ANKARA/AMMAN: Syrian regime troops backed by Russian air power stepped up their attacks on Sunday in areas of Deir Ezzor still held by Daesh.
Russian jets carried out heavy airstrikes on eastern Syria’s largest city as troops pushed toward the Hay Al-Umal area, which overlooks some of the remaining Daesh-held neighborhoods where an estimated 1,500 civilians are trapped.
The Syrian regime has gradually tightened the noose around Daesh after the army opened a land route into Deir Ezzor in September with the help of Russian airstrikes and Iran-backed militias, breaking a siege that had lasted nearly three years.
Tens of thousands of civilians have fled the fighting in the province, the last stronghold of Daesh. “The situation is catastrophic, there are families under the rubble and others who fled have no shelter,” Sheikh Awad Al-Hajjr, a tribal leader, told Reuters.
Meanwhile, a seventh round of peace talks begins on Monday in Astana, where Russia and Turkey will continue their coordination on Syria. The northwestern province of Idlib is expected to dominate the agenda at the two-day meeting.
“The Turkish Army is working very closely with Russia to secure and monitor the de-escalation zone in Idlib,” Emre Ersen, a Syria analyst at Marmara University in Istanbul, told Arab News.
“Russia expects Turkey to play an influential role there in keeping rebel groups away from the Al-Qaeda-affiliated Hayat Tahrir Al-Sham.”
Turkish and Russian interests converge on the need to develop an efficient dialogue mechanism regarding current and potential developments in their neighborhood, said Mehmet Seyfettin Erol, head of ANKASAM, a think tank in Ankara.
“The Astana peace process confirmed that both parties will cooperate to end the conflicts in Syria and Iraq, and to preserve their territorial integrity,” Erol told Arab News.
Also on Sunday, Damascus said it still considered Raqqa an occupied city, less than two weeks after Syrian Democratic Forces (SDF) drove Daesh out of its one-time Syrian capital.
“Raqqa is still an occupied city and cannot be considered liberated until the entry of the Syrian army, which is fighting IS (Daesh) along with its allies,” the Foreign Ministry said in a statement.
Detailed coverage — Page 4
Airstrikes and troops pound last Daesh bastion in Deir Ezzor
Airstrikes and troops pound last Daesh bastion in Deir Ezzor
Saudi Arabia launches 10th round of ‘Sah’ savings product with 4.83% return
JEDDAH: Saudi Arabia has launched the 10th round of its subscription-based savings product, Sah, for December, offering a competitive return of 4.83 percent.
The initiative, aimed at fostering financial stability and supporting economic growth, is Shariah-compliant and government-backed.
The sukuk opened for subscription on Dec. 1 and will remain available until Dec. 3. Allocations are scheduled for Dec. 10, with redemption from Dec. 15 to 18, and payment due on Dec. 22, according to the National Debt Management Center’s 2024 product issuance calendar.
Organized by the NDMC and issued by the Ministry of Finance, the fee-free savings product offers low-risk returns and is accessible through the digital platforms of approved financial institutions.
Sah is the first savings product in Saudi Arabia specifically designed for individuals, structured as bonds within the Kingdom’s local bonds program and denominated in Saudi riyals.
It aligns with the Financial Sector Development Program under Saudi Vision 2030, which aims to increase the savings rate among residents from 6 percent to the international benchmark of 10 percent by the end of the decade.
The minimum subscription amount is SR1,000 ($266), equivalent to one bond, while the maximum is capped at SR200,000 per user during the program period. The product is exclusive to Saudi nationals aged 18 and above, with returns provided monthly based on the issuance calendar.
The savings period spans one year, offering fixed returns, with accrued yields disbursed at the sukuk’s maturity. Returns for future issuances will be influenced by market conditions.
Eligible individuals must hold accounts with one of five financial institutions: SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, or Al Rajhi Bank.
The 9th round of Sah, launched on Nov. 3, offered a slightly higher return of 4.89 percent. That issuance closed with total allocations reaching SR3.415 billion ($990 million).
The sukuk issuance for the 9th round was divided into five tranches, each with different maturities. The first tranche, worth SR2.524 billion, will mature in 2029. The second, valued at SR434 million, will mature in 2031. The third tranche, amounting to SR137 million, will mature in 2034. The fourth, totaling SR10 million, will mature in 2036. The fifth tranche, sized at SR310 million, will mature in 2039.
The NDMC has emphasized that the Sah sukuk program is designed to strengthen collaboration with the private sector. Future initiatives will focus on developing customized savings products tailored to different individual categories in partnership with banks, fund managers, fintech companies, and other institutions.
The launch marks a significant step by the Saudi government to promote savings and enhance financial inclusion, ensuring citizens have access to products and services that meet their financial needs.
Death toll in Pakistan sectarian clashes now over 130, official says
- Kurram, near border with Afghanistan, has been a flashpoint for sectarian tensions for decades
- Pakistani government mediated seven-day ceasefire deal between the rival groups last Sunday
PESHAWAR: Deadly sectarian clashes have continued in Pakistan's northwestern Kurram district in spite of a tentative ceasefire struck late last week, local officials said, with the death toll now over 130 as authorities try to broker a solution.
