‘Proud’ Murray bows out of tennis with Paris Olympics defeat

‘Proud’ Murray bows out of tennis with Paris Olympics defeat
Paris 2024 Olympics - Tennis - Men's Doubles Quarterfinals - Roland-Garros Stadium, Paris, France - August 01, 2024. Andy Murray of Britain waves to spectators after losing his match with Daniel Evans of Britain against Taylor Fritz of United States and Tommy Paul of United States. (Reuters)
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Updated 02 August 2024
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‘Proud’ Murray bows out of tennis with Paris Olympics defeat

‘Proud’ Murray bows out of tennis with Paris Olympics defeat

PARIS: Andy Murray said he was retiring “on my terms” as his trophy-filled career came to an emotional end at the Paris Olympics on Thursday, closing another chapter on tennis’s golden generation.
The former world number one and three-time Grand Slam title winner slipped into retirement aged 37 when he and Dan Evans lost in the men’s doubles quarter-finals at Roland Garros.
American pair Taylor Fritz and Tommy Paul delivered the knockout blow with a 6-2, 6-4 victory on a packed Court Suzanne Lenglen.
Britain’s Murray had already announced that the Olympics would be his last event.
“I’m proud of my career, my achievements and what I put into the sport,” said Murray.
“Obviously it was emotional because it’s the last time I will play a competitive match. But I am genuinely happy just now. I’m happy with how it finished.”
He added: “I’m glad I got to go out here at the Olympics and finish on my terms because at times in the last few years that wasn’t a certainty.”
Just a few hours after Murray had made his exit, he cheekily wrote on X: “Never even liked tennis anyway.”
Career-long rival Novak Djokovic described Murray as “an incredible competitor.”
“One of the greatest warriors tennis has seen. His fighting spirit is definitely something that I’m sure is going to inspire many generations to come,” said the Serb.
One of the ‘Big Four’ in the sport, Murray joins 20-time Grand Slam winner Roger Federer in retirement after the Swiss great quit in 2022.
Rafael Nadal, the winner of 22 majors but battling more injuries at the age of 38, exited the Paris Olympics on Wednesday and suggested that he had played his last match at Roland Garros, where he won 14 of his Slams.
Nadal also effectively ruled himself out of the US Open, sparking more speculation that the great Spaniard is also finished in the sport.
That would leave just 37-year-old Djokovic — winner of a record 24 Grand Slams — still active among the sport’s eminent talents who have carved up 69 majors between them.
Murray famously ended Britain’s 77-year wait for a men’s champion at Wimbledon when he triumphed in 2013, defeating Djokovic in the final.
He added a second title in 2016, taking his career majors total to three after breaking his duck at the 2012 US Open.
Murray won gold at the 2012 Olympics on an emotional day at the All England Club when he defeated Federer just weeks after he had lost the Wimbledon final to the Swiss on the same Center Court.
Four years later he defeated Juan Martin del Potro to become the first player, man or woman, to win two Olympic singles golds.
Murray also led Britain to the Davis Cup title in 2015, the country’s first in 79 years.
He has won 46 titles in all and banked around $65 million in prize money.
However, he has been ravaged by injuries in recent years, slumping to 117th in the world.
The Scot has played with a metal hip since 2019 and suffered ankle damage earlier this year before undergoing surgery to remove a spinal cyst, which ruled him out of singles at Wimbledon.
Instead, he played doubles with brother Jamie and was defeated in the first round before an emotional tribute arranged by tournament chiefs.
“It’s hard because I would love to keep playing, but I can’t,” admitted Murray at the All England Club.
“Physically it is too tough now, all of the injuries, they have added up and they haven’t been insignificant.”
Men’s tennis has already opened up a new frontier.
Jannik Sinner, the 22-year-old Italian, succeeded Djokovic as Australian Open champion in January and eventually took his world number one ranking.
Carlos Alcaraz, 21, won the French Open and successfully defended his Wimbledon title, sweeping Djokovic off court in a one-sided final in July.
“It was a privilege to share the court with you, Andy!” Alcaraz wrote on X in tribute to Murray.
“Congratulations on a legendary career and for being an example to all. You will always have a fan here.”


