The move comes in response to a series of explosions in Lebanon on Tuesday evening
Middle East
Egypt
Inside Gulf investors’ multibillion-dollar bet on Egypt’s North Coast as FDI target sparks buying spree
Investors from the UAE, Saudi Arabia, and Qatar are fueling Egypt’s coastal real estate investment boom
Airline
Dnata secures new ground handling contract with Royal Jordanian at New York JFK
Dnata services will cater to approximately 125,000 passengers on 360 annual flights
Abu Dhabi
Presight set to transform healthcare in Jordan with new contract
The project includes building a virtual hospital ‘Command Center’ that provides tele-ICU, tele-radiology and tele-dialysis
Central Bank of Lebanon
Lebanon’s former central bank chief charged with financial crimes
Riad Salameh was accused of embezzlement, theft of public funds, forgery, and illicit enrichment.
payroll
MENA HR venture Cercli raises $4mn in seed round led by Afore Capital
The funding comes from Afore’s $150 million Fund III
Arab media
Exclusive: Inside Princess Rym Ali of Jordan’s mission to rewrite the narrative of Arab media
The wife of Prince Ali Bin Al Hussein of Jordan and founder of the Jordan Media Institute speaks exclusively to us about her hopes for Middle Eastern media and her humble beginnings.
Egypt
Significant oil discovery announced in Egypt’s western desert
The Egyptian Ministry of Petroleum unveils new incentives to boost oil and gas production and exploration
Dubai
Bank of Singapore looks to double revenue from Middle East in 3 years
UAE, and in particular Dubai, have become key destinations for global millionaires post-COVID, says bank’s top official
Donald Trump
ANALYSIS: US-China relations and the trillion-dollar question for global markets
The tech industry, global trade patterns, and international markets all hang in the balance, awaiting the outcome of the US presidential election
Central Bank of Lebanon
Inside Lebanon’s Ponzi scheme economy and the $100bn outflow crisis
A tangled web of financial misdeeds, shaky banks, and questionable central bank practices has plunged Lebanon’s economy into a crisis with no end in sight
Abu Dhabi
AD Ports Group company acquires Safina Shipping Services; marks entry into Egypt’s maritime market
The deal, which is expected to close in Q3 2024, will mark Noatum’s entry into Egypt’s maritime market
business travel
MENA business travel rebounds with an 11.2% growth projection for 2024
Last year, the region surpassed its pre-Covid spending levels, reaching $17 billion in business travel expenditures.
geopolitical conflicts
Lebanon housing costs surge amid property crunch as conflict fears spark exodus, echoing 2006 war
Lebanese fleeing conflict zones spark safe housing shortage and rental price surge, compounding pressures on peak tourism season
Financial Market
MENA region poised for $50bn market boom despite US recession fears, market volatility
Over 60 Rhinos and classified ventures are expected to hit the market within the next 3 to 5 years, experts reveal
Beirut
Saudi Arabia urges citizens to leave ‘immediately’ amid rising Lebanon-Israel tensions
The Saudi foreign ministry issued a statement reiterating its advice for nationals to avoid travel to Lebanon
Air France-KLM
Air France-KLM appoints Stefan Gumuseli as new India-Middle East General Manager to bolster regional presence
He will be based at the airline’s regional office in Dubai