BANGKOK: Several hundred Buddhist nationalists, including monks, rallied in Myanmar’s largest city on Wednesday to urge stronger action against insurgents from the Muslim Rohingya minority for attacks on police last week.
The attacks in Rakhine state in western Myanmar have spiraled into chaotic violence, with more than 100 dead and villages torched.
At least 18,000 Rohingya have fled the violence and crossed into Bangladesh in less than a week, with hundreds stranded in a no man’s land at the countries’ border, the International Organization for Migration said Wednesday.
The army, responding to last Thursday’s attacks, launched what it called clearance operations against the insurgents, but advocates for the Rohingya say they are attacking and burning Rohingya villages, shooting civilians and causing others to flee.
The government blames Rohingya insurgents and their sympathizers for the continuing violence. Government figures put the death toll since last week at a minimum of 103, including 12 members of security forces, 77 people described as insurgents and 14 civilians. There were reports of additional deaths Wednesday.
Rohingya advocates fear the death toll for civilians is much higher.
Most of Myanmar’s estimated 1 million Rohingya live in northern Rakhine state. They face severe persecution in the Buddhist-majority country, which refuses to recognize them as a legitimate native ethnic minority, leaving them without citizenship and basic rights.
Longstanding tension between the Rohingya Muslims and ethnic Rakhine Buddhists erupted in bloody rioting in 2012. That set off a surge of anti-Muslim feeling throughout the country.
Wirathu, a Buddhist monk and leader of the anti-Muslim movement who is known for virulent sermons, told Wednesday’s protesters in Yangon that only the military can control the situation in northern Rakhine.
He criticized the civilian government of Aung San Suu Kyi for not responding quickly to the army’s call Tuesday for a meeting of the National Security and Defense Council, which could declare a state of emergency in Rakhine and give the military absolute authority to enforce it. The military holds a majority on the council, which was created by the 2008 military-drafted constitution.
“Only the military’s commander in chief can protect the lives and the properties of the people,” Wirathu said. “The military is the only one that can give a lesson to tame the Bengali terrorists.” Myanmar nationalists use the term Bengali for Rohingya because of a belief they migrated illegally from Bangladesh, even though many families have been in Myanmar for generations.
Wirathu also denounced international aid groups that the government has accused, without evidence, of giving assistance to the Rohingya insurgents. The allegations have circulated widely on social media.
The Information Ministry said Wednesday that 45 homemade bombs were detonated and seven villages, one security post and two neighborhoods in the township of Maungdaw were burned down on Sunday and Monday.
Maungdaw, in the northern part of Rakhine state, is a center of the violence, though villages over a much wider area were also hit.
Sanjukta Sahany, a spokeswoman for the International Organization for Migration in Cox’s Bazar, Bangladesh, on the border with Myanmar, said the Rohingya crisis was not just an issue between Myanmar and Bangladesh but of international concern.
Ali Hossain, Cox’s Bazar district’s top government official, told The Associated Press that its resources were under huge stress after some 87,000 Rohingya entered Bangladesh since October last year and another 18,000 since last Friday.
The UN refugee organization on Tuesday urged Bangladesh to continue to allow Rohingya fleeing violence to seek safety. It said it was ready to help Bangladesh with assistance for the refugees.
Bangladesh Prime Minister Sheikh Hasina asked the United States on Wednesday to pressure Myanmar so its government would stop pushing Rohingya toward Bangladesh, her spokesman said.
Hasina made the request during talks with Alice Wells, US acting assistant secretary of state for South and Central Asia, said Ihsanul Karim, Hasina’s press secretary.
The insurgent raids last Thursday were deadlier than an attack by the militants on three border posts last October that killed nine policemen and set off months of brutal counterinsurgency operations against Rohingya communities. Human rights groups accused the army of carrying out massive abuses, including killing, rape and burning down more than 1,000 homes and other buildings.
Myanmar Buddhists seek tougher action against Rohingya
Myanmar Buddhists seek tougher action against Rohingya
GCC, Canada discuss strengthening ties across key sectors
RIYADH: The Gulf Cooperation Council and Canada have reaffirmed their commitment to strengthening international development and investment ties following high-level talks between officials.
On Jan. 6, GCC Secretary General Jasem Al-Budaiwi met with Canadian Minister of International Development Ahmed Hussen to discuss improving bilateral cooperation.
According to a statement from the GCC Secretariat, the talks explored opportunities to deepen alliances between the economic bloc and the North American country, including education and renewable energy.
Within the GCC, countries including Saudi Arabia are actively deepening their relations with Canada, as demonstrated by the restoration of diplomatic ties in May 2023 after a five-year hiatus.
The statement from the GCC Secretariat added that the Jan. 6 discussions also addressed pressing regional and international issues, highlighting the significance of dialogue and strategic partnerships in fostering security and global stability.
