UN Chief Warns of Lebanon Crisis Amid Israel-Hezbollah Clashes; Sri Lanka Appoints First Female PM in 24 Years; Saudi Arabia Prepares for 'Future Investment Initiative'
UN Chief Warns of Lebanon’s Crisis Amid Israel-Hezbollah Clashes; Sri Lanka Appoints First Female PM in 24 Years as President Tackles Economic Challenges.
UN Secretary-General Antonio Guterres warned world leaders about Lebanon's deteriorating situation amidst escalating clashes between Israel and Hezbollah, which have resulted in 558 Lebanese casualties. This warning came just before U.S. President Joe Biden’s final appearance at the UN General Assembly, addressing multiple crises including the conflict in Gaza. French and U.S officials have urged for de-escalation, while Iran and other nations criticize the UN's perceived inaction.
In a significant move, Sri Lanka's new President Anura Kumara Dissanayake appointed Harini Amarasuriya as the first female prime minister in 24 years. Amarasuriya, known for her activism and academic work, is part of the Marxist-leaning National People’s Power coalition. President Dissanayake now faces the major task of tackling the country's economic woes, which have been worsened by previous mismanagement, the impacts of COVID-19, and an IMF bailout agreement.
Meanwhile, Saudi Arabia is gearing up for its Future Investment Initiative from Oct 29 to 31, highlighting significant themes such as women empowerment and Africa's growth. The "Horizon Summit" chaired by Princess Reema bint Bandar bin Sultan will particularly focus on women empowerment. Over 520 speakers, including global CEOs, will discuss job creation and healthcare futures under the banner "Infinite Horizons: Investing Today, Shaping Tomorrow."
Ahead of this event, Saudi Arabia anticipates a boost in US investments following Minister Bandar Alkhorayef's strategic visit to New York, Nevada, and California. This visit, part of Vision 2030, aimed to discuss mining and industrial opportunities, aligning with goals to increase the mining sector’s GDP contribution and fortify non-oil industries. Alkhorayef also explored global opportunities to bolster these initiatives further.
Moving to the financial arena, Saudi Arabia's Tadawul All Share Index experienced a notable rise, closing up by 138.80 points with a substantial trading turnover. In particular, Red Sea International Co. was the top performer, while Maharah Human Resources Co. saw the largest drop. Additionally, Riyad Bank announced plans to issue a dollar-denominated Tier 1 capital sukuk, engaging multiple global financial managers in this issuance.
In a broader financial perspective, global ESG sukuk issuance saw a remarkable 21% increase in the first half of the year, largely driven by decarbonization and strong investor demand. Contributions from Gulf Cooperation Council economies, notably Saudi Arabia and the UAE, played a significant part. With strong forecasts from Fitch Ratings, future growth in the sustainable sukuk market is expected, especially from Saudi Arabia, Oman, and private sector entities.
In a significant move, Sri Lanka's new President Anura Kumara Dissanayake appointed Harini Amarasuriya as the first female prime minister in 24 years. Amarasuriya, known for her activism and academic work, is part of the Marxist-leaning National People’s Power coalition. President Dissanayake now faces the major task of tackling the country's economic woes, which have been worsened by previous mismanagement, the impacts of COVID-19, and an IMF bailout agreement.
Meanwhile, Saudi Arabia is gearing up for its Future Investment Initiative from Oct 29 to 31, highlighting significant themes such as women empowerment and Africa's growth. The "Horizon Summit" chaired by Princess Reema bint Bandar bin Sultan will particularly focus on women empowerment. Over 520 speakers, including global CEOs, will discuss job creation and healthcare futures under the banner "Infinite Horizons: Investing Today, Shaping Tomorrow."
Ahead of this event, Saudi Arabia anticipates a boost in US investments following Minister Bandar Alkhorayef's strategic visit to New York, Nevada, and California. This visit, part of Vision 2030, aimed to discuss mining and industrial opportunities, aligning with goals to increase the mining sector’s GDP contribution and fortify non-oil industries. Alkhorayef also explored global opportunities to bolster these initiatives further.
Moving to the financial arena, Saudi Arabia's Tadawul All Share Index experienced a notable rise, closing up by 138.80 points with a substantial trading turnover. In particular, Red Sea International Co. was the top performer, while Maharah Human Resources Co. saw the largest drop. Additionally, Riyad Bank announced plans to issue a dollar-denominated Tier 1 capital sukuk, engaging multiple global financial managers in this issuance.
In a broader financial perspective, global ESG sukuk issuance saw a remarkable 21% increase in the first half of the year, largely driven by decarbonization and strong investor demand. Contributions from Gulf Cooperation Council economies, notably Saudi Arabia and the UAE, played a significant part. With strong forecasts from Fitch Ratings, future growth in the sustainable sukuk market is expected, especially from Saudi Arabia, Oman, and private sector entities.
