(Developing)
Nine killed in Iran as bus, fuel truck collide — state media
- Iran has a poor road safety record, with over 20,000 deaths recorded between March 2023 and March 2024
- In August, 28 Pakistani Muslim pilgrims en route to Iraq were killed when their bus crashed in central Iran
TEHRAN: At least nine people were killed on Monday when a bus collided with a fuel truck in Iran’s southeast, state media reported, the second mass casualty road accident within days.
Mohammad Mehdi Sajjadi, head of the Red Crescent Society in Sistan-Baluchestan province, told the official IRNA news agency that “nine people lost their lives and 13 others were injured in the accident in which a bus collided with a fuel truck near Zahedan.”
On Saturday, 10 people were killed when a bus plunged into a ravine in Iran’s western Lorestan province.
Iran has a poor road safety record, with more than 20,000 deaths in accidents recorded between March 2023 and March 2024, according to figures from the judiciary’s Forensic Medicine Organization cited by local media.
In August, 28 Pakistani Muslim pilgrims en route to Iraq were killed when their bus crashed in central Iran.
Impoverished Sistan-Baluchestan, which borders Pakistan and Afghanistan, saw one of Iran’s deadliest accidents in 2004, when a gasoline tanker collided with a bus, sparking a massive fire that killed more than 70 people.
Saudi Arabia to welcome Middle East’s first TRIBE hotel in King Salman Park
RIYADH: French hospitality group Accor and Naif Alrajhi Investment have signed an agreement to bring the Middle East’s first TRIBE hotel to Saudi Arabia.
The project, featuring a 250-key property, will be situated within Riyadh’s King Salman Park and will include the debut of TRIBE Living, a new residential community concept.
The collaboration builds on the partnership between the two entities, which successfully launched Fairmont Ramla Serviced Residences last year, according to a press release.
This initiative aligns with Saudi Arabia’s Vision 2030, which aims to diversify the economy and boost the tourism sector, targeting 150 million annual visitors by 2030.
“The introduction of TRIBE and TRIBE Living to Saudi Arabia showcases our focus on design-led, lifestyle experiences that meet the growing demand for modern, accessible hotel offerings in Riyadh,” said Duncan O’Rourke, Accor’s CEO for premium, midscale and economy brands for Middle East, Africa and Asia Pacific.
The TRIBE Riyadh King Salman Park hotel will also feature two restaurants, meeting facilities, a banquet hall, a gym, and a swimming pool.
TRIBE Living will introduce 150 apartments ranging from studios to three-bedroom units, offering residents access to the hotel’s dining and recreational amenities, the release added.
Since its launch in 2017, the TRIBE brand has grown to 18 hotels with 2,708 rooms globally.
Riyadh is emerging as a global hub for business and leisure, fueled by growing demand for premium accommodations. Accor aims to capitalize on this trend with 1,683 operational keys in the city and 2,740 in the pipeline.
The announcement follows the King Salman Park Foundation’s plan to develop its first real estate investment plot in collaboration with Naif Alrajhi Investment.
“We are delighted to be working with Accor once again, a trusted partner, to introduce new and iconic brands to the local market for the first time. This partnership is a significant step forward in our ongoing commitment to delivering world-class destinations that cater to both local and international audiences,” Naif Saleh Al-Rajhi, chairman and CEO of Naif Alrajhi Investment.
The project is part of King Salman Park’s Package 1, a 290,000-sq.-meter mixed-use development featuring residential, commercial, retail, and recreational spaces. The district is strategically located near the park’s key attractions, such as the Royal Arts Complex and Visitors Pavilion.
Accor is planning substantial growth in the Kingdom, with 45 new establishments and 9,800 keys expected by 2030, O’Rourke told Arab News in May.
Saudi Arabia’s hospitality sector has gained momentum, driven by large-scale events such as Riyadh Season and AlUla Season.
A report by JLL released earlier this month highlighted that urban infrastructure development is creating new opportunities in the Kingdom, driven by the government’s push for economic diversification and increased tourism.
