Olive oil ‘for peace’ in divided Cyprus

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Workers pick olives in the Greek-Cypriot village of Agios Ioannis, formerly a mixed settlement near the divided capital Nicosia in Cyprus. (AFP)
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Updated 11 February 2020
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Olive oil ‘for peace’ in divided Cyprus

  • Rare example of a start-up bringing together island’s two communities

NICOSIA: In a field bathed in winter light, Hasan Siber patiently harvests his olives. It is a common sight in Cyprus, but his “oil for peace” represents a rare glimmer of hope on the divided Mediterranean island.

Turkish-Cypriot Siber’s oil is to be sold via Coliveoil, a start-up that he founded with his Greek-Cypriot friend Alexandros Philippides.

The pair, in their early 30s, who met at university in London, want to “take the peace process forward” by selling oil from both sides of the island.

“You never know where an entrepreneurial adventure and friendship might lead,” said Philippides.

Based in the buffer zone of Nicosia, the last divided capital in Europe, Coliveoil is a rare example of a start-up bringing together the island’s two communities.

Cyprus has been split since 1974, when the Turkish army invaded and occupied the northern third following a coup aimed at incorporating the island into Greece.

Reunification talks have been suspended since 2017 — but that same year, Siber and Philippides set up their company that same year with the aim to building bridges across the divide.

The project has enthused Siber’s family, some of whom fled the south during years of conflict.

“Working here today fills me with hope,” said Ayhen Eminel, Siber’s retired uncle, who himself tried to set up a bi-communal business in the early 200s but faced rejection by Greek Cypriot authorities.

He uses a rake to pick olives in a sunlit grove owned by Greek Cypriots, in the formerly mixed village of Agios Ioannis.

The septuagenarian, who speaks Greek as well as Turkish, recalls fleeing the Paphos area in southwestern Cyprus after having been a prisoner of war.

Siber’s aunt Sidika Hudaoglu, a primary school teacher in her 50s, said that the project has brought back memories of a childhood spent among the olive groves in the island’s south, which she fled in 1974.

And the entrepreneur’s father Turgut, a 65-year-old cardiologist, has invested in his son’s start-up and has come from Istanbul to support it.

“Working together, it’s the start” of living together, he said.

“I think others will follow . . . It sets an example.”

While bi-communal projects enjoy some support among Cypriots, this one faces several obstacles.

Without a legal framework for registering bi-communal enterprises, Coliveoil has two legal entities, two bank accounts, two phone numbers and two addresses — one of each on each side of the divide.

The company in the south must buy from the one in the north in order to export to the EU.

Complicating the export process is the fact that EU laws are not applied in the self-declared Turkish Republic of Northern Cyprus (TRNC), only recognized by Ankara.

Olives harvested in the TRNC can’t be registered as organic by the EU, even though the pair say that all the olive groves they use are.

“We have to bring down these barriers,” Siber said.

On the northern side of the checkpoint, Siber and Philippides examine olive groves in Meric, a village surrounded by hills bearing a huge Turkish flag visible for miles across the buffer zone.

When they first took olives into the south in 2017, customs officers asked them to clean the northern olives for export to the south, they recall, even though nothing in the European regulations indicates this.

Resolving the Cyprus problem would more than double the island’s overall gross domestic product to €17.4 billion ($19 billion) over 20 years, according to a study by the Peace Research Institute Oslo Cyprus Center (PCC).

But since a summit in Switzerland collapsed in July 2017, there has been no movement in UN-sponsored negotiations for the divided Mediterranean island.

Yet Coliveoil worker Cemre Berk said that she feels she is an active part of the peace process for the first time.

“We’re breaking taboos,” the Turkish-Cypriot said. “The more people get used to seeing Turkish-Cypriots working on the Greek side and vice versa, the more normal it will become.”

Many Turkish Cypriots express regret the outcome of a referendum on a UN reunification plan in 2004 — the year the divided island entered the EU.

Turkish Cypriots accepted the plan, but Greek Cypriots voted it down.

Coliveoil gives 10 percent of its profits to “Home for cooperation,” which houses the start-up in the buffer zone of Nicosia alongside pro-reunificationNGOs.

Jammed between the low checkpoint walls, Coliveoil works with duo CyprusInno, which connects entrepreneurs from both sides of the island.

Such initiatives still attract stigma, says Steven Stavrou, one of CyprusInno’s cofounders, who met his business partner online.

Burak Berk Doluay was the first Turkish-Cypriot he had ever met.

