeli forces, advancing deep into western Khan Younis in Gaza's bloodiest fighting of the new year so far, stormed one hospital and placed another under siege on Monday, cutting the wounded off from trauma care, Palestinian officials said.
    Troops advanced for the first time into the al-Mawasi district near the Mediterranean Coast, west of Khan Younis, the main city in southern Gaza. There, they stormed the Al-Khair hospital and were arresting medical staff, Gaza health ministry spokesman Ashraf al Qidra told Reuters.

  • How Houthi attacks on ships in the Red Sea threaten Israel’s economy

    While Israel, which relies on the Mediterranean more heavily than the Red Sea, has proved resilient, experts warn that the attacks already pose a threat to Israel’s economy and could come to take a greater toll if they persist in the face of U.S.-led airstrikes.

    The Port of Eilat, Israel’s toehold on the Red Sea, has seen an 85 percent drop in shipping activity, its chief executive told Reuters last month. Without a reversal, “unfortunately we will likely have to furlough workers,” he told the Jerusalem Post.

  • Saudi Arabia launches first administrative enforcement court

    President of the Board of Grievances and Administrative Judicial Council, Khalid bin Mohammed Al-Yousef, launched today, Jan. 22, Saudi Arabia’s first Administrative Enforcement Court.   The enforcement law on judicial rulings and administrative documents helps the Kingdom achieve judicial security and contributes to supporting the investment environment, social and tourism development, and the means of attracting them, the board said in a statement.

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