News Bites

Nowruz Mubarak for those who celebrate it! Let’s hop right in.

Real Estate

• Oman’s Real Estate may be on the decline 😞. In the month of Jan 2024 alone, there were $539M worth of transactions, but there is a catch… that is 20% less than what occurred in January 2023. Could rising global interest rates be catching up? 📈

• IN COMPLETE OPPOSITE NEWS, Abu Dhabi is crushing ittt!!! 🙌 in 2023, the value of transactions surged 159% compared to 2022. Looks like the people are flocking to the oil-rich emirate

• You know how being rich doesn’t necessarily equate to being smart? Trump’s son-in-law had an idea to turn Gaza into a waterfront resort. 😬 Child, please leave the important decisions to the ones capable of showing intelligence and a tiny amount of empathy. k thanks🤔

Economy

• As other countries in the region drop in ratings, Kuwait is reaffirmed as an AA- in Fitch ratings.👌 strong balance sheets and lots of cash in the bank, but the only downside?… their economy is too dependent on oil it would seem. Who would’ve known…🤔

• Btw, in case you missed this important news in Jan 2024, Saudi Arabia and the UAE officially joined BRICS (Brazil, Russia, India, China, and South Africa) 🧱 With this move, BRICS plans to expand into the Middle East and include Arab countries - holla at us with a new acronym (BRICUSS???)

• Kuwait isn’t the only one getting a boost in social standing economically; Egypt also received one. S&B Global Ratings upgraded Egypt’s outlook from stable to positive. Sometimes dictatorships are where it’s at! Wait, what?…

Arts and Culture

• Harrods in the UK and Qatari artist, Mbarak Al-Thani, are collaborating for Ramadan and Eid artworks! If you’re passing by the luxury department store, keep an eye out for the Arab designs in-store and on socials 🎨

• Yasmina Zaytoun from Lebanon was 1st runner-up at this year’s Miss World pageant in India! The actual crown went to The Czech Republic’s Krystyna Pyszkova, but we gotta give a shout-out to our Lebanese queen too! 👑 👑

• A precious bronze medallion bearing the portrait of legendary Ottoman empire ruler, Sultan Mehmed II…is expected to go on sale for up to £2 MILLION!! Mehmed II was known for actually conquering Constantinople when ppl said he couldn’t ⚔️ The coin was discovered 20 years ago during an Italian Renaissance Medals sale (looks like we know where to shop next) 💰 🪙

Technology

• Abu Dhabi's MGX eyes investment in OpenAI's chip venture, joined by our standard key players Mubadala and G42. Pssst…we hear Temasek Holdings may want in on the pot too 👀 The more the merrier though…since OpenAI's CEO, Sam Altman, wants $5-7 trillion to revolutionize AI chip tech because of supply shortages 😲 The chip shortage we’re most mad about is what Lays does to us when we buy one of their ‘chip/air’ packets 🤷🏾

• Barakah, an online marketplace combating commercial food waste, secured strategic funding from FoodLabs, marking the VC's entry into the MENA region 💸 Founded in 2022 by Rabah Habiss and Abdulaziz Al-Saud, Barakah connects food retailers with consumers to sell surplus products and discounted meals so they don’t go bad, slashing food waste and upping sustainability! Check them out they’re pretty dope!

✨ akhbaar Spotlight ✨

Wondering about how influencers can use their influence for good? Just take a look at Rosy Pirani’s page. Her feed is actually feeding starving Palestinians on-ground in Gaza - so for verified ways to donate, see more here!

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