Basil Al-Ghalayini, CEO of BMG Financial Group, has confirmed that BMG will host the first major international business conference focused on Saudi Arabia’s Vision 2030 — the brainchild of Crown Prince Mohammed bin Salman — at Cambridge University in the UK on Sunday and Monday.
Al-Ghalayini said: “BMG’s annual business forum provides a platform for business leaders to interact on matters related to exploring Saudi Vision 2030, and the opportunities it holds for UK businesses including: key high growth sectors in the Saudi economy, conversion and listing family businesses via the newly launched Nomu market, and wealth creation advice.”
This conference forms part of BMG’s summer retreat which commences with a concert on Sunday evening, in Cambridge, UK.
The concert, in aid of Syria Relief, aims to bridge East and West through music. In the historic surrounds of King’s College chapel, Riyad Nicolas will perform both eastern and western classical music.
The retreat is rounded off with a friendly polo match between Saudi and British teams captained by Prince William. The BMG GCC Polo Cup was born of a conversation between Prince Charles and Al-Ghalayini in the 90s. On realizing a need for more cultural and sporting interaction between Saudi Arabia and the United Kingdom, Al-Ghalayini took it upon himself to create a platform on which this could take place, whilst simultaneously supporting noble causes.
Underlying the whole event is charitable giving. As well as Syria Relief and Prince William’s charities, the summer retreat supports BMG Foundation’s key charitable initiatives — BMG Foundation’s safe driving, water conservation and health awareness campaigns.
BMG Foundation has been bridging East and West through sport, music and art for over 20 years. In a world that constantly reminds us of our differences and what sets us apart, the vision of BMG Foundation is to transcend differences through the common language of culture.
BMG business forum to focus on Saudi Vision 2030
BMG business forum to focus on Saudi Vision 2030
Human Rights Watch says Israel attack on Lebanon rescuers was unlawful
- HRW’s Lebanon researcher Ramzi Kaiss: Israeli forces used a US weapon to conduct a strike that killed seven civilian relief workers in Lebanon who were merely doing their jobs
- Activists from the Gathering of Free University Students organized a demonstration in front of the American University of Beirut campus in support of Palestine and the people of Gaza
BEIRUT: Human Rights Watch on Tuesday said an Israeli strike in Lebanon that killed seven first responders was “an unlawful attack on civilians,” and urged Washington to suspend the sale of weapons to Israel.
“An Israeli strike on an emergency and relief center” in the southern village of Habbariyeh on March 27 “killed seven emergency and relief volunteers,” constituting an “unlawful attack on civilians that failed to take all necessary precautions,” HRW said in a statement.
It said the massacre was committed against “a civil society association that provides emergency services, ambulances, first-aid training, and primary care and relief services in Lebanon.”
Furthermore, HRW said it “did not find any evidence of the presence of military targets at the site that was targeted with the acknowledgment of the Israeli army, which did not take possible precautions to ensure that the target was military … which makes the raid illegal.”
Ramzi Kaiss, HRW’s Lebanon researcher, said: “Israeli forces used a US weapon to conduct a strike that killed seven civilian relief workers in Lebanon who were merely doing their jobs.”
He said the Israeli army used US-made ammunition to carry out the raid.
HRW said it “sent a letter containing the results of reviewing the photos and videos of the site before and after the raid, including a video of the remnants of the ammunition found at the site, and questions to the Israeli army and the US State Department on April 19, but did not receive any response.”
The rights group said it found a metal fragment at the site of the bombing with “MPR 500” written on it, confirming that it is from a 500-pound general-purpose bomb made by Israeli company Elbit Systems, and the fragments and fins are part of a joint direct attack munition set manufactured by American company Boeing.
HRW urged the US to “immediately suspend arms sales and military assistance to Israel given evidence that the Israeli military is using US weapons unlawfully.”
The organization asked Lebanon’s Foreign Ministry to “take immediate action by submitting a declaration to the International Criminal Court, allowing it to investigate crimes falling within its jurisdiction committed on Lebanese territory since October 2023, and prosecute the perpetrators.”
A group of activists from the Gathering of Free University Students organized a demonstration in front of the American University of Beirut campus in support of Palestine and the people of Gaza.
The participants raised a large banner supporting “resistance and boycott until the disintegration of the Israeli entity and the establishment of one Palestine.”
Egypt urges all parties to exert more pressure to end Gaza conflict
- President Abdel Fattah El-Sisi welcomes progress in recent talks
- Cairo warns Israel that attack on Rafah threatens over 1m in Gaza
CAIRO: Egypt’s President Abdel Fattah El-Sisi has welcomed Monday’s developments in peace talks about finalizing a truce in Israel’s war on Gaza.
El-Sisi said he was “closely following the positive developments pertinent to the ongoing negotiations to reach a comprehensive truce in the Gaza Strip.”
He called on all parties to exert more efforts to reach an agreement that will end the human tragedy of the Palestinian people and finalize the exchange of hostages and prisoners.
