Basil Al-Ghalayini, CEO of BMG Financial Group, has confirmed that BMG will host the first major international business conference focused on Saudi Arabia’s Vision 2030 — the brainchild of Crown Prince Mohammed bin Salman — at Cambridge University in the UK on Sunday and Monday.
Al-Ghalayini said: “BMG’s annual business forum provides a platform for business leaders to interact on matters related to exploring Saudi Vision 2030, and the opportunities it holds for UK businesses including: key high growth sectors in the Saudi economy, conversion and listing family businesses via the newly launched Nomu market, and wealth creation advice.”
This conference forms part of BMG’s summer retreat which commences with a concert on Sunday evening, in Cambridge, UK.
The concert, in aid of Syria Relief, aims to bridge East and West through music. In the historic surrounds of King’s College chapel, Riyad Nicolas will perform both eastern and western classical music.
The retreat is rounded off with a friendly polo match between Saudi and British teams captained by Prince William. The BMG GCC Polo Cup was born of a conversation between Prince Charles and Al-Ghalayini in the 90s. On realizing a need for more cultural and sporting interaction between Saudi Arabia and the United Kingdom, Al-Ghalayini took it upon himself to create a platform on which this could take place, whilst simultaneously supporting noble causes.
Underlying the whole event is charitable giving. As well as Syria Relief and Prince William’s charities, the summer retreat supports BMG Foundation’s key charitable initiatives — BMG Foundation’s safe driving, water conservation and health awareness campaigns.
BMG Foundation has been bridging East and West through sport, music and art for over 20 years. In a world that constantly reminds us of our differences and what sets us apart, the vision of BMG Foundation is to transcend differences through the common language of culture.
BMG business forum to focus on Saudi Vision 2030
BMG business forum to focus on Saudi Vision 2030
Family of British aid worker killed by Israel slam UK govt ‘silence’
- James Kirby, 47, was killed last year alongside 6 other aid staff in Gaza
- ‘The government’s response has been nothing but empty apologies, which are, and will never be, sufficient’
London: The UK government has given “nothing but empty apologies” over Israel’s killing of a British aid worker in Gaza, the BBC reported his family as saying.
James Kirby, 47, was killed last April along with six other World Central Kitchen aid workers in an Israeli drone attack.
They were traveling in a convoy of marked vehicles, with the Israeli military having prior knowledge of their planned route. Three Britons, including Kirby, were killed in the attack.
The matter was raised in Parliament on Tuesday as MP Hamish Falconer told colleagues that he had met the victims’ families in November last year together with the foreign secretary.
Israel must “quickly and thoroughly conclude” its investigation into the attack, Falconer said, describing it as an “appalling tragedy,” and adding that the victims’ families “are determined to see justice.”
Yet the “lack of justice and accountability” has been as “equally devastating” as Kirby’s death, his cousin Louise Kirby said.
His family have been “met with silence” from the government “despite repeated calls for answers” over the killings, she added.
“It is disheartening to note that after all this time, we still have no concrete proof of accountability from any responsible party,” she said.
“The government’s response has been nothing but empty apologies, which are, and will never be, sufficient.”
The family thanked the Muslim community in Bristol for their “ongoing solidarity” and supporting them in “our quest for justice.” They also received letters of condolence from the king and queen, who they thanked.
A lack of British investigation into the drone attack has left the family “deeply concerned that breach of policy or laws” might have taken place, Louise Kirby said.
“We want justice for James and the truth to be known, no matter how difficult or uncomfortable that may be.”
Israel’s attack also killed Britons John Chapman, 57, and James Henderson, 33. Four others were killed: Australian Lalzawmi Frankcom, 43, American-Canadian Jacob Flickinger, 33, Polish national Damian Sobol, 35, and Palestinian Saifeddin Issam Ayad Abutaha, 25.
The Israeli Embassy in the UK last year attributed the attack to a “serious failure” that was “made due to mistaken identification.”
The Israel Defense Forces dismissed two officers and reprimanded three others over the attack.
