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  • Saudi Hajj and Umrah Minister embarks on Pakistan, Bangladesh visit 

    Saudi Arabia’s Minister of Hajj and Umrah, Tawfiq Al-Rabiah has begun an official visit to Pakistan and Bangladesh, the Saudi Press Agency (SPA) reported yesterday. “The purpose of the visits is to explore pioneering initiatives in the development of Umrah systems and the facilitation of visitors’ journeys to the Two Holy Mosques,” the state-run news agency said. During the visits, Rabiah will also meet with several officials to discuss streamlining the arrival procedures for Umrah pilgrims from both South Asian countries, and enhancing their religious and cultural experiences, in accordance with the goals outlined by the Kingdom’s Vision 2030. The visits are part of a series of international tours initiated last year aimed at improving the services provided to pilgrims, “supported by the Saudi government’s unwavering dedication to serving Islam and Muslims worldwide,” the SPA added.

  • Jadwa REIT signs $270m facility deal with Banque Saudi Fransi

    Jadwa REIT Saudi Fund has signed a SR1 billion ($270 million) Shariah-compliant facility agreement with Banque Saudi Fransi to settle existing credit dues, the Riyadh-based investment management firm Jadwa Investment Co. announced in a bourse statement on Sunday. A total of SR453.12 million will be allocated to credit dues, while the remaining funds will support the investment objectives of the fund, it added. The deal has led to a reduction in the fund’s profit margin from more than 2 percent Saudi Arabian Interbank Offered Rate to over 1.5 percent SAIBOR. Additionally, the repayment structure has been adjusted, aiming to refund the entire drawdown amount in a single payment after five years, Jadwa said in the statement.

  • Unapologetic Shiite cleric blasts corruption in Iraq and Lebanon, and attempts to silence him

    A Lebanese Shiite cleric who has angered politicians and religious leaders in Lebanon and Iraq says that groups including Lebanon’s militant Hezbollah are trying to silence voices of dissent within the sect — including his own

  • Algeria banned Barbie although 40,000 people already watched it

    Movie theaters in Algeria aired the Barbie movie for three weeks—until they suddenly didn’t. Algeria’s Ministry of Culture and Arts notified cinemas in the cities of Algiers, Oran, and Constantine to “immediately” pull the Greta Gerwig-directed movie, online news outlet 24H Algerie reported on Aug. 13. The film, starring Margot Robbie as the titular doll on a mission to dismantle the patriarchy and Ryan Gosling as her accessory-boyfriend Ken, was pulled on grounds of immorality.

  • Exclusive: SoftBank in talks to buy Vision Fund’s 25% stake in Arm

    SoftBank Group Corp (9984.T) is in talks to acquire the 25% stake in Arm Ltd it does not directly own from Vision Fund 1 (VF1), a $100 billion investment fund it raised in 2017, according to people familiar with the matter, potentially delivering a win for investors who have waited years for strong returns. The discussions come as SoftBank, which currently owns 75% of Arm, is preparing to list the chip designer on Nasdaq next month at a valuation of $60 billion to $70 billion.

  • The World Bank is denying Uganda loans because of its LGBTQ law

    Uganda is one among 62 countries that have enacted laws criminalizing homosexuality in some form or another. More than half of these countries have at least a 10-year jail term penalty for engaging in homosexual acts. The prospective jail terms in Nigeria and Brunei run to 21 years and 30 years respectively.

  • Barbie faces bans in Kuwait and Lebanon for ‘promoting homosexuality’

    Kuwait has banned blockbuster film Barbie, with Lebanon moving to do the same, amid claims the movie contradicts religious values. The film, which has grossed more than $1 billion at the global box office, was set to open across the Middle East on Thursday.

  • ‘BRICS bank’ looks to local currencies as Russia sanctions bite

    Hobbled by the impact of sanctions against founding shareholder Russia, the New Development Bank (NDB) set up by the BRICS countries needs to increase its local currency fundraising and lending, South Africa's finance minister told Reuters. South Africa will host leaders of the other BRICS nations - Brazil, Russia, India and China - as the bloc aims to widen its influence at a Johannesburg summit later this month. Finance Minister Enoch Godongwana said boosting local currency usage among the NDB's members will also be on the agenda, with the aim of de-risking the impact of foreign exchange fluctuations rather than de-dollarisation.

  • ‘Barbie’ Sets Release in Middle East After Potential Ban

    “Barbie” will play in theaters across the Middle East after all. Greta Gerwig’s billion-dollar blockbuster was running into censorship issues in certain territories, including in the region’s top market of Saudi Arabia, so it looked increasingly like the film would be banned. But those matters appear to have been resolved, as the movie is set to release on Thursday.

  • Tabby enters into Saudi fintech scene with green light from Saudi Central Bank

    Saudi Arabia is fast becoming an attractive destination for regional fintech heavyweights thanks to the Kingdom’s carefully regulated operations to ensure ease of doing business in an environment conducive to investments. Tabby, a leading buy now, pay later platform based in the UAE, is one of the key fintech players to have obtained a permit from the Saudi Central Bank, also known as SAMA, to expand its operations to the Kingdom. In an interview with Arab News, Tabby CEO Hossam Arab described it as a crucial step that would help solidify the company’s presence in the Kingdom and help boost its growth.