NEW DELHI: India’s antitrust watchdog has ordered Dubai’s DP World and Denmark’s A.P. Moller-Maersk and to withdraw certain customer adviseries which it said could hamper growth of the country’s largest container port in Mumbai, a document seen by Reuters showed.
The Competition Commission of India (CCI) last year ordered a probe into suspected antitrust violations by DP World and Maersk units at the terminals they operate at state-owned Jawaharlal Nehru Port Trust (JNPT).
Handling 66 million tons of cargo in the last fiscal year to March, JNPT is critical to India’s international trade. The port handles more than half of India’s traffic in shipping containers each year.
The probe was ordered as the CCI found merit in a complaint filed by Singapore’s PSA International, which alleged the rival duo had created barriers to hinder the growth of PSA’s terminal by colluding on certain charges they levy at the port.
Though the terminal operators handle each other’s containers to help boost the port’s efficiency, PSA had alleged that DP World and Maersk last year issued adviseries aimed at discouraging port users from sending PSA’s containers to their terminals.
In an order issued by the CCI on Jan. 15, the watchdog ordered Maersk and DP World units to withdraw those adviseries, saying it “smacks of anti-competitive” conduct.
The adviseries, if not withdrawn, would cause “irretrievable damage or losses” not only to PSA, and would not augur well for the port’s development, according to the order. It has not been made public.
“This is likely to generate unwarranted uncertainty, chaos, discontent and anxiety among shipping lines and customers,” the CCI said.
The order is only an interim measure, and the wider probe continues.
A DP World spokesperson said the company had not received any such order from the Indian watchdog, but it was “committed to ensuring” it complies with all laws.
A.P. Moller-Maersk, the world’s biggest container shipping group, did not respond to queries. PSA, which is owned by Singapore government-owned investment fund Temasek Holdings, declined to comment.
The antitrust dispute at the JNPT is based on so-called inter-terminal transfers.
Under the system, freight trains arriving at JNPT typically carry containers destined for several terminals, but stop at just one that handles all the cargo on a given day. Other operators then collect their containers by truck for loading at their own terminals. A similar procedure is followed, in reverse, when imported containers are unloaded.
DP World’s advisory had said the inter-terminal operations with PSA were “inefficient and unviable.” Maersk had said its terminal “shall not be responsible” for handling containers to and from PSA-terminal bound trains.
Both the companies denied PSA’s allegations while arguing to the CCI that the adviseries were based on “commercial justifications,” the order said.
Units of Maersk, DP World and PSA operate four of the JNPT port’s five terminals, with the fifth owned by the government. The PSA terminal, inaugurated in February, is planned to be the largest, expected to nearly double JNPT’s capacity.
India watchdog orders DP World unit to withdraw some notices to clients at Mumbai port
India watchdog orders DP World unit to withdraw some notices to clients at Mumbai port
- India has been investigating antitrust violations at Mumbai port
- DP World, Maersk unit asked to withdraw some customer adviseries
Summer festivals in Baha, Najran offer wide array of cultural events
- Summer Festival 2025 inaugurated by Prince Hussam bin Saud
- More than 500 events set to light up Baha festival
RIYADH: A vibrant summer of arts, music and cultural events has arrived in the Baha and Najran regions.
Prince Hussam bin Saud, the governor of Baha, has officially opened Baha Summer Festival, which features more than 500 events aimed at attracting some 2.5 million visitors.
He said everyone involved was working together to deliver an exceptional experience for both residents and those coming to the area.
The lineup for the Baha summer season, being held under the slogan “Color Your Summer,” includes artistic and musical performances, circus festivals, magic shows and a range of recreational and cultural activities.
Preparations for the festival included road maintenance, upgrades to parks and tourist sites, ample parking facilities, clear directional signage and the introduction of free Wi-Fi in public parks. Cleanliness, monitoring and safety measures have also been significantly enhanced across all venues.
Meanwhile, the Summer Festival organized by the Najran municipality begins on Tuesday under the banner “Our Summer is Great.”
Mayor Saleh Al-Ghamdi said preparations ahead of the season included equipping more than 160 parks, gardens, municipal squares and walkways to welcome those attending, carried out in coordination with various government and private entities.
He added the festival featured diverse events in several locations in Najran city and its governorates, which includes a shopping festival, horse shows, paragliding, classic car shows and family and children’s programs, as well as recreational and cultural activities, poetry evenings, sports competitions, handicrafts, plays, programs and training courses.
