SANTIAGO, Chile: Ricardo Alegria is a different sort of milk man. For a quarter century or more, he and his brother Marco have led donkeys through the streets of Chile's capital, milking them on the spot for customers.
It's a rare job, but a very old one.
The ancient Greek physician Hippocrates recommended donkey's milk for some ailments and at least some claim that Cleopatra bathed in it for her skin.
The use of donkey's milk has persisted in some parts of the world. Even Pope Francis has said he drank it as a boy in Argentina, prompting an Italian company that produces the milk to give him two donkeys recently.
The Alegrias sell shot-sized cups of the milk for about $2. A half-liter, the most they say a donkey produces in a day, goes for about $20.
Ricardo Alegria said the milk "is taken as a vitamin jolt for babies with gastric problems," and researchers at the University of Camerino in Italy have reported it can be a good substitute for children with allergies to cow's milk. But adults too often drink it.
Fifty-four-year-old Carlos Aravena said he's been raising burros on the outskirts of Santiago and selling their milk as long as he can remember. His father did as well.
Fresh donkey milk for sale on streets of Chile
Fresh donkey milk for sale on streets of Chile
Key debt ratio resumes rise as global debt burden hits record $315 trillion, IIF says
- The turnaround comes as dollar value of global debt surged by some $1.3 trillion quarter-on-quarter
- Pakistan is set to spend above 50 percent of its revenue on interest and Egypt more than 60 percent
NEW YORK: A key measure of world indebtedness has resumed its climb as global debt hit a record high of $315 trillion in the first quarter of the year, fueled by borrowing in emerging markets, the United States and Japan, a study showed.
The global debt-to-output ratio — a measure describing the ability of a borrower to pay back debt — rose to hit 333 percent after three consecutive quarters of decline, the Institute of International Finance (IIF) said on Tuesday in its quarterly Global Debt Monitor report.
The turnaround comes as the dollar value of global debt surged by some $1.3 trillion quarter-on-quarter.
Debt in emerging markets grew to a record of more than $105 trillion — having more than doubled over the past decade according to IIF data.
The largest contributors to the increase among emerging economies were China, India and Mexico. South Korea, Thailand, and Brazil posted the largest dollar value declines in overall debt among the subgroup, the data showed.
“Government budget deficits are still higher than pre- pandemic levels and are projected to contribute around $5.3 trillion to global debt accumulation this year,” the IIF said in a statement. “Rising trade friction and geopolitical tensions also present significant potential headwinds for debt markets.”
Interest rates were expected to have started declining in the United States by now but sticky inflation has seen the Federal Reserve stand its ground.
This has meant higher borrowing costs across the globe and, for many emerging markets, weakened currencies that further exacerbate the cost of servicing debt and “could once again bring government debt strains to the fore,” the IIF said.
Egypt and Pakistan are seen as the emerging economies where the interest expense on government debt will be highest through 2026, with Pakistan set to spend above 50 percent of revenue on interest and Egypt more than 60 percent.
Among developed economies, the United States and Japan saw debt rise the quickest, adding 17 percentage points and 4 percentage points respectively.
Japan is expected to continue to spend on average under 2 percent of government revenue in debt servicing through 2026, according to the IIF. In the US, the figure is expected to rise above 10 percent from the current 8 percent and brush against 12 percent in the same period.
Last month, the International Monetary Fund warned the US level of spending is “of particular concern” and “out of line with long-term fiscal sustainability.”
Expos begin in Riyadh, shine light on future of entertainment in Saudi Arabia
- Saudi Entertainment and Amusement Expo and the Saudi Light and Sound Expo offer glimpse of what is to come in sector and opportunities that will be created, expert says
- Expo organizer Sarkis Kahwajian says: ‘This year is our most diverse and dynamic agenda yet,’ exhibitors are ‘showcasing how entertainment is evolving in the Kingdom’
RIYADH: The Saudi Entertainment and Amusement Expo and the Saudi Light and Sound Expo began in Riyadh on Tuesday. The events aim to shine a light on the future of the entertainment industry in the Kingdom, showcase the latest products and technologies, and provide a forum for those at the forefront of a rapidly evolving sector in the country.
Spanning three days of creativity, interactive experiences and technological innovations, the expos will offer a glimpse what is to come in the entertainment sector and the opportunities this will create, Eihab Abourokbah, the CEO of the Saudi Entertainment Academy, told Arab News.