Yemen evacuates embassy staff, group of stranded citizens from Lebanon

An aircraft of Middle East Airlines, Lebanon’s flag carrier, takes off from Beirut International Airport on October 19, 2024.
An aircraft of Middle East Airlines, Lebanon’s flag carrier, takes off from Beirut International Airport on October 19, 2024.
Updated 8 min 17 sec ago
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Yemen evacuates embassy staff, group of stranded citizens from Lebanon

An aircraft of Middle East Airlines, Lebanon’s flag carrier, takes off from Beirut International Airport on October 19, 2024.
  • Thousands of foreigners have fled the country as Israel-Hezbollah conflict escalates

AL-MUKALLA: Yemen’s government has evacuated the majority of its diplomatic mission in Lebanon and began airlifting the first group of stranded Yemenis out of the Lebanese capital, an official told Arab News on Sunday.

A group of eight Yemenis flew from Beirut to Amman on Middle East Airlines over the weekend, returning home on Yemenia Airways. This came as the Yemeni ambassador to Lebanon and several members of Yemen’s diplomatic mission in the Lebanese capital left the country, leaving behind Yemen’s consular and administrative officer.

The official said the Yemeni government is arranging for the evacuation of 33 Yemenis from Lebanon who have registered at the Yemen Embassy in Beirut.  Thousands of foreigners fled Lebanon in recent months as the conflict between Israel and the Lebanese Hezbollah escalated.

The Yemeni Embassy in Beirut asked Yemenis who wanted to leave the country to register their names at the embassy before directing them to travel to Syria by land after failing to secure a flight to get them out. Yemenis there rejected the embassy’s proposal to travel to Syria by land, citing security concerns, and demanded that the Yemeni government evacuate them by air, just like other citizens.

Mushtaq Anaam, a postgraduate Yemeni student living in Beirut’s Cola neighborhood who in the past petitioned the Yemeni government to evacuate him from Lebanon, told Arab News that he changed his mind about leaving the country after discovering a safer place in Lebanon’s far north, and that he is concerned about missing classes if he returns to Yemen and his university in Lebanon reopens.

“I have six months remaining to finish my studies. Instead of going to Yemen and paying $800 or $1,000 to return to Lebanon, I chose to stay here and leave Beirut for a safer area in the north,” Anaam said.


Sudanese army reports first defection of a senior RSF commander

In this image grab from footage released by the Sudanese paramilitary Rapid Support Forces, fighters ride in the back of vehicle
In this image grab from footage released by the Sudanese paramilitary Rapid Support Forces, fighters ride in the back of vehicle
Updated 43 min 49 sec ago
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Sudanese army reports first defection of a senior RSF commander

In this image grab from footage released by the Sudanese paramilitary Rapid Support Forces, fighters ride in the back of vehicle
  • The army said Keikal had decided to make the move because of his former force’s “destructive agenda”
  • There was no immediate comment from the RSF which has seized control of large parts of the country in a conflict with the military

CAIRO: Sudan’s army said on Sunday a commander from its foe the Rapid Support Forces (RSF) had defected with some of his troops, in what would be the first such move by a senior figure since the sides started fighting more than 18 months ago.
There was no immediate comment from the RSF which has seized control of large parts of the country in a conflict with the military that the UN says has caused one of the world’s worst humanitarian crises.
Supporters of the army posted photos online purporting to show Abuagla Keikal — a former army officer who became the RSF’s top commander in the southeastern state of El Gezira — after he had defected.
The army, which has recently reported gains against the RSF in parts of the capital, said Keikal had decided to make the move because of his former force’s “destructive agenda.”
It did not go into further detail and there was no statement, in print or on video, from Keikal.
The conflict has displaced more than 10 million people, driven parts of the country to extreme hunger or famine, and drawn in foreign powers that have supplied both sides with material support.
It began in April 2023 when tensions between the RSF and the army, who had been jostling for position ahead of an internationally backed transition to civilian rule, erupted into open conflict.
The army and the RSF had previously shared power after staging a coup in 2021, two years after veteran autocrat Omar Al-Bashir was toppled in a popular uprising.


