LAHORE: Ousted Pakistani Prime Minister Nawaz Sharif and his daughter Maryam were arrested on Friday after flying back to the country to face lengthy prison sentences, in a high-stakes gamble to galvanize their beleaguered party ahead of a July 25 election.
Uniformed men escorted the Sharifs, who were sentenced in absentia on corruption charges last week, from their airplane after it touched down in the central city of Lahore at around 8:45 p.m. (1645 GMT), a Reuters reporter on board said.
A spokesman for Sharif’s Pakistan Muslim League-Nawaz (PML-N) party confirmed they were arrested soon afterwards. Local Geo TV said Sharif and his daughter were taken to another waiting aircraft to be flown out of Lahore, where more than 10,000 Sharif supporters were gathered to greet him.
Their return could shake up an election race marred by accusations Pakistan’s powerful military is working behind the scenes to skew the contest in favor of ex-cricket hero Imran Khan, who describes Sharif as a “criminal” who deserves no support.
Clashes broke out Friday evening at the main highway entry point to Lahore between pro-Sharif protesters and police who had been deployed in their thousands, a Reuters witness said. There were no immediate reports of injuries.
Mobile phone service had been cut off in mid-afternoon, as Sharif’s brother, Shehbaz, led around 10,000 party supporters on a march toward the city center in defiance of a citywide ban on public gatherings, according to a Reuters witness.
Nawaz Sharif decried the tactics ordered by the caretaker government that took over in June ahead of the general election, as Pakistan’s constitution requires.
“What credibility will these elections have when the government is taking such a drastic action against our people and this crackdown is taking place all over the country?” he told Reuters at the airport in Abu Dhabi as he waited for a connecting flight to Lahore.
Pakistan’s third major political movement, the Pakistan Peoples Party, joined the criticism of the crackdown, with its prime ministerial candidate Bilawal Bhutto Zardari questioning why Sharif’s supporters would be prevented from gathering.
“Why is Lahore under siege? Right to peaceful protest is fundamental for democracy,” tweeted Bhutto Zardari, the son of two-time prime minister Benazir Bhutto, who was assassinated at a political rally in 2007.
The country’s media regulator warned local news channels to abstain from airing statements “by political leadership containing defamatory and derogatory content targeting various state institutions specifically judiciary and armed forces,” the regulator said in a statement.
Adding to the tension surrounding the upcoming poll, a suicide bomber hit an election rally of a regional party in southwestern Pakistan, killing 85 people. The bombing was the biggest attack in Pakistan in more than a year and the third incident of election-related violence this week.
Ousted Pakistani PM Sharif arrested after flying home to face jail
Ousted Pakistani PM Sharif arrested after flying home to face jail
‘Beneath the Surface’ dives deep into world of corals
- The Red Sea Global documentary, recently screened in Jeddah, explores efforts to conserve this vital ecosystem
- Protecting and conserving corals is a ‘shared responsibility,’ says Red Sea Global official
JEDDAH: A documentary on the plight of coral reefs, “Beneath the Surface: The Fight for Corals,” produced by Red Sea Global in collaboration with Warner Bros. Discovery, was recently screened for an audience of ocean enthusiasts in Jeddah.
The 45-minute documentary released on Earth Day follows Saudi free diver and environmentalist Salma Shaker on a journey of discovery and hope, in the process highlighting the unique resilience of Red Sea corals and their potential contribution to global coral health.
Currently airing on the Discovery channel in over 130 countries, viewers are taken on a journey into the depths of the sea where these vibrant underwater ecosystems are found.
At its core, “Beneath the Surface” aims to shed light on the undiscovered treasures of the Red Sea’s coral reefs, highlighting their biological diversity and vital role in sustaining the global ecosystem.
“The coral reefs in the oceans are the backbone of the planet’s entire ecosystem on which humans survive,” the documentary says. “However, pollution and climate change are threatening their survival.”
Shaker is portrayed in the documentary as a Saudi youth role model, inspiring others to prioritize the protection of the Red Sea’s ecosystem and its coral reefs.
The documentary delves into her relationship with her father, who has been a pivotal figure in shaping her connection to the sea. A marine geologist, fisherman, and diver himself, he instilled in her and her siblings a deep love for the ocean.
She told Arab News: “The core concept of the movie revolves around how the resilience of Red Sea corals in the face of climate change can offer hope for coral reefs worldwide. Without giving too much away, the movie explores this idea in depth, and I believe the message will resonate strongly with viewers.”
