SOFIA: At least 45 people, including 12 children, died as a bus carrying mostly North Macedonian tourists crashed in flames on a highway in western Bulgaria on Tuesday, officials said.
Seven people who leapt from the burning bus were rushed to hospital in Sofia and were in stable conditions, hospital staff said. Bulgaria’s interior ministry said 45 people died, one less than the toll given earlier .
The cause of the accident was unclear but the bus appeared to have hit a highway barrier either before or after it caught fire, Bulgarian officials said.
Television footage showed the bus charred and gutted by fire in the middle of the highway.
“We have an enormous tragedy here,” Bulgarian interim Prime Minister Stefan Yanev told reporters.
Interior Minister Boyko Rashkov said: “People are clustered inside and are burnt to ash.”
“The picture is terrifying, terrifying. I have never seen anything like that before,” he told reporters at the site.
Bulgarian investigative service chief Borislav Sarafov said four buses from a North Macedonian travel agency had entered Bulgaria late on Monday from Turkey.
“Human mistake by the driver or a technical malfunction are the two initial versions for the accident,” he said.
The accident happened on Struma highway about 45 km (28 miles) west of Sofia around 2:00 a.m. (0000 GMT).
North Macedonian Foreign Minister Bujar Osmani said the coach party was returning to Skopje from a weekend holiday trip to Istanbul.
“I am terrified. This is such a huge tragedy,” North Macedonian Prime Minister Zoran Zaev told private television channel BTV.
Flaming bus crash in Bulgaria kills 45 Macedonian tourists
https://arab.news/2bhqz
Flaming bus crash in Bulgaria kills 45 Macedonian tourists
- Bus was taking tourists home to North Macedonia from Turkey
- Survivors leapt from burning vehicle, 12 children among the dead — Bulgarian official
Hong Kong, Chinese investors set eyes on Saudi market
- A delegation of business leaders is set to explore diverse sectors in the Kingdom
RIYADH: Hong Kong and Chinese companies are gearing up for substantial investments in the Saudi market, marking a significant step toward strengthening economic ties, a top official said.
A delegation of 30 business leaders from Hong Kong and mainland China is set to explore diverse sectors in the Kingdom, propelled by the ambitious Vision 2030 outlined by Saudi leadership, King Leung, global head of financial services and fintech at Invest Hong Kong, said in an interview with Arab News.
Explaining the reason for his visit to Riyadh, Leung said: “I’m bringing a delegation of 30-plus executives across different disciplines to explore ways to do business in Saudi Arabia. This is not just about attracting inbound (investment), but also helping mainland Chinese companies use Hong Kong as a base to springboard to key markets like Saudi Arabia.”
Outlining the potential for co-investment between the two nations, he said: “Definitely, it’s going to be a huge number,” a sentiment that echoes the palpable excitement among Hong Kong investors who are eager to tap into the vast opportunities offered by the Saudi market.
The convergence of interests between Hong Kong and Saudi Arabia is underpinned by a notable synergy observed between businesses in both regions, the executive said, with an eye on forging strategic partnerships.
Hong Kong delegates, including private sector leaders and venture capitalists, are eager to explore avenues for collaboration that align with the objectives of Vision 2030.
“All these things that we are now finding out allow business leaders to see that some businesses from Hong Kong actually have very, very good synergy with Vision 2030 in your country.”
“It’s hard to quantify the exact number, but definitely, it’s going to be (a) huge number. I have to say these investments cut across different sectors, where you can imagine the market size is enormous,” he said, emphasizing the allure of megaprojects such as NEOM and the King Salman Park, which are set to transform the Saudi investment landscape.
These projects not only serve as magnets for investment but also catalyze growth in ancillary sectors such as financial services and consumer products, the head of financial services emphasized.
“These are megaprojects. So, all these things are going to really attract a lot of business activities, of course, initially in construction. But once you have all this construction coming in, then you need the other peripheral sectors to service them, like financial services, consumer products, and payments. So, all these things present a lot of opportunities that really get our delegates and investors from Hong Kong and China very excited,” he further explained.
