MIDDLEEAST TYCOON NEWS DESK: Arab Week will kick off on Monday at the UNESCO headquarters in Paris, as reported by the Saudi Press Agency. This two-day event marks the first Arab Week organized by Arab countries at UNESCO in over fifty years. Spearheaded by the Kingdom’s Saudi National Committee for Education, Culture, and Science, the initiative aims to promote cultural dialogue and coexistence.
The event celebrates the rich cultural heritage of the Arab world through literature and the arts, offering a platform for intercultural dialogue. Twenty-two spaces will showcase various aspects of Arab culture, while seven seminars will focus on topics including the Arabic language, calligraphy, literature, artificial intelligence, education, fine arts, and heritage.
Attendees can look forward to musical performances, handicrafts, Arab fashion, and cuisine, as well as a cultural exhibition, an Arabic calligraphy display, and a photography showcase of heritage sites. The committee’s efforts emphasize cooperation with international organizations, building communication bridges, and enhancing cultural dialogue between Arab nations and the world.
Supported by Arab countries, Arab Week aims to highlight historical diversity, cultural pluralism, and the values rooted in a rich Arab cultural and civilizational heritage.
MIDDLEEAST TYCOON NEWS DESK: The Kingdom’s aid agency, KSrelief, has been actively assisting individuals with visual challenges in Morocco and Afghanistan, according to the Saudi Press Agency. These efforts are part of the Saudi Noor Voluntary Project.
In Boulemane, Morocco, KSrelief’s team conducted examinations for 5,120 individuals, distributed 1,050 pairs of spectacles, and performed 482 specialized surgeries between October 24 and 31.
In Kabul, Afghanistan, KSrelief volunteers collaborated with the World Sight Foundation to examine 4,160 cases and carry out 442 specialized surgeries from October 27 to November 1.
These initiatives aim to address the needs of people with visual disabilities and are part of the ongoing voluntary medical programs provided by KSrelief, highlighting the Kingdom’s commitment to humanitarian efforts.
MIDDLEEAST TYCOON NEWS DESK:Two people died after a fire at a hotel in the Naif area in Dubai due to smoke inhalation, Dubai Media Office announced on Saturday.
Within six minutes of receiving reports of a fire incident, the Dubai Civil Defence teams arrived on-site to put out the fire and evacuate people in the building.
he General Directorate of Civil Defence extends its sincere condolences to the families of the deceased.
MIDDLEEAST TYCOON NEWS DESK: The world is watching the U.S. Presidential election closely. This fiercely contested race between Former President Donald Trump and Vice President Kamala Harris promises to have profound effects on global markets. With vastly different economic and foreign policies, the election outcome could reshape international trade, financial markets, and geopolitical stability.
Trump’s trade policies are characterized by high tariffs aimed at protecting U.S. industries. His proposals include:
A 60 per cent tariff on Chinese imports.
A 10-20 per cent general tariff on other imports.
Up to 200 per cent tariffs in punitive cases, such as penalising companies moving production abroad.
These tariffs could disrupt supply chains globally, particularly impacting companies with heavy reliance on imports from China and European Union. The effects could be felt across various sectors, from manufacturing to consumer goods, as import costs rise.
Increasing the corporate tax rate from 21 per cent to 28 per cent.
Raising the alternative minimum tax for corporations earning over $1 billion from 15 per cent to 21 per cent.
Increasing the tax on stock buybacks from 1 per cent to 4 per cent.
While these measures could impact corporate profitability and the stock market in the short term, Harris has also proposed benefits for small businesses, such as increasing the current $5,000 tax credit to $50,000, which could stimulate growth in the small business sector.
Tax Policies
Donald Trump
Kamala Harris
Pontential Impact on Sector
Corporate Tax Rate
Proposes to lower from 21% to 15%
Proposes to raise from 21% to 28%, especially for larger corporations.
