The unusually wide geographic reach of the protests has been seen as a sign of deepening anger with politicians
Lebanon’s economic growth has been hit by regional conflict and instability
Updated 18 October 2019
Reuters
BEIRUT: Protesters across Lebanon blocked roads with burning tires on Friday and marched in Beirut for a second day of demonstrations targeting the government over a deep economic crisis.
In Lebanon’s biggest protest in years, thousands of people gathered outside the government headquarters in central Beirut on Thursday evening, forcing the cabinet to backtrack on plans to raise a new tax on WhatsApp voice calls. Tear gas was fired as some demonstrators and police clashed in the early hours.
Fires lit in the street in central Beirut were smoldering on Friday morning. Pavements were scattered with the glass of several smashed shop-fronts and billboards had been torn down.
Protesters blocked roads in the north, the south and the Bekaa Valley, among other areas, the National News Agency (NNA) reported. Schools were closed on the instructions of the government.
Two foreign workers choked to death from a fire that spread to a building near the protests in Beirut, the NNA said.
This was the second wave of nationwide protests this month.
In a country fractured along sectarian lines, the unusually wide geographic reach of these protests has been seen as a sign of deepening anger with politicians who have jointly led Lebanon into crisis.
The government, which includes nearly all of Lebanon’s main parties, is struggling to implement long-delayed reforms that are seen as more vital than ever to begin resolving the crisis.
The Lebanese newspaper an-Nahar described it as “a tax intifada,” or uprising, across Lebanon. Another daily, Al-Akhbar, declared it “the WhatsApp revolution” that had shaken Prime Minister Saad Hariri’s unity government.
Seeking ways to boost revenues, a government minister on Thursday announced plans to raise a new fee of 20 cents per day for calls via voice over Internet protocol (VoIP), used by applications including Facebook-owned WhatsApp.
But as the protests spread, Telecoms Minister Mohamed Choucair phoned into Lebanese broadcasters on Thursday evening to say the proposed levy on WhatsApp calls had been revoked.
Shattered by war between 1975 and 1990, Lebanon has one of the world’s highest debt burdens as a share of its economy. Economic growth has been hit by regional conflict and instability. Unemployment among those aged under 35 runs at 37 percent.
The kind of steps needed to fix the national finances have long proven elusive. Sectarian politicians, many of them civil war veterans, have long used state resources for their own political benefit and are reluctant to cede prerogatives.
The crisis has been compounded by a slowdown in capital flows to Lebanon, which has long depended on remittances from its diaspora to meet financing needs, including the state’s deficit.
The financial crunch has added to the impetus for reform but the government’s steps have yet to convince foreign donors who have offered billions in financial assistance conditional on changes.
The strains have emerged recently in the real economy where importers have been unable to secure dollars at the pegged exchange rate.
The cabinet is due to meet on Friday at the presidential palace in Baabda in what a minister has said would be the final session to discuss the 2020 state budget.
Startup Wrap – Saudi VC space continues to play pivotal role in SMEs growth as Biban 24 delivers deals
Updated 2 min 49 sec ago
Nour El-Shaeri
RIYADH: Saudi Arabia’s venture capital ecosystem continues to boost the regional startup space, with one company plowing $20 million into the early stage-focused Booster IV fund.
Saudi Venture Capital Co. announced it was pouring the money into the fund, which is managed by Beco Capital and focuses on investments across the Gulf region.
Booster IV aims to support high-growth or disruptive startups, targeting companies from the seed stage up to series A.
The fund’s investment strategy spans various sectors with a strong emphasis on Saudi Arabia and the broader Gulf region, and currently oversees $495 million in assets across four funds.
“Our investment in Booster IV, managed by Beco Capital, aligns with our fund investment program and our strategy to support funds that back early stage startups in Saudi Arabia,” said Nabeel Koshak, CEO and board member of SVC.
Established in 2018, SVC is a subsidiary of the SME Bank, part of Saudi Arabia’s National Development Fund.
The company is dedicated to stimulating and sustaining financing for startups and small and medium-sized enterprises, supporting them from the pre-seed stage up to pre-IPO through funding and co-investments in high-potential startups.
Saudi’s BIM Ventures and Japan’s SBI Holdings launch $2bn-targeted BIM Capital
Supplied.
Saudi Arabia-based venture studio BIM Ventures and Japan’s SBI Holdings have launched a joint venture aiming to drive growth across Saudi Arabia and the broader Middle East.