Closing Bell: Saudi main index closes in green, reaches 11,949 points
- MSCI Tadawul Index increased by 15.52 points, or 1.05%, to close at 1,500.07
- Parallel market Nomu lost 285.18 points, or 0.91%, to close at 30,953.11 points
RIYADH: Saudi Arabia’s Tadawul All Share Index increased by 0.84 percent or 99.42 points to reach 11,948.79 points on Monday.
The total trading turnover of the benchmark index was SR4.9 billion ($1.3 billion), as 111 of the listed stocks advanced, while 117 retreated.
The MSCI Tadawul Index also increased by 15.52 points, or 1.05 percent, to close at 1,500.07.
The Kingdom’s parallel market Nomu dropped, losing 285.18 points, or 0.91 percent, to close at 30,953.11 points. This comes as 32 of the listed stocks advanced while 51 retreated.
The main index’s top performer, Zamil Industrial Investment Co., saw a 4.31 percent increase in its share price to close at SR33.90.
Other top performers included Saudi Reinsurance Co., which saw a 4.20 percent increase to reach SR47.15, while the Mediterranean and Gulf Insurance and Reinsurance Co.’s share price rose by 4.16 percent to SR23.52.
Red Sea International Co. also recorded a positive trajectory, with share prices rising 3.89 percent to reach SR56.10.
Kingdom Holding Co. also witnessed positive gains, with 3.75 percent reaching SR9.13.
National Co. for Learning and Education was TASI’s worst performer, with the firm’s share price dropping by 3.94 percent to SR204.60.
Aldrees Petroleum and Transport Services Co. followed with a 3.84 percent drop to SR120.20. Riyadh Cement Co. also saw a notable drop of 3.61 percent to settle at SR32.05.
Walaa Cooperative Insurance Co. and MBC Group Co. were among the top five poorest performers, with shares declining by 3.52 percent to settle at SR17.56 and by 3.17 percent to sit at SR54.90, respectively.
On the announcement’s front, Almujtama Alraida Medical Co. disclosed that Khabeer Althanyia Investment Co. — a major shareholder — has announced its intention to distribute and deposit its 630,673 shares in Almujtama Alraida, representing 6.64 percent of the company’s capital, into the investment portfolios of its current partners.
The move, according to a filing on Tadawul, will result in changes to the list of the company’s major shareholders.
Almujtama Alraida Medical Co.’s share price dropped 2.91 percent on Monday to settle at SR30.05.
Najran Cement Co. announced that its shareholders approved the transfer of SR163.62 million from its statutory reserve, as reported in its financial statements for the year ending Dec. 31, 2023, to its retained earnings balance of SR138.15 million.
The decision was made during the company’s extraordinary general meeting held on Dec. 22, according to a statement on Tadawul.
Shareholders also approved the repurchase of up to 17 million shares to be held as treasury shares, citing the board’s view that the company’s stock is trading below its fair value.
The share buyback will be financed through the firm’s resources, including cash balances or credit facilities, with the board authorized to complete the process within 12 months of the meeting date.
The repurchased shares can be retained for a maximum of 10 years, after which the company will comply with applicable laws and regulations, the statement said.
Najran Cement Co.’s share price saw a 1.22 percent dip on Monday to close at SR8.92.
Taliban eye boost in Saudi ties as Kingdom reopens embassy in Kabul
- Saudi Arabia keen to ‘provide all services’ to Afghans, embassy said on Sunday
- Afghanistan’s Taliban government is not recognized by any country in the world
KABUL: Afghanistan’s Taliban government is hoping to boost cooperation with Saudi Arabia as the Kingdom reopened its embassy in Kabul, its Ministry of Foreign Affairs said on Monday.
Saudi Arabia was among a host of nations that withdrew its diplomats from Kabul in August 2021, following the Taliban’s return to power and the withdrawal of US-led forces from Afghanistan. The Taliban are not officially recognized by any country in the world.
Late on Sunday, the Saudi Embassy in Afghanistan announced that the diplomatic mission in Kabul would resume its work.
