BEIRUT: Daesh and the Syrian regime continued to play cat and mouse in the historic Syrian city of Palmyra on Thursday as President Bashar Assad’s forces claimed they had completed the recapture of the city with the help of Russian air power.
The oasis city has traded hands several times during Syria’s six-year civil war and become a symbol of Daesh’s wanton destruction of priceless cultural heritage in areas under its control.
Bolstered by airstrikes and ground troops from their ally Moscow, Syrian forces battled through the desert for weeks to reach Palmyra.
Russian Defense Minister Sergei Shoigu informed President Vladimir Putin of Palmyra’s recapture, a Kremlin spokesman told news agencies in Moscow.
The Syrian Observatory for Human Rights, a British-based monitoring group, said the terrorists had withdrawn from the desert city but not before mining several areas.
“The Syrian Army is still clearing neighborhoods of mines and has not spread out into the whole city yet,” said its director, Rami Abdel Rahman.
Meanwhile, a senior member of the main Syrian opposition said the prospects for progress after a week of peace talks in Geneva were “very dim.”
“We are convinced that there is no military solution, we are going for a political solution,” Basma Kodmani, a negotiator for the High Negotiations Committee (HNC), told a side event in Geneva.
“But there is no prospect as you can tell from the end of this second week or 10 days of talks here in Geneva. The prospects are very dim.”
Russia accused the HNC of “sabotaging” sputtering talks and questioned their ability to reach a deal.
“The results of the first days of the intra-Syrian dialogues, as before, raise questions over the ability of the Syrian opposition representatives to reach a deal,” Russian Foreign Ministry spokeswoman Maria Zakharova said.
Syrian regime negotiator Bashar Al-Jaafari accused the opposition of holding talks hostage because of their reported refusal to unify under one opposition delegation and include terrorism on agenda.
“Counter-terrorism operations will continue until the last inch of territory from our country is retaken from the foreign terrorists who are wreaking havoc,” Al-Jaafari said.
The lead negotiator said he hoped US President Donald Trump would correct the “catastrophic” errors of his predecessor Barack Obama to become a reliable partner against “devilish” Iran.
“The people in Syria paid a high price because of the catastrophic mistakes made by the Obama administration,” Nasr Al-Hariri told reporters in a briefing after meeting UN mediator Staffan de Mistura.
“Obama lied and he did not keep any of the promises he made for the Syrian people. He drew red lines that he erased himself, he kept silent on crimes committed by Bashar Assad.”
Hariri said: “We reiterated the devilish role that Iran is playing through hundreds of thousands of fighters on the Syrian soil.”
Trump’s administration has so far done little to suggest it is willing to engage in finding a political solution for Syria.
“Their policy is still unknown,” said a Western diplomat at the talks. “They are almost not here.”
While Western envoys were coordinating with the Syrian opposition in Geneva, the US envoy kept his head down and left after a few days to deal with other issues.
“The US is not a direct participant in the UN-led talks,” a spokesperson for the US Mission in Geneva said. “The US remains committed to any process that can result in a political resolution to the Syrian crisis.”
When asked during a White House briefing this week about the talks, spokesman Sean Spicer gave no clear answer on how Washington saw the process or Assad’s role.
Hariri said the opposition had common ground with Trump because both wanted to fight terrorism and curtail Iranian influence. Washington, he said, should support the opposition.
Separately, Al-Qaeda confirmed that a US-led coalition drone strike had killed senior leader Abu Al-Khayr Al-Masri in Syria.
A statement issued by the militant group’s Maghreb and Arabian Peninsula branches said he died in a “treacherous” drone strike it described as a “new crime by America and the crusader coalition.”
Cat-and-mouse game over Syria’s Palmyra continues
Cat-and-mouse game over Syria’s Palmyra continues
Saudi Arabia a ‘pivotal force’ in reshaping world football and sport, says US expert
- Kristian Coates Ulrichsen speaking to SPA following release of his new book “Kingdom of Football: Saudi Arabia and the Remaking of World Soccer”
LONDON: Saudi Arabia is playing a central role in transforming global football and wider sport, according to Middle East expert Kristian Coates Ulrichsen of the Baker Institute for Public Policy at Rice University.
