Pakistan allows use of Chinese yuan for trade and investment

Both public and private sector enterprises may use the yuan for bilateral trade and investment, the central State Bank of Pakistan. (AFP)
Updated 19 February 2018
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Pakistan allows use of Chinese yuan for trade and investment

ISLAMABAD: Pakistan will allow the Chinese yuan to be used for imports, exports and financing transactions for bilateral trade and investment activities, in a move economists said Wednesday would simplify a massive Chinese investment project.
Both public and private sector enterprises may use the yuan for bilateral trade and investment, the central State Bank of Pakistan said in a statement issued Tuesday.
“As per current foreign exchange regulations, Chinese Yuan (CNY) is an approved foreign currency for denominating foreign currency transactions in Pakistan,” it said.
“In terms of regulations in Pakistan, CNY is at par with other international currencies such as USD, Euro and JPY,” it added.
The bank said that in light of a massive Chinese infrastructure project in Pakistan, the move would “yield long-term benefits for both the countries.”
The China-Pakistan Economic Corridor (CPEC), a $54 billion (SR202.50 billion) project launched in 2013 linking western China to the Indian Ocean via Pakistan, has been hailed as a “game changer” by Pakistani officials.
They hope the power stations and transmission lines built as part of the project will help ease Pakistan’s chronic power crisis.
Economic analyst and former government adviser on finance Salman Shah welcomed the State Bank’s move, saying that avoiding dollar transactions in the implementation of CPEC would “simplify matters very considerably.”
The Chinese economy is now one of the biggest in the world, he said, justifying the use of the Chinese currency of choice.


Kozuma shoots 63 to grab lead; Torque top team leaderboard

Updated 1 min 52 sec ago
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Kozuma shoots 63 to grab lead; Torque top team leaderboard

  • Torque GC owns the team lead by shooting 20 under, the lowest first-round counting score by any team this year
  • The Iron Heads are one shot back in second, while HyFlyers GC is third at 17 under

ADELAIDE, Australia: After shooting a bogey-free 9-under 63 to grab the first-round lead at LIV Golf Adelaide, Iron Heads GC’s Jinichiro Kozuma credited his putting prowess with helping him get through “some troubles here and there.”

 His teammate and Friday playing partner Danny Lee, sitting next to Kozuma during the post-round press conference, was perplexed. “Trouble? What trouble?”

Indeed, the 29-year-old Kozuma seemed to have almost no trouble during the first round at The Grange Golf Club. He was 8 under after his first 11 holes and never gave up the lead on a day of low scoring before enthusiastic jampacked crowds at The Grange.

Kozuma will take a one-shot advantage into Saturday’s second round over Lee and Torque GC’s Carlos Ortiz. Four players are tied for fourth, two shots back – Mito Pereira (Torque), Peter Uihlein (RangeGoats GC), Andy Ogletree (HyFlyers GC) and Anirban Lahiri (Crushers GC).

Torque GC owns the team lead by shooting 20 under, the lowest first-round counting score by any team this year. Besides the contributions from Ortiz and Pereira, captain Joaquin Niemann — who leads the Individual Championship standings this season thanks to two individual wins — contributed a 67.

The Iron Heads are one shot back in second, while HyFlyers GC is third at 17 under. Crushers GC, who lead the season-long team race, are in fourth at 16 under. The hometown favorites Ripper GC, captained by Cameron Smith, are fifth at 15 under.

Kozuma, who’s in his first full year in LIV Golf after earning a spot via the Promotions tournament during the offseason, is leading for the first time after any round in his nine LIV Golf starts. His family is attending its first LIV Golf tournament this week to watch him play.

“I wanted to play really well in front of my family and impress all the family,” said Kozuma, whose round was highlighted by a 40-foot eagle putt. “I guess I got to do that, and I’m really happy about that.”

Non-captain teammates played together in the same group on Friday, and Kozuma and Lee will be together again in Saturday’s second round. They hope it will lead to another day of feeding off
each other.

“Whatever I was doing today and whatever Jinny was doing today worked out pretty good,” said Lee, the winner last year in Tucson. “We’re going to just enjoy each other’s company and keep our head down, keep making putts.”

Ortiz and Pereira also excelled together in the all-Torque group.

“It was really nice playing with these guys,” Ortiz said. “They holed out two holes in a row, so it felt like we were getting some momentum our way. Really happy the way I played, and just get it going.”

Kozuma, Lee, Pereira and Ogletree are among eight individual players who have yet to produce points (top 24 finish) through the first five tournaments this season. That they posted strong opening rounds at Adelaide is an indication that better results may be on
the horizon.

“Not the start (to this season) that I would like,” said Pereira, who finished eighth in the season-long standings last year. “… But trying to work hard to get my game back where it was last year, or
even better.”

