Saudi Arabia’s city of roses blooms in Ramadan

Saudi Arabia’s city of roses blooms in Ramadan
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Updated 16 April 2021

Saudi Arabia’s city of roses blooms in Ramadan

Saudi Arabia’s city of roses blooms in Ramadan

Every spring, roses bloom in the western Saudi city of Taif, turning pockets of the Kingdom’s vast desert landscape a vivid and fragrant pink.

In April, they are harvested for the essential oil used to cleanse the outer walls of the sacred Kaaba in Makkah.
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The White House is frustrated with media coverage of pandemic

The White House is frustrated with media coverage of pandemic
Updated 2 min 55 sec ago

The White House is frustrated with media coverage of pandemic

The White House is frustrated with media coverage of pandemic

LONDON: The White House and senior officials in President Joe Biden’s administration have expressed their frustration last week over media coverage of coronavirus disease (COVID-19) cases among vaccinated Americans.

A senior official in the Biden administration stated on Friday that the press is reporting misleading information on a breakthrough of Delta variant infections spreading among vaccinated and unvaccinated people.

The official said that the White House had asked these news organizations to tone down the language as focusing on “breakthrough infections” is likely to lead to more vaccine hesitancy.

A member of Biden’s COVID-19 response team, Ben Wakana, also referred to a Washington Post article as “completely irresponsible” for featuring a story about an outbreak in Massachusetts among vaccinated people.

This comes as the Biden administration steps up its efforts to combat COVID-19 misinformation.

Last week, Biden blamed Facebook for the soaring number of COVID-19 infections and said that the social media company was “killing people” by allowing the spread of misinformation about COVID-19 vaccines.

However, a few days later, Biden softened his tone and said instead that he meant to accuse a dozen users who have been responsible for spreading the most amount of misinformation on the social media platform, not the company itself.

With a combined 59 million followers, the 12 online personalities — also known as the “Disinformation Dozen” — include doctors who practice pseudoscience, a bodybuilder, a wellness blogger, a religious zealot, and, most notably Robert F. Kennedy Jr., the nephew of former US President John F. Kennedy.


Cryptocurrencies look up despite regulatory issues

Cryptocurrencies look up despite regulatory issues
Updated 15 min 47 sec ago

Cryptocurrencies look up despite regulatory issues

Cryptocurrencies look up despite regulatory issues

RIYADH, DUBAI: While regulatory issues continue to chase cryptocurrencies, their stock saw a rise on Wednesday with Bitcoin trading higher by 1.28 percent to $39,037.94 at 5 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, traded at $2,609.22, up 3.56 percent, according to data from Coindesk.

The pressure on the digital currency continues, as HSBC became the latest lender to have suspended payments to cyrptocurrency exchange platform Binance in the UK.

“We have made this decision due to concerns about the possible risks to you,” the bank said in a statement, where it cited a consumer warning by the country’s financial regulator.

Regulators in Malaysia, Japan, Hong Kong, Thailand, and Germany have previously issued warnings against Binance.

HSBC earlier said it was not planning to launch a crypto trading desk or offer digital coins as an investment, describing these assets as “volatile” and lacking of transparency.

But Wells Fargo, one of the largest wealth managers in the US, has a different stance on cryptocurrency, as it recently launched crypto investment offerings to its clients.

This was confirmed to Business Insider by the company’s spokesperson, Bitcoin.com has reported.

Also in the US, NCR Corp., a global leader in ATM software applications, said it was acquiring Libertyx, an American crypto company that claims to be the US “first and largest network of bitcoin ATMs, cashiers, and kiosks.”

In Argentina, two blockchain-based digital identity projects are being developed, according to a report by Bitcoin.com.

One of the projects is aimed at improving government-citizen relationships in Misiones, and the other seeks to promote financial inclusion in the Gran Chaco region. They are being organized by Project Didi, which financed by the Inter-American Development Bank.


Saudi property market adapts to new tax

Saudi property market adapts to new tax
Updated 21 min 36 sec ago

Saudi property market adapts to new tax

Saudi property market adapts to new tax

RIYADH: The Saudi Zakat, Tax and Customs Authority registered over 543,000 transactions related to the Real Estate Transaction Tax (RETT) since its implementation in October 2020, the official Saudi Press Agency (SPA) reported.

The highest number of tax transactions was reported in Riyadh with 125,110 followed by Jeddah (55,680), Buraidah (50,462), Makkah (18,955) and Madinah (18,557).

“This gives a positive impression to the property market,” Khaled Almobid, CEO of Riyadh-based Menassat Reality Co. told Arab News.

He said many thought the new tax might contribute to a decline in the demand of property but “the market started to adapt to it,” which is a positive sign for the Kingdom’s real estate sector.

Property deals in Saudi Arabia are exempted from a 15 percent value-added tax (VAT) as the government seeks to support the real estate sector.

Instead a 5 percent tax was introduced last year to boost the economy as it was hit hard by the impact of the coronavirus disease (COVID-19) pandemic and weaker oil prices.