Large Corportations: Benefit under Trump; higher taxes under Harris
Small Business Tax Relief
20% deduction for pass-through entities
Targeted relief, especially for minority-owned business
Small Businesses: Tax cuts under Trump; focused relief under Harris
Capital Gains Tax
Low rates (15%-20%)
Potential increase for high-income earners
High-Income Investors: Favorable under Trump; higher taxes under Harris
Fossil Fuels Tax Incentives
Significant tax breaks, encourages production
Phase out tax incentives, focusing on renewable energy
Energy (Fossil): Boosted under Trump; challenges under Harris
Renewable Energy Tax Policy
Reduced Tax incentives
Expanded tax credits and support
Renewable Energy: Limited support under Trump; growth under Harris
Taxes in Wealthy Individuals
Maintain lower rates
Higher taxes, potential wealth tax
Wealthy Individuals: Favorable rates under Trump; higher taxes under Harris
Middle-Class Tax Relief
Possible further cuts, skewed towards higher earners
Increased child tax credits, more relief for working families
Middle-Class: Potential cuts under Trump, more targeted relief under Harris
Multinational Corporations
Lower taxes, incentives for repatriation of profits
Increased taxes, closing loopholes
Multinationals: Favorable under Trump; higher costs under Harris
Healthcare Funding
No major tax hikes for businesses
Tax high-income earners to fund healthcare
Healthcare: No significant changer under Trump; tax increases on wealthy under Harris
Manufacturing/Industrial Sector
Tax cuts, deregulation for traditional industries
Tax incentives for green manufacturing
Manufacturing: Traditional industries favored under Trump; green industries favored under Harris
Tech Industry
Lower taxes, deregulation
Higher taxes, increased regulation
Tech: Favors ligth regulation under Trump; higher taxes under Harriss
Impact on Key Sectors
Potential Winners Under Trump’s Policies
Trump’s policies favor certain sectors, particularly those benefiting from deregulation and increased government spending:
• Infrastructure and Defense: Trump’s proposed spending boosts in these areas could benefit industrial companies and defense contractors.
• Financial Sector: Deregulation efforts might favor small regional banks and cryptocurrency mining companies.
• Energy Sector: Trump’s support for fossil fuels would likely benefit traditional oil and gas companies, while rolling back green energy initiatives could disadvantage the renewable energy sector.
Additionally, Trump’s experience in real estate could influence policies favorable to the industry, such as privatising Fannie Mae and Freddie Mac and easing building regulations.
Potential Winners Under Harris’s Policies
In contrast, Harris’s focus on clean energy and healthcare could benefit different sectors:
• Clean Energy: Harris’s commitment to rejoin the Paris Climate Agreement and advocate for clean energy policies is expected to create favorable conditions for renewable energy companies.
• Healthcare: Her healthcare reform initiatives could drive growth in healthcare services and technology companies.
• Technology: With her focus on increased funding for science and technology research, the tech sector could see substantial investment.
• Infrastructure Focus: Her proposed $1 trillion infrastructure plan could significantly benefit firms in the infrastructure and industrial sectors.
• Consumer Discretionary Boost: Harris’s policies to raise the minimum wage and provide tax relief for the middle class could positively impact the consumer discretionary sector.
Trump and Harris on Geopolitics and International Relations
Trump’s Impact on Foreign Relations
Trump’s potential return to the White House could bring back his assertive approach to foreign policy. His critical stance on NATO members’ defense spending has previously caused market volatility, particularly in European equities and currency markets. Trump’s pressure, however, has also led many NATO countries to increase their defense budgets, which some argue strengthens the alliance.
Harris’s Vision for Global Cooperation
On the other hand, Harris has signaled her intention to rebuild alliances and foster global cooperation. Her administration could focus on:
• Climate Change: Collaborating on global initiatives, which may bolster the clean energy sector.
• Trade and Fair Labour Practices: Introducing stricter standards for trade agreements, which could reshape manufacturing costs and influence global supply chains.
• Corporate Regulations: Higher regulations could impact U.S.-based multinationals operating overseas, potentially affecting foreign investment flows into the U.S.
Implications for the Middle East and the UAE
Energy and Regional Stability
The Middle East remains a key region for the U.S. due to its crucial role in global energy supplies. Trump’s prior involvement in brokering peace agreements, like the Abraham Accord, suggests that his return could bring attempts at mediating regional conflicts, such as:
• Israel-Palestine Conflict: Trump may seek to build on his previous peace efforts, potentially easing regional tensions.
• Russia-Ukraine War: Trump’s business interests in the UAE and Saudi Arabia could increase real estate investments, with stocks like Emaar Group, Aldar Properties, and RAK Properties standing to benefit.