For Kozuma and Lee, the focus for the next two rounds is not on points but just playing well and building on the momentum of Friday’s hot start.

“You can’t get too caught up in that kind of stuff,” said Lee, who was slowed by offseason surgery on his wrist. “I feel like that’s only putting a lot of pressure on yourself, so you’ve just got to let it go and keep your head down and just keep doing what we’ve been doing.”

Added Kozuma: “I don’t want to think too much about the points. I want to just enjoy where I’m at right now and play.”


How the hospitality industry in Saudi Arabia is embracing environmental sustainability

Updated 15 min 29 sec ago
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How the hospitality industry in Saudi Arabia is embracing environmental sustainability

  • From the Red Sea coast to Al-Ahsa Oasis, new eco-friendly hotels and resorts are opening across the Kingdom
  • Industry leaders are boosting sustainability by cutting emissions, protecting habitats, and creating jobs locally

RIYADH: Saudi Arabia is emerging as a hotspot for international investment. Its latest hook? Sustainable hospitality.

The Kingdom led the Middle East and Africa’s hotel-building activity in 2023, with 42,033 hotel rooms constructed. This accounted for 35.1 percent of the 119,505 built in the region over the year, according to data from hotel monitoring firm STR. 

Saudi Arabia’s hotel segment is projected to generate $2.51 billion in revenue this year and is expected to reach $3.02 billion by 2027, according to Statista.

One of the Kingdom’s Vision 2030 goals is to champion sustainability across all sectors, and in turn, hotels and plazas across the country have been working to implement more environmental and eco-friendly practices in their facilities. 

From 2010 to 2019, Saudi Arabia’s tourism industry has contributed an average of 6.4 percent to the country’s gross domestic product, while recording a decline in greenhouse gas emissions. 

In contrast, the global GDP average for travel and tourism over the same period rose 4.3 percent, and emissions by 2.5 percent.

Several of Red Sea Global’s developments are already up and running along the Kingdom’s northwestern coastline, including the Six Senses Southern Dunes, The Red Sea and St. Regis Red Sea Resort. 

The company recently announced further projects pillared by environmental sustainability. 

The Four Seasons luxury wellness resort, Amaala, Triple Bay, is branded with regeneration and wellness at its core, and is set to feature a one-of-a-kind Corallium marine life institute. 

Saudi Arabia’s Triple Bay AMAALA will soon be home to a Four Seasons luxury wellness resort and is committed to sustainability, aligning with Four Seasons’ longstanding pledge to well-being. (Supplied)

Progress is also being made on a sustainability-focused staff village that will provide housing for those who work at the resort. RSG says that five international operator brands, including Six Senses and Clinique La Prairie, are expected to be confirmed in the coming months.

“Our mission to develop new destinations as beacons of responsible tourism, showcasing the best in sustainable and regenerative development, gains unprecedented urgency as our planet continues to face challenges in relation to the climate crisis and biodiversity loss,” John Pagano, RSG’s group CEO, said in a statement.

The economic zone NEOM recently unveiled three new sustainable hotels in its Leyja oasis, including three flagship Habitas properties, as well as Zardun, a sanctuary resort designed to harmonize with the surrounding ecosystem. 

NEOM’s Hotel Development division has also sponsored Hotelschool The Hague to bring about the Sustainable Hospitality Challenge, bolstering a new generation of innovation in the industry.

Many of the resorts across Saudi Arabia are built to blend in with the surrounding environment. Take AlUla’s Habitas, for example, which boasts the city’s serene desert landscape that immerses guests in its untouched backdrop.

Habitas’ sustainable design and modular construction aim to minimize environmental impacts. It is free of single-use plastics, offsets carbon emissions, and manages waste, recycling and composting. (Supplied)

The luxury resort brand demonstrates its sustainable ethos, in line with the UN Sustainable Development Goals for 2030, through the offsetting of carbon emissions, waste management and a single-use plastic free policy.

“The AlUla Sustainability Charter is at the core of every hospitality project we develop within the destination,” Phillip Jones, chief tourism officer at the Royal Commission for AlUla, told Arab News.

“From the foundational design and materials of construction to the infrastructure, and the ongoing operations, as we only work with international operators that have a proven track record in sustainability, AlUla’s hotels and resorts each contribute toward delivering on our goals, such as achieving net carbon neutrality for local emissions by 2035.”

As the Arab region demonstrates overall lower environmental sustainability due to water scarcity, harsh climate and biodiversity threats, industry leaders are redefining the buzz term to fit local standards.

There are a number of grassroots projects that examine the existing traces of environmental sustainability awareness throughout the Arab region’s history. The Kingdom’s forefathers exhibited community-centered lifestyles, for example, while Islam advises its followers to conserve food and water consumption. 