Another testament to the nation’s favorable investment ecosystem is its “impressive GDP growth and low debt ratio,” factors that instill confidence among investors.
Among the sectors garnering attention are green energy and advanced manufacturing, the delegate said, affirming that Saudi Arabia is “paving the way for the future” of clean energy.
Hong Kong-based companies, armed with cutting-edge technologies, are eyeing opportunities to contribute to Saudi Arabia’s sustainable development goals.
“I understand that your country is also paving the way for the future, including adopting green energy now. So, one green energy company that I have been talking to in mainland China, they have been in the green hydrogen space for some time, and they are evaluating to put a green hydrogen factory in Saudi Arabia.”
Thus, projects such as the green hydrogen factory, poised to harness solar power for hydrogen production, exemplify this collaborative spirit.
“Now, of course, the reason why they’ve done that, part of it, is because the way they generate hydrogen is to use solar power. So they need to go to a place where this is something in abundance. Now, at the same time, you also have some highly visionary, highly capable investment vehicles from the PIF and other funds,” he noted.
Furthermore, the burgeoning fintech ecosystem in Saudi Arabia presents fertile ground for collaboration between Hong Kong and the Kingdom.
Fintech companies from Hong Kong are eager to leverage their expertise to enhance banking services and drive digital transformation initiatives in the Kingdom, the executive noted, adding, “In our delegation, we have roughly, I’ll say between 10 to a dozen or so fintech companies that are very keen to see if they can bring the business and set up in Saudi Arabia so that they’re able to service the banks here.”
On the opposite end, recognizing the potential for synergy, banks from Saudi Arabia are contemplating establishing a presence in Hong Kong to bolster their trade and financial services, he said.
This strategic move aims to capitalize on Hong Kong’s strategic position as a gateway to the Chinese market, thereby facilitating closer economic ties between Saudi Arabia and China.
“Of course, we would love to see some Saudi companies set up in Hong Kong. In fact, two of the significant meetings we had were with banks, and now these banks are interested in setting up a presence in Hong Kong,” the official said.
“This is because of the close trading relationships, and they would like to have a presence in Hong Kong to serve, for example, Chinese customers. This way, they can facilitate services like trade finance and various other services handled by the headquarters in Riyadh,” he added.
This comes after a pivotal moment in strengthening the economic ties between Hong Kong and Saudi Arabia, marked by the signing of a memorandum of understanding between Invest Hong Kong and the Ministry of Investment of Saudi Arabia last year.
As a result of this agreement, delegates from Hong Kong have been afforded unique insights into Saudi Arabia’s macroeconomic landscape, grand vision, and burgeoning investment opportunities, further fueling their enthusiasm for collaboration and investment in the Kingdom.
“Last year, our leader at Invest Hong Kong signed an MoU with MISA. That MoU brought us even closer together. They have been very kind to bring in leaders from different aspects to educate us about your country, from macroeconomic data to the grand vision from leaders in both the public and private sectors,” he said.
Leung said they also shared insights into projects that have already gained significant traction. “All in all, our delegation was super impressed by the progress made by the country,” he concluded.
UAE delivers 400 tonnes of food aid to Gaza
- Delivery, specifically for the northern areas of the enclave, is enough to feed about 120,000 people
DUBAI: The UAE, in partnership with American Near East Refugee Aid, announced on Sunday that it had delivered 400 tonnes of food aid to Gaza.
The delivery, specifically for the northern areas of the enclave, is enough to feed about 120,000 people, Emirates News Agency reported.
Reem Al-Hashimy, Emirati minister of state for international cooperation, said: “The UAE’s safe and successful delivery and distribution of food relief to the Gaza Strip, especially the northern Gaza Strip, marks a significant scaling up in action.”
She continued: “We remain firmly committed to our position of solidarity with the brotherly Palestinian people and alleviating suffering in the Gaza Strip. The UAE, working in parallel with international partners, is determined more than ever to intensify all efforts to ensure that aid lifelines get to those who need it the most.”
