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  • Egypt Backs Flexible Pound Exchange Rate to Support Economy

    Egypt’s government now favors a more flexible currency to support an economy that’s come under pressure from Russia’s invasion of Ukraine, a top official said. Authorities already allowed the pound, which had been kept stable against the dollar for about two years, to weaken sharply in March, but investors and economists think it has much further to go to reflect its true value. Egypt’s currency is down more than 18% so far this year.

  • PGA Tour stars to play more events, bonus pool upped to $100M as changes made to combat LIV Golf

    The PGA Tour will guarantee league-minimum earnings for full Tour members and expand its bonus pool money, the league announced Wednesday among a series of dramatic changes. As part of these changes, the Tour is adding four elevated events for 2023, and top Tour players have committed to competing in at least 20 PGA Tour events per year, commissioner Jay Monahan said.

  • New Saudi Companies Law 2022: Key changes, and next steps for Companies in KSA

    We anticipate that the New Law will come into effect on or around 1 January 2023, replacing the previous Companies Law issued pursuant to Royal Decree No. (M/3) dated 28/01/1437H (corresponding to 10/11/2015G) (the “Old Law”) and the Law of Professional Companies issued pursuant to Royal Decree No. (M/17) dated 26/01/1441H (corresponding to 25 September 2019). The implementing regulations of the New Law (albeit are yet to be published) are expected to be released prior to the New Law taking effect.

  • Saudi Arabia Passes New Companies Law: Key Changes, and Next Steps for Companies in KSA

    On 28 June 2022, the Saudi Cabinet of Ministers approved the New Companies Law, and it was published in the official gazette (Umm Al Qura newspaper) on 4 July 2022 pursuant to Royal Decree No. (M/132) dated 01/12/1443H (the “New Law”).

  • How clean nuclear energy will put Saudi Arabia ahead of the climate-change curve

    Saudi Arabia has been a member of the IAEA since 1962. In January 2013, Yukiya Amano, at the time the director general of the IAEA, visited the Kingdom to be briefed by Saudi authorities on their plans to introduce nuclear power into their national energy mix. Since then, the Kingdom has adhered to its commitments and obligations under the IAEA’s “Milestones Approach,” a sequence of three phases beginning with the formal inclusion of nuclear power as an element in a nation’s energy strategy, and culminating in the construction, commissioning and operation of a nuclear plant.

  • How clean nuclear energy will put Saudi Arabia ahead of the climate-change curve

    In February, Rafael Mariano Grossi, director general of the International Atomic Energy Agency, told the delegates at a virtual conference in Riyadh that the IAEA was working closely with Saudi Arabia to help the Kingdom develop the infrastructure for a peaceful nuclear energy program. In March, Prince Abdullah bin Khalid bin Sultan, the Saudi ambassador to Austria and the Kingdom’s governor to the IAEA, announced the establishment of the Saudi Nuclear Energy Holding Company to “develop, own and operate nuclear assets through affiliate or jointly established companies to produce electricity and desalination of saltwater.”

  • No change in Palestine stance, says Saudi Arabia after opening airspace to all carriers

    "Saudi Arabia confirmed that its firm and constant stance toward the Palestinian cause and the Palestinian people will not change by allowing international flights to cross the Kingdom's airspace," he said. The official stressed that "the decision to allow the use of airspace for all airlines is linked to international obligations, and this step does not mean that it is a prelude to other steps."

  • Busting of ‘Mossad’ cell points to change in Iran’s intelligence community

    Iran’s intelligence ministry operates in parallel with the IRGC Intelligence Organization, which has grown in influence over the past decade. However, this trajectory seems to have been impacted by a series of incidents in past months that have been blamed on Israel. Some observers have alleged that these security lapses contributed to the stepping down in June of Hossein Taeb, the long-time head of the IRGC Intelligence Organization.

  • Egypt to list more state companies on stock exchange

    Yesterday the Egyptian cabinet approved the listing of the National Company for Petroleum and the National Company for Natural Water in Siwa on the Egyptian stock exchange, the state-owned news outlet Al-Ahram reported. The National Company for Petroleum runs gas stations in Egypt. The National Company for Natural Water in Siwa produces both water and olive oil, according to the National Service Products Organization. The organization is part of the Egyptian Ministry of Defense.

  • Saudi Arabia’s stock exchange Tadawul to launch first Islamic index

    Its first Shariah compliant Index, TASI will track the performance of the Shariah compliant companies listed on the exchange under the supervision of an independent Shariah advisory committee