Biden Middle East US weighs resumption of offensive arms sales to Saudi Arabia The Biden administration is discussing the possible lifting of its ban on US sales of offensive weapons to Saudi Arabia. But any final decision is expected to hinge on whether Riyadh makes progress towards ending the war in neighboring Yemen, according to four people familiar with the matter. Senior Saudi officials pressed their US counterparts […] July 12, 2022
Retail Subway can be sued over its ‘100% tuna’ ads, says judge A federal judge said Subway can be sued for allegedly deceiving customers about its tuna products, including a claim it uses other fish species, chicken, pork and cattle instead of the advertised “100% tuna.” US District Judge Jon Tigar in San Francisco called it premature to accept Subway’s argument that any presence of non-tuna DNA […] July 12, 2022
Business of Sport PGA Tour probed for possible law break in fight against LIV Golf The US Justice Department is investigating whether the PGA Tour broke antitrust law in fighting off the rival LIV Golf circuit, backed by Saudi Arabia. The PGA Tour confirmed the probe, which was first reported by the Wall Street Journal. “This was not unexpected. We went through this in 1994 and we are confident in […] July 12, 2022
Economy Israel says Biden visit may lead to common Middle East market Israeli finance minister Avigdor Lieberman said today he hoped a regional visit by US president Joe Biden this week will lead to a common Middle East market that includes Saudi Arabia. Biden arrives in Israel on Wednesday and continues to Saudi Arabia on Friday. The White House has said the visit’s aims include “expanding regional […] July 11, 2022
Media & Advertising Twitter says it removes over 1 million spam accounts each day Twitter removes more than 1 million spam accounts each day, executives told reporters in a briefing on Thursday, providing new insight into efforts to reduce harmful automated bots as billionaire Elon Musk has demanded more details from the social media company. The briefing comes after Musk threatened to halt a $44 billion deal to purchase […] July 8, 2022
Opinion Biden Middle East Biden’s focus in Saudi should be on the long-term Mid-term election success will tempt the American president to go for quick wins, but he must enter into talks with an eye on the global demand for energy July 8, 2022
Analysis Biden Middle East US-Saudi trade relationship in rude health The US-Saudi trade relationship rebounded from the pandemic lows of 2020 to posting record high exchanges of non-oil and non-defence goods last year as vehicles and vaccines boosted American imports into the kingdom. According to data from the US-Saudi Business Council, total trade volume amounted to SR92.5 billion ($24.7 billion) during 2021, rising 22 percent […] July 8, 2022
Analysis Biden Middle East Biden’s Saudi visit is a test of pragmatism over populism Ever since the White House announced in June that US President Joe Biden would be embarking on a trip to the Middle East – the first of his presidency – the possible motives behind it have been the subject of keen debate. Slated to take place from July 13-16 the trip has also been the […] July 8, 2022
Analysis People & Lifestyle Security is what MbS wants most of all from Washington As the architect of Saudi Vision 2030, Crown Prince Mohammed bin Salman quickly won plaudits the world over as a great moderniser and the face of reform in the kingdom. But the killing of Washington Post columnist Jamal Khashoggi in 2018 complicated matters. Shunned by many leaders – both political and business – MbS has […] July 8, 2022
Analysis Biden Middle East 43 billion reasons why the US is key to Saudi’s wealth fund Saudi Arabia’s Public Investment Fund (PIF) is expected to continue with an investment strategy of “bargain hunting” in the United States but will likely deploy some caution, given current volatility in the US stock market. US president Joe Biden’s visit to the kingdom is an opportunity to strengthen bilateral business ties, commentators told AGBI, and […] July 8, 2022
Opinion Biden Middle East Partner or pariah? Biden must make his mind up on Saudi Murder and the Yemen war versus rising prices at the pump - the US president will have to use all his powers of diplomacy to get what he wants July 8, 2022