They started their digital platform in 2013 during the country’s economic crisis, and they now count 2,600 members. “It has changed our lives,” said Stavrou, who was also a witness at his associate’s wedding.

“By coming together through business, sometimes things go beyond that.”


Saudi Arabia’s PIF launches duty-free company to boost travel retail market

Updated 9 sec ago
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Saudi Arabia’s PIF launches duty-free company to boost travel retail market

  • Al Waha is the first Saudi-owned duty-free operator

RIYADH: Saudi Arabia’s Public Investment Fund has launched Al Waha Duty Free Operating Co. as part of its strategy to capture a larger share of the Kingdom’s travel retail market, contributing to the nation’s economic growth.

In a press statement, it was announced that Al Waha is the first Saudi-owned duty-free operator. The company plans to develop luxury retail outlets in select locations across the country, offering a range of products, including unique items from Saudi Arabia.

With assets under management totaling $925 billion, PIF is one of the world’s most influential sovereign wealth funds. It is also leading Saudi Arabia’s efforts to diversify its economy and reduce its reliance on oil revenues.

“By establishing Al Waha as a national travel retail champion, PIF intends to grow the Saudi travel retail industry and further support its ambitions for the tourism sector in Saudi Arabia,” said Majed Al-Assaf, head of Consumer Goods and Retail in Middle East and North Africa Investments at PIF. 

He added: “Al Waha will offer a distinctive traveler experience across Saudi travel retail touch points through diverse product offerings, a duty free operation and a superior digital customer journey.”

The company will also operate its airport outlets on a duty-free basis and explore additional travel retail opportunities at land border crossings and seaports, as well as through channels like inflight shopping.

The launch of Al Waha aligns with Saudi Arabia’s broader ambition to become a leading global tourism destination by the end of this decade. The Kingdom is aiming to attract 150 million visitors by 2030.

Al-Assaf emphasized that Saudi Arabia has a significant opportunity to capture a larger share of travel retail spending in the future, as the Kingdom continues to establish itself on the global tourism map and prepares to host several major international events in the years ahead.

“There is considerable potential for Saudi Arabia to gain a larger share of travel retail spending in the future, and the continued increase in visitors coming to the Kingdom — as well as global events being hosted locally — offer new opportunities to generate sustainable travel retail revenues,” he added. 

Some of the major global events that Saudi Arabia will host in the coming years include the 2027 Asia Cup, the 2029 Asian Winter Games, Expo 2030, and the 2034 FIFA World Cup.

To further accelerate the Kingdom’s tourism sector, the PIF has launched several key initiatives, including Riyadh Air, the new national carrier aimed at transforming Riyadh into a major international air travel hub, and Cruise Saudi, based in Jeddah, which seeks to position Saudi Arabia’s coastline as a top global destination.

PIF’s retail investments also include Saudi Coffee Co., Al Madinah Heritage Co. (focused on high-quality date production), and Sawani, a producer of camel milk products.


ACWA Power launches first overseas Innovation Center in China 

Updated 6 min 30 sec ago
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ACWA Power launches first overseas Innovation Center in China 

RIYADH: Saudi utility giant ACWA Power has inaugurated its first overseas Innovation Center in Shanghai to advance research in renewables, energy storage, and desalination, reinforcing its expansion in China’s green energy sector. 

Located in the Pudong New Area, the first phase of the project was developed with a budget of $2.8 million and includes a research and development facility as well as a green energy laboratory, the company said in a statement. 

ACWA Power marked its entry into China in December by securing over 1 gigawatt of renewable energy projects. In January, the Tadawul-listed firm signed two agreements worth $312 million in China’s renewable energy sector. These deals include a 132-megawatt solar photovoltaic portfolio in Guangdong province and a 200-megawatt wind energy project. 

By 2030, ACWA Power aims to have invested up to $30 billion in China, in line with its broader strategy to triple its global assets under management to about $250 billion. 

“The launch of our Innovation Center in Shanghai is a testament to our commitment to global collaboration and technological advancement,” said Saleh Khabti, president of China, ACWA Power. 

During the opening ceremony, the company also signed two memorandums of understanding with Gulf Renewables Laboratory and Shanghai Jiao Tong University. The company stated that these partnerships would equip the Innovation Center with the talent and technical expertise needed to drive groundbreaking projects and tackle industry challenges. 

“Through partnerships with leading organizations, we aim to accelerate the development and deployment of sustainable energy and water solutions, not just in China, but across our global network,” added Khabti. 

