DUBAI: Britain will help Gulf states “push back” against aggressive regional actions by Iran, Prime Minister Theresa May told the Gulf Cooperation Council (GCC) in Bahrain on Wednesday in a televised address.
“We must... continue to confront state actors whose influence fuels instability in the region,” May told Gulf leaders at their annual summit.
“So I want to assure you that I am clear-eyed about the threat that Iran poses to the Gulf and to the wider Middle East.”
She added: “We must... work together to push back against Iran’s aggressive regional actions.”
May said she wanted a “strategic partnership” to help boost security in Gulf countries, including defense investment and military training in Bahrain and Jordan.
The prime minister also spoke about discussions to improve trade ties with Gulf countries as Britain prepares to leave the European Union after a shock referendum vote in June to quit the bloc.
“I want these talks to pave the way for an ambitious trade arrangement” after Brexit, she said in Bahrain, which was a British protectorate for 100 years and gained full independence in 1971.
May is the latest foreign leader to address the GCC as the Gulf deepens ties with major powers beyond longtime ally the United States.
Britain, too, is seeking “stronger global ties” before Brexit, finance minister Philip Hammond said on Wednesday.
In May last year, France’s President Francois Hollande became the first Western head of state to attend a GCC summit since the bloc’s creation in 1981.
US President Barack Obama in April also joined a GCC summit in Riyadh, seeking to reassure Gulf states about US overtures to Iran.
GCC leaders have expressed concern over an international agreement that lifted sanctions on Iran this year in exchange for guarantees it would not pursue a nuclear weapons capability.
Riyadh and its allies fear the pact will lead to more Iranian intervention in a region which, Gulf leaders feel, has suffered from a lack of American involvement under Obama.
Custodian of the Two Holy Mosques King Salman of Saudi Arabia opened the summit on Tuesday with a call for a “doubling of efforts” to face regional challenges.
In October last year, Britain began building a naval base at Mina Salman, outside Manama, its first new permanent base in the Middle East in four decades.
The EU including Britain is the Gulf’s biggest trading partner, with trade flows of more than 130 billion euros ($140 billion) annually.
Britain will help GCC states ‘push back’ against Iran aggression: PM May
Britain will help GCC states ‘push back’ against Iran aggression: PM May
Pakistan to invite local businessmen in renewed push to privatize loss-making national airline
- A deal to sell off the Pakistan International Airlines fell through late last year, after a potential buyer reportedly offered a fraction of the asking price
- Pakistan hopes the recent opening of European routes, expected to be followed by a similar announcement by the UK, will boost PIA’s selling potential
ISLAMABAD: The Pakistani government has renewed its efforts to privatize the loss-making Pakistan International Airlines (PIA) and plans on inviting local businessmen to the new bidding process, Prime Minister Shehbaz Sharif said on Monday.
Pakistan’s government has been scrambling to find a buyer to privatize the debt-ridden airline since late last year, when a deal fell through after a potential buyer reportedly offered a fraction of the asking price.
The airline posted losses of $270 million in 2023, according to local media reports. Its liabilities were nearly $3 billion, about five times the total worth of its assets.
Speaking at a ceremony in Islamabad, Sharif said a new effort was being carried out to privatize the airline, so that PIA becomes the PIA of its heydays in the ‘60s.
“This time we are inviting Pakistani businessman from Karachi, Quetta, Peshawar and Lahore,” Sharif said in televised comments. “A new bidding process will be carried out, whichever group wins the bid, PIA will be given to them.”
The development comes weeks after PIA resumed its operations in Europe, with the first flight to Paris on Jan. 10, following a hiatus of four years.
The airline was restricted in 2020 by the European Union Aviation Safety Agency (EASA), United Kingdom (UK) and the United States (US) after Pakistan launched an investigation into the validity of pilots’ licenses issued in the country, following a PIA plane crash in Karachi that killed 97 people. EASA lifted its ban on PIA in November last year, however, the airline remains barred from flying to the UK and the US.
