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Read the latest news from around the Middle East and Africa region.
Equinox Makes Move Into Saudi Arabia
Bloomberg reports U.S.-based wellness, gym and hospitality brand Equinox is moving into Saudia Arabia with an Equinox Hotel property in a Red Sea resort area.
"It will be one of 29 hotels expected to be built in an area called Amaala, which describes itself as a 'wellness haven' spread across 4,155 square kilometers (1,604 square miles) focusing on natural landscapes, local culture, wellness and art," the news outlet reports. "Other international brands that have signed on include Six Senses and Rosewood. The first resort could open by 2024 as Saudi Arabia rapidly develops its brand-new tourism industry."
The developer of the Equinox Resort Amaala is Red Sea Global.
Tourism Flows Into Lebanon Continue
Despite warnings about violence, tourists continue to travel to Lebanon, Arab News reports. Government officials have raised concerns about violence at Palestinian refugee camps.
But travel numbers seemingly have remained strong.
"An observer at the airport in Beirut said the number of arrivals last month increased by 12% to 924,000, compared with July 2022," the news agency reports. "The observer said that most of those who arrived were Lebanese expatriates who plan to spend between one and two months in the country and will begin to leave around mid-August for work or to enroll their children in schools overseas."
Aramco Profit Hit by Low Oil Prices
Saudi Arabia's state-owned oil company Aramco saw a 38% decline in quarterly profits that The Wall Street Journal attributes to "lower energy prices and production cuts."
"The second-quarter profit, which came slightly above the $29.8 billion expected by 15 analysts in an Aramco-provided poll, is the third-largest percentage drop in income for the company since it went public in December 2019," the newspaper reports. "The previous large falls in quarterly profits came in 2020 when oil prices slumped amid the COVID-19 pandemic. Aramco is one of the most valuable companies globally, with a market cap of about $2 trillion, briefly capturing the top spot from Apple last year."
Coup in Niger Causes Concerns Across West Africa
The New York Times reports the Economic Community of West African States — also known as ECOWAS — is trying to put pressure on military leaders in Niger who recently took power in the country and is now causing widespread uncertainty in some of the most improverished and threated countries in the world.
The 15-country bloc gave a deadline that has since expired for military leaders to relinquish power, causing some concern about regional conflict.
"But the ultimatum also rallied many Nigeriens behind their new military leaders," the newspaper reports. "On Sunday, tens of thousands of defiant junta supporters thronged the largest stadium in the capital, Niamey, voicing their anger against ECOWAS and chanting the name of the military official who claims to be in charge, Gen. Abdourahmane Tchiani."