MIDDLEEAST TYCOON NEWS DESK:In July and August of 2024, Bangladesh witnessed a historic revolution driven by a call for deep-rooted social and political reform. The movement, now etched in the nation’s memory as the “July-August Revolution,” brought tens of thousands to the streets, demanding changes that would address longstanding issues of governance, corruption, and economic instability. At the forefront of this movement stood two pivotal figures: Asif Mahmud and Hasnat Abdullah, who galvanized support and led with conviction, becoming the face of a nation’s yearning for transformation.
Asif Mahmud, a veteran of Bangladeshi social movements, was widely respected for his eloquent speeches and unwavering dedication to the cause. Known for his work in community organizing and advocacy, Asif’s early calls for peaceful demonstrations gained traction across the country. He saw in the youth of Bangladesh a potential for change and actively encouraged them to embrace nonviolent methods of protest. In a society facing complex challenges, including economic disparity and political unrest, Asif’s vision provided hope and a roadmap for young Bangladeshis eager to see reform.
Hasnat Abdullah, a charismatic and strategic thinker, complemented Asif’s role by channeling the energy of the streets into organized action. Hasnat, known for his background in policy and grassroots movements, used his influence to organize rallies, press briefings, and online campaigns that brought international attention to the struggle. He drew on his extensive experience in local government to highlight the specific changes Bangladesh needed—calling for accountability measures, fair elections, and anti-corruption initiatives. Hasnat’s rallying speeches and calls for solidarity among all classes resonated strongly, as he highlighted how the everyday lives of Bangladeshis had been impacted by institutional issues. His structured approach brought unity and purpose to the movement, allowing it to sustain itself through weeks of challenges.
The revolution’s origins lay in a combination of economic pressures and political stagnation. Inflation had eroded the purchasing power of many households, and there were widespread allegations of corruption within political circles, which fueled frustration. When a proposed increase in fuel prices was announced in July, public discontent reached a tipping point. Protests initially centered around economic grievances but soon transformed into demands for sweeping political reform. Thousands of citizens, inspired by Asif and Hasnat’s leadership, took to the streets, voicing a range of issues—from economic instability to the need for transparent governance.
Asif and Hasnat became the symbols of the revolution, often appearing together at protests, rallying supporters, and giving a voice to the disenfranchised. Both were instrumental in keeping the movement nonviolent, emphasizing a peaceful vision for Bangladesh’s future. The movement drew international attention as Asif and Hasnat’s leadership highlighted the aspirations of a new generation of Bangladeshis.
As the protests unfolded into August, there were signs that the government would begin to address some of the demands. The July-August Revolution has marked a new chapter in Bangladesh’s political history, embodying a collective push for change that Asif Mahmud and Hasnat Abdullah continue to lead.
MIDDLEEAST TYCOON NEWS DESK: The UAE’s banking sector experienced a notable rise in its net international reserves, which surged by 11.1% to reach 1.273 trillion dirhams ($346.8 billion) by July 2024, up from 1.145 trillion dirhams at the close of 2023. This increase of 127.5 billion dirhams ($34.3 billion) reflects robust financial performance across the sector.
A key driver of this growth was the Central Bank of the UAE, whose share of the reserves grew by 14.6%, reaching 771.6 billion dirhams by the end of July, up from 673.42 billion dirhams in 2023. Meanwhile, the net international reserves held by banks operating in the UAE climbed 6.2%, totaling 501.6 billion dirhams, compared to 472.2 billion dirhams at the end of last year.
Gold reserves also saw a significant uptick, with the central bank’s holdings growing 23.5% year-on-year to 21.28 billion dirhams by July, compared to 17.226 billion dirhams in July 2023. Over the first seven months of 2024, gold reserves increased by 17.3%, up from 18.147 billion dirhams at the end of 2023.
The UAE’s banking sector also saw impressive growth in transactions. The value of transfers processed through the UAE Financial Transfer System exceeded 11.13 trillion dirhams during the first seven months of 2024, reflecting a 17% year-on-year increase. In terms of remittances, monthly transfers ranged from 1.4 trillion to 1.8 trillion dirhams, peaking in July.
Additionally, cheques cleared via image technology totaled 765.08 billion dirhams over more than 13 million cheques. Cash deposits and withdrawals at the central bank reached 111.4 billion dirhams and 120.3 billion dirhams, respectively, further underscoring the sector’s dynamic growth in the first half of 2024.
