Devastating Storm Boris Strikes Europe; Migrant Tragedy in English Channel; Saudi Inflation and MENA Startup Trends
Deadly floods from Storm Boris ravage Europe, while tragedy strikes migrants in the English Channel.
Storm Boris has wreaked havoc, causing deadly floods across central and eastern Europe, with one person in Poland and four in Romania losing their lives. Thousands have been evacuated in several countries, including Austria and the Czech Republic, and with the army stepping in for relief efforts in Poland, the situation remains critical.
Meanwhile, tragedy struck in the English Channel as several migrants perished in an attempted crossing, less than two weeks after a similar disaster claimed 12 lives. The ongoing crisis highlights the persistent dangers faced by migrants, with over 22,000 having crossed to England since the beginning of the year.
Turning to economic news, Saudi Arabia's inflation rate hit 1.6% in August, primarily due to a surge in housing rents by 10.7%. Despite food and beverage prices slightly rising and similar upticks in other sectors, Saudi Arabia still maintains one of the region's lowest inflation rates, demonstrating effective economic management.
Shifting gears to the startup ecosystem in the MENA region, August experienced a sharp 76% dip in funding, totaling just $83 million; however, September has shown signs of recovery. Notable deals such as UAE-based Yuze's $30 million raise and fintech's dominance with $54 million suggest a rebound is on the horizon.
On the international front, Iranian President Masoud Pezeshkian is set to attend the BRICS summit in Russia, planning to meet with President Vladimir Putin and sign a comprehensive cooperation agreement. This comes amid fresh sanctions from Western countries against Iran, alleging the supply of ballistic missiles to Russia for use in Ukraine.
Finally, in Venezuela, a dramatic political development as the government detained foreign nationals, including three Americans and two Spaniards, over an alleged destabilization plot. The arrests follow a disputed presidential election, with tensions escalating as both the US and Spain deny involvement, and the Venezuelan government claims the plotters planned attacks with mercenary support.
Meanwhile, tragedy struck in the English Channel as several migrants perished in an attempted crossing, less than two weeks after a similar disaster claimed 12 lives. The ongoing crisis highlights the persistent dangers faced by migrants, with over 22,000 having crossed to England since the beginning of the year.
Turning to economic news, Saudi Arabia's inflation rate hit 1.6% in August, primarily due to a surge in housing rents by 10.7%. Despite food and beverage prices slightly rising and similar upticks in other sectors, Saudi Arabia still maintains one of the region's lowest inflation rates, demonstrating effective economic management.
Shifting gears to the startup ecosystem in the MENA region, August experienced a sharp 76% dip in funding, totaling just $83 million; however, September has shown signs of recovery. Notable deals such as UAE-based Yuze's $30 million raise and fintech's dominance with $54 million suggest a rebound is on the horizon.
On the international front, Iranian President Masoud Pezeshkian is set to attend the BRICS summit in Russia, planning to meet with President Vladimir Putin and sign a comprehensive cooperation agreement. This comes amid fresh sanctions from Western countries against Iran, alleging the supply of ballistic missiles to Russia for use in Ukraine.
Finally, in Venezuela, a dramatic political development as the government detained foreign nationals, including three Americans and two Spaniards, over an alleged destabilization plot. The arrests follow a disputed presidential election, with tensions escalating as both the US and Spain deny involvement, and the Venezuelan government claims the plotters planned attacks with mercenary support.