In contrast, Harris’s presidency might emphasize maintaining the status quo with a focus on stabilisation and humanitarian aid, which could result in increased deal flows between the U.S. and Middle Eastern countries.
Conclusion: Navigating the Investment Landscape Amid Political Uncertainty
The outcome of the 2024 U.S. Presidential election is poised to have substantial repercussions for global markets. As Trump and Harris vie for the White House, their distinct economic and foreign policies present both challenges and opportunities for investors worldwide. Whether it’s tariff implications, corporate tax reforms, or sector-specific impacts, understanding these factors is essential for making informed investment decisions.
Investors should explore tools like the Election Portfolio Analyzer by Century Financial to prepare for potential shifts in the market and strategically align their portfolios with the anticipated changes.
MIDDLE EAST TYCOON NEWS DESK:International efforts to advance a two-state solution to the Palestinian-Israeli conflict gained traction on Thursday as senior diplomats met for a second day in Riyadh at the inaugural gathering of a newly formed global alliance.
Saudi Deputy Minister for Multilateral International Affairs Abdulrahman Al-Rassi emphasized the initiative’s urgency amid the ongoing violence in Gaza, criticizing Israel’s breaches of international and humanitarian law. He expressed frustration with the international community’s inadequate response and highlighted the UN Security Council’s failure to uphold its responsibilities and support the Palestinians’ right to self-determination.
Al-Rassi underscored the need for nations to engage in collaborative diplomatic efforts to achieve peace based on the two-state framework, referencing international law and the 2002 Arab Peace Initiative. He condemned Israel’s aggression, called for unrestricted humanitarian access to Gaza, and reaffirmed Saudi Arabia’s commitment to supporting UN relief efforts while denouncing Israel’s actions against humanitarian organizations.
Middleeast tycoon News Desk:Lebanon’s Prime Minister stated that US envoy Amos Hochstein indicated during a phone call on Wednesday that a ceasefire in the Israel-Hezbollah conflict might be achievable before the US elections on November 5.
“The conversation today with Hochstein led me to believe that we could possibly reach a truce in the upcoming days, prior to the fifth of November,” Najib Mikati remarked in a televised interview with Lebanese broadcaster Al-Jadeed.
Hochstein was traveling to Israel on Wednesday to discuss conditions for a ceasefire with Hezbollah, according to State Department spokesperson Matthew Miller.
Hezbollah’s new leader, Naim Qassem, mentioned on Wednesday that the group would agree to a ceasefire with Israel under acceptable conditions, but noted that a viable agreement has not yet been proposed.
“We are striving to achieve a ceasefire within the next hours or days,” Mikati told Al-Jadeed, expressing that he was “cautiously optimistic.”
Mikati added that Hezbollah is no longer tying a ceasefire in Lebanon to a truce in Gaza, although he criticized the group for its “late” change of stance. Previously, Hezbollah had consistently stated that it would only halt its assaults on Israel if a ceasefire was established in Gaza.
However, Qassem on Wednesday asserted that the group would accept a ceasefire under terms considered “appropriate and suitable,” without mentioning the Palestinian territory.
Mikati indicated that a ceasefire would be linked to the enforcement of a United Nations resolution that concluded the 2006 conflict between Israel and Hezbollah.
United Nations Security Council Resolution 1701 stipulates that only the Lebanese army and UN peacekeepers should be stationed in southern Lebanon, while calling for the withdrawal of Israeli forces from Lebanese land.
“The Lebanese army is prepared to enhance its presence in southern Lebanon” and ensure that the only arms and military infrastructure in the area are those under state control, Mikati stated.
MIDDLEEAST TYCOON NEWS DESK: President Joe Biden is facing backlash after referring to supporters of former President Trump as “garbage” during a virtual speech on Oct. 29. The remarks were made during a Zoom call with Voto Latino, a nonprofit focused on registering Latino voters. Biden’s comment came in response to a joke made by comedian Tony Hinchcliffe at a recent Trump rally, where he described Puerto Rico in derogatory terms.