MIDDLEEAST TYCOON NEWS DESK: Global fashion powerhouse Shein made a bold statement in Riyadh on Nov. 2, unveiling its latest Fall/Winter 2024 collections to an audience of eager fashion enthusiasts. Themed “Pearls to Radiant Glow, A Journey Through Arab Splendor,” the event merged tradition with trend, offering a fresh take on fashion that speaks to Saudi Arabia’s youth.
The immersive show showcased three collections — Dune Silhouette, Sunset Glow, and Ocean Garden — each reflecting a unique aspect of Saudi culture and landscape. With Riyadh’s style-conscious crowd in attendance, the collections represented the spirit of Saudi youth by drawing on elements of the natural world, from deserts to sunsets to marine life. Every piece seemed to embody the duality of Saudi identity, balancing heritage with a modern, forward-looking aesthetic.
The Dune Silhouette collection set the stage with designs inspired by the dynamic patterns of sand dunes. Embracing khaki hues and earthy tones, the collection used asymmetric tailoring and layered skirts to evoke the fluidity of desert landscapes. The pieces offered a fashionable twist on classic workwear, making a strong impression on attendees who value style that is both sophisticated and wearable.
Meanwhile, Sunset Glow captivated audiences with its warm color gradients that transition from deep orange to soft purples. Flowing silhouettes and delicate detailing, like chiffon accents and tassels, added a touch of romance to the collection. The designs captured the drama and beauty of a Saudi sunset, appealing to those drawn to a softer, more ethereal look.
Bringing a vibrant contrast to the event, Ocean Garden turned to the sea for inspiration, featuring youthful colors, floral prints, and whimsical embellishments like pearls and diamond accents. The collection’s playful spirit shone through with lotus leaf pleats and unique patterns, making it a standout for fashion fans seeking fresh, lively pieces.
Adding a layer of excitement, Shein welcomed more than 30 prominent fashion influencers to the event, including popular figures like Noha Nabil, Almaha, and Fouz, whose attendance highlighted the show’s influence on the region’s style scene. Their presence not only underscored the cultural relevance of the collections but also drew attention to the unique blend of Saudi heritage with Shein’s modern, accessible fashion philosophy. In addition to influencers, several dedicated fans of the brand were invited via social media giveaways and in-app registrations, creating a direct connection between Shein and its loyal customer base.
Another highlight of the evening was the attendance of Bayan Yasien, a celebrated Saudi artist who recently collaborated with Shein on a “Back to School” collection. This partnership, launched in September, was inspired by Saudi culture and reflects Shein’s commitment to celebrating regional artistry. Yasien’s involvement reinforced Shein’s dedication to honoring local creativity while fostering relationships within the Saudi artistic community. With these new collections, Shein continues to expand its presence in Saudi Arabia by catering specifically to the tastes and interests of Saudi consumers. The event marked another step in Shein’s strategy to create meaningful engagement with its customer base, blending global fashion trends with elements of local culture. Fashion fans can explore the collections exclusively on the Shein website and app, while enjoying exclusive promotions.
For those who wish to experience the collection firsthand, Shein will host a pop-up showroom at Boulevard Riyadh starting on Nov. 15, offering a chance to view iconic pieces up close.
Shein’s Fall/Winter 2024 show in Riyadh underscored the brand’s growing influence in the Middle East, presenting a fusion of Arab splendor and contemporary style. As the collections hit the market, Shein’s approach to capturing local identity through global fashion reflects a broader trend within the industry, making the brand a prominent player in the Saudi fashion landscape.
MIDDLEEAST TYCOON NEWS DESK: America has voted and now the Middle East waits to discover who has won — and, crucially, what that victory will mean for a region with which the US has had a complex relationship ever since President Franklin D. Roosevelt and Saudi Arabia’s King Abdulaziz bin Saud met for historic talks on a US warship in the Suez Canal in 1945.
Whichever way CNN and the other big US channels have called the result of the US presidential election, it could be days, or even weeks, before America’s arcane electoral process reaches its final conclusion and the winner is formally declared.
Although they have ticked the box on their ballot papers alongside their preferred candidate, America’s voters have not actually voted directly for Kamala Harris, Donald Trump or any of the four other runners.