“The buyer used to pay a value-added tax (VAT) of 15 percent, and due to the real estate conditions in the Kingdom, it was turned into a tax paid by the seller, not the buyer, called the real estate transaction tax, and it was reduced to 5 percent,” Almobid said.


Tabby raises $500 million, eyes new GCC markets

Tabby raises $500 million, eyes new GCC markets
Updated 22 min 44 sec ago

Tabby raises $500 million, eyes new GCC markets

Tabby raises $500 million, eyes new GCC markets

RIYADH: Tabby, the leading buy now, pay later (BNPL) provider in Saudi Arabia and the UAE has raised $50 million in a new equity round valuing the company at $300 million.

Global Founders Capital and STV led the funding round, with participation from Delivery Hero and CCVA. Existing investors, including Arbor Ventures, Mubadala Investment Capital, Raed Ventures, Global Ventures, MSA Capital, VentureSouq, Outliers VC, JIMCO, and HOF, also participated.

This comes one month after the firm raised $50 million in debt financing bringing its total funding to over $130 million in less than two years.

The fintech firm’s Series B financing will be used to expand its product portfolio and enter new markets.

The funding will help tabby further service the growing demand for its BNPL products as customer usage continues to soar, especially in Saudi Arabia, the firm’s largest market.

Ahmad Al-Shammari, a partner at STV, said: “As the global BNPL market is expected to grow at 30 percent CAGR over the next five years, we estimate that MENA will grow at least twice as fast, further accelerated by a rapid switch to contactless payments, e-commerce growth, and access to credit.”

Financial technology startups in Saudi Arabia and the UAE offering online short-term credit say they are enjoying exponential growth as the coronavirus pandemic drives a shift in consumer spending online.

BNPL purchasing is relatively new to the region where consumers have traditionally been skeptical of paying for goods before getting them.

But Saudi-based Tamara and UAE’s Spotii, Tabby, and Postpay all say the take-up has far exceeded initial expectations. And investors are paying attention. Tamara recently raised $110 million in debt and equity, a large amount for an early-stage Middle East startup.

“With global players consolidating the MENA BNPL space, we are proud to continue building a local business and work with investors who understand its value. This investment will enable us to deliver the most rewarding and relevant shopping experience for regional consumers and retailers,” said Hosam Arab, CEO, and co-founder of the fintech firm.

This investment marks Delivery Hero’s first fintech investment in MENA. Delivery Hero, which owns and operates several regional food and grocery delivery companies including Talabat, InstaShop, and Hunger Station, has one of the largest customer bases in the Middle East and Africa (MENA) region.

“We are excited to be investing in tabby as our first FinTech investment in MENA, a strategically important region for Delivery Hero. We see great potential in tabby to drive the industry forward and are proud to be supporting the company on its growth journey,” Mark Venema, senior vice president, strategy at Delivery Hero, said.


Afghanistan could become failed state: UK’s top soldier

Afghanistan could become failed state: UK’s top soldier
Updated 36 min 32 sec ago

Afghanistan could become failed state: UK’s top soldier

Afghanistan could become failed state: UK’s top soldier
  • Gen. Nick Carter: Govt forces need to secure military stalemate with Taliban so as to enable talks
  • There is a ‘real risk’ that the West is ‘giving far too much legitimacy to the Taliban’

LONDON: Afghanistan risks becoming a failed state unless government forces can prevent the Taliban’s advance, Britain’s most senior soldier warned on Wednesday.

Gen. Nick Carter, the chief of defense staff, said Afghan forces have to secure a military stalemate in order to start talks between the government and the Taliban. 

He also warned the international community against giving credence to the Taliban and its leader Mullah Abdul Ghani Baradar, saying there is a risk of giving the group “legitimacy” that it does not deserve.

Carter said the country becoming a failed state “is one of the scenarios that could occur, but we have to get behind the current Afghan government and support them in what they’re trying to do.

“And if they can achieve a military stalemate, then there will have to be a political compromise. Even the Taliban at the level of Baradar recognize that they can’t … conquer Afghanistan.

“There has to be a conversation. And the important thing is to achieve the military stalemate that can then bring on that conversation.”

Carter told the BBC that there is a “real risk” that the West is “giving far too much legitimacy to the Taliban movement.”

He added: “There’s a huge disparity between what Mullah Baradar is saying publicly and … what’s actually happening on the ground. 

“And the international community has got to do much more about calling out the way that the people on the ground are trashing government buildings, they’re threatening the population, there are reports of people being forced into marriages.”

Carter said he has seen “grisly videos of war crimes,” and the international community “mustn’t let them get away with this — we’ve got to call them out.”

His comments come as Tobias Ellwood, a Conservative MP and chair of the House of Commons Defence Select Committee, called for the West to “rethink its strategy.”

Ellwood, himself a former British Army officer, tweeted on Wednesday that there is “still time to prevent civil war” by sending “a 5,000-strong coalition force — enough to give legitimacy to the Afghan government & support to Afghan forces to contain and deter the Taliban.” He added: “Otherwise we face a failed state.”