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  • Turkey Names Fatih Karahan Central Bank Chief, Hafize Gaye Erkan Resigns

    Turkey’s central bank Governor Hafize Gaye Erkan abruptly resigned late Friday night, and President Recep Tayyip Erdogan quickly appointed Deputy Governor Fatih Karahan to replace her, signaling a continuation of the transition to more investor-friendly, orthodox economic policies that Erkan helped to spearhead. Karahan has been a member of the central bank’s rate-setting Monetary Policy Committee since July, and had previously worked at the New York Fed and as a principal economist at Amazon.com, according to his biography on the central bank website. Prior to the announcement, Bloomberg reported that he was being considered for the central bank’s top job. Erdogan’s decision was published in the Official Gazette at midnight.

  • New-wave reactor technology could kick-start a nuclear renaissance — and the US is banking on it

    The Biden administration and American companies are plowing billions of dollars into SMRs in a bid for business and global influence. China is leading in nuclear technology and construction, and Russia is making almost all the world’s SMR fuel. The US is playing catch-up on both. There’s no mystery behind why the US wants in on the market. It already lost the wind and solar energy race to China, which now provides most of the world’s solar panels and wind turbines. The big problem: The US hasn’t managed to get an SMR working commercially on land.

  • Why and when did Saudi Arabia ban alcohol? Why is its first liquor store a big deal?

    Saudi Arabia is seeing revolutionary reforms under Crown Prince Mohammed bin Salman. He has ambitious plans to make the kingdom the go-to destination for business and tourism. It involves shedding the image of a conservative regime and being more open. And the latest move involves allowing alcohol. Yes, the country is all set to get its first liquor store in the capital Riyadh but it will serve only non-Muslim diplomats.

  • Saudi trailblazer Yara Alhogbani handed Mubadala Abu Dhabi Open qualifier wildcard

    The second edition of the Mubadala Abu Dhabi Open will take place February 3-11 at Zayed Sports City's International Tennis Centre, and 10 of the world's top 20 have been confirmed for the WTA 500 tournament, including Kazakh world No 3 Elena Rybakina, Tunisia's sixth-ranked Ons Jabeur and Geece's world No 8 Maria Sakkari. Further star power was added to the field in the form of Japan's four-time Grand Slam champion Naomi Osaka and former US Open winner Emma Raducanu of Great Britain after both players received wildcards.

  • Saudi Arabia jumps 25 places in World Bank’s national statistics indicator

    Saudi Arabia’s economic data is demonstrating increased availability and maturity, with the nation advancing 25 places on the World Bank’s most recent Statistical Performance Indicators report. The Kingdom ranked first in the Gulf region and advanced four places among countries of the G20 to rank 15th, compared to 19th in 2019. The World Bank’s ranking takes into account the maturity and performance of the statistical systems of 186 countries.

  • SoftBank Veteran Entrusted With Saudi, UAE Billions Readies Second Act

    The Indian-born financier who helped open the floodgates to Middle Eastern wealth for Masayoshi Son’s $100 billion Vision Fund is attempting his second act. This time, he’s going solo. At SoftBank Group Corp.’s splashy tech vehicle, Rajeev Misra helped secure commitments worth $45 billion from Saudi Arabia’s Public Investment Fund and $15 billion from Abu Dhabi’s Mubadala Investment Co. Investments in high-flying startups ensued — Uber Technologies Inc. and WeWork Inc. among them — but many bets blew up as markets turned. Misra largely stepped back from that venture in 2022 after a tenure marred by internal clashes and investment writedowns.

  • Saudi Export-Import Bank signs MoU with US EXIM to boost trade

    The Saudi Export-Import Bank has signed an MoU with the Export-Import Bank of the US, focusing on fostering comprehensive collaboration, strengthening economic ties, and advancing trade relations between the two countries. The MoU was signed on the sidelines of the 2024 Future Minerals Forum held in Riyadh, from Jan. 9 to 11. The MoU outlines a framework for cooperation, collaboration, and sharing of expertise and resources between the two entities. Through this agreement, Saudi EXIM and US EXIM seek to facilitate trade financing, support exports, and promote investment opportunities in key sectors. The MoU also promotes knowledge and information sharing, capacity building, and the exchange of best practices, ultimately enhancing the competitiveness and growth of businesses in both Saudi Arabia and the US.

  • Saudi Chemicals Giant Sabic Hires Aramco IPO Banker Mirza

    Sabic hired Sulaiman Mirza as a senior adviser, according to his LinkedIn profile, an indication the Saudi chemicals producer may be eyeing more deals.

    Saudi Basic Industries Corp., as the company is formally known, is a key part of the country’s strategy to funnel more oil into chemicals as it prepares for a future beyond crude sales. Sabic took part in one of the Middle East’s largest deals last year, divesting its Hadeed metals unit to focus on its core business.

  • Saudi Arabia announces major change to recruitment in Philippines, Sri Lanka, Bangladesh and 3 more countries

    The Ministry of Human Resources and Social Development recently announced a reduction in the maximum limits for recruiting domestic labour services in several countries, namely the Philippines, Sri Lanka, Bangladesh, Uganda, Kenya, and Ethiopia.
    This measure is aimed at ensuring fairness in recruitment costs and is part of the Ministry’s broader initiative to review applicable regulations and associated costs.

  • Lebanon Ill-Equipped for Further Instability

    Gallup finished its surveys in Lebanon on Sept. 9 last year, less than a month before the Israel-Hamas conflict erupted. Since then, tensions and death tolls have risen along Lebanon’s border with Israel, where the militant group Hezbollah has a strong presence. On Monday, Israel killed a top Hezbollah commander in south Lebanon. If the war between Israel and Hamas spills into Lebanon, it could further destabilize a country that Gallup surveys showed was still struggling -- on multiple fronts -- to emerge from years of crippling economic and political crises.