Thousands in Yemen starve as food aid looted

A Yemeni man carries his child who is suffering from malnutrition into a treatment centre at a hospital in the capital Sanaa on October 6, 2018. (File/AFP)
Updated 31 December 2018
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Thousands in Yemen starve as food aid looted

  • Documents and interviews with officials and aid workers show that thousands of families in Taiz are not getting international food aid intended for them
  • Despite the surge in help, hunger — and, in some pockets of the country, famine-level starvation — have continued to grow

TAIZ: Day after day Nabil Al-Hakimi, a humanitarian official in Taiz, one of Yemen’s largest cities, went to work feeling he had a “mountain” on his shoulders. Billions of dollars in food and other foreign aid was coming into his war-ravaged homeland, but millions of Yemenis were still living a step away from famine.
Reports of organizational disarray and out-and-out thievery streamed in to him this spring and summer from around Taiz — 5,000 sacks of rice doled out without record of where they’d gone . . . 705 food baskets looted from a welfare agency’s warehouses . . . 110 sacks of grain pillaged from trucks trying to make their way through the craggy northern highlands overlooking the city.
Food donations, it was clear, were being snatched from the starving.
Documents reviewed by The Associated Press and interviews with Al-Hakimi and other officials and aid workers show that thousands of families in Taiz are not getting international food aid intended for them — often because it has been seized by armed units loyal to the internationally recognized government.
“The army that should protect the aid is looting the aid,” Al-Hakimi told the AP.
Across Yemen, factions and militias on all sides of the conflict have blocked food aid from going to groups suspected of disloyalty, diverted it to front-line combat units or sold it for profit on the black market, according to public records and confidential documents obtained by the AP and interviews with more than 70 aid workers, government officials and average citizens from six different provinces.
The problem of lost and stolen aid is common in Taiz and other areas controlled by the government. It is even more widespread in territories controlled by the Houthi militias.
AP’s investigation found that large amounts of food are making into the country, but once there, the food often isn’t getting to people who need it most — raising questions about the ability of United Nations agencies and other big aid organizations to operate effectively in Yemen.

“This has nothing to do with nature. There is no drought here in Yemen. All of this is man-made. All of this has to do with poor political leadership which doesn’t put the people’s interest at the core of their actions”  - Geert Cappelaere, Middle East director for UNICEF

The UN’s World Food Program has 5,000 distribution sites across the country targeting 10 million people a month with food baskets but says it can monitor just 20 percent of the deliveries.
This year the UN, the United States, Saudi Arabia and others have poured more than $4 billion in food, shelter, medical and other aid into Yemen. That figure has been growing and is expected to keep climbing in 2019.
Despite the surge in help, hunger — and, in some pockets of the country, famine-level starvation — have continued to grow.
An analysis this month by a coalition of global relief groups found that even with the food aid that is coming in, more than half of the population is not getting enough to eat — 15.9 million of Yemen’s 29 million people. They include 10.8 million who are in an “emergency” phase of food insecurity, roughly 5 million who are in a deeper “crisis” phase and 63,500 who are facing “catastrophe,” a synonym for famine.
Counting the number of people who have starved to death in Yemen is difficult, because of the challenges of getting into areas shaken by violence and because starving people often officially die from diseases that prey on their weakened conditions. The nonprofit group Save the Children estimates that 85,000 children under the age of 5 have died from starvation or disease since the start of the war.

“It’s a disgrace, criminal, it’s wrong, and it needs to end” - David Beasley, executive director of the UN’s food program

In some parts of the country, fighting, roadblocks and bureaucratic obstacles have reduced the amount of aid getting in. In other areas, aid gets in but still doesn’t get to the hungriest families.
In the northern province of Saada, a Houthi stronghold, international aid groups estimate that 445,000 people need food assistance. Some months the UN has sent enough food to feed twice that many people. Yet the latest figures from the UN and other relief organizations show that 65 percent of residents are facing severe food shortages, including at least 7,000 people who are in pockets of outright famine.
Three officials with the government told the AP that they would provide replies to questions about the theft of food aid, but then didn’t provide answers.
Officials at the agency that oversees aid work in Houthi territory — the National Authority for the Management and Coordination of Humanitarian Affairs — did not return repeated phone calls from the AP.
UN officials have generally been cautious in public statements about the Houthis, based in part on worries that the militia might respond by blocking UN agencies from access to starving people. But in interviews with the AP, two top UN relief officials used strong language in reference to both the Houthis and their battlefield adversaries.
“This has nothing to do with nature. There is no drought here in Yemen. All of this is man-made. All of this has to do with poor political leadership which doesn’t put the people’s interest at the core of their actions,” Geert Cappelaere, Middle East director for UNICEF, the UN’s emergency fund for children, said.
David Beasley, executive director of the UN’s food program, said “certain elements of the Houthis” are denying the agency access to some parts of Houthi territory — and appear to be diverting food aid.
“It’s a disgrace, criminal, it’s wrong, and it needs to end,” Beasley said in an interview Sunday with the AP. “Innocent people are suffering.”
The Houthis and the coalition forces have begun peace talks in recent weeks, a process that has led to a reduction in fighting and eased the challenges of getting food aid into and out of Hodeida, the port city that is a gateway to the Houthi-controlled north. But even if donors are able to get more food in, the problem of what happens to food aid once it makes landfall remains.


