NEW DELHI: Indian investigators on Friday ordered two wealthy jewelers to be questioned about an alleged $1.8 billion scam at a large state-owned bank, a news report said.
The summons came one day after authorities raided the homes and offices of Nirav Modi and his business partner Mehul Choksi, seizing nearly $800 million in jewels and gold, the Press Trust of India news agency reported. The men, who are thought to have left India in early January, before the scam was discovered, have been ordered to appear within a week, it and other reports said.
Nirav runs an international jewelry empire that reaches from India to New York, with a string of high-end brands.
Authorities have not publicly charged the men in the $1.8 billion fraud, but say both are under investigation for allegedly cheating Punjab National Bank of $43 million using fake bank documents. Bank officials say the scam appears to have begun in 2011, and occurred at just one Mumbai branch of the enormous state-run bank. The official complaint over the $43 million fraud says the two men, along with Modi’s wife and brother, worked with a pair of bank employees to get fake “letters of understanding.” Bank officials say the letters were sent to overseas offices of Indian banks, which made the actual loans. Numerous Indian news reports say the $43 million is just one part of the $1.8 billion fraud.
Neither man has made any public statements in recent days, but the company that Choksi runs, Gitanjali gems, has said Choksi has no connection to many of the firms listed in the $43 million complaint. In a statement, Gitanjali said Choksi “has been falsely implicated in the first place.”
Many of the details of the fraud remain unclear, including whether all the $1.8 billion is missing, or if some money may have been used to repay earlier loans.
Jewelers to be summoned in India bank scam probe
Jewelers to be summoned in India bank scam probe
Saudi Aramco acquires 10% stake in HORSE Powertrain
RIYADH: Energy giant Saudi Aramco has finalized its acquisition of a 10 percent stake in HORSE Powertrain Ltd., advancing hybrid combustion technologies to drive down transport emissions.
According to a joint statement, the deal valued at €7.4 billion ($7.7 billion), followed the signing of definitive agreements on June 28, and subsequent regulatory approvals.
Renault Group and Geely, through Geely Holding and Geely Auto, retain 45 percent stakes each in HORSE Powertrain. This collaboration is set to leverage Aramco’s expertise in synthetic fuels and lower-carbon mobility solutions, aligning with HORSE Powertrain’s vision to become a premier Tier 1 powertrain supplier.
Strategic goals
Aramco’s investment supports ongoing research and development in lower-emission technologies.
Ahmad Al-Khowaiter, Aramco’s executive vice president of technology and innovation, said: “Addressing transport emissions requires a wide range of approaches that consider the diverse nature of the global vehicle fleet, broad disparities in transport infrastructures, and the specific needs of motorists in different countries.”
He added: “At Aramco, we are pursuing a number of potential innovative solutions, from lower-carbon synthetic fuels to more efficient internal combustion engines, as we look for opportunities to make a difference.”
Al-Khowaiter highlighted that Aramco’s investment in HORSE Powertrain builds on its extensive research and development efforts, aiming to collaborate with two leading carmakers to advance lower-emission mobility solutions.
Matias Giannini, CEO of HORSE Powertrain, highlighted the partnership’s strategic value. “Aramco’s expertise in alternative and synthetic fuels makes Aramco the ideal partner for us to deliver lower-emission powertrain solutions,” he said.
Giannini added: “By strengthening our technology leadership with this partnership, HORSE Powertrain will only become more valuable as a partner to automotive brands looking to benefit from our expertise and global production footprint.”
Operational synergies
According to the statement, HORSE Powertrain will collaborate with Aramco and Valvoline Global Operations, focusing on innovations in internal combustion engine technology, alternative fuels, and lubricants.
Jamal Muashsher, CEO of Valvoline Global Operations, said: “As a technical partner and supplier to HORSE Powertrain, we look forward to applying Valvoline Global’s 150-plus years of automotive expertise and tradition of innovation to advance future-ready solutions in internal combustion engine technology, fuels, and lubricants.”
He added: “Our newest joint effort with HORSE Powertrain and Aramco builds on Valvoline Global’s strong history in original equipment manufacturer partnerships. Through collaboration, we are helping to shape the next generation of mobility.”