The activities will be held over 45 days and contribute toward the goals of Vision 2030, said Al-Ghamdi, highlighting that the Najran region’s unique nature and tourist sites made it a major attraction.
Riyadh leads Saudi Arabia’s commercial real estate growth with 23% rise in office rents
- Average rents for office spaces in Riyadh saw an annual rise of 23%
- Jeddah’s total office stock is expected to rise 1.8 million sq. meters by 2027
RIYADH: Saudi Arabia’s commercial real estate sector is witnessing exponential growth, with rents for Grade A office spaces in the Kingdom’s capital reaching SR2,700 ($719.95) per sq. meter by the end of March, an analysis showed.
In its latest report, global real estate consultancy Knight Frank said average rents for office spaces in Riyadh witnessed an annual rise of 23 percent by the end of the first quarter, driven by the success of government-led initiatives, including the ambitious regional headquarters program.
Strengthening the real estate sector is one of the key goals outlined in Saudi Arabia’s Vision 2030 agenda, as the nation aims to position itself as a leading business and tourism destination by the end of the decade.
The Kingdom’s Real Estate General Authority expects the property market to reach $101.62 billion by 2029, with an anticipated compound annual growth rate of 8 percent from 2024.
“Saudi Arabia’s economic momentum continued to strengthen across key sectors in 2024, underpinned by rising private sector activity,” said Faisal Durrani, partner — head of research for the Middle East and North Africa at Knight Frank.
According to the report, the Kingdom’s Grade A office rents witnessed an occupancy level of 98 percent by the end of March.
Grade B rents grew by 24 percent year on year by the end of the first quarter, while the occupancy level of these spaces stood at 97 percent.
Grade A office spaces command higher rents than the area average, thanks to their prime locations, modern infrastructure, and newer construction.
In contrast, Grade B office spaces are more affordable, offering a lower-cost alternative to Grade A units.
The report further said that around 600 companies have announced plans to establish their regional headquarters by the end of February, significantly boosting demand for prime office spaces.
Saudi Arabia’s regional headquarters program offers benefits to international firms, including a 30-year exemption from corporate income tax and withholding tax on headquarters activities, as well as discounts and support services.
“A total of 14,303 foreign business investment licenses were issued during 2024, a 67 percent increase from 2023, marking the highest annual figure on record and underscoring the sustained appeal of Saudi Arabia to global corporates and investors,” said Durrani.
The analysis added that Jeddah is also experiencing significant growth in the commercial real estate sector, with both Grade A and Grade B occupancies reaching 95 percent by the end of March.
Knight Frank said Grade A office rents in Jeddah reached SR1,280 per sq. meter, marking a 4 percent year-on-year growth, while Grade B office rents grew by 6 percent to reach SR845 per sq. meter.
Jeddah’s total office stock is expected to rise from 1.6 million sq. meters this year to 1.8 million sq. meters by 2027.
“As more companies expand their footprint across Saudi Arabia, Jeddah is attracting a growing number of regional and local firms. This rising interest is being supported by a healthy office development pipeline,” said James Hodgetts, partner — occupier strategy and solutions at Knight Frank.
He added: “Upcoming projects include Jeddah Gate, which is expected to deliver 230,000 sq. meters between 2025 and 2028, and Jeddah Rose, a mixed-use development bringing 25,000 sq. meters of office space to the market by the end of 2025.”
In May, Jeddah Municipality announced 29 new investment opportunities spanning over 1.4 million sq. meters, targeting sectors including commercial, industrial, residential, and recreational.
The package includes 13 commercial opportunities featuring the development and operation of retail shops and commercial complexes across various districts.
In April, a separate report released by credit rating agency S&P Global said that the Kingdom’s retail real estate market is poised for growth in the near term, driven by population growth, expanding tourism, and economic diversification efforts under the Vision 2030 initiative.
S&P Global added that ongoing mega projects and the expansion of international brands are expected to propel further demand for retail space nationwide.
Hospitality overview
According to the study, the average daily rate in Saudi Arabia’s hospitality sector increased by 10.8 percent year on year by the end of March, while revenue per available room increased by 12.3 percent during the same period.
The report said the growth of the Kingdom’s hospitality sector was largely driven by gains in the nation’s holy cities and Riyadh.
In the first quarter of 2025, ADR in Makkah rose by 28.9 percent year on year to SR859, while RevPAR was up by 35.7 percent to SR673.
Citing data from the Ministry of Hajj, Knight Frank said the surge in performance in Makkah reflected heightened demand linked to the rise in issued Umrah visas, which grew by 8.3 percent.
