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  • Bank of America expects busy year of Gulf IPOs

    After a year that featured three major IPOs on both Abu Dhabi's ADX and Saudi Arabia's Tadawul markets, Dubai has announced plans to list as many as 10 state-owned companies. read more "We expect ADX and Tadawul to be very busy. The major difference in 2022 is that the Dubai financial market will be busy too," said Christian Cabanne, Bank of America's head of equity capital markets for Central and Eastern Europe, Middle East and Africa. The plans announced by Dubai, which has not had a major IPO since a unit of state-linked developer Emaar Properties (EMAR.DU) in 2017, seek to help the emirate to contend with intensifying competition for capital in the region.

  • Mukesh Ambani explains why data is better than oil

    “It (data) has the potential to create value equitably, across sectors, across geographies and across economic classes. Every person can be a user, creator and owner of data. Therefore, the new oil has been completely democratised and decentralised,” the businessman explained.

  • Macron announces Saudi-French initiative to solve diplomatic crisis with Lebanon

    Macron has led international efforts to resolve the political and economic crisis in Lebanon. But despite staking a lot of his capital on the issue for more than a year he has failed so far to push the country's squabbling politicians to carry out economic reforms that would unlock vital foreign aid.

  • From cinema ban to film festival: Saudi rolls out red carpet

    Saudi Arabia's annual box office could reach $950 million by 2030, according to a report by multinational accountancy firm PwC. It estimates the kingdom's forecast population of nearly 40 million could absorb up to 2,600 cinema screens.

  • Taliban release decree saying women must consent to marriage

    The international community, which has frozen billions in central bank funds and development spending, has made women's rights a key element of any future engagement with Afghanistan. The country, which is also suffering from a banking liquidity crisis as the cash flow dries up due to sanctions, is facing the risk of economic collapse since the Taliban took over.

  • U.N. Seats Denied, for Now, to Afghanistan’s Taliban and Myanmar’s Junta

    A bid by the new Taliban government in Afghanistan and the junta ruling Myanmar to gain international recognition suffered a blow on Wednesday when the United Nations put off a decision on the rightful representatives of both countries. The deferral by a powerful U.N. committee effectively denied, for now and possibly through much of 2022, attempts by the ruling authorities of Afghanistan and Myanmar, which are widely considered pariahs, to occupy seats at the United Nations.

  • Lebanon’s information minister quits to ease Saudi dispute

    George Kordahi said he had quit before the French president visited Riyadh in the hope Emmanuel Macron would help ease the crisis sparked by the Lebanese TV host-turned-politican's critical remarks about Saudi Arabia's role in the Yemen war.

  • Saudi Arabia’s Neom teams up with Germany’s Volocopter for urban air mobility system

    The partnership, which will fully integrate air taxi and vertical logistics services into Neom's multi-modal and zero-emission public transit system, will be the sole operator of initial public transit routes across the city. It will also establish an open electric vertical take-off and landing ecosystem for vertical mobility services including logistics, emergency response and tourism.

  • Lebanese businesses pay steep price for standoff with Saudis

    Remittances from more than 350,000 Lebanese working and living in the Gulf have been essential, particularly as the meltdown drives up inflation and unemployment in the once middle-income country. The World Bank said remittances of over $6.2 billion, mostly from Gulf countries, made up 18.9% of Lebanon’s GDP in 2020, one of the highest in the world.

  • Leaving Lebanon: Crisis Has Most People Looking for Exit

    Political instability and government ineffectiveness are practically mainstays in Lebanon, but the country's latest crisis has been harder on people than any of its struggles since the civil war. Quality of life has deteriorated so much in Lebanon that most people -- a record-high 63% in 2021 -- say they would leave the country permanently if they could. Canada and Germany are the most desired destinations for this group: 28% would like to go to Canada, and 19% would like to move to Germany.