Hamas accepted an Egypt-Qatar mediated ceasefire proposal on Monday. The high-stakes diplomatic moves and military brinkmanship left a glimmer of hope alive — but only barely — for an accord that could bring at least a pause in the seven-month-old war that has devastated the Gaza Strip.
An armed conflict between Israel and Hamas-led Palestinian militant groups has been taking place chiefly in and around the Gaza Strip since Oct. 7. It began when Hamas launched a surprise attack on southern Israel from the Gaza Strip, killing around 1,200 people and taking 150 hostages.
Subsequent Israeli strikes against Gaza have driven around 80 percent of the territory’s population of 2.3 million from their homes and caused vast destruction to apartments, hospitals, mosques and schools across several cities.
The Palestinian death toll in Gaza has soared to more than 34,500 people, according to local health officials.
Meanwhile, Egypt’s Foreign Ministry said that it has warned of the dangers of a possible Israeli military operation in Gaza’s Rafah region, “since this escalatory act entails grave humanitarian dangers threatening more than 1 million Palestinians residing in this region.”
It called on Israel to exercise “utmost restraint, and refrain from further escalation at this extremely sensitive timing of ceasefire negotiations, spare the lives of Palestinian civilians who have been enduring an unprecedented humanitarian catastrophe since the outbreak of the war.”
It said that Egypt continues talking with all parties to prevent the situation from deteriorating.
Meanwhile Egypt’s Foreign Minister Sameh Shoukry discussed the Rafah situation with his UAE counterpart Sheikh Abdullah bin Zayed Al-Nahyan in a phone call.
They exchanged views regarding the possibility of Israeli forces carrying out a military operation in the besieged city.
Shoukry reiterated his warning of the dangers of an Israeli military escalation in Rafah, which is considered the last relatively safe area in the Gaza Strip and refuge for more than a million Palestinians.
The ministers stressed the urgency of reaching a truce agreement that allows for the swapping of hostages and detainees, and ensure a permanent ceasefire.
They agreed to continue talks with various parties to prevent the conflict from spreading to the region.
Meaty issue: German political party calls for €4.90 price cap on doner kebabs
- Die Linke appeals to government as price of national favorite hits €10 in some cities
- Scheme would cost taxpayer about €4bn
LONDON: German political party Die Linke has urged the government to cap the price of a much loved food item — the doner kebab.
The party has proposed providing daily vouchers to households that would limit prices to €4.90 ($5.28) and €2.90 for young people under an initiative known as Donerpreisbremse.
The scheme is projected to cost the government about €4 billion.
Introduced after the Second World War by Turkish immigrants who adapted the dish to suit local tastes, the doner kebab is a national favorite in Germany, with an estimated 1.3 billion consumed annually. But their soaring price has become a hot-button political issue.
Die Linke said the cost of a doner kebab had reached €10 in some cities, from €4 just two years ago.
“For young people right now it is an issue as important as where they will move when they leave home,” said Hanna Steinmuller, a lawmaker with the Greens party.
“I know it’s not an everyday issue for many people here … but I think as voter representatives we are obliged to highlight these different perspectives.”
German Chancellor Olaf Scholz was famously confronted by a voter last year who demanded he “speak with Putin … I’m paying €8 for a doner.”
With public pressure mounting, Scholz recently acknowledged on social media that “everywhere I go, mostly by young people, I get asked if there should be a price cap for doner kebabs.”
Despite the appeals, the chancellor rejected the proposal, citing the impracticality of price controls in a free market economy.
Despite its humble origins as a street food, the doner kebab has become an unexpected point of political focus.
Last month, German President Frank-Walter Steinmeier sparked controversy when on a visit to Turkiye he gifted 60 kg of kebab meat from Berlin to Istanbul in what some called a clumsy attempt to symbolize the strong cultural ties between the two nations.
Saudi Arabia’s green energy shift could slash electricity costs by $30bn annually by 2030: S&P Global executive
RIYADH: Saudi Arabia’s transition from oil power to renewable energy could reduce annual electricity costs by $30 billion by 2030, according to a senior S&P Global executive.
Speaking during a panel session at the 2024 Saudi Arabia Capital Markets Conference hosted by the firm in Riyadh, Director of Infrastructure and Project Finance Ratings Sofia Bensaid highlighted the Kingdom’s ambitious targets of 50 percent renewable electricity by 2030 and net zero emissions by 2060.
While Bensaid believes the target is achievable, she raised concerns regarding implementation, as the plan requires adding more than 20 gigawatts of renewables annually until 2030, totaling 130 GW in six years.
“Now in terms of CapEx (capital expenditure), we expect the whole rebuilding agenda to cost approximately $86 billion and will aim at replacing the entire oil-fired power fleet. But it’s very important to keep in mind that this $86 billion bill is raised by developers on a project finance scheme and hence does not sit on the government balance sheet,” Bensaid said.
She added: “Once this 130 GW is reached, the Kingdom’s annual electricity bill will reduce by approximately $30 billion.”
During the same panel, Director of Corporate Ratings at S&P Global Rawan Oueidat explained that national oil companies in the region are expected to maintain high capital expenditures but with modest growth compared to 2022-23 levels.
