MENA Brief | June 19: GCC central banks hold interest rates steady, Diriyah House launched in London
As most currencies in the region are pegged to the US dollar, monetary policy follows the decisions taken in Washington, with policymakers opting to lock the rate at the level it has been since December.
Biden, Xi set for high-stakes summit
San Francisco, US - US President Joe Biden and Chinese President Xi Jinping will try to prevent the superpowers' rivalry spilling into conflict when they meet for the first time in a year at a high-stakes summit in San Francisco on Wednesday.With tensions soaring over issues including Taiwan, sanctions and trade,...US renews waiver allowing Iraq to buy Iranian gas
Due to US sanctions against Iran, Baghdad cannot pay Tehran directly for its gas. Baghdad's unpaid bills to Tehran for past gas imports amount to some $10 billion, according to the senior official.Israeli troops storm Gaza City’s Al-Shifa hospital
Israel has repeatedly claimed that Hamas uses the hospital as cover for a command post and weapons stores, a claim Hamas denies. That use "jeopardizes" the hospital's "protected status under international law", the military said, a claim that many international human rights lawyers refute.Snapchat to add in-app Amazon shopping
In-app shopping will be available for select products advertised on Snapchat and sold at Amazon, the spokesperson added. People will be able to link their Snapchat and Amazon accounts to take advantage of the in-app shopping feature, according to Amazon.Black Friday is a $74bn opportunity for MENA retail. But is it losing sheen by ‘blindly copying’ the West?
The expected injection of billions of dollars into the retail business through sale of varied items can turn out to be a much-needed boost for a sector experiencing "sales fatigue."Black Friday is a $74bn opportunity for MENA retail. But is it losing sheen by ‘blindly copying’ the West?
The expected injection of billions of dollars into the retail business through sale of varied items can turn out to be a much-needed boost for a sector experiencing "sales fatigue."1962 Ferrari auctioned for $51.7 m in New York: Sotheby’s
Dating from 1962, the legendary Scuderia sports car -- chassis 3765, four-liter engine developing 390 horsepower -- had finished second in a race of 1,000 kilometers (620 miles) on the German Nurburgring circuit. Restored and modified, the 250 GTO changed American owners several times before ending up in the hands...Biden exhorts Israel to protect Gaza’s Al-Shifa hospital
Speaking to the reporters in the Oval Office, US president said he hoped and expected "that there will be less intrusive action relative to the hospital," adding that he was in touch with the Israelis on the matter. According to MSF, hundreds of people are stranded in the hospital complex...US strikes Iran-linked locations in eastern Syria
US Defense Secretary Lloyd Austin said that his country's forces carried out precision strikes on facilities in Syria used by Iran's IRGC and Iran-affiliated groups in response to continued attacks on US troops in Iraq and Syria. It is the third time in three weeks that the US targeted locations...Netanyahu tells NBC ‘there could be’ potential deal to free hostages
"We heard that there was an impending deal of this kind or of that kind and then we learned that it was all hokum. But the minute we started the ground operation, that began to change," Netanyahu told NBC show "Meet the Press."Ukraine officer had key role in Nord Stream sabotage: reports
Mystery has surrounded who was behind the blasts that damaged the pipelines, cutting off a major route for Russian gas exports to Europe and fuelling already high tensions over Moscow's invasion of Ukraine. Different theories have emerged pointing the finger at Ukraine, Russia or the United States. All have denied...Gaza’s post-war governance uncertain as war rages
Israeli Prime Minister Benjamin Netanyahu, who has long sought to sideline the PA, on Wednesday told Fox News his country does not plan to reoccupy Gaza. Pushed on his plan for Gaza's future, Netanyahu said the impoverished and blockaded territory must be "demilitarized, deradicalized and rebuilt."US military plane crashes in Mediterranean training ‘mishap’
