Lebanon, Israel end second round of maritime border talks

An aircraft flies over a base for UN peacekeepers of the United Nations Interim Force in Lebanon (UNIFIL) in Naqoura, near the Lebanese-Israeli border, southern Lebanon October 29, 2020. (Reuters)
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Updated 30 October 2020
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Lebanon, Israel end second round of maritime border talks

  • The delegations met for around four hours for a second day straight at a base of the UN peacekeeping force UNIFIL in the Lebanese border town of Naqura
  • The talks have been shrouded in secrecy, with little information emerging about any progress being made

NAQURA: Lebanon and Israel, still technically at war, wrapped up a second round of maritime border talks Thursday under UN and US auspices to allow for offshore energy exploration.
The delegations met for around four hours for a second day straight at a base of the UN peacekeeping force UNIFIL in the Lebanese border town of Naqura, Lebanon's National News Agency and Israel's energy ministry said.
The talks have been shrouded in secrecy, with little information emerging about any progress being made.
"At the end it was determined that another round of talks will take place during the coming month," the Israeli energy ministry said.
A Lebanese source close to the negotiations said they would resume on November 11.
A first round of talks had been held on October 14, and the second had started on Wednesday.
After years of quiet US shuttle diplomacy, Lebanon and Israel this month said they had agreed to begin the negotiations in what Washington hailed as a "historic" agreement.
The announcement came weeks after Bahrain and the United Arab Emirates became the first Arab nations to establish relations with Israel since Egypt in 1979 and Jordan in 1994.
But Lebanon has insisted the negotiations are purely technical and do not involve any political normalisation with Israel.
Lebanon, reeling from its worst economic crisis in decades, is hoping to settle the maritime border dispute so it can continue exploring for hydrocarbon reserves in the Mediterranean.

Exploration is on hold in an area off its coast named Block 9, as a section of it is located in an 860-square-kilometre (330-square-mile) area claimed by both Israel and Lebanon.
NNA said the Lebanese delegation carried with it "maps and documents showing the points of contention and the Israeli enemy infringing on the Lebanese right to include part of Block 9".
In February 2018, Lebanon signed its first contract for offshore drilling for oil and gas in Block 9 and Block 4 with a consortium comprising energy giants Total, ENI and Novatek.
Lebanon in April said initial drilling in Block 4 had shown traces of gas but no commercially viable reserves.
While the US-brokered talks look at the maritime border, a UNIFIL-sponsored track is also due to address outstanding land border disputes.
UNIFIL head Major General Stefano Del Col welcomed Tuesday what he called "a unique opportunity to make substantial progress on contentious issues along" the land frontier.


Saudi tourism license applications up 390% after World Cup announcement: vice minister

Updated 2 min 54 sec ago
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Saudi tourism license applications up 390% after World Cup announcement: vice minister

RIYADH: Tourism license applications in Saudi Arabia have surged nearly fourfold since the Kingdom secured hosting rights for the 2034 FIFA World Cup, a senior official has revealed.

Speaking at a panel discussion during the Sports Investment Forum in Riyadh, taking place from April 7 to 9, the Kingdom’s Vice Minister of Tourism, Princess Haifa bint Mohammed Al-Saud, said applications had surged by 390 percent — highlighting the growing interest of international tourists and boosting economic growth, according to local broadcaster Al-Ekhbariya. 

The increase comes as Saudi Arabia ramps up investments in sports infrastructure as part of Vision 2030, the Kingdom’s strategic framework to diversify the economy and reduce dependence on oil. 

It also aligns with the growing recognition that sports tourism is a key driver of economic development, accounting for 10 percent of global tourism expenditure and projected to grow by 17.5 percent by the end of this decade. 

“Sports tourism has no limits. The number of tourists who came solely to attend sporting events reached 14 million by last year, spending nearly SR22 billion ($5.86 billion),” Princess Haifa said, according to a post on Al-Ekhbariya’s X account. 

“In 2018, visitors from 70 nationalities visited the Kingdom to attend sporting events, and today the number has exceeded 160 nationalities, thanks to various facilities,” she added. 

During the session, the vice minister emphasized the role of the broader tourism ecosystem in supporting the Kingdom’s sporting ambitions and contributing to sustainable economic development through public-private collaboration. 