BIM Capital’s investment strategy spans private equity, venture capital, debt funds, and real estate development, with a target of attracting over $200 million in foreign direct investment and managing assets exceeding $2 billion.
The firm will leverage its expertise to identify high-growth sectors, with a particular emphasis on technology ventures, emerging industries, and real estate development, offering investors access to innovative, transformative opportunities.
Mush Social raises $1.2m in pre-seed funding led by Nifal Consulting
Saudi-based Mush Social has closed a $1.2 million pre-seed funding round led by Nifal Consulting, with support from Nahr Al-Jazeera Holding and angel investors.
Founded in 2022 by Abdulhadi Al-Asmi, Mush Social operates a social platform where users can earn points and own virtual assets through its interactive map feature, potentially monetizing their online interactions.
The funds will support the development of advanced technologies to enhance user value from their engagements on the platform.
Ayen acquires Egyptian contech Elmawkaa in seven-figure deal
The deal will see Ayen integrate Elmawkaa’s construction materials marketplace into its property evaluation platform. Supplied
Saudi property tech company Ayen has acquired Egyptian construction technology firm Elmawkaa in a seven-figure Saudi riyal transaction.
Founded in 2018 by Abdulrahman Al-Mulqi, Ali Al-Mohsen, and Aymen Al-Sarory, Ayen provides data-driven property evaluation solutions.
The acquisition will integrate Elmawkaa’s construction materials marketplace into Ayen’s platform, strengthening its market position across the Gulf Cooperation Council region.
Elmawkaa, established in 2017, offers a digital marketplace for competitive quotations on building materials, aimed at streamlining procurement for construction companies.
Aramco Ventures backs IOTA Software’s $10.4m series A2 round
Aramco Ventures has joined a $10.4 million Series A2 funding round for IOTA Software, a cloud-native platform for industrial performance optimization, led by Altira Group with participation from Oxy Technology Ventures and Second Avenue Partners.
The funds will enable IOTA to expand its engineering, product, and customer success teams, enhance its technology infrastructure, and strengthen marketing efforts. IOTA’s platform aggregates business and operations data to aid decision-making across industrial sectors.
Warburg AI secures $250k in seed funding for financial AI solutions
UAE-based Warburg AI has raised $250,000 in seed funding from undisclosed investors.
Founded in 2024 by Ben Pfeffer, Lancelot De Briey, and Madiyar Ismagulov, Warburg AI develops adaptive artificial intelligence and machine learning tools for financial institutions, with a focus on algorithmic trading, real-time risk management, and asset optimization.
The capital will be directed toward product development and expansion of its customer solutions team.
Brands.io raises seed funding to expand AI-focused domain services
UAE’s Brands.io, an AI-driven domain name provider, has raised an undisclosed amount in seed funding from unnamed investors.
Founded in 2024 by Chetan Gera, Brands.io offers customized domain names tailored for AI companies.
The investment will fuel platform development, add technical features, and support the company’s expansion into Europe, the Middle East, and Africa, with a strong focus on strengthening its GCC presence.
NorthLadder raises $10m in series B for expansion in pre-owned electronics market
NorthLadder aims to capitalize on the increasing demand in the expanding pre-owned smartphone market. Supplied
UAE-based NorthLadder, a trade-in platform for pre-owned electronics, has raised $10 million in a Series B funding round led by stc Group’s corporate venture capital arm, tali ventures, with additional contributions from the Dutch Founders Fund and Crescent Ventures.
Founded in 2021 by Mihin Shah and Sandeep Shetty, NorthLadder offers a secure platform for reselling pre-owned devices, addressing growing demand in this sector.
With the new capital, NorthLadder plans to enhance its technology and expand its presence, particularly in Europe.
CE-Ventures co-leads $10m funding round for CrossBridge Bio’s cancer therapies
UAE-based CE-Ventures, the corporate venture capital arm of Crescent Enterprises, has co-led a $10 million funding round for CrossBridge Bio, a Houston-based biotech firm focused on developing dual-payload antibody drug conjugates for targeted cancer treatments.
The round also included participation from TMC Venture Fund, Portal Innovations, Alexandria Ventures, and several pre-seed investors.
The investment will support the advancement of CrossBridge Bio’s lead candidate, CBB-120, which targets solid tumors.
Additionally, the funding will enable the company to expand its pipeline of dual-payload ADCs and further develop its proprietary linker technology, which it claims could bring a new level of precision to cancer therapy.