Riyadh sees 19% surge in Grade A office space rents in H1: JLL

Riyadh sees 19% surge in Grade A office space rents in H1: JLL
Updated 20 October 2024
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Riyadh sees 19% surge in Grade A office space rents in H1: JLL

Riyadh sees 19% surge in Grade A office space rents in H1: JLL

RIYADH: Rents for Grade A office spaces in Riyadh reached SR2,090 ($556.43) per sq. meter annually in the first half of this year, a 19 percent increase from the same period in 2023. 

According to JLL, Riyadh added approximately 52,000 sq. meters of office space, bringing the total market supply to 5.2 million sq. meters. Grade A office spaces command a premium due to their prime location, infrastructure, and modern amenities. 

The rise in demand for high-quality office space in Riyadh aligns with Saudi Arabia’s ambition to position the capital as a global business and investment hub. 

“In the capital, we continue to see significant levels of demand from both government-related entities and the private sector, although the former still accounts for the majority of demand. From the private sector, we note that the average occupier space requirements have increased considerably over the course of the year,” stated JLL.  

It added: “Both of these cohorts are increasingly looking to occupy office developments in the north of Riyadh for a number of reasons, including but not limited to ease of access and egress the emergence of new, high-quality office options.”  

The real estate agency further noted that no new office supply had been added in Jeddah during the first half of this year, keeping the total stock stable at 1.21 million sq. meters. 

The report projected that approximately 249,000 sq. meters and 48,000 sq. meters of gross leasable area are expected to be delivered in Riyadh and Jeddah, respectively, in the second half of this year. 

“Despite considerable levels of new supply scheduled to be delivered over the course of the year, looking ahead, we expect that the trajectory of the market in the second half of the year will remain on a similar course to that seen in the first half of the year,” said JLL.  

The agency added that strong pre-leasing levels for upcoming institutional-quality developments, combined with a significant level of pent-up demand in the market — particularly from incumbents looking to upgrade their office space — will continue to underpin rental and occupancy growth in Riyadh and Jeddah. 

Earlier this month, another analysis by Knight Frank revealed that residential transaction values in Saudi Arabia surged 25 percent year on year in the third quarter of 2024, totaling SR35.4 billion. 

The Knight Frank report added that the volume of deals also increased by 12 percent, reaching 45,924 agreements, highlighting strong demand in the Kingdom’s housing market. 

This trend follows a continued increase in demand over the last several quarters as Saudi Arabia experiences growth in local and expatriate populations amid efforts to attract investment and advance diversification projects. 

Residential sector outlook 

According to the report, Riyadh witnessed the delivery of 16,200 units in the first half of this year, bringing the overall stock to 1.46 million units. 

Some 11,300 residential dwellings were delivered in Jeddah during the first six months, increasing the total to 891,000. 

“The residential sector in Riyadh and Jeddah recorded a robust start to the year, with a substantial increase in the number of delivered residential units. The surge in demand for residential units, driven by the younger generation’s preference for independent living arrangements, has prompted an innovation wave in housing design,” said JLL.  

The report highlighted that sale prices experienced a 10 percent year on year increase in June in Riyadh, while average rents witnessed an annual increase of 9 percent. 

In Jeddah, sale prices rose by 5 percent in the first half of this year compared to the same period in 2023, while average rents increased by 4 percent. 

The analysis added that the residential real estate sector in Saudi Arabia is also facing challenges, including rising land costs — particularly in Riyadh — volatile construction expenses influenced by global economic headwinds, capacity constraints in the local market, increasing shipping charges, and high financing costs. 

