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  • China lures US$2.3 billion of Middle East sovereign money in 2023

    The number was up from about US$100 million in 2022, external executive director of HKMA Hui said, citing data from Global SWF. Multiple financial institutions and regulators have made trips to the gulf region to engage with the market, which traditionally was served by Europe before, he added.

  • USS Dwight D. Eisenhower Carrier Strike Group leaves the Middle East

    The aircraft carrier and the three ships that make its carrier strike group are now set to head into the European theater before eventually sailing back to the United States, U.S. Central Command confirmed in a statement on X (the Department of Defense also put out a similar statement).

  • ‘Hamster’ crypto craze has taken Iran. It highlights economic malaise ahead of presidential election

    Even as presidential candidates make promises about restoring the country’s economy, Iranians, who have been hearing for years about bitcoin, are now piling into this app out of sheer hope it might one day pay off — without knowing much about who is behind it.

  • America Is Running Out of Options in the Gaza War

    When war erupted in Gaza last year, the Biden administration hoped to keep the conflict short, stay closely aligned with Israel and stem the war’s spread to Lebanon and other parts of the Middle East. Eight months later, achieving those goals is proving increasingly difficult for the White House, highlighting a political vulnerability for President Biden ahead of his face-to-face debate against the presumed Republican nominee, Donald Trump, on Thursday

  • Iran’s presidential election dominated by Khamenei loyalists

    Iranians choose a president on Friday in a tightly controlled election following Ebrahim Raisi's death in a helicopter crash last month, with the outcome expected to influence the succession to Ayatollah Ali Khamenei, Iran's top decision-maker. With Iran's supreme leader now 85, it is likely that the next president will be closely involved in the eventual process of choosing a successor to Khamenei, who has ensured candidates sharing his hardline views dominate the presidential contest.

  • Several tourism firms issued wrong visas to illegal Hajj pilgrims: Saudi ministry

    Several tourism companies in different countries issued unauthorized visas for visitors to Saudi Arabia and encouraged them to perform Hajj illegally, the spokesperson for the Kingdom’s Ministry of Interior told Al Arabiya on Monday. Colonel Talal al-Shalhoub said some tourism firms had encouraged their customers to travel to Mecca two months before the Hajj season began to circumvent Saudi regulations.

  • Kuwait Finance House Explores Bid for Stake in Saudi Investment Bank

    Kuwait Finance House KSCP has been exploring the purchase of a significant stake in Saudi Investment Bank as dealmaking activity heats up in the Middle East, according to people familiar with the matter. The Kuwaiti lender has been studying a potential investment to help bolster its regional presence, the people said, asking not to be identified as the information is private. Shares of Saudi Investment Bank jumped as much as 4.9% in Riyadh trading Tuesday. They were up 0.2% at 1:23 p.m. local time, giving the company a market value of about $4.3 billion.

  • Saudi Minister of Defense Arrives in Beijing on Official Visit

    The Saudi Minister met with China's Minister of National Defense, Admiral Dong Jun where discussions explored ways to strengthen the Saudi-Chinese relations within the framework of the strategic defense partnership.

  • Saudi Arabia launches Geographical Survey Project for Renewable Energy Sites

    Minister of energy said in a statement that this project, which is a part of the National Renewable Energy Program, is globally unprecedented in terms of geographical coverage. He noted that the project will include all regions of the Kingdom by surveying over 850,000 square kilometers, excluding populated areas, sand dune areas, and airspace restrictions. He clarified that this area is equivalent to the land area of entire countries, such as approximately the areas of the United Kingdom and France combined, or Germany and Spain combined. He indicated that no other country in the world has previously conducted a geographic survey of this sort on such an area scale.

  • Saudi Arabia Set to Become World’s Biggest Construction Market

    Saudi Arabia is set to become the world’s largest construction market as the kingdom pours vast amounts of money into projects aimed at overhauling and diversifying the economy, according to real estate consultancy group Knight Frank. The country’s total construction output value is forecast to reach $181.5 billion by the end of 2028, up almost 30% from 2023 levels, the London-based firm said in a research report published Monday.