Speaking to the Saudi Press Agency following the release of his new book “Kingdom of Football: Saudi Arabia and the Remaking of World Soccer,” Ulrichsen said the Kingdom’s rise in global sport is “not a temporary shift but a broad transformation with political, economic, social, and cultural dimensions.”
He continued: “The Kingdom has undergone profound changes and has quickly and decisively entered the global sports arena through club acquisitions, sponsorship of major tournaments, and hosting high-profile events, notably the upcoming FIFA World Cup 2034.”
Ulrichsen noted the country’s long footballing heritage, with top-tier clubs approaching their centenary milestones and the national team having reached five consecutive AFC Asian Cup finals.
He also highlighted Saudi clubs’ strong record in continental competitions since the early 2000s.
In the book, he stresses that sport, entertainment, and tourism form “integral pillars of Vision 2030 and (are) essential to positioning Saudi Arabia as a global destination” in the coming years.
“Saudi Arabia’s engagement with sports has generated global impact across football, boxing, Formula 1, and even cricket, tennis, and e-sports,” he added.
“These sectors are expected to dominate international discussions throughout the next decade leading up to 2034.”
Pakistan’s top revenue-generating Sindh province unveils $12.4 billion budget with major tax cuts
- Sindh, home to commercial hub Karachi, wants to abolish five taxes to ease pressure on individuals, businesses
- Khyber Pakhtunkhwa, governed by jailed ex-PM Khan’s PTI, presents $7.63 billion budget for FY2025-26
KARACHI: Pakistan’s southern Sindh province on Friday proposed abolishing five taxes as it presented a Rs3.45 trillion ($12.41 billion) new budget for fiscal year 2025-26 to simplify taxation and alleviate financial pressure on people and small businesses.
Friday also saw Pakistan’s northwestern Khyber Pakhtunkhwa (KP) province announcing a surplus budget of Rs2,119 billion ($7.63 billion) for next year, without proposing any new taxes. The province allocated significant financial resources for the militancy-hit tribal districts and social welfare programs, according to the budget document.
SINDH
Sindh’s budget, which carries a deficit of Rs38.46 billion ($138.35 million), includes plans to eliminate professional tax, cotton fee and entertainment duty among other levies as part of broader reforms to support salaried individuals, small businesses, and cultural industries.
“I would like to share some important changes being planned to make our tax system simpler and to reduce the financial burden on both individuals and businesses,” Chief Minister Murad Ali Shah said while presenting the budget in the provincial assembly.
Sindh generates most of Pakistan’s revenues, more than 60 percent, and is the second most populous province ruled by Pakistan People’s Party of President Asif Ali Zardari, a coalition partner of Pakistan Muslim League-Nawaz party which leads the federal government.
Pakistan remains under a $7 billion International Monetary Fund (IMF) loan program approved last year and the Washington-based lender wants Islamabad to broaden its tax base by taxing incomes from agriculture, retail and real estate sectors at the provincial level.
The two provinces announced their new fiscal plans days after Pakistan’s federal government announced its FY26 budget targeting 4.2 percent economic growth, while aiming to arrest fiscal deficit at 3.9 percent of the GDP.
In Sindh, the province’s total revenue receipts are projected at Rs3.41 trillion ($12.27 billion) for FY2025-26, up 11.6 percent from the current fiscal year ending June. Transfers from the federal divisible pool, which account for 75 percent of revenue, are expected to rise 10.2 percent to Rs1.93 trillion ($6.94 billion). With additional grants and straight transfers, total federal receipts are estimated at Rs2.10 trillion ($7.55 billion).
Current Revenue Expenditure (CRE) has been set at Rs2.15 trillion ($7.73 billion), a 12.4 percent increase from the prior year, driven by higher salaries, pensions, and grants to non-financial institutions.
Allocations for key sectors have seen marked increases. The education budget has risen to Rs523.73 billion ($1.88 billion) – a 12.4 percent hike – with major investments in primary and secondary education. New initiatives include hiring 4,400 staff, opening four community colleges, and funding for 34,100 primary schools through cost centers.