Israel military strikes kill 32 Palestinians in Gaza, medics say

Updated 6 min 2 sec ago
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Israel military strikes kill 32 Palestinians in Gaza, medics say

  • Among the 32 killed, at least seven died in an Israeli strike on a house in central Gaza City

The Israeli military said it killed a Palestinian it accused of involvement in Hamas’ October 7 attack on Israel in a vehicle strike in Gaza, and is investigating claims that the individual was an employee of aid group World Central Kitchen.
At least 32 Palestinians were killed in Israeli military strikes across Gaza overnight and into Saturday, with most casualties reported in northern areas, medics told Reuters.
Later on Saturday medics said seven people were killed when an Israeli air strike targeted a vehicle near a gathering of Palestinians receiving aid in the southern area of Khan Younis south of the enclave.
According to residents and a Hamas source, the vehicle targeted near a crowd receiving flour belonged to security personnel responsible for overseeing the delivery of aid shipments into Gaza.
Among the 32 killed, at least seven died in an Israeli strike on a house in central Gaza City, according to a statement from the Gaza Civil Defense and the official Palestinian news agency WAFA early on Saturday.
The Gaza Civil Defense also reported that one of its officers was killed in attacks in northern Gaza’s Jabalia, bringing the total number of civil defense workers killed since October 7, 2023, to 88.
Earlier on Saturday, WAFA reported that three employees of the World Central Kitchen, a US-based, non-governmental humanitarian agency, were killed when a civilian vehicle was targeted in Khan Younis, southern Gaza.
The World Central Kitchen has not yet commented on the incident.


Startup Wrap – Early-stage funding continues to capture interest

Updated 26 min 19 sec ago
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Startup Wrap – Early-stage funding continues to capture interest

CAIRO: Early-stage startups across the Middle East and North Africa region secure investments to drive innovation in sectors such as logistics, fintech, and climate tech.

Saudi-based Nama Ventures co-led Egypt’s Nowlun $1.7 million seed funding round along with venture capital firm A15.

The round also saw participation from Sanabil 500 Global and other angel investors.

Founded in 2021 by Moataz Khamis, Ahmed Emara, and Mahmoud Khaled, Nowlun’s platform provides businesses with access to real-time pricing across major shipping lines, enabling them to make faster and more informed decisions.

The company plans to utilize the raised capital for expansion and the development of its technology.

Mohammed Al-Zubi, founder of Nama Ventures, and Bassem Raafat, principal at A15, lauded the company’s mission and strategy.

Naif Al Rajhi acquires stake in Jordan’s Mawdoo3

Saudi investment firm Naif Al Rajhi Investment has acquired a strategic stake in Jordan-based artificial intelligence Arabic content platform Mawdoo3 for an undisclosed amount.

Founded in 2010 by Mohammad Jaber and Rami Al-Qawasmi, Mawdoo3 specializes in AI technologies and large language models tailored to the Arabic language.

The deal aligns with Naif Al Rajhi Investment’s focus on emerging sectors, while providing the Jordan-based firm with the resources to expand into the Saudi market.

Mawdoo3, which has raised $25 million over three funding rounds – including a $10 million series B in 2019 – is poised to strengthen its regional presence through this partnership.

Geidea expands SoftPos solution to Egypt after success in Saudi Arabia and UAE

Geidea, a prominent Saudi provider of digital payment solutions, is set to launch its SoftPos service in Egypt after successful rollouts in Saudi Arabia and the UAE.

The SoftPos technology enables merchants to accept secure contactless payments via smartphones, eliminating the need for traditional point-of-sale devices.

