Arab News Headlines
Riyadh: The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al-Saud, approved bestowing the King Abdulaziz Medal of the Third Class upon 200 Saudi individuals in recognition of their organ donations.
The donors were honored for their contributions of one of their vital organs, whether it be from a living or brain-dead individual.
Source: Saudi Press Agency
The UAE and Oman signed Tuesday several multi-field agreements, memorandums of understanding and investment partnerships worth AED 129 billion ($35.12 billion).
The signing was done during the UAE-Oman Business Forum, on the sidelines of Sultan Haitham bin Tariq’s visit to the UAE.
The agreements and MoUs aim to enhance cooperation between the two countries in the fields of renewable energy, green minerals, railway connectivity, investments in digital infrastructure, technology, transportation and food security, in addition to forming an UAE-Omani alliance to enhance bilateral trade and economic relations.
Source: Qatar News Agency
Riyadh: Sudoos, nestled in the vastness of the Arabian Peninsula, is an ancient settlement steeped in history. This picturesque oasis, near the capital Riyadh, boasts a rich tapestry of archaeological wonders, some weathered by time, others standing as enduring testaments to its antiquity.
Sudoos is a beacon of historical, geographical, and cultural significance in the Najd region, a land that has witnessed pivotal events. It has profound cultural depth. Travelers and historians have described it as an oasis surrounded by farms, palm groves, and other flora. When it rains, desert plants flourish, transforming the landscape into an open-air garden.
Its beauty is a silent witness to historical events and its artifacts speak of a bygone civilization.
Sudoos’ architecture has captivated researchers. Arab and Western sources recount details about its inhabitants, its tribes, and its archaeological significance.
Sudoos’ prosperity can be attributed to the availability of water, fertile soil, and its location ne
ar important central Arabian Peninsula roads.
Sudoos is home to many archaeological landmarks, including an obelisk with ancient inscriptions, an ancient palace believed to have been built by Prophet Solomon, and other engraved stones.
Among Sudoos’ landmarks are writings estimated to be 2,000-3,000 years old. A round stone piece, fortifications, and a watchtower are also found there.
British traveler Lewis Pelly described Sudoos in his 1865 book “Report on a Journey to Riyadh in Central Arabia” as a group of small, beautiful farms gathered around a fort.
John Gordon Lorimer, another traveler, mentioned Sudoos in his 1908 book “Gazetteer of the Persian Gulf, Oman and Central Arabia”.
Sudoos played a prominent role in both pre-Islamic and Islamic eras. Its central location and position by an important trade route significantly impacted its development. The townspeople’s experience in building defensive fortifications is reflected in the planning of the gates, walls, towers, and streets.
Today, Sudoos sta
nds as testament to Saudi Arabia’s rich history and cultural heritage. Preservation efforts are crucial to ensure that Sudoos continues to serve as a bridge between past and present, inspiring future generations.
Source: Saudi Press Agency
Oman oil price (June delivery 2024) on Tuesday reached $88.68, comprising a rise by $1.84 compared to Monday’s price which stood at $86.84.
The average price of Oman oil (April delivery 2024) stabilized at $80.85 per barrel, thus $2.10 per barrel higher than March delivery 2024.
Source: Qatar News Agency
Oman oil price (June delivery 2024) on Tuesday reached $88.68, comprising a rise by $1.84 compared to Monday’s price which stood at $86.84.
The average price of Oman oil (April delivery 2024) stabilized at $80.85 per barrel, thus $2.10 per barrel higher than March delivery 2024.
Source: Qatar News Agency
Jordan’s Minister for Foreign Affairs Ayman Al Safadi discussed on Wednesday with his Irish counterpart Micheal Martin developments in Gaza and the efforts made to reach a ceasefire, ensure the protection of civilians and deliver sufficient and sustainable humanitarian aid to all parts of the Strip.
The two ministers also discussed ways to enhance bilateral relations between Jordan and Ireland, as well as a number of topics of mutual interest.
Source: Qatar News Agency
Doha: Qatar Financial Markets Authority (QFMA) hosted on Wednesday the 18th annual meeting of the Union of Arab Securities Authorities (UASA) Board.
The meeting, which was organized by QFMA in cooperation with UASA, witnessed the participation of the 16 Arab member countries of the Union.
CEO of the QFMA, Dr. Tamy bin Ahmad Al Binali, delivered a speech at the beginning of the meeting, in which he affirmed that there are great hopes for this meeting as it is an entry point for the exchange of views, expertise, experiences and visions, on the role, mechanisms and tools of regulators in maintaining the stability of Arab financial markets and reducing the risks they face in light of a highly volatile changing environment with many successive and rapid developments in several areas, whether at the level of global economic performance indicators, at the level of growing political conflicts, or at the level of technological changes and uses of artificial intelligence.
He said that international developments and
changes in various fields have placed financial markets and the regulators in front of a set of opportunities and challenges, as how these changes affect is related to the ability to benefit from them and turn them into growth opportunities, but on the contrary, the inability to keep pace with changes may negatively affect the capital markets performance.
Al Binali pointed out that these renewed opportunities and challenges cannot be faced and dealt with using traditional work methods and approaches, as emerging challenges require innovative and new coping tools, high capabilities for innovation and creativity, and high ability to use modern technologies, all of which shall be among the priorities of capital markets regulators.