Kurram, near the border with Afghanistan, has been a flashpoint for sectarian tensions for decades. They spilled over into a fresh wave of attacks last month when clashes between Sunnis and Shias left dozens dead.
District administration official Wajid Hussain said 133 people had been killed in the attacks in the last week and a half.
"The district administration and other relevant authorities have initiated efforts to stop fighting between the two communities but there is no breakthrough yet," he said.
A Pakistani government team mediated a seven-day ceasefire deal between the rival groups last Sunday. Armed Shia and Sunni Muslims have engaged in tribal and sectarian rivalry for decades over land and other local disputes in Kurram.
Provincial authorities put the death toll at 97, with 43 people killed in the initial attack when gunmen opened fire on mostly Shia drivers and the rest killed in retaliatory clashes.
Chief Minister for Khyber Pakhtunkhwa province Ali Amin Khan Gandapur visited the area on Saturday for a large gathering of tribal elders and leaders.
"Anyone who takes up arms will be treated as a terrorist, and their fate will be that of a terrorist," said Gandapur according to a statement from his office late on Saturday, adding that security forces would remain in the area.
Residents and officials said the main highway connecting Kurram's main city of Parachinar to the provincial capital Peshawar was blocked, which had created challenges transferring wounded people to hospitals.
"Our medical team is working around the clock to perform surgeries due to the challenges in referring patients to larger hospitals in Peshawar and elsewhere," said Dr Syed Mir Hassan, from Parachinar's district hospital.
He added that they were currently treating around 100 wounded patients and had received 50 bodies during the violence.
Saudi banks post 3.7% loan growth in Q3 amid rising credit demand: report
RIYADH: Saudi Arabia’s banking sector recorded a 3.7 percent sequential increase in loans and advances in the third quarter of 2024, driven by a 4.4 percent surge in corporate and wholesale banking, according to Alvarez & Marsal.
Deposit growth lagged behind, rising 1.4 percent during the same period, as credit demand continued to outpace deposit mobilization.
“The continued positive performance in the third quarter of 2024 reflects a balance of growth and improved cost efficiencies among Saudi banks. Profitability has increased primarily due to an increase in non-interest income amid a moderate rise in impairment charges,” Asad Ahmed, managing director of A&M Financial Services, said.
He added: “As the Saudi Central Bank maintains interest rates in line with the US Fed, potential further rate cuts in the coming quarters are likely to affect interest margins. Focus on non-interest income and improved cost efficiencies will remain central going forward.”
Time deposits grew by 4.2 percent, underscoring the high-interest rate environment. The loan-to-deposit ratio exceeded 100 percent, indicating that credit demand outpaced deposit mobilization.
Operating income increased by 6.0 percent during the quarter, driven by a 15.2 percent rise in non-interest revenue. This contributed to an overall improvement in the cost-to-income ratio, which fell by 31 basis points to 31.0 percent.
Net income rose by 5.3 percent, reaching SR20.5 billion, even as impairment charges surged by 30.4 percent.
The Saudi Central Bank reduced repo rates by 50 basis points in line with the US Federal Reserve’s actions. Despite this, net interest margins remained steady at 2.95 percent, supported by an 18-basis-point increase in the yield on credit to 8.6 percent and a slight rise in the cost of funds to 3.5 percent.
Saudi Arabia’s Vision 2030 continues to drive non-oil economic growth, spurring consumer spending, tourism, and construction activities.
Financial institutions are also prioritizing digital transformation. For example, Al Rajhi Bank’s acquisition of a controlling stake in “Drahim,” a management platform, highlights the growing integration of traditional banking and fintech.
According to the report, Saudi banks are well-positioned for sustainable growth as they focus on enhancing non-interest income and operational efficiency in a dynamic economic environment.
While geopolitical challenges and oil market fluctuations present risks, the Kingdom’s banking sector remains resilient, playing a key role in advancing the broader economic objectives outlined in Vision 2030.
Saudi clubs’ supremacy shines brighter light on AFC Champions League Elite
- It is hard to look past Al-Hilal, Al-Nassr or Al-Ahli for the title, especially with the home ground advantage in the knockout stages
AUSTRALIA: The recent surge in investment in the Saudi Pro League has, on the whole, been a positive thing for Asian football, with more eyeballs and interest in not only one of Asia’s flagship domestic leagues, but also in their showpiece continental tournaments.
Having the likes of Cristiano Ronaldo, Neymar and Riyad Mahrez grace the fields of Asia’s premier club competition certainly gives it more international credibility and visibility.
Wherever Ronaldo goes with Al-Nassr, the crowds follow. There were unbelievable scenes in Iran last year when the Riyadh giants traveled to play Persepolis, while just this week more than 37,000 filled the cavernous Al-Bayt Stadium in Qatar to watch Al-Nassr edge local side Al-Gharafa.
Before the Ronaldo show rolled into town, Al-Gharafa had averaged a little over 4,000 spectators to their three other games this season.