The health sector will receive Rs326.5 billion ($1.17 billion), up 8 percent, including Rs19 billion ($68.35 million) for the Sindh Institute of Urology & Transplantation (SIUT) and Rs10 billion ($35.97 million) for a new hospital in Larkana.
Enhanced ambulance and mobile diagnostic services are also planned.
Grants-in-aid total Rs702 billion ($2.53 billion), reflecting allocations for hospitals, universities, and development bodies. A Rs520 billion ($1.87 billion) Annual Development Program (ADP) focuses on 475 new schemes targeting flood recovery, renewable energy, and underserved regions.
Karachi, the provincial capital of Sindh, will see major upgrades in transport and infrastructure. Fifty electric buses will launch this year, with 100 more expected by August. Bus Rapid Transit (BRT) Yellow Line is nearing completion, and the Red Line has passed the halfway mark.
The Karachi Safe City initiative will expand CCTV coverage using artificial intelligence, while blockchain-based land records, a KPI monitoring dashboard, and digital birth registration aim to enhance governance.
In rural areas, Rs20 billion ($71.95 million) has been allocated for pro-poor initiatives, while the new Benazir Hari Card will support 200,000 farmers. The Sindh Cooperative Bank is being explored to provide interest-free loans to progressive farmers.
KHYBER PAKHTUNKHWA
Presenting the new budget, Khyber Pakhtunkhwa’s Finance Minister Aftab Alam said the province achieved a Rs100 billion ($359.71 million) surplus in the outgoing fiscal year despite receiving Rs90 billion ($323.74 million) less in funds from the federal government.
The province is ruled by jailed former Prime Minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party, which is in opposition at the federal level.
“Against all odds and skepticism, we not only met our budget targets but also ensured timely debt repayments of Rs49 billion [$176.26 million],” Alam said.
He added that KP’s own non-tax revenues rose by 74 percent this year, while the KP Revenue Authority collected Rs41.37 billion ($148.79 million) in the first 10 months of the outgoing fiscal year.
The province has set a tax revenue target of Rs83.5 billion ($300 million) and a non-tax revenue target of Rs45.5 billion ($163.71 million) for the next fiscal year, aiming to widen the tax net rather than impose new levies.
Federal transfers, including Rs1,147.91 billion ($4.13 billion) from tax revenues and Rs58.15 billion ($209.17 million) in oil windfall levy, are expected to form the bulk of receipts.
The tribal districts are set to receive Rs292.34 billion ($1.05 billion), including Rs50 billion ($179.85 million) under an accelerated implementation program and Rs39 billion ($140.28 million) for development.
Key initiatives include the expansion of the Sehat Card Plus with life insurance coverage, recruitment of 16,000 teachers, and establishment of new degree colleges.
The province’s police force will receive Rs693.7 million ($2.49 million) for modern arms and Rs1.22 billion ($4.39 million) for vehicles.
IFC to provide $400 million loan for Pakistan’s copper-gold Reko Diq mine
- The loan adds to a $300 million commitment announced in April, bringing the total to $700 million
- Reko Diq, one of the largest undeveloped copper-gold deposits, is being developed by Barrick Gold
ISLAMABAD: The International Finance Corporation will provide a $400 million subordinated loan for Pakistan’s Reko Diq copper-gold mine, according to an IFC disclosure on Friday.
The loan adds to a $300 million commitment announced in April, bringing IFC’s total financing for the project to $700 million. The estimated cost of the mine is $6.6 billion, to be funded through a mix of debt and equity from a consortium of lenders.
“The estimated total Project cost is $6.6bn, and it will be financed using a combination of debt and equity,” the disclosure said, adding that other parallel lenders will provide the remaining debt financing.
This type of loan, known as subordinated debt, is typically repaid after other senior loans and helps absorb more risk, making it easier for other lenders to invest.
Other financiers, including the US EXIM Bank, Asian Development Bank, Export Development Canada, and Japan’s JBIC, are also expected to join the financing package, project director Tim Cribb told Reuters in April.
Term sheets are expected to close by early in the third quarter. IFC chief Makhtar Diop said earlier this year that the institution was “doubling down” on Pakistan, with a focus on infrastructure, energy and natural resources.