Separately on Monday, a delegation from the UK’s Department for Transport and Civil Aviation Authority arrived in Pakistan to conduct a safety assessment ahead of the resumption of PIA flight operations between the two countries, according to the Pakistan Civil Aviation Authority (PCAA).
“There will be several high-level meetings between the two sides,” the PCAA said in a statement. “The discussions will examine aviation safety protocols, review documentation, and evaluate operational procedures.”
Pakistan’s government hopes the opening of European routes, which officials expect will be followed by a similar announcement by the UK later this year, will boost PIA’s selling potential.
“We will take PIA back to the slogan ‘Great People To Fly With’,” Sharif said at the Islamabad ceremony. “This is difficult but not impossible.”
Saudi Arabia’s National Housing Co. sees robust sales in 2025 amid lower interest rates
RIYADH: The CEO of National Housing Co. stated that lower interest rates in 2025 are expected to help the company exceed its 2024 achievements, with the reduced rates likely to boost sales.
During a session titled “Enhancing Quality of Life: The Role of Real Estate in Community Development” on the opening day of the Real Estate Future Forum in Riyadh, Mohammad Al-Buty highlighted that despite the challenges posed by higher interest rates in 2024, NHC successfully delivered high-quality products to meet market demand.
This achievement aligns with NHC’s ambition to become the leading real estate developer in the region, positioning itself at the forefront of the industry. It also supports the company’s commitment to delivering 300,000 housing units by 2025 and 600,000 by 2030, addressing the diverse needs of all societal segments.
“We’ve doubled our sales in 2024, and with the expected lower interest rates in 2025, we anticipate an even greater positive impact on the real estate market,” Al-Buty said. “Our goal now is to surpass what we achieved in 2024. We expect the reduction in interest rates to further boost sales."
“In 2023-2024, interest rates had an impact on mortgage demand for us,” he explained. “While 2024 saw the highest interest rates, it also recorded the highest sales. We were able to navigate these challenges by offering high-quality products that could effectively accommodate the higher rates.”
The CEO further emphasized that NHC does not focus on developing units for specific segments, but instead designs for entire communities, catering to all classes and segments.
“We develop based on market needs, using data to identify the desires and demands of our customers. We conduct thorough market studies,” Al-Buty explained.
He also highlighted: “Our pricing is highly competitive compared to neighboring countries for housing units.”
During a separate panel discussion titled “New Frontiers: Balance and Innovation in the Real Estate Landscape,” Qatar’s Municipality Minister Abdullah Al-Attiya highlighted that the World Cup was already integrated into the country’s Vision 2030, long before it was announced or hosted.
“The World Cup accelerated the execution of our plans, driving progress and resource allocation toward developing world-class infrastructure, ultimately positioning us as a global leader in infrastructure,” Al-Attiya explained.
Also participating in the panel, Maldives Minister of Construction, Housing, and Infrastructure Abdulla Muththalib ddressed the significant challenges his country faces, noting that tackling environmental issues and providing essential services to the population come at a considerable cost.
“We need to build safer islands to address the environmental challenges we're facing, which will involve relocating people— an expensive process for us,” Muththalib said.
“Given that our GDP is under $10 billion per year, it requires a significant investment for a country like ours to protect the islands and build homes for those who need to relocate,” he added.
The minister went on to explain that the government has launched an ambitious plan to reclaim a nearby lagoon near the capital city, covering an area of 1,100 hectares.
“We plan to build a city for over 200,000 people, focusing on relocating residents from smaller islands. We must do this because, with climate change, we know we can’t sustain all these islands in the long term,” Muththalib said.
Ahmed Dangiwa, minister for housing and urban development of Nigeria, who was also part of the panel, discussed the National Social Housing Fund currently being developed in Nigeria. The fund aims to ensure that vulnerable populations, those with no income, and the underprivileged can access affordable housing.
“When the fund is complete, Nigerians will be able to access funding for housing, with some homes priced low enough for even low-income individuals to afford,” Dangiwa explained.