The inaugural edition of the three-day Sports Investment Forum sees local and international leaders, officials, investors, and entrepreneurs exploring opportunities in the Kingdom’s evolving sports landscape. 

The forum aims to expand the scope of sports investment in Saudi Arabia by fostering effective partnerships, attracting capital, and launching initiatives to drive growth across the sector. 


Royal reserve limits grazing to protect vegetation

Updated 5 min 12 sec ago
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Royal reserve limits grazing to protect vegetation

RIYADH: The Imam Abdulaziz bin Mohammed Royal Reserve Development Authority has prohibited grazing within the reserve, allowing it only for licensed local community members in designated areas, the Saudi Press Agency reported.

The authority emphasized its ongoing efforts to enhance vegetation cover and regulate sustainable grazing to prevent land degradation, loss of plant diversity, and soil erosion.

It confirmed that penalties will be imposed on those who violate these regulations to protect the reserve’s biodiversity and vegetation, the SPA added.

The authority encouraged those seeking information about grazing to consult its website and official channels.

Recently, the National Center for Vegetation Cover Development and Combating Desertification launched the Agroforestry Action Plan Development Project to promote environmental sustainability, social development, and economic growth.

The project focuses on assessing the current state of agroforestry, applying global best practices, and encouraging investment to ensure sustainable forest management.

The center is also working to establish sustainable vegetation cover in forests through its initiative to plant 60 million trees — equivalent to rehabilitating 300,000 hectares by 2030.

It aims to implement a national plan for sustainable forest management, protect and develop forests, and regulate grazing in forest areas.


Dubai crown prince makes first official visit to India

Updated 9 min 4 sec ago
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Dubai crown prince makes first official visit to India

  • Sheikh Hamdan is scheduled to meet with Indian Prime Minister Narendra Modi

DUBAI: Dubai’s Crown Prince Sheikh Hamdan bin Mohammed Al-Maktoum arrived in New Delhi on Tuesday morning, leading a high-level delegation on his first official visit to India.

He was received at Indira Gandhi International Airport by India’s Minister of Tourism and Petroleum and Natural Gas Suresh Gopi, with an official reception held in his honor.

During the visit, Sheikh Hamdan is scheduled to meet with Indian Prime Minister Narendra Modi and other senior officials to discuss ways to strengthen bilateral cooperation across key sectors.

The visit reflects the UAE’s commitment to expanding strategic partnerships and promoting innovation and collaboration with global allies.


Barrick’s Reko Diq project in Pakistan aims for $2 billion international financing

Updated 14 min 31 sec ago
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Barrick’s Reko Diq project in Pakistan aims for $2 billion international financing

  • Funding will support the development of the Reko Diq mine, one of the world’s largest underdeveloped copper-gold deposits
  • Mines, owned by Pakistan and Barrick’s jointly, is expected to generate $70 billion in free cash flow, $90 billion in operating cash flow

KARACHI: Barrick Gold’s Reko Diq copper and gold project in Pakistan intends to lock in upwards of $2 billion in financing from international lenders, with term sheets signed by early Q3, its project director for the mine told Reuters on Tuesday.
The funding will support the development of the Reko Diq mine, one of the world’s largest underdeveloped copper-gold deposits, which is hoped to generate $70 billion in free cash flow and $90 billion in operating cash flow.
Barrick Gold and the governments of Pakistan and Balochistan own the project jointly.
The financing for phase one of the project, which is expected to start production in 2028, is being discussed with multiple lenders.
In an interview with Reuters at the Pakistan Minerals Investment Forum 2025, the Reko Diq’s Project Director, Tim Cribb, said the mine is looking at $650 million from the International Finance Corporation and International Development Association.
Cribb added that the mine is also in talks with the US Export-Import Bank for $500 million to $1 billion in financing, as well as $500 million from development finance institutions including the Asian Development Bank, Export Development Canada, and Japan Bank for International Cooperation.
“We expect to close the term sheet in either late Q2 or early Q3,” said Cribb.
He said railway financing talks are underway with the IFC and other lenders, with infrastructure costs estimated at $500-800 million, with roughly be $350 million as initial cost.
A recent feasibility study has upgraded the project’s scope, with phase one throughput increasing to 45 million tons per annum from 40 million, and phase two throughput rising to 90 million tons per annum from 80 million.
The mine life has been revised to from 42 years to 37 years due to the rising throughput, although the company believes unaccounted-for minerals could extend the life to 80 years. The cost of phase one has also been revised upwards to $5.6 billion from $4 billion.
The World Bank plans to invest $2 billion annually in Pakistan’s infrastructure over the next decade.
The lenders are expected to secure offtake agreements, with potential clients including countries in Asia such as Japan and Korea, as well as European nations like Sweden and Germany, which are looking to secure copper supplies for their industries, Cribb said.


