Saudi Arabia’s pavilion at Expo 2020 celebrates 1 million visitors

The pavilion is offering more than 1,800 activities, programs, and themed weeks over a six-week period. (SPA)
The pavilion is offering more than 1,800 activities, programs, and themed weeks over a six-week period. (SPA)
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Updated 20 November 2021

Saudi Arabia’s pavilion at Expo 2020 celebrates 1 million visitors

The pavilion is offering more than 1,800 activities, programs, and themed weeks over a six-week period. (SPA)
  • The committee said that this is the highest percentage of visitors, within 49 days, in the history of international exhibitions

DUBAI: One million people have visited the Kingdom’s pavilion at Expo 2020 Dubai, with this figure making up more than 30 percent of the expo’s visitors.
Visitors to the Kingdom’s pavilion, which officially opened on Oct. 1, have traveled from Arab countries and further afield. There have also been high-level visits from diplomatic delegations. 
The committee said that this is the highest percentage of visitors, within 49 days, in the history of international exhibitions.
The pavilion offers, over a period of six months, more than 1,800 events, activities, programs, and themed weeks that reflect the Kingdom’s rich nature, vibrant society, longstanding heritage, and economic opportunities.
Recently, Saudi Arabia placed a bid to host Expo 2030. The theme proposed by the Kingdom is: “The era of change: Leading the planet to a foresighted tomorrow.”


Israel announces completion of security barrier around Gaza

Israel announces completion of security barrier around Gaza
Updated 1 min 36 sec ago

Israel announces completion of security barrier around Gaza

Israel announces completion of security barrier around Gaza
  • The 65-kilometer barrier includes radar systems, maritime sensors and a network of underground sensors to detect militant tunnels
  • Israel has fought four wars with Hamas since it seized power in Gaza nearly 15 years ago, most recently in May
JERUSALEM: Israel on Tuesday announced the completion of an enhanced security barrier around the Gaza Strip designed.

The 65-kilometer (40-mile) barrier includes radar systems, maritime sensors and a network of underground sensors to detect militant tunnels.

Existing fencing was replaced with a 6-meter (6.5-yard) high “smart fence” with sensors and cameras.

Israel has fought four wars with Hamas since it seized power in Gaza nearly 15 years ago, most recently in May.

During a 2014 war, Palestinian fighters tunneled into Israel and clashed with Israeli troops.

Defense Minister Benny Gantz announced the completion of the barrier after more than three years of construction, saying it places an “iron wall” between Hamas and residents of southern Israel.

During May’s fighting, Hamas used a sophisticated tunnel system within Gaza but did not infiltrate fighters into Israel. The group fired more than 4,000 rockets at Israel in 11 days, with large volleys that occasionally overwhelmed Israel’s sophisticated missile defenses.

Israel carried out hundreds of airstrikes during the conflict and brought down several multistory buildings. The war killed over 250 people in Gaza, including at least 129 civilians, according to the UN, while 13 people died on the Israeli side.

Since Hamas seized power, Israel and Egypt have imposed a crippling blockade on Gaza that has severely restricted travel for the territory’s 2 million Palestinian residents and strangled the economy.

Israel says the closures are needed to prevent Hamas from expanding its military capabilities, while the Palestinians and rights groups view it as a form of collective punishment.

In 2018 and 2019, Hamas organized violent mass protests along the frontier in order to pressure Israel to ease the blockade. More than 200 Palestinians were killed and thousands were wounded. An Israeli soldier was killed by a Palestinian sniper.

Rights groups recently accused Israel of failing to hold its forces accountable for the deaths and serious injuries.

Israel says its forces prevented the mass infiltration of Hamas operatives. It says allegations of wrongdoing were fully investigated and soldiers were held to account.

Over 170 companies delisted from major US stock exchanges in a year, says report

Over 170 companies delisted from major US stock exchanges in a year, says report
Updated 45 min 49 sec ago

Over 170 companies delisted from major US stock exchanges in a year, says report

Over 170 companies delisted from major US stock exchanges in a year, says report

RIYADH: Major US stock exchanges delisted 179 companies between 2020 and 2021, according to a report carried by Finbold.com.

Citing data the report said in 2021, the number of companies on Nasdaq and the New York Stock Exchange stands at 6,000, dropping 2.89 percent from last year’s figure of 6,179. In 2019, the listed companies stood at 5,454.

“NYSE recorded the highest delisting with companies on the platform, dropping 15.28 percent year-over-year from 2,873 to 2,434. Elsewhere, Nasdaq listed companies grew 7.86 percent from 3,306 to 3,566,” it added.

As of 2021, it said, Nasdaq had 2,819 listed domestic companies, while foreign entities stood at 747. NYSE accounts for 1,848 domestic companies, with the foreign entities standing at 586.

The report attributed the delisting to the emergence of alternative markets.

"Furthermore, the delisting on US major exchanges might be due to the emergence of new alternative markets, especially in Asia. China and Hong Kong markets have become more appealing, with regulators making local listings more attractive. Over the years, exchanges in the region have strived to emerge as key players amid dominance by US equity markets."

It, however, said the number of foreign companies listing on US exchanges also surged. 


Saudi Arabia and Oman agree to develop cooperation — joint statement

Saudi Arabia and Oman agree to develop cooperation — joint statement
Updated 55 min 7 sec ago

Saudi Arabia and Oman agree to develop cooperation — joint statement

Saudi Arabia and Oman agree to develop cooperation — joint statement

Saudi Arabia and Oman released a joint statement following an official visit by Crown Prince Mohammed bin Salman.
The talks dealt with developing joint cooperation in various fields, especially in the political, economic, military and security fields.
Developing...