Dr. Al Binali confirmed that capital markets play an important economic role, as they are a major axis of development, a key pillar of economic development and stability, a catalyst for growth and sustainable development, and an important financing channel. All these functions requir
e financial markets to enjoy high flexibility, high levels of transparency and electronic disclosure, effective application of governance and sustainability principles, the ability to manage risks, keep pace with digital transformation and achieve cybersecurity for their dealers.
He explained that the achievement of these requirements shall be based on administrative capacity, high economic efficiency, distinguished expertise of Arab securities and financial markets authorities, and a great deal of cooperation, coordination and exchange of experiences among them, as well as communication and cooperation with international organizations specialized in financial markets such as International Organization of Securities Commissions (IOSCO) and the International Capital Market Association (ICMA), and the use of expertise, studies and recommendations in this regard.
Dr. Al Binali added that based on this reality, our meeting today, with its multiple and diverse topics, is a continuation of the UASA’s work mechani
sms, a step on the way to achieving its strategic plan, and a tool to find modern tools and work methodologies that enable regulators to contain regional and international risks and fluctuations in all fields, while at the same time enabling them to support and develop financial products and services, enhance the competitiveness of our financial markets, achieve stability and face challenges.
Khalid Al Homoud, a member of the Board of Directors of the Capital Market Authority of the Kingdom of Saudi Arabia and outgoing President of the UASA, presented the 2023 UASA annual report during the opening session of the Union’s meeting. In his presentation, Al Homoud reviewed the developments witnessed in Arab and international capital markets, as well as the most prominent achievements of the Union in 2023.
Al Homoud highlighted that 2023 witnessed significant developments and events that had a direct impact on the performance of global capital markets. These markets were affected by geopolitical changes and their
repercussions on the Arab region and various world economies. Global economic activity suffered a significant slowdown, and inflation rates exceeded levels recorded in decades.
Despite these challenges, Al Homoud emphasized that Arab regulatory and supervisory authorities worked closely with capital markets and governments throughout 2023 to overcome the repercussions of various changes and crises in the financial markets. Member bodies of the Union took concrete steps in various areas in line with best international practices and standards.
During the meeting, the UASA board will discuss a number of issues and topics on the agenda, including reviewing the 2023 UASA annual report to be approved, in addition to several memos of the General Secretariat of the Union, regarding the completed initiatives under the UASA’s 2023 working plan,, the guidance on the best practices in the AML/CFT, the guidelines for crowdfunding in the Arab capital markets, the general rules for sustainability in the Arab capital marke
ts, and the principles Guidance to enhance cybersecurity, and the needs of UASA members in the field of fintech and cybersecurity.
The UASA Board meeting will also discuss the signing of the MoU with the International Capital Market Organization (ICMA), cooperation with the regional committees of IOSCO, and the UASA’s 2024 working plan and program to be approved.
Source: Qatar News Agency
Doha: The Qatar University (QU) organized the first regional edition of the MENA Business Schools Alliance for Sustainability (MEBAS) Sustainability Competition.
In a statement on Wednesday, QU indicated that the competition represented an educational simulation challenge designed to foster an understanding of sustainability through interactive applied learning. This challenge allows students to balance profitability and efficiency for the company with the conservation of resources and the environment.
QU noted that this innovative competition brought together student teams from across the MENA region to share practical strategies for sustainable business practices under the theme “Promoting Sustainability through Play and Learning.” The competition, the first of its kind in the region, focused on integrating academic knowledge with real-life business scenarios to promote sustainability and ethical leadership among future business leaders.
Dean of the College of Business and Economics at QU and Chair of ME
BAS Prof. Dr. Rana Sobh said: “The launch of the Regional Sustainability Competition is an important step in the journey of promoting sustainability in the region, and we at QU’s College of Business and Economics are proud to have played our part in guiding this inspiring effort that reflects students’ engagement with the competition and their serious desire to achieve a positive change in society.” In turn, Associate Professor at the College of Business and Economics at QU Dr. Hani Kamel said: “The initiative’s main areas of focus include education, research, and connecting students and academics with the business community. We aim to increase awareness and engagement among our students, whom we see as the future leaders of our region, equipping them with the skills and experiences needed to enter a new job market.” For her part, Associate Chair of the Management Department at Prince Sultan University Dr. Nouf Al Magoushi said: “The competition plays a crucial role in broadening students’ horizons and enhanc
ing their networking capabilities, in addition to a deeper understanding of the importance of sustainability and environmental conservation.” “Such experiences significantly contribute to preparing students for a successful professional future. It also provides them the opportunity to meet students from other universities, thereby enriching their educational experience and making it more comprehensive and interactive,” she added.
The winning teams were honored, with Qatar University’s College of Business and Economics winning first place, Prince Sultan University from Saudi Arabia’s College of Business Administration winning second place, and the American University of Beirut’s Suliman S. Olayan School of Business winning third place.
The event saw the participation of ten university teams from across the Middle East, including prestigious institutions, along with QU’s team hosting and participating in the event.
Source: Qatar News Agency
Doha: HE Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani met on Wednesday with Alibaba Group Co-Founder and Chairman Joseph Tsai.
During the meeting, they reviewed the latest global investment and financial developments.
Source: Qatar News Agency
Doha: HE Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani met on Wednesday with Alibaba Group Co-Founder and Chairman Joseph Tsai.
During the meeting, they reviewed the latest global investment and financial developments.
Source: Qatar News Agency