SRMG unveils new advertising arm ‘SMS’ to boost data-driven campaigns

Updated 21 min 36 sec ago
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SRMG unveils new advertising arm ‘SMS’ to boost data-driven campaigns

  • SMS empowers brands to connect with over 170 million users worldwide through innovative, AI-powered media solutions, SRMG says
  • Company will represent Asharq Al-Awsat, Asharq News, Asharq Business with Bloomberg, Al Eqtisadiah, Akhbaar24, Arab News, Hia, Sayidaty, Billboard Arabia, Manga Arabia and Thmanyah

RIYADH: SRMG, the MENA region’s largest integrated media group, announced Tuesday the launch of SRMG Media Solutions (SMS), a next generation, data-driven media solutions company designed to deliver innovative, results focused advertising strategies.

Building on the 35-year legacy of Al Khaleejiah, a pioneer in driving revenue growth and fostering strategic partnerships, SMS empowers brands to connect with over 170 million users worldwide through cutting-edge digital, social, TV, audio, and print channels. 

As the exclusive media sales representative of SRMG’s extensive brand portfolio, SMS leverages the group’s position as the MENA region’s leading integrated media powerhouse. SMS will represent prestigious brands such as  Asharq Al-Awsat, Asharq News, Asharq Business with Bloomberg, Al Eqtisadiah, Akhbaar24, Arab News, Hia, Sayidaty, Billboard Arabia, Manga Arabia and Thmanyah, offering advertisers access to a diverse mix of digital, social, TV, audio, print platforms, industry-leading advertising models, immersive storytelling, branded content, and experiential IPs such as the Billboard Arabia Music Awards and Hia Hub.

With a global reach of over 170 million users, SMS provides brands and advertisers with unparalleled opportunities to engage audiences worldwide. By leveraging proprietary first-party data, the latest AdTech solutions and AI-driven audience segmentation, SMS delivers personalized, results-oriented campaigns that drive growth, innovation, and profitability. Advanced analytics and multi-platform activation ensure precise audience targeting, enabling brands to connect with the right consumers at scale.

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Jomana R. Alrashid, CEO of SRMG, commented, “The launch of SMS represents a pivotal moment for both SRMG and the media industry. I take great pride in the legacy built with Al Khaleejiah, and I’m excited to see how it will evolve with SMS to better meet the needs of modern digital audiences. In an era where data is reshaping how brands connect with audiences, SMS provides advertisers with the tools they need to navigate this dynamic landscape. Our strategic approach, combining SRMG’s unrivaled reach with data-driven precision, ensures that SMS is not just another media sales house, but a game-changer in the advertising space. As the industry moves towards AI-driven marketing and targeted content strategies, SMS will play a crucial role in shaping the future of advertising in the MENA region and beyond.” 

Ziad Moussa, Managing Director at SMS, added: “SMS is transforming advertising through AI-driven audience segmentation, real-time analytics, and first-party data insights. By integrating digital, audio, TV, print, and experiential platforms, we empower brands to execute seamless, high-impact campaigns. As we innovate with advanced ad products and immersive storytelling, SMS is setting new benchmarks for targeted, performance-driven advertising in the MENA region.”

The launch of SMS comes at a time when the market is experiencing significant growth. According to IAB MENA, the MENA digital ad spend market saw a remarkable 13.6 percent increase, surpassing $6 billion for the first time. This surge highlights MENA as one of the fastest-growing media markets, driven by a 15 percent rise in video consumption. Key factors fueling this growth include greater internet and mobile penetration, a large youth demographic, high social media engagement, a booming e-commerce sector, and increasing video content consumption. Leading the charge are Saudi Arabia, the UAE, and the broader GCC region.