She added that she has visited Red Sea Global many times, and seen the corals’ “awe-inspiring” beauty.
“The untouched and protected corals create an underwater paradise that feels like stepping into an aquarium. Every aspect, from the marine life to the vibrant colors, is simply breathtaking,” she noted.
Red Sea Global’s commitment to marine environment protection is evident throughout the film, underscored by its dedication to sustainable development practices as the bedrock of its mission.
Raed Albasseet, group chief environment and sustainability officer at Red Sea Global, told Arab News: “Partnering with Warner Bros. to produce this film is an additional step we’ve taken. Our primary objective is to deliver the highest quality content to the broader public, including the Saudi population and especially the youth.
“We aim to showcase the beauty of these coral reefs, their significance to the economy, and their importance to humanity as a whole. Through this film, we hope to inspire individuals to take an active role in preserving and enhancing these invaluable ecosystems for future generations.”
Since around 2016 and 2017, Red Sea Global has collaborated extensively with various platforms within King Abdullah University of Science and Technology, he added.
Speaking about these environmental efforts to protect coral reefs, Albasseet explained: “Working with scientists, we’ve documented the environmental significance of our development sites, guiding master planning and project development. Leveraging this expertise, we’ve implemented long-term programs to protect corals during development and operations, aiming to enhance coral growth.”
They have also launched pilot projects for coral enhancement across ambitious regenerative tourism destinations The Red Sea and AMAALA, facilitating future coral growth. “Beneath the Surface” documents the company’s unveiling of Corallium, the new brand for its Marine Life Centre in AMAALA, at COP28 last November in Dubai. “Our Corallium project in AMAALA underscores our commitment to coral preservation and growth,” he added.
Omar Al-Attas, head of environmental protection and regeneration at Red Sea Global, told Arab News: “The breathtaking beauty of Saudi Arabia’s marine ecosystem is a gift that must be showcased and shared with the world. It's a shared responsibility for us all to focus on protection, conservation, and enhancement efforts.”
Speaking about the documentary, Al-Attas added: “In addition to raising awareness through this film, we want to shine a spotlight on the comprehensive initiatives undertaken by Red Sea Global to preserve, conserve, and enhance the environment. As the saying goes, ‘You can’t clap with one hand’ — success requires collective effort. Together, we can create a success story to inspire and educate the world.”
Through its Coral Gardening Pilot Project, Red Sea Global is monitoring around 300 reef sites, testing coral farming techniques, and establishing several floating marine nurseries to conserve and grow rescued coral populations, with a success rate of about 97 percent.
The multi-project developer is keen on utilizing the latest technologies in coral cover monitoring, employing robots and adopting machine learning approaches, capturing three-dimensional images and assembling them into digital twins. This enables scientists to identify potential negative events and respond to and solve them rapidly, such as coral bleaching and the arrival of invasive species.
World Central Kitchen resuming Gaza work after 7 staff killed
- US-based charity founded by celebrity Spanish-American chef Jose Andres provides food to communities facing humanitarian crises and disasters
- On the night of April 1, seven of its workers were killed in three air strikes over four minutes by an Israeli drone
WASHINGTON: The World Central Kitchen nonprofit, which supplied meals in Gaza until seven of its aid workers were killed by an Israeli strike nearly a month ago, is to resume operations, its CEO said.
The US-based charity founded by celebrity Spanish-American chef Jose Andres provides food to communities facing humanitarian crises and disasters.
On the night of April 1, seven of its workers were killed in three air strikes over four minutes by an Israeli drone as they ran for their lives between their three vehicles, the Israeli military has said.
The deaths — of an Australian, three Britons, a North American, a Palestinian and a Pole — triggered renewed levels of global outrage over Israel’s military operations.
“We continue to grieve and mourn the loss of seven of our friends and colleagues who were killed in an IDF attack in Gaza,” the nonprofit’s CEO Erin Gore said in a statement Sunday.
She added that the World Central Kitchen was nonetheless “resuming operations in Gaza.”
Gore noted the organization had 276 trucks, with the equivalent of almost eight million meals, ready to enter through the Rafah Crossing.
“We will continue to get as much food into Gaza, including northern Gaza, as possible — by land, air, or sea,” she said.