“As a result, we are seeing that in parts of the market, the scheduled delivery schedules are slipping, which in turn is impacting potential transactional activity as owner-occupiers and investors approach a wait-and-see approach,” said JLL.  

JLL added that both Riyadh and Jeddah will see the delivery of 16,000 residential units in the second half of this year. 

Retail market 

JLL stated that no major malls were completed in Riyadh during the first half of this year, with the total organized retail stock remaining stable at 3.48 million sq. meters. 

Jeddah, however, witnessed the completion of several zones at Souq 7, adding approximately 106,000 sq. meters of retail space and bringing the total supply to 2.16 million sq. meters. 

In the remaining part of the year, the capital and Jeddah are anticipated to receive an additional 77,000 sq. meters and 112,000 sq. meters of retail gross leasable area. 

“Our outlook for the retail sector in Saudi Arabia remains positive in the long-term, with the sector being supported by a broadening range of demand drivers, increasing retail expenditure, and the growth in the number of tourists,” said JLL.  

It added: “Riyadh, in particular, is striving to become a top global tourist destination, driving a greater emphasis on providing high-quality retail offerings. Shopping centers in the Kingdom are adapting to socio-economic changes by incorporating essential features such as cinemas, F&B (food and beverage) establishments, and entertainment facilities.”  

Hospitality sector 

JLL noted that Saudi Arabia’s hospitality sector demonstrated strong performance in the first half of this year, driven by the increased number and variety of entertainment facilities, the promotion of sports, and the introduction of new destination drivers. 

According to the report, the average occupancy rate among hotels in Saudi Arabia increased by one percentage point year-on-year in the first half of 2024, while the average daily rate increased by 7 percent, and revenue per available room also rose by 8 percent during the same period. 

“The outlook for the hospitality sector is positive, with the tourism industry set to be a major contributor to growth and diversification efforts,” said JLL.  

It concluded: “Planned investments of $800 billion over the next 10 years, along with a robust pipeline of flagship events such as the Asian Cup 2027, Formula 1 races, Asian Winter Games 2029, Expo 2030, and FIFA World Cup 2034, are expected to drive the sector’s long-term fundamentals.” 


Closing Bell: Saudi main index slips to close at 11,882 

Closing Bell: Saudi main index slips to close at 11,882 
Updated 20 October 2024
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Closing Bell: Saudi main index slips to close at 11,882 

Closing Bell: Saudi main index slips to close at 11,882 

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 24.50 points, or 0.21 percent, to close at 11,882.93. 

The total trading turnover of the benchmark index was SR4.49 billion ($1.19 billion), as 72 of the stocks advanced and 151 retreated.

On the other hand, the Kingdom’s parallel market Nomu gained 352.19 points, or 1.34 percent, to close at 26,557.84. This comes as 48 of the listed stocks advanced, while 27 retreated.

The MSCI Tadawul Index lost 2.84 points, or 0.19 percent, to close at 1,487.38.

The best-performing stock of the day was Arabian Drilling Co., whose share price surged 6.21 percent to SR112.80.

Other top performers were Red Sea International Co. as well as Sadr Logistics Co.

The worst performer was Al-Baha Investment and Development Co., whose share price dropped by 7.41 percent to SR0.25.

Other poor performers included Saudi Fisheries Co. and Al-Etihad Cooperative Insurance Co.

On the announcements front, Saudi Tadawul Group Holding Co. has reported its interim financial results for the period ending Sept. 30.

According to a Tadawul statement, the firm recorded a net profit of SR505.7 million in the first nine months of the year, reflecting a 69.5 percent increase compared to the same period in 2023. This growth is primarily attributed to a rise in operating revenues, a decrease in expenditures, and improvements in earnings per share, gross profit, and operational earnings.