Chris Nader, CEO and co-founder of luxury ecolodge brand and management company ENVI Lodges, told Arab News: “Sustainability comes from a basis of trying to minimize our negative impacts on the environment. It’s not only nature, or animals — it’s also people.” 

KAEC will host the first eco-friendly coastal resort in the distinguished and captivating Laguna area. (ENVI Lodges image)

ENVI Laguna Bay, a sustainable project developed by Al-Rasim Hotels and Resorts, will occupy a prime Red Sea coast beachfront destination in King Abdullah Economic City, surrounded by mangroves. 

“KAEC will host the first eco-friendly coastal resort in the distinguished and captivating laguna area,” Aiad Mushaikh, CEO of Al-Rasim Hotels and Resorts, said in a statement.

The project strongly aligns with Saudi Arabia’s Vision 2030. Its road map for tourism sector growth includes respecting the land, protecting wildlife, supporting local communities, sourcing mindfully, in-house food production, engaging guests and designing a sense of place. These pillars have been built into the technical guidelines of building the lodge. 

One common belief is that building necessitates the destruction of land. But through its design principles, ENVI demonstrates different approaches that can be taken to minimize its presence within the natural landscape. The company builds low-impact lodges that blend into the environment. 

“We don’t do excavations,” said Nader. “We put our unit on stilts or decks, and we don’t build the units completely on the site so the amount of people and trucks on the site that have to come and go is very limited.”

An important element is also selecting materials from the environment, whether they be wood, rocks or mud, and sourcing materials and products that will maintain durability and integrity over time. 

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The company also champions sourcing a percentage of the ingredients used in its kitchens from in-house gardens, developing programs for wildlife protection and hiring staff from local communities, all of which are tailor-made programs for each lodge.

The whole concept is to assume the project is temporary, aiming to leave the landscape more or less in the same state it was found in. The walkways are not poured concrete, and the native species are planted to cross-pollinate.

Another way to stitch sustainable practices within the fabric of the community is to engage guests in the initiative.

“Today, guests don’t want to be spectators,” said Nader. “They don’t want to be told that the lodge is planting mangroves. They want to plant themselves. Guests want to clean the beach, or the lodges, to remove any litter and plastic and all of that. They want to be involved in saving wildlife and caring.”

Saudi Arabia’s Public Investment Fund recently launched Dan Company, which specializes in agritourism and ecotourism. Architecture and design practice LWK + Partners is working on a project with Dan Co. that aims to invigorate the agriculture industry in Al-Ahsa through hospitality, serving as a benchmark for future projects.

Kerem Cengiz, MENA managing director at LWK + Partners, told Arab News: “Sustainability isn’t just about the reduction of energy; sustainability is also about the way we create places that are harmoniously designed to make the way we interact with them sustainable. 

“We look at sustainability as a holistic offering, rather than a series of tick boxes that we need to achieve.

“It really is important that when we design, we don’t have a pattern book; it still saddens me that we’ve seen many buildings going up that are just glass towers. They express a certain language and vision, but are they desirable in the context of the challenges that we’re facing environmentally?”

He added that the key to bridging these sustainable values into the future of the industry is to focus on a fundamental understanding of technology and innovation. How do you put in sensors that turn off the AC when guests leave the room, for example?

Saudi Arabia is leading the way in many development practices, said Cengiz. The Holiday Inn Tabuk is utilizing solar energy as an alternative power source in some locations, while the InterContinental Jubail carries out voluntary campaigns to clean its beaches.

Like Nader, Cengiz said that private and public developers should move towards sourcing materials that are locally or regionally available. This adds great value not only economically, but also sustainably, by cutting down on products imported from overseas, simultaneously reducing carbon emissions.

He added: “Now, Saudi is developing its own market and its own product lines. I think that, in itself, has a massive impact and I would love to see more attention on that type of thing.

“I think we’re way past the 2030 Vision now. I mean, we’re evolving it much further into something significantly more impactful.”
 

 


Turkiye’s Erdogan postpones tentative White House visit, sources say

Updated 17 min 48 sec ago
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Turkiye’s Erdogan postpones tentative White House visit, sources say

  • A new date will soon be set due to a change in Erdogan’s schedule, the Turkish official said
  • The source familiar with the matter, speaking on condition of anonymity, said it was unclear what prompted the postponement