“At the conclusion of the meeting, both sides reaffirmed the significance of joint cooperation to enhance sustainable development efforts at both regional and global levels, contributing to greater stability in the region and beyond,” the statement said.
At the end of December, Saudi Arabia’s Minister of Economy and Planning Faisal Al-Ibrahim held talks with Canadian Ambassador Jean-Philippe Linteau at his department’s headquarters in Riyadh, according to the Saudi Press Agency.
Economic cooperation was the focus the meeting as relations between the nations continue to progress.
Bahrain’s non-oil sector fuels 2.1% economic growth
RIYADH: Bahrain’s economy expanded by 2.1 percent year on year in the third quarter of 2024, driven by strong performance in its non-oil sectors, official data showed.
According to data from the Ministry of Finance and National Economy, non-oil sectors grew 3.9 percent during the period, accounting for 86.4 percent of real gross domestic product.
Key contributors included the information and communication sector, which surged 11.9 percent year on year, supported by increased mobile and broadband subscriptions.
Bahrain’s third-quarter growth mirrors positive trends across the Gulf Cooperation Council, with Saudi Arabia’s GDP rising 2.8 percent and Qatar’s advancing 2 percent, driven by ongoing economic diversification.
Despite these gains, Bahrain’s economy faced challenges in the oil sector, where activities contracted by 8.1 percent year on year, contributing to a 0.9 percent decline in nominal GDP.
However, non-oil sectors fared well, with the country’s financial and insurance activities performing strongly, growing by 5.8 percent, while electronic funds transfers increased by 13.7 percent year-on-year.
Manufacturing expanded by 4.2 percent, aided by higher production at the Bapco Refinery, while wholesale and retail trade grew by 2.1 percent, bolstered by a significant rise in e-commerce transactions.
In contrast, the oil sector faced headwinds due to maintenance activities at the Abu Sa’afa field and declining global oil prices. This resulted in a year-on-year contraction of oil activities by 8.1 percent in real terms, while average daily oil production from the Abu Sa’afa field fell by 11.5 percent year on year.
Trade and investment activities also presented mixed results. The current account surplus narrowed by 54.5 percent year on year to 148.6 million Bahraini dinars ($394.2 million), largely due to a 19.2 percent decline in the value of oil exports.
Non-oil exports, however, saw modest growth of 1.1 percent, with base metals and mineral products leading the category. Foreign direct investment stock increased by 3.5 percent year on year, reaching 16.5 billion dinars. The financial and insurance sector remained the dominant contributor, accounting for 67.3 percent of the total foreign direct investments.
Development projects in various sectors continued to advance during the quarter. The Bapco Modernization Program, completed in December, increased refinery capacity by 42 percent, representing the largest capital investment in Bapco’s history.
In the tourism sector, four new five-star hotels and the “Hawar Resort by Mantis” were inaugurated, enhancing Bahrain’s hospitality offerings.
The healthcare sector saw the construction of a new rehabilitation center in Al Jasra, while the Aluminum Downstream Industries Zone was launched as part of Bahrain’s Industrial Strategy.
Monetary and financial indicators reflected positive trends. The broad money supply expanded by 6.1 percent year on year, supported by a 15.6 percent increase in government deposits.
Total loans provided by retail banks grew by 4.9 percent year on year, with personal loans comprising nearly half of the total. The labor market recorded a 1.7 percent increase in the number of Bahrainis employed in the public and private sectors, reaching 153,842.
Recruitment under the Economic Recovery Plan met 98 percent of its annual target for 2024, while over 13,679 Bahrainis received training.
Bahrain’s capital markets also performed well, with the Bahrain All Share Index closing the third quarter at 2,012.77 points, a year-on-year increase of 3.8 percent. The Bahrain Islamic Index recorded even stronger growth, rising by 10.1 percent. Market capitalization increased by 2.4 percent, reaching 7.8 billion dinars.
In global competitiveness rankings, Bahrain retained its position as the freest economy in the Arab world, ranking 34th globally in the Economic Freedom of the World report.
The nation also climbed eight places to rank 30th in the IMD World Digital Competitiveness Ranking, reflecting significant progress in adopting and leveraging digital technologies.
Inter Milan coach maintains optimism despite Italian Supercup loss
- Simone Inzaghi working to regain ‘focus’ as team look to the future
RIYADH: Inter Milan will focus on boosting morale for future games following defeat in the Italian Supercup, Simone Inzaghi, the club’s manager told Arab News on Monday.
AC Milan secured a 3-2 comeback victory over city rivals Inter Milan at Riyadh’s Alawwal Park on Monday.
Speaking at the post-match press conference, Inzaghi said: “We should work on motivating the players and the fans. Cheering them up and boosting their morale.
“Defeat is a hard feeling I know but we should work on regaining conscience and focus. We wanted to win the title, but it is what it is.”
Prior to the derby, Arab News interviewed devoted AC Milan fans.