Authorities foil drug trafficking across Kingdom
- Suspects arrested in multiple regions as authorities tighten grip on drug trade
Riyadh: Saudi authorities carried out multiple drug-related arrests across the Kingdom, the Saudi Press Agency reported on Thursday.
Border Guard land patrols in the Halat Ammar sector of the Tabuk region foiled the smuggling of 352,275 amphetamine pills.
In Asir’s Al-Raboah sector, authorities arrested two Ethiopians with 50 kg of qat, while another operation led to the arrest of four Ethiopians smuggling 120 kg of qat.
In Jazan’s Al-Dayer sector, an Ethiopian was caught with 155,400 regulated tablets, and another smuggling attempt involving 995 kg of qat was thwarted.
The General Directorate of Narcotics Control arrested a Pakistani resident in Riyadh with 6.5 kg of methamphetamine, locally known as shabu.
Two citizens were arrested in the Hail region with 16,132 amphetamine tablets and 7.5 kg of hashish.
Preliminary legal procedures were completed, and all seized items were transferred to the relevant bodies.
Authorities have urged the public to report drug smuggling or selling by calling 911 in Makkah, Riyadh and the Eastern Province, or 999 in other regions.
Reports can also be submitted, in strict confidence, to the General Directorate of Narcotics Control at 995 or via email at 995@gdnc.gov.sa.
Pakistan announces Rs7.41 per unit cut in power tariff for domestic consumers
- Shehbaz Sharif says his government has slashed power tariffs for industrial consumers by Rs7.59 per unit to boost exports
- Pakistan produces costly electricity due to high reliance on imported fossil fuels, inefficient energy mix, regulatory inefficiencies
KARACHI: Prime Minister Shehbaz Sharif announced a significant reduction in electricity tariffs for both domestic and industrial consumers on Thursday, saying that his administration has slashed them by Rs7.41 per unit for domestic consumers and Rs7.59 for industrial ones.
Pakistan produces expensive electricity due to a combination of factors including high reliance on imported fossil fuels, inefficient energy mix, substantial transmission and distribution losses and chronic issues like circular debt and regulatory inefficiencies.
Pakistan has sought to ease fiscal pressure aggressively in recent months by undertaking energy reforms that reduce tariffs and slash capacity payments to independent power producers (IPPs).
“I am here to give you a good news regarding Pakistan’s economy and how the promise made by PML-N leader [Nawaz Sharif] in the manifesto has been fulfilled,” Sharif said at a ceremony in Islamabad, announcing that the price of electricity has been slashed by the government by Rs7.41 per unit, bringing it down to Rs34 rupees per unit.
In June 2024, the prime minister noted that the electricity price for industrial consumers stood at Rs58.50 per unit which was then lowered to Rs47.19.
“Today, I am announcing an additional reduction of seven rupees and 59 paisas for the industrial sector,” Sharif said to loud applause from the attendees.
The Pakistani premier reflected on the economic challenges his government inherited, saying that the nation was in danger of being declared bankrupt and that the International Monetary Fund (IMF) was unwilling to cooperate with it at first.
“When we took power, there were discussions of bankruptcy, the IMF was not willing to listen, there was no money to run power plants and we were facing a very difficult situation to meet energy needs,” Sharif said.
“Meanwhile, those who had brought Pakistan to the brink of default were celebrating, thinking that nothing could save Pakistan from default,” he said, referring indirectly to former prime minister Imran Khan, his political rival.
The Pakistani prime minister stressed that his government could not continue providing power subsidies until its External Fund Facility (EFF) loan program with the IMF ended.
“We will have to make decisions like privatization and right-sizing because subsidies cannot be provided while the IMF loan exists,” he said.
“Due to the IMF loan, the nation loses 800 billion rupees annually. I believe that all politicians and institutions must work together to save 800 billion rupees,” he added.
Despite the challenges, Sharif expressed confidence in Pakistan’s economic course, noting the recovery and reduced pressure on the country’s fiscal situation.
He noted that Pakistan’s petroleum product prices are now among the lowest in the region.
“In the past year, the price of petrol has decreased by Rs38 per liter and even today, petroleum product prices in Pakistan are the lowest in the region,” the premier said.