With more than 8,500 rooms under construction across 12 hotel developments, Makkah’s total inventory is set to increase from 63,428 to 71,643 rooms by 2027, the report added.
According to the analysis, ADR in Madinah reached SR891 by the end of the first quarter, representing an 11.8 percent year-on-year rise, while RevPAR rose by 15.1 percent to SR724.
Madinah currently has 20,673 hotel rooms, and an additional 2,100 keys are expected to be delivered by 2027. Major international operators continue to expand their presence, including Hilton and Marriott, with planned openings totaling over 6,000 rooms.
Rua Al-Madinah, a new giga-project situated east of the Prophet’s Mosque, is also poised to reshape the hospitality landscape, with over 47,000 planned hotel rooms.
“These latest figures point to resilient demand amid limited new supply and further highlight Madinah’s pricing strength,” said Amar Hussain, associate partner — research, Middle East at Knight Frank.
He added: “Pilgrim arrivals in the city are expected to reach 30 million by 2030, up from 17.3 million in 2025, reflecting the city’s growing role as a global hub for religious tourism.”
Data Centers
Knight Frank said Saudi Arabia is positioning itself as the Middle East’s leading data hub, with plans to grow its data center market from $1.78 billion in 2023 to $3.2 billion by 2029, representing a compound annual growth rate of 10.1 percent.
The report noted that Saudi Arabia’s total IT capacity is expected to increase from around 250-300 megawatts in 2024 to more than 1,000-MW by 2030, driven by strategic government initiatives and substantial investment in digital infrastructure.
During the LEAP 2025 conference in February, Cathy Mauzaize, US-based software firm ServiceNow’s president for Europe, the Middle East and Africa, said that the company is set to launch data centers in the Kingdom in 2026.
In the same month, Alfanar Global Development also announced a $1.4 billion investment plan to develop four world-class data centers in Saudi Arabia.
Knight Frank added that all tier-one US cloud providers, including Microsoft, Amazon Web Services, Google Cloud, and Oracle, have either launched operations or announced further expansions in the Kingdom.
Amazon Web Services alone has committed $5.3 billion to scale up its cloud services across key cities.
Chinese firms such as Alibaba Cloud and Huawei Cloud have also established a local presence.
“Saudi Arabia is now the fastest growing market for data centers as the country continues its drive toward national digitalization,” said Stephen Beard, global head of data centers at Knight Frank.
He added: “The Kingdom’s development of data center infrastructure has been driven largely by adoption of public cloud and sustained public and private investment, transforming it into one of the top five global AI superpowers — evident in the recent launch of the $100 billion Transcendence AI Initiative.”
Saudi Arabia launched Project Transcendence in November, a $100 billion AI initiative aimed at building data centers, supporting startups, and developing infrastructure.
The initiative promises to bring together expertise, infrastructure, and innovation to position the Kingdom at the forefront of AI advancements.
Most Filipinos in favor of rejoining ICC, study shows
- Philippines withdrew from the ICC in 2019 under ex-president Rodrigo Duterte
- 57 percent of respondents support rejoining the court, while 37 percent are against it
MANILA: The majority of Filipinos support the Philippines rejoining the International Criminal Court, the results of a new opinion poll showed on Monday.
The Philippines withdrew from the ICC in 2019 under ex-president Rodrigo Duterte, as the court’s prosecutors began to look into his “war on drugs” campaign in 2016-22, which they estimate has resulted in the extrajudicial killings of 30,000 Filipinos.
Despite the Philippines’ withdrawal, the court has issued an arrest warrant against Duterte, as it keeps jurisdiction over alleged crimes committed while a country was a member.
The current administration of President Ferdinand Marcos Jr. complied with the arrest warrant and Duterte has been in ICC custody since March, awaiting trial. The Marcos’s spokesperson, Claire Castro, said earlier this month that he was also “open to talking about” rejoining the ICC.
The move would be supported by 57 percent of Filipinos, according to the latest survey by OCTA Research.
“A clear 57 percent of Filipinos support the Philippines rejoining the ICC. In contrast, 37 percent are opposed, and 6 percent remain undecided, indicating broad, though not unanimous, public backing for renewed engagement,” the Quezon City-based polling and research firm said in its report.
The study was conducted between April 20 and April 24, on 1,200 respondents in Metro Manila, Balance Luzon, Visayas, and Mindanao.
In Mindanao, where Duterte traces his political roots and despite detention won the mayoral election last month, the support for rejoining the ICC was the lowest.
