DAVOS: As businessman and bankers sip their morning coffee in a hotel lobby, admiring the Swiss Alps, a disturbing scene is unfolding in the car park below: men with guns are ordering people onto their knees and stealing their watches.
“A Day in the Life of a Refugee,” an hour-long simulation that aims to give people a taste of being an asylum-seeker, has been held for the past 11 years at the annual World Economic Forum in Davos. Its organizers say it has never been needed more than now.
With anti-immigration policies gaining major support across Western countries, the aid group that runs the simulation wants politicians, officials and chief executives attending Davos to understand the issue from the frightening perspective of a refugee.
“It’s more effective now, the message,” said Sally Begbie, director of Hong Kong-based Crossroads Foundation. “We bring it to Davos because there are people making policy here. We want to give them a brief opportunity to step in a refugee’s shoes.”
Summit organizers have also included refugees in the main program — a long-term resident of a Kenyan refugee camp is a co-chair this year. But beyond Davos, refugee groups say doors are closing, especially in Europe.
On Tuesday, the United Nations criticized European nations for not allowing boatloads of migrants to disembark at safe ports and of relying instead on Libya’s coast guard to return them to the dangerous North African country.
Among asylum-seekers who managed to reach Europe before the ports closed, many have found work but others are finding it increasingly difficult. In Italy, the government has made a new law making it harder for asylum-seekers to get work.
In a migrant camp in the Serbian capital of Belgrade, Syrian asylum-seeker Mustafa Othman complains of little to do.
“I have done nothing,” he said, adding that he had failed his first goal on arriving in Europe: “to help my family, to do something for them.” The 33-year-old left his native Aleppo in 2012 and says he suffers depression, fearing deportation.
A former engineering student who speaks several languages, he helps out at the migrant center and assists aid groups.
Many other migrants, however, have found work and a new life, especially in Germany where official data issued in April 2018 showed a growing number are finding jobs.
One of those is 25-year-old Afghan migrant Quadratullah Hotak who made it to Germany before a huge 2015 migrant influx to Europe that has fueled support for populist parties across the continent and led to an anti-immigration backlash.
Hotak is a trainee at Ford Motor Company in Cologne and says his dream is to get a master craftsman certificate, become a Ford employee and “start a family and have a good future.”
Since Chancellor Angela Merkel’s 2015 decision to welcome almost one million asylum seekers, there are growing fears that Germany cannot cope with new arrivals.
In the Davos car park, though, a group of aid workers are trying to persuade those who make official policy — as well as executives who collectively hire hundreds of thousands of people worldwide — to make the case for continuing to accept refugees.
“I was very moved by it. It will stay with me forever,” said an executive from US tech firm Hewlett Packard, one of 26 people who went through the refugee simulation on Tuesday.
A gun in the face: Davos ploy to reshape refugee debate
A gun in the face: Davos ploy to reshape refugee debate
- The conference runs an hour long simulation to give attendees a taste of how it feels to be a refugee
- The organizers of the simulation, Crossboards Foundation, say it is needed now more than ever
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.
UK MPs demand Ukraine-style visa route for Gazans
- Letter to PM: ‘The same generosity should be extended to Palestinian families’
- Death toll ‘likely to be exponentially higher’ than official figure due to collapse of local govt, health systems
LONDON: MPs in the UK are calling on the government to launch a visa system for Palestinians in Gaza with family already living in Britain.
Sixty-seven politicians have written to Prime Minister Keir Starmer and Home Secretary Yvette Cooper asking for a Gaza Family Scheme mirroring the Ukraine Family Scheme established in 2022 to help refugees escape the war with Russia. It allowed Ukrainians to live and work in the UK for up to three years.
“We believe that the same generosity should be extended to Palestinian families,” said the letter, seen by Sky News.
Signatories include 35 Labour MPs and members of the House of Lords, as well as several people currently suspended from the governing party, including its former leader Jeremy Corbyn and former Shadow Chancellor John McDonnell.
All four sitting members of the Green Party have also signed, alongside former Liberal Democrat leader Tim Farron and the Bishop of Chelmsford Dr. Guli Francis-Dehquani.
The letter accuses Israel of “shattering the temporary ceasefire agreement” with Hamas in Gaza, and of conducting a “campaign of bombardment and military assaults, and targeting of people accessing humanitarian aid.”
MP Marsha de Cordova, who helped organize the letter alongside the Gaza Families Reunited campaign, told Sky News that the Ukraine visa scheme “was the right response to a brutal war,” and that establishing one for Gazans “would be an extension of those same principles, showing that this government is steadfast in its commitment to helping families experiencing the worst horrors of war.
“It is time for the government to act now to help British Palestinians get their loved ones to safety, enabling them to rebuild their lives.”
The letter said the proposed scheme would let Palestinians reunite with “people they may never see again unless urgent action is taken,” and many Gazans trying to reach the UK “struggled to navigate the immigration system.”
It added that efforts to secure visas have been made “impossible due to the destruction of the visa application centre in Gaza and blockade of the Rafah crossing.”
The letter said the death toll in Gaza, reported by Palestinian authorities as numbering at least 53,000 people, “is likely to be exponentially higher” due to the collapse of local government and health systems in the enclave.
