WASHINGTON: The Trump administration said Friday it will restrict the ability of Chinese telecoms giant Huawei, which it considers a national security risk, to develop semiconductors abroad with US technology.
“This announcement cuts off Huawei’s efforts to undermine US export controls,” the Commerce Department said in a statement.
The department said it will “narrowly and strategically target Huawei’s acquisition of semiconductors that are the direct product of certain US software and technology.”
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US to restrict Huawei development of semiconductors
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US to restrict Huawei development of semiconductors
- ‘This announcement cuts off Huawei’s efforts to undermine US export controls’
Israel extends Palestinian banks’ lifeline for one year
- Smotrich had threatened in May to cut the vital connection between Israel and Palestinian banks in the occupied West Bank
- Smotrich had told PM Benjamin Netanyahu that he “did not intend to extend” Israel’s annual guarantees to banks in the West Bank
JERUSALEM: Israel extended for one year a waiver allowing Israeli banks to work with Palestinian ones just days before it was due to expire, threatening to paralyze Palestinians financial institutions.
The extension was approved Thursday during a security cabinet meeting ahead of expiration of the waiver at the end of the month, a spokesman for far-right Finance Minister Bezalel Smotrich told AFP.
Smotrich had threatened in May to cut the vital connection between Israel and Palestinian banks in the occupied West Bank in retaliation for the recognition of the State of Palestine by three European countries.
Smotrich, who lives in a West Bank settlement and advocates for the full annexation of the territory occupied by Israel since 1967, had told Prime Minister Benjamin Netanyahu that he “did not intend to extend” Israel’s annual guarantees to banks in the West Bank.
In exchange for trade-offs on the development of Israeli settlements in the West Bank, Smotrich later agreed to extend the guarantee, but only for a few months.
Since June 30, the waiver was renewed on several occasions for different lengths of time, the last of which was to last a month until November 30.
Until then, Smotrich had raised concerns over the financing of armed groups via Palestinian banks to justify the short extension renewals.
The Palestinian financial and banking system is dependent on the regular renewal of the Israeli waiver.
It protects Israeli banks from potential legal action relating to transactions with their Palestinian counterparts, for instance in relation to financing terror.
The waiver had previously been renewed annually, until Hamas’s unprecedented October 7, 2023 attack sparked the war in Gaza.
In July, G7 countries urged Israel to “take necessary action” to ensure the continuity of Palestinian financial systems.
It came after US Treasury Secretary Janet Yellen warned that “to cut Palestinian banks from the Israeli counterparts would create a humanitarian crisis.”
The overwhelming majority of exchanges in the West Bank are in shekels, Israel’s national currency, because the Palestinian Authority does not have a central bank that would allow it to print its own currency.
No let-up in Kurram fighting in Pakistan as death toll hits 98 amid fragile ceasefire
- Tribal elders in the area say dozens of families have moved from the region to safer locations
- Pakistani parliamentarian from Kurram puts the death toll at 110, seeking government intervention
PESHAWAR: Sporadic gunfire and violence persist in Pakistan’s Kurram district despite a ceasefire brokered last weekend by the Khyber Pakhtunkhwa (KP) administration in the region, following sectarian clashes that have killed 98 and injured over 130 in the last nine days, a police official said Friday.
Kurram, a former semi-autonomous tribal area bordering Afghanistan, has a long history of violent conflicts that have claimed hundreds of lives over the years. A major conflict in the district, triggered in 2007, lasted for years before being resolved by a jirga, or council of tribal elders, in 2011.
The recent clashes in the restive district broke out when gunmen attacked a convoy carrying members of the minority Shiite community in Lower Kurram on November 21, killing 41 people.
Wazir Hussain, a police official stationed in the region, told Arab News that the ceasefire agreement had collapsed, adding that there was no let-up in clashes.
“Armed clashes have continued throughout the district,” he said over the phone. “There is a huge problem of communication because mobile signals and Internet have not been working for days.”
“Almost 98 people have died and over 130 injured in nine days of violence,” he continued. “Ceasefire agreement is nowhere and both the sides have been hitting each other’s positions with small and heavy weapons.”
Last Sunday, the provincial spokesperson of KP, Barrister Muhammad Ali Saif, announced in a statement that the two warring sides had agreed to temporarily halt attacks and enforce a seven-day ceasefire.
The development followed Chief Minister Ali Amin Gandapur’s statement that his administration was working toward a ceasefire before formulating a strategy to prevent such incidents in the future after consulting local elders.
Hameed Hussain, a Pakistani parliamentarian from Kurram, also confirmed while speaking to Arab News that the ceasefire brokered by the KP authorities had failed to hold up in all these days.
He said the death toll had exceeded 98 and stood at 110.
“Only last night’s clashes in Kalkuna, Badshah Kot and other villages have left 18 people dead,” he informed, adding that jirga members were trying to pacify the situation, but the government was finding it difficult to enforce its writ in the area.
Hussain said he had spoken with Prime Minister Shehbaz Sharif a day earlier and briefed him about the situation.