US EUCOM did not specify the type of plane or where it was flying from, but the US has deployed a carrier strike group to the area as part of efforts to prevent the Israel-Hamas war from spiraling into a regional conflict. It said the plane suffered a mishap and...Russia spreading disinformation on Middle East situation, says Microsoft
Paris, France - Russia has been spreading "disinformation" about the situation in the Middle East, the president of Microsoft said on Saturday, as tensions soar in the region due to the Israel-Hamas war.Brad Smith, Microsoft vice chair and president, was asked about the role of the US tech giant in promoting...Israel faces global calls to protect civilians in Gaza
The suffering and death in Gaza has prompted growing calls for a halt in five weeks of fighting in order to protect civilian lives in the densely populated territory. French President Emmanuel Macron called on Israel to stop bombing civilians in Gaza, saying there was "no justification" and the deaths...Blinken ends marathon tour warning ‘more needs to be done’ on Gaza
New Delhi, India - US Secretary of State Antony Blinken wrapped up a marathon diplomatic push on Friday in India after a whirlwind Middle East trip and G7 talks, saying Israel's pauses in its Gaza offensive would "save lives" but more was needed."Far too many Palestinians have been killed," Blinken said...NGOs say full Gaza ceasefire needed to provide care
About 10 non-governmental organizations told a press conference on the sidelines of a humanitarian summit hosted by France that a simple pause in the fighting would not alleviate what they called a humanitarian "catastrophe". Their appeal came as US President Joe Biden said there was "no possibility" of a ceasefire,...Roadside blast hits global coalition troops in Iraq
The forces encountered an IED (improvised explosive device) blast near the Mosul dam, the military official told AFP, speaking on condition of anonymity. No casualties were reported. This is the latest in a growing series of attacks on US personnel in the region, following the outbreak of the war between...Israel agrees pauses in fighting but rules out ceasefire
Tens of thousands of civilians have streamed out of devastated northern Gaza in recent days, with men, women and children clutching meagre possessions as they emerge from the devastated warzone. They have fled close-quarter fighting, with Hamas militants using rocket-propelled grenades against Israeli troops backed by armoured vehicles and heavy...Israel to begin four-hour pause in Gaza, says US
Israel has agreed to daily four-hour military pauses in northern Gaza for humanitarian purposes, the White House said. President Joe Biden has been pressing Israeli Prime Minister Benjamin Netanyahu for longer breaks in the fighting after over a month of war sparked by the October 7 attacks by Hamas.US confirms Huthis shot down American drone off Yemen
The Huthis -- who seized Yemen's capital Sanaa in 2014 and control large swathes of the country -- claimed the shootdown earlier in the day. "Our air defenses were able to down an American MQ-9 while it was carrying out hostile surveillance and espionage activities in Yemeni territorial waters as...US opposes reoccupation of Gaza by Israel: State Dept
In a rebuke to the Israeli PM Benjamin Netanyahu who vowed to have "overall security" of Gaza after the war, the State Department said that the US does not support the reoccupation of the enclave, "Palestinians must be at the forefront of these decisions and Gaza is Palestinian land and...US diplomat urges calm at Lebanon-Israel border amid skirmishes
Beirut, Lebanon - Visiting US envoy Amos Hochstein on Tuesday urged for calm to return to Lebanon's southern border with Israel, after weeks of skirmishes following the start of the Israel-Hamas war."The United States does not want to see conflict in Gaza escalating and expanding into Lebanon," Hochstein told a press...Record number of patent applications filed globally in 2022, says WIPO
GENEVA, SWITZERLAND - Global patenting activity soared to new records in 2022, fueled by Indian and Chinese innovators, but an uncertain economic outlook is weighing on further growth, says the World Intellectual Property Organization report.Even as global filings for trademarks and designs dropped, innovators from around the world submitted 3.46...OpenAI sees a future of AI ‘superpowers on demand’
