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  • Top US diplomat heading to Saudi Arabia for Gaza ceasefire efforts

    The top US diplomat is heading to Saudi Arabia on Wednesday as part of Washington's efforts to reach a ceasefire in Gaza and potentially in Lebanon, sources familiar with his trip told Al Arabiya English. Secretary of State Antony Blinken arrived in Israel where met Prime Minister Benjamin Netanyahu on Tuesday and said that the latter needed to “capitalize” on the killing of Hamas chief Yahya Sinwar to secure the release of Israeli hostages and end the war in Gaza.

  • Blinken urges halt to Middle East conflict as Israel bombs historic Lebanese port

     U.S. Secretary of State Antony Blinken pushed on Wednesday for a halt to fighting between Israel and militant groups Hamas and Hezbollah, but heavy Israeli air strikes on a large historic Lebanese port city demonstrated that there was no respite. Israel began to bomb the UNESCO-listed port of Tyre in south Lebanon roughly three hours after issuing an order online for residents to flee central areas. Huge clouds of thick smoke billowed above residential buildings.

  • Twenty reported killed in Gaza as Israel intensifies siege of north

    Israeli strikes across Gaza killed 20 people on Wednesday as Israeli forces intensified a siege of northern parts of the Palestinian enclave, surrounding hospitals and refugee shelters, and ordering residents to head south, medics and residents said. The Gaza health ministry and the World Health Organization said they would be unable to start a polio vaccination campaign in northern Gaza as planned because of the intense bombardments, mass displacements and lack of access.

  • Russia, Iran, China could stoke post-election violence, US intelligence officials say

    Russia, China and Iran are intent on fanning divisive narratives to divide Americans ahead of the Nov. 5 U.S. elections and may consider fomenting violence after voters go to the polls, U.S. intelligence officials said on Tuesday. The officials, briefing reporters on U.S. election security, said foreign actors could consider physical threats and violence, and are highly likely to conduct disinformation operations to create uncertainty and undermine the election process.

  • Identifying key issues in Saudi commercial sector for regulatory review: Report

    Private companies and institutions in Saudi Arabia are actively compiling a list of challenges facing the commercial sector, along with proposed solutions, in preparation for submission to the relevant authorities, Asharq Al-Awsat reported. The newspaper noted that the National Commercial Committee within the Federation of Saudi Chambers urged its member companies and institutions to participate in identifying challenges related to the commercial sector and to propose solutions for review before presenting them to the authorities concerned. These challenges will be submitted to various entities, including the ministries of Commerce, Human Resources and Social Development, Finance, and Municipalities and Housing, as well as the General Directorate of Civil Defense.

  • Saudi Arabia’s 3.7 GW solar tender attracts lowest bid of $0.0129/kWh

    Saudi Power Procurement Co. (SPPC) announced this week the shortlisted bidders for the final phase of the fifth round of the Saudi Arabian government's National Renewable Energy Program (NREP).  For the 2000 MW Al-Sadawi Solar PV IPP Project, the shortlisted bidders are a consortium comprising UAE-based Masdar and Korea Electric Power Corporation (KEPCO), which offered a price of $0.0129/kWh, and a consortium formed by China-based SPIC Huanghe Hydropower Development Co., Ltd. and France-based EDF Renouvelables, which submitted a price of $0.0131/kWh.

  • Saudi Arabia pumps funding into startups as it vies for Mena No 1

    The VC market across the Middle East and North Africa raised $1.3 billion from January to September 2024 – and Saudi Arabia “led the region”, said startup analyst Magnitt. The kingdom secured “39 percent of Mena’s total funding” and activity was driven by $100 million-plus “deals like SallaApp’s $130 million round” in March, according to Magnitt’s Q3 report. The UAE was the region’s “most active market”, Magnitt added, “with a 12 percent increase in deal volume, accounting for 38 percent of all deals”

  • Saudi Arabian economic growth to accelerate in 2025 as oil taps open

    Saudi Arabia, the world's largest exporter of crude oil, is reportedly preparing to abandon its unofficial target of reaching $100 per barrel. This will allow the kingdom to reverse past production cuts and increase market share, which along with non-oil revenue growth, will help drive faster economic growth. The Oct. 9-22 Reuters poll of 21 economists forecast the Saudi economy would expand 4.4% in 2025, the fastest in three years, and up from an expected 1.3% this year.

  • Saudi crown prince, Iraqi prime minister discuss regional crises during phone call

    Saudi Crown Prince Mohammed bin Salman spoke on the phone with Iraq's Prime Minister Mohammed Al-Sudani on Tuesday, Saudi Press Agency reported. During the call, they reviewed relations between the two countries and ways to enhance and develop them in various fields. They also discussed the latest developments in the region and the efforts made to prevent the deterioration of the situation in Palestine and Lebanon, as well as how to spare the region from the risks of escalation.

  • Seven GCC IPOs raise $1.7 billion in Q3 2024, UAE leads growth with $1.1 billion

    Markaz’s report also revealed that the UAE led the GCC region in terms of IPO proceeds in Q3, raising a total of $1.1 billion from one offering. This constituted 69 percent of total GCC IPO proceeds during the quarter. Meanwhile, Saudi Arabia’s IPO proceeds reached $512 million during the quarter with six offerings constituting 31 percent of total GCC IPO proceeds during the quarter.