Waleed Alahmed said: “Milan is going to win because of their new manager, (Sergio) Conceicao. I think his way of playing is very good and if (winger Rafael) Leao is there, Milan is going to win.”
After just one week at the helm, Conceicao has now earned his first trophy.
The hosting of the 37th Italian Supercup aligns with Saudi Arabia’s Quality of Life program and the objectives of Saudi Vision 2030. It is a part of the country’s plan to continue hosting major global sporting events.
The Ministry of Sports organized the event, which was hosted by the Kingdom for the fifth time.
Riyad Bank issues SR-denominated Tier 1 sukuk
RIYADH: Riyad Bank has commenced the issuance of its additional Tier 1 sukuk under its SR10 billion ($2.66 billion) Additional Tier 1 Capital Sukuk Program via a private placement in the Kingdom.
In a statement to Tadawul, the lender, one of the largest financial institutions in Saudi Arabia, said that the terms of the offer and the value of the sukuk would be determined based on market conditions.
The financial institution added that the offering, which commenced on Jan. 7, will run through Jan. 16, with a minimum subscription limit of SR250,000.
Sukuk, also known as an Islamic bond, is a Shariah-compliant debt product through which investors gain partial ownership of an issuer’s assets until maturity.
According to the statement, the bank has mandated Riyad Capital as the sole lead manager in relation to the offer and issuance of the sukuk.
The financial institution added that it will announce any other relevant material developments in due course.
The steady issuance of sukuk happening in the Kingdom falls in line with the views shared by Fitch Ratings in a report in October, which said that the distribution of these Islamic bonds is expected to grow in 2025, driven by US Federal Reserve rate cuts.
According to Fitch, interest rates are expected to be at 3.5 percent in 2025, resulting in a boost in sukuk issuances in the short term.
In December, Fitch Ratings affirmed Riyad Bank’s long-term issuer default rating at A- with a stable outlook.
The US-based agency said that the A- rating of the financial institution is attributed to the support it receives from Saudi Arabia’s government.
The report added that Saudi authorities’ strong ability and willingness to support domestic banks irrespective of size, franchise, funding structure, and level of government ownership also played a crucial role in the strong rating of Riyad Bank.
According to Fitch, an A- rating denotes expectations of low default risk and a strong ability to pay financial commitments.
In October, Riyad Bank announced that its net profit for the first nine months of 2024 reached SR7.06 billion, representing a rise of 16 percent compared to the same period of the previous year.
In December, an analysis by Kamco Invest projected that Saudi Arabia is expected to witness the greatest share of bond and sukuk maturities in the Gulf Cooperation Council region from 2025 to 2029 to reach $168 billion.
Pakistan PM says UAE has agreed to extend $2 billion debt due this month
- Shehbaz Sharif met UAE President Sheikh Mohamed bin Zayed Al-Nahyan in southern Punjab on Sunday
- UAE is Pakistan’s third-largest trading partner and a major source of foreign investment for Islamabad
ISLAMABAD: Prime Minister Shehbaz Sharif told the federal cabinet on Tuesday that the United Arab Emirates (UAE) has agreed to roll over $2 billion in debt for Pakistan due this month, days after he held a one-on-one meeting with the Gulf country’s President Sheikh Mohamed bin Zayed Al-Nahyan.
Sharif met the UAE president in Pakistan’s Rahim Yar Khan city on Sunday where they discussed a wide range of issues such as economic collaboration, regional stability, climate change, and the promotion of mutual interests on the global stage, Sharif’s office had said.
The UAE has rolled over its $2 billion deposits with Pakistan’s central bank since 2023, helping the South Asian country shore up its foreign exchange reserves, strengthen its currency and secure financial bailouts from the International Monetary Fund (IMF).
Speaking to members of his cabinet, Sharif told them that during his one-on-one meeting with the UAE president, Al-Nayhan told him that Pakistan’s payment of the $2 billion loan was due in January.
“So, he said we [UAE] are happy that we are extending it,” Sharif said. “He proposed it himself and I thanked him.”
The Pakistani premier said he had requested Deputy Prime Minister Ishaq Dar to proceed with the UAE in this regard so that Islamabad can “take forward our matters related to investment with them.”
He said the UAE president had also spoken to him about enhancing bilateral ties and investment-related matters between the two countries.
The UAE is Pakistan’s third-largest trading partner after China and the United States (US), and a major source of foreign investment, valued at over $10 billion in the last 20 years, according to the UAE foreign ministry.
It is also home to more than a million Pakistani expatriates. Policymakers in Pakistan consider the UAE an optimal export destination due to its geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions.
In January last year, Pakistan and the UAE signed multiple agreements worth more than $3 billion for cooperation in railways, economic zones and infrastructure, a Pakistani official said, amid Pakistani caretaker prime minister Anwaar-ul-Haq Kakar’s visit to Davos, Switzerland to attend 54th summit of the World Economic Forum (WEF).
