Business

10 Dec 2022; MEMO: In a step that raises the level of relations between the two countries, Saudi Arabia and China signed strategic agreements during the Chinese president's visit to Riyadh. The most prominent was an agreement with the Chinese technology giant Huawei, which is subjected to US restrictions.

Kanpur: “We're at a turning point,” says the American journalist, Dana Thomas. Her views go against things like grape leather, cactus leather, kombucha leather or mushroom leather. It looks a bit different from the usual leather but seems becoming increasingly mainstream.

With the drive towards more sustainable fashion, the burgeoning world of animal-free alt leathers is getting popular. The emphasis is given to these kinds of animal-free leather' amid deteriorating climate.

08 Dec 2022; MEMO: Saudi Crown Prince, Mohammed bin Salman, received President Xi Jinping on Thursday as the Chinese leader heralded "a new era" in Arab relations, with a lavish welcome signalling Riyadh's interest in deepening ties with Beijing, despite US wariness, Reuters reports.

Members of the Saudi Royal Guard riding Arabian horses and carrying Chinese and Saudi flags escorted Xi's car as it entered the Royal Palace in Riyadh, where Prince Mohammed, de facto ruler of the oil giant, greeted him with a warm smile.

08 Dec 2022; MEMO: A week in which the Biden administration has been rebuked for having "no red lines on Israel", the US is applying pressure on the UN not to update its database of the list of companies operating in illegal Jewish-only Israeli settlements.

08 Dec 2022; MEMO: The UAE has been ranked as the world's number one passport in terms of mobility and freedom from travel restrictions according to the recently published Passport Index by Canada-based financial advisory firm, Arton Capital.

09 Dec 2022; MEMO: Israel's incoming Finance Minister has said his economic strategy will be infused with religious beliefs laid out in the Torah, predicting that this would help the country prosper, Reuters reports.

08 Dec 2022; MEMO: Fans at the 2022 World Cup in Qatar are on pace to spend record amounts at tournament venues, according to data from Visa, the event's official payment partner, Bloomberg reports.

According to the report, fans have already spent more money than they did when Brazil hosted the World Cup in 2014, and 89 per cent of the value they spent in Russia in 2018.

Visa's data includes spending on its cards at all official World Cup venues, from the start of tournament through to 2 December.

08 Dec 2022; MEMO: Saudi Arabia is looking to boost investments in Egypt, while eyeing opportunities to deepen relations with Turkiye and Pakistan, according to a report by Bloomberg.

The Kingdom has recently taken several steps to offer financial support to countries in the region struggling with high inflation, as Riyadh looks to strengthen allies and forge new relations.

09 Dec 2022; MEMO: The overall annual inflation rate in Egypt jumped to 19.2 per cent last month, its highest level since November 2017, according to data from the state-run Central Agency for Public Mobilization and Statistics (CAPMAS).

Data released by CAPMAS on Thursday shows that the country's monthly inflation rate was 2.5 per cent in November.

07 Dec 2022; MEMO: President Xi Jinping arrived in Saudi Arabia on Wednesday, Chinese state media said, on a visit Beijing hailed as its biggest diplomatic initiative in the Arab world, as Riyadh expands global alliances beyond long-standing ties with the West, Reuters reports.

The meeting between the global economic powerhouse and Gulf energy giant comes as Saudi ties with Washington are strained by US criticism of Riyadh's human rights record and Saudi support for oil output curbs before the November mid-term elections.