PARIS: International donors pledged $11 billion in loans and grants Friday to help debt-ridden Lebanon at a conference in Paris that also sought to ensure the money is well spent in a country hit hard by the Syrian war next door.
French President Emmanuel Macron praised the international community’s “unprecedented mobilization” for Lebanon as crucial for building the conditions for a sustainable peace in the Middle East.
“At a time when the Levant probably lives one of the worst moments of its history ... it’s more important than ever to preserve the most precious asset: A peaceful, diverse and harmonious Lebanon,” Macron said.
In total, donors committed $10.2 billion in loans and $860 million in gifts, France’s ambassador to Lebanon Bruno Foucher said on Twitter.
Lebanese Prime Minister Saad Hariri outlined his country’s grim situation, saying his nation’s stability is at stake.
“It is not the stability of Lebanon alone. This is the stability of the region and, therefore, of our world,” Hariri said, warning that a collapse in Lebanon could ricochet throughout the Middle East and Europe.
Fears of economic collapse in Lebanon are mounting ahead of next month’s parliamentary election, the first in nine years.
French Foreign Minister Jean-Yves Le Drian announced that France would provide 400 million euros ($489.3 million) in loans below market rates and would gift Lebanon another 150 million euros ($183.5 million).
“In a Middle East shaken by crises, wounded by civil wars, Lebanon remains a model of pluralism, tolerance and openness which we need,” he said.
“But Lebanon is not an island. It’s borne the full force of regional tensions and the Syria crisis,” he said, adding that it was also grappling with the threat of terrorism.
The meeting was not a classic donors’ conference, but meant to seek an investment plan around infrastructure, water and energy, delineate structural reforms, and mobilize the private sector, French officials have said.
Hariri, pointing out the impact of seven years of war in Syria, said that growth in Lebanon has dived from 8 percent to barely 1 percent.
Syria’s war has hindered land exports to Jordan, Iraq and Gulf Arab countries. Lebanon is also hosting 1.2 million refugees — accounting for nearly a quarter of the country’s population.
Rampant corruption by the country’s political class has taken another kind of toll, hollowing out infrastructure and basic services, with frequent water and electricity cutoffs.
Last week, Lebanon’s Parliament approved a budget — its second since 2005 — with a fiscal deficit of $4.8 billion. The national debt at the end of 2017 stood at $80 billion, or more than 150 percent of gross domestic product.
France has deep ties with Lebanon, a former protectorate.
Another conference on April 25 in Brussels will aim to help Lebanon better cope with Syrian refugees.
Some 40 countries sent representatives to the meeting.
The World Bank said it would “mobilize more than $4 billion over the next five years,” its chief executive Kristalina Georgieva announced on Twitter.
“Lebanon cannot succeed alone,” Hariri appealed, adding: “It’s not just a matter of Lebanon’s security, it’s about the security of the region and the whole world.”
The EU rowed in with a promise of 150 million euros, the Netherlands offered 300 million euros and Italy pledged 120 million euros, France’s ambassador to Lebanon Bruno Foucher said.
France, which held mandate power over Lebanon for the first half of the 20th century, has been leading efforts to try stabilize the country.
The conference comes as Lebanon gears up for its first general elections in almost a decade in May with economic dark clouds gathering.
The government projects a deficit of $4.8 billion for 2018 — more than double the deficit in 2011, when Syria’s war started.
Economists say the state urgently needs to reduce its spending to avert a serious crisis. But public services such as water supplies, electricity and waste management have suffered huge underinvestment, compounding problems that date back decades.
Paris conference raises over $11bn in pledges for Lebanon
Paris conference raises over $11bn in pledges for Lebanon
- Growth in Lebanon has dived from 8 percent to barely 1 percent.
- Lebanese Prime Minister Saad Hariri says his nation’s stability is at stake
Marcos appoints new chief minister in Philippines’ only Muslim region
- Abdulraof Macacua is the governor of Maguindanao del Norte and senior MILF leader
- New leader appointed only 7 months before Bangsamoro’s first parliamentary elections
Manila: President Ferdinand Marcos Jr. has appointed a new interim chief minister to oversee the only Muslim-majority territory in the Philippines, as the region prepares for its first parliamentary elections in October.
Bangsamoro was at the heart of a four-decades-long separatist struggle until 2014, when the Philippine government struck a permanent ceasefire agreement with the Moro Islamic Liberation Front, paving the way for peace and autonomy in the region home to the biggest Muslim population in the predominantly Catholic country.
The Bangsamoro Autonomous Region in Muslim Mindanao was formed in 2019 as part of the region’s transition to autonomy, which will culminate in October this year, when it will elect its legislature and executive.
Until then, BARMM’s leadership is currently under a transition authority appointed by the Philippine president.
