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  • Lebanon’s parliament chooses army commander Aoun as president, ending a 2-year deadlock

    Lebanon’s parliament voted Thursday to elect the country’s army commander, Joseph Aoun, as head of state, filling a more than two-year-long presidential vacuum. The vote came weeks after a tenuous ceasefire agreement halted a 14-month conflict between Israel and the Lebanese militant group Hezbollah and at a time when Lebanon’s leaders are seeking international assistance for reconstruction. Aoun, no relation to former president Michel Aoun, was widely seen as the preferred candidate of the United States and Saudi Arabia, whose assistance Lebanon will need as it seeks to rebuild.

  • Lenovo and Alat Complete US$2 Billion Investment and Reach Strategic Collaboration Agreements

    The global technology powerhouse Lenovo Group Limited (HKSE: 992) (ADR: LNVGY) and Alat, a PIF company, have announced the completion of the US$2 billion investment (via three-year zero-coupon convertible bonds) alongside reaching the strategic collaboration agreements that were initially announced in May 2024. The deal has received shareholders’ approval and all regulatory approvals required for completion. Following the completion, Lenovo will establish a regional Middle East and Africa headquarters (RHQ) in Riyadh, Kingdom of Saudi Arabia (KSA), and a sustainable manufacturing facility in the Kingdom to serve customers in the region and beyond. The factory will manufacture millions of PCs and servers every year using local research and development (R&D) teams for fully end-to-end ‘Saudi Made’ products and is expected to begin production by 2026. The factory will join Lenovo’s extensive footprint of 30+ manufacturing sites around the world, spanning Argentina, Brazil, China, Germany, Hungary, India, Japan, Mexico, and the USA.  

  • FedEx Boosts Cross-Border E-Commerce Growth in the UAE and Saudi Arabia

    Federal Express Corporation (FedEx), the world’s largest express transportation company, has launched FedEx® International Connect Plus (FICP) in the United Arab Emirates (UAE) and Kingdom of Saudi Arabia, a shipping solution ideal for e-commerce packages weighing up to 20 kg. This new international, day-definite, service combines speed with competitive rates, connecting e-tailers in just 3-4 business days*.

  • Riyadh Metro Orange Line Now Is Operational, Marking Completion of a Citywide Network in Saudi Arabia

    The Royal Commission for Riyadh City (RCRC) has confirmed that the Orange Line of the Riyadh Metro, also known as the Al Madinah Al Munawwarah Axis, began operations on Sunday, January 5, 2025. Spanning 41 kilometers, the Orange Line runs east to west, connecting Jeddah Road in the west to the Second Eastern Ring Road near Khashm Al Aan in the east in Saudi Arabia. This newly operational line is a key component of the city's metro system, designed to enhance urban mobility and connectivity. The Orange Line features five stations now open to the public: Jeddah Road, Tuwaiq, Al Dawh, Harun Al Rashid Road, and An Naseem. Additionally An Naseem also serves as an interchange station, linking the Orange Line to the Purple Line. This strategic integration allows passengers to transfer seamlessly between lines, improving access across the capital city.

  • Catastrophic Flooding in Saudi Arabia: Mecca, Jeddah, Madinah Hit by Record Rains, Cars Submerged

    Severe flooding has hit Saudi Arabia, particularly in Mecca, Jeddah, and Madinah, after record-breaking rainfall caused widespread destruction. Torrential downpours have turned streets into rivers, submerging cars, flooding highways, and causing major disruptions. The Saudi Meteorological Department issued a red alert for these cities as water levels reached dangerous heights. Footage from the affected regions shows scenes of cars almost completely submerged, with only the tops of their roofs visible above the water. In Jeddah, a city already prone to flooding, residents were seen abandoning their vehicles and scrambling to safety as water inundated streets. Similar scenes were recorded in Mecca, including the holy city's streets, which have become impassable.

  • 234,000 domestic workers joined Saudi employment market in a year

    According to a survey conducted by Okaz newspaper, among these domestic workers, the number of women who joined the labor market as maids and house cleaners made up the highest share, with about 231000, bringing the total number of female workers as maids and house cleaners in the Kingdom to 1.24 million. The number of male house workers in these categories stood at about 40000, bringing their total number to 480000. The total number of male and female domestic workers rose to 3.97 million, including 2.73 million men and 1.25 million women, distributed across many professions, most notably servants and house cleaners, drivers, cooks and food providers, guards of houses, residential and commercial buildings and rest houses, home managers, home gardeners, home nurses, tailors, and private teachers.

  • Saudi Arabia taps Islamic banking to shore up mega-project financing

    Saudi Arabia has borrowed $7bn through Islamic loans as it looks to shore up financing to press ahead with costly mega-projects designed to diversify the kingdom’s economy from relying on energy revenue. The kingdom’s Public Investment Fund, or PIF, announced on Monday that it raised $7bn through "Murabaha" loans supported by a syndicate of 20 international and regional financial institutions. Murabaha is a type of Islamic financing mechanism in which the interest on a loan is already built into the final price paid by the borrower to avoid the payment of interest, which is barred by Islamic law. Investment in sectors such as alcohol, pornography and gambling are prohibited.

  • US, Arab mediators make some progress in Gaza peace talks, no deal yet, sources say

    U.S. and Arab mediators have made some progress in their efforts to reach a ceasefire accord between Israel and Hamas in Gaza, but not enough to seal a deal, Palestinian sources close to the talks said on Thursday. As talks continued in Qatar, the Israeli military carried out strikes across the enclave, killing at least 17 people on Thursday, Palestinian medics said. The deaths brought to 70 the number of people killed by Israeli strikes across Gaza Strip in the past 24 hours, according to the territory's health ministry.

  • Saudi Aramco leads $30m investment in tech startup

    Wa’ed Ventures, the $500 million venture capital fund owned by Saudi Aramco, and Japanese conglomerate Sumitomo have invested in Zension Technologies, a consumer electronics startup. Wa’ed led the funding raise of $30 million, which also included Dubai-based Global Ventures. Based in Riyadh, Zension provides consumers with access to the latest tech devices. Instead of purchasing devices outright, customers can subscribe to use them for a monthly fee, with options to upgrade, switch brands or return devices as needed.

  • Al-Hogail highlights key milestones in Saudi urban, housing development in 2024

    Majid Al-Hogail, Minister of Municipalities and Housing, highlighted the key milestones witnessed by Saudi cities in 2024, reaffirming the ministry's commitment to achieving Vision 2030 goals and enhancing quality of life.