Instead, in proportion to its number of representatives in Congress, each state appoints electors to the Electoral College, the combined membership of which votes for the president and the vice president.
It is rare, but not unknown, for electors to disregard the popular vote. But either way, to become president, a candidate needs the votes of at least 270 of the college’s 538 electors.
Their votes will be counted, and the winner announced, in a joint session of Congress on Jan. 6. The president-elect is then sworn into office on Monday, Jan. 20 — and, as first days at work go, these promise to be intense.
A poll worker waits for voters at a polling station in New York City on Election Day, November 5, 2024. (AFP)
There will be many issues, domestic and foreign, clamoring for the attention of the new president and their team.
But of all the in-trays jostling for attention, it is the one labeled “Middle East” that will weigh most heavily on the Resolute desk in the Oval Office and on the mind of the incoming president.
Depending on how they are handled, the sum of the challenges contained in that in-tray could add up either to an opportunity to achieve something no American president has achieved before, or an invitation to a disastrous, legacy-shredding encounter with some of the world’s most pressing and intractable problems.
Palestine and Israel
In November 2016, then-President-Elect Donald Trump declared: “I would love to be able to be the one that made peace with Israel and the Palestinians.” A lot of “really great people” had told him that “it’s impossible — you can’t do it.”
But he added: “I disagree … I have reason to believe I can do it.”
As recent history attests, he could not do it.
Every US president since Jimmy Carter, who led the Camp David talks that culminated in a peace agreement between Egypt and Israel in 1979, has been drawn inexorably into the maelstrom of Middle East politics — partly through economic and political necessity, but also because of the Nobel-winning allure of going down in history as the greatest peacemaker the world has ever known.
A woman rests with her children as displaced Palestinians flee Beit Lahia in the northern Gaza Strip on November 5, 2024. (AFP)
Not for nothing, however, is the Israel-Palestine issue known in diplomatic circles as “the graveyard of US peacemaking.”
Since Oct. 7, 2023, and Israel’s onslaught on Hamas and other Palestinian militant groups in Gaza and Iran-backed Hezbollah in Lebanon, a crisis long deemed intractable appears to have degenerated even further to a point of no return.
All the talk throughout the election by both of the main candidates, calculated to walk the electoral tightrope between pro-Israel and pro-Palestinian voters, will now be forgotten.
All that matters now is action — careful, considered action, addressing issues including the desperate need for a permanent ceasefire in Gaza and the reopening of the much-cratered pathway to a two-state solution.
Palestinians search through the rubble following Israeli strikes in Nuseirat refugee camp in the central Gaza Strip, on November 1, 2024. (AFP)
Epitomizing the hypocrisy that has so infuriated millions, including the many Arab American voters who have switched their allegiance from the Democrats to the Republicans in this election, the Biden-Harris administration has bemoaned the deaths of tens of thousands of innocent Palestinians while simultaneously supplying Israel with the munitions that killed them.
For Trump, regaining the White House would be a second chance at peacemaker immortality and, perhaps, the Nobel Peace Prize he felt he deserved for his 2020 Abraham Accords initiative.
Last time around, Trump did achieve the breakthrough of establishing diplomatic relations between Israel and the UAE and Bahrain. The big prize, which eluded him in 2020, was bringing Saudi Arabia on board. The Kingdom has made it clear that for that to happen, one condition must be fulfilled — the opening of a meaningful path to Palestinian statehood. This, therefore, could well be on the to-do list of a Trump administration in 2025.
For Harris, the presidency would be a chance to step out from under the shadow of the Biden administration, which has so spectacularly failed to restrain Israel, its client state, and in the process has only deepened the crisis in the Middle East and undermined trust in the US in the region.
The West Bank
If America has equivocated over events in Palestine and Lebanon, the Biden administration has not turned a blind eye to the provocative, destabilizing activities of extremist Jewish settler groups in the West Bank.
In February, the White House issued an executive order imposing sanctions on “persons undermining peace, security, and stability in the West Bank.” The order, signed by President Joe Biden, condemned the “high levels of extremist settler violence, forced displacement of people and villages, and property destruction,” which had “reached intolerable levels” and constituted “a serious threat to the peace, security, and stability of the West Bank and Gaza, Israel, and the broader Middle East region.”