WASHINGTON/ANKARA: Turkish President Tayyip Erdogan has postponed a White House meeting with President Joe Biden, a source familiar with the situation and a Turkish official said on Friday of a visit that had been tentatively planned for May 9.
A White House spokesperson, while not confirming the May 9 date, said: “We look forward to hosting President Erdogan at the White House at a mutually convenient time, but we have not been able to align our schedules and do not have any visit to announce at this time.”
A new date will soon be set due to a change in Erdogan’s schedule, the Turkish official said, requesting anonymity. The source familiar with the matter, speaking on condition of anonymity, said it was unclear what prompted the postponement.
The White House never formally announced the visit but a US official told Reuters in late March that following Turkish Foreign Minister Hakan Fidan’s visit to Washington, the White House offered and Ankara had accepted May 9 for a meeting between Biden and Erdogan.
That would have been the first bilateral visit to Washington since 2019 when Erdogan met with then President Donald Trump, a Republican. He and Biden have met a few times at international summits and spoken by phone since the Democratic US president took office in January 2021.
Ties between the US and Turkiye have been long strained by differences on a range of issues. While they have thawed since Ankara ratified Sweden’s NATO membership bid earlier this year, tensions persist over Syria and Russia and the war in Gaza.
Erdogan visited neighboring Iraq this week. Last weekend, he met with Hamas leader Ismail Haniyeh in Istanbul, the first meeting between Erdogan and a Hamas delegation headed by Haniyeh since Israel began its military offensive in the Gaza Strip following Hamas’ Oct. 7 attack.


Netherlands will consider resuming support to Palestinian UNRWA agency

Updated 33 min 35 sec ago
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Netherlands will consider resuming support to Palestinian UNRWA agency

  • The decision follows an investigation by the former French foreign minister Catherine Colonna
  • The Colonna-led review of the agency’s neutrality concluded Israel had yet to back up its accusations

AMSTERDAM: The Dutch government on Friday said it would consider resuming funding for the UN agency for Palestinians (UNRWA) in Gaza if the agency implements recommendations to strengthen its neutrality.
The decision follows an investigation by the former French foreign minister Catherine Colonna released on Monday into whether some UNRWA employees were involved in the Oct. 7 attack by Hamas.
The Colonna-led review of the agency’s neutrality concluded Israel had yet to back up its accusations that hundreds of UNRWA staff were operatives in Gaza terrorist groups.
The Dutch government said it had already given its yearly donation to UNRWA in January, before the accusations against the agency came to light. It was one of several European countries that paused funding for the agency after the allegations were levied.
It said it did not foresee any additional donations in the near future, but would consider UNRWA as a potential partner if requests for aid were made.


Berlin police clear pro-Palestinian camp from parliament lawn

Updated 49 min 48 sec ago
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Berlin police clear pro-Palestinian camp from parliament lawn

  • Police dismantled tents, forcibly removed protesters and blocked the surrounding area to stop others arriving
  • "The idea was to draw attention to that and ... to the German complicity and active enabling of the Israeli genocide in Gaza," the camp organizer, Jara Nassar, said

BERLIN: Berlin police on Friday began clearing a pro-Palestinian camp set up in front of the German parliament by activists demanding the government stop arms exports to Israel and end what they say is the criminalization of the Palestinian solidarity movement.
Police dismantled tents, forcibly removed protesters and blocked the surrounding area to stop others arriving.
The action followed clashes between demonstrators and police on US campuses and a blockade at Paris’s Sciences Po university, part of international protests to decry Israel’s military campaign in Gaza and Western support for Israel.
The Berlin camp ‘Besetzung Gegen Besatzung’ — ‘Occupy Against Occupation’ — began on April 8, coinciding with the start of International Court of Justice hearings in Nicaragua’s case against Germany for providing military aid to Israel.
“The idea was to draw attention to that and ... to the German complicity and active enabling of the Israeli genocide in Gaza,” the camp organizer, Jara Nassar, told Reuters.
Israel strongly denies accusations that its offensive in Gaza, which aims to destroy the Palestinian militant group Hamas, constitutes a genocide.
Nassar and a dozen protesters sat on the ground, chanting pro-Palestinian slogans and songs as police with loudspeakers called on them to leave.
“We look at what is happening in the US ... with admiration. There is no reason to believe we should stop now,” said Udi Raz, a PhD student at Berlin’s Free University and a member of the Jewish Voice association.
Raz, who wore a Jewish kippah with the Palestinian flag colors and held his phone in a live social media broadcast of the clearance, said Jewish activists had joined the camp and held a candle-lit Passover dinner there this week.
Police said the prohibition order for the camp, which had been granted authorization at the start of the protest, was due to repeated violations committed by some protesters, including the use of unconstitutional symbols and forbidden slogans.
“Protection of gatherings cannot be guaranteed at this point because public safety and order are significantly at risk,” police spokesperson Anja Dierschkesaid said, adding tents had to be moved daily under local regulations to maintain the lawn.
“For the German government, grass matters more than the lives of more than 40,000 innocent people in Gaza murdered by the Israeli military,” Raz said.