DUBAI: Twenty memorandum's of understanding (MoUs) in energy and transportation sectors worth over $18 billion were signed between France and Saudi Arabia on Monday, Saudi state-news channel Al-Ekhbariya reported.
The companies involved in the MoUs were Saudi Arabia’s SABIC and France’s Schneider Electric and Orange, as well as Saudi Arabia’s Nas Air and France’s Safran.
(Developing)
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Saudi Arabia and France sign economic MoUs worth over $18 billion
Saudi Arabia and France sign economic MoUs worth over $18 billion
SFD, AfDB sign deal to finance development initiatives in Africa
RIYADH: Developing African countries are poised to receive a funding boost for growth initiatives following a deal with the Saudi Fund for Development, aiming to foster sustainable progress.
The memorandum of understanding, signed with the African Development Bank Group, aims to promote mutual objectives and activities for sustainable international development between the two parties, the Saudi Press Agency reported.
This initiative aligns with SFD’s objective to enhance both social and economic growth by creating diverse opportunities.
Moreover, the newly signed agreement aims to facilitate the exchange of knowledge and experiences while advocating for optimal co-financing strategies. It will also support the attainment of sustainable development goals and optimize the impact of these initiatives.
Additionally, the MoU also aims to enhance collaboration in pursuit of shared goals that promote the expansion of crucial opportunities in diverse beneficiary African nations, ultimately contributing to global prosperity for the most impoverished and least developed communities.
Saudi Central Bank and BIS co-host meeting on reserve management in Riyadh
RIYADH: The evolving global landscape presents new challenges and opportunities for central bank reserve managers, the governor of Saudi Arabia’s apex financial institution explained at a high-level meeting.
Speaking at an event in Riyadh which was attended by the Bank for International Settlements, Ayman Al-Sayari set out his view on the complexities of the current macro-financial environment.
The two-day gathering, which began on April 28, brought together reserve managers and experts from central banks in the Middle East and North Africa region, as well as participants from other apex financial institutions, to discuss the latest trends in managing foreign exchange reserves.
The event served as a platform for participants to exchange insights, perspectives and expertise on the most critical aspects of reserve management through a series of panel discussions and keynote speeches.
In March, SAMA’s monthly statistics bulletin revealed that foreign assets of Saudi Arabia’s commercial banks surged by 22 percent in February, reaching a total of SR347.63 billion ($92.7 billion) compared to the same month of the previous year.
This rise reflects a significant expansion in the commercial institutions’ international holdings and investments.
The central bank added that its net foreign assets reached SR1.55 trillion in February.
Central banks’ foreign holdings are primarily for reserve management and monetary policy purposes, while commercial banks’ foreign assets are for business operations, customer services, and investment activities.
The report added that Saudi Arabia’s total reserve holdings amounted to SR1.62 trillion, representing a five percent decline compared to the same month of 2023.
Moroccan World Cup star Amallah enjoying La Liga life with Valencia
- Before his club’s trip to Barcelona, the midfielder spoke to Arab News about playing in Spain, his country’s World Cup heroics and Arab players in Europe
VALENCIA: At international and club level, the past few years have been pretty memorable for Valencia and Morocco star Selim Amallah.
The 27-year-old joined the La Liga team on loan from Segunda Division club Real Valladolid in the summer of 2023, having been part of the Moroccan squad that reached the semifinals of the 2022 World Cup in Qatar.
On Monday night the Belgian-born midfielder will be part of the Valencia team, currently eighth in La Liga and led by club legend Ruben Baraja, that will take on Barcelona at Estadi Olímpic Lluis Companys.
Amallah is delighted with the way things have worked out for him.
“I’m thrilled to be playing in Spain because it’s one of the best leagues globally,” Amallah, fresh from a practice session at Ciudad Deportiva de Paterna, Valencia’s state-of-the-art training complex, told Arab News.
“It’s a league I wanted to play in and I've succeeded,” he said. “I anticipated more playing time initially,” he added. “I recognize the invaluable learning experience this season has offered. Frankly, I’m very happy to be here.”
While historically many players from North Africa have thrived in La Liga and other European leagues, very few from the Middle East or Gulf states have even attempted to make that leap.