Dreams of the benefits of generative AI -- along with fears of the technology's risks -- have been hot topics in the tech world since ChatGPT made its blockbuster debut a year ago. More than 2 million developers are building on the OpenAI platform, while more than 100 million people...Ryanair profits soar
Its net profit is US$2.4bn in the six months to September end.US encouraging Israel to kill and carry out cruel acts against Palestinians: Raisi
Tehran, Iran--Iranian President Ebrahim Raisi on Monday accused the United States of "encouraging" Israel to kill and carry out "cruel acts" against Palestinians in the Gaza Strip.Gunmen from the Palestinian Islamist group Hamas stormed across Gaza's border with Israel on October 7, killing about 1,400 people, mostly civilians, and taking...UAE and China urge UN Security Council meeting on Gaza
Dubai, UAE-- The United Arab Emirates (UAE) and China have called for a closed-door meeting of the UN Security Council on the Palestinian-Israeli conflict for Monday.The UN Security Council will discuss, in particular, the strikes on the Palestinian refugee camp Jabalia in the north of the Gaza Strip and a...US Secretary of State arrives in Iraq on a surprise visit
During his meeting with Blinken on Sunday, Iraqi Prime Minister reiterated calls for a ceasefire and pointed to "the urgency of containing the crisis and preventing its spread", a statement from his office said. Iraq does not recognize Israel as a state and its government is close to Iran, which...Jordan air force drops ‘vital medical supplies’ in Gaza
Taking to X, formerly Twitter, King Abdullah said that Jordan's air force personnel air-dropped at midnight urgent medical aid to Jordanian's field hospital in Gaza. Terming it as "our duty to aid our brothers and sisters injured in the war on Gaza", he said the kingdom will always be there...Saudi Arabia to continue voluntary oil cut until end of Dec 2023
Riyadh, Saudi Arabia -- Saudi Arabia has announced it will continue the voluntary cut of one million barrels per day, which went into implementation in July 2023 and was later extended until the end of December 2023. The Kingdom’s production in the month of December 2023 will be approximately 9...Global assets in spot bitcoin ETFs hit US$4.16 billion
Dubai, UAE--Global assets invested in exchange-traded funds (ETFs) tied to the spot price of bitcoin now total US$4.16 billion, showed data by CoinGecko, a cryptocurrency data and analysis company. According to a few media reports nearly half of that sum, or $2 billion, is invested in the seven spot bitcoin...Turkey recalls envoy to Israel, breaks off contact with Netanyahu
Turkey has hardened its attitude toward both Israel and its Western supporters, particularly the US, as the relentless Israeli attacks on the besieged enclave of Gaza sent the death toll among Palestinians shockingly up. Turkey's decision came on the eve of what promises to be a difficult visit to Turkey...Public defies world leaders, rallies to back Palestinians
Global outcry mounts as thousands protest in the US, UK, France, and Germany, defying their governments' support for Israeli aggression and demanding ceasefire in Gaza.Israeli army targets Hizbollah post in Lebanon after cross border firing
Jerusalem - The Israeli military said on Saturday it had struck "two cells" and a Hizbollah post in response to attempted firing from Lebanon as cross-border shelling continued while Israel fights Hamas in Gaza.The latest skirmishes came a day after Hizbollah chief Hassan Nasrallah warned that the war between Israel...Israel Foreign Ministry denies relations with Bahrain cut off
Dubai, UAE-- A day after Bahrain's parliament announced that its ambassador to Israel is being recalled, the Jewish state said it had not been informed about such a move, adding that relations with the Gulf state were “stable”.According to Israel's Foreign Ministry, the country has not received any “announcement or...Blinken meets Jordan’s king as Gaza war rages
After discussing with Israeli PM Benjamin Netanyahu the idea of "humanitarian pauses" to secure the release of hostages held by Hamas and to allow aid into Gaza, he arrived in Amman where he will also join a meeting of foreign ministers of five Arab countries to be attended by a...Elon Musk’s xAI to release first AI model to ‘select group’
WASHINGTON, US - Elon Musk said his new artificial intelligence company would release a new AI model on Saturday to a "select group" of users as he looks to rival industry leaders OpenAI and Google.The release would be the first from Musk's new startup, xAI, that he launched in July after...Hamas ready to swap prisoners with Israel, says official