Sean Carroll, CEO of ANERA, thanked the Emirati government for its assistance in getting the much-needed aid to the Palestinian people.
“ANERA and the people we serve are extremely grateful for support from the government and people of the UAE, that allows us to deliver this food to northern Gaza, where the needs are so great,” he said.
Last month the UAE allocated $15 million under Cyprus’s Amalthea Fund to bolster aid efforts in Gaza.
Meanwhile, the Gulf country continues to collaborate with international partners and organizations to enable the effective delivery of food and relief via land, air and sea.
To date, the UAE has dispatched more than 31,000 tonnes of humanitarian supplies, including food, relief items and medical supplies, using 256 flights, 46 airdrops, 1,231 trucks, and six ships.
The UAE has embarked on several sustainable relief projects to ensure a consistent supply of food and water to the people of Gaza.
These initiatives include the establishment of five automatic bakeries, the provision of flour to eight existing bakeries, and the installation of six desalination plants with a combined capacity of 1.2 million gallons of water a day.
Malaysian PM condemns West’s ‘sheer hypocrisy’ over Gaza war
- Anwar Ibrahim spoke on a wide range of topics in interview during recent visit to Riyadh
- He pointed out Malaysia had “issued statements to demand that the Gaza genocide must end”
DUBAI: Malaysia takes a strong stance on the war in Gaza and condemns the “sheer hypocrisy” of Western countries over the ongoing Israeli killing of Palestinian women and children, Prime Minister Anwar Ibrahim has said.
Speaking to Katie Jensen, host of the Arab News current affairs program “Frankly Speaking,” during a visit to Riyadh for a special meeting of the World Economic Forum last week, he said that a failure to prevent genocide in Gaza could foster extremism.
“We have issued statements to suggest that their genocide must end,” Anwar said in an interview that can be read in full on page 3.
“And it’s sheer hypocrisy for countries, some countries in the West, including the United States, to deny these continued killings of children and women and civilians.
“Whatever your political position is, I don’t believe that in this period we can condone these sort of inhuman, barbaric acts against fellow human beings. And I think that position is clear. Our position is very strong in that direction.
“I know for an emerging, developing country, it may sound a bit too harsh, but then how do you condone continued killings of women and children? There’s no other way except to at least express in the very strongest terms possible.
“I appreciate the role of the Arab neighbors and Turkiye and Iran and all these other countries trying to do their part. And I think we in Malaysia and many other countries outside the region, too, are expressing gross concern because people are feeling enraged.
“And we don’t want this to prolong, because it will only lead to groups to foster fanatical extremist or terrorist action in the absence of the failure of the international community.”
According to recent reports, the prosecutor of the International Criminal Court may soon issue warrants for the arrest of Israeli Prime Minister Benjamin Netanyahu and Defense Minister Yoav Gallant on charges of deliberately starving Palestinians in Gaza.
If the ICC rules that genocide is taking place in Gaza, Anwar said he would support calls for the arrest of the Israeli ministers.
“I don’t believe that any reasonable person could dispute the incontrovertible effects adduced to support their allegation that genocide has been committed,” he said. “Once it is established that genocide happened, then of course the warrants have to be issued.”
In Kuala Lumpur, a trial is currently taking place after an Israeli national was arrested on March 28 suspected of entering Malaysia to assassinate a compatriot. He was found in possession of six guns and some 200 rounds of ammunition.
The case has raised speculation as to whether the man, named by local authorities as Shalom Avitan, was in fact a spy.
Asked whether any proof had been found connecting the Israeli national to espionage or organized crime, Anwar said investigations were ongoing.
“They have not established the fact that whether this criminal is a spy, but certainly the actions, the movements, the amount of weapons and the link networking within the country is of course concerning,” he said.
“And the authorities are taking tough measures to make sure they get to the bottom of it.”