Amallah feels more Arab players should make that move, not just to experience new sporting challenges and cultures, but primarily to succeed as professionals on the pitch.
“Yes, of course, I believe making history in a championship or for your country is something you aspire to achieve, and it’s one of my goals,” he said.
Without question the highlight of Ramallah’s career to date was Morocco’s incredible march to the semifinals of the 2022 World Cup in Qatar. Along the way, the Atlas Lions defeated Spain and Portugal, before losing out to France, who were defending world champions.
“It was truly incredible,” said Amallah. “These are memories that I believe will last forever. None of us expected to reach such a remarkable level. We also demonstrated that Moroccan players and our clubs can compete at the highest levels of football. We take immense pride in representing our country.”
Part of the experience in Qatar was the overwhelming support that teams from Arab countries received, with members of various communities uniting to support the regional teams.
“It was an immense source of pride, as our support extended beyond just the Moroccan people to encompass all Muslim communities,” said Amallah. “We took great pride in demonstrating the significant presence of Muslims in football, proving our ability to not only inspire pride among Moroccans but also among the entire Arab and African world through our dedication on the field.”
After the euphoria of Qatar 2022, there was more good news for Morocco when the country was named co-host of the 2030 World Cup alongside Spain and Portugal.
But before the football world showpiece, Amallah said that he and his colleagues will be eyeing more success on the pitch.
“I believe there’s still more for us to prove and demonstrate that Morocco remains a force to be reckoned with,” he said. “We have an exceptional team with talented players, and while the expectations may have risen, we’re determined to rise to the occasion and give our all to represent our country.”
Paul Hughes set for Bellator debut in Dublin
- ‘Big News’ Hughes first Bellator appearance will be against Hawaii’s Bobby King, Saudi-backed PFL announces
- Bellator Welterweight Champion Jason Jackson defends title against undefeated Ramazan Kuramagomedov
NEW YORK: The Professional Fighters League has announced that Ireland’s Paul Hughes (11-1) will make his promotional debut against Hawaii’s Bobby King (12-6) in a Lightweight bout on Saturday, June 22 at Bellator Champions Series at 3Arena in Dublin.
Bellator Champions Series Dublin is headlined by Welterweight World Champion Jason Jackson (18-4) facing undefeated Ramazan Kuramagomedov (12-0), and the stacked fight card also features a Women’s Featherweight clash between two former title challengers, when Ireland’s Sinead Kavanagh (9-6) takes on Australia’s Arlene Blencowe (15-10).
A Bantamweight No. 1 contender matchup is also on the docket, as Kasum Kasumov (15-1) of Russia goes toe-to-toe with Brazil’s Matheus Mattos (14-2-1). At Middleweight, undefeated Hungarian Norbert Novenyi Jr. (7-0) will look to remain undefeated when he faces American Top Team’s Dalton Rosta (8-1). A previously announced contest pitting Peter Queally against Yancy Medeiros has been scrapped from the card.
At 27 years old, Hughes accomplished everything possible on the regional stage before entering free agency, and was sought after by every major mixed martial arts promotion on the planet before choosing to join PFL. A former Cage Warriors Featherweight champion prior to making the leap to Lightweight, Hughes has won eight of his 11 professional wins via stoppage and now will try his hand against Bobby King when he competes on June 22.
A six-fight veteran of Bellator, King proudly hails from Hawaii and has faced some of the toughest tests Bellator’s Lightweight division has to offer, facing names the likes of Alexander Shabliy and Gadzhi Rabadanov.