“I told the PM that the government should at least secure the roads in Kurram for passengers to travel securely,” he added. “The prime minister promised to ensure durable peace in the area and take steps to resolve the issue.”
Kurram’s Deputy Commissioner Javedullah Mehsud told the media the district administration was making efforts to implement the ceasefire agreement.
“A breakthrough to halt attacks and enforce the ceasefire is expected soon,” he added.
The clashes in Kurram mark one of the deadliest incidents in the region in recent years, following outbreaks of sectarian violence in July and September that killed dozens.
According to local elders, dozens of families have moved from the region to safer locations to avoid casualties.
Heritage Commission, KSGAAL launch global blog to preserve cultural and linguistic heritage
- The Naqsh blog aims to preserve Arab cultural and linguistic heritage
- Naqsh is a visually documented linguistic blog for Arabic inscriptions found on stones, tablets, rocks or any other artifacts in the Kingdom
RIYADH: The Saudi Heritage Commission, in collaboration with King Salman Global Academy for Arabic Language, or KSGAAL, launched the Naqsh blog on Thursday on the sidelines of the Saudi International Handicrafts Week exhibition.
The Naqsh blog aims to preserve Arab cultural and linguistic heritage, providing a reliable source for researchers and those interested in archaeology, history, the Arabic language and comparative studies, an official statement said.
The blog also seeks to enhance the scientific reference for trustworthy Arabic data and develop AI models for analyzing and interpreting inscriptions, in alignment with the objectives of the Human Capital Development Program, one of the Saudi Vision 2030 initiatives, and the National Culture Strategy.
Abdullah Al-Washmi, secretary-general of KSGAAL, said that the path of linguistic blogs served related scholars and researchers and was an integral part of the academy’s linguistic work, projects and institutional initiatives.
Naqsh is a visually documented linguistic blog for Arabic inscriptions found on stones, tablets, rocks or any other artifacts in the Kingdom.
The blog includes commemorative, religious, literary and commercial inscriptions that reflect the cultural and social conditions throughout the ages, he said.
The blog highlights the historical and linguistic significance of Arabic inscriptions, understanding the linguistic and cultural development in the region, and also serves as a crucial source for studying the evolution of writing and Arabic calligraphy through the ages, he said.
In early 2024, KSGAAL launched the “Falak” platform for linguistic databases, which includes several linguistic platforms featuring advanced computational tools.
These tools facilitate text analysis and linguistic data tagging and enable Arabic language enthusiasts to collaborate in the field of Arabic language computing.
The “Falak” platform also aims to enhance the scientific reference for reliable Arabic linguistic data. It is one of the academy’s prominent initiatives in the field of linguistic computing, containing more than 1.5 billion words.
Sami Al-Mukhayzim, chairman of the Saudi Historical Society, told Arab News that the Naqsh blog serves as a highly significant historical resource.
Inscriptions are among the oldest tools documenting vivid and accurate information about ancient civilizations. These inscriptions contribute to illustrating the development of writing, ideas, beliefs and the daily interactions of those civilizations, he said.
Abdullah Al-Khuzam, a craft trainer at the Royal Institute of Traditional Arts, said that documenting human heritage was one of the fundamental administrative and civilizational methods and an essential enabler for building a growing future grounded in a distinctive historical and archaeological depth.
The Naqsh blog will serve as a reference for future generations, providing them with a foundation as they venture into new and contemporary horizons, drawing inspiration from heritage to develop ideas in a modern form that suits today’s world, he said.
Israeli military to remain in Gaza for years, minister says
LONDON: Israel’s food minister, Avi Dichter, said that the Israeli military would remain in Gaza for many years to fight against Hamas recruits, the British national daily The Guardian reported on Friday.
“I think that we are going to stay in Gaza for a long time. I think most people understand that (Israel) will be years in some kind of West Bank situation where you go in and out and maybe you remain along Netzarim (corridor),” Dichter said.
Israeli reservists who recently served in Gaza described to The Guardian the scale of the new military infrastructure built in the territory by Israel. This includes extensive new camps and roads across a swath of northern and central Gaza.
A demobilized officer said that he had spent days demolishing houses in Gaza to clear more ground for military bases in Gaza’s Netzarim corridor.
“That was the only mission. There was not a single construction left that was taller than my waist anywhere (in the corridor), except our bases and observation towers,” he said.
Israeli military strikes killed at least 21 Palestinians across the Gaza Strip on Thursday, medics said, as tanks pushed deeper into the north and south of the territory.
The escalation came a day after Israel and Iran-backed Hezbollah began a ceasefire in Lebanon, halting more than a year of hostilities and raising hopes among many Palestinians in Gaza for a similar deal with Hamas, which ruled the territory from 2007 until the current conflict.
Benjamin Netanyahu, Israel’s prime minister, has repeatedly said that Hamas must be completely destroyed and Israel must retain lasting control over parts of Gaza.
Israel’s campaign in Gaza has killed nearly 44,200 people and displaced nearly all the territory’s population at least once, Gaza officials say. Most victims are civilians.
Saudi corporate lending fuels bank loans growth to near-2 year high of 12.46%
RIYADH: Saudi Arabia’s bank loans reached SR2.88 trillion ($768.93 billion) in October, a 12.46 percent annual growth and the highest in 20 months, official data showed.
