City Riyadh Financial News

The delayed OPEC+ meeting next week will be held online instead of in-person as the cartel wrangles over production levels amid a slump in oil prices.

Atletico Madrid, the renowned Spanish football club, is suing Singapore-based crypto exchange WhaleFin, following the unexpected termination of its $44 million shirt sponsorship deal.

Qatar Airways has been renewed as the airline sponsor for the men’s World Cup in 2026 in North America and the 2030 tournament expected to be in Europe, Africa and South America

Ayatollah Ali Khamenei issued an appeal to all Muslim-majority countries on November 19, asking them to snap political ties with the Zionist state. "Islamic governments should at least cut off political ties to Israel for a limited time," Khamenei said on November 19, while attending a military exhibition in Tehran.

Lucid Motors (NASDAQ:LCID) attended the Dubai Airshow where the electric automaker signed a memorandum of understanding (MOU) with Riyadh Air, combining their shared vision of sustainable transportation.

Also Read: Excitement and worry as stock options trading booms in India Dubai Taxi’s IPO will be the first share sale by the government in more than 12 months, after it raised $8.3 billion selling stakes in four state-owned companies in 2022, including the city’s main water and electricity utility. The IPOs are part of a plan unveiled about two years ago to list 10 state-owned companies in a bid to boost flagging trading volumes and catch up with IPO drives in Abu Dhabi and Riyadh. Dubai paused the listings this year, contributing to a drop in the overall IPO volumes in the Middle East.

The Times of Israel said, citing the claim made by Ehud Ya’ari, the Arab affairs analyst of Israeli news platform Channel 12. The proposal was shot down by Saudi Arabia, the UAE, Jordan, Egypt, Bahrain, Sudan, Morocco, Mauritania and Djibouti, Ya’ari reportedly said. Livemint could not independently verify the development.

By Hadeel Al Sayegh and Anousha Sakoui

Web3 games developer Animoca Brands and Saudi Arabia’s NEOM Investment Fund announced a new partnership on Oct. 30 to drive Web3 development in the region. 

Tyson Fury and Oleksandr Usyk for the undisputed heavyweight title is unlikely to occur until next year, according to promoter Frank Warren. Fury recently secured a controversial split decision victory over Francis Ngannou in a non-title fight in Saudi Arabia.

China's Belt and Road Initiative through a network of infrastructure projects, including a railroad connecting Saudi Arabia with Europe, President Joe Biden said. On the sidelines of the G20 Summit in September, key leaders of the world led by Prime Minister Narendra Modi and Biden had announced the launch of the ambitious India-Middle East-Europe Economic Corridor. «We are going to compete on that (Belt and Road Initiative) and we're doing it in a different way.

The war between Israel and Hamas is adding more tension in a world already riled with unrest, according to the head of the International Monetary Fund.

Top Wall Street bankers said they’re pessimistic about the outlook of the global economy next year with elections in the U.S., monetary policies and escalating Middle East tensions weighing on sentiment. 

Mohammed bin Salman took to the stage to promise that a new era was dawning for the Middle East. “The new Europe is the Middle East,” the country’s de facto ruler, commonly known as MBS, said to applause from the crowd.

WASHINGTON (Reuters) -Palestinian Islamist group Hamas' Oct. 7 attack on Israel that killed about 1,400 people aimed to disrupt a potential normalization of ties between Israel and Saudi Arabia sought by Riyadh, U.S. President Joe Biden said on Friday.

crown prince and president of the United Arab Emirates met on Friday, state media reported, as the two Gulf states worked to overcome their differences amid a conflict between Israel and Hamas that threatens to engulf the Middle East. Saudi state news agency SPA showed footage of Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, receiving UAE President Mohammed bin Zayed Al Nahyan at Riyadh's airport. Public meetings between the crown prince and Sheikh Mohammed have been rare in recent years as the close allies competed for investment and regional influence.

Stock at record high: Sigachi Industries shares have been in uptrend since early morning deals. Sigachi Industries share price today opened with an upside gap at ₹39.30 apiece on NSE and went on to hit intraday high of ₹43.85 per share, which turned out its new 52-week high as well. As per the latest exchange filing by the pharma company, Sigachi Industries Ltd has signed a deal with Saudi National Projects Investment Ltd (SNP) and announced a joint venture Sigachi Arabia.

Antony Blinken called on Saturday for protection for civilians in both the Gaza Strip and Israel as the Israeli military ordered half of the Palestinian territory's population to evacuate in advance of an expected ground assault. Blinken met his Saudi Arabian counterpart, Prince Faisal bin Farhan, in Riyadh as he began a third day of intense Middle East diplomacy aimed at preventing the Israel-Hamas war from expanding into a regional conflict and fuelling a humanitarian crisis.

Saudi Arabia has suspended talks on potentially normalising ties with Israel, a source told AFP on Saturday, amid the war raging between Israel and the Palestinian militant group Hamas. Hamas launched a large-scale attack on Israel on October 7 which killed 1,300 people, sparking a retaliatory bombing campaign that has killed at least 1,900 in the Gaza Strip ahead of a potential Israeli ground invasion of the territory. «Saudi Arabia has decided to pause discussion on possible normalisation and has informed US officials,» a source familiar with the discussions told AFP. Saudi Arabia in the weeks before the attacks had spoken of progress in US-led diplomacy to normalise relations with Israel — which would be a landmark step for the conservative kingdom that is guardian of Islam's two holiest sites. But Riyadh has voiced increasing disquiet about the fate of Palestinians in the Hamas-controlled Gaza Strip, where Israel has launched thousands of strikes and ordered the evacuation of the territory's north, prompting thousands to flee. On Friday, Saudi Arabia denounced the displacement of Palestinians within Gaza and attacks on «defenceless civilians», its strongest language criticising Israel since the war broke out. Riyadh «affirms its categorical rejection of calls for the forced displacement of the Palestinian people from Gaza, and its condemnation of the continued targeting of defenceless civilians there,» the foreign ministry said in a statement.

Saudi Arabia said on Thursday it was investigating reports of grim conditions for migrant workers at Amazon warehouses in the kingdom, denouncing all labour abuse and exploitation as «unacceptable». The human resources and social development ministry said in a statement to AFP that the investigation began before Amnesty International this week reported that Nepalese Amazon workers in Saudi Arabia had suffered «appalling» living conditions, on-the-job safety risks and wage theft. «Any form of labour abuse or exploitation is unacceptable and is comprehensively investigated by the relevant Saudi authorities,» the statement said. «The distressing reports outlined in this case are already the subject of an ongoing investigation.» The Amnesty report published on Tuesday drew from the accounts of 22 men who had worked in warehouses in Riyadh or the Red Sea city of Jeddah going back to 2021. The London-based human rights group accused recruitment agents and two Saudi labour supply companies of deceiving migrant workers who thought they would be employed directly by Amazon and took out steep loans to pay recruitment fees. Upon arrival in Saudi Arabia they encountered «dirty and overcrowded accommodation, sometimes infested with bed bugs» as well as «gruelling» working conditions marked by constant monitoring and inadequate rest, sometimes resulting in injury, Amnesty said. The abuses were so severe they likely amounted to "human trafficking for the purposes of labour exploitation", Amnesty said. The kingdom's «kafala» sponsorship system for foreign workers meant the labourers struggled to leave the warehouse jobs and risked possible arrest for «absconding», Amnesty said, adding that «a few contemplated suicide». Saudi

Israel-Hamas war dragged on to the sixth day, many countries, including India, are making arrangements to repatriate their citizens from Israel. In a show of solidarity, US Secretary of State has arrived in Israel.