Sharif discussed the government’s plans to increase revenues by 35 percent, acknowledging that this figure was lower than the IMF’s original expectations but still a “significant improvement” over Pakistan’s past performance.
“We are going to increase revenues by 35 percent, which is less than what was agreed with the IMF but much more than in previous years,” he said.
The prime minister also provided an update on Pakistan’s circular debt, saying it stood at Rs2,393 billion. He said the government plans to eliminate it completely within the next five years.
“We are moving toward a path of progress,” Sharif emphasized. “The journey is challenging but we have the strength and resolve to move forward without looking back.”
US Tariffs: Trump imposes 10% levies on GCC countries; Syria, Iraq hit hard
RIYADH: Gulf Cooperation Council nations will face a 10 percent US tariff under Donald Trump’s new trade policy, aimed at addressing what he called long-standing unfair practices.
While the GCC was spared the steepest penalties, other Arab nations were hit harder — with Syria and Iraq facing tariffs of 41 percent and 39 percent, respectively, followed by Libya at 31 percent, Algeria at 30 percent, Tunisia at 28 percent, and Jordan at 20 percent.
Egypt, Morocco, Lebanon, and Sudan received the same 10 percent baseline as the GCC, reflecting their relatively stable trade ties with the US, particularly in oil and petrochemical exports.
Hamza Dweik, head of trading at Saxo Bank, told Arab News: “Non-energy sectors in the GCC that are most vulnerable to the new tariffs include electronics, automobiles, construction, retail, and consumer goods.”
He added: “These industries rely heavily on imported goods, and the increased costs from tariffs could lead to higher prices for consumers and reduced competitiveness in the market.”
Dweik also cautioned that the region’s financial services sector may face challenges, as heightened global uncertainty could disrupt investment flows and impact regional financial markets.
Concerns have been raised that even a baseline tariff could have ripple effects across GCC supply chains, especially in metals, chemicals, and industrial sectors.
Dweik said that global retaliation or trade spillovers are a possibility and could indirectly affect the Gulf economies.
“The uncertainty in policy and potential for rapid changes weigh heavily on global markets, including those in the GCC. The region’s focus should be on diversifying trade relationships and strengthening ties with unaffected regions to mitigate potential losses,” he added.
Oil exempt from tariffs
In a notable relief for Gulf exporters, the White House has confirmed that oil and gas imports will be exempt from the new tariffs. The decision — which also applies to energy imports from Canada, Mexico, and Europe — is intended to avoid disrupting US energy markets and driving up fuel prices.
For the GCC, this exemption protects the region’s most critical export sector, as oil and gas account for over 60 percent of Saudi Arabia’s exports to the US and remain a key pillar of Gulf-US trade.
“Given the GCC’s reliance on oil exports, any global economic slowdown caused by trade tensions has the potential to negatively impact oil prices, putting extra strain on their economies,” said Dweik, adding: “The exemption helps mitigate some of these impacts, ensuring that the primary revenue stream for these countries remains relatively stable despite the broader trade disruptions.”
Tariffs have long been a cornerstone of Donald Trump’s economic strategy, rooted in his “America First” agenda to protect domestic industries and reduce trade deficits.
The president reignited this approach with sweeping new import duties, arguing that unfair trade practices have disadvantaged US workers for decades.
Countries hit hardest by the tariff hikes — including China, the EU, Australia, and Japan — have sharply criticized the move, with several already imposing retaliatory duties on US goods. The sweeping measures have raised alarms globally, fueling concerns over rising protectionism, supply chain disruptions, and the risk of a broader trade war.
While the GCC countries are not among the hardest hit, analysts have warned that the region’s exporters may still face rising costs, supply chain disruptions, and increased trade friction — particularly in sectors such as aluminum, petrochemicals, and industrial goods.
GCC indirect risk from US tariffs
According to a February analysis by S&P Global Market Intelligence, countries including Saudi Arabia and the UAE — which maintain fixed exchange rates to the US dollar — are particularly vulnerable to tighter monetary conditions, as the US Federal Reserve may keep interest rates elevated to contain inflationary pressures stemming from trade disruptions.
