Eritrea’s top diplomat in Ethiopia for historic talks

Eritrea’s Foreign Minister Osman Sale, center-right, is welcomed by Ethiopia’s Prime Minister Abiy Ahmed, center-left, upon the Eritrean delegation’s arrival at the airport in Addis Ababa, Ethiopia. (AP)
Updated 27 June 2018
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Eritrea’s top diplomat in Ethiopia for historic talks

ADDIS ABABA: Ethiopia rolled out the red carpet for Eritrea’s top diplomat on Tuesday as the two nations took the next step in a historic initiative aimed at ending decades of conflict and hostility.
The thaw between the foes who fought a bitter border war 20 years ago comes after an olive branch was dramatically offered by new Ethiopian prime minister, Abiy Ahmed.
As Eritrea’s top diplomat Osman Saleh and presidential adviser Yemane Gebreab landed at Addis Ababa’s airport, Abiy was there to greet them, leading the pair along a red carpet past traditional dancers, local celebrities and a brass band.
The welcome included Ethiopian culture and sports personalities, among them legendary long-distance runner Haile Gebrselassie.
“The relationship between Ethiopia and Eritrea is about more than the border. When we make peace, it will benefit all of east Africa,” Ethiopia’s foreign affairs spokesman Meles Alem said at the airport.
The meeting comes just three days after a blast at a rally attended by Abiy — a sign, analysts say, of the risks the 42-year-old prime minister has taken with a program that embraces the biggest reforms, at home and abroad, in a generation.
Earlier this month, Abiy said he would abide by a 2002 ruling, issued by a United Nations-backed commission, and withdraw from contested territory, including Badme, a town claimed by both sides.
Last week, Eritrean President Isaias Afwerki responded, saying he would dispatch a delegation “to gauge current developments directly and in depth as well as to chart out a plan for continuous future action.”
He stopped short of calling it a peace delegation but an official visit alone marks a dramatic shift in relations long mired in suspicion and bloody hostility.
The last time Ethiopian and Eritrean troops fought head-on was just two years ago, with each side claiming victory in response to what they said was the other’s aggression.



A former province, Eritrea voted for separation from its much larger southern neighbor in 1993 following a three-decade independence war.
But just five years later, a new border war erupted between the two countries, killing around 80,000 people before it ended in a stalemate in 2000.
Ethiopia ignored a subsequent ruling that it should withdraw from territory awarded to Eritrea.
Since then, a tense standoff has persisted with both maintaining a war footing, shots occasionally fired and with each side backing the other’s rebels.
The apparent detente in recent weeks has raised hopes of a normalization of relations that might boost regional trade and ease tensions.
Their long cold war has stymied economic development, frozen political relations and helped justify domestic repression.


But on Tuesday, signs of an abrupt mood change were evident, with Eritrean and Ethiopian flags lining the main road to the airport alongside banners reading “Welcome” in Amharic and Tigrinya, the languages of the two countries.
Abiy was to host a dinner in honor of the Eritreans on Tuesday.
For both Abiy and Isaias, the potential reconciliation contains risks.
A grenade exploded at a rally addressed by Abiy on Saturday, a rare event in tightly-controlled Ethiopia.
The motive for the attack remains unknown but the pace of Abiy’s reforms — including the border concession to Eritrea — is a likely source of anger among some hard-liners in the ruling class and security services, say observers.
“The key thing to watch out for is Abiy’s ability to rise over the inevitable disappointment or sense of betrayal, to put it strongest, over the Eritrea decision,” Christopher Clapham of Britain’s Cambridge University said earlier this month, after Abiy’s surprise overture.
For his part, Isaias has long justified his restrictive rule, punishing military conscription and the jailing of dissidents as necessary to defend Eritrea against Ethiopian aggression.
His authoritarian leadership has left his country diplomatically isolated and burdened by sanctions, triggering an exodus of Eritreans, many of them taking the dangerous route to Europe.
However, his own strong-man position is largely unchallenged.
bur/ri/hmw


Casa Riyadh win Silver Cup polo championship  

Updated 5 min 54 sec ago
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Casa Riyadh win Silver Cup polo championship  

  • Polo teams show ‘good technical performance and strong competition’ in first championship of the season

RIYADH: Casa Riyadh won the Silver Cup polo tournament after beating the Tuwaiq Team 5-4 in the final match at the Nova Equestrian Resort field, west of the capital Riyadh.  

