AMMAN: Hundreds of Jordanians demonstrated in the capital Amman for a third consecutive day on Saturday against price hikes and an income tax draft law driven by IMF recommendations to slash its public debt.
Protests have gripped the country since Wednesday, when hundreds flooded the streets of Amman and demonstrated in other cities at the call of trade unions, to demand the fall of the government.
Last week the government adopted an income tax draft law, yet to be approved by parliament, aimed at widening the country's tax base and reaping 300 million dinars ($420 million, 360 million euros) for the treasury each year.
It is the latest in a series of economic reforms since Amman secured a $723-million three-year credit line from the International Monetary Fund in 2016.
The loan, intended to support economic and financial reforms, has the long term objective of reducing Jordan's public debt from about 94 percent of GDP to 77 percent by 2021.
"This will be accomplished through reforms to bolster economic growth and gradual fiscal consolidation," the IMF says on its website.
Prices have steadily risen in recent years in Jordan, a country of 9.5 million which is burdered by poverty and unemployment, since January.
On Thursday, the government announced it would raise fuel and electricity prices from Friday, sparking protests across the country. It later froze its decision under orders from King Abdullah II.
But Friday night, hundreds of protesters were back on the streets outside the prime minister's office in Amman, calling for the government to fall, AFP reporters said.
Some demonstrators blocked roads with their cars, while others held signs reading: "The people of Jordan will not kneel".
Protests hit in several other cities, including Irbid and Jarash in the north, Zarqa in the east, and the southern city of Maan, which was rocked by deadly riots in the late 1980s over rising food prices.
Police said some demonstrators overnight "attacked" law enforcement agents and "tried to attack public and private property".
They warned they would resort to force if necessary.
Under the proposed new law, anyone with an annual income of 8,000 dinars or above would have to pay income tax, while businesses would face steep tax increases. Evaders would be heavily fined.
A majority of deputies -- 78 out of 130 MPs -- issued a statememt Friday saying they would vote against the draft legislation.
They said the income tax law does not serve the economic and social interests of the people.
Trade union representatives were due to meet on Saturday with Prime Minister Hani Mulki to demand that he revoke the bill or face further protests, said the president of the country's trade union federation, Ali Obus.
Jordan protests snowball over price hikes, income tax draft law
Jordan protests snowball over price hikes, income tax draft law
EU to agree easing Syria sanctions
- Europe is keen to help the reconstruction of the war-ravaged country and build bridges with its new leadership
- But some EU countries worry about moving too fast to embrace the new Islamist-led rulers in Damascus
“It is a step for step approach,” Kallas said at the start of a meeting of EU foreign ministers in Brussels to discuss the move.
Europe is keen to help the reconstruction of the war-ravaged country and build bridges with its new leadership after the end of the Assad family’s five-decade rule.
But some EU countries worry about moving too fast to embrace the new Islamist-led rulers in Damascus.
The 27-nation EU imposed wide-ranging sanctions on the Assad government and Syria’s economy during its civil war.
Brussels says it is now willing to ease sanctions on the expectation the new authorities make good on commitments to form an inclusive transition.
“If they are doing the right steps, then we are willing to do the steps on our behalf as well,” Kallas said.
France’s Foreign Minister Jean-Noel Barrot said the EU could start by suspending sanctions on the energy, transport and banking sectors.
Diplomats say the EU will only suspend the sanctions and not lift them definitively to maintain leverage over the Syrian leadership.
Syria’s new de facto leader Ahmed Al-Sharaa, and the Islamist group he led Hayat Tahrir Al-Sham, remain under EU sanctions.
Diplomats said there was still no discussion about lifting those designations, as with others on the Assad regime.
Saudi Arabia opens door for foreign investment in Makkah and Madinah real estate
RIYADH: Foreigners can now invest in Saudi-listed companies owning real estate in Makkah and Madinah, following a landmark decision by the Saudi Capital Market Authority.
Effective immediately, the move aims to boost the capital market’s competitiveness and align with the Kingdom’s Vision 2030 economic diversification objectives, the CMA announced in a press release.
