BERN, Switzerland: Paris Saint-Germain president Nasser Al-Khelaifi, a Qatari soccer and television executive, was questioned Wednesday by Swiss investigators who say he bribed a FIFA official in a World Cup broadcasting rights deal.
Al-Khelaifi met Switzerland’s federal prosecutors two weeks after they revealed criminal proceedings against him. He denies wrongdoing and has not been charged.
The interview was expected to last several hours because of issues with translation and “lots of questions” to be asked, said Andre Marty, the spokesman for the Swiss attorney general’s office.
“The world of football needs to be patient for the results of this first interrogation,” Marty said outside the federal building.
As CEO of beIN Media Group — formerly Al Jazeera Sports — Al-Khelaifi secured TV rights for four World Cups, including the 2022 tournament in Qatar, across the Middle East and North Africa.
Al-Khelaifi and former FIFA Secretary-General Jerome Valcke are suspected of bribery, fraud, criminal mismanagement and document forgery linked to a 2026-2030 rights deal.
Key to the allegation is a luxury villa on the island of Sardinia that was seized two weeks ago.
Italian financial police say Al-Khelaifi allowed Valcke to use the property in Porto Cervo, which was valued at €7 million ($8.3 million). Italian police said the villa is officially owned by an international real estate company, and they questioned
eight people.
Properties were searched on Oct. 12 in France, Greece, Italy, and Spain, including beIN’s offices in Paris, while Valcke was questioned in Switzerland. He is already the subject of a separate Swiss criminal proceeding in a sprawling probe of suspected corruption linked to FIFA, international
soccer leaders and World Cup
hosting bids.
Al-Khelaifi’s case is one of the most direct links to Qatar announced by federal law enforcement agencies in Switzerland, the US, and France, who are cooperating on separate but linked investigations.
The 43-year-old Al-Khelaifi is a close friend of Qatar’s Sheikh Tamim bin Hamad Al-Thani. He was appointed to run PSG when it was bought by a Qatar sovereign wealth fund within months of FIFA picking Qatar as a World Cup host in December 2010.
PSG is not publicly implicated in the Swiss case.
Al-Khelaifi risks an interim ban from soccer duty by the FIFA ethics committee while investigations continue. FIFA has said its ethics investigators are making preliminary inquiries though no formal case has
been opened.
— AP
Qatari executive meets investigators in FIFA bribery case
Qatari executive meets investigators in FIFA bribery case
PepsiCo opens regional headquarters in Riyadh, unveils $8m R&D center
RIYADH: Global beverage giant PepsiCo has opened its new Middle East regional headquarters in Riyadh’s King Abdullah Financial District, reinforcing the company’s long-term commitment to the region.
Spanning 2,800 sq. m, the state-of-the-art facility will accommodate more than 150 employees and serve as a central hub for PepsiCo’s operations across the Middle East.
“Our new RHQ in Riyadh signals our firm and long-term commitment to this region’s future and its people – through job creation, agricultural partnerships, social impact and environmental stewardship,” said Ahmed El-Sheikh, president and general manager for Middle East, North Africa, and Pakistan Foods.
The inauguration ceremony drew attendance from top PepsiCo executives, including Chairman and CEO Ramon Laguarta, alongside senior Saudi officials and business leaders.
As part of its regional growth strategy, PepsiCo also announced plans to launch a new research and development center in the Kingdom, with an investment of SR30 million ($7.99 million). The R&D hub will focus on innovation in product development and packaging tailored to regional preferences.
The facility will feature a culinary lab and an immersive sensory studio designed to refine products in alignment with local consumer tastes.
In addition to serving as a business and innovation center, the Riyadh headquarters will also house PepsiCo’s flagship social impact programs, including Tamakani and MENA Innovates, both aimed at empowering youth and fostering sustainable innovation.
PepsiCo has invested over SR9 billion in Saudi Arabia over the past eight years. In 2023 alone, the company allocated SR199 million to expand its Dammam manufacturing facility.
Today, PepsiCo operates across 86 locations in the Kingdom and employs nearly 9,000 people through direct operations and its franchise network.
Closing Bell: Saudi indices end day in the red
RIYADH: Saudi Arabia’s stock market closed lower on Monday, with the Tadawul All Share Index falling 77.94 points, or 0.67 percent, to end the session at 11,548.66.
Total trading turnover stood at SR3.5 billion ($953.3 million), as 45 stocks advanced while 195 declined.
The Kingdom’s parallel market, Nomu, also closed in the red, shedding 340.41 points, or 1.17 percent, to finish at 28,637.78.