According to figures from the Saudi Central Bank, also known as SAMA, this growth reflects strong corporate and personal lending trends, driven by the Kingdom’s expanding economic activities.
Corporate loans were the main driver, surging 15.77 percent to SR1.54 trillion. This increase highlights the significant contribution of the real estate, wholesale, retail, and manufacturing sectors to the Kingdom’s economic dynamism.
Real estate activities led the charge, representing 20.29 percent of corporate lending and growing by 27.37 percent to SR312.4 billion.
Wholesale and retail trade accounted for 13 percent of corporate lending, reaching SR200.63 billion with an annual growth rate of 9.06 percent.
The manufacturing sector, a key component of Vision 2030’s economic diversification goals, represented 11.68 percent of lending at SR180.05 billion.
Meanwhile, electricity, gas, and water supplies contributed 11.32 percent to the total, growing significantly by nearly 30 percent to reach SR174.57 billion.
Notably, professional, scientific, and technical activities, though holding a smaller 0.54 percent share of corporate credit, witnessed the most significant surge, with a 53.55 percent growth rate to SR8.27 billion.
On the personal loans side, which includes various financing options for individuals, the sector grew 8.89 percent annually to SR1.34 trillion. This expansion underscores the continued confidence in consumer lending and the Kingdom’s economic diversification strategies.
In October, Saudi banks’ loans-to-deposits ratio also increased to 80.73 percent, up from 79.69 percent in the same month of 2023, as per data from the SAMA.
The calculation includes loans minus provisions and commissions, providing a clearer view of actual lending capacity.
SAMA has set a regulatory limit of 90 percent for loans-to-deposits ratios, balancing banks’ lending capacity with liquidity stability while supporting economic growth through corporate and individual borrowing.
Compared to other GCC nations, such as the UAE where loans-to-deposits ratios can exceed 100 percent, SAMA’s cap reflects a more cautious approach, prioritizing liquidity stability in the banking sector.
Saudi Arabia’s corporate and real estate lending are experiencing unprecedented growth, fueled by a combination of favorable economic conditions, government initiatives, and strategic investments under Vision 2030.
As the Kingdom accelerates its transformation, the demand for financing across key sectors, particularly real estate, has surged, reflecting its rapid urbanization and infrastructure development.
The Saudi Central Bank’s decision to mirror the US Federal Reserve’s policies, reducing interest rates by 50 basis points in September and an additional 25 basis points in November, has created an attractive borrowing environment.
This rate adjustment is anticipated to further boost real estate lending, allowing developers and individuals to capitalize on lower financing costs.
Real estate development remains central to Saudi Arabia’s economic diversification goals. Under Vision 2030, initiatives to position Riyadh as a global business hub and the Regional Headquarters Program have significantly increased demand for commercial real estate.
These efforts are complemented by giga-projects like NEOM and Red Sea Global, which are redefining urban landscapes with sustainable and energy-efficient designs.
The Public Investment Fund’s commitment to green building practices, with over $19.4 billion allocated to eligible green projects, underscores the alignment between real estate growth and environmental sustainability.
In October, PIF highlighted its green bond investments, including $6.3 billion earmarked for green building projects. These investments aim to set new standards in energy efficiency, saving up to 20 percent of energy compared to conventional buildings and avoiding thousands of tons of carbon emissions annually.
Projects such as NEOM’s sustainable water infrastructure further illustrate how the Kingdom is integrating advanced sustainability measures into its development agenda.
Wholesale and retail market
The growing share of wholesale and retail trade lending by Saudi banks reflects the sector’s pivotal role in the Kingdom’s economic evolution.
This expansion is underpinned by a combination of government incentives, private sector dynamism, and increased consumer demand.
The Saudi government has actively encouraged the growth of this sector through measures like tax exemptions, financing initiatives, and technology transfer programs.
These policies have created a fertile ground for local entrepreneurs and attracted foreign companies eager to capitalize on Saudi Arabia’s business-friendly environment.
Consumer demand is a key driver, with rising interest in diverse products such as electronics, apparel, and food items.
The emergence of e-commerce platforms has further revolutionized the sector, enabling online retailers to reach broader audiences with ease, thereby increasing market participation.
According to data from 6Wresearch, such initiatives have heightened competition, lowered prices, and benefited both consumers and traders, adding to the sector’s momentum.
The sector’s importance is also evident in employment trends.
According to a report by DataSaudi, the wholesale and retail trade sector employed over 1.64 million people in the second quarter of 2024, making it one of the largest employers in the Kingdom, alongside construction and manufacturing.
This employment surge highlights the sector’s contribution to economic stability and growth.
However, challenges persist. Intense competition, pricing pressures, and the entry of international brands partnering with local retailers are sparking pricing wars that could erode profit margins for some players, according to 6Wresearch.
Despite these hurdles, ongoing government support and initiatives like Vision 2030 promise to create new investment opportunities, reinforcing the wholesale and retail trade sector as a cornerstone of Saudi Arabia’s economic future.
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