On Saturday, Casa Riyadh’s captain, Prince Salman bin Sultan bin Salman, accepted the championship trophy from Amr Zidane, the president of the Saudi Polo Federation. Ibrahim Al-Harbi, Salman bin Haif and Mohammed Nafeed won golden medals alongside Prince Salman. 

Zidane said that the third edition of the Silver Cup was the first championship of the polo season in Saudi Arabia and that teams delivered a “good technical performance and strong competition” in the latest tournament. 

The Tamam team of Hashem Al-Alawi, Abdulmohsen Al-Hokair, Faisal Abunyan, and the Argentine Marcelo Antonio came second, while Tuwaiq players Khaled bin Muammar, Mudhar Al-Zoubi, Asif Shah and Britain’s George Amor secured third place. 

The Silver Cup is played using a points system. In the event of a tie, the team with the most goals wins.  

Zidane said that there are six local competitions in the current polo season that “will enhance the technical performance and readiness” for the Saudi national polo team’s international competition.


Pakistan’s finance chief says PM Sharif will soon unveil ‘home-grown’ economic agenda

Updated 18 min 23 sec ago
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Pakistan’s finance chief says PM Sharif will soon unveil ‘home-grown’ economic agenda

  • Muhammad Aurangzeb calls the recent IMF visit part of ongoing talks, enhancing mutual trust
  • The visit came weeks after the $7 billion loan approval, making observers think it was unusual

ISLAMABAD: Prime Minister Shehbaz Sharif will soon unveil a “home-grown agenda” for economic development, Finance Minister Muhammad Aurangzeb said on Sunday, as he informed that his interaction with a visiting International Monetary Fund (IMF) delegation last week went well, providing both sides an opportunity to enhance mutual trust.
The IMF delegation, led by Pakistan mission chief Nathan Porter, completed a five-day trip to the country during which it held wide-ranging conversations with the government.
The international lending organization approved a $7 billion loan for Pakistan in September, though it explicitly stated that the delegation’s visit was not part of the first review of the loan program, which is scheduled for the first quarter of 2025.
The IMF visit, which came just weeks after the loan’s approval, surprised observers who considered it unusual, though the finance minister described it as part of an ongoing dialogue between the two sides, noting that it resulted in a positive IMF statement.
Aurangzeb also said the government would specify its overall economic game plan in the next few days.
“The prime minister will soon share a home-grown agenda about how we are going to take forward our overall economic roadmap,” he said, without disclosing its details. “It has been very well syndicated with all the stakeholders.”
The minister emphasized that dealings between Pakistan and the IMF were completely transparent, with all agreed details available in the public domain. He noted the recent discussions with the IMF covered taxation and energy reforms, along with the privatization plan for state-owned enterprises and public finances.
“I welcomed this visit because this is an ongoing dialogue to ensure mutual credibility and trust,” he added. “We have shared our roadmap with them and explained how we are taking things forward.”
The finance minister said the two sides would continue to hold virtual talks, though he noted that he appreciated every opportunity to meet IMF officials face-to-face.
He also mentioned that discussions with the international lender included climate resilience and decarbonization, emphasizing that these issues had to be addressed alongside broader economic challenges rather than sequentially.
Pakistan has faced a prolonged economic crisis marked by rapid currency devaluation and dwindling foreign exchange reserves, which forced it to seek external financial assistance from friendly nations and global financial institutions.
The country has seen an improvement in its macroeconomic indicators in recent months, though it has yet to fully recover from its financial difficulties.
Reflecting on his visit to Washington for the World Bank and IMF meetings earlier this year, Aurangzeb described the discussions as productive.
“They gave us a platform to share with the comity of nations about how we turned the economy around in 14 months,” he said. “We also got an important message, which is that there is no room for complacency and we must stay the course [of stringent economic reforms].”
 


Closing Bell: Saudi main index rises to close at 11,811

Updated 19 min 30 sec ago
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Closing Bell: Saudi main index rises to close at 11,811

  • Parallel market Nomu gained 9.64 points, or 0.03%, to close at 29,477.35
  • MSCI Tadawul Index also gained 4.49 points, or 0.30%, to close at 1,485.85

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 20.80 points, or 0.18 percent, to close at 11,811.98. 

The total trading turnover of the benchmark index was SR4.22 billion ($1.12 billion), as 115 of the stocks advanced and 116 retreated. 