“Based on the keenness of the government of the Kingdom of Saudi Arabia to provide all services to the brotherly Afghan people, it has been decided to resume the activities of the Kingdom’s mission in Kabul as of December 22, 2024,” it said on X.
The reopening of the Saudi Embassy was welcomed by Afghanistan’s new rulers.
“I consider the resumption of the activities of the Embassy of the Kingdom of Saudi Arabia in Kabul as a step toward further strengthening and expanding bilateral relations between the governments and peoples of the two countries,” Zakir Jalaly, director of the second political division at the Ministry of Foreign Affairs, told Arab News on Monday.
Jalaly said the Kingdom was one of three countries, including the UAE and Pakistan, to recognize the Taliban government during its first rule from 1996 until it was overthrown by the US invasion of Afghanistan in 2001.
“Since Saudi Arabia is an important country at the regional and international levels, the resumption of the embassy’s activities in Kabul will provide ground for expansion of cooperation in various fields,” he added.
Saudi Arabia has continued to provide consular services in Afghanistan since November 2021 and provided humanitarian aid through the King Salman Humanitarian Aid and Relief Center.
“I think the resumption of the Saudi Embassy’s activities in Kabul is a big announcement for the government of the Islamic Emirate facing international isolation as well as for the people of Afghanistan who have been experiencing the negative effects of the political isolation in different aspects of social life,” Naseer Ahmad Nawidy, political science professor at Salam University in Kabul, told Arab News.
The resumption of diplomatic activities will also be helpful for Afghans who are living in Saudi Arabia, which number at around 132,000 people.
“It will also help Afghan traders to do exports and imports from the country. It will also have benefits for Saudi Arabia as it will extend its influence in the region,” Nawidy said.
“I hope other Islamic countries continue to engage with the Afghan government and reopen (their) diplomatic missions in Afghanistan, which will provide ground for cooperation in different areas.”
MIT Technology Review Arabia unveils 2024 ‘Innovators Under 35 MENA’ award winners
- Saudi Arabia saw significant recognition this year, with five of its innovators earning awards
- Innovators’ work range from groundbreaking genetic research to eco-friendly technologies and advanced health diagnostics
LONDON: MIT Technology Review Arabia has announced the 20 winners of its 2024 Innovators Under 35 MENA award, honoring young visionaries whose work spans fields such as biotechnology, artificial intelligence, energy and medicine.
This year’s honorees hail from across the region and beyond, including Saudi Arabia, Palestine, Egypt, Lebanon, Qatar, Bangladesh and Russia, and whose ideas have introduced innovations addressing some of the world’s most pressing challenges.
Their achievements range from groundbreaking genetic research to eco-friendly technologies and advanced health diagnostics.
Among this year’s winners is Saudi Arabia’s Asrar Damdam, whose UV-based device extends the shelf life of fresh food in only 30 seconds without chemicals, tackling global food waste.
Egypt’s Bassem Al-Shaib was recognized for his work with CRISPR (clustered regularly interspaced short palindromic repeats) technology, offering new possibilities for genetic therapies and climate change mitigation.
Qatar’s Dhabia Al-Mohannadi has developed a process to convert oil wastewater into hydrogen, contributing to decarbonization efforts.
Saudi Arabia saw significant recognition this year, with five of its innovators earning awards.
These include Mohammed Alamer, whose sustainable graphene production methods are gaining attention, and Lamyaa Almemadi, whose research at MIT focuses on monitoring mRNA degradation in vaccines.
Taghreed Sindi was recognized for developing AI tools to improve children’s hospital care, while Maha AlJuhani introduced methods for designing catalysts that recycle nitrogen, supporting sustainability in industry.
The honorees were selected by a panel of 19 judges, including academics and entrepreneurs from leading institutions worldwide.
The award, which was launched in the MENA in 2018, is the regional version of a global awards scheme launched by MIT Technology Review in 1999.
Part of Arabic digital content provider Majarra, Innovators Under 35 awards have previously honored figures such as Google co-founder Larry Page, and Mark Zuckerberg, founder, chairman and CEO of Meta, formerly known as Facebook.
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