On whether an independent Palestinian state is likely to come to fruition this year from the ashes of the Gaza war, Anwar said no country — including the US — has the right to deny the resounding global support for Palestinian statehood.
“There are 139 countries that have given recognition to the state of Palestine,” he said. “Now, why must one or two countries consider them above all these considerations and refuse to accept this?
“And to my mind, it is dishonorable to deny the right, not only of Palestinians but of the international community when they decide after years or decades of deliberations, looking at the facts, looking at historical decisions, looking at the precarious position now on the issue of security of the region, issue of economic progress.
“After all these considerations, 139 say, yes, we must recognize the existence of the state of Palestine. I don’t believe any country has the right to deny the sentiments, aspirations of the world.”
Japan keen to forge partnerships with Saudi Arabia in the field of IT, says minister
JEDDAH: Lauding Saudi Arabia’s efforts in developing giga-projects and the ongoing digital transformation in the country, a top Japanese official expressed his country’s willingness to strengthen collaboration with the Kingdom in the field of information technology.
Speaking to Arab News, Japanese Minister for Digital Transformation Taro Kono described his recent visit to one of the crown jewels of Vision 2030, NEOM, as truly remarkable.
The minister said that “he had the opportunity to fly over the project and witnessing it firsthand was truly remarkable.”
Since the launch of Vision 2030, Saudi Arabia has been in overdrive to diversify its economy away from oil and emerge as a hub of tourism, entertainment, technology, and renewable energy. On its road to transformation, the Kingdom is forging strategic partnerships with its global allies to achieve its target and work on mutually beneficial arrangements.
“I heard a lot about NEOM and The Line, I saw that the progress made was very impressive. And we heard the vision from the CEO. And it’s very convincing. So I was very glad that I came to NEOM this time. It was a very short (trip), but I think it was worth it,” the minister told Arab News.
NEOM, often referred to as the “city of the future,” is a $500-billion megacity project situated in the northwest region of Saudi Arabia. Encompassing 26,500 sq. km, the project aims to become a global leader in technology, innovation, and tourism through futuristic urban design and sustainable energy solutions.
Talking about Saudi Arabia’s demography, the minister said it is “a very young country” where the majority of the people are under the ages of 30-35. “And I see the Kingdom becoming more vibrant. And projects like NEOM” show that the country is swiftly moving forward.
Acknowledging the Kingdom’s success in adapting to the latest technologies, particularly related to cybersecurity, Kono praised the country’s leadership and its vision. He expressed his eagerness to forge a partnership with his Saudi counterpart to “learn from the Kingdom’s success.”
“I think the Kingdom is building up its resilience against any malicious attacks in cyberspace. So, I believe it is very ready to take a bold step forward. And I had a meeting with Saudi Minister of Communications and Information Technology Abdullah Al-Swaha and I think there’s a lot to learn from the Kingdom,” the Japanese minister said, adding that he had instructed his team to get in touch with their Saudi counterparts to learn from their approach.
Kono, however, stressed the need to develop non-English datasets to train artificial intelligence and proposed collaboration between Japan and Saudi Arabia in this regard.
While Japan has historically led in hardware technology, the minister admitted a lag in digital technology investment. Recognizing this gap, he signed a memorandum of cooperation with Al-Swaha to learn from Saudi Arabia’s IT advancements.
He said that although Japan excelled in analog technology during the 20th century, admittedly, they have fallen behind in investing in digital technology.
Their discussions reportedly included topics such as E-ID utilization, where Kono hopes to collaborate on developing mutual use cases to propel Japanese progress. He added: “I think the Kingdom and Japan could work together to advance in the field of IT software AI, so very much looking forward to that.”
With shared visions such as Vision 2030 and upcoming events like Expo 2025 in Osaka and Expo 2030 in Riyadh, the two countries have maintained a strong relationship for nearly seven decades.
Kono believes there is immense potential for collaboration between the two countries, particularly in joint projects for Expo 2025 in Osaka and Expo 2030 in Riyadh. “I am looking forward to continue working closely with the Kingdom,” he added.
