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  • Libya says production has resumed at its largest oilfield after more than 2-week hiatus

    Libya’s state-owned oil company resumed production at the country’s largest oilfield Sunday, ending a more than two-week hiatus after protesters blocked the facility over fuel shortages.

    The National Oil Corp. said in a terse statement that it lifted the force majeure at the Sharara oil field in the country’s south and resumed full production. It didn’t provide further details. Force majeure is a legal maneuver that releases a company from its contractual obligations because of extraordinary circumstances.

  • U.S., Arab Allies Push Hostage-Release Plan Aimed at Ending Israel-Hamas War

    The U.S., Egypt and Qatar are pushing Israel and Hamas to join a phased diplomatic process that would start with a release of hostages and, eventually, lead to a withdrawal of Israeli forces and an end to the war in Gaza, diplomats involved in mediating the talks said.

    Taher Al-Nono, a media adviser to Hamas, said there was no real progress. After The Wall Street Journal’s report, Israeli Prime Minister Benjamin Netanyahu said on Sunday that he rejected Hamas’s demands because they included an end to the war.

  • UN migration agency seeks $7.9 billion for migrant support

    The United Nations migration agency aims to raise $7.9 billion this year through a new funding push to bolster efforts to protect migrants, reduce displacement and expand avenues to migrate legally, it said on Monday.
    The Geneva-based International Organization for Migration (IOM) is seeking funds from governments, private sector companies and individual donors, according to the announcement.
    "The evidence is overwhelming that migration, when well-managed, is a major contributor to global prosperity and progress," IOM Director General Amy Pope said in a written statement. "We can and must do better."

  • Israeli forces storm hospital as Khan Younis hit by bloodiest fighting of 2024

     Israeli forces, advancing deep into western Khan Younis in Gaza's bloodiest fighting of the new year so far, stormed one hospital and placed another under siege on Monday, cutting the wounded off from trauma care, Palestinian officials said.
    Troops advanced for the first time into the al-Mawasi district near the Mediterranean Coast, west of Khan Younis, the main city in southern Gaza. There, they stormed the Al-Khair hospital and were arresting medical staff, Gaza health ministry spokesman Ashraf al Qidra told Reuters.

  • How Houthi attacks on ships in the Red Sea threaten Israel’s economy

    While Israel, which relies on the Mediterranean more heavily than the Red Sea, has proved resilient, experts warn that the attacks already pose a threat to Israel’s economy and could come to take a greater toll if they persist in the face of U.S.-led airstrikes.

    The Port of Eilat, Israel’s toehold on the Red Sea, has seen an 85 percent drop in shipping activity, its chief executive told Reuters last month. Without a reversal, “unfortunately we will likely have to furlough workers,” he told the Jerusalem Post.

  • Saudi Arabia launches first administrative enforcement court

    President of the Board of Grievances and Administrative Judicial Council, Khalid bin Mohammed Al-Yousef, launched today, Jan. 22, Saudi Arabia’s first Administrative Enforcement Court.   The enforcement law on judicial rulings and administrative documents helps the Kingdom achieve judicial security and contributes to supporting the investment environment, social and tourism development, and the means of attracting them, the board said in a statement.

  • Saudi Arabia’s Vision 2030 shines at Davos 2024

    Several statements made by the Saudi delegation at the Davos 2024 Forum underscored the economic dimension of the Kingdom’s journey toward achieving Vision 2030 and its commitment to economic diversification.

  • How Saudi Arabia is reshaping transportation infrastructure amid climate change challenges

    A 2022 report by the King Abdullah Petroleum Studies and Research Center, titled “Mitigating Transportation Emissions in Saudi Arabia,” revealed that the transportation sector accounts for 33.33 percent of global energy consumption, ranking second only to the industrial sector.

  • Saudi tourism efforts to get a boost with forum in Riyadh

    Saudi Arabia’s capital is all set to host the second Saudi Tourism Forum as the country strives for 100 million tourists annually by 2030. The event, which will take place at the Riyadh International Convention and Exhibition Center on Jan. 22-24, aims to strengthen collaboration among all stakeholders within the Saudi tourism sector and enhance awareness regarding investment and development opportunities in the industry.

  • Top 5 Business Sectors in Saudi Arabia in 2024

    Saudi Arabia’s economy has reached a significant milestone, crossing the $1 trillion GDP mark for the first time in its 91-year history, ranking it as the 19th country globally to achieve this feat. The World Bank forecasts that Saudi Arabia’s GDP will grow by 4.1% in 2024, driven mainly by sectors other than oil. The Kingdom also leads venture capital fundraising in the MENA region, with Saudi startups raising $1.4 billion in 2023. This amount represents a 33% increase from the previous year, accounting for over half of the venture capital funding in the Middle East and North Africa.

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