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Islamic Banks in UAE See $177bn Asset Growth in Q1

RIYADH: Reflecting the growing popularity of Islamic financing, gross assets of the Shariah-compliant banks operating in the UAE grew to 650 billion dirhams ($177 billion) by the end of the first quarter of 2023, a year-over-year increase of 7.31 percent compared to 605.7 billion dirhams in the same period last year, according to figures by the Central Bank of the UAE.  
Business

flynas signs $3.7bn deal with Airbus for 30 planes

RIYADH: Saudi Arabia’s budget airline flynas has signed a $3.73 billion agreement with Airbus to buy 30 aircraft, Saudi state TV reported on Monday. The deal was signed at the Paris Air Show by Bandar Al-Mohanna, flynas CEO and managing director, and Christian Scherer, Airbus chief commercial officer and head of international, in the presence of Saudi Minister of Transport and Logistics Saleh Al-Jasser, Abdulaziz Al-Duailej, president of General Authority of Civil Aviation, and Ayed Aljeaid, chairman of the board of NAS Holding.
Business

FAO predicts global food import bill to reach $1.98tn by 2023

RIYADH: The global food import bill is forecast to reach a record high of $1.98 trillion in 2023, up 1.5 percent from 2022, due to a combination of factors including an increase in international prices and higher volumes, the latest UN report showed.    The Food and Agriculture Organization of the UN in its biannual report stated that the anticipated increase in the 2023 bills will happen due to an additional $18.4 billion stemming from higher international prices and $12.9 billion from higher volumes. 
Business

Lifera by PIF: Boosting Pharma Manufacturing in the Kingdom

RIYADH: Saudi Arabia’s sovereign wealth fund on Sunday launched a commercial-scale contract development and manufacturing organization, Lifera, to help boost the local biopharmaceutical industry. The pharmaceutical investment company aims to focus on manufacturing life-saving and essential pharmaceutical products, including insulins, vaccines, plasma therapeutics, monoclonal antibodies, cell and gene therapies, and innovative small molecules, said an official statement. It seeks to bolster Saudi Arabia’s position as a global pharmaceutical manufacturing destination.
Business

AI and Construction to Dominate Future Jobs in Saudi Arabia, According to PMI Official

RIYADH: Saudi Arabia, a country which has been dependent on its rich oil reserves for several decades, is now on a path of economic diversification. With Vision 2030, Saudi Arabia’s Crown Prince Mohammed bin Salman is proving that the Kingdom could perform well in non-oil private sectors too.   As Saudi Arabia’s private sector expands rapidly, the Kingdom is expected to provide more job opportunities to nationals and foreign talents alike in the coming years. 
Business

Egyptian Health Tech to Save Saudi Lives After Acquisition

CAIRO: Saudi Arabia’s health care sector has gained a new entrant from Egypt aimed at addressing the challenges posed by delayed medical reports and improving patient outcomes.  Founded in 2017, Rology has secured its position in the Saudi market after sealing the acquisition of its counterpart Arkan United.  In an interview with Arab News, Amr Abodriaa, CEO and co-founder of Rology, expressed the significance of this move in establishing a leading position in the Saudi market. 
Business

Saudi Property Market Performs Well in Q1 Due to Limited Supply: CBRE

RIYADH: Demand for offices remained strong in Saudi Arabia in the first quarter of 2023 as global and local businesses continued to scout for quality spaces in the key cities despite limited supply in the market, the latest report from global consultancy firm CBRE showed.   Most of the offices in Riyadh witnessed nearly 100 percent occupancy, resulting in Grade A and Grade B properties recording a year-on-year rise in average rental rates of 9.3 percent and 14 percent, respectively, in the first quarter.  
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NYPD Denies Student Protesters Water and Food After Raids | TOME

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Two college protesters were placed in solitary confinement, according to Columbia professors who worked in real time to support jailed students.

The post After Raids, NYPD Denied Student Protesters Water and Food in Jail appeared first on The Intercept.

Israel’s Ban on Al Jazeera: Implications | TOME

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Qatar-based network says action by Israel's government is illegal.

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NYPD Denies Student Protesters Water and Food After Raids | TOME

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Two college protesters were placed in solitary confinement, according to Columbia professors who worked in real time to support jailed students.

The post After Raids, NYPD Denied Student Protesters Water and Food in Jail appeared first on The Intercept.

Hezbollah rockets Israel after Lebanon strike kills family | TOME

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BEIRUT: An Israeli airstrike killed four members of a family in a border village in southern Lebanon on Sunday, security sources said. Hezbollah, in retaliation, fired Katyusha rockets at the northern Israeli town of Kiryat Shmona, close to the Lebanese border. The four family members killed in Mays Al-Jabal were identified as Fadi Hounaikah and Maya Ali Ammar, and their sons Mohammed, 21, and Ahmad, 12.

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KFC Malaysia closes outlets amid Gaza boycott

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Franchise operator cites 'challenging economic conditions' amid local reports linking closures to boycotts of Israel.

New Generation of Organized Labor Rises in US

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