The 2024 Bellator Champions Series schedule is as follows:
- Friday, May 17 — Bellator Champions Series Paris — Accor Arena
- Saturday, June 22 — Bellator Champions Series Dublin — 3Arena
- Saturday, Sept. 7 — Bellator Champions Series San Diego — Pechanga Arena
- Saturday, Sept. 14 — Bellator Champions Series London — OVO Wembley
- Saturday, Oct. 12 — Bellator Champions Series Chicago — Wintrust Arena
- Saturday, Nov. 16 — Bellator Champions Series Paris — ADIDAS Arena
- Tuesday, Dec. 31 – Bellator Champions Series – TBD
Updated Bellator Champions Series Dublin main card:
Welterweight World Title bout: C-Jason Jackson (18-4) vs. Ramazan Kuramagomedov (12-0)
Lightweight bout: Paul Hughes (11-1) vs. Bobby King (12-6)
Women’s Featherweight bout: Sinead Kavanagh (9-6) vs. Arlene Blencowe (15-10)
Middleweight bout: Norbert Novenyi Jr. (7-0) vs. Dalton Rosta (8-1)
Bantamweight No. 1 Contender bout: Kasum Kasumov (15-1) vs. Matheus Mattos (14-2-1)
Light Heavyweight bout: Simeon Powell (9-1) vs. Abdullah Er-Ramy (7-1)
Bantamweight bout: Brian Moore (16-10) vs. Francesco Nuzzi (10-1)
Bantamweight bout: Sarvarjon Khamidov (15-0) vs. Marcirley Alves (12-3)
Featherweight bout: Nathan Kelly (10-2) vs. Fabacary Diatta (9-1)
Women’s Featherweight bout: Olena Kolesnyk (9-6) vs. Sara Collins (5-0)
Women’s Featherweight bout: Michelle Montague (4-0) vs. Karolina Sobek (4-2)
PCB proposes Karachi, Lahore and Rawalpindi as ICC Champions Trophy 2025 venues— report
- Pakistan are scheduled to host the eight-team ICC Champions Trophy tournament next year
- PCB chairman says upgrading existing stadiums before tournament will be a “very tough test”
Islamabad: The Pakistan Cricket Board (PCB) has proposed Karachi, Lahore and Rawalpindi as the three venues for the upcoming ICC Champions Trophy 2025, in an initial draft schedule of the tournament that it shared recently with the International Cricket Council (ICC), sports website ESPNcricinfo reported on Sunday.
Pakistan are scheduled to host the eight-team Champions Trophy tournament next year. If the tournament takes place in the South Asian country, it would mark the first time in nearly 30 years that an ICC event would be held in the country.
The green shirts won the last edition of the Champions Trophy 2025, which was held in 2017 in England. Champions Trophy 2017 was thought to be the last edition of the tournament until the ICC brought it back in the new rights cycle (2023-2027) and awarded Pakistan the hosting rights for the 2025 edition.
“Lahore, Karachi and Rawalpindi are the three venues proposed by the PCB in the initial draft schedule of the 2025 Champions Trophy, sent recently to the ICC,” ESPNcricinfo reported. “The eight-team tournament is expected to be played over two weeks, though the exact dates are not known yet,” it added.
It said the Pakistan board sent the initial draft after an ICC sent a team to conduct recces for the tournament. PCB Chairman Mohsin Naqvi confirmed the development during a news conference in Lahore on Sunday.
“The ICC’s security team came and we had a very good meeting,” Naqvi said. “They looked at arrangements here and we’ll also share stadium upgrade plans with them. We’re continuously in touch with the ICC. We are trying to ensure we host a very good tournament in Pakistan.”
A huge question mark looms over India’s prospects of touring Pakistan for the tournament. Political tensions between the two nuclear-armed nations mean they rarely play bilateral cricket against each other. India and Pakistan, fierce cricket rivals, meet each other on the field only during ICC tournaments and that too, at neutral venues.
India last toured Pakistan during the 2008 Asia Cup. Last year, the PCB had to adopt a “hybrid model” while hosting the Asia Cup, whereby some games were played in Pakistan but all of India’s games and the final were held in Sri Lanka.
Another challenge on Pakistan’s hands would be to upgrade its existing stadiums in line with international standards, something Naqvi has had his eye on ever since he assumed the PCB chairman’s post this year.
“If you look at Qaddafi [stadium in Lahore], it is good, but the viewing experience is not great for cricket. Football maybe, not cricket,” he said. Naqvi said Pakistan needed to improve facilities in the stadiums, especially the National Stadium in Karachi.
“So on May 7th, we’ll finalize bids from international companies who will come and help us design,” he said. “We will work with local consultants as well. We are already late but we need to do these upgrades in four-five months. It will be a very tough test but we can do it.”
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