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  • World Currency Reserves Shrink by $1 Trillion in Record Drawdown

    Global foreign-currency reserves are falling at the fastest pace on record, as central banks from India to the Czech Republic intervene to support their currencies. Reserves have declined by about $1 trillion, or 7.8%, this year to $12 trillion, the biggest drop since Bloomberg started to compile the data in 2003.

  • Crown prince announces launch of Saudi Downtown Company for development

    The 12 cities include Madinah, Al-Khobar, Al-Ahsa, Buraidah, Najran, Jazan, Hail, Al-Baha, Arar, Taif, Dumat Al-Jandal, and Tabuk. The company will develop over 10 million square meters of land across all projects, creating modern destinations drawn from Saudi Arabia’s diverse local culture and traditional architectural motifs, while using cutting-edge technology in every project.

  • HRH Crown Prince Unveils Saudi Downtown Company which aims to Develop Downtowns in Saudi Arabia

    His Royal Highness Crown Prince Mohammed bin Salman, Chairman of the Public Investment Fund (PIF), announced the launch of Saudi Downtown Company (SDC), which aims to build and develop downtown areas and mixed-use destinations in 12 cities throughout Saudi Arabia. The company will aim to improve the infrastructure and build strategic partnerships with the private sector and investors, by creating new business and investment opportunities in key economic sectors, including retail, tourism, entertainment, and housing.

  • Drones in focus as Ukraine downgrades ties with Iran

    Iran says it will respond to Ukraine's downgrading of diplomatic ties over alleged Iranian arms deliveries to Russia. Tehran accuses Kyiv of acting based on "unconfirmed reports" that it has been selling drones to Moscow. This is while a state-affiliated daily in Iran has claimed that "hundreds" of unmanned aerial vehicles (UAVs) have been exported to Russia.

  • Iran targets Internet access amid fears of crackdown upon Raisi’s return

    Following days of protests sparked by the death of Mahsa Amini, Iran has disrupted Internet connectivity and restricted access to Instagram—the only major unfiltered social media platform. Both activists and the authorities have reported fatalities in clashes in several cities as the unrest shows few signs of abating. This comes as violence is expected to escalate with the return of conservative President Ebrahim Raisi from the United Nations General Assembly in New York.

  • Saudi’s Qiddiya City committed to cut down energy consumption by 60%, says CEO

    The Business Development Manager at Qiddiya Investment Co. (QIC), Greg Whiteside, has confirmed the Qiddiya project's commitment to conserving energy and reducing carbon emissions. Whiteside made the remarks during the second Saudi International Iron and Steel Conference in Riyadh. He stated that the project would conserve energy through sustainable buildings and projects that reduce power consumption by about 60%.

  • What are the repercussions of Egypt-based Capiter’s downfall?

    There was a surge in startup activity during the pandemic that saw record-breaking investment channeled to some of the region’s most promising startups. Valuations soared, startups hired and expanded rapidly and investors kept ploughing money into what founders promised would be the next unicorn. This rapid growth, while it may look great on the surface, is unsustainable in today’s economic climate. The existing uncertainty in global markets makes it hard for even the most qualified founders to make ends meet, but some businesses are found to be lacking the foundation that is sturdy enough to withstand the damage.

  • Biden honors 9/11 victims as shadow of Afghan war looms

    President Joe Biden marked the 21st anniversary of the Sept. 11 attacks, taking part in a somber wreath-laying ceremony at the Pentagon held under a steady rain and paying tribute to “extraordinary Americans” who gave their lives on one of the nation’s darkest days.

  • Empowered by His Missteps, Shia Rivals Force Sadr to Back Down – For Now

    Sadr thus far has been able to afford to make mistakes and not suffer serious political consequences, mostly because of his ardently loyal base. It is possible his social capital, which is his strongest asset, could become frayed and his base become less responsive to his calls. However, the bigger problem is that he has made political miscalculations – particularly having his supporters in Parliament resign their seats – that his rivals are using adroitly and preventing him from correcting.

  • Saudi group starts work on mega Downtown Jeddah project

    The master developer said the contract includes the implementation of infrastructure and marine works in it, the removal of the existing 400 buildings and infrastructure in the first stage, and the re-routing of infrastructure services, which include electrical ground installations, sewage pipes and water supply, with a total length of 6.5 km. Central Jeddah Development Company pointed out that there will be reclamation and offshore drilling, then backfilling with drilling output, whose quantities are estimated at 4 million cu m, in addition to reclamation works, improving soil properties and preparing it for the expected construction works using the best engineering techniques, with a total area of 1.5 million flat m, in addition to constructing sidewalks.