This expansion is part of Geidea’s strategy to drive digital transformation across the region by enhancing payment efficiency and accessibility for businesses of all sizes.

SoftPos allows merchants to process secure payments directly from smartphones, adhering to global data protection and transaction safety standards, the company explained.

Flat6Labs backs 10 Saudi startups in Riyadh Seed Program cycle

Flat6Labs, a seed and early-stage venture capital firm operating in the MENA region, has invested in 10 Saudi startups as part of its fourth Riyadh Seed Program cycle.

The startups span a variety of sectors, including e-commerce, logistics, Software-as-a-Service, and cybersecurity, and each received $133,000 in funding.

The initiative is supported by the Saudi Venture Capital Co., Jada Fund of Funds, and Riyadh Valley Company, with additional backing from the National Technology Development Program.

Since launching its Riyadh program in 2023, Flat6Labs has funded 41 startups, solidifying its role in fostering innovation in Saudi Arabia’s entrepreneurial ecosystem.

Sylndr secures $7.46m to boost Egypt’s used car marketplace

Egypt-based used car marketplace Sylndr has raised $7.46 million in a capital facility to support its operations and growth.

EFG Hermes acted as the sole financial advisor for the transaction, with financing provided by EFG Corp-Solutions, Bank NXT, and EG Bank, among others.

Founded in 2021 by Amr Mazen and Omar El-Defrawy, Sylndr enables users to buy and sell used cars while offering financing solutions.

The new capital will be used to enhance customer experience, diversify inventory, and expand financing options. This follows a $12.6 million pre-seed round in 2022, led by RAED Ventures and Algebra Ventures.

Morocco’s PTS raises $500k to scale fintech solutions

Premium Technology & Services, a Morocco-based fintech startup, has secured $500,000 from BMCE Capital Investments, the private equity arm of BMCE Capital Group.

The funding will be used to advance PTS’s solutions for digitizing traditional banking cards, which are tailored to meet the evolving needs of banks and businesses.

Founded in 2020 by Samir Younes and two others, PTS plans to leverage the investment to drive innovation and scale operations to meet increasing demand in the region.

Watercycle Technologies raises $5.6m to advance MENA expansion

UK-based climate tech company Watercycle Technologies has closed a $5.6 million series A investment round led by Par Equity, alongside participation from Aer Ventures, Greater Manchester Combined Authority, and the University of Manchester Innovation Factory.

Founded in 2020 by Ahmed Abdelkarim and Sebastian Leaper, Watercycle Technologies focuses on sustainable critical mineral recovery while producing clean, drinkable water.

This investment will help the company expand its operations, with plans to extend services into the MENA region to support global Net Zero initiatives.

Iraq-based edtech Eduba acquired by a regional telecom giant

Eduba, an Iraq-based education tech startup, has been acquired by an undisclosed telecommunications conglomerate in a seven-figure deal.

Founded in 2019 by Azad Hassan, Haider Shaaban, and Raed Kadhem, Eduba began as a school management app and gained traction among private schools, securing accreditation from Iraq’s Ministry of Education.

This acquisition highlights the growing value of edtech solutions in the region and positions Eduba for further expansion under its new ownership.

Japan’s AI startup Recursive Inc. inks MoU with Saudi Arabia’s KAIMRC

Japan-based AI startup Recursive Inc. has signed a memorandum of understanding with the King Abdullah International Medical Research Center in Saudi Arabia to jointly develop an advanced system for the early detection of tuberculosis.

The partnership, formalized during the Riyadh Global Medical Biotechnology Summit, aims to leverage Recursive’s AI expertise and KAIMRC’s medical research capabilities to improve TB screening accuracy and diagnosis speed in the Kingdom.

This collaboration, supported by the Ministry of National Guard-Health Affairs, aligns with Saudi Arabia’s Vision 2030 goals to transform its healthcare system and improve public health.

Using chest X-ray imaging data, the AI solution will enable timely TB diagnosis and treatment, reducing mortality and transmission risks.

“We are truly honored to partner with KAIMRC on this groundbreaking initiative,” said Tiago Ramalho, CEO of Recursive Inc.

“By combining KAIMRC’s pioneering medical research with our AI expertise, we are confident we can make a meaningful impact, not only in Saudi Arabia but also in regions worldwide that face the increasing challenge of TB and other infectious diseases,” he added.

The initiative also supports Saudi Arabia’s National Tuberculosis Program, which seeks to reduce TB mortality and incidence rates by 95 percent and 90 percent, respectively, by 2035 compared to 2015 levels.