Of the listed stocks, 29 rose while 44 declined. The MSCI Tadawul Index dipped by 8.02 points, or 0.54 percent, closing at 1,466.51.
Alistithmar Capital REIT was the session’s top performer on the main index, jumping 9.92 percent to close at SR7.98.
Saudi Printing and Packaging Co. followed closely, gaining 9.86 percent to reach SR12.70. Nice One Beauty Digital Marketing Co. also saw notable gains, rising 4.78 percent to SR38.35, while Zamil Industrial Investment Co. climbed 3.92 percent to SR38.40.
On the other end of the spectrum, Dar Alarkan Real Estate Development Co. posted the steepest decline, falling 5.51 percent to SR22.30. Eastern Province Cement Co. dropped 4.48 percent to SR34.10, and Riyadh Cables Group Co. slid 4.26 percent to SR126.
National Gypsum Co. announced a 22.03 percent year-on-year increase in revenue for the fiscal year ending December 31, 2024, reporting SR63.32 million compared to SR51.89 million the previous year. Despite the rise in sales, the company posted a net loss of SR14.72 million, reversing a profit of SR5.13 million a year earlier.
The loss was attributed to higher sales costs and a decline in other income, including a SR10.7 million fine paid to the General Authority for Competition and the absence of land compensation income that had been recorded the prior year. Shares of National Gypsum Co. dropped 1.59 percent to settle at SR19.80.
Banque Saudi Fransi reported a 16.38 percent increase in net profit for the first quarter ending March 31, 2025, reaching SR1.34 billion compared to SR1.15 billion in the same quarter of the previous year.
The bank’s total operating income rose 13.17 percent year on year to SR2.64 billion, driven by increases in special commission income and trading income.
Net income growth was supported by an 8.1 percent rise in net special commission income, while operating expenses grew by 12.16 percent. Total comprehensive income more than doubled to SR1.92 billion, up 120.85 percent from the same period last year. The bank’s share price rose 0.92 percent to SR17.50.
Riyad Bank posted a 19.39 percent year-on-year increase in net profit for the first quarter of 2025, reaching SR2.49 billion compared to SR2.07 billion in the same period last year.
Total operating income grew 10.18 percent year on year to SR4.5 billion, while total comprehensive income increased by 23.62 percent to SR2.68 billion.
The bank attributed the rise in profitability to growth in net special commission income, trading income, exchange income, and net fee and commission income.
Operating expenses fell due to lower impairment charges for credit losses and other financial assets, though this was partially offset by higher employee and premises-related costs. Despite the strong earnings, Riyad Bank’s share price slipped 0.82 percent to SR30.15.
Davos meet founder Klaus Schwab quits as WEF chair
ZURICH: Klaus Schwab, founder of the World Economic Forum, whose annual gathering of business and political leaders in the Swiss mountain resort of Davos became a symbol of globalization, has resigned as chair of its trustees.
The Geneva-based WEF made the announcement on Monday after revealing earlier this month that the 87-year-old Schwab, who for decades has been the face of the Davos get-together, would be stepping down, without giving a firm timeline.
“Following my recent announcement, and as I enter my 88th year, I have decided to step down from the position of Chair and as a member of the Board of Trustees, with immediate effect,” Schwab said in a statement released by the WEF.
The forum did not say why he was quitting.
The WEF board said in the statement it had accepted Schwab’s resignation at an extraordinary meeting on April 20, with Vice Chairman Peter Brabeck-Letmathe serving as interim chairman while the search for a new chair began.
The German-born Schwab established the WEF in 1971 with the aim of creating a forum for policymakers and top corporate executives to tackle major global issues.
The village of Davos gradually became a fixture on the international calendar in January when political leaders, CEOs and celebrities got together in discreet, neutral Switzerland to discuss the agenda for the coming year.
Saudi Arabia, Algeria deepen economic ties with new business pacts
JEDDAH: Saudi Arabia and Algeria signed a series of agreements to boost trade and investment as officials and executives from both countries convened in Algiers for a high-level forum.
The Saudi-Algerian Business Forum, held on April 20 in the Algerian capital, featured extensive discussions on enhancing bilateral economic cooperation across sectors including tourism, agriculture, construction, and manufacturing, the Saudi Press Agency reported.
This comes as Saudi Arabia and Algeria maintain long-standing economic and diplomatic ties, anchored by their membership in the Arab League and OPEC. Trade between the two has steadily grown, with Saudi Arabia becoming a key supplier of industrial goods, petrochemicals, and plastics to Algeria.
