UN flags at half-mast for staff killed in Gaza

A general view of the United Nations flag flies at half-mast to mourn the lives of UN workers lost during the war between Israel and Hamas, at the at the United Nations Office Nairobi (UNON) in Nairobi on November 13, 2023. (AFP)
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Updated 13 November 2023
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UN flags at half-mast for staff killed in Gaza

GENEVA: UN offices worldwide lowered their flags to half-staff and observed silence on Monday in memory of the 101 staff members of the UN Relief and Works Agency for Palestine Refugees in the Near East who have lost their lives in Gaza.
The blue and white UN flag was lowered at 9:30 am local time at offices in Bangkok, Tokyo and Beijing, a day after the world body reported “a significant number of deaths and injuries” in strikes on a facility in Gaza.

In Geneva, the second-largest UN headquarters after New York, the UN flag flew at half-mast and none of the other flags of the 193 member countries were hoisted along the main alley of the compound. Staff were also invited to hold a “private” minute of silence, spokesman Rolando Gomez said.
Events were also held in Katmandu and Kabul, where the UN Secretary-General’s Special Representative for Afghanistan Roza Otunbayeva led about 250 people in observing the minute’s silence.

The death toll among UNRWA employees in the recent violence is the highest in UN history, and continues to rise.

Among those who have died were teachers, school principals, health professionals, engineers, administrative personnel, and a psychologist. They were part of the 13,000-strong UNRWA workforce in Gaza.

Tom White, UNRWA’s director in the Gaza Strip, said: “UNRWA staff in Gaza appreciate the UN lowering the flag around the world. In Gaza, however, we have to keep the UN flag flying high as a sign that we are still standing and serving the people of Gaza.”

The agency is sheltering approximately 780,000 Palestinians in more than 150 facilities in the Gaza Strip. These people have sought refuge under the UN flag.

Israeli violence in Gaza has not spared UN locations. Over 60 facilities have been impacted so far, with 10 receiving direct hits, the majority of these being in the central and southern regions, extending from Wadi Gaza.

More than 11,000 Palestinians, two-thirds of them women and minors, have been killed since the war began, according to the Health Ministry in Gaza.

(With AFP)


SAMA reports 5% growth in foreign reserves to hit $463bn

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SAMA reports 5% growth in foreign reserves to hit $463bn

RIYADH: Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion ($463.6 billion) according to the Kingdom’s central bank.

The increase of SR8.4 billion reinforces the strength and liquidity of the national financial position, and aligns with Saudi Arabia’s strategic objective to bolster its financial safety net amid ongoing economic diversification efforts under Vision 2030.

The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.

According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.

A detailed breakdown revealed sustained annual growth across major reserve categories. Foreign currency reserves, which constitute the vast majority at 94.5 percent of total assets, grew by nearly 3 percent year on year to SR1.64 trillion. 

The Kingdom’s reserve position at the IMF also saw a 5 percent yearly increase, reaching SR12.8 billion, while SDRs rose by 4 percent year on year to SR80.6 billion.

In contrast, Saudi Arabia’s monetary gold holdings remain a steady anchor within its reserves, unchanged at SR1.62 billion since November 2008, underscoring a deliberate long-term strategy.

Overall, the continued rise in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the Kingdom’s ability to navigate global economic volatility.

The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed. 

Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.