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  • Lebanon’s currency reaches new low as crisis deepens

    Lebanon’s currency hit a new low on Sunday, as the country’s economic and political crisis worsened with no apparent solutions in the near future. The currency has lost more than 90% of its value since October 2019, when anti-government protests erupted. Inflation and prices of basic goods have skyrocketed in the country, which imports more than 80% of its basic goods. The U.S. dollar hit 15,300 Lebanese pounds on the black market, a level not seen since March. The official rate still stands at 1,515 pounds to the dollar.

  • Saudi Arabia bans mall entry for unvaccinated

    Authorities in Saudi Arabia have decided to ban unvaccinated individuals from entering to malls starting from Aug. 1, 2021. Vaccination with at least one dose against COVID-19 will be a requirement to visit malls, the Ministry of Commerce Spokesman Abdulrahman Al-Hussein, said on Sunday.

  • Saudi Wealth Fund Makes Senior Hires, Including Goldman Banker

    Saudi Arabia’s $430 billion sovereign wealth fund made three senior hires, including Goldman Sachs Group Inc.’s head of investment banking in the kingdom, as it expands deal-making. Goldman banker Eyas AlDossari will head investment advisory within the MENA Investments Division of the fund, according to a statement. Omar AlMadhi, who previously worked with Saudi Aramco and Volkswagen AG, will join him at the division as co-head of direct investments.

  • Bahrain’s Sizable Islamic Banking Sector Has Scope for Growth

    The market share of Islamic banks (including Islamic windows) in Bahrain is expected to increase in 2021-2022 after reaching 37.1% of domestic banking system assets and 17.2% of total banking system assets (including foreign assets) at end-2020, Fitch Ratings says. The increase will be driven by bank mergers and acquisitions, continued Islamic financing growth amid a recovering economic environment, rising public awareness of Islamic products, and greater use of fintech solutions.

  • Lebanon’s Navy chief talks fleet expansion, new security missions

    According to the U.S. State Department, the American government provided Lebanon in fiscal 2020 with $216 million in military grant assistance. This included $105 million in foreign military financing, $3 million in international military education and training, and $108 million in funding authorized by the Pentagon.

  • World Bank Upgrades Saudi Arabia’s Growth Forecast in 21/22

    The report explained that its forecast changed following positive developments that took place during the pandemic, in addition to higher oil prices and tapering oil production cuts, and the start of a new government investment program.

  • Saudi EXIM Bank Gets Organizationally Linked to National Development Fund

    The bank seeks to improve the efficiency of the export environment and export supporting services, increase the knowledge of export practice and develop the relevant human capital, increase the visibility of Saudi offerings in target markets and to potential buyers and facilitate business matching between exporters and potential buyers and partners.

  • Saudi Arabia Travel Ban 2021: Which Countries Are Suspended From Entering Saudi Arabia Now?

    Last month, Saudi Arabia lifted its air travel restrictions thereby allowing international flights to and from the kingdom to largely resume. However, this does not mean that all countries now have the privilege of entering Saudi Arabia. Conversely, Saudi travellers will also not be permitted to travel to certain countries where the pandemic is still considered out of control.

  • A Saudi messaging company is SoftBank’s first investment in the Middle East

    Started in 2006, Unifonic has been building the Twilio of the Middle East, offering SMS, voice, and WhatsApp communication services to large enterprises across the region.  According to its website, the company has served more than 5,000 businesses through its cloud communications API. The Saudi startup remained bootstrapped for about 12 years before raising $21 million in an STV-led Series A in 2018. It was the largest round raised by a Saudi startup at the time.

  • CENTCOM head says talks between Afghan government and Taliban are ‘critical’ as US drawdown reaches halfway mark

    About five weeks into U.S. withdrawal efforts, the “time is now becoming very short” for talks between the Taliban and the Afghan government to ensue before American forces leave after nearly two decades in the country, Marine Gen. Ken McKenzie, the commander of U.S. Central Command, told reporters Monday during a teleconference.