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  • Chart: U.S. Dollar Defends Role as Global Currency

    Looking at trade and transaction data for the U.S. dollar in the past ten years, the currency has so far defended the major role it plays in international markets. The U.S. share of global GDP stands at around one quarter while the country's share in global trade in commodities and commercial services is lower, at around 10 percent. In this light, the U.S. dollar's outsized role in global trade, reserves and currency exchange that extends far past its country of its origin becomes apparent. Due to the United States' importance in global capital markets and international debt, the dollar continues to play a significant role internationally, Reuters reports.

  • Will US-Iran prisoner exchange jumpstart diplomacy at UNGA?

    While the exchange of prisoners — five will be freed by each side, as Elizabeth Hagedorn reported — seems straightforward, as far as these types of exchanges go, the Biden administration is being pilloried by Republican critics for the release of $6 billion owed to Iran from South Korean banks, as Adam Lucente reports. Those funds were frozen under US sanctions in 2018, when the Trump administration withdrew from the Joint Comprehensive Plan of Action (JCPOA). They have now been transferred to a restricted account overseen by Qatar.

  • Bahrain FinTech Bay enters partnership with The Family Office

    Bahrain FinTech Bay (BFB), a FinTech ecosystem builder, and The Family Office, a wealth management company in the GCC, have announced a strategic partnership that aims to at revolutionise the landscape of wealth management in the region. Under this partnership, BFB will leverage its extensive expertise in digital innovation to collaborate closely with The Family Office to enhance its existing digital products. Additionally, BFB will explore the development of innovative digital investment solutions aligned with market trends, utilising The Family Office’s FinTech lab as a collaborative hub.

  • Hydrogen aviation startup ZeroAvia lands largest funding round to date with NEOM as a backer

    ZeroAvia, one of the leading zero-emission aviation companies in the world, just announced its largest financing round to date. The funding round was co-led by Airbus, Barclays Sustainable Impact Capital, and NEOM. Other participants included Bill Gates’ Breakthrough Energy Ventures, Alaska Airlines, and the Amazon Climate Pledge Fund. No exact funding amount has been disclosed due to legal reasons, but a spokesperson for the startup confirmed to TNW that it is ZeroAvia’s largest to date, following a Series B of $72mn and a Series A of $56mn.

  • ‘Strategic partners’: A look at burgeoning Saudi-Brazil trade ties

    “Brazil and Saudi Arabia, two proud members of the G20 and energy producers, are well positioned to be strategic partners, with us being the economic leaders of our respective regions,” al-Falih said. “With our strategic interests aligned and private sectors strong, we could become a top five investor in each other’s economy. I believe this will be possible.” Flush with cash following a record $161bn profit for state oil giant Aramco last year, Saudi Arabia has ploughed billions in investments into Brazil’s mammoth mining and meatpacking sectors.

  • ‘Strategic partners’: A look at burgeoning Saudi-Brazil trade ties

    “Brazil and Saudi Arabia, two proud members of the G20 and energy producers, are well positioned to be strategic partners, with us being the economic leaders of our respective regions,” al-Falih said. “With our strategic interests aligned and private sectors strong, we could become a top five investor in each other’s economy. I believe this will be possible.” Flush with cash following a record $161bn profit for state oil giant Aramco last year, Saudi Arabia has ploughed billions in investments into Brazil’s mammoth mining and meatpacking sectors.

  • P&O’s CEO Martin Helweg charts Saudi Arabia’s maritime future

    The maritime sector in KSA presents a range of opportunities across the board. The integration of maritime infrastructure with energy and trade flows is a key driver. Notably, the foremost opportunity lies in Saudi Arabia's proactive commitment to nurturing a thriving maritime sector. Events like the Saudi Maritime Congress serve as vital platforms for stakeholders to collectively shape the sector's future trajectory, making alignment crucial.

  • 5 things we learned from Roberto Mancini’s start with Saudi national team

    Whatever the performances and whatever the spin put on it all, for a new national team coach to lose his first two games is far from an ideal start. At this stage the performances are more important than the result but Mancini, who was appointed last month, will not want the media and fans talking about the lack of wins for too much longer. In some ways, the selection of opposition was not the best. Costa Rica and South Korea both present solid tests but are not the kind of world-beating teams that fans back in Riyadh, Jeddah and elsewhere would expect their side to lose to.

  • Chart: Which Is ‘the Best Country in the World’?

    In 2022, the U.S. was back in rank 4 - its inaugural 2016 score - after gaining more points for indicators of quality of life and social purpose. Increases in the entrepreneurship as well as the cultural and natural heritage scores also saw the country improve its standing opposite other nations that year, leading to a much higher score when comparing to previous years. Despite ranking first for entrepreneurship in 2023, overtaking both Germany and Japan since 2021, the U.S. saw a big drop in the "open for business" category and is now ranked 59th for the metric, down from 53rd. As a result, its overall score dropped one rank this year. The U.S. is also ranked first for power and agility.

  • Mixed martial arts investment latest example of Saudi Arabia’s foray into global sports

    Georgetown University-Qatar visiting associate professor Danyel Reiche, an expert on sports and politics in the Middle East, said countries that try to use sports to improve their global standing can make up only so much ground. In Saudi Arabia’s case, its extensive spending is more about attracting major events to that country. The 2034 Asian Games already are scheduled to take place there.