ACWA Power emphasized that the Innovation Center would foster a dynamic ecosystem, bringing together government entities, state-owned enterprises, and startups, as well as original equipment manufacturers, universities, research institutions, and certification authorities. 

The center is also expected to play a key role in advancing the environmental goals of both Saudi Arabia and China, supporting the transition to a greener economy and promoting sustainable growth. 

“Innovation is the driving force behind any organization’s success, especially in the industry that we operate in. This state-of-the-art facility, combined with the deep expertise of our partners, will be a catalyst for innovation across ACWA Power’s entire value chain,” said Bart Boesmans, chief technology officer of the utility firm.


Oil Updates — prices decline as tariff uncertainty keeps investors on edge

Updated 10 March 2025
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Oil Updates — prices decline as tariff uncertainty keeps investors on edge

SINGAPORE: Oil prices fell on Monday as concern about the impact of US import tariffs on global economic growth and fuel demand, as well as rising output from OPEC+ producers, cooled investor appetite for riskier assets.

Brent crude fell 31 cents, or 0.4 percent, to $70.05 a barrel by 7:45 a.m. Saudi time after settling up 90 cents on Friday. US West Texas Intermediate crude was at $66.69 a barrel, down 35 cents, or 0.5 percent, after closing 68 cents higher in the previous trading session.

WTI declined for a seventh successive week, the longest losing streak since November 2023, while Brent was down for a third consecutive week after US President Donald Trump imposed then delayed tariffs on its key oil suppliers Canada and Mexico while raising taxes on Chinese goods. China retaliated against the US and Canada with tariffs on agricultural products.

“Tariff uncertainty is a key driver behind the weakness,” ING analysts said in a note, adding that oil price cuts from Saudi Arabia and deflationary signals from China also hurt sentiment.

IG analyst Tony Sycamore said other factors weighing on oil prices include concerns about US growth, the potential lifting of US sanctions on Russia, and OPEC+ opting to increase output.

“Nonetheless, with much of the bad news likely factored in, we expect weekly support around $65/$62 to hold firm before a recovery back to $72.00,” he said in a client note in reference to the WTI price.

Oil prices clawed back some loss on Friday after Trump said the US would increase sanctions on Russia if the latter fails to reach a ceasefire with Ukraine.

The US is also studying ways to ease sanctions on Russia’s energy sector if Russia agrees to end its war with Ukraine, two people familiar with the matter told Reuters.

Meanwhile, the Organization of the Petroleum Exporting Countries and allies including Russia, collectively known as OPEC+, said it will proceed with oil output hikes from April.

Russia’s Deputy Prime Minister Alexander Novak on Friday said OPEC+ could reverse the decision in the event of market imbalance.

Adding to supply concerns, Saudi Arabia cut prices for crude grades it sells to Asia for the first time in three months in April.

Last week, Trump said he wanted to negotiate a deal with OPEC member Iran to prevent the latter seeking nuclear weapons — though Iran has said it is not seeking such weapons.

Trump is pursuing a “maximum pressure” campaign against Iran under which the US on Saturday rescinded a waiver that allowed Iraq to pay Iran for electricity, a State Department spokesperson said.

Iran’s Supreme Leader Ayatollah Ali Khamenei on Saturday said his country will not be bullied into negotiations. 


Saudi economy expands 1.3% in 2024 amid non-oil growth

Updated 09 March 2025
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Saudi economy expands 1.3% in 2024 amid non-oil growth

RIYADH: Saudi Arabia’s economy grew 1.3 percent in 2024, supported by an expansion in non-oil activities despite a decline in the oil sector, according to data from the General Authority for Statistics.

Growth accelerated in the fourth quarter of 2024, with gross domestic product expanding 4.5 percent year on year — the highest quarterly increase in two years — supported by a 4.7 percent rise in non-oil activities and a 3.4 percent uptick in oil activities. 

However, oil sector’s output declined 1.5 percent compared to the third quarter.

These figures align with GASTAT’s January real GDP projections, which estimated 4.4 percent annual growth in the fourth quarter of 2024. Flash estimates at the time indicated that the Kingdom’s non-oil activities grew 4.6 percent year on year in the three months leading up to December, reflecting ongoing economic diversification efforts.

The wholesale and retail trade, restaurants, and hotels sector led annual growth among economic activities, rising 6.4 percent, followed by financial services, insurance, and business services at 5.7 percent. 

Electricity, gas, and water activities increased 4.9 percent, while transport, storage, and communication, along with other mining and quarrying activities, grew 4.5 percent. Crude oil and natural gas activities declined 6.4 percent.