He further emphasized: “Building materials will be sourced locally, reducing the need to import them, making the houses more affordable for the population.”
Egyptian teenagers ‘left to die’ by Bulgarian border police: Report
- 3 boys crossed into Europe via Turkiye late last month and were later found dead
- Authorities concealed evidence that they obstructed rescue efforts, humanitarian groups say
LONDON: Authorities in Bulgaria have been accused of letting three Egyptian teenagers die by ignoring emergency calls and delaying attempts to rescue them, The Guardian reported.
The incident took place in sub-zero temperatures near the Bulgarian-Turkish border late last month.
Evidence of the authorities’ failure to save the boys was collected in a dossier produced by two humanitarian organizations, No Name Kitchen and Collettivo Rotte Balcaniche.
The dossier, seen by The Guardian, contains photos, geolocations and personal testimonies, and reveals a wider pattern of brutality against migrants on the borders of Europe.
The Bulgarian border with Turkiye is a common crossing point for asylum-seekers but contains treacherous terrain, as well as freezing winter weather.
The two humanitarian organizations said that they were first alerted that an appeal for help had been made on Dec. 27 by the Egyptian trio.
Calls had been made to an emergency charity hotline, referring to three teenagers “at immediate risk of death.”
The GPS location of the three Egyptians, who were lost in the forests of southeastern Bulgaria, was sent to the hotline.
Charity workers then forwarded the information to the official 112 emergency number and attempted to locate the boys themselves.
But Bulgarian border police allegedly hindered the charity rescue attempts even after being shown a video of one of the Egyptian teenagers in the snow.
The boys were later identified as Ahmed Samra, 17, Ahmed El-Awdan, 16, and 15-year-old Seifalla El-Beltagy.
They were later found dead, with the former having “dog paw prints and boot prints around his body.”
This “indicates that the border police had already found him, maybe still alive or dead, but had chosen to leave him there in the cold,” the dossier said.
After charity staff later returned to the scene, they discovered that all traces of the prints had been removed.
One of the bodies of the deceased was found to have been partly eaten by an animal.
The dossier released by the two organizations also details harassment of charity rescue teams as well as vandalism of one of their cars.
Staff belonging to one rescue team had their passports and phones seized by Bulgarian police.
Human rights organizations have warned that authorities in European border countries are deploying tactics to target humanitarian groups helping asylum-seekers.
No Name Kitchen and Collettivo Rotte Balcaniche called for an “independent, formal investigation” into “systemic violence and negligence by Bulgarian authorities” and “degrading treatment of people on the move.”
Bulgaria’s Interior Ministry rejected the allegations and said that investigations into the case continued.
“In 2024, there were 515 search-and-rescue operations conducted by (the) general directorate border police of Bulgaria with the purpose (of providing) medical assistance to third-country nationals who managed to enter the country irregularly,” the ministry said.
“Our patrols reacted to all of those signals in a timely manner, considering how crucial this is when a person is exposed to extreme weather conditions.”
One activist described the reaction of Bulgarian border police to the three Egyptian teenagers as “utterly shocking.”
They said: “It should not be the responsibility of worried activists to reach people in the forest — border police are trained and paid to do so.
“It is utterly shocking that three minors froze to death in the forest even though multiple alerts to 112 had been placed. This is a huge failure for everyone.”
Saudi Arabia, Italy strengthen economic ties with 26 MoUs
- Italian defense group Leonardo signed an MoU to enhance cooperation with Saudi partners in aerospace and defense.
- Italian gas grid operator Snam entered into a deal with ACWA Power to explore joint investments in green hydrogen supply to Europe
JEDDAH: Saudi Arabia and Italy have signed 26 memoranda of understanding between public and private sector institutions, further enhancing their bilateral relations.
The agreements were formalized during a high-level roundtable meeting in the historicity of AlUla on Jan. 26, attended by Italy’s Prime Minister Giorgia Meloni, who began her three-day official visit to Saudi Arabia the previous day.
Earlier, Saudi Crown Prince Mohammed bin Salman welcomed Meloni in AlUla, where the two leaders discussed opportunities to deepen cooperation across various sectors.