The events, which continue until Thursday at the Riyadh Front Exhibition and Conference Center, opened to the public, including local and international experts, public-sector authorities, and industry professionals, following an inauguration by Mohannad Al-Abbad, chief investment and business development officer at the Kingdom’s General Entertainment Authority. This was followed by a VIP walk-through by a delegation that included GEA representatives, as the event got underway with exhibitors and a series of panel discussions and presentations.
Sarkis Kahwajian, associate vice president of DMG Events and the organizer of the expos, said: “As we raise the curtain on both the SEA Expo and the SLS Expo, our aim is that this year’s shows leave a deep-rooted mark on the entertainment industry in the region.
“This year is our most diverse and dynamic agenda yet. It is here, at the intersection of creativity and technology, that our list of impressive exhibitors are revealing cutting-edge products and showcasing how entertainment is evolving in the Kingdom.”
DMG said two historic deals between major players in the entertainment industry will be finalized on the sidelines of the expos to help enhance, grow and diversify the sector.
Invest Saudi, under the auspices Ministry of Investment, will sign an agreement with Nowaar Entertainment, a company in Riyadh that focuses on experience-based events, content development and investment, to help develop the live-events industry in the Kingdom.
And Dallah Al-Baraka, a multinational corporation based in Jeddah with a broad-based investment portfolio, will sign a partnership agreement with Europa-Park, a theme park in Germany with 18 themed zones and 100 rides. The aim of the collaboration is to provide consultancy services, professional training programs, and equipment sales to help support growth in the sector in line with the goals of the Saudi Vision 2030 plan for national development and diversification.
While exhibitors from the entertainment and leisure industry around the world, including entertainment designers, consultants, contractors, mega-project developers, entrepreneurs and investors, showcase their latest products and services at the SEA Expo, their counterparts in the Kingdom, which has embarked on an entertainment renaissance in the past few years, will also unveil their latest entertainment and leisure offerings.
Vivien Exartier, executive director of Saudi Entertainment Academy, told Arab News: “This expo is important for us because it shows our footprint, it shows that we are the only institution equipped and capable of training young Saudis under the umbrella of the Technical and Vocational Training Corporation, the Human Resources Development Fund, and the GEA.”
The academy, described as the first of its kind in the Kingdom and supported by the GEA, offers young Saudis the chance to enroll in specialized courses and earn academic diplomas with the aim of opening up employment opportunities to them in the rapidly developing entertainment sector in the Kingdom.
Expert speakers at the SEA Expo will include officials from a wide range of public- and private-sector organizations, including Six Flags Qiddiya, Saudi Entertainment Ventures, Cruise Saudi, the Saudi Ministry of Investment, and the Royal Commission for AlUla.
Meanwhile, the SLS Expo will give visitors the chance to take a deep dive into specialist topics and technologies such as professional lighting and sound, live event management, stage technology and trussing, and virtual, augmented and mixed reality.
As the entertainment industry in the Kingdom continues to evolve rapidly, high-profile events and attractions such as operas, festivals, theme parks and cinema are raising the stakes in the country. This is creating growing demand for quality professional lighting, sound and other events-related technologies, which exhibitors at SLS Expo will hope to tap into by showing how they can provide equipment and services to act as a catalyst for the development of live events in the Kingdom.
Visitors will also have the chance to hear from industry leaders at the forefront of efforts to revolutionize the sector in the Kingdom. One of the most topical discussions during the event will be about ways to help empower and hone the skills of young Saudi talent by bridging skills gaps in the entertainment industry.
“We want summit delegates to walk away with a strategic understanding of how to implement Saudization strategies within their organizations, while also seeing the pivotal role graduate programs play in fostering growth in local talent,” said Expo organizer Kahwajian.
Pakistani conglomerate Engro looks to go global, main investor says
- The expansion plans include looking at telecom infrastructure in the Middle East, North Africa, and Central Asia
- Engro Corp. has a market capitalization of $694 million on the Pakistan Stock Exchange and assets of $2.9 billion
KARACHI: Pakistan’s largest conglomerate, Engro Corp, is looking to expand into new markets, including the Middle East, Central Asia and Africa, the chemicals-to-energy company’s largest investor said on Tuesday.
