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  • Saudi embassy in Beirut calls on Saudi citizens in Lebanon to leave immediately

    Saudi Arabia’s embassy in Beirut on Wednesday called on its citizens in Lebanon to leave the country immediately. “The Embassy of the Kingdom of Saudi Arabia to the Republic of Lebanon is closely following the developments of the current events in the southern Lebanon region, calling on all citizens to adhere to the travel ban and to leave Lebanese territory immediately for those who are currently in Lebanon,” the embassy posted on X, formerly known as Twitter.

  • Emerging economies face China and rate pressures as IMF, World Bank meet

    Emerging economies are facing headwinds from all sides, with a recent selloff in U.S. Treasuries and China's slowing economy adding layers of uncertainty while the Federal Reserve might not have reached the end of its rate hike cycle. Restructuring efforts for defaulted countries could reach a breakthrough before year-end as talks continue, while the finances of nations like Pakistan and Egypt will also be under scrutiny when policy makers and asset managers gather for the World Bank and International Monetary Fund's annual meetings in Marrakech next week.

  • Israeli forces kill two Palestinians amid overnight West Bank raids

    Israeli forces killed two Palestinians and wounded dozens more while suffering five injuries as they raided several areas in the occupied West Bank on Wednesday and into Thursday morning. Abd al-Rahman Faris Atta, 23, and Huthaifa Mohammad Faris, 27, were killed south of Tulkarm city, according to the Palestinian health ministry.

  • World Bank sees Saudi economy contracting in 2023, MENA growth sharply lower

    The World Bank expects Saudi Arabia's economy to contract by 0.9% in 2023, it said in a report on Thursday, revising its growth forecast for the world's top oil exporter sharply lower on the back of production cuts and lower prices. Overall growth in the Middle East and North Africa (MENA) region is also expected to slow, now forecast at 1.9% in 2023, down from 6% last year and lower than the 3% the World Bank forecast in April.

  • UAE reopens Embassy in Beirut, resumes issuing visas for Lebanese

    The UAE and Lebanon have agreed to take the necessary steps to reopen the Emirates’ Embassy in Beirut and establish a joint committee to develop a mechanism to issue entry visas for Lebanese citizens to the Gulf country. UAE President Sheikh Mohamed bin Zayed and Lebanon’s caretaker Prime Minister Najib Mikati met in Abu Dhabi on Thursday to discuss their ties and enhance cooperation in various fields, according to Emirates News Agency WAM.

  • Saudi: Social Development Bank provides $613mln as funds to support economic development

    The Social Development Bank (SDB) has announced providing development funds of SAR2.3 billion, which helped over 39,000 beneficiaries of various types of clients, including entrepreneurs and citizens benefiting from social services. This announcement was made during a meeting of the board of directors of the SDB for the third quarter of 2023, chaired by Minister of Human Resources and Social Development and Chairman of the board Eng. Ahmad bin Sulaiman Al-Rajhi, and attended by members of the board.

  • Hezbollah’s assertive posture in south Lebanon places UNIFIL in a difficult position

    The recent revelation that Iran-backed militant group Hezbollah in Lebanon has constructed a 3,937-feet (1,200-meter) asphalted runway at one of its military bases is the latest example of the party’s increasingly brazen pattern of behavior, especially in the southern border district where a United Nations (UN) peacekeeping force has been deployed for the past forty-five years.

  • Will Qatar mediation end Lebanon political deadlock?

    Lebanon has been unable to elect a new president since President Michel Aoun left office in October 2022, Anadolu News Agency reports. France has sought to mediate between Lebanese political forces, sending its envoy, Jean Yves Le Drian, twice to the country in a bid to end the deadlock. The efforts, however, did not yield any results. As the political vacuum persisted, Qatar stepped in to help strike a deal between Lebanon’s political groups. Qatari envoy, Jassim bin Fahad Al-Thani, arrived in Lebanon last week in an effort to strike an understanding between the country’s political rivals for electing a new president.

  • Saudi EXIM Bank and Trafigura Sign Credit Facility Agreement

    The Saudi Export-Import (Saudi EXIM) Bank has signed an agreement with Trafigura, a market leader in the global commodities industry, to extend a three-year credit facility of USD500 million.

  • Saudi Arabia, Amid Israel Talks, Sends Envoy to West Bank 

    Saudi Arabia, which has engaged in U.S.-brokered talks with Israel to potentially normalize relations, Tuesday sent a delegation to the occupied West Bank for the first time in three decades. It was led by the Saudi non-resident ambassador to the Palestinian territories, Nayef al-Sudairi, who was to meet Palestinian president Mahmud Abbas and top Palestinian diplomat Riyad al-Maliki. Sudairi, the oil-rich kingdom's envoy to Jordan, was last month also named for the Palestinian territories post and appointed consul general for Jerusalem.