A wounded Palestinian man arrives for treatment for injuries sustained in clashes with Israeli settlers in the village of Mughayir, at a hospital in Ramallah in the occupied West Bank on April 12, 2024. (AFP)
So far, the US, reluctant to act against members of an ally’s government, has stopped short of sanctioning Israel’s far-right ministers Bezalel Smotrich and Itamar Ben Gvir, the chief settler rabble-rousers in Prime Minister Benjamin Netanyahu’s cabinet.
Whether Harris would continue with, or even strengthen the sanctions policy, remains to be seen, but the settlers believe that Trump would let them off the hook. “If Trump takes the election, there will be no sanctions,” Israel Ganz, chairman of one of the main settler groups, told Reuters last week.
“If Trump loses the election, we will in the state of Israel … have a problem with sanctions that the government over here has to deal with.”
It was, after all, Trump who recognized Jerusalem as the capital of Israel, undoing decades of US foreign policy, and moved the US Embassy there from Tel Aviv.
Whoever wins, if they are truly interested in peace in the region, they will need to exert pressure on Netanyahu to bring the extremist right-wingers in his government to heel. It was Ben Gvir’s repeated incursions into the Al-Aqsa Mosque compound that Hamas cited as the main provocation that triggered its Oct. 7 attack on Israel last year.
Iran
Iran has been a thorn in the side of every US administration since the 1979 revolution, the roots of which can be traced back ultimately to the CIA-engineered overthrow of democratically elected Iranian Prime Minister Mohammad Mosaddegh in 1953.
The next US president faces two key, interrelated choices, both of which have far-reaching consequences. The first is how to deal with Iran’s President Masoud Pezeshkian, a heart surgeon who was elected in July and, so far, has given every appearance of being someone who is prepared to negotiate and compromise with the West and its regional allies.
In the hope of lifting the sanctions that have so badly hurt his countrymen, if not their leaders, Pezeshkian has offered to open fresh negotiations with the US over Iran’s nuclear program.
According to a recent Arab News/YouGov poll ahead of the presidential election, this would be appealing to many Arab Americans.
Asked how the incoming US administration should tackle the influence of Iran and its affiliated militant groups in the region, 41 percent said it should resort to diplomacy and incentives, with only 32 percent supporting a more aggressive stance and a harsher sanctions regime.
Here, a Harris victory might pave the way to progress. The Biden presidency has seen some sanctions lifted and moves made toward reopening the Iran nuclear deal, the Joint Comprehensive Plan of Action.
In a move that infuriated supporters of Israel but brought some relief to a region that appeared to be teetering on the brink of all-out war, in October the Biden administration publicly warned Israel that it would not support a strike on Iranian nuclear facilities in retaliation for Tehran’s drone and missile attack on Israel.
Under a Trump administration, however, progress with Iran would seem unlikely. It was Trump who in 2020 ordered the assassination of Iran’s Revolutionary Guard Corps commander, Qassem Soleimani, and who in 2018 unilaterally pulled the US out of the JCPOA to the dismay of the other signatories, Iran and the five permanent members of the UN Security Council. It is difficult to see how he could revisit that decision.
The Houthis
In many ways, coming to an understanding with Iran could be the greatest contribution any US president could make to peace in the region, especially if that led to a defanging of Iran’s proxies, which have caused so much disruption in the Middle East.
The previous Trump administration backed Saudi Arabia’s war against the Houthi rebels in Yemen and designated the group as a foreign terrorist organization. In 2021, however, Biden reversed that decision and withdrew US support for the military interventions of the Coalition to Restore Legitimacy in Yemen against the rebels, who overthrew Yemen’s internationally recognized government, sparking the civil war, in 2015.
Houthi supporters attend an anti-Israel rally in solidarity with Gaza and Lebanon in the Houthi-controlled capital Sanaa on November 1, 2024. (AFP)
Since then, however, Houthi attacks on shipping in the Red Sea, and drone and missile assaults on Saudi Arabia, have opened Western eyes to the true nature of the rebel group, to the extent that in October Biden authorized the bombing of Houthi weapons stores by B2 stealth bombers.
For either candidate as president, apart from securing the all-important commercial navigation of the Red Sea, dealing with the Houthis offers the opportunity to mend bridges with Arab partners in the region (only Bahrain joined America’s Operation Prosperity Guardian, a naval mission to protect shipping).
