Settlement agreed over ship that blocked Suez Canal : Owner's representative

The ship’s Japanese owners said last month they have reached agreement in principle in a compensation dispute with the Suez Canal Authority. (Reuters)
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Updated 04 July 2021
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Settlement agreed over ship that blocked Suez Canal : Owner's representative

  • The SCA had demanded $916 million in compensation to cover salvage efforts, reputational damage and lost revenue before publicly lowering the request to $550 million

CAIRO: A representative of the owners and insurers of the Ever Given container ship that blocked the Suez Canal in March said on Sunday that a formal settlement had been agreed with the canal authority to allow the ship to be released.
"Preparations for the release of the vessel will be made and an event marking the agreement will be held at the Authority's headquarters in Ismailia in due course," Faz Peermohamed of Stann Marine said in a statement.


Saudi entrepreneurs among beneficiaries of $493m Social Development Bank support funding in Q1 2024

Updated 32 sec ago
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Saudi entrepreneurs among beneficiaries of $493m Social Development Bank support funding in Q1 2024

RIYADH: Almost 12,000 Saudi entrepreneurs received support and training from the Kingdom’s Social Development Bank in the first quarter of 2024, it was revealed. 

Minister of Human Resources and Social Development Ahmed Al-Rajhi announced in a post on X that SDB provided financing worth SR1.85 billion ($493 million) in the first three months of this year.

The financing aims to “support individuals and enterprises to contribute to economic development and sustain efforts toward national sustainable growth.”

During the same period, assistance for small and startup businesses amounted to SR606 million for over 1,700 establishments. 

Furthermore, empowerment support for vibrant and productive communities reached SR640 million, benefiting 12,000 citizens through various social developmental products, including marriage, family support, and restoration.

Assistance for freelancers and productive families also surged to SR600 million, benefiting 13,000 individuals. 

Additionally, the number of savings accounts increased by 13,000, reaching a total of 245,000, with a balance exceeding SR525 million.

In January, SDB signed 24 deals worth SR1 billion to support entrepreneurs across various sectors in the Kingdom.    

Inked during the Entrepreneurship and Modern Work Patterns Forum, the memorandums of cooperation encompassed a broad spectrum of sectors, including health, transportation, and logistics.  

This aligns with the objectives of Vision 2030, aiming to reduce the unemployment rate, enhance women’s participation in the workforce, and expand the contribution of small and medium-sized enterprises to 35 percent of the gross domestic product by the end of the decade.     

Speaking at the time, CEO of SDB Ibrahim Al-Rashid said those deals would “open new horizons for entrepreneurship and small and emerging enterprises" by developing new systems for financing, training and qualification.    

Last year, the bank introduced a range of training programs to assist small businesses across the Kingdom. 

The courses covered key areas such as marketing and administration, allowing business owners to meet and discuss their development plans with local and international experts. 


Saudi biotechnology sector poised for double-digit growth: report

Updated 1 min 5 sec ago
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Saudi biotechnology sector poised for double-digit growth: report

RIYADH: Saudi Arabia’s biotechnology and genomics sector is likely to record double-digit growth as it plans to invest 2.5 percent of its gross domestic product in research and development by 2040, aiming to add $16 billion to its economy. 

This was highlighted in a recent report by US-based consulting firm Arthur D. Little, emphasizing the Kingdom’s substantial growth potential in the sector. 

The study highlighted that the global biotech market, valued at $1.5 trillion in 2023, is projected to reach $4 trillion by 2030. This growth is driven by rising demand for improved healthcare and increased investment from both government and private sectors.  

“Within this context, Saudi Arabia’s directed R&D investments, amounting to $3.9 billion in 2021 and aims to become a global leader in innovation and R&D, with annual investment equivalent to 2.5 percent of GDP by 2040 which are set to catalyze the expansion of the sector,” the report said.   

It added: “This is expected to add $16 billion to the economy and create high-value jobs in science and technology, are set to catalyze the expansion of the sector, reinforcing its commitment to a knowledge-based economy.”  

In 2022, Saudi Arabia’s investment in research and development soared to $5.1 billion, marking a 32.7 percent increase from the previous year, according to the General Authority for Statistics.  

GASTAT’s report revealed that the government sector infused SR11.1 billion into R&D, constituting 58 percent of the nation’s total R&D budget.  

Patrick Linnenbank, a partner in the healthcare and life sciences practice for Middle East & South East Asia at Arthur D. Little, emphasized the synchrony between strategic investments and the burgeoning demand for enhanced healthcare services.   

“Our analysis indicates that strategic investments and initiatives are aligning with a growing demand for enhanced healthcare services and personalized medical treatment, which Saudi Arabia is well-positioned to fulfill,” Linnenbank said.   

