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  • U.S. Prepares to Lift Ban on Sales of Offensive Weapons to Saudi Arabia

    The Biden administration is preparing to relax restrictions on some weapons sales to Saudi Arabia, U.S. officials said on Thursday, crediting the kingdom’s peace talks with a militia in Yemen for hastening an easing of the constraints. President Biden imposed the ban two years ago amid concerns that U.S. weapons were being used against civilians in Yemen, where hundreds of thousands of people have died from airstrikes, fighting, disease and hunger as a Saudi-led military coalition waged war against an Iran-backed militia called the Houthis. The expected loosening of the limits — which blocked sales of major offensive weapons to Saudi Arabia — comes as the kingdom attempts to finalize a U.S.-backed peace accord with the Houthis. A representative for the White House National Security Council declined to comment.

  • Saudi Central Bank Introduces New BNPL Regulatory Framework

    The Saudi Central Bank has now issued new ‘Rules for Regulating Buy Now Pay Later (BNPL) Companies‘ as part of its role in supervising and controlling the BNPL companies. This decision reflects SAMA’s continuing efforts to develop the financial sector in the region and empower the fintech sector in particular. Under the new rules, the BNPL activity is defined as any type of financing that enables a consumer to purchase goods or services without a term cost payable by the consumer.

  • Support for Hamas grows among Palestinians in West Bank

    An opinion poll carried out between 22 November and 2 December by a respected Palestinian think-tank, the Palestinian Center for Policy and Survey Research (PSR), found that support for Hamas had more than tripled in the West Bank compared to three months ago.

    Supporters of Hamas were still in a minority, but 70% of the respondents said armed struggle was the best means of ending the Israeli occupation.

  • Bank branches in Saudi Arabia shrink to 1,896 in 9M 2023

    The number of bank branches in Saudi Arabia declined by 31 in the first nine months of 2023 to 1,896 from 1,927 in the same period last year, the lowest figure since November 2014, when it fell to 1,891.  A total of 19 new branches opened in the nine-month period, while 50 were closed, according to the latest bulletin issued by the Saudi Central Bank (SAMA).

  • Metallica set to make history as first US heavy metal band to play in Saudi Arabia

    Metallica will make history next month as the first US heavy metal band to play in Saudi Arabia. The group, composed of James Hetfield, Lars Ulrich, Kirk Hammett and Robert Trujillo, will perform in Riyadh on December 14, kicking off the three-day Soundstorm festival, one of the region's biggest events of its kind since its launch in 2019. A post from Metallica on Facebook read: “We're not done with 2023 yet, as an amazing opportunity has just come our way to perform at a major Festival, which we've never played, in a part of the world we rarely visit. We are excited to announce that on Thursday December 14th we will be the first ever hard rock band to play MDLBeast's Soundstorm Festival in Riyadh, Saudi Arabia.”

  • World Bank: Saudi Arabia’s Non-Oil Sectors Continue to Grow, Women’s Participation in Workforce Doubles

    The World Bank (WB) report titled "Structural Reforms and Shifting Social Norms to Increase Women's Labor Force Participation" revealed the latest economic developments in the Gulf Cooperation Council (GCC) countries. The report indicates that the efforts towards economic diversification in the region have started to show positive results, but there is still a need for further reforms. According to the report, the number of workers in the Saudi private sector increased by approximately 153,300 by the end of the first half of 2023 compared to the end of the first half of 2022, with the total number of workers being around 2.3 million. The report also highlights that the participation of Saudi women in the workforce has doubled within six years, rising from 17.4% in early 2017 to 35.3% in the second quarter of 2023.

  • Eurofighter Middle East Sales Could Be Bolstered If Germany Lifts Saudi Ban

    Germany is reportedly reconsidering its five-year ban on selling additional Eurofighter Typhoon fighter jets to Saudi Arabia amid the rapidly shifting circumstances in the region. If Berlin does ultimately reverse its ban and authorizes sales to other Middle Eastern countries, the Eurofighter could give France’s Dassault Rafale much-needed competition in that region’s lucrative arms market.

    The Israel-Hamas War has sparked renewed debate in Germany over the policy of blocking Britain’s sale of 48 jets to Riyadh, according to a report in the Financial Times.

  • Central Bank Digital Currency Development Enters the Next Phase

    Central bank digital currencies can improve payment systems as well as financial inclusion—if they are appropriately designed. If not, they could pose risks. While not all countries may see an immediate case to deploy a CBDC, many countries are exploring CBDCs so they will have the option to introduce one in the future if it becomes pertinent for them. Benefits are more likely to come in time, following the policies pursued by countries and the private sector’s response, as well as the evolution of technology

  • Citigroup’s Top Saudi Arabia Banker Carmen Haddad Takes Vice Chairman Role

    Citigroup Inc. named Carmen Haddad, one of the firm’s most senior bankers in the Middle East, to a vice chairman role as the firm looks to deepen its business in the region. As Citigroup’s country officer for Saudi Arabia, Haddad helped lead the US bank’s efforts to re-establish a presence in the Kingdom in recent years, according to a memo to staff seen by Bloomberg. Haddad will now be vice chairman of Middle East wealth and banking, the memo said. Sponsored Content How an Economic Giant Is Fast Tracking Its New Miracle JapanGov

  • Israel sharpens warning to Lebanon as cross-border hostilities spike

    Israel said it was poised to impose quiet on the Lebanese front as hostilities spiked on Sunday, with Hezbollah wounding civilians in a cross-border missile attack and the Israeli air force bombing sites linked to the Iranian-backed group.

    The chief Israeli military spokesperson, Rear Admiral Daniel Hagari, described Hezbollah as "the defender of Hamas-ISIS", in reference to the Islamist Palestinian faction whose cross-border rampage against Israel on Oct. 7 sparked a devastating Gaza war.