But it is Trump, rather than the Biden-era tainted Harris, who is expected to come down hardest on the Houthis.
Hezbollah
Trump’s grasp of events in the Middle East has at times appeared tenuous. In a speech in October, for example, he boiled down the conflict between Israel and Hezbollah in Lebanon to “two kids fighting in the schoolyard.” As president, though, there seems little doubt that he would, once again, be Israel’s man in the White House.
In a recent call with Netanyahu, he appeared briefly to forget the importance of wooing the all-important Arab American swing-state votes and told the Israeli prime minister to “do what you have to do,” even as innocent civilians were dying at the hands of Israeli troops in Lebanon.
Of course, no American government is going to defend Hezbollah or any of Iran’s proxies. But when Hezbollah’s leader, Hassan Nasrallah, was targeted in an Israeli airstrike in September, Harris released a statement that outlined a preference for diplomacy over continuing conflict.
Demonstrators celebrate during a rally outside the British Embassy in Tehran on October 1, 2024, after Iran fired a barrage of missiles into Israel in response to the killing of Hezbollah leader Hassan Nasrallah. (AFP)
She had, she said, “an unwavering commitment to the security of Israel” and would “always support Israel’s right to defend itself against Iran and Iran-backed terrorist groups such as Hezbollah, Hamas, and the Houthis.”
But, she added, “I do not want to see conflict in the Middle East escalate into a broader regional war. We have been working on a diplomatic solution along the Israel-Lebanon border so that people can safely return home on both sides of that border. Diplomacy remains the best path forward to protect civilians and achieve lasting stability in the region.”
The US presence in the Middle East
One of the findings of the recent Arab News/YouGov poll of Arab Americans ahead of the election was that a sizable majority (52 percent) believed the US should either maintain its military presence in the Middle East (25 percent), or actually increase it (27 percent).
This will be one of the big issues facing the next president, whose administration’s ethos could be one of increasing isolationism or engagement.
America still has 2,500 troops in Iraq, for example, where talks are underway that could see all US and US-led coalition personnel withdrawn from the country by the end of 2026 — 23 years since the invasion of Iraq in 2003.
A vehicle part of a US military convoy drives in Arbil, the capital of the autonomous Kurdish region of northern Iraq, on September 17, 2024. (AFP)
In April, Biden and Iraqi Prime Minister Mohammed Shia Al-Sudani issued a joint statement affirming the intention to withdraw US troops, who now act mainly as advisers, and transition to a “bilateral security partnership.”
Trump, on the other hand, could go much further, and as president has a record of disengaging America from military commitments. In 2019, to the alarm of regional allies, he unilaterally ordered the sudden withdrawal of the stabilizing US military presence in northeastern Syria, and in 2020 withdrew hundreds of US troops who were supporting local forces battling against Al-Shabaab and Daesh militants in Somalia.
In the wake of his election defeat that year, he ordered the rapid withdrawal of all US troops from Afghanistan. The order was not carried out, but in September 2021, the Biden administration followed suit, ending America’s 20-year war and leading to the collapse of the Afghan National Security Forces and the takeover of the country by the Taliban.
MIDDLEEAST TYCOON NEWS DESK:On Thursday, the U.S. military deployed B-2 stealth bombers to target underground bunkers used by Yemen’s Houthi rebels, marking a significant escalation in the U.S. response to the group’s attacks on shipping lanes in the Red Sea. This operation appears to be a direct warning to both the Houthis and Iran, signaling America’s ability to strike heavily fortified and deeply buried facilities.
While the full extent of the damage caused by the strikes remains unclear, this is the first use of the B-2 bombers in combat in several years and the first instance of the aircraft targeting sites in Yemen. U.S. Defense Secretary Lloyd Austin emphasized that the strike demonstrates America’s capacity to reach adversaries’ most protected locations. The Houthis have been targeting shipping vessels in the region, particularly in the context of heightened tensions following the Israel-Hamas conflict.
MIDDLEEAST TYCOON NEWS DESK:For the third consecutive year, Bank al Etihad and UNICEF have renewed their partnership to promote youth-led climate action and enhance climate change awareness across Jordan. This collaboration aims to educate 100,000 young people on advocating for climate action and empowering them to tackle environmental challenges.