Through this collaboration, Recursive and KAIMRC aim to create a scalable TB screening model for broader application in high-burden regions while exploring the use of AI to address other infectious diseases.


UAE and India emerge as top destinations for Saudi Arabia’s non-oil goods

Updated 32 min 56 sec ago
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UAE and India emerge as top destinations for Saudi Arabia’s non-oil goods

RIYADH: Saudi Arabia’s Arab neighbor UAE was the favorite destination for the Kingdom’s non-oil goods in September, with exports to the Emirates amounting to SR6.54 billion ($1.74 billion), official data showed.

According to the General Authority for Statistics, Saudi Arabia exported mechanical and electrical equipment worth SR3.10 billion to the UAE in September, followed by transport parts and chemical products valued at SR1.64 billion and SR375.8 million, respectively.

Bolstering the exports of non-oil goods is a crucial goal outlined in Saudi Arabia’s Vision 2030 economic diversification agenda, with the Kingdom steadily reducing its decades-long dependence on crude revenues.

Earlier this month, speaking at the World Investment Conference, Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim said that non-oil activities now account for 52 percent of the Kingdom’s gross domestic product.

He also added that this sector of the economy has been growing at 20 percent since the launch of the Vision 2030.

In September, Saudi Arabia’s outbound shipments of plastic and rubber products to the UAE stood at SR345.9 million, followed by live animals and animal products at SR149.6 million.

India was another major destination for Saudi Arabia’s non-oil products over the period, with the Asian nation receiving inbound shipments worth SR2.35 billion from the Kingdom.

Chemical products and allied industries worth SR1.21 billion were imported from Saudi Arabia by India.

Other major non-oil exports to the country were plastic products and jewelry valued at SR438.4 million and SR345.5 million, respectively.

China held the third spot for Saudi Arabia’s non-oil exports, with the Asian giant receiving inbound shipments from the Kingdom valued at SR1.73 billion in September.

Other top destinations for Saudi Arabia’s non-energy products over the month were Singapore, which imported goods valued at SR1.39 billion, Turkiye at SR973.4 billion, and Belgium at SR964.7 billion.

Egypt imported non-oil goods worth SR862.8 billion from the Kingdom, followed by the US and Jordan at SR743.2 billion and SR733.1 billion, respectively.

Overall, Saudi Arabia’s non-oil exports increased by 22.8 percent year on year in September, reaching SR25.95 billion.

Affirming the progress of Saudi Arabia’s non-oil business activities, the Kingdom’s purchasing managers’ index rose to a six-month high of 56.9 in October, beating the September rating of 56.3 and the August level of 54.8.

According to the Riyad Bank Saudi Arabia PMI report, any readings above 50 indicate expansion of non-oil business activities, while levels below 50 signal contraction.

In October, a report released by Moody’s also projected that Saudi Arabia’s non-hydrocarbon real gross domestic product is set to grow between 5 percent and 5.5 percent from 2025 to 2027, driven by increased government spending.

GASTAT revealed that non-oil exports worth SR16.52 billion were sent to other countries through sea from Saudi Arabia, while outbound shipments via land and air totaled SR4.96 billion and SR4.46 billion, respectively.

King Fahad Industrial Sea Port in Jubail was the main exit point for Saudi Arabia’s non-energy exports with goods valued at SR3.54 billion.

Al Bat’ha Port handled non-oil outbound goods worth SR1.78 billion, while exports worth SR802.8 million passed through Al Hadithah Port.

Among airports, King Khalid International and King Abdulaziz International handled non-hydrocarbon export goods worth SR2.33 billion and SR1.89 billion, respectively.

Saudi Arabia’s overall merchandise exports

GASTAT, in its report, revealed that Saudi Arabia’s overall merchandise exports in September stood at SR88.56 billion, representing a decline of 14.9 percent compared to the same period of the previous year.

According to the authority, oil exports witnessed a fall of 24.5 percent year on year in September.

“Consequently, the percentage of oil exports out of total exports decreased from 79.7 percent in September 2023 to 70.7 percent in September 2024,” said GASTAT.

To stabilize the market, Saudi Arabia cut its oil production by 500,000 barrels per day in April 2023, a reduction now extended until December 2024.

China was the Kingdom’s most important trading partner in September, with exports to the Asian nation amounting to 13.91 billion, followed by Japan and the UAE at SR7.98 billion and SR7.49 billion, respectively.