The report underscored the pivotal role of the Kingdom’s biotech and genomics initiatives, exemplified by the Saudi Genome Project 2.0 and collaborative endeavors. These initiatives are instrumental in propelling precision medicine forward, leveraging AI and genomics for personalized healthcare solutions. 

Launched in 2018, the Saudi Genome Program utilizes cutting-edge genomic technologies to combat genetic diseases, advancing healthcare through improved diagnosis, treatment, and prevention.  

Ankita Gulati highlighted the transformative potential of AI and genomics in healthcare, stating: “The confluence of genomic data and AI in healthcare is at the core of next-generation medical treatment and may revolutionize healthcare. Saudi Arabia’s current trajectory in genomics research and development is a robust indicator of its potential to lead in this domain.”  

Integral to Saudi Arabia’s advancement in the biotech sphere are strategic collaborations with global pharmaceutical firms and the integration of research initiatives from key entities such as King Abdullah International Medical Research Center, King Abdullah University of Science and Technology, and King Abdulaziz City for Science and Technology.  

The report also applauded the progressive establishment of a regulatory framework, with new guidelines from the Saudi Food and Drug Authority and legislative oversight from the Saudi Research Development and Innovation Authority.  

While Saudi Arabia strides confidently toward leadership in the biotech landscape, the report acknowledged the necessity of further developing capabilities across the value chain.   

The Kingdom’s accelerator and incubator programs, including KAIMRC’s Medical Biotechnology Park, KAUST’s Taqadam initiative, and the Biotech Startup Program in Dammam Valley, are pivotal in nurturing a thriving biotech and genomics ecosystem. 


Columbia University cites progress with Gaza war protesters following encampment arrests

Updated 4 min 55 sec ago
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Columbia University cites progress with Gaza war protesters following encampment arrests

  • Student protesters “have committed to dismantling and removing a significant number of tents,” the university said
  • A smaller encampment remained on campus Wednesday morning

NEW YORK: Columbia University said early Wednesday that it was making “important progress” with pro-Palestinian student protesters who set up a tent encampment and that it was extending a deadline to clear out, yet standoffs remained tense on the Ivy League campus in upper Manhattan.
Student protesters “have committed to dismantling and removing a significant number of tents,” the university said in a statement. A smaller encampment remained on campus Wednesday morning.
Across the country, protesters at California State Polytechnic University, Humboldt, some 300 miles (480 kilometers) north of San Francisco, started using furniture, tents, chains and zip ties to block the building’s entrances Monday evening.
Both campuses are part of intensifying demonstrations over Israel’s war with Hamas by university students demanding that schools cut financial ties to Israel and divest from companies that are enabling its monthslong conflict. Dozens have been arrested on charges of trespassing or disorderly conduct.
Columbia President Minouche Shafik in a statement Tuesday set a midnight deadline to reach an agreement with students to clear the encampment, or “we will have to consider alternative options.”
By around 3 a.m., the university said that there was “constructive dialogue” and that it will continue conversations for 48 hours.
The statement said student protesters “will ensure that those not affiliated with Columbia will leave. Only Columbia University students will be participating in the protest.”
Student protesters also will comply with city fire department requirements and “have taken steps to make the encampment welcome to all and have prohibited discriminatory or harassing language,” the statement said.
The university’s statement was released hours before US House Speaker Mike Johnson’s trip to Columbia to visit with Jewish students and address antisemitism on college campuses.
Earlier Tuesday night, police arrested more than 200 protesters blocking traffic during a non-college demonstration demanding a permanent ceasefire in Gaza at Grand Army Plaza in Brooklyn, near the home of Sen. Chuck Schumer. The protest was organized by Jewish Voice for Peace on the second night of Passover, and protesters lay down a large circular banner depicting the food on a Seder plate.
At Cal Poly Humboldt, protesters chanted, “We are not afraid of you!” before officers in riot gear pushed into them at the building’s entrance, video shows. Student Peyton McKinzie said she was walking on campus Monday when she saw police grabbing one woman by the hair, and another student having their head bandaged for an injury.
“I think a lot of students are in shock about it,” she said.
Three students have been arrested, according to a statement from the school, which down the campus until Wednesday. Students had occupied a second campus building Tuesday.
Another encampment was set up Tuesday at the University of Rochester in upstate New York. Omar Darwesh, a Palestinian senior, said he has lost relatives to the war.
“We’re not calling for the destruction of Israel, we’re never talking about threatening Jews — the focus is on us and what we need, and that’s being treated like a human. We have to find a way to coexist,” he told TV station WHEC.
University of Rochester officials said in a statement that the protesters must follow ground rules, including presenting university identification if asked.
The upwelling of demonstrations has left universities struggling to balance campus safety with free speech rights. Many long tolerated the protests, which largely demanded that schools condemn Israel’s assault on Gaza and divest from companies that sell weapons to Israel.
Now, universities are doling out more heavy-handed discipline, citing safety concerns as some Jewish students say criticism of Israel has veered into antisemitism.
Protests had been bubbling for months but kicked into a higher gear after more than 100 pro-Palestinian demonstrators who had camped out at Columbia were arrested Thursday.
By late Monday at New York University, police said 133 protesters were taken into custody and all had been released with summonses to appear in court on disorderly conduct charges.
In Connecticut, police arrested 60 protesters, including 47 students, at Yale after they refused to leave an encampment on a plaza at the center of campus.
Yale President Peter Salovey said protesters had declined an offer to end the demonstration and meet with trustees. After several warnings, school officials determined “the situation was no longer safe,” so police cleared the encampment and made arrests.
A demonstration Tuesday at the University of Michigan grew to nearly 40 tents, and nine war protesters at the University of Minnesota were arrested after police took down an encampment in front of the library. Hundreds rallied in the afternoon to demand their release.
Harvard University in Massachusetts has tried to stay a step ahead of protests by locking most gates into its famous Harvard Yard and limiting access to those with school identification. The school has also posted signs that warn against setting up tents or tables on campus without permission.
Literature doctoral student Christian Deleon said he understood why the Harvard administration may be trying to avoid protests but said there still has to be a place for students to express what they think.
“We should all be able to use these kinds of spaces to protest, to make our voices heard,” he said.
Ben Wizner, a lawyer with the American Civil Liberties Union, said college leaders face extremely tough decisions because they have a responsibility to ensure people can express their views, even when others find them offensive, while protecting students from threats and intimidation.
The New York Civil Liberties Union cautioned universities against being too quick to call in law enforcement in a statement Tuesday.
“Officials should not conflate criticism of Israel with antisemitism or use hate incidents as a pretext to silence political views they oppose,” said Donna Lieberman, the group’s executive director.