Additionally, 3,000 participants, half of whom are young women, will benefit from capacity-building programs to improve their skills and increase access to green jobs and sustainable career opportunities.
Nadia Al Saeed, CEO of Bank al Etihad, emphasized the importance of empowering youth to create sustainable solutions for Jordan’s climate challenges. UNICEF Representative Philippe Duamelle highlighted the role of youth in driving Jordan’s sustainable development and global climate efforts.
The partnership also enables young climate advocates to engage in key events such as the Local Conference of Youth on Climate Change 2024 (LCOY) and COP29, where they will represent Jordan in global climate discussions.
MIDDLEEAST TYCOON NEWS DESK: The 2024 Airport Innovation Days, hosted in Amman, offered a glimpse into the future of aviation, emphasizing the role of artificial intelligence (AI) and advanced technologies in enhancing operational efficiency, sustainability, and passenger experience. Organized by Groupe ADP (Paris), TAV Airports (Ankara), and Jordan’s Airport International Group (AIG), the event highlighted the evolution of airports toward next-generation solutions.
The competition provided a platform for transportation and aviation start-ups to showcase their innovations and connect with investors. Start-ups presented their solutions in a one-day pitch event, with the first session held in Ankara on October 25, followed by Amman, and concluding in Paris on December 4.
AIG CEO Nicolas Deviller emphasized QAIA’s achievements, including a 4-Star rating from SKYTRAX and the “Seal of Excellence” from the King Abdullah II Award for Excellence. The event focused on four key areas: green airports, passenger experience, airport operations, and innovation. Panel discussions explored AI’s role in shaping air travel’s future. QAIA is also the region’s first carbon-neutral airport, a leader in environmental sustainability.
MIDDLEEAST TYCOON NEWS DESK:During a meeting with UK Prime Minister Sir Keir Starmer in London on Wednesday, King Abdullah warned that continued inaction in resolving conflicts in Gaza and Lebanon could escalate violence across the region. The leaders held both bilateral and expanded discussions at 10 Downing Street, calling urgently for a ceasefire and coordinated international efforts to de-escalate tensions, enhance humanitarian aid to Gaza, and maintain its steady delivery, according to a Royal Court statement.
They expressed deep concerns over Israel’s decision to halt UNRWA activities in Gaza, warning it could worsen the humanitarian crisis. Additionally, the King and Prime Minister highlighted the volatile situation in the West Bank, emphasizing the need for more actions to curb violence there.
King Abdullah praised the United Kingdom’s influential role in pursuing regional stability and a just peace based on the two-state solution. He also emphasized the strong strategic relationship between Jordan and the UK, appreciating the UK’s support for Jordan and expressing his commitment to continue close coordination on mutual priorities, particularly during Jordan’s current Security Council presidency.
MIDDLEEAST TYCOON NEWS DESK:Hezbollah announced that it had launched a swarm of attack drones targeting Israel’s Bilu military base south of Tel Aviv on Wednesday evening, marking the first such operation by the group. In a statement, Hezbollah claimed that a “squadron of attack drones” had been sent to strike the base as Israel intensified air strikes on Beirut’s southern suburbs.
In addition to the Bilu base strike, Hezbollah claimed responsibility for a series of other attacks, including targeting two naval bases near Haifa and a military base close to Israel’s main international airport near Tel Aviv. However, the Israel Airports Authority confirmed that operations at the airport remained unaffected, and there were no immediate reports from Israeli authorities on casualties or structural damage resulting from the drone attacks.
The exchange of hostilities comes amid escalating violence, with both sides intensifying their operations across the region.
Syria’s Ministry of Foreign Affairs has urged the United Nations to intervene after Israeli air strikes south of Damascus reportedly killed two people and injured five others. A human rights monitor confirmed the casualties, and Syrian state news agency SANA, citing a military source, reported that the strikes occurred around 5:18 p.m. local time on Monday. According to the source, Israeli warplanes targeted “civilian sites south of Damascus” from the direction of the occupied Syrian Golan Heights, causing significant material damage.
The Syrian Foreign Ministry condemned the strikes, calling them “criminal” acts against civilian areas. In its statement, the ministry labeled Israel’s actions as aggression by the “Zionist entity” and called upon UN member states to take immediate measures to “halt Israeli aggression” and ensure accountability for what it described as violations of Syria’s sovereignty.