The strong flow of Saudi exports to China signifies strong bilateral relations between both nations, with the Kingdom being the largest trading partner of China in the Middle East since 2001, and bilateral trade between the nations reaching $107.23 billion in 2023.

China and Saudi Arabia are strategic partners in various other sectors like energy and finance, as well as the Belt and Road Initiative.

In September, Saudi Arabia’s exports to South Korea amounted to SR6.87 billion, followed by the US at SR3.27 billion, Egypt at SR2.89 billion and Singapore at SR2.70 billion.

Imports in September

GASTAT revealed that Saudi Arabia’s overall imports in September reached SR69.8 billion, representing an increase of 15 percent compared to the same month of the previous year, while the surplus of the merchandise trade balance decreased by 56.9 percent during the same period.

In September, Saudi Arabia imported goods worth SR17.99 billion from China, led by mechanical appliances and electrical equipment valued at SR8.29 billion.

The authority added that Chinese imports of transport equipment and base metal products amounted to SR2.37 billion and SR1.66 billion, respectively.

Saudi Arabia also imported plastic and rubber products from China valued at SR976.6 million, followed by textiles at SR955.6 million.

China was closely followed by the US and Germany with imports from these nations to the Kingdom in September stood at SR5.39 billion and SR3.45 billion, respectively.

In September, Saudi Arabia imported goods worth SR3.42 billion from the UAE, and SR3.21 billion from India.

Italian imports to the Kingdom amounted to SR2.50 billion, while inbound shipments from Japan and Indonesia stood at SR2.34 billion and SR2.08 billion, respectively.

GASTAT said that inbound shipments worth SR43.07 billion reached the Kingdom via sea, while imports valued at SR18.07 billion and SR8.73 billion came via air and land, respectively.

King Abdulaziz Sea Port in Dammam was the primary entry point for goods in September through sea, with imports valued at SR19.65 billion, representing 28.1 percent of the total inbound shipments.

The report revealed that Jeddah Islamic Sea Port handled incoming shipments valued at SR12.54 billion, followed by Ras Tanura Sea Port at SR4.78 billion.

King Khalid International Airport in Riyadh welcomed inbound shipments worth SR8.57 billion.

Through land, Al Bat’ha Port and Riyadh Dry Port handled imports valued at SR3.51 billion and SR3.09 billion, respectively.


Dubai-based Lindsay Lohan thanks fans for hit Netflix film

Updated 33 min 45 sec ago
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Dubai-based Lindsay Lohan thanks fans for hit Netflix film

DUBAI: Dubai-based Hollywood star Lindsay Lohan took to Instagram to thank fans after her latest festive film “Our Little Secret” became Netflix’s No. 1 streamed movie this week.

“Thank you for everyone who tuned in,” she wrote on Instagram Stories.

The actress — who is married to Kuwaiti financier Bader Shammas — also showed her appreciation for the MENA region when she appeared on “The Tonight Show Starring Jimmy Fallon” recently in an outfit from Lebanese designer Zuhair Murad’s Resort 2025 ready-to-wear collection, which included a black, long-sleeved top with structured shoulders and silver jeweled detailing down one side. The ensemble was completed with a matching black skirt, paired with black heels.

Lohan also attended the premiere of the romantic comedy in a Murad outfit, choosing a black gown from the label’s spring/summer 2025 ready-to-wear collection. The sleeveless dress featured a plunging neckline with two statement crystal-embellished motifs at the midriff.

The flowing skirt incorporated sheer panels, and she topped off the look with open-toe black heels and subtle jewelry, and her hair in soft waves.

“Our Little Secret” tells the story of Avery (Lohan) who is planning to spend Christmas with her boyfriend’s family. Things take an unexpected turn when she discovers that ex-boyfriend Logan (played by Ian Harding) is also joining the festivities, as it transpires their current partners are siblings. Avery and Logan must navigate the holiday while ensuring their former relationship remains a secret.

Lohan will next be returning to her Disney roots by reuniting with Jamie Lee Curtis for next year’s “Freaky Friday” sequel, titled “Freakier Friday.”

The film was shot over the summer and had Lohan feeling like a child again, she told ABC’s “Nightline.”

“I think really for me was when I went onto the Disney lot,” Lohan said. “And being back on the Disney lot because that’s not just ‘Freaky Friday’ for me. That’s ‘The Parent Trap,’ that’s ‘Confessions of a Teenage Drama Queen,’ that’s ‘Herbie.’ It’s so many moments for me. So when I got there, I kind of felt like this essence of a little kid again.”