“Our strategic focus on growth, diversification, and resilience remains the driving force behind our solid performance. Meanwhile, we continue to make significant operational progress in diversifying our offering to investors and elevating our subsidiaries’ activities to ensure we foster a dynamic capital market and position the Saudi Capital Market as a leader in the global financial ecosystem,” said Khalid Al-Hussan, CEO of Saudi Tadawul Group, in a statement.

The body affirmed its commitment to fostering sustainable growth and implementing effective governance practices that are in line with its strategic focus. It emphasized that these efforts are crucial for enhancing the ongoing performance of the Saudi capital market and ensuring its resilience and global competitiveness.

“With continued investor engagement and the successful editions of the Capital Markets Forum, we are demonstrating our ability to capitalize on emerging opportunities while fostering deeper international partnerships,” Al-Hussan added.

He concluded by saying: “As we approach the year-end, we remain focused on delivering long-term value to all our stakeholders and advancing our position on the global financial stage.”

Saudi Tadawul Group Holding Co. ended the session at SR246, down 0.40 percent.

The National Agricultural Development Co. announced its interim financial results for the period ending Sept. 30. According to a Tadawul statement, the firm recorded a net profit of SR326.59 million in the first nine months of the year, reflecting an 83.3 percent increase compared to the same period in 2023.

This surge is primarily attributed to higher revenue, a decrease in selling and marketing expenses, and a drop in financing costs, among other factors.

NADEC ended the session at SR27.90, down 0.91 percent.

Saudi Fisheries Co. has announced that its board of directors has decided to recommend amending the percentage of capital reduction from 76.07 percent to 83.25 percent. A bourse filing revealed that the capital reduction aims to restructure the company’s equity in order to eliminate accumulated losses.

Saudi Fisheries Co. ended the session at SR26.40, down 3.75 percent.

HSBC Saudi Arabia, serving as the sole financial adviser, lead manager, joint bookrunner, and underwriter for the potential initial public offering of United International Holding Co., has announced the company’s intention to proceed with the IPO and the listing of its ordinary shares on the main market of the Saudi Exchange.

The offering will involve the sale of existing shares, representing 30 percent of the company’s total holdings. A bourse filing revealed that the price at which all subscribers in the offering will purchase the offered stocks will be determined following the book-building period. 


STC Bank, Salla partner to enable payments for 80,000+ online merchants

STC Bank, Salla partner to enable payments for 80,000+ online merchants
Updated 20 October 2024
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STC Bank, Salla partner to enable payments for 80,000+ online merchants

STC Bank, Salla partner to enable payments for 80,000+ online merchants

STC Bank, the first licensed digital bank in the Kingdom, has announced a new partnership with Salla, an e-commerce platform in Saudi Arabia. This strategic partnership will enable it to be used as a payment method across more than 80,000 online stores powered by Salla, enhancing digital payment options for merchants and customers alike.
Salla is recognized as a dominant player in the Saudi e-commerce market, offering merchants a platform to easily create and manage their online stores by providing advanced tools for multiple payment gateways, and catering to diverse industries and businesses of all sizes, from small startups to large enterprises, including fashion, electronics and home goods, among others.
STC Bank, which is the Kingdom’s first digital bank and combines traditional banking services with a digital-first, customer-focused approach, will now be integrated into Salla’s e-commerce infrastructure, enabling merchants to offer their customers the convenience of paying directly through their STC Bank accounts, contributing to a more streamlined digital shopping experience.
With more than 80,000 merchants, this integration is expected to boost digital payments and offer more diverse payment options to online shoppers, providing convenient, fast and secure, Shariah-compliant payment solutions for businesses operating on Salla’s platform.
This partnership marks a significant milestone for STC Bank as it continues on its mission to support the digital transformation of Saudi Arabia, and is part of STC Bank’s broader strategy to strengthen its role as a leader in the Saudi digital banking space, while continuing to offer technologically-forward solutions to Saudi businesses and consumers alike.