Qatar approves its budget, expects to revenue to rise by 22.1%

Qatar approves its budget, expects to revenue to rise by 22.1%
Updated 07 December 2021

Qatar approves its budget, expects to revenue to rise by 22.1%

Qatar approves its budget, expects to revenue to rise by 22.1%

Qatar has approved its budget for the 2022 fiscal year, the country’s Minister of Finance Ali Al Kuwari said in a press conference on Tuesday.

Revenues are expected to amount to 196 billion riyals ($53.8 billion), a 22.4 percent rise compared to last year’s budget estimates, Asharq reported. 

Estimates for the budget were made while assuming oil prices to be $55 per barrel during the year on the back of healthier global energy prices.

Additionally, expenditures are predicted to hit 204.3 billion riyals, growing by an annual rate of 4.9 percent.

This will lead to a budget deficit of 8.3 billion riyals. Al Kuwari added that this deficit will be addressed through current monetary balances and the issuance of local and foreign debt instruments if needed.

EU’s economy

Output in the EU expanded by a quarterly rate of 2.1 percent in this year’s third quarter, according to preliminary estimates by Eurostat. 

Austria experienced the highest rise in activity, recording an economic growth rate of 3.9 percent. France and Portugal came next, as their economies widened by 3 percent and 2.9 percent, respectively.

Household consumption mainly drove the production’s rise in the region, going up by 4 percent, accelerating from the previous quarter’s 3.7 percent expansion. 

Government final consumption expenditure climbed by 0.3 percent while gross fixed capital formation declined by 0.6 percent.

Meanwhile, employment growth reached 0.9 percent in the third quarter of 2021 when compared to the previous quarter.

In addition, the euro area’s Indicator of Economic Sentiment improved by 0.9 points in December to hit 26.8 points, Zew, a Germany economic policy institute, said. 

However, the outlook was different for Germany, as its sentiment indicator fell by 1.8 points to reach 29.9 points. Deteriorations caused by the pandemic, as well as supply chain disruptions, are dragging the German economy down, the Mannheim-based firm noted.

Economic expectations also fell, signalling that forecasts about healthy short-term growth are not gaining momentum.

Moreover, the country’s industrial production went up by a monthly rate of 2.8 percent in October, preliminary estimates by Germany’s Federal Statistics Office showed.

In particular, production of capital goods widened by 8.2 percent while output of intermediate goods dropped by 0.4 percent.

Japan’s household spending

Household spending in Japan continued to fall, on an annual basis, for the third month in a row. This was attributed to weak consumer sentiment that is still recovering from the pandemic.

Spending by the sector dropped by a yearly rate of 0.6 percent in October, compared to a 1.9 percent fall in the previous month.

The country’s government recently introduced a $490 billion stimulus package to boost the economy, unlike other countries that are starting to roll back on their spending programs, Reuters reported.

Australia’s monetary policy

Australia’s central bank maintained its monetary policy and interest rate unchanged. The decision was driven by concerns over omicron, the new coronavirus variant.

The country’s interest rate remained at 0.1 percent, according to Bloomberg. The bank noted that it will raise interest rates when inflation reaches its target of 2-3 percent.

The bank added that the labor market and economy are experiencing upturns.

China’s trade

Exports and imports in China grew annually by 22 percent and 32 percent in November when compared to a year earlier, reaching all-time records.

Yet, exports growth slowed down due to a thinning demand and a rise in costs.


Yemeni rial bounces back as central bank restructured

Yemeni rial bounces back as central bank restructured
Updated 07 December 2021

Yemeni rial bounces back as central bank restructured

Yemeni rial bounces back as central bank restructured

AL-MUKALLA: The Yemeni rial recovered on Tuesday by roughly 30 percent hours after the Yemeni president reshuffled the country’s central bank board in a bid to rein in the rapid currency devaluation. 

Local moneychangers told Arab News that the Yemeni rial began bouncing back on Monday night when President Abed Rabbo Mansour Hadi dismissed the governor of the Aden-based central bank and his deputy. 

By Tuesday morning, the Yemeni currency rose from 1,700 to 1,100 against the dollar before dropping again to 1,250 in the afternoon. 

The rial has rapidly tumbled during the past couple of weeks, reaching a historic record low of 1,750 this week, compared to 215 in early 2015. 

Yemen’s president appointed Ahmed bin Ahmed Ghaleb as the new governor and head of the central bank’s administrative board. Mohammed Omer Banaja was appointed his deputy. 

The official news agency reported that the president authorized the Central Agency for Control and Accountability to monitor the bank’s current and previous financial activities. 

Four previous central bank chiefs, all appointed Hadi, failed to prevent the rial’s plunge despite their expertise and strong educational backgrounds.

The central bank had closed dozens of exchange firms and shops that violated the bank’s monetary rules and were involved in speculative activities on foreign currency. The central bank also ordered banks in the Houthi-controlled areas to move offices and operations to Aden, or face punitive measures and provided fuel and food importers with dollars. The rial continued losing value against the dollar, as several blacklisted firms and banks continued operations  in the Houthi-controlled Sanaa.

Mustafa Nasr, director of the Economic Media Center, has urged local and international support to the bank’s new administration to succeed in putting into place economic policies and also demanded resuming the flow of oil and gas exports and reviving money-generating state bodies. “

Richard Oppenheim, British ambassador to Yemen, said the reshuffle of the bank’s administrative board would help the Yemeni government carry out vital reforms to steady the economy.