Speaking to Reuters in a rare interview, Samad Dawood, vice chairman of Dawood Hercules Corp, which owns 40 percent of Engro Corp, said the company was also considering global liquefied natural gas (LNG) opportunities as well as hydrogen energy.
The expansion plans include looking at telecoms infrastructure in the Middle East, North Africa, and Central Asia, while it is looking at Africa to expand its fertilizer businesses, he said.
Engro Corp. has a market capitalization of 193 billion rupees ($694 million) on the Pakistan Stock Exchange and assets of 802 billion rupees ($2.9 billion), according to public data.
The group has businesses across multiple sectors in Pakistan, including energy, fertilizer, telecommunications and consumer goods.
It owns 56 percent of Pakistan’s first LNG terminal, Engro Elengy Terminal Pakistan, which was set up in the southern city of Karachi in 2015. Dutch energy logistics giant Royal Vopak owns the remaining 44 percent.
The terminal fulfils 15 percent of Pakistan’s natural gas demand.
Dawood said Engro will continue to invest in the energy sector despite having sold its coal-based assets, and was exploring new avenues for sustainable energy production.
He said the company was talking to technology providers in the hydrogen energy sector to figure out how to use ammonia as an energy transition solution.
Dawood added that Pakistan was far from being energy-secure and there were plenty of opportunities to invest further in the power sector.
Pakistan has moved toward reliance on LNG after its own domestic gas supplies dwindled fast as consumption in the industrial and residential sectors increased.
’DREAMER’
Dawood said the global push was inspired by his late elder brother Shahzada, who perished last year in the ill-fated Titan’s voyage to explore the Titanic wreckage — an accident that made global headlines when the deep-sea submersible imploded and killed all five people on board.
“He (Shahzada) was much more of a dreamer and pushing us to become more international and building that curiosity and engaging with the outside world,” Dawood said.
The Dawood family also faced a protracted legal ordeal in Pakistan where the company was accused of getting illegal favors from the government.
The case, which lasted years, finally ended last week with the country’s accountability watchdog dropping the case entirely. Dawood says the matter hurt the family deeply and even impacted their businesses and potential investors.
The company’s plans to push ahead are taking shape, Dawood said. On Monday, the boards of Engro and Dawood Hercules approved in principle a restructuring plan to allow them more capital flexibility.
Dawood said the restructuring will allow for participation in “opportunities that the entire economy provides,” adding that the boards wanted the flow of capital to be completely seamless between the two organizations.
He said Engro would be able to expand its investment mandate to include exploring opportunities created by multinational corporations divesting from Pakistan’s troubled markets.
AlUla Academy aims to be hub for tourism vocational training in Saudi Arabia and beyond
- Hotel.School chosen as global partner for hospitality training and the academy will welcome its first group of students in early July
ALULA: The Royal Commission for AlUla on Tuesday officially launched AlUla Academy, described as a pioneering initiative that aims to be a beacon across the region for excellence in vocational training in the tourism sector.
It will serve as a global hub, officials said, for workers directly involved in crafting memorable experiences for diverse groups of visitors to AlUla from around the globe.
Hotel.School has been chosen as the academy’s global partner for hospitality training, and the collaboration will begin with an inaugural digital training program for the first group of students in early July. Subsequent programs will be available through the academy’s website.
Authorities in the Kingdom are carefully developing historic AlUla, an ancient oasis in the northwest of the Arabian Peninsula, as a global tourist destination distinguished by its 7,000-year-plus history, spanning several civilizations.
It encompasses four primary heritage sites and a wide selection of visitor experiences which, the Royal Commission said, offer tourists the chance to immerse themselves in the region’s rich heritage and culture, take advantage of its wellness offerings, bask in the beauty of nature, indulge in the arts, and embark on and voyage of discovery.
The establishment of the academy therefore stands as a pioneering endeavor within the field of tourism, it added, and a cornerstone of efforts to achieve the goals of the Kingdom’s Vision 2030 development and diversification plan, one of the aims of which is to create 1.3 million jobs for Saudi citizens.
Philip Jones, the Royal Commission for AlUla’s chief tourism officer, said: “Learning centers such as AlUla Academy play a pivotal role in creating job opportunities while upholding excellence in visitor experiences to international standards, all while maintaining an authentic Saudi essence.
“Both physically and digitally, AlUla Academy will expedite the training process, enhancing the quality and efficiency of professional skill development, thereby advancing the tourism sector’s goals in the Kingdom.”