While non-Saudis are allowed to purchase properties in the Kingdom, there are specific restrictions, and in the holy cities ownership is generally limited to Saudi nationals — although foreigners are allowed to lease properties there.
Under the new guidelines, foreign investments are limited to shares or convertible debt instruments of listed companies. Total non-Saudi ownership, including individuals and legal entities, is capped at 49 percent of a company’s shares.
However, strategic foreign investors are prohibited from holding stakes in these companies.
The move comes amid reforms across the region, with most neighboring countries allowing foreigners to own properties, primarily in free zones or designated areas under certain restrictions.
“Through this announcement, the Capital Market Authority aims to stimulate investment, enhance the attractiveness and efficiency of the capital market, and strengthen its regional and international competitiveness while supporting the local economy,” said the CMA.
The changes are also designed to stimulate foreign direct investment in the Kingdom’s capital market, as well as bolster its regional and international competitiveness.
“This includes attracting foreign capital and providing the necessary liquidity for current and future projects in Makkah and Madinah through the investment products available in the Saudi market, positioning it as a key funding source for these distinctive developmental projects,” added the CMA.
Strengthening the real estate sector and attracting more FDI into the Kingdom is one of the key goals outlined under the Vision 2030 program, as Saudi Arabia aims to reduce its dependence on crude revenues and diversify its economy.
The Kingdom aims to attract $100 billion in FDI by the end of this decade, and the government body has been implementing various initiatives and reforms to enhance the attractiveness of the capital market.
Some of these efforts include allowing foreign residents to directly invest in the stock market, enabling non-Saudi investors to access the market through swap agreements, and permitting qualified foreign capital institutions to invest in listed securities.
The CMA has also allowed foreign strategic investors to acquire strategic stakes in listed companies and directly invest in debt instruments.
In 2021, the CMA also allowed non-Saudis to subscribe to real estate funds investing within the boundaries of Makkah and Madinah, which played a crucial role in increasing the attractiveness of the capital market to both regional and international investors.
Russia drone barrage sparks fire in western Ukraine
KYIV: A barrage of more than 100 Russian drones sparked a fire at an industrial facility in western Ukraine and damaged residential buildings in other regions, Ukrainian officials said Monday.
The Ukrainian airforce said Moscow had dispatched 104 drones, including attack drones, and that 57 of the unmanned aerial vehicles had been shot down.
Emergency services in the western Ivano-Frankivsk region said the strikes had resulted in two fires at an industrial facility, and that firefighters were working to extinguish one.
They did not specify the type of facility hit but said there were no casualties.
The airforce said there was damage in four Ukrainian regions including Kyiv, where AFP journalists heard drones flying overhead and air defense systems countering the attack.
Elite field set for inaugural Challenge Sir Bani Yas Triathlon
- Sam Laidlow, Sara Perez Sala, Henri Schoeman and Milan Agnew among the world champions, Olympic athletes and rising stars taking part in the 4-day event
ABU DHABI: Sam Laidlow, Sara Perez Sala, Henri Schoeman and Milan Agnew will be among a strong field competing in the inaugural Challenge Sir Bani Yas Triathlon this April, the Middle East’s first long-distance event of its kind.
Held under the patronage of Sheikh Hamdan bin Zayed Al-Nahyan, the ruler’s representative in the Al-Dhafra region, the contest is the latest addition to the Challenge Family triathlon series.
Over 3,000 athletes are expected to take part in the event from April 3 to 7.
Throughout the year, challenge events of varying distances and locations take place across the globe, including New Zealand, Brazil, Turkiye, Italy and Taiwan.
And now with the Challenge Sir Bani Yas added to the roster — and becoming one of only four locations to host the event — participants and spectators can expect to rub shoulders with some of the world’s best triathletes.
French professional Laidlow, the youngest-ever Ironman World Champion, has chalked his name on the start line. After having an injury-ending season in 2024, the world No. 9 will be looking to make an impact to kickstart his year.
He will be joined by, among others, South African Olympic medalist Schoeman, who will no doubt feel confident after a solid 2024 season.