Haaland ruled out of Man City’s crucial trip to Brighton

Updated 13 min 29 sec ago
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Haaland ruled out of Man City’s crucial trip to Brighton

  • Haaland missed City’s 1-0 win over Chelsea in the FA Cup semifinal at Wembley
  • City boss Pep Guardiola insisted Haaland’s injury was not serious

LONDON: Manchester City’s Premier League title bid has suffered a blow after Norway striker Erling Haaland was ruled out of Thursday’s crucial clash at Brighton.
Haaland missed City’s 1-0 win over Chelsea in the FA Cup semifinal at Wembley on Saturday due to a muscle injury sustained in the Champions League quarter-final exit against Real Madrid last week.
City’s leading scorer, who has 20 Premier League goals this season, is yet to recover and will not make the trip to the Amex Stadium as the champions look to close the gap on leaders Arsenal.
City boss Pep Guardiola insisted Haaland’s injury was not serious, and he could come back into contention in time for Sunday’s game against Nottingham Forest.
While Haaland is sidelined, Guardiola was boosted by England internationals Phil Foden and John Stones getting the green light to face Brighton after their own fitness concerns.
“Erling is not ready for tomorrow, the other two, they are ready,” Guardiola told reporters on Wednesday.
“I know it is not a big issue, but he is not allowed for this game.”
As a gripping title race approaches the final furlong, third placed City are four points behind leaders Arsenal, who thrashed Chelsea 5-0 on Tuesday.
Guardiola’s men have two games in hand on Arsenal and have played one match less than second placed Liverpool, who face Merseyside rivals Everton at Goodison Park on Wednesday.


Saudi, US business ties set to reach new heights after high-level meeting

Updated 17 min 19 sec ago
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Saudi, US business ties set to reach new heights after high-level meeting

RIYADH: Trade relations between Saudi Arabia and the US are set to further prosper after a senior official from the Kingdom met with prominent business leaders.

Minister of Commerce Majid bin Abdullah Al-Qasabi held talks with representatives from the US Chamber of Commerce and prominent American companies in Washington, in which the robust economic connections between the two countries were emphasized. 

Speaking to attendees, Al-Qasabi, who also serves as chairman of the board of directors of the National Competitiveness Center, highlighted the progress made so far in the Kingdom’s journey to achieve its ambitious plan for 2030, as reported by the Saudi Press Agency.

Al-Qasabi noted the transformations within the Saudi economy have spurred the emergence of new sectors and promising business opportunities.