Last season, meanwhile, Indian champions Mumbai City had to move their game with Al-Hilal to a bigger stadium, such was the rush for tickets for the arrival of Neymar; and although his ACL injury a few weeks prior quelled that excitement, more than 30,000 turned up.
The Saudi clubs are now box office wherever they go, and add a level of prestige to the competition that it has long needed.
The AFC Champions League has always maintained a level of prestige among Saudi clubs and fans, so it is no surprise that they have contested the final over the two decades since its initial reformatting in 2002.
Al-Ittihad won back-to-back titles in 2004 and 2005, while finishing as runners-up in 2009. Their Jeddah rivals Al-Ahli also fell one win short in 2012, losing the final in South Korea to Ulsan Hyundai, while Al-Hilal made it a hat-trick of defeats when they suffered a shock loss to Australia’s Western Sydney Wanderers in 2014.
Since then, the giants from Riyadh have made it their mission to dominate the continental scene, with a further four appearances in the final for a record of two wins and two losses while appearing in three of the last five finals.
All of that is to say Saudi clubs have a long and proud history in the AFC Champions League — which has now been rebranded as the AFC Champions League Elite — long before the record investment into the league over the past 18 months.
But what many feared, particularly on the eastern side of the continent, was that the scale of the investment would make the AFC Champions League Elite a plaything for Saudi clubs, with the other 21 clubs unable to compete or match the levels of investment and the quality of players at their disposal.
Al-Ain did a good job of upsetting the apple cart last year with wins over Al-Nassr and Al-Hilal in the quarterfinal and semifinal respectively, on their march to claiming a second continental title.
That may ultimately prove to be the exception rather than the norm, however.
A look at this year’s AFC Champions League Elite, the first tournament being staged with the new format of just 24 teams and an eight-game league stage format — similar to that of the UEFA Champions League — suggests that maybe the dam is about to burst when it comes to the dominance of Saudi clubs.
With three games still to play in the league stage, all three Saudi clubs — Al Hilal, Al Ahli and Al Nassr — are safely through to the round of 16.
Their combined record stands at 15 games played, 13 games won, two games drawn and zero losses. They have scored 41 goals and conceded just 13.
The group stage is not yet completed and already it is hard to look past one of the trio for the title, especially when you consider they will have the considerable home ground advantage in the knockout stages after the controversial decision by the AFC to stage the knockout rounds (from the quarterfinals onward) in a central location, with Saudi Arabia awarded the hosting rights for the foreseeable future.
One has to factor in the randomness of the knockout stage draws that could see Saudi clubs drawn together, and therefore taking each other out before getting to the pointy end. But with the AFC also doing away with the east-west split from the quarterfinals onward, there is also the possibility of all three making the semifinals, or even an all-Saudi final.
For Scott McIntyre, who has been reporting on Asian football for more than two decades, the writing is already on the wall for clubs in the east.
“I don’t think anyone from the east can challenge any of the Saudi clubs,” the Japan-based McIntyre recently said on “The Asian Game Podcast,” adding: “The game has shifted so far to the west that as long as things stay as they’re now and the spending is unrestricted in the west, and it’s not in the east, unless there’s a change in format I just can’t see anyone from the east challenging.
“For me (the tide) has shifted remarkably, and you just can’t compete with the financial powers that the west has. That’s the reality we’re living in.”
Based on the first five rounds this season, the era of Saudi domination appears to be here — and here to stay.
Trump cabinet pick criticizes New York’s deal to rent Pakistan’s Roosevelt Hotel for $220 million
- Vivek Ramaswamy has been picked by Trump to co-lead ‘Department of Government Efficiency’
- New York’s iconic Roosevelt Hotel was repurposed into an arrival center for migrants last year
ISLAMABAD: Vivek Ramaswamy, US President-elect Donald Trump’s choice to co-lead a new government department, on Sunday criticized a deal by the New York City government to rent the Pakistan-owned Roosevelt Hotel for a whopping $220 million for what he said were “illegal migrants.”
Cash-strapped Pakistan rented out its iconic Roosevelt Hotel to the New York City government for three years, as per an agreement reached last year.
Pakistan’s then aviation minister Khawaja Saad Rafique said that the New York administration would pay a rent of as much as $210 for each of the 1,025 rooms of the century-old hotel owned by the state-run Pakistan International Airlines (PIA).
The New York City administration has repurposed the Roosevelt Hotel as an arrival center for migrants where they can get access to vaccines, food and other resources.
“A taxpayer-funded hotel for illegal migrants is owned by the Pakistani government which means NYC taxpayers are effectively paying a foreign government to house illegals in our own country,” Ramaswamy wrote on social media platform X, responding to a post by American author John Lefevre.
“This is nuts.”
Roosevelt Hotel was closed by Pakistani authorities in October 2020 during the coronavirus pandemic, as the country’s economy weakened and the aviation sector faced significant losses.
However, the facility accumulated liabilities of around $25 million in taxes and other overheads.
Ramaswamy, a former Republican presidential candidate, will co-lead a newly created Department of Government Efficiency with billionaire Elon Musk. Trump has indicated the department will operate outside the confines of government.