The partnership aims to accelerate the development of next-generation ICE and hybrid powertrains, enhancing HORSE Powertrain’s global production footprint.
This strategic alliance underscores Aramco’s commitment to sustainable energy transitions and reinforces HORSE Powertrain’s role as a key player in next-generation powertrain solutions.
Aramco has been actively expanding its global partnerships in recent months.
On Nov. 19, the company signed a framework agreement with China’s Rongsheng Petrochemical Co. to boost the expansion of SASREF, enhancing its refining and petrochemical capabilities.
Earlier, on Oct. 30, Aramco agreed to collaborate with Vietnam Oil and Gas Group, or Petrovietnam, on energy storage, supply, and trading. This agreement, formalized during the Vietnamese Prime Minister’s visit to Saudi Arabia, aims to optimize operations and drive value across both companies’ energy and petrochemical sectors.
Saudi Arabia boosts health infrastructure with 5 new hospitals, increased budget
RIYADH: Saudi Arabia is set to open five new hospitals by 2025, adding 963 beds across key provinces as part of a broader SR260 billion ($69.3 billion) budget allocation to the health and social development sector.
This allocation represents the second-highest share of government expenditure, with the aim of increasing the national bed capacity to 23 beds per 10,000 residents, according to the Ministry of Finance’s budget report.
The new facilities, located in Rijal Almaa, Dhahran Al-Janoub, Hail, Makkah, and Riyadh, include a dedicated mental health hospital in the capital. These projects aim to enhance access to care and improve healthcare infrastructure across the Kingdom.
Other initiatives for 2025 include emergency services, early detection programs, cancer care, and expanded dialysis services, highlighting a comprehensive approach to healthcare that emphasizes prevention, early intervention, and state-of-the-art infrastructure.
In addition to healthcare, these funds will also support the management of human resources and social services, including social security and welfare.
They will also extend to the cultural, media, sports, and entertainment sectors, as well as the implementation of the Quality of Life Program. This underscores Saudi Arabia’s holistic approach, recognizing the interconnectedness of health and social development.
Healthcare advancements
Saudi Arabia has made significant strides in advancing its healthcare sector as part of its broader vision to improve the well-being of its citizens and residents.
Over the past decade, the Kingdom has invested heavily in modernizing healthcare infrastructure, expanding medical services, and improving access to quality care nationwide.
With initiatives like Vision 2030, which outline ambitious goals to diversify the economy and enhance public services, the health sector has become a key area of focus.
The government has prioritized expanding health coverage, upgrading hospitals and clinics, and implementing advanced technologies such as electronic health records and telemedicine services.
Additionally, Saudi Arabia places strong emphasis on preventive healthcare, early diagnosis, and specialized treatment programs, all aimed at reducing the disease burden and improving the quality of life.
Key investments
The ministry’s report indicated that the new hospitals will be outfitted with state-of-the-art medical equipment, and skilled healthcare professionals will be employed to address the health needs of the population and enhance the quality of care.
To bolster emergency medical services, Saudi Arabia plans to deploy 568 vehicles, including ambulances, electric vehicles, and amphibious units.
These vehicles will play a crucial role in transporting the injured and medical supplies, enhancing the overall responsiveness of healthcare services, especially in remote areas and during emergencies. This extensive fleet will ensure timely medical attention and improve access to healthcare across all regions, regardless of geographic challenges.
Health innovations
The health sector will also prioritize early screening for newborns and young children in 2025, aiming to reduce disability and enhance overall quality of life.
This includes the implementation of newborn screening programs to detect hearing impairments and genetic disorders.
A comprehensive database will be created, linking both public and private sectors to ensure early diagnosis and intervention.
Additionally, preschool hearing screenings will be integrated with the Noor system to improve educational outcomes for children, further supporting the early identification of health issues that could impact development.
In an effort to reduce the incidence of cervical cancer, the Kingdom will increase HPV vaccination coverage for girls, targeting a 90 percent vaccination rate.
The program will provide vaccines for girls in their first year of intermediate school and offer early detection services for women aged 30 and older. Positive cases will be referred to early screening programs for cervical cancer, aiming to prevent the spread of HPV and improve overall public health by detecting and addressing the virus early.