Biden stated, “The only garbage I see floating out there is his supporters,” condemning Trump’s “demonization of Latinos” as “unconscionable” and “un-American.” The White House quickly attempted to clarify the statement, with spokesman Andrew Bates explaining that Biden’s reference to “garbage” pertained to the hateful rhetoric from the rally, not the supporters themselves.
Despite this clarification, Biden’s remarks drew swift condemnation from Trump’s camp. Trump campaign spokesperson Karoline Leavitt accused Biden of hating Trump and his supporters, while Sen. JD Vance described the comment as “disgusting.” Democratic Pennsylvania Gov. Josh Shapiro also criticized Biden, stating he would never insult voters, regardless of their political choices.
Elon Musk, now a prominent figure supporting Trump, commented on X, highlighting Biden’s characterization of half the nation as “garbage.” The comments were also met with outrage at a Trump rally in Pennsylvania, where Sen. Marco Rubio demanded an apology, asserting that Trump supporters are “patriots who love America.”
The incident echoed Hillary Clinton’s infamous “basket of deplorables” remark in 2016, which contributed to her electoral loss, raising concerns about the potential impact of Biden’s words on his campaign.
MIDDLEEAST TYCOON NEWS DESK: Vice President Kamala Harris delivered her campaign’s closing argument at the Ellipse in Washington on Oct. 29, positioning herself as a stronger presidential candidate than former President Donald Trump. Addressing tens of thousands, she emphasized unity and a hopeful vision for the future, urging voters to “turn the page” on the Trump era.
Harris highlighted key issues such as the economy and abortion access, promising a presidency focused on lowering costs and fostering collaboration. “It is time for a new generation of leadership,” she declared, aiming to resonate with undecided voters.
Her speech followed Trump’s own rally in New York, where he described her as “unfit” for office. Polls indicate a tight race, with swing states like Wisconsin, Nevada, and Pennsylvania showing a near tie between the candidates.
Supporters at the rally expressed the significance of her potential presidency, particularly as a historic moment for women and people of color. As Election Day approaches, Harris plans to campaign in several battleground states, including North Carolina and Arizona, to solidify her message and rally support.
MIDDLEEAST TYCOON NEWS DESK: On Tuesday, His Majesty King Abdullah inaugurated the Ministry of Health’s Strategic Medical Inventory Warehouse in the Yajouz area, a significant step aimed at bolstering Jordan’s medical stockpile for an additional four months. This initiative aligns with Jordan’s broader vision to enhance the strategic reserves of food, medicine, and energy.
During the inauguration, Health Minister Feras Hawari briefed the King on the importance of the new facility, which is set to supply medicines to sub-warehouses across various governorates, hospitals, health directorates, and primary healthcare centers. The establishment of this warehouse marks a significant advancement, as it is the first centralized pharmaceutical warehouse in the public sector.
The project is part of a comprehensive effort to modernize Jordan’s supply chain infrastructure. Plans include the modernization of six warehouses in the north and four in the south, along with the establishment of two additional warehouses in Amman. This initiative is designed to improve the efficiency and effectiveness of medical supplies throughout the country.
The warehouse was developed in collaboration with the World Health Organization (WHO) and funded by the European Union. It features a substantial storage area of 959 square meters, equipped with 24 refrigerated trucks and sophisticated computerized systems to ensure the proper management of medical waste. These features are crucial for maintaining the integrity of medical supplies and ensuring that they are delivered safely and efficiently.
The inauguration event was attended by key figures, including Alaa Batayneh, Director of the Office of His Majesty, Minister of Digital Economy and Entrepreneurship Sami Smeirat, European Union Ambassador to Jordan Pierre-Christophe Chatzisavas, and WHO representative in Jordan Jamela Al Raiby, highlighting the collaborative efforts involved in this significant health initiative.
MIDDLEEAST TYCOON NEWS DESK:For many conservatives, backing Kamala Harris, often labeled “Comrade Kamala,” can be perplexing, leading some to suggest her supporters are misled. Critics have referred to her as a “Marxist ideologue,” a “communist,” and a “California radical.” Others, including Republican figures, deem her a “DEI candidate” lacking the intellect and qualifications for the presidency.
As an anthropologist focused on peace and conflict, I’ve studied political division in the U.S. since 2015. In my exploration to counter polarization, I’ve engaged with political messaging and voters from both sides. Here are five reasons why some individuals choose to support Harris.