“We estimate that in aggregate, the region and national oil companies will be spending somewhere around $110-$115 billion annually, on average, at least until 2026,” Oueidat said.
However, recent capacity expansion pauses, like those in Saudi Arabia, raise concerns about cash flow visibility, especially for oilfield service companies.
This could translate into higher credit metrics for the oilfield service companies in Saudi Arabia.
Furthermore, the conference shed light on the Kingdom’s dual focus on non-oil divisions and renewable energy initiatives.
Government investments are driving expansions in non-oil sectors, which are expected to continue below the 5 percent growth rate.
Fields like tourism, consumer products, healthcare, and telecom are thriving, supported by demographic trends and favorable oil prices.
“They will continue to be fueled by public investments, but they’re also supported by mega trends as well in Saudi Arabia, such as population growth,” said Tatjana Lescova, associate director of corporate ratings at S&P Global, adding that S&P Global’s expectations are “relatively favorable, and the oil price is also helping, of course.”
She went on to say that sectors that are consumer driven “will continue to thrive,” adding: “Consumer spending is growing, it’s expanding, but relatively limited inflation levels compared to some other parts of the world are also helping the rest of our competitive pressures.”
Lescova further explained the positive outlook for various sectors in Saudi Arabia, such as consumer-driven industries like healthcare, which are thriving due to growing spending trends and relatively low inflation rates.
“But overall attraction is very positive. (The) healthcare sector will benefit from the positive population demographic dynamic, and there’s also widespread requirements of mandatory insurance across the region and Saudi Arabia as well,” she stated.
Lescova also flagged up the telecom sector as “performing really well over the past few years,” adding: “The telecom companies continue to invest in 5G infrastructure that boasts mobile data consumption, and in addition to this, they are also developing a lot of digital nontoken businesses.”
Additionally, during another panel session, Director of Sovereign Ratings at S&P Global Zahabia Gupta underlined Saudi Arabia’s ambitious Vision 2030 plan for substantial social and economic transformation.
She noted that the significant costs associated with various large-scale projects under this vision are estimated to be around a trillion dollars or more.
“As we get closer to 2030, we expect that PIF and the government will ramp up debt issuance for the implementation of these projects. We did an exercise to forecast public finances for Saudi Arabia until 2030,” Gupta said.
She added: “What we see right now is that total PIF and government debt issuances will come to about $250 billion from 2024 to 2030, that comes to about $35 billion of annual issuance. That’s quite a large absolute number, especially when you consider that most of this funding will be done through external (sources).”
Despite the substantial debt issuance, Gupta noted that Saudi Arabia will remain in a “comfortable” net asset position of around 47 percent of gross domestic product by 2027, adding: “Even by 2030, it would be about 30 percent of GDP.”
With support from PIF, this projection reflects that the government will only implement a portion of Vision 2030, while other entities, such as the private sector and foreign investors, will also contribute.
According to S&P Global’s latest report on May 6, the Saudi government’s assets are forecasted to remain strong amid steady economic diversification efforts aimed at reducing the Kingdom’s dependence on oil.
The increasing debt issuance to fund Vision 2030 projects may exert pressure on Saudi Arabia’s net asset position until the end of the decade.
However, the Kingdom will mitigate this impact through its prudent fiscal policies.
“S&P Global Ratings expects that growing debt issuance to finance Vision 2030 projects could pressure the sovereign’s fiscal metrics. In our base case, however, we expect the government’s net asset position will deteriorate but remain strong,” stated the credit-rating agency.
It added: “The ramp-up in fiscal deficits and debt could weaken the government’s balance sheet far sooner than returns on investment will accrue. Much will depend on the roles that foreign investment, the private sector, and capital markets will play in financing Vision 2030.”
The US-based firm highlighted that the Saudi government will continue to support PIF in various ways, including funding essential infrastructure for mega and giga-project sites.
Saudi Arabia says anyone violating Hajj regulations between June 2-20 will be punished
- Citizens, residents, and visitors to the Kingdom caught violating Hajj regulations and instructions without a permit in specified areas will be fined SR 10,000
RIYADH: Saudi Arabia’s Interior Ministry announced on Tuesday that violators of Hajj regulations and instructions without a permit during the period June 2- 20 will be punished.
Citizens, residents, and visitors to the Kingdom caught violating Hajj regulations and instructions without a permit in Makkah, the area around the Grand Mosque, Hajj sites, the Haramain station in Al-Rusayfah, security control centers, sorting centers, and temporary security control centers during the specified period will be fined SR 10,000 ($2,666).
Residents violating the rules will be deported to their countries and banned from reentering the Kingdom, Saudi Press Agency reported.
The Ministry of Interior said violators will be fined a further SR 10,000 each time they broke the rules, stressing the importance of adhering to Hajj regulations and instructions so that pilgrims can carry out their rituals in safety, security, and comfort.
Anyone who is caught transporting violators of Hajj regulations and instructions without a permit will be imprisoned for a period of up to six months and fined up to SR 50,000 riyals.
An order will be made to confiscate the vehicle used and the violator will be deported after serving a prison sentence if an expat. The fine will increase in line with the number of people illegally transported.