Marcos has appointed Abdulraof Macacua, the governor of Maguindanao del Norte — a province within the Bangsamoro region — to replace Murad Ebrahim, who had served as BARMM’s chief minister since 2019.
The change in leadership was confirmed on Sunday by Presidential Communications Office Undersecretary Claire Castro.
“This transition comes at a crucial time as the Bangsamoro region prepares for a significant milestone — its first parliamentary elections in October this year,” Presidential Peace Adviser Carlito G. Galvez, Jr. said in a statement on Monday.
“For the continuity and success of the Bangsamoro peace agreement, we place our trust in Interim Chief Minister Macacua as he takes the helm of governance.”
Macacua’s appointment was welcomed by Yshmael “Mang” I. Sali, the governor of Bangsamoro’s Tawi-Tawi province.
“We stand firmly behind the new leadership as we work together toward the goals of the Bangsamoro Government for the benefit of all its constituents,” Sali said.
Macacua, 67, has been a member of the Bangsamoro Transition Authority since 2019. Also known as Sammy Gambar, he was a senior MILF leader and had served as chief of staff of MILF’s armed wing.
Rikard Jalkebro, an expert on Muslim Mindanao and associate professor at the Anwar Gargash Diplomatic Academy in Abu Dhabi, said the “unexpected” change in BARMM’s leadership “carries significant political, governance and security” implications.
“It signals that (the palace) is not happy (or) confident that things are moving in the right direction,” Jalkebro told Arab News.
The last-minute leadership change may create uncertainties for ongoing governance programs, development initiatives and election preparations.
“Ebrahim was leading the BARMM transition with policies aligned with the peace process. Will Macacua continue these policies, or will he introduce new priorities that alter the region’s political and economic trajectory?” he said.
Though Macacua is also part of MILF, his appointment may also “indicate internal rifts within the organization,” according to Jalkebro.
As such, how the MILF and other Bangsamoro stakeholders react to the latest development in the coming months “will be critical” in determining “whether this shift strengthens or destabilizes” the transition process.
“The transition from a rebel movement to a formal political entity is delicate, and any perception of unfair political maneuvers could create tensions, particularly among grassroots MILF supporters,” Jalkebro said.
“The long-term effect will hinge on whether Macacua can maintain stability, ensure a fair election, and uphold BARMM’s autonomy without undue national government interference. This moment is a critical test for the future of Bangsamoro self-governance.”
Closing Bell: Saudi stock market sees losses as TASI edges down 0.77%
RIYADH: The Saudi stock market closed lower on Monday, with the Tadawul All Share Index falling by 90.89 points, or 0.77 percent, to finish at 11,745.63.
The total trading volume on the benchmark index amounted to SR5.3 billion ($1.4 billion), with 52 stocks advancing and 192 declining.
The parallel market, Nomu, also saw a decline, dropping 300.45 points, or 0.96 percent, to close at 31,031.37. Out of the 80 listed stocks, 32 gained while 48 declined.
The MSCI Tadawul Index mirrored the trend, falling by 7.38 points, or 0.49 percent, to close at 1,487.1.
Derayah Financial Co. saw the highest gains on the main index, with its share price surging 30 percent to SR39. Riyad Bank also performed well, rising 4.47 percent to SR30.40, while Alujain Corp. gained 3.59 percent, closing at SR33.20. Saudi Industrial Development Co. also saw an increase, rising 2.66 percent to SR27.
Al-Baha Investment and Development Co. suffered the largest loss, with its stock price falling 8.11 percent to SR0.34. Rasan Information Technology Co. dropped 7.76 percent, closing at SR72.50, while Riyadh Cables Group Co. fell 7.67 percent to SR118.
Molan Steel Co. revealed plans to issue riyal-denominated sukuk, appointing Afaq Financial as the sole arranger for the offering. The sukuk, valued at SR20 million, aims to finance the company’s investment and operational needs. The issuance has already received the necessary approvals from the Finance Authority. Despite this news, Molan Steel’s stock dropped 1.59 percent to SR3.10.
Derayah Financial, a leading digital investment platform, successfully listed its shares on the Saudi Exchange. The SR1.5 billion IPO was priced at SR30 per share, valuing the company at SR7.5 billion. The offering was oversubscribed, with institutional investors subscribing 162 times over, generating SR243 billion in orders. The retail tranche was 15 times oversubscribed, attracting 586,422 investors.
Arabia Insurance Cooperative Co. reported a 17.19 percent decline in insurance revenues for the year ending December 31, 2024, dropping to SR694.7 million from SR838.9 million in 2023.
The decline was primarily due to lower motor and medical insurance revenues, although the Engineering insurance segment showed growth.