WCK would also send trucks from Jordan, Gore said, adding that the organization was exploring a maritime corridor and utilizing Israel’s Ashdod Port.
Although the roofs of the three aid workers’ vehicles were emblazoned with large WCK logos, retired general Yoav Har-Even, who is leading Israel’s investigation, has said the drone’s camera could not see them in the dark.
An internal Israeli military inquiry found that the drone team had made an “operational misjudgment” after spotting a suspected Hamas gunman shooting from the top of an aid truck.
Gore said WCK had to make a difficult choice to “stop feeding altogether during one of the worst hunger crises ever... or keep feeding knowing that aid, aid workers, and civilians are being intimidated and killed.”
WCK has 68 community kitchens in the region, and is building a third high-production facility in Mawasi in addition to the other two in Rafah and Deir Al-Balah.
Hamas’s October 7 attack on southern Israel that triggered the war resulted in the deaths of about 1,170 people, mostly civilians, according to an AFP tally of Israeli official figures.
Israel’s retaliatory offensive has killed at least 34,488 people in Gaza, mostly women and children, according to the health ministry in the Hamas-run territory.
IsDB, SFD, Arab Coordination Group join hands to raise $500m for education initiatives
RIYADH: A global partnership involving the Islamic Development Bank will inject $500 million into educational initiatives across member countries of the Organization of the Islamic Cooperation.
During the annual meetings and golden jubilee celebrations of the IsDB, the Arab Coordination Group and the Saudi Fund for Development also joined The Global Partnership for Education, the Saudi Press Agency reported.
The Global Partnership for Education is a multi-stakeholder partnership and funding platform that aims to strengthen education systems in developing countries.
The amount will be raised by the Smart Finance for Education Initiative, an innovative financing tool.
Moreover, partners also pledged an additional $350 million to the initiative, including $150 million from the IsDB, $100 million from the Arab Bank for Economic Development in Africa, and $50 million from The Islamic Solidarity Fund for Development as well as $50 million from the Global Partnership for Education.
The initiative aims to enhance access to quality education in 37 OIC member countries, where 28 million children are without schooling.
Also at the event, the Islamic Corporation for the Insurance of Investment and Export Credit, a member of the IsDB concerned with providing Shariah-compliant insurance services, signed a retakaful agreement for a percentage of the shares allocated to Indonesia for the benefit of the country’s Eximbank.
A retakaful agreement is an Islamic reinsurance contract where takaful operators transfer a portion of their risk to a retakaful operator in compliance with Shariah principles.
The arrangement aims to provide strategic expertise and capabilities in the field of retakaful through a quota-sharing treaty specifically designed to support the launch of the financial institution’s new export credit takaful program product.
This comes as the business expected to be insured under this treaty is estimated at a value of $13 million during the year 2024.
During the IsDB annual meetings and jubilee celebrations, the bank’s president, Mohammed Sulaiman Al-Jasser, confirmed that the entity has designed a strategy for eco-conscious growth and low carbon reduction by supporting members to reach the zero-carbon goal.
Al-Jasser also pointed out that 40 of the bank’s projects are about renewable energy, green projects, and financing climate action.
He underlined the bank’s focus on green initiatives and sustainable development sukuk, indicating they are compatible with the Capital Markets Union standard.
The IsDB’s 2024 annual meetings are being held under the patronage of King Salman bin Abdulaziz in Riyadh from April 27 - 30.
The annual sessions coincide with IsDB’s golden jubilee, as the institution celebrates 50 years of promoting economic and social development in 57 member nations under the slogan “Taking pride in our past, shaping our future: authenticity, solidarity, and prosperity" reflecting the bank’s legacy and future goals.
Closing Bell: TASI closes in green; Saudi banks profits up
RIYADH: Saudi Arabia’s Tadawul All Share Index wrapped up Monday’s trading session at 12,369.46 points, witnessing an increase of 137.92 points, or 1.13 percent.
The parallel market, Nomu, ended the day at 26,227.72 points, shedding 3.11 points or 0.01 percent.
Conversely, the MSCI Tadawul Index grew by 24.35 points to close at 1,569.81, a 1.58 percent increase.
TASI reported a trading volume of SR8.2 billion ($2.19 billion), with 165 stocks making gains and 63 witnessing declines.
Nomu, on the other hand, saw a trading volume of SR52 million.