The Kingdom is also expanding its cancer care services by implementing a modern care model across three new oncology centers.
This includes expanding early cancer detection capabilities and providing state-of-the-art diagnostic equipment to improve the accuracy and speed of diagnoses.
Similarly, dialysis services at Huraymila and Jazan General Hospitals will undergo significant expansion, with a 200 percent increase in capacity at each facility. These centers will receive substantial funding — SR10 million for Huraymila and SR30 million for Jazan — to ensure advanced care and accommodate more patients in need of dialysis.
In parallel with these service expansions, the Kingdom is enhancing its medical evacuation capabilities by developing and activating medical evacuation centers, command and control hubs, and advanced ambulance services across the country.
Notably, the National Health Emergency Operations Center has earned recognition from the World Health Organization for its efficiency and preparedness, positioning Saudi Arabia as a leader in healthcare crisis management and emergency response.
Healthcare achievements
The Ministry of Finance budget report highlighted the issuance of 113 million electronic prescriptions through the Wasfaty service, resulting in SR1.3 billion in savings and reducing costs by SR2.4 billion.
The Wasfaty service is an electronic prescription platform introduced by the Saudi Ministry of Health. It allows doctors to prescribe medications electronically, replacing traditional paper prescriptions.
This service is part of Saudi Arabia’s broader efforts to digitize healthcare services and improve efficiency. Through this platform, prescriptions can be directly sent to pharmacies, streamlining the process for both patients and healthcare providers. It also enhances medication tracking, reduces prescription errors, and helps manage healthcare costs more effectively.
Emergency services have seen a 20 percent improvement in response time, enhancing life-saving efforts with more efficient ambulance and air transport services.
Health coverage has expanded, with 12.5 million beneficiaries and a reduction in patient transfers outside local areas.
Operational efficiency has been boosted, leading to a 27 percent increase in scheduled surgeries and a 91 percent improvement in emergency service access within four hours.
The localization of specialized tests has grown by 13.1 percent, reducing reliance on external laboratories and cutting long-term costs.
Dental services have also flourished, with a 137 percent increase in clinic capacity, a 200 percent rise in appointments, and a 250 percent growth in primary healthcare services.
Additionally, the provision of advanced ambulances has improved services for challenging terrains and mass casualty incidents. The sector has also achieved 17 international accreditations, raising the health compliance rate to 84 percent across 252 facilities, solidifying its commitment to global standards.
Digital advancements
Investment in digital healthcare systems is proving beneficial in improving performance and health outcomes, as highlighted by the Organization for Economic Cooperation and Development.
According to the World Economic Forum, Saudi Arabia allocated over $50 billion in 2023 to initiatives, including digital health services aimed at improving efficiency and accessibility.
McKinsey predicts that the widespread adoption of digital solutions could bring an additional $15 billion to $27 billion in economic benefits by 2030.
Saudi Arabia’s partnership with Orion Health to create the world’s largest health information exchange, connecting 5,000 institutions and 32 million people, is one example of such efforts.
Artificial Intelligence, especially generative AI, is expected to play a significant role in improving patient care and healthcare efficiency, with the potential to contribute $320 billion to the Middle East’s economy by 2030, according to the WEF.
Robots are also being explored for improving precision, workplace safety, and elderly care. Saudi Arabia, for instance, saw a 52 percent increase in robotics company registrations between 2022 and 2023.
As Saudi Arabia continues to focus on digital health, AI advancements, and comprehensive care models, its efforts are poised to transform the sector, improve health outcomes, and support the well-being of its growing population.
Saudi Arabia allocates $453m for 2024–2025 sports initiatives
JEDDAH: Saudi Arabia has unveiled an SR1.7 billion ($453 million) investment in three sports initiatives for the 2024–2025 season, aimed at boosting club development and raising the Kingdom’s profile in the sector.
This comes as part of the Kingdom’s Clubs Support Strategy, which focuses on developing five key initiatives – governance, various sports, and direct support, as well as fan attendance and digital transformation.