The company’s net profit fell 0.14 percent, reaching SR30.1 million compared to SR60.5 million last year. This decrease was mainly due to a drop in net insurance results and lower other income, although investment income rose by SR7.2 million. Arabia Insurance’s share price fell 3.35 percent to SR12.10.
Nahdi Medical Co. reported an 8.4 percent increase in revenue for the full year 2024, rising to SR9.45 billion from SR8.71 billion in 2023. The growth was driven by strong retail performance and significant expansion in both the healthcare and UAE markets.
However, the company’s net profit declined by 8.1 percent, reaching SR820.7 million, down from SR892.6 million last year, due to increased operating expenses. Despite the strong revenue growth, Nahdi’s share price decreased by 1.86 percent to SR115.80.
Sharjah’s economy to soar 7.5% in 2025, boosting its sector hub status – UAE official
JEDDAH: Sharjah’s economy is projected to grow by up to 7.5 percent in 2025, strengthening its position as a hub for diverse sectors, according to a senior UAE official.
Executive Chairman of the Department of Government Relations Sheikh Fahim bin Sultan bin Khalid Al-Qasimi highlighted that the expected expansion will be driven by progressive policies, increased economic integration, and rising foreign investment in strategic industries.
Al-Qasimi underlined the importance of ongoing dialogue with the private sector to strengthen core industries such as manufacturing, trade, agriculture, and environmental sustainability.
“We will be hosting a number of quite frank discussions with the private sector about what the government should be doing better to protect the core industries – manufacturing, trading, agriculture and the environment — that we have,” Al-Qasimi said during the Sharjah Ramadan Majlis 2025.
The event, which was held under the theme “Sharjah: Shaping the Future, Empowering Growth,” was attended by senior officials, including Sheikha Bodour bint Sultan Al-Qasimi, president of the American University of Sharjah; and Thani bin Ahmed Al Zeyoudi, minister of state for foreign trade.
During the gathering, Al-Qasimi said that Sharjah’s economy is evolving at an impressive pace, with the gross domestic product now over 145 billion dirhams ($39.47 billion), and growth of 6.5 percent registered in 2023 — surpassing the global average by 3.5 percentage points.
“We are immensely proud of the businesses that have found their home in Sharjah, especially those in the private sector, that have been the backbone of our economy for over a decade, and there is a reason why global giants such as Halliburton and Amazon have shown their confidence by investing in our emirate,” he said.
Al-Qasimi forecasted that continued integration, smarter policymaking, and collaboration with the private sector would contribute to growth ranging between 6.5 percent to 7.5 percent in the coming years.
He added that the automotive industry and vehicle parts trading accounted for 24 percent of the emirate’s economy, with agriculture at 19 percent, at manufacturing on 17 percent — the same level the broader food ecosystem.
Al-Qasimi also pointed to the potential growth in the real estate sector in 2025, citing major developers like Alef Group and Arada, which are making significant investments in the emirate.
To foster this growth, Al-Qasimi stressed the importance of identifying supply chain interdependencies and collaborating closely with the private sector. “We need to identify the adjacencies and interdependencies in supply chains to understand from the private sector what we need to do to move forward,” he said.
Foreign Trade Minister Al-Zeyoudi pointed to Sharjah’s attractiveness to businesses, bolstered by initiatives like “Invest in Sharjah,” the Sharjah Investment and Development Authority, or Shurooq, and Sharjah Research, Technology and Innovation Park.
“Companies are moving here, and we aim to showcase the incentives, markets, and benefits available through the UAE’s Comprehensive Economic Partnership Agreements,” he said during the same event.
Juma Al-Kait, assistant undersecretary for foreign trade at the Ministry of Economy, emphasized the significance of foreign trade, a cornerstone of the UAE’s economic strategy.
He noted that the UAE’s foreign trade grew by 14.6 percent in 2024, hitting 3 trillion dirhams, outpacing the global rate, which recorded 2 percent. “If we look at Sharjah’s foreign trade, it grew 8.1 percent in 2024 compared to last year. There is a huge potential for the private sector to benefit or to utilize important agreements.” Al-Kait said.
Sharjah is a key destination for manufacturing, services, and finance, with nearly 96 percent of its economy non-oil-based. Home to six specialized free zones, the emirate offers flexible investment opportunities and advanced infrastructure.
Adopted orphan brings couple ‘paradise’ in war-ravaged Gaza
- Farhat, 45, and her husband Rami Al-Arouqi, 47, adopted the well-behaved and chubby baby in January
- “At first, we had mixed feelings of both joy and fear, because it is a huge responsibility and we had never had a child,” said Arouqi
GAZA CITY: In their home in war-devastated Gaza City, Iman Farhat and her husband cherish the “paradise” brought by their newly-adopted baby, one of many orphans in the Palestinian territory after more than 15 months of fighting between Israel and Hamas.