“In Metro Manila, Balance Luzon, and the Visayas, at least 60 percent of respondents express support,” the OCTA Research report said. “In Mindanao, however, is an exception — with only 30 percent supporting the move and 66 percent expressing opposition, the highest rate of opposition recorded across regions.”
The highest rate of support for reengagement with the ICC was among people aged 25-34, with 62 percent of them in favor of the move, while the lowest support was among those aged 45-54, at 50 percent.
Duterte’s arrest has likely contributed to awareness about the ICC across the Philippines, with 85 percent of adult Filipinos claiming to have seen, read, or heard about the court and only 13 percent reporting being unaware of it.
“This widespread awareness sets the stage for significant national conversations on justice, accountability, and the Philippines’ potential reengagement with the ICC,” OCTA Research said.
“Awareness levels are consistently high nationwide. In Metro Manila, 89 percent of respondents indicated familiarity with the ICC, followed closely by Balance Luzon (86 percent), Mindanao (85 percent), and the Visayas (77 percent).”
Saudi banks post 5.4% loan growth in Q1 as lending accelerates
RIYADH: Net loans and advances across the Saudi Arabia’s 10 largest listed banks rose by 5.4 percent in the first quarter of 2025, underscoring robust lending momentum at the start of the year.
According to Alvarez & Marsal’s latest KSA Banking Pulse report, this growth was primarily driven by a 7.5 percent increase in corporate lending, which continues to represent more than half of total gross loans.
The banking sector’s strong start reflects the wider strength of Saudi Arabia’s economic transformation efforts. Resilient credit growth signals sustained confidence among borrowers, particularly within the corporate sector, where demand for financing remains high amid ongoing large-scale infrastructure and development projects.
Meanwhile, the loan-to-deposit ratio climbed to 106.1 percent, up from 104.7 percent in the previous quarter, marking its highest level in recent times as credit expansion outpaced deposit growth.
Deposits rebounded by 4 percent after a decline in the prior quarter, supported by an 8.1 percent increase in time deposits.
The report also noted a 3.2 percent rise in operating income quarter on quarter, buoyed by a 9.6 percent surge in non-interest revenue from trade finance, foreign exchange, and investment gains.
Sam Gidoomal, managing director and head of Middle East Financial Services at A&M, commented: “Saudi banks are entering a new strategic phase marked by stronger capital stewardship and a focus on unlocking liquidity through innovation — from potential mortgage securitization to targeted portfolio rebalancing.”
“This financial agility, combined with solid credit growth and cost control, positions the sector to actively support Vision 2030 priorities and channel capital toward infrastructure and giga-projects,” he added.
Cost discipline was evident across the sector, as operating expenses fell by 1.7 percent, contributing to a 149 basis point improvement in the cost-to-income ratio to 29.8 percent.
Aggregate net income increased 6.3 percent to SR22.2 billion ($5.9 billion), while return on equity strengthened by 44 basis points to 15.3 percent and return on assets edged up to 2.1 percent.
The strong quarterly performance detailed in A&M’s KSA Banking Pulse coincides with a broader surge in credit expansion across the sector.
According to data from the Saudi Central Bank, the Kingdom’s bank outstanding loan portfolio rose to SR3.13 trillion at the end of April, reflecting a 16.51 percent increase over the past year and marking the fastest annual growth rate since mid-2021.
The data shows that approximately SR443 billion in new credit was issued over the past 12 months, highlighting how the Kingdom’s project-driven growth model is reshaping bank balance sheets. Real estate developers remain the largest borrowers, accounting for 21.77 percent of total corporate credit.
The analysis further underscored that impairment charges declined by 15.8 percent, alleviating margin pressures associated with interest rate normalization.
Non-interest income rose to 23 percent of total operating income in the first quarter, signaling progress in revenue diversification.
The cost of risk improved to 0.27 percent, down from 0.34 percent in the prior quarter, while the capital adequacy ratio remained robust at 19.3 percent.
Yield on credit moderated to 8 percent in the first quarter, down from 8.4 percent in the prior period, while the cost of funds declined to 3.3 percent.
The net interest margin edged slightly lower to 2.87 percent from 2.94 percent, reflecting ongoing margin pressures amid interest rate normalization.
The coverage ratio decreased to 154.8 percent, and operating income relative to total assets remained stable at 3.6 percent. Return on risk-weighted assets was unchanged at 2.7 percent quarter on quarter.
Asad Ahmed, A&M managing director, Financial Services, added: “The uptick in lending and deposit mobilization reflects improving business confidence and a rebalancing of liquidity across the sector.”