In a post on X, the Ministry of Sports confirmed that the allocations include SR1.04 billion in direct support for clubs in the Saudi Pro League, as well as those in the first and second divisions
Saudi Arabia has made significant progress in sports tourism since the launch of Vision 2030 in 2016, hosting around 80 athletic events over the past four years and drawing 2.5 million visitors.
Major events such as the Formula One race in Jeddah have brought substantial economic benefits. The 2023 edition, for instance, generated over 20,000 job opportunities and attracted attendees from 160 different countries.
In its post, the ministry also stated that Pro League teams will receive SR47 million annually for public clubs and SR45 million for private organizations. Additionally, each public or private club in the first division league will receive SR6 million annually.
Each public club in the second division league will receive SR2.787 million per year, while private clubs will get SR2.7 million each.
It added that a budget of SR503 million was allocated for the various sports initiatives.
It also stated that SR128 million has been allocated for the fan attendance initiative in the Saudi Pro League, with support contingent upon achieving performance indicators.
The Sports Ministry pointed out that its governance initiative aims to develop clubs administratively by applying standards and indicators that ensure their stability, growth, and goal achievement.
The Kingdom’s ongoing sports privatization undertaking has attracted considerable interest from local and international investors, with 25 companies actively pursuing opportunities in six of the 14 sports clubs proposed for privatization in the first phase.
At the country’s recent Budget Forum 25, Sports Minister Prince Abdulaziz bin Turki Al-Faisal highlighted the economic potential of the privatization effort, estimating investments could reach SR500 million.
Prince Abdulaziz also underlined the rising international profile of the Saudi Pro League, with broadcasts now reaching over 160 countries and a 33 percent increase in revenue this year, driven by growing participation and interest in the nation’s sports sector.
This expansion is part of Saudi Vision 2030 reforms aimed at diversifying the economy. To support investment, the privatization process has been streamlined by launching a platform that licenses academies and clubs, making it easier for individuals and businesses to invest.
COP16: Saudi Arabia vows to intensify action to tackle drought, land degradation
RIYADH: Saudi Arabia’s incoming COP16 president vowed to work with the international community to tackle drought and desertification on the first day of a UN conference in Riyadh.
Abdulrahman Al-Fadli, the Kingdom’s minister of environment, used his speech at the event – being held from Dec. 2 to 13 under the theme “Our Land. Our Future” – to reflect on the challenges facing the global community.
Outgoing COP15 president, Côte d'Ivoire’s Alain-Richard Donwahi, handed over leadership of the UN Convention to Combat Desertification with a call for continued urgency, while Ibrahim Thiaw, executive secretary of the UNCCD, warned that close to 40 percent of the planet’s surface is affected by land degradation.
Al-Fadli said he was “honoured” to have been elected president, adding: “We look forward to intensifying action under this convention to face the challenges and promote integration between various international environment organizations.”
Reflecting on the challenges ahead, he emphasized the Kingdom’s commitment to combating desertification, adding: “The Middle East is one of the regions most impacted by land degradation, drought, and desertification. We seek to address environmental challenges in partnership with the international community.”
The environment minister highlighted Vision 2030 as a cornerstone for the Kingdom’s green agenda, saying: “Protecting the environment and natural resources is essential for achieving sustainable development and quality of life.”
Saudi Arabia’s environmental commitment
Al-Fadli detailed the Kingdom’s objectives, including the Saudi Green Initiative, which aims to restore 40 million hectares of degraded land and increase national reserves by 30 percent by 2030.
He added: “We have established initiatives and programs to limit pollution, develop vegetation cover, and improve waste management and meteorological services.”
Addressing broader approaches, Al-Fadli highlighted that Saudi Arabia has adopted the National Environment Strategy and established a fund for environmental causes, as well as five specialized centers.
He underlined efforts in renewable energy: “We aim to ensure more than 50 percent of our energy mix comes from renewable sources by 2030, reducing carbon emissions significantly.”
Global and local perspectives
Mayor of Riyadh Faisal bin Abdul Aziz bin Ayyaf highlighted the interconnected nature of environmental challenges, saying: “No country or city can address these challenges alone. Through international cooperation and collective work, we can find innovative solutions to restore our land and develop our cities.”