The Kingdom’s parallel market Nomu gained 9.64 points, or 0.03 percent, to close at 29,477.35, with 41 listed stocks advancing and 41 declining. 

The MSCI Tadawul Index also gained 4.49 points, or 0.30 percent, to close at 1,485.85. 

The best-performing stock of the day was The Mediterranean and Gulf Insurance and Reinsurance Co., whose share price rose 9.96 percent to SR20.98. 

Other top performers included Saudi Reinsurance Co. and Thimar Development Holding Co., with their share prices increasing by 6.89 percent to SR38.80, and 6.04 percent to SR43.90, respectively. 

The share prices of Saudi Cable Co. and The Co. for Cooperative Insurance also surged by 5.39 percent and 5.08 percent to SR97.70 and SR132.40, respectively. 

The worst performer was Arriyadh Development Co., whose share price dropped by 5.27 percent to SR26.05. 

Other notable decliners included Alistithmar AREIC Diversified REIT Fund and Red Sea International Co., whose share prices fell by 3.68 percent to SR9.43, and 3.34 percent to SR66.50, respectively. 

Zamil Industrial Investment Co. and The National Co. for Glass Industries also saw declines, with their share prices falling by 3.33 percent to SR26.15, and 3.14 percent to SR49.40, respectively. 

On the announcements front, Amwaj International Co. disclosed its board of directors’ recommendation to distribute SR6 million in cash dividends to shareholders for the fiscal year ending Dec. 31. 

According to a statement on Tadawul, the dividends will cover 6 million eligible shares, with a payout of SR1 per share, representing 10 percent of the share’s par value. 

Amwaj International Co. concluded the trading session at SR42, marking an impressive 18.57 percent increase. 

Arab Sea Information Systems Co. announced updates regarding its project with the Al-Madinah Region Development Authority for managed IT services. 

The company was notified of the decision to cancel the competition due to procedural violations identified following a grievance by a competitor, according to a filing on Tadawul.

The grievance was filed before the award decision or in opposition to it and the company clarified that no costs are associated with the development. 

Arab Sea Information Systems Co. closed the session at SR7.13, down 0.84 percent. 


Safa Investment launches SR1.1bn real estate fund

Updated 24 min 51 sec ago
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Safa Investment launches SR1.1bn real estate fund

Safa Investment Company announced the launch of the “Flow MENA 1st Residential Fund,” an income-generating fund with a total value of SR1.1 billion ($292 million), during its participation in Cityscape Global 2024 in Riyadh. This initiative, launched in partnership with Flow MENA and SICO Capital, marks a strategic step by Safa Investment to boost value in the residential sector and offer unique investment opportunities.

The fund has successfully acquired five newly developed residential complexes, designed to the highest global standards, to furnish, operate, and lease them. The fund aspires to provide a high-quality residential experience in rental communities, focusing on maximizing returns and enhancing income throughout its operational duration.

In its statement, Safa Investment said that the fund is based on an innovative global model, aimed at delivering a unique residential experience and increasing the appeal of residential investment opportunities in the Kingdom.


Saudi Arabia condemns Israeli strike on UNRWA school in Gaza

People mourn Palestinians killed in an Israeli strike, at Nasser hospital in Khan Younis in the southern Gaza Strip, November 17
Updated 33 min 33 sec ago
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Saudi Arabia condemns Israeli strike on UNRWA school in Gaza

  • Foreign Ministry said the Kingdom reiterates its “categorical rejection of the Israeli occupation’s continued targeting of civilians and relief agencies”

RIYADH: Saudi Arabia condemned on Sunday an Israeli strike that killed at least 10 Palestinians and wounded at least 20 others on Saturday at a school in Gaza City’s Shati refugee camp currently sheltering displaced families.

The Abu Assi school is run by United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), the main agency that has been procuring and distributing aid in the Gaza Strip.

The Foreign Ministry said the Kingdom reiterates its “categorical rejection of the Israeli occupation’s continued targeting of civilians and relief and humanitarian agencies amid the silence of the international community.”

It called on the international community to assume its responsibilities towards ongoing Israeli violations that increase the suffering of the Palestinian people and undermine the chances of achieving peace in the region.

Recently passed Israeli laws have effectively banned UNRWA activities in Israel and the the commissioner-general of the agency Philippe Lazzarini has warned that this will leave a vacuum that will cost more Palestinian lives and create further instability in Gaza and the West Bank.