Meloni said that Italy signed agreements worth around $10 billion with Saudi Arabia, reinforcing the strategic partnership between the two nations.
This comes as economic ties between Saudi Arabia and Italy have strengthened significantly in recent years, with Italian exports to the Kingdom rising by over 26 percent in the first 10 months of 2024 compared to the same period the previous year.
In a post on his X account, Minister of Investment, Khalid Al-Falih, said: “We held a meeting that included officials and representatives of several major companies in the Kingdom and Italy. We talked about investment opportunities in the two countries and the investment opportunities provided by Saudi Vision 2030.”
He added: “26 memoranda of understanding were signed between public and private sector institutions in the two countries.”
Among the major deals, Italy’s export credit agency SACE will provide $3 billion in loan guarantees for Saudi Arabia’s NEOM real estate project, supporting infrastructure, urban development, and transport. The deal is backed by a syndicate of international banks, including HSBC and Banco Bilbao Vizcaya Argentaria.
SACE also signed an MoU with Saudi Electricity Co. to support green projects and related engineering, procurement, and construction activities.
ACWA Power signed five MoUs with four prominent Italian organizations, including Cassa Depositi e Prestiti, Italy’s financial institution for development cooperation, and De Nora, a multinational company specializing in water treatment technologies.
The agreements also involve SACE, the Italian export credit agency, and Ansaldo Energia, a power generation equipment manufacturer, which signed with NOMAC Holding, a fully owned subsidiary of ACWA Power.
The agreements cover project financing, technology transfer, and supply chain collaboration to support development in regions such as Africa, Central Asia, and the Far East.
ACWA Power’s partnerships with Italy will strengthen EU-MENA cooperation in green energy, positioning the company as a key player in the global energy transition, the company said in a press release.
“The opportunities of cooperation between Saudi and Italian companies are immense in the sphere of supply, localization, financing and energy,” said Marco Arcelli, CEO of ACWA Power.
He added: “We believe that bringing together our competences and resources will significantly advance the energy transition and water security, promoting sustainable infrastructure developments not only in our countries but also in Africa, Central and Southeast Asia and the rest of the Middle East.”
In other agreements, Italian gas grid operator Snam entered into a deal with ACWA Power to explore joint investments in green hydrogen supply to Europe.
Italian defense group Leonardo also signed an MoU to enhance cooperation with Saudi partners in aerospace and defense.
The roundtable discussions focused on key challenges in global financial markets, with a particular emphasis on developing innovative solutions to strengthen economic ties.
In another deal, Sultan bin Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development, and Dario Scannapieco, CEO of Italy’s National Promotional Institution, signed a development cooperation agreement to enhance social and economic development between the two countries.
The agreement will facilitate expertise exchange and promote sustainable growth in line with global development goals.
SACE also finalized deals worth $6.6 billion with major Saudi financial and business counterparts to support Italian exports and strengthen trade relations.
“We are proud and honored to stand alongside players of primary standing in Saudi Arabia to facilitate Italian exports and develop win-win trade and investment relations between our two countries,” said Alessandra Ricci, CEO of SACE.
Saudi Arabia’s real estate sector thrives with $39bn in projects, record investment growth
RIYADH: Saudi Arabia’s real estate regulatory framework spurred significant growth in 2024, with 192 project licenses issued, totaling SR147 billion ($39 billion), according to a top official.
During the opening remarks of the fourth Real Estate Future Forum held in Riyadh, Saudi Minister of Municipalities and Housing Majid Al-Hogail said that the General Authority for Real Estate initiatives aims to enhance market transparency, attract investment, and regulate off-plan developments.
“The regulatory framework has contributed to significant growth over the past year, with the issuance of 192 licenses for projects exceeding a total value of 147 billion riyals, equivalent to $39 billion,” Al-Hogail said.
He added: “With the launch of real estate legislative initiatives, we have seen growth across all relevant fields. This regulatory framework aims to facilitate and regulate off-plan real estate project development provisions, from the licensing process to project completion.”
