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  • Lebanon’s political impasse continues despite Iran-Saudi deal

    An economic crisis that hit in 2019 saw the Lebanese pound lose more than 90 percent of its value, and the ruling class – which has been widely blamed for the financial collapse – failed to check the currency’s free fall. Meanwhile, the country has had no president and only a caretaker government since last year.

  • Opinion: Syria, Lebanon, Saudi Arabia: Peace in the Middle East could be happening

    The Biden administration is rediscovering diplomacy, too, after decades of American wars in the region. We’re brokering deals with Iraqis, Lebanese, Emiratis, Kurds, Saudis and maybe, eventually, some Syrians, too. Some of our partners are distasteful, but that’s part of diplomacy. We’ve had too many decades of ugly wars; it’s time for some ugly peace.

  • Rise of Saudi Arabia’s cinema industry: Look back at 5 years since the ban was lifted

    From Marvel movies to Hollywood rom-coms and Oscar-winning blockbusters, the magic of the Big Screen has captivated audiences across Saudi Arabia for five years since the Kingdom – under its Vision 2030 plans – lifted a 35-year ban on cinemas, paving the way for theater chains to open a multitude of cinemas and screens across the country. American chain AMC Entertainment – the first cinema to operate in Saudi Arabia – reopened its doors on April 18, 2018, with a historic first screening of Marvel’s “Black Panther” at the AMC cinema in Riyadh’s King Abdullah Financial District.

  • Saudi tops Forbes list of region’s most valuable banks

    Saudi Arabia’s Al-Rajhi Bank and Saudi National Bank have been named the largest banks in the Middle East region with a market cap of $75 billion and $56.4 billion respectively, according to a new report by Forbes. Qatar National Bank Group garnered the third spot in this list with a market cap of $42.8 billion, followed by First Abu Dhabi Bank with a market value of $42.4 billion. Kuwait Finance House bagged the fifth spot on the list with an aggregate market value of $37.5 billion.

  • Lebanon seizes 10 million captagon pills being smuggled abroad – minister

    Lebanon's security forces have seized an estimated 10 million captagon pills that were to be smuggled to Senegal and then on to Saudi Arabia, Interior Minister Bassam Mawlawi said in a tweet on Friday. The drugs were found in a shipment of rubber carbon during an operation in which four people were arrested in the Al-Qubbah area, in northern Lebanon, Mawlawi said.

  • The world’s largest financier of fossil fuels isn’t a US bank—it’s a Canadian one

    Canadian banks are becoming the backstop for fossil fuel financing, potentially underwriting projects and companies shunned by lenders in Europe, researchers of the report told the Financial Times.

  • Drone strike, flight ban add to multidimensional chess in Iraqi Kurdistan

    Turkey is blocking all flights to and from Sulaymaniyah in Iraqi Kurdistan through its airspace for the next three months. Ankara accuses the Patriotic Union of Kurdistan (PUK), which controls the area, of having allowed the Kurdistan Workers’ Party (PKK) to enter the city’s airport. This comes as a suspected Turkish drone strike has targeted a convoy in the vicinity of the airport carrying Syrian Democratic Forces (SDF) commander Mazloum Abdi and US troops.

  • Israel reinforces troops after violence along Lebanon, Gaza borders

    Israel reinforced troops near its borders with Lebanon and Gaza on Friday following a flare-up in violence that threatened to spiral out of control after police raids this week on the Al-Aqsa mosque in Jerusalem. But even as major salvoes of rockets were fired at northern and southern Israel over the past day and Israel's military replied with strikes in Lebanon and Gaza, no serious injuries were reported and neither side seemed keen to broaden the conflict.

  • Saudi Arabian auto rental firm Lumi hires banks for planned IPO -sources

    The kingdom's largest travel company Seera (1810.SE), which owns Lumi, won approval for the float from Saudi Arabia's Capital Market Authority (CMA) last week. Companies that secure approval from the CMA have six months to launch their public share sale.

  • Saudi Arabian auto rental firm Lumi hires banks for planned IPO – sources

    The kingdom's largest travel company Seera (1810.SE), which owns Lumi, won approval for the float from Saudi Arabia's Capital Market Authority (CMA) last week. Companies that secure approval from the CMA have six months to launch their public share sale. Riyadh-based Lumi Rental Company has appointed Saudi Fransi Capital as financial advisor and joint bookrunner on the transaction, said one of the sources, declining to be named as the matter is not public. EFG Hermes joins Saudi Fransi as joint bookrunner, the source said.