The guests at the launch ceremony on Tuesday included Anita Mendiratta, special advisor to the UN secretary-general at the UN World Tourism Organization. Also a member of the Royal Commission’s advisory board between 2017 and 2023, and one of the key figures behind the development of the academy, she emphasized the organization’s steadfast commitment and dedication to the enhancement of visitor experiences through the development of local skills.
“The key to AlUla’s development lies in embracing authenticity and prioritizing community engagement,” Mendiratta said.
“The Royal Commission for AlUla understands that reaching tangible milestones necessitates investing in skill development, providing services with international standards, yet infusing them with the distinct essence of AlUla that echoes its environment, the culture of its people, and their profound history.”
Hotel.School was carefully chosen as a global partner for AlUla Academy, the commission said, following a rigorous selection process to identify the most suitable collaborator to bolster its endeavors and help achieve its objectives. To that end, it will offer intelligent educational solutions and collaborate with developers of cutting-edge technologies to provide a diverse array of online-learning experiences, officials said. Further information about courses, registration procedures and criteria for the selection of students will be available soon.
Adnan Sawadi, the acting director of Hotel.School, said the institution is committed to supporting the commission in its mission to achieve excellence in vocational training across AlUla, the Kingdom and the wider region.
“At Hotel.School, we recognize that the vitality of the hospitality sector is its people, and we take pride in our pivotal role in nurturing and developing the skills essential to fortifying AlUla’s position as a global tourism and hospitality hub,” he said.
“Our commitment extends to fostering an educational environment that resonates with the region’s rich heritage, amplifying its cultural significance on the global stage.”
AlUla has received significant acclaim and been described as a beacon of success in the field of tourism development and the enhancement of local skills, the commission said. It attracted 263,000 visitors in 2023 alone and consistently surpasses the targets set for it, officials said, increasingly bringing it to the attention of leading event organizers, investors, development partners, airlines and the international media.
Luxury jewelry brands dazzle at Riyadh showcase
- Larsen said that House of GOL specializes in high-end jewelry and many people buy it to reflect their heritage and to pass it down to future generations
RIYADH: Saudi International Luxury Week, which is taking place in Riyadh until May 9, showcases a selection of fine jewelry from around the world.
The event offers a unique opportunity for Saudi clients to acquire exclusive and sophisticated pieces.
House of GOL, a New York-based brand known for its colorful diamonds, has shown a rare pink diamond at the event.
Anna Larsen, head of business development at House of GOL, has been visiting Saudi Arabia for the past three years to meet clients.
Larsen said that House of GOL specializes in high-end jewelry and many people buy it to reflect their heritage and to pass it down to future generations.
The brand had previously visited the ZAH creative hub in Riyadh and continued its tours across the Kingdom. House of GOL's participation in the luxury week was in collaboration with Clea Nasr, ZAH's head of marketing.
"We're here today with House of GOL to support them at a luxury jewelry event, following our earlier private event at ZAH. We support local and international designers through all PR and marketing activities, creating targeted strategies to drive exposure and growth, especially in Saudi Arabia," Nasr said.
The brand stands out by involving its clients in the jewelry creation process, hand drawing and painting the designs and then allowing clients to keep the drawings, adding a personal touch to the design experience.
Another standout brand at the event is Maitraya, an Indian company specializing in pure Gulf pearls, including khaleeji and Saudi pearls.
The brand is led by Sanghvi Maitarya, a seventh-generation representative of his family’s pearl business.
“My great-grandfather used to travel by boat,” said Maitarya. “This was before the Second World War and the discovery of oil. The oyster industry had declined and no longer produced these kinds of pearls. These are Saudi natural lulu pearls.”
He said that the pearls were no longer found in the Gulf, adding: “We collected them from grandmothers, maharajas, royal families, and other sources around the world.”
FerriFirenze, an Italian brand, is also impressing Saudi clients at the event.
Giulia Lina Callegari, owner of FerriFirenze, said: “We came to Saudi for the first time five years ago. We’ve seen the changes, the enthusiasm, the projects, and we’re always excited to meet local ladies who know jewelry, appreciate style, and often become our guests in Florence.”
FerriFirenze is a family business that began 10 years ago, and Callegari added: “We create jewelry that moves, physically moves when touched, is flexible, and so on. This style of jewelry can only be made by hand in Italy.”
