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  • Saudi Arabia’s Qiddiya City unveils groundbreaking performing arts center

    Qiddiya Investment Company (QIC) on Monday unveiled plans to launch a groundbreaking Performing Arts Center that is set to become a new cultural icon in Saudi Arabia, the Saudi Press Agency (SPA) reported. The addition aims to enrich Saudi Arabia’s cultural landscape and enhance the array of attractions within Qiddiya City, according to SPA.

  • Saudi’s Chemanol signs 20-year methanol agreement with Aramco and TotalEnergies

    Under the agreement, Chemanol will supply 100,000 metric tonnes of methanol annually for SATORP’s Amiral project, starting by the end of 2027. The financial impact of this deal remains uncertain due to potential changes in market conditions and product prices at the time of supply, as noted by Chemanol. The company will provide updates on any developments in this regard.

  • GCC’s non-oil sector sees robust growth despite production cuts, ICAEW says

    The non-oil sector will remain the key growth driver in the GCC in 2024 and beyond, according to the Institute of Chartered Accountants in England and Wales (ICAEW), as regional countries’ fiscal positions are expected to weaken following the extension of crude production cuts by OPEC+ in June.

  • Mapping the World’s Readiness for Artificial Intelligence Shows Prospects Diverge

    Our research has already shown how AI is poised to reshape the global economy. It could endanger 33 percent of jobs in advanced economies, 24 percent in emerging economies, and 18 percent in low-income countries. But, on the brighter side, it also brings enormous potential to enhance the productivity of existing jobs for which AI can be a complementary tool and to create new jobs and even new industries.

  • Half-million Gazans face ‘catastrophic’ hunger levels, U.N.-backed report says

    Palestinians throughout the Gaza Strip face a “plausible” risk of famine in the coming months, according to the latest analysis by Integrated Food Security Phase Classification (IPC). “A high risk of Famine persists as long as conflict continues, and humanitarian access is restricted,” it said.

  • Israel’s high court orders the army to draft ultra-Orthodox men, rattling Netanyahu’s government

    Israel’s Supreme Court on Tuesday ruled unanimously that the military must begin drafting ultra-Orthodox men for compulsory service, a landmark decision that could lead to the collapse of Prime Minister Benjamin Netanyahu’s governing coalition as Israel continues to wage war in Gaza.

  • Transforming Saudi Arabia: Embracing AI For The Future Of Work

    Saudi Arabia has committed to massive investments in artificial intelligence which will make it both the largest player in the Middle East and a globally important one. A Saudi tech fund was announced earlier this year with the participation of American banks which will fund to the tune of $40 billion.

  • Saudi Islamic Banks Supported by Solid Operating Environment; Liquidity Tighter

    Saudi Islamic banks are well-placed in the banking sector, with larger retail franchises supporting higher margins, a lower cost of funding, and better asset quality. In general, financing growth has outpaced lending over the past few years, supported by the requirement for residential mortgages to all be sharia-compliant. Islamic banking is dominant in Saudi Arabia, with the largest proportion of Islamic financing (85%) of any country that allows conventional banks to operate alongside Islamic banks.

  • Saudi Arabia says ongoing Israeli military operations threaten regional security

    The Kingdom’s Deputy Minister of Foreign Affairs, Waleed Bin Abdulkarim Al-Khuraiji, made his comment during the 19th meeting of foreign ministers in the Asian Cooperation Dialogue (ACD) Forum, hosted by Iran. Speaking on behalf of Foreign Minister Prince Faisal Bin Farhan Bin Abdullah, he stressed “the importance of doubling joint efforts and deepening cooperation coordination to face the many challenges, most notably the rise in conflicts, and the increasing challenges of food security and energy security, among others,” reported the Saudi News Agency.

  • Karim Elgendy: Climate Diplomacy in the Middle East

    This forced rural to urban migration resulting from the drought—which anecdotally was the worst drought Syria had experienced in the last 800 years, according to some estimates by NASA—has done two things. One, it has obviously relocated 800,000 people into new areas where they have no jobs. They have no skills. There are no services for them, and they also lost all their wealth because 85 percent of all privately owned cattle reportedly died.

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