Ghassan Ghaben, spokesperson for Gaza Families Reunited, told Sky News: “Family unity is an undeniable human right.”
He urged more MPs, including Conservatives, to add their names to efforts to help get Palestinians to the UK, saying: “We are still waiting for the new government to do the right thing. We, as Palestinians in the UK, simply want the opportunity to bring our loved ones from Gaza to safety, until it is safe to return.”
A government spokesperson told Sky News: “The death and destruction in Gaza is intolerable. Since day one, we have been clear that we need to see an immediate ceasefire, the release of all hostages cruelly detained by Hamas, better protection of civilians, significantly more aid consistently entering Gaza, and a path to long-term peace and stability.
“There are a range of routes available for Palestinians who wish to join family members in the UK.”
Saudi Ministry of Energy, UN ink deal to propel regional emissions cooperation
RIYADH: Middle East and North Africa countries are set to benefit from enhanced clean energy cooperation following an agreement between Saudi Arabia and the UN Environment Programme to accelerate emissions reduction.
The memorandum of understanding, signed in Riyadh by Energy Minister Prince Abdulaziz bin Salman and UNEP Executive Director Inger Andersen, seeks to support MENA nations through the promotion of clean energy technologies, development of climate policy frameworks, and knowledge exchange to advance sustainable development, according to an official release.
The initiative aligns with Saudi Arabia’s Middle East Green Initiative, a regional platform launched to combat climate change and reduce emissions by over 60 percent from hydrocarbon production across participating countries. The initiative aims to cut 670 million tonnes of carbon dioxide, equivalent to 10 percent of global nationally determined contributions when first announced in 2021.
The ministry release stated: “The MoU reflects shared goals to enhance resource efficiency and lower carbon emissions through a comprehensive, balanced and sustainable approach.”
It added: “Areas of cooperation include policy research and recommendations, partnerships with international organizations, participation in climate and CCE-related events, exchange of knowledge and best practices, and the development of climate policy frameworks, supported by regional and global climate networking activities.”
During the meeting, the two sides also held talks over advancing the objectives of the UN Framework Convention on Climate Change and the Paris Agreement.
“The two sides also discussed Saudi Arabia’s climate initiatives, including the Saudi Green Initiative and the Middle East Green Initiative, as well as other efforts undertaken by the Kingdom to expand renewable energy and reduce emissions through the Circular Carbon Economy framework,” the release added.
The MoU supports wider regional efforts to unlock renewable potential. MENA currently contributes less than 8 percent of global emissions from power and heat generation and is aiming to grow its clean energy capacity from under 50 gigawatts in 2022 to 200 GW by 2030, according to a June 2024 report by the International Energy Agency.
The IEA report also highlighted that the region — led by Saudi Arabia, Egypt, and Algeria — is experiencing the fastest relative growth in renewable energy, scaling at 4.5 times its current base due to ambitious national targets.
The MENA region holds substantial hydrocarbon reserves alongside significant renewable energy potential, positioning it as a strategically important player in the global shift toward sustainable energy, according to the Natural Resource Governance Institute.
Governments across the region are adopting a dual-energy strategy — leveraging both fossil fuels and renewables — to reduce emissions while bolstering energy security.
Enhanced regional collaboration is critical to developing interconnected energy systems, boosting economic competitiveness, and securing reliable access to international energy markets.
Saudi-led initiative restores Yemen’s iconic Seiyun Palace
- Kingdom’s program, UNESCO collaborate to preserve heritage, boost cultural tourism in Hadramout
RIYADH: After years of deterioration that threatened its survival as a historical and cultural symbol, Seiyun Palace in Hadramout, eastern Yemen, is regaining its original form through restoration led by the Saudi Development and Reconstruction Program for Yemen.
Seiyun Palace was once featured on Yemen’s national currency due to its importance, the Saudi Press Agency reported.
Originally built as a fortified stronghold to protect Seiyun, the palace later became the residence of the sultans of the Kathiri state, who ruled Wadi Hadramout.
Despite its significance, the palace suffered damage over time, reaching a critical point in 2022 when a large part of its outer wall collapsed, raising concerns about its future. This led to calls for restoration, according to the SPA.
At the Yemeni government’s request, the Saudi development program launched a project to restore the palace.
Funded by the program and implemented by UNESCO, the effort involved Saudi Arabia’s Ministry of Culture and Yemen’s General Organization of Antiquities and Museums, with support from Yemen’s Social Fund for Development.
Restoration included repairing the outer wall and mudbrick structures. Attention was given to restoring wooden ceilings, carved doors, and windows that showcase Yemeni craftsmanship.
The project also preserved the palace’s architectural features, including traditional decorations and wall inscriptions. Local engineers and technicians were trained in restoration techniques for ongoing maintenance.
This project supports development in Hadramout and the preservation of Yemen’s heritage. The palace can now receive visitors and host events, enhancing its role as a cultural and tourism site, the SPA reported.
The Seiyun Palace restoration is one of 264 projects by the Saudi development program across Yemen, covering education, health, transportation, energy, water, agriculture, fisheries, and institutional capacity building.