A stronger dollar could erode export competitiveness and weaken trade balances in these pegged economies. The report warns that sustained high US interest rates could also reduce portfolio inflows into emerging market debt, potentially triggering capital outflows and liquidity pressures — particularly in debt-stressed countries such as Egypt and Tunisia.
Although Egypt’s position has improved through Gulf investments and an International Monetary Fund program, a prolonged US rate tightening cycle could undermine this recovery.
Moreover, if oil prices fall amid global economic slowdowns, GCC oil exporters may be compelled to delay infrastructure spending, putting pressure on large-scale diversification programs.
Shipping giant Maersk has warned of the global ripple effects of the new US tariffs, cautioning that escalating trade tensions could disrupt supply chains and raise shipping costs worldwide.
For the GCC region, which relies heavily on maritime trade for both oil and non-oil exports, such disruptions pose a notable risk. While Gulf oil exports to the US remain exempt, sectors like aluminum, petrochemicals, and industrial goods could be indirectly impacted by slower global demand and rising freight costs.
Dweik noted that the GCC could potentially benefit from shifting global trade patterns — particularly if US tariffs remain focused on competitors in other regions.
Reaction of GCC equity market
Regional equity markets in the GCC largely declined following the tariffs announcement, according to data from Bloomberg.
Saudi Arabia’s main index, the Tadawul All-Share Index, fell by 72.78 points or 0.61 percent, while the parallel Nomu market dropped 0.77 percent at 12:20 p.m. Saudi time. The UAE saw the steepest declines, with the Abu Dhabi index sliding 2.86 percent and Dubai’s DFM index dropping 2.64 percent.
Oman’s Muscat Stock Exchange MSX 30 Index lost 0.76 percent, Bahrain Bourse All Share Index fell 0.50 percent, and Jordan’s Amman Stock Exchange General Index declined by 1.70 percent.
In contrast, Qatar emerged as an outlier, with all major indices showing positive movement. The Qatar Stock Exchange gained 0.46 percent, possibly reflecting investor confidence in the country’s diversified economic positioning and lower direct exposure to US trade policy risks.
While oil exports from the region remain exempt from the new tariffs, market sentiment appears to have been weighed down by concerns over indirect impacts on key sectors such as metals, manufacturing, and industrial goods. The reaction underscores growing investor sensitivity to escalating global trade tensions and their potential spillover effects on regional economies.
GCC actions to mitigate US tariff risks
Although the latest US tariffs primarily target China, Mexico, and Canada, GCC exporters cannot afford to remain passive. With the US explicitly tying its trade policy to national security and reviewing all global trade deals under a “Fair and Reciprocal Plan,” Gulf-based businesses face increased exposure.
According to PwC’s March trade advisory report, newly announced tariffs on aluminum and steel will apply across all countries — including the UAE, Bahrain, and Oman — overriding existing free trade agreements. The report also warns that duty drawbacks will no longer apply to these commodities, raising costs for GCC exporters and affecting competitiveness in the US market.
PwC recommended that GCC companies urgently evaluate their exposure by modeling cost impacts, revisiting trade classifications, and leveraging tools like free trade zones and customs optimization strategies.
Businesses should also strengthen trade compliance, invest in digital supply chain solutions, and explore market diversification to reduce US dependency.
As the global trade environment shifts toward more protectionist policies, the report concludes that a “wait-and-see” approach is no longer viable for the region.
OPEC+ to advance oil output hike plan, oil drops
LONDON/MOSCOW: Eight OPEC+ countries agreed on Thursday to advance their plan for oil output hikes by increasing oil output by 411,000 barrels per day in May, prompting oil prices to extend earlier losses.
“This comprises the increment originally planned for May in addition to two monthly increments,” OPEC said in a statement.
Oil, which was already down over 4 percent on US President Donald Trump’s announcement of tariffs on trading partners, extended declines after the OPEC statement, with Brent crude dropping over 5 percent toward $71 a barrel.