On the announcement front, Al Rajhi Bank reported an increase in profits to SR4.4 billion for the first quarter of 2024, reflecting a 6 percent rise from SR4.1 billion recorded during the corresponding period in 2023.
The bank primarily attributed this growth to a 10.2 percent increase in net income from financing and investment activities, driven by a rise in total income on financing and investment.
This was further supported by an increase in total returns on these investments, according to a bourse filing.
Its operational income also saw a healthy increase, rising by 6.6 percent due to gains in net financing and investment income alongside income from other operations.
However, these gains were partially offset by a decrease in income from banking service fees and foreign currency exchange activities.
On the expenditure side, total operating expenses, including provisions for credit losses, rose by 7.2 percent. This increase was largely due to higher depreciation costs and employee salaries and benefits.
Despite these rising costs, the bank managed to mitigate some financial pressures with a reduction in other general and administrative expenses. Notably, provisions for credit losses escalated significantly, from SR359 million in the previous year to SR421 million in 2024, reflecting a 17.3 percent increase.
Furthermore, Bank Albilad also saw an increase in profits as it released its first quarter results.
The bank reported a 15 percent increase in profits, reaching SR643.1 million up from SR559.9 million in the same quarter of the previous year, according to a bourse filing.
The increase in profits was primarily attributed to a robust performance in its investment and financing assets, which saw a 21 percent increase in income.
This significant growth in asset income helped offset the 54 percent rise in the return on deposits and financial liabilities, underlining the bank’s effective management of its asset portfolio against rising costs.
Additionally, Saudi National Bank also managed to secure an increase in profits in the first quarter. The bank reported a marginal rise in its profits to SR5.04 billion from SR5.02 billion during the same period last year.
This modest increase in profits was underpinned by a significant 21.9 percent rise in special commission income, driven largely by growth in the bank’s financing and investment portfolios, coupled with rising interest rates.
The bank also experienced a slight 0.4 percent increase in net income attributable to shareholders, buoyed by a 2.4 percent improvement in total operating income and gains from other non-operational financial activities.
However, petrochemical company Saudi Kayan reported a loss in its first quarter results. Despite the ongoing challenges, the company managed to reduce its losses to SR571.9 million from SR673.3 million in the same quarter the previous year.
Saudi Kayan attributed the narrowed losses primarily to an increase in revenues, spurred by higher sales volumes, which helped counterbalance the impact of lower average product selling prices.
In a Tadawul filing, the company noted that while the average selling prices had decreased, the overall financial performance improved compared to the previous year.
Saudi Aramco retains its status as Middle East’s most valuable brand
RIYADH: Energy giant Saudi Aramco has maintained its position as the Middle East’s most valuable brand, with a value of $41.5 billion, according to a report.
The latest analysis by Brand Finance revealed the firm continued to dominate the region despite an 8 percent drop in value, driven by a fall in crude oil prices and lower sales volumes.
The report noted that a 12 percent increase in brand value to $13.9 billion meant the Kingdom’s telecommunications firm stc was ranked as the second most valuable in the Middle East and the region’s most sought-after telecom company.
Andrew Campbell, managing director of Brand Finance in the Middle East, said that stc is steadily progressing as one of the leading telecommunications firms globally.
“While Aramco remains the dominant player in terms of brand value in Saudi Arabia, stc’s strategic acumen, characterized by ongoing diversification and digital transformation, have further solidified the brand’s status as Saudi Arabia’s strongest brand, while also positioning it among the world’s leading telecoms brands,” said Campbell.
The report noted that stc encompassed “an integrated system of subsidiaries specialized across sectors, alongside its traditional telecommunications services.”
It add that the company’s acquisition of an interest in Telefonica “marks another key milestone in stc’s growth journey.” said Brand Finance.
With a brand value of $6.4 billion, Al Rajhi Bank became the third most valuable firm in the Kingdom.
Saudi Basic Industries Corp. and Saudi National Bank were ranked fourth and fifth, respectively, with values totaling $4.9 billion and $4.5 billion, respectively.
Saudi Arabia’s King Faisal Specialist Hospital & Research Center, with a value of $1.5 billion, became the Middle East’s most valuable Healthcare label, the report added.
In the UAE, Abu Dhabi National Oil Co. was named the most valuable brand, with a value of $15.2 billion.
On the other hand, Qatar National Bank was ranked the top-rated brand among Qatari firms, with a value of $8.4 billion.