At current prices, Saudi Arabia’s GDP reached SR4.07 trillion ($1.09 trillion) in 2024, with crude oil and natural gas contributing 22.3 percent, government activities 16.2 percent, and wholesale and retail trade, restaurants, and hotels accounting for 10.3 percent. 

Manufacturing, excluding petroleum refining, made up 9.1 percent, while real estate activities comprised 6.5 percent.

In the fourth quarter, petroleum refining saw the highest growth among economic activities, surging 15.3 percent year on year, despite a 2.2 percent quarter-over-quarter decline. Electricity, gas, and water activities grew 7.4 percent annually and 2.7 percent quarterly, while other mining and quarrying activities expanded 7 percent year on year and 3.4 percent quarter on quarter.

By expenditure components, private final consumption rose 3.9 percent annually and 0.3 percent quarterly. However, gross fixed capital formation declined 2.2 percent year on year and 4.6 percent quarter over quarter, while government final consumption expenditure dropped 6.6 percent and 6.4 percent, respectively. 

Exports increased 5.2 percent annually and 6.9 percent quarterly, while imports rose 11.5 percent and 7.8 percent.

At current prices, Saudi Arabia’s GDP for the fourth quarter stood at SR1.025 trillion, with crude oil and natural gas activities contributing 19.7 percent, government activities 16.7 percent, and wholesale and retail trade, restaurants, and hotels 10.6 percent. 

Manufacturing, excluding petroleum refining, accounted for 9.2 percent.

Saudi Arabia’s economic performance underscores its ongoing diversification push, with non-oil sectors playing a key role in mitigating the impact of oil sector volatility.


Saudi Arabia’s Tadawul dominates Arab exchanges with 62% market share in 2024

Updated 09 March 2025
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Saudi Arabia’s Tadawul dominates Arab exchanges with 62% market share in 2024

  • Arab stock exchanges saw strong growth in 2024, with total trading values rising by 58.1% to surpass $1.03 trillion

RIYADH: Saudi Arabia’s Tadawul reinforced its position as the Arab world’s leading stock exchange, accounting for 62 percent of the total market capitalization of regional platforms in 2024.

A recent report by the Arab Federation of Capital Markets said Tadawul’s market capitalization overshadowed other regional exchanges, with the Abu Dhabi Securities Exchange following at a distant 18.6 percent.

The Dubai Financial Market, with a share of 5.6 percent, the Qatar Stock Exchange at 3.9 percent, and Boursa Kuwait, holding 3.2 percent, rounded out the top five.

This dominance comes amid strong performance in the Saudi market, leading the region with the highest turnover ratio of 247.1 percent.

The trading value at Tadawul reached $496.6 billion, significantly outpacing other markets.

The Arab Federation of Capital Markets achieved an 84.4 percent increase in total revenues, from $689,503 in 2023 to $1.2 million in 2024. 
The FTSE-AFCM Low Carbon Select Index rose 4.9 percent in 2024, indicating increased investor interest in low-carbon companies.

Iraq Stock Exchange’s ISX60 index experienced a 20.2 percent surge in 2024 to 1,074 points, while Muscat Stock Exchange’s MSX30 index saw a 1.4 percent increase to 4,577 points. 

Abu Dhabi Securities Exchange’s FADGI index witnessed a 1.7 percent decline to 9,419 points, and QSE’s QE index dipped by 2.4 percent in 2024 to 10,571 points.

Arab stock exchanges saw strong growth in 2024, with total trading values rising by 58.1 percent to surpass $1.03 trillion. The Egyptian Exchange led the way with a substantial 210.3 percent increase in trading value, reaching $324.4 billion. 

Other exchanges also saw positive results, such as the Casablanca Stock Exchange, which grew by 55.2 percent, and the Damascus Stock Exchange, which saw a 163.3 percent increase. 

Some platforms, including the Palestine Exchange, which saw a 56.4 percent decline in trading value, faced challenges. 

Overall, trading volumes across the region grew by 21.3 percent, and the number of trades increased by 35.9 percent, reflecting a dynamic financial landscape with varying performances across different markets.

The S&P Pan Arab Composite Index rose by 1.9 percent year-on-year in December, while the Amman Stock Exchange index posted a modest 2.4 percent growth. The Casablanca market saw its MASI index jump by 22.2 percent, demonstrating strong performance in the Moroccan market. 

The Damascus Stock Exchange index registered the largest increase at 65.7 percent, and the Saudi Exchange index saw the smallest growth at 0.6 percent during this period.