Saudi Arabia’s signature startup event Biban 24 sees deals to support SMEs
Biban 24, Saudi Arabia’s premier event for startups and SMEs, saw over $5 billion in agreements and financing initiatives signed during the first three days.
Organized by the General Authority for Small and Medium Enterprises, or Monsha’at, the Riyadh-based forum secured more than 40 agreements and numerous financing portfolios aimed at bolstering Saudi Arabia’s SME sector in alignment with Vision 2030 goals.
These deals, amounting to more than SR18 billion ($4.79 billion) on the first day, SR1.35 billion on the second, and SR580 million on day three, included partnerships with leading Saudi banks, international memoranda of understanding, and investment opportunities designed to enhance access to funding and expand support networks for SMEs.
The event, themed “A Global Destination for Opportunities,” underscores Monsha’at’s commitment to creating a conducive environment for SMEs to thrive, positioning them as key drivers of economic diversification.
Turkiye’s Erdogan hopes Trump will tell Israel to “stop,” NTV reports
Updated 9 min 38 sec ago
Reuters
ANKARA: Turkiye’s President Tayyip Erdogan said that he hoped US President-elect Donald Trump will tell Israel to “stop” the attacks and halting arms support to Israel could be a good start, broadcaster NTV reported on Friday.
Trump’s presidency will seriously affect political and military balances in the Middle East region, Erdogan was quoted as telling reporters on his flight back to Turkiye from Budapest, where he attended a European Political Community summit.
Nearly 70% of Gaza war dead women and children, UN rights office says
UN Human Rights Office: Systematic violation of the fundamental principles of international humanitarian law
The youngest victim whose death was verified by UN monitors was a one-day-old boy, and the oldest was a 97-year-old woman
Updated 15 min 36 sec ago
Reuters
GENEVA: The UN Human Rights Office said on Friday nearly 70 percent of the fatalities it has verified in the Gaza war were women and children, and condemned what it called a systematic violation of the fundamental principles of international humanitarian law.
The UN count covers the first seven months of the Israel-Hamas conflict in the Gaza Strip that began more than a year ago.
The 8,119 victims verified by the UN Rights Office in that seven-month period is considerably lower than the toll of over 43,000 provided by Palestinian health authorities for the full 13 months of conflict.
But the UN breakdown of the victims’ age and gender backs the Palestinian assertion that women and children represent a large portion of those killed in the war.
This finding indicates “a systematic violation of the fundamental principles of international humanitarian law, including distinction and proportionality,” the UN rights office said in a statement accompanying the 32-page report.
“It is essential that there is due reckoning with respect to the allegations of serious violations of international law through credible and impartial judicial bodies and that, in the meantime, all relevant information and evidence are collected and preserved,” United Nations High Commissioner for Human Rights Volker Turk said.
Israel did not immediately comment on the report’s findings.
Israel’s military, which began its offensive in response to the Oct. 7, 2023 attack in which Hamas fighters killed about 1,200 people in southern Israel and seized more than 250 hostages, says it takes care to avoid harming civilians in Gaza.
It has said approximately one civilian has been killed for every fighter, a ratio it blames on Hamas, saying the Palestinian militant group uses civilian facilities. Hamas has denied using civilians and civilian infrastructure, including hospitals, as human shields. YOUNGEST VICTIM AGED ONE DAY
The youngest victim whose death was verified by UN monitors was a one-day-old boy, and the oldest was a 97-year-old woman, the report said.
Overall, children represented 44 percent of the victims, with children aged five-nine representing the single biggest age category, followed by those aged 10-14, and then those aged up to and including four.
This broadly reflects the enclave’s demographics, which the report said reflected an apparent failure to take precautions to avoid civilian losses.
It showed that in 88 percent of cases, five or more people were killed in the same attack, pointing to the Israeli military’s use of weapons with an effect across a wide area, although it said some fatalities may have been the result of errant projectiles from Palestinian armed groups.
Saudi Central Bank lowers benchmark rate by 25 bps following US Fed decision
Updated 31 min 7 sec ago
Dayan Abou Tine
RIYADH: Saudi Arabia’s central bank has implemented its second interest rate reduction of 2024, lowering the benchmark by 25 basis points to 5.25 percent.
This adjustment mirrors the recent US Federal Reserve decision, which also cut rates by the same amount to a target of 4.5 - 4.75 percent.