“While margin pressures persist amid interest rate normalization, the decline in impairments and growth in fee-based income indicate that banks are diversifying their revenue streams and adapting effectively to the evolving environment,” he added.
Pakistan urges India to abide by Indus Waters Treaty after world court’s supplemental award
- The court ruled that India’s decision of suspending the treaty didn’t affect its competence to adjudicate Pakistan’s complaints
- The South Asian neighbors have been arguing over hydroelectric projects on the shared Indus river and tributaries for decades
ISLAMABAD: Pakistan on Monday urged India to restore the Indus Waters Treaty (IWT), which ensures water for 80 percent Pakistani farms, and fulfil its obligations, days after the Permanent Court of Arbitration (PCA) announced a supplemental award on the proceedings instituted by Pakistan against India over Indus waters.
India announced it was putting the 1960 World Bank-mediated treaty in abeyance a day after an attack in Indian-administered Kashmir that New Delhi blamed on Pakistan, an allegation Islamabad denies. Pakistan has previously said the treaty has no provision for one side to unilaterally pull back and that any blocking of river water flowing to Pakistan will be considered “an act of war.”
In its supplemental award on the proceedings instituted by Pakistan against India over two hydroelectric projects, the court ruled on June 27 that India’s decision of holding the IWT in abeyance did not deprive the court of its competence to adjudicate Pakistan’s complaints against its neighbor. Pakistan has opposed some of hydroelectric projects by India, saying they violate the World Bank-mediated treaty on the sharing of the Indus waters.
In response to the supplemental award announced by the Court of Arbitration, Pakistan’s Foreign Office said the court found hearing the Pakistan-India dispute over Kishenganga and Ratle hydroelectric projects found that it has a continuing responsibility to advance these proceedings in a timely, efficient and fair manner.
“The Court of Arbitration decided to announce this supplemental award in the wake of India’s illegal and unilateral announcement to hold the Indus Waters Treaty in abeyance,” the Pakistani Foreign Office said in a statement.
“The award vindicates Pakistan’s position that the Indus Waters Treaty remains valid and operational, and that India has no right to take a unilateral action about it. We urge India to immediately resume the normal functioning of the Indus Waters Treaty, and fulfil its treaty obligations, wholly and faithfully.”
Last week, the PCA said it had previously found that once a proceeding before a court of arbitration is properly initiated, as in the present case, “there must be a strong presumption against the incidental loss of jurisdiction over the matters placed before it by subsequent acts, such as the appointment of a neutral expert.”
Weeks after India’s suspension of the treaty, the court issued a procedural order on May 16 and requested the parties to provide written submissions on the effect, if any, of these recent developments before the court.
Pakistan filed written submissions and no submissions were filed by India, but the court said it had considered New Delhi’s position.
“The current phase of the proceedings before the Court concerns the overall interpretation and application of the Treaty’s provisions on hydro-electric project design and operation, as well as the legal effect of past decisions of dispute resolution bodies under the Treaty,” it said.
“Accordingly, the text of the Treaty, read in light of its object and purpose, does not to allow either Party, acting unilaterally, to hold in abeyance or suspend an ongoing dispute settlement process.”
Under the IWT, India has been given the right to generate hydroelectricity through run-of-the-river projects on the western rivers subject to specific criteria for design and operation. The pact also gives the right to Pakistan to raise objections to designs of Indian hydroelectric projects on the western rivers.
On July 6, 2023, the PCA had issued its award on competence after considering India’s objections. In a unanimous decision, the court had ruled that it was competent to consider and determine the disputes set forth in
Pakistan’s request for arbitration in the case. Pakistan had initiated the present arbitral proceedings before the court on August 19, 2016.
The South Asian neighbors have been arguing over hydroelectric projects on the shared Indus river and its tributaries for decades, with Pakistan complaining that India’s planned hydropower dams will cut flows on the river, which feeds 80 percent of its irrigated agriculture.
The PCA noted on Friday that the principal issue concerned the implications, if any, that India’s decision to hold the treaty in “abeyance” may have on the competence of the court.
“Paragraph 16 of Annexure G to the Treaty provides that ‘[s]ubject to the provisions of this Treaty and except as the Parties may otherwise agree, the Court shall decide all questions relating to its competence’,” the PCA said.
“Accordingly, the Court found that it was for the Court — and the Court alone — to answer the question before it.”
New Delhi’s halting of the water agreement was one of a series of tit-for-tat diplomatic measures taken by both countries in the immediate aftermath of the April 22 attack in Kashmir, which resulted in a four-day military conflict between the neighbors in May.