Expo 2025 is scheduled to be held in Osaka, Japan. It will be held for 184 days This will be the third time for the Japanese city to host the event. Earlier Osaka hosted the global event in 1970 and then in 1990.
The theme for Expo 2025 is “Designing Future Society for Our Lives,” focusing on creating a better future through innovation and sustainability. The expo will provide a platform for countries to share their ideas and solutions to global challenges.
Expo 2030 is scheduled to be held in Riyadh. As the first World Expo to be hosted in the Middle East, it presents an opportunity for the region to showcase its cultural heritage, technological advancements, and vision for the future. The theme for Expo 2030 in Riyadh is “The Era of Change: Together for a Foresighted Tomorrow.” It is expected to align with Saudi Arabia’s Vision 2030 goals of diversifying the economy and promoting innovation.
Kono said: “When we had our expo in Osaka for the first time, I was probably seven or eight years old. But it gave us sort of a good, big push for the economy, or not just the economy, for society as well. Expo brings in a lot of our dreams, and dreams we had back then come true. So, this Expo 2025 will hopefully bring in another dream. And I hope it will make a bridge to 2030 and we (Saudi Arabia and Japan) can work together to make our dreams come true.”
Closing bell: Saudi main index rises to close at 12,373
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 20.78 points, or 0.17 percent, to close at 12,373.11.
The total trading turnover of the benchmark index was SR5.26 billion ($1.4 billion) as 92 of the stocks advanced, while 129 retreated.
Similarly, the Kingdom’s parallel market Nomu also rose 332.34 points, or 1.26 percent, to close at 26,790.15. This comes as 27 of the stocks advanced, while as many as 31 retreated.
Meanwhile, the MSCI Tadawul Index jumped 4.56 points, or 0.29 percent, to close at 1,551.76.
The best-performing stock of the day was Zahrat Al Waha for Trading Co. whose share price surged 9.97 percent to SR47.45.
Other top performers include Raydan Food Co. as well as Saudi Cable Co.
The worst performer was Gulf Insurance Group whose share price dropped by 9.94 percent to SR34.90.
Other subdued performers included Al-Baha Investment and Development Co. as well as Salama Cooperative Insurance Co.
On the announcements front, Saudi Tadawul Group Holding Co. has announced its interim financial results for the period ending on March 31.
According to a Tadawul statement, the company’s net profit hit SR201.5 million in the first quarter of 2024, reflecting a 121 percent surge when compared to a similar quarter last year.
The increase was mainly driven by a rise in operating revenues, operating expenditures, and earnings per share as well as a climb in gross profit and operational profit.
Moreover, the National Agricultural Development Co. also announced its interim financial results for the first three months of 2024.
A bourse filing revealed that the firm’s net profit reached SR101.3 million by the period ending on March 31, up 168 percent in comparison to the corresponding period in 2023.
The increase in net profits is primarily attributed to a rise in revenue, a decrease in the cost of sales, and a reduction in finance costs, among other factors.
Furthermore, Gulf Insurance Group also announced its interim financial results for the first quarter of the year.
According to a Tadawul statement, the company reported a net loss of SR20.2 million, contrasting with a net profit of SR56.6 million in the same period of the previous year.
This loss is primarily attributed to a decrease in insurance revenue combined with adverse movement in reinsurance contracts.
Additionally, Saudi Aramco Base Oil Co., also known as Luberef, announced its interim financial results for the period ending on March 31.
A bourse filing revealed that the firm’s net profit stood at SR239 million at the end of the first quarter of 2024, reflecting a 46.3 percent drop when compared to the same quarter a year ago.
The decline in net profit for the current quarter compared to the same quarter of the previous year is attributed to a decrease in base oil crack margins.
Meanwhile, Saudi Cable Co. disclosed its annual financial results for the period ending on Dec. 31.
According to a Tadawul statement, the company reported a net profit of SR36.5 million in the first three months of 2024, a significant improvement from the net loss of SR584.9 million recorded in the corresponding period a year ago.