Reko Diq, located in Balochistan, is one of the world’s largest undeveloped copper-gold deposits. It is being developed by Barrick Gold, which holds 50 percent, with the remainder split between Pakistan’s federal and provincial governments.
Production is expected to begin in 2028. Barrick has projected the mine will generate up to $74 billion in free cash flow over its estimated 37-year life.
Saudi Arabia takes leading role in Helsinki ICRC donor summit
- The Kingdom’s delegation took part in various discussions, led by its deputy ambassador to Finland, Faisal Al-Shehri
RIYADH: Saudi Arabia has joined the International Committee of the Red Cross donor support group during a high-level summit in Helsinki, while simultaneously taking charge of a global peace-building initiative.
The Kingdom’s delegation took part in various discussions, led by its deputy ambassador to Finland, Faisal Al-Shehri, and Geneva-based humanitarian affairs chief at Saudi Arabia’s Permanent Mission to the United Nations, Shatha Al-Ahmadi.
ICRC president Mirjana Spoljaric highlighted Saudi Arabia’s status within the humanitarian community, describing the Kingdom as “not only a donor state, but a trusted and vital political partner for the International Committee of the Red Cross.”
Spoljaric specifically commended Saudi Arabia’s significant contributions to the global initiative designed to strengthen political commitment to international humanitarian law, positioning the Kingdom as a key driver of humanitarian policy development.
The Saudi delegation expressed appreciation to both the ICRC and Finnish government for organizing the summit, saying the Kingdom’s membership reflected its commitment to humanitarian work: “Our participation reflects an unwavering dedication to humanitarian action, rooted in our firm belief in the international community’s collective duty to assist conflict victims and deliver humanitarian aid.”
The delegation emphasized its full recognition of the ICRC’s unique mandate and exceptional position among humanitarian organizations, reaffirming Saudi support for maintaining its independence and neutrality.
The Kingdom has assumed leadership of the global initiative’s third operational track, which addresses the intersection of international humanitarian law and peace-building efforts.
Saudi delegates stressed the need for peaceful conflict resolution, political dialogue enhancement and diplomatic engagement between nations to foster mutual respect and create pathways toward lasting reconciliation and sustainable peace building.
The summit concluded with a ceremonial leadership transfer from Finland to the UK within the donor group structure.
Saudi representatives congratulated their British counterparts, expressing their enthusiasm for enhanced collaboration with the incoming leadership and all international partners to advance multilateral humanitarian system development.
Pakistan stocks drop over 1,900 points amid Israel-Iran tensions
- Analysts cite fears of broader regional escalation following Israeli strikes on Iran
- Israel struck Iran, claiming Tehran was “close” to developing a nuclear weapon
KARACHI: The Pakistan Stock Exchange (PSX) plunged more than 1,900 points on Friday, as investor sentiment soured following Israel’s strikes on Iran, triggering fears of wider regional escalation.
The benchmark KSE-100 index fell 1,949.56 points, or 1.57 percent, closing at 122,143.56, down from the previous close of 124,093.12.
Shares traded largely in the red, mirroring losses across regional and global markets after the Israeli attacks shook investor confidence, according to a market review by Pakistani brokerage Topline Securities.
“Geopolitical tensions after Israel’s attack in Iran weighed down on world equities, including the KSE100,” Raza Jafri, Head of Intermarket Securities, told Arab News. “In particular, if a geopolitical risk premium gets added to international oil prices on a prolonged basis, it could negatively affect the outlook for the current account deficit and inflation, given more than 25 percent of Pakistan’s import bill comprises of petroleum products.”
He noted that Pakistan was now “much more disciplined” economically, having avoided fuel subsidies and refrained from using foreign exchange reserves to support the currency. This, he said, would help the country better withstand a potential oil price shock than in the past.
Ahsan Mehanti, Chief Executive of Arif Habib Commodities Ltd, said stocks declined across the board in response to the strikes.
“Slump in global equities on geopolitical risks and weakening rupee played catalyst role in panic selling at PSX,” he said.
Israel launched strikes on Iran earlier on Friday, claiming Tehran was “very close” to developing a nuclear weapon. The attacks reportedly targeted nuclear facilities, scientists, and senior military commanders.