He added: “We coordinate initiatives to ensure Riyadh can be a model for the world.”
Amina Mohammed, deputy secretary-general of the UN, called for urgent global action, particularly around strengthening international cooperation on land degradation, ramping up restoration work, and mobilizing finance at scale.
“Land sustains us, and we are destroying it. Action cannot wait,” she said.
Outgoing president’s reflections
COP15 president Donwahi praised Saudi Arabia’s capability to continue the battle against land degradation, saying there is no doubt in the Kingdom’s ability to “elevate our shared legacy even further” as it stands at the forefront of challenges such as sandstorms and drought.
Stressing the ongoing nature of the mission, he said: “We have remained optimistic. However, the situation remains urgent. We must go further and faster.”
Donwahi acknowledged the progress made by previous COPs, particularly the inclusion of youth, saying: “For the first time, we have appointed a special youth envoy, a strong symbolic gesture that demonstrates our commitment to young people.”
International collaboration
Ibrahim Thiaw, executive secretary of the UNCCD, used his speech to warn that close to 40 percent of the planet’s surface is affected by land degradation.
“This disease is progressing at a terrifying pace,” he added.
Thiaw expressed his “deepest gratitude” to Saudi Arabia for its “vision in elevating the global land restoration and drought resilience agenda.”
The conference also looked ahead to COP17 in Mongolia, with Prime Minister Luvsannamsrain Oyun-Erdene expressing his country’s readiness.
Oil Updates – crude rises on upbeat China data, shaky Israel-Lebanon ceasefire
SINGAPORE: Oil prices rose on Monday, supported by strong factory activity in China, the world’s second-largest oil consumer, and heightened tensions in the Middle East as Israel resumed attacks on Lebanon despite a ceasefire agreement.
Brent crude futures climbed 57 cents, or 0.79 percent, to $72.41 a barrel by 10:00 a.m. Saudi time while US West Texas Intermediate crude was at $68.58 a barrel, up 58 cents, or 0.85 percent.
“Oil prices have managed to stabilize into the new week, with the continued expansion in China’s manufacturing activities reflecting some degree of policy success from recent stimulus efforts,” said Yeap Jun Rong, market strategist at IG.
This offered slight relief that oil demand from China may hold for now, he added.
A private-sector survey showed China’s factory activity expanded at the fastest pace in five months in November, boosting Chinese firms’ optimism just as US President-elect Donald Trump ramps up his trade threats.
Still, traders are eyeing developments in Syria, weighing if they could widen tension across the Middle East, Yeap said.
A truce between Israel and Lebanon took effect on Wednesday, but each side accused the other of breaching the ceasefire.
In a statement, the Lebanese health ministry said several people were wounded in two Israeli strikes in south Lebanon. Air strikes also intensified in Syria, as President Bashar Assad vowed to crush insurgents who had swept into the city of Aleppo.
Last week, both benchmarks suffered a weekly decline of more than 3 percent, on easing concerns over supply risks from the Israel-Hezbollah conflict and forecasts of surplus supply in 2025, even as OPEC+ is expected to extend output cuts.
The Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, postponed its meeting to Dec. 5 and is discussing delaying its oil output hike due to start in January, OPEC+ sources told Reuters last week.
This week’s meeting will decide policy for the early months of 2025.
“The extension of output cuts would allow OPEC+ more time to assess the impact of Trump’s policy announcements with regards to tariffs and energy and also to see what China’s response will be,” said Tony Sycamore, IG’s Sydney-based market analyst.
Since the group’s production hike had been widely expected, the market’s focus may be on the extent of delay to sway crude prices, said IG’s Yeap, adding: “An indefinite delay may be the best case for oil prices, given that earlier rounds of delays by a month or so have failed to drive higher oil prices in line with what OPEC+ intended.”
Brent is expected to average $74.53 per barrel in 2025 as economic weakness in China clouds the demand picture and ample global supplies outweigh support from an expected delay to a planned OPEC+ output hike, a Reuters monthly oil price poll showed on Friday.
That is the seventh straight downward revision in the 2025 consensus for the global benchmark, which has averaged $80 per barrel so far in 2024.