Wrapping five-month-old Jannah in a brightly colored blanket, Farhat gently sang as she rocked her to sleep.
“I chose Jannah just as she was,” the new mother said smiling, explaining the couple simply wanted to adopt a young child without preference for gender or physical appearance.
“Her name was Massa, and I officially changed her name from Massa to Jannah,” which means “paradise” in Arabic, she added.
Farhat, 45, and her husband Rami Al-Arouqi, 47, adopted the well-behaved and chubby baby in January.
“At first, we had mixed feelings of both joy and fear, because it is a huge responsibility and we had never had a child,” said Arouqi, a Palestinian Authority employee.
The couple already owned a cat.
“The idea of adopting a child had crossed our minds, but it was cemented during the war” which “wiped out entire families and left only orphans,” he added.
In September, the United Nations children’s fund, UNICEF, estimated there were 19,000 children who were unaccompanied or separated from their parents in Gaza, Jonathan Crickx, UNICEF’s spokesman for the Palestinian territories, told AFP.
Data for the number of adoptions in Gaza was not immediately available.
The war sparked by Palestinian militant group Hamas’s October 7, 2023 attack on Israel left more than 69 percent of Gaza’s buildings damaged or destroyed, displaced almost the entire population and triggered widespread hunger, according to the United Nations.
Hamas’s attack resulted in the deaths of 1,218 people on the Israeli side, most of them civilians, according to official figures.
Israel’s retaliatory military offensive has killed at least 48,446 people in Gaza, the majority of them civilians, according to the Hamas-run territory’s health ministry. The UN considers these figures reliable.
Farhat and her husband said that before Jannah’s adoption, she was taken care of by the SOS Children’s Villages — an international NGO which looks after children in need.
After the NGO’s premises in the southern Gaza city of Rafah were destroyed in the war, the organization had to move to nearby Khan Yunis where “they could not house all the children in buildings, so they set up tents for them,” Farhat said.
Her husband Arouqi told AFP that another motive for adopting a child came from the idea that “Palestinians should stand by each other’s side.”
“The whole world has abandoned and let us down, so we shouldn’t let each other down,” he added.
Once the pair took Jannah home, “our life was turned upside down in a beautiful and pleasant way,” he said.
“Her name is Jannah and our world has truly become a paradise.”
A fragile truce took effect on January 19, largely halting the devastating fighting between Israel and Hamas Palestinian militants.
The ceasefire’s first phase ended last weekend.
While Israel has said it wants to extend the first phase until mid-April, Hamas has insisted on a transition to the deal’s second phase, which should lead to a permanent end to the war.
Two police officers killed in drive-by shooting in Pakistan’s militancy-wracked northwest
- Latest attack near Tanda Dam in Kohat district killed two inspectors working wit counter-terrorism department
- Pakistan government has struggled to contain militancy since collapse of truce with Tehreek-e-Taliban Pakistan group
PESHAWAR: Two police officers with the counter-terrorism department (CTD) were killed by unidentified gunmen in a drive-by shooting in Pakistan’s northwestern Khyber Pakhtunkhwa province, police said on Monday.
The Pakistan government has struggled to contain rising militancy in Khyber Pakhtunkhwa since the collapse of a fragile truce with the Pakistani Taliban, or Tehreek-e-Taliban Pakistan (TTP), in November 2022. Pakistan says the takeover of Kabul by the Afghan Taliban with whom the TTP is allied has emboldened the group as it is able to operate out of and launch attacks from safe havens in neighboring Afghanistan, whose government denies the charges.
The Center for Research and Security Studies said in a report in December last year Pakistan experienced a 40 percent surge in militant attacks in 2024 compared to the previous year, recording 905 incidents that resulted in 1,177 deaths and 1,292 injuries. These included 444 militant attacks that killed 685 soldiers and police officers and 927 civilians.
The latest incident took place near the Tanda Dam in KP’s Kohat district.
“Two CTD officials, Zahid ur Rehman and Ghulam Mustafa, who were an inspector and assistant sub-inspector respectively, died on the spot following an attack,” Dr. Zahidullah, Kohat District Police Officer (DPO), told Arab News, saying the gunmen were on a motorbike and fled after killing the officers.
Another police officer, Shahid Khan, added that the attackers had been monitoring the movement of the CTD officers.
“The incident took place all of a sudden and in a comparatively populated area,” he said.
While no group has claimed responsibility for the attack, suspicion is likely to fall on the TTP, who almost daily targets security forces, police convoys and check-posts and carries out targeted killings and kidnappings of law enforcement and government officials in KP.
Islamabad has frequently blamed the surge in militancy in KP on Afghanistan, accusing it of sheltering and supporting militant groups that launch cross-border attacks. Afghan officials deny involvement and insist Pakistan’s security issues are an internal matter.