Exclusive Biden Middle East Diriyah’s CEO: the American at the heart of Saudi’s transformation There has never been a better time for US companies to invest in Saudi Arabia, according to the American businessman in charge of one of the kingdom’s biggest giga-projects. As group CEO of Diriyah Gate Development Authority (DGDA), Jerry Inzerillo has been at the helm of shaping the $50.6 billion transformation of the 14km2 district […] July 8, 2022
Analysis Biden Middle East US firms invest billions as Saudi appeal grows American businessmen first travelled to Saudi Arabia back in the 1930s to help develop the kingdom’s natural resources. Fast forward 90 years and, with record foreign investment licences issued in Saudi Arabia in the first quarter of 2022 and the country’s gross domestic product (GDP) growing at its fastest rate in a decade, it’s little […] July 8, 2022
Development Russia attends G20 meeting set to be dominated by Ukraine conflict Russian Foreign Minister Sergei Lavrov has flown into Indonesia’s resort island of Bali for a meeting of G20 foreign ministers, which is set to be overshadowed by tensions triggered by the Russia-Ukraine conflict. The G20 gathering runs until Friday in host country Indonesia, which this year has grappled with the balancing act of running a […] July 7, 2022
Economy Cost-of-living crisis driving surge in extreme poverty, says UN The global cost-of-living crisis is pushing an additional 71 million people in the world’s poorest countries into extreme poverty, a new report published by the UN Development Programme (UNDP) on Thursday has warned. Achim Steiner, UNDP administrator, said an analysis of 159 developing countries showed that the surge in key commodity prices this year was […] July 7, 2022
Tourism Norwegian Cruise scraps Covid testing for UAE voyages Passengers boarding Norwegian Cruise Line Holdings ships won’t have to take Covid-19 tests from next month unless required by local law, the US cruise operator said on Wednesday as the crucial summer sailing season gathers steam. Cruises setting sail from the United States, Canada or Greece’s Piraeus will still require pre-cruise Covid testing, and all […] July 7, 2022
Banking and Finance Global corporate debt to drop amid higher funding costs Global corporate net debt has fallen by 1.9 percent to $8.15 trillion in the past year as higher borrowing costs reduce appetite for new financing and strong cash flows from years of accommodative monetary conditions help companies repay existing debt, a study of 900 top firms released on Wednesday showed. Indebtedness is expected to decline […] July 6, 2022
Real Estate Judge in Trump case fines real estate firm $10,000 a day A New York judge on Tuesday held real estate firm Cushman & Wakefield PLC in contempt of court for not producing documents subpoenaed in a probe of former US President Donald Trump’s business practices. The judge ordered the company to be fined $10,000 a day until it complied. Attorney General Letitia James has been investigating […] July 6, 2022
Banking and Finance Canadian crypto lender Voyager files for bankruptcy Voyager Digital has filed for bankruptcy, the crypto lender said in a statement on Wednesday, a week after suspending withdrawals, trading and deposits to its platform as it sought additional time to explore strategic alternatives. In its Chapter 11 bankruptcy filing on Tuesday, Toronto-listed Voyager estimated that it had more than 100,000 creditors and somewhere […] July 6, 2022
Tourism Uber continues global expansion with launch in Israel Uber Technologies Inc said it was launching its ride-hailing and platform in Israel by connecting to a nationwide network of licensed taxis, as it continues to expand globally. Thousands of taxi drivers — both independent and working for companies — have already joined up, with the service that also includes ride sharing mainly available to […] July 6, 2022
Markets Dubai stocks sink again, wiping out 2022 gains The Saudi stock market extended losses for a third session on Tuesday amid mixed responses from Middle East stock markets to rising investor concerns of a possible global recession. Saudi Arabia’s benchmark index eased 0.1 percent, hit by a 4.6 percent slide in Sahara International Petrochemical. The kingdom and the United Arab Emirates are boosting […] July 6, 2022
Banking and Finance Qatar First Bank acquires office tower in the US Qatar First Bank has acquired a building in Richmond, Virginia, the lender’s eleventh real estate investment deal in the United States. The Gateway Plaza building is described as a Class AA trophy asset with an area of 330,000 square feet, the bank said in a press statement. Build in 2015, the building is a multi-tenant […] July 4, 2022