NEW YORK, US - Hamas is ready for a "complete compromise" deal on the issue of swapping hostages with Israel, Ghazi Hamad, a senior member of the Palestinian group's political bureau, said in an interview with NBC News. “We want these people to go home,” Hamad said. “And, also, we...Iraq event on ‘regional stability’ adjourned over Gaza war
Baghdad, Iraq - An international summit in Baghdad on "regional stability" planned for late November has been postponed due to the ongoing Israel-Hamas war, an Iraqi official told AFP on Thursday.The third edition of the Baghdad conference "for economic integration and regional stability", co-organised by France, "is postponed until further notice...US sanctions Turkey, China, UAE entities to disrupt Russia war
"Russia is dependent on willing third-country individuals and entities to resupply its military and perpetuate its heinous war against Ukraine and we will not hesitate in holding them accountable," said Treasury Secretary Janet Yellen in a statement. The Treasury added on Thursday that Russia has been exploiting "otherwise legitimate economic...Political and tech leaders tackle AI safety at inaugural summit
London, United Kingdom – UK Prime Minister Rishi Sunak on Thursday hosts political and tech leaders at the inaugural global AI safety summit, predicting the technology will radically alter society for generations to come.The release of ChatGPT and other generative AI systems, which are capable of quickly producing text, images...Biden voices support for humanitarian ‘pause’ in Israel-Hamas war
The 80-year-old Democrat was delivering remarks to some 200 supporters in the northern US state when a member of the audience shouted out to him. "As a rabbi, I need you to call for a ceasefire right now," she said, referring to the deadly conflict between Israel and Hamas. The...Gulf central banks mimic US Fed, maintain interest rates
The UAE's central bank has kept its Base Rate for the Overnight Deposit Facility (ODF) unchanged at 5.40 percent. It is closely tied to the US Federal Reserve's Interest on Reserve Balances (IORB), reflecting the general stance of the CBUAE's monetary policy. Qatar Central Bank too has maintained its current...Iran urges Muslim nations to suspend trade with Israel
The bombing campaign by Israel in Gaza has killed more than 8,500 people, two-thirds of them women and children, according to the Hamas-run health ministry.US curbs on Iran’s oil exports may hit global portfolios
The US tightening sanctions on Iranian oil could have a negative impact on individual and institutional investment portfolios by disrupting the energy sector, contributing to inflationary pressures, and intensifying geopolitical risks. You need to be aware of the risks – but also the opportunities, he adds.China’s share of global manufacturing jobs to rise by 2050: study
The Asian giant's share of global manufacturing jobs will rise to 43 percent of the total by that year -- making China one of the only countries to see growth in such jobs during that time, according to a study by the Washington-based Center for Global Development. Major Western economies...Israel targets Syrian ‘military infrastructure’ in airstrikes
A string of attacks have been carried out against US forces in Iraq and Syria as well as increasing exchanges of fire between Hezbollah and Israeli forces on the Lebanon border since the Gaza conflict began. Late Sunday, the Israeli military said it was striking "Hezbollah terrorist targets in Lebanon".Federal Reserve likely to pause interest rate hikes
The Federal Reserve will likely announce it is holding interest rates at a 22-year high on Wednesday, as it looks to tackle inflation without damaging the resilient US economy. Analysts and traders parsing recent Fed speeches overwhelmingly expect the US central bank to hold rates steady for the second meeting...Capital flows to emerging markets facing short-term headwinds: QNB
Doha, Qatar--Qatar National Bank (QNB) said that the global macro trends are starting to present short-term challenges to emerging markets (EM), weighing on capital flows.In its weekly commentary, QNB said, "Late last year and early this year, emerging markets (EM) started to benefit from significant tailwinds, driven by the economic...