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  • Saudi bans trucks from Riyadh and Jeddah in Ramadan 2023, digital appointments available

    Saudi Arabia has banned trucks from entering Riyadh and Jeddah during Ramadan. To regulate traffic during the Holy month, the Kingdom’s Transport General Authority announced trucks would be stopped from entering city centres. Appointments can be made to book passage into the centre of the cities.

  • Saudi Arabia joins Shanghai Co-operation Organisation

    The SCO was formed in 2001 by Russia, China, and former Soviet states in Central Asia, and has since expanded to include India and Pakistan. The organisation's goal is to promote regional stability and counter western influence in the region. Iran signed documents for full membership in 2022, and Saudi Arabia has been granted the status of a dialogue partner, which is a first step towards full membership.

  • Saudi Arabia’s Al Rajhi Bank to raise $1 bln with sukuk

    Saudi Arabia's Al Rajhi Bank (1120.SE) is set to raise $1 billion with five-year sustainable Islamic bonds, a document from one of the banks arranging the deal showed on Wednesday. The spread on the sukuk was set at 110 basis points (bps) over U.S. Treasuries (UST), tightened from initial price guidance of around 150 bps over UST after demand topped $3.75 billion, the document showed.

  • Saudi Arabia: How to use the Haramain High-Speed Railway between Mecca and Medina

    During Ramadan, there is a huge influx in the number of Umrah pilgrims travelling to Mecca and Medina, and to meet that demand, the Haramain High-Speed Railway announced that it has increased the number of trips to more than 100 per day. The Haramain Highspeed Railway was inaugurated in 2018 and is a 450-kilometre route that links travellers from Mecca to Medina, passing through and stopping in the city of Jeddah as well.

  • China spent $240 billion bailing out ‘Belt and Road’ countries – study

    China has lent hundreds of billions of dollars to build infrastructure in developing countries, but lending has tailed off since 2016 as many projects have failed to pay the expected financial dividends. "Beijing is ultimately trying to rescue its own banks. That's why it has gotten into the risky business of international bailout lending," said Carmen Reinhart, a former World Bank chief economist and one of the study's authors.

  • Cybersecurity gains relevance as digitisation becomes a trend in the Middle East

    IBM’s in-depth study of more than 500 actual data breaches in 17 countries over the past year shows that the Middle East ranks second in terms of the average cost of security breaches among the regions surveyed. The study on organisations surveyed in the Kingdom of Saudi Arabia (KSA) and the UAE suggests that security incidents became more costly and harder to contain due to drastic operational shifts during the pandemic. Some of the most popular types of cyberattacks include phishing, scam, malware and ransomware.

  • ME airports “need to invest $151bn” as air passenger demand rises

    The Middle East and Asia-Pacific regions are expected to account for 58% of the global air passenger demand in 2040. The ACI forecasts close to 19.7 billion passengers are expected to traverse the world’s airports by 2040 and the Middle East airports will handle 1.1 billion passengers by 2040 – a significant increase from 2019’s 405 million.

  • ME airports “need to invest $151bn” as air passenger demand rises

    The Middle East and Asia-Pacific regions are expected to account for 58% of the global air passenger demand in 2040. The ACI forecasts close to 19.7 billion passengers are expected to traverse the world’s airports by 2040 and the Middle East airports will handle 1.1 billion passengers by 2040 – a significant increase from 2019’s 405 million.

  • Egypt to allow Iranians visas on arrival in Sinai as regional tensions ease

    Egypt will soon allow Iranians travelling with tour groups to obtain visas on arrival in the south of its Sinai peninsula with a view to extending access to other parts of the country, Egyptian tourism ministry officials said. The decision is part of a series of measures announced on Monday aimed at improving access to visas to boost tourism revenues at a time when Egypt has been struggling economically with an acute foreign currency shortage.

  • Jews plant palm trees in Medina, Saudi Arabia, in rare interfaith gesture

    A local landowner invited the visitors, a group of Christians, Muslims and Jews from the United Kingdom led by Jewish London banker Rick Sopher, to add to his grove of date palms, the Jewish Chronicle of London reported on Monday. Sopher’s group also visited the United Arab Emirates, and their tour was focused on fostering reconciliation and friendship among the three Abrahamic faiths.