“I am excited to race Sir Bani Yas Challenge this year, it’s not often a completely new race comes along in what looks to be an amazing location,” said Laidlow. “There’s always something special about being part of an inaugural event, and I’m determined to take the top step.”
Looking to channel her 2022 victory at the series’ flagship race, The Championship, will be Spain’s Perez Sala. The former Olympic swimmer, who has been competing since the age of 6, will not be the only athlete to embrace the cooler Sir Bani Yas Island climate this April.
Young up-and-coming Australian, Agnew, who took the top spot in the Challenge Turku last year, as well as third at Challenge Cagnes-sur-Mer, also makes her way to Abu Dhabi this April.
Britons Lottie Lucas and Max Stapley, who both call the UAE home, will be among the local athletes taking part.
“I am really looking forward to racing at the inaugural Challenge Sir Bani Yas, which promises to be an exciting weekend for the triathlon community based in the UAE and beyond,” Lucas said.
“The entire weekend experience looks fantastic, and there will be plenty of time to put your feet up, relax and enjoy all the off-track fun.”
The event features both long- and middle-distance racing, with registration still open. The long-distance event features a 3.8 km swim, 180 km cycle and 42.2 km run.
Additionally, a middle-distance triathlon is offered, featuring a 1.9 km swim, 90 km cycle and 21.1 km run. The event includes various community, sports and tourism activities.
Chinese official criticizes Pakistan’s ‘false rhetoric’ on economic corridor, raises ‘serious’ security concerns — report
- Shengjie says Pakistan’s rhetoric has given “unrealistic expectations” to locals
- Recent attacks have forced Beijing to publicly criticize Pakistan over security lapses
ISLAMABAD: China’s political secretary to Islamabad, Wang Shengjie, has criticized Pakistan’s “false rhetoric” around projects that are part of a joint multi-billion-dollar economic corridor, expressing “serious concerns” over the scheme’s future due to security challenges, a recent report in the Guardian newspaper said.
Beijing has pledged to build energy, infrastructure and other projects as part of the over $60 billion China-Pakistan Economic Corridor (CPEC) scheme launched in 2015 as a flagship of President Xi Jinping’s Belt and Road Initiative to grant China access to trade routes in Asia and Africa.
Recent attacks, including one in October 2024 in which two Chinese workers were killed in a suicide bombing in the Pakistani port city of Karachi, have forced Beijing to publicly criticize Pakistan over security lapses and media has widely reported in recent months that China wants its own security forces on the ground to protect its nationals and projects, a demand Islamabad has long resisted.
Progress on the economic corridor has been slow, particularly in the restive southwestern Balochistan province where China is building a deep-sea port and last week opened Pakistan’s largest airport in the coastal town of Gwadar, among other mega projects. Ethnic separatist groups target Chinese interests in the area, blaming both the governments in Pakistan and China of exploiting the province’s natural resources and neglecting the local population, allegations both Beijing and Islamabad deny. Gwadar residents have held intermittent protests for months, saying Chinese projects in the area have not improved the lives of the local population.
In a report published in the Guardian on Sunday, Shengjie spoke about enduring security challenges in Pakistan.
“Shengjie accused the Pakistani government of using ‘false rhetoric’ around CPEC projects, which had given unrealistic expectations to locals,” the Guardian reported on Sunday,
“We don’t work in rhetoric like Pakistan – we just focus on development,” he was quoted as saying. “If this kind of security situation persists, it will hamper development.”
The report said the Chinese official expressed “serious concerns” over the future of CPEC due to security challenges.
“If the security is not improved, who would come and work in this environment? There is hatred against the Chinese in Gwadar and Balochistan,” Shengjie was quoted as saying . “Some evil forces are against the CPEC, and they want to sabotage it.”
Pakistan has repeatedly assured China it would protect its nationals in the country from militant outfits and has tightened security protocols for Chinese investors and nationals. Islamabad says attacks on Chinese nationals are an “international conspiracy” to sour ties between the two longtime allies.