In a speech at the opening of the forum, Saudi Ambassador to Algeria Abdullah bin Nasser Al-Busairi described the economic meeting as a key driver for strengthening bilateral relations, highlighting the commitment of both countries’ leaderships to deepening ties across all sectors.
He pointed out that “the forum is an opportunity to discuss joint cooperation in light of the positive indicators witnessed by trade exchange between the Kingdom and Algeria, which amounts to nearly $1 billion,” SPA reported.
Al-Busairi highlighted the notable growth of Saudi investments in Algeria, particularly in the pharmaceutical and food industries, “calling on Saudi investors to explore the opportunities available in the Algerian market, in light of the guarantees and benefits provided by the new investment law.”
Al-Busairi expressed his confidence that “the bilateral meetings between Saudi and Algerian businessmen will result in practical initiatives that serve the interests of both countries and enhance the level of cooperation and partnership between them,” the SPA added.
The chairman of the Saudi-Algerian Business Council, Raed bin Ahmed Al-Mazrou, emphasized that the time has come to elevate bilateral relations, particularly in the economic sector.
He highlighted the strong support from the leaderships of both countries for this initiative and their commitment to strengthening and advancing it.
He noted the investment opportunities offered by the Algerian market, the long-standing Saudi experience spanning more than five decades, and the openness of the Saudi market to initiatives by Algerian investors, in order to advance and enhance cooperation between the two countries.
Kamel Moula, president of the Algerian Council for Economic Renewal, said the forum offers a valuable platform to establish successful ventures and exchange expertise, contributing to sustainable growth in both countries.
He pointed to promising opportunities in sectors such as food manufacturing, iron and steel, tourism and entertainment, and information and communication technology.
Dubai inflation eases to 2.79% in March as housing, transport costs moderate
RIYADH: Dubai’s annual inflation rate eased in March, hitting its lowest level since October 2024, according to official data released by the Dubai Statistics Center.
The inflation rate in the emirate slowed to 2.79 percent in March, down from 3.15 percent in February. The decline was primarily driven by a deeper deflation in food and beverage prices, which dropped by 3.34 percent year-on-year, compared to a 0.85 percent decline in the previous month.
Dubai continues to report relatively moderate inflation compared to other major cities in the region. Analysts attribute this trend to the government’s proactive measures to maintain price stability while fostering economic growth.
Despite persistent global inflationary pressures, Dubai’s economy remains resilient, supported by a diverse mix of sectors including tourism, real estate, and trade.
Looking ahead, the UAE Central Bank has forecast nationwide inflation at 2 percent for 2025 —well below the global average. Non-tradable components of the consumer basket are expected to be the main contributors to price movements in the coming year.
The March data also pointed to continued deflation in other key categories. Food and beverage prices posted a monthly deflation rate of 0.31 percent, slightly higher than the 0.21 percent recorded in February.
Clothing and footwear prices declined 2.69 percent year on year, mirroring the previous month’s figures. Meanwhile, prices in the information and communication sector saw a 1.96 percent annual drop in March, compared to a 1.95 percent decline in February.
The data also showed a continued rise in prices within several key sectors. The housing, water, electricity, gas, and other fuels category recorded a 7.16 percent increase in March, slightly down from 7.36 percent in February.
The insurance and financial services sector experienced notable inflation as well, with prices rising 5.83 percent, up from 5.20 percent the previous month.
Price increases were also observed across health, education, and personal care, social protection, and miscellaneous goods and services. Health costs climbed 3.1 percent, education rose 2.76 percent, and personal care and related services increased 2.52 percent.
For comparison, September’s figures showed no change in health and education, while personal care had risen by 1.48 percent.
The tobacco sector registered a 2.12 percent year-on-year increase, unchanged from February. Meanwhile, prices in the recreation, sport, and culture category grew 1.66 percent, though at a slower pace compared to 3.93 percent in the previous month.
Additional monthly gains were recorded in insurance and financial services, which edged up 1.47 percent in March versus 1.41 percent in February. Prices for furnishings, household equipment, and routine maintenance rose 0.36 percent, matching the previous month’s rate. The restaurants and accommodation services category saw a 0.25 percent increase, down from 0.72 percent in February.
In a separate report published in December, FOREX.com, a subsidiary of US-based StoneX Group Inc., projected strong economic resilience for the UAE in 2025.
The outlook was supported by solid consumer spending, record-high foreign direct investment, and the nation’s ongoing economic diversification efforts, despite regional challenges.
