• Al-Waleed to sell 16.87 percent of his firm to Saudi sovereign fund
    The sale of 625 million shares of the Riyadh-headquartered Kingdom Holding Company is worth roughly $1.5 billion. The company owns the famed George V hotel in Paris and has a majority stake in The Savoy in London.

    Al-Waleed, once dubbed the Warren Buffett of Saudi Arabia, struggled to recover his political and financial standing in the kingdom after he was detained in a crackdown.

    Saudi Public Investment Fund, chaired by Crown Prince Mohammed bin Salman, is at the heart of Saudi Arabia's efforts to end its reliance on oil.

  • Today, as the economy started to recover post COVID-19, a series of global macroeconomic issues emerged, including rising debt costs and inflation, both of which impact how GCC companies manage their growth rate, Amanat Holding's CEO Dr Mohamed Hamade tells TRENDS.
    However, Hamade believes that the markets in the Gulf region are better prepared to navigate the economic headwinds given the proactive stance they have witnessed across the sectors attracting foreign direct investments, relocation of businesses, and even market sentiment.
  • Economy
  • Hadeel Karnib

  • Erdogan conditions support for Nordic nations’ NATO bids
    President Recep Tayyip Erdogan on Saturday said Turkey would not look "positively" on Sweden and Finland's NATO bids unless its terror-related concerns were addressed, despite broad support from other allies including the United States.
  • Australia’s incumbent government loses elections after decade
    Australia's Prime Minister Scott Morrison conceded election defeat Saturday, hours after voters issued a stinging rebuke of his party's inaction on climate change. The balance of power could yet rest with a string of climate-focused independent candidates who routed Morrison's Liberals in a string of once-safe conservative urban seats.

    Australia's PM acknowledged a 'difficult' and 'humbling' day for his party, which governed Australia for the last decade

    With almost half the votes counted, Albanese's center-left Labor was assured of forming the largest party in parliament

  • Lebanese leader says country’s sovereignty must be restored
    Lebanon's hijacked sovereignty must be restored after an election denied the powerful Shiite movement Hezbollah a parliamentary majority, said Christian leader Samir Geagea. Geagea's campaign for the May 15 election centered mainly on disarming Hezbollah, cementing his role as the movement's staunchest domestic rival.
  • Israeli forces shoot to death a Palestinian teen in West Bank
    A Palestinian teenager was shot dead by Israeli forces as clashes erupted during an army raid on Saturday in Jenin in the occupied West Bank, the Palestinian health ministry said. The Israeli army said that during "operational activity" near Kafr Dan, a village northwest of Jenin, "a number of suspects shot live fire at soldiers.

    "A 17-year-old boy was killed and an 18-year-old was critically wounded by the Israeli occupation's bullets during its aggression on Jenin," the ministry said in a statement.

    The official Palestinian news agency Wafa identified the teenager as Amjad al-Fayed

  • Tunisia heads for ‘new republic’ in dialogue without political parties
    Tunisia's President Kais Saied on Friday appointed a loyalist law professor to head a committee charged with writing a constitution for a "new republic", through a national dialogue that excludes political parties. On July 25 last year, Saied sacked the government and suspended parliament, sidelining the political parties that have dominated Tunisian politics since the...
  • Lebanon cabinet passes financial recovery plan during last session
    The cabinet of bankrupt Lebanon, at its final session on Friday, passed a financial recovery plan needed to secure international aid, but its implementation will depend on the fractious incoming parliament. The session came five days after Lebanon held its first election since an economic crisis, widely blamed on corruption and negligence by the ruling...

    "Any delay in implementing the financial recovery plan will be very costly to Lebanese," Prime Minister Mikati said

    The International Monetary Fund and Lebanon in April struck a conditional deal for $3 billion in aid

  • NFTs, like cryptocurrencies, lose their sheen

    A slew of celebrity endorsements helped inflate a multi-billion dollar bubble around digital tokens over the past year, but cryptocurrencies are crashing and some fear NFTs could be next.
  • Economy
  • However, Hamade believes that the markets in the Gulf region are better prepared to navigate the economic headwinds given the proactive stance they have witnessed across the...
    By Hadeel Karnib

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