The forum is a unique platform uniting investors, consultants, and decision-makers from 120 countries under one umbrella.
It features over 500 speakers from both the public and private sectors, aiming to not only discuss the future of real estate but also shape a clear, unified vision that reflects shared ambitions and aspirations.
“The forum creates international high-quality opportunities to explore our real estate sector and enhance the quality of life, based on sustainable cities equipped with services that meet the expectations of residents in the Kingdom,” Al-Hogail said.
He added: “We are committed to continuing our efforts to ensure the sustainability of the real estate sector, attracting more international investments while creating a highly regulated environment that turns challenges into opportunities.”
Al-Hogail said that Saudi Arabia’s real estate sector has evolved from traditional urban development to become a key driver of both economic and social progress, with a strong focus on sustainability and innovation.
“We are at a crossroads where experience, innovation, and agility converge, turning dreams into reality. Our message to investors and innovators is clear — that the Kingdom is not just a place inclusive to project,” he said.
The minister also said that over the past several years, more than 20 key real estate regulations have been introduced by the General Authority for Real Estate, enhancing market transparency, attractiveness, and authenticity.
“These regulations have positioned the Saudi real estate market as one of the fastest-growing sectors globally, as highlighted in the 2024 Global Real Estate Transparency Index report,” Al-Hogail said.
Abdullah Al-Hammad, CEO of the Real Estate General Authority, said that the real estate sector’s contribution to the gross domestic product reached 12 percent, reflecting its growing importance in the national economy.
“The real estate sector achieved the highest participation rate in the labor market, with 25 percent of the participants in the social insurance system,” Al-Hammad said, emphasizing the sector’s role in employment generation and economic diversification.
He also said that more than 1130 licenses for foreign real estate investments were issued during the third quarter of 2024, demonstrating increased international interest in the Saudi market.
The first day of the event included announcements including the National Housing Company launching its new technology-focused company, NHC Innovation, to provide innovative real estate and municipal solutions and develop new technologies that meet market aspirations.
Announced by the CEO of NHC Mohammed bin Saleh Al-Buty, the new company will serve as an innovative technological arm, utilizing the latest technologies and best practices to develop solutions that contribute to sustainable growth.
The strategic expansion represents a significant move toward delivering technological solutions that meet market ambitions and enhance excellence and competitiveness in the real estate and municipal sectors.
NHC Innovation is set to develop and operate more than 400 services across 10 digital real estate platforms, serving over 19 million users.
These platforms include Sakani, Balady, Ejar, Forsah, and others, offering smart and advanced solutions to enable digital transformation in the real estate and municipal sectors.
The company focuses on providing innovative services that cater to evolving market needs while emphasizing sustainability and technological advancement.
This aligns with the objectives of Saudi Arabia’s digital transformation strategy, positioning the Kingdom as a global hub that supports competitiveness in the technology sector.
The minister of municipalities and housing, the minister of industry and mineral resources, and the CEO of NHC participated in the signing ceremonies of agreements between the company and government entities and the private sector, with a total value of approximately SR30 billion.
One of the agreements is a memorandum of understanding signed between Asir Region Municipality and AMEK Group in tourism creation and adventures for up to SR600 million.
The Ministry of Industry and Mineral Resources also signed an MoU to collaborate on supply chains and industrial link programs to support and lead local content in the real estate development sector
King Abdulaziz City for Science and Technology also signed an MoU, in cooperation with Al Saif Company which focuses on collaboration in developing construction and building using off-site construction technologies.
The NHC signed supply chain service agreements with several real estate development companies to enhance the success of real estate development projects and ensure the sustainability of quality and efficiency.
The company also signed an open purchase agreement with Zamil Air Conditioners Factory and Alfanar Construction Systems, to secure supply chains for air conditioning works, and ensure a steady supply for construction needs.
The Kingdom’s Vision 2030 reforms have positioned the country as a leader in real estate development, combining innovation, sustainability, and economic growth.