In a statement, the central bank – also known as SAMA – said: “In light of global developments, and in accordance with the Central Bank’s objective of maintaining monetary stability, it has decided to reduce the Repurchase Agreement rate by 25 basis points to 5.25 percent, and the Reverse Repurchase Agreement rate by 25 basis points to 4.75 percent.”
Unlike the higher September cut of 50 basis points, this move is a strategic recalibration of monetary policy, aimed at easing high borrowing costs that have been sustained to combat inflation over the past two years.
Gulf Cooperation Council central banks align interest rates with the US Federal Reserve due to their currency pegs to the dollar, despite having stable inflation rates.
Both the UAE and Bahrain reduced rates by 25 basis points, while Qatar opted for a slightly larger 30-point cut.
Kuwait, however, took a different approach. Its central bank, which pegs its currency to a basket, rather than exclusively to the dollar, lowered rates by 25 basis points in September to 4 percent but did not announce further cuts in November as of date.
Over the past two years, the US Federal Reserve has aggressively tightened its monetary policy to tackle inflation, driving up interest rates in an effort to bring prices down.
Although inflation has made progress toward the Fed’s 2 percent target, it remains slightly elevated, and high costs persist for consumers.
The labor market has shown signs of cooling, with unemployment inching up but still at low levels. The Fed’s ongoing challenge is balancing inflation control with the need to maintain a healthy, resilient job market.
The decision to cut interest rates could have far-reaching implications for the GCC, particularly for Saudi Arabia’s economy.
The Kingdom’s non-oil sectors, already a key focus under Vision 2030, stand to benefit significantly from the influx of cheaper credit.
Sectors such as construction, real estate, and services, which have seen substantial growth, are expected to experience further acceleration.
Lower borrowing costs could spur investments in infrastructure and technology, both vital to the Kingdom’s diversification away from oil.
Corporate lending is also expected to see a boost, with businesses, especially in capital-intensive industries like real estate, poised to take advantage of more affordable financing.
This could translate into more ambitious expansion plans, particularly for projects aligned with Vision 2030 goals, such as NEOM and the Red Sea Project.
The real estate market in particular could see a further surge as cheaper credit fuels demand for housing.
Riyadh’s growing population and influx of expatriates are likely to drive this trend, with lower interest rates making mortgages more affordable.
Putin says China is Russia’s ally, backs its stance on Taiwan
The two countries have not declared a formal military alliance, but have signed a ‘no limits’ partnership deal in 2022
Putin suggested that Taiwan was trying to stir up a Ukraine-style crisis in Asia in order to attract outside support
Updated 38 min 4 sec ago
Reuters
SOCHI, Russia: Russian President Vladimir Putin described China on Thursday as Russia’s ally and threw his weight behind Beijing’s claims over Taiwan, while stating that no countries had anything to fear from deepening Sino-Russian co-operation.
The two countries have not declared a formal military alliance, but Putin and Chinese President Xi Jinping signed a “no limits” partnership deal in 2022, less than three weeks before Putin sent his troops into Ukraine.
In May this year they agreed to deepen what they called their “comprehensive partnership and strategic cooperation” for a new era.
“We do not believe that China is pursuing an aggressive policy in the region,” Putin said at the Valdai discussion club in the Russian Black Sea resort of Sochi.
He suggested that Taiwan was trying to stir up a Ukraine-style crisis in Asia in order to attract outside support.
China views democratically governed Taiwan as its own territory, despite strong objections by the government in Taipei, and regularly holds wargames near the island.
“A lot is going on around Taiwan,” Putin said. “Everyone formally acknowledges, yes, Taiwan is part of China. But in reality? In reality, it is acting in a completely different direction. Provoking the situation toward escalation.
“We do support China. And because of this, we believe that (China) is conducting a completely reasonable policy. And also because it is our ally. We have a very large trade turnover, we co-operate in the security sector.”
Taiwan’s foreign ministry said China and Russia were the real problem.
“The regime of Russia’s Putin launched a war of aggression against Ukraine, leading to misery for Ukraine’s people and sanctions and condemnation from the international community,” it said in a statement.
“China and Russia together continue to undermine the rule-based international order and have become a serious threat to world peace and stability.”
Putin compared military drills between Russia and China to those the United States holds with Japan.
“These exercises do not threaten anyone,” Putin said. “They are aimed at ensuring our security.”
