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  • Marriott’s Giga-Resort in Saudi Arabia Banking on Cash-Rich Locals

    Just two hotel operators are entrusted to introduce Saudi Arabia’s “untouched” Maldives-rivaling Red Sea to international guests: Marriott and IHG. Three of the planned 50 hotels at the $50 billion giga-project open this year, a St. Regis and Ritz-Carlton Reserve from Marriott and a Six Senses from IHG. For Marriott, it’s familiar territory. The group operates the ultra-exclusive and somewhat secretive Bulgari Resort in Dubai, a vast St. Regis Resort on Abu Dhabi’s Saadiyat Island, and another St. Regis on Qatar’s Marsa Arabia island.

  • France: 300 Muslim girls go to school in abaya despite ban

    Almost 300 female students turned up for the new school year in France on Monday wearing an abaya, despite the loose full-length robe worn by Muslim women as a sign of modesty being banned in schools by the French authorities, Anadolu has reported. Sixty-seven of the girls refused to remove their abaya in school, the French education minister said earlier today.

  • Israeli troops kill Islamic Jihad gunman in West Bank clash

    Israeli troops killed a Islamic Jihad gunman and wounded another Palestinian in the occupied West Bank on Tuesday, the armed faction and medics said, during what the military described as clashes touched off by an operation to uncover a bomb cache. The West Bank, among areas where Palestinians seek statehood, has seen a surge in violence over the last 18 months amid long-deadlocked U.S.-sponsored peacemaking efforts.

  • HSBC Names Saudi Investment Bank Co-Heads Amid Pick-Up in Deals

    HSBC Holdings Plc’s Saudi Arabia unit named two new managing directors and co-heads of investment banking, as global lenders increasingly compete for a slice of deals stemming from the Gulf nation’s bid to transform its economy. Mohammed Fannoch and Faisal Qadri were appointed to the roles, while Amir Bourani was chosen as head of global banking coverage. Qadri, who has been at HSBC since 2003, was previously head of debt capital markets and syndications. Fannoch joined the bank in Riyadh in 2008 and was previously head of investment banking advisory.

  • Saudi Arabia’s “The Line”: Urban Marvel or Nightmare?

    “This project gets people discussing urban forms, and that’s immensely important because cities, especially in Africa, are growing,” says Prieto-Curiel. Historically, cities often grew in organic ways, while planned cities often did not live up to expectations; thus, there is a need for more public engagement in urban design on a human scale.

  • France to ban Muslim abaya dress in state schools

    France will ban children from wearing the abaya, the loose-fitting, full-length robes worn by some Muslim women, in state-run schools, its education minister said on Sunday ahead of the back-to-school season. France, which has enforced a strict ban on religious signs in state schools since 19th century laws removed any traditional Catholic influence from public education, has struggled to update guidelines to deal with a growing Muslim minority.

  • QIA to take stake in Ambani retail firm at $100 bln valuation

    Qatar Investment Authority will invest $1 billion for a 1% stake in India's Reliance Retail Ventures, the retail arm of billionaire Mukesh Ambani's Reliance Industries (RELI.NS), nearly doubling its valuation to $100 billion from its last funding round in 2020. Reliance Retail, India's largest retailer, has been partnering with a slew of global brands like Burberry, Pret A Manger and Tiffany to launch and expand their presence in India.

  • Two army personnel killed in air force helicopter crash in Lebanon – army statement

    Two crew members died and another was injured when an Air Force helicopter crashed in Lebanon during a training exercise, the army said in a statement on Wednesday. Lebanon's caretaker Prime Minister Najib Mikati reached out to Army Chief General Joseph Aoun for details concerning the helicopter crash, according to a statement from his office on Wednesday.

  • No new BRICS bank members to be announced at summit: CFO

    "There will be no announcements this week," he said, adding that it was "likely" there would be more new members applying this year, but that the timing was dependent on political processes in the countries that want to join. At least 15 potential new member countries - including Saudi Arabia, Algeria and Argentina - are under consideration by the governments that are the bank's shareholders, Maasdorp said.

  • Haneen Sayed: Lebanon’s Economic Crisis

    Today, GDP has been cut by probably 40 percent. The Lebanese pound has lost almost 90 percent of its value. Inflation is extremely high. Europe talks about 5 or 6 or 10 percent inflation as being very alarming. Well, Lebanon’s food inflation was over 300 percent last year. According to the UN, poverty has gone up to 50 or 60 percent, where it used to be 20 percent.