“I’m so grateful for every moment of it, every second,” she said of being back on the lot. “I’m going to, like, get emotional. It’s a great experience.”


Arab stock markets see growth in trading activity with a 16.35% surge in value: AMF

Updated 42 min 8 sec ago
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Arab stock markets see growth in trading activity with a 16.35% surge in value: AMF

RIYADH: Arab stock markets experienced a boost in trading values in October, with a monthly increase of 16.35 percent, according to the latest report by the Arab Monetary Fund.

The AMF’s monthly bulletin showed that the total trading values soared to $97.1 billion, up from $83.5 billion in September.

This surge came despite a slight overall dip of 0.57 percent in market capitalization, which ended the month at $4.27 trillion.

The gains were not universal, however, as 10 stock exchanges recorded increases in trading value, while four saw declines. 

Market winners: exceptional growth in trading value

Oman’s Muscat Securities Market emerged as the top performer, registering a 185.03 percent increase in trading value. The market’s total value jumped to $515.7 million in October, compared to just $180.9 million in September. 

Tunisia followed closely with a 161.66 percent rise, driven by robust investor activity, while Abu Dhabi’s financial market saw trading values almost double, with a 97.56 percent increase to reach $18.52 billion.

Other notable performers included Iraq, where trading values climbed by 52.57 percent, and Qatar, Oman, and Casablanca each recording double-digit percentage increases. 

Smaller but meaningful gains were observed in Kuwait at 13.89 percent and Saudi Arabia at 4.69 percent.

Despite the widespread rises, Bahrain, Damascus, and Beirut faced steep declines in trading value. Bahrain was the worst hit, experiencing a 65.57 percent drop, followed by Damascus with a 50.13 percent decline and Beirut with a 43.86 percent dip.

Index movements: Iraq takes the lead

The performance of individual market indices highlighted the uneven landscape across the region.

Iraq Stock Exchange: The standout performer with a 12.39 percent rise in its index, reflecting strong market sentiment and heightened investor interest. 

Damascus Securities Exchange: Achieved a 6.99 percent increase in its index, maintaining its growth streak.

Dubai Financial Market: Recorded a 1.94 percent uptick, signaling stability in the UAE’s financial sector.

Muscat Securities Market: Saw a modest index increase of 0.83 percent, correlating with its strong performance in trading value.

Indices in several major markets experienced declines:

Saudi Stock Market: The index fell by 1.67 percent, reflecting cautious investor sentiment.

Egypt’s EGX30: Dropped by 2.94 percent, despite improved trading values.

Casablanca: Declined by 1.42 percent.

Palestine: Down 1.27 percent.

Market capitalization: Mixed signals amid trading gains

Despite the surge in trading activity, the overall market capitalization across Arab stock markets contracted slightly by 0.57 percent, settling at $4.27 trillion. 

The Saudi market led the decline, shedding $23.86 billion in capitalization, while Abu Dhabi’s market lost $12.27 billion. Tunisia and Palestine also reported decreases.

Oman stood out among the gainers, achieving an 11.85 percent increase in market capitalization, followed by Damascus at 6.42 percent and Iraq at 6.08 percent, underlining their robust performances during the month.

External influences shape regional performance

The markets’ performance mirrored global trends, with major international indices reflecting mixed results. 

The MSCI Emerging Markets Index declined by 1.54 percent, while the S&P 500 and FTSE also posted slight losses of 0.99 percent and 1.54 percent, respectively. 

These fluctuations were compounded by ongoing regional challenges, including interest rate adjustments. Several Arab central banks lowered interest rates in September, boosting liquidity and supporting trading activity.

Geopolitical tensions also had an impact, with uncertainty in the Middle East, including potential disruptions in oil trade through the Red Sea, impacting investor sentiment.

Energy market dynamics saw volatile oil prices, influenced by production adjustments from OPEC+ and global demand concerns, add another layer of complexity.

A resilient outlook for Arab markets

October’s results underscored the resilience and adaptability of Arab stock markets amid global and regional challenges. 

While trading values surged, the market still faces external pressures, such as global economic uncertainty, oil market fluctuations, and geopolitical risks. 

Nonetheless, the substantial recovery in trading activity highlighted the potential for sustained growth and development in the region’s financial sector.

As the year progresses, market watchers will closely monitor how Arab exchanges navigate these challenges, balancing internal reforms with external influences to maintain momentum. 

This performance sets the stage for a promising end to 2024, with opportunities for further investment and regional financial integration.