ANKARA: Turkey will send a delegation led by its deputy foreign minister to Egypt in early May, Foreign Minister Mevlut Cavusoglu said on Thursday, as Ankara ramps up a push to repair strained ties with Cairo after years of animosity.
Last month, Turkey said it had resumed diplomatic contacts with Egypt and wanted to further cooperation, eight years after ties crumbled over the Egyptian army toppling a Muslim Brotherhood president close to Ankara in 2013.
A thaw in ties between the regional powerhouses could have repercussions around the Mediterranean. They have backed rival sides in the war in Libya and sealed conflicting maritime deals with other coastal states. But Cavusoglu said on Wednesday that a new period was beginning in Turkey-Egypt ties.
Speaking in an interview with broadcaster NTV, Cavusoglu said Cairo had invited the Turkish delegation to visit Egypt in the first week of May to discuss ties. He added that a meeting with Egyptian Foreign Minister Sameh Shoukry, whom he spoke to at the weekend, would take place after those talks.
“The Egyptian side invited a delegation from Turkey to their country in the first week of May. The conditions between us have matured, meetings could continue,” Cavusoglu said.
Cairo has said Turkey’s actions “must show alignment with Egyptian principles” to normalize ties. Last month, Ankara asked Egyptian opposition TV channels operating in Turkey to moderate their criticism of Cairo, in the first concrete step aimed at easing diplomatic tensions.
Turkey to send delegation to Egypt in May, foreign ministers to meet later
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Turkey to send delegation to Egypt in May, foreign ministers to meet later
- Ankara ramps up a push to repair strained ties with Cairo after years of animosity
ACWA Power expands into China with over 1GW of renewable energy projects
RIYADH: Saudi utility giant ACWA Power has announced its successful expansion into China, securing over 1 gigawatt of renewable energy projects.
The portfolio includes solar photovoltaic and wind energy initiatives, which will be jointly owned by ACWA Power and leading Chinese renewable energy firms.
In a statement to Tadawul, ACWA Power confirmed that the projects are spread across several Chinese provinces and are in advanced stages of development. This milestone represents the company’s formal entry into China’s renewable energy sector, positioning ACWA Power for future growth in one of the world’s largest clean energy markets.
The expansion aligns with ACWA Power’s broader ambitions in China. Earlier this month, Yunhe Lyu, head of ACWA Power’s China operations, shared plans to invest up to $50 billion in renewable energy projects across the country by 2030. The company aims to acquire clean power assets with a capacity of up to 20 GW and to develop 1 million tonnes of green hydrogen.
“We have an ambitious target of investing up to $50 billion in green energy, renewable technologies, green hydrogen, and desalination projects by 2030,” Lyu told Bloomberg. “Our goal is to reach 1.3 GW of renewable energy capacity in China by the end of this year.”
ACWA Power’s strategy also involves collaboration with Chinese state-owned enterprises, both within China and abroad. For example, the company partnered with China Southern Grid International in July on a wind project in Uzbekistan and with State Power Investment Corp. on power initiatives in Saudi Arabia.
The expansion into China is part of a broader strengthening of economic ties between Saudi Arabia and China. Since Chinese President Xi Jinping’s visit to Riyadh in 2022, the two nations have deepened their economic collaboration, particularly in sectors aligned with Saudi Arabia’s Vision 2030.
In 2023, bilateral trade between the countries reached $107.23 billion, with China exporting $42.86 billion in goods to Saudi Arabia and importing $64.37 billion, primarily crude oil and petrochemical products. By August 2024, trade had already totaled $70.87 billion, continuing to show robust growth.
Notably, China has become the Kingdom’s leading source of greenfield foreign direct investment, contributing $21.6 billion from 2021 to October 2024. About one-third of this investment is in clean technologies such as solar, wind, and battery storage.
Saudi Aramco has also been instrumental in strengthening bilateral ties. In November, Aramco, in partnership with China’s Sinopec, began construction of a $9.82 billion petrochemical complex in Fujian province. The project will include a 320,000-barrel-per-day refinery and a 1.5-million-tonne-per-year ethylene plant, with full operational status expected by 2030. This project is set to boost China’s refining and petrochemical capacity while reinforcing Aramco’s position in the downstream energy sector.
Earlier in September, Aramco signed several key agreements with Chinese partners, including a development framework agreement with Rongsheng Petrochemical Co. Ltd. and a strategic cooperation agreement with Hengli Group Co. Ltd. These partnerships are aimed at enhancing China’s energy security and supporting the country’s industrial development.
Beyond traditional energy, Aramco’s collaboration with China also extends to advanced technologies and lower-carbon energy solutions. In March, Aramco President and CEO Amin Nasser addressed the China Development Forum in Beijing, underscoring the company’s commitment to being a reliable energy partner and its vision for future cooperation in the global energy transition.
Journalist killed in West Bank during Palestinian Authority raid
- amily of slain Jenin-based journalist Shatha Al-Sabbagh accuses PA of a ‘repressive campaign against its own people’
- Al-Sabbagh is 10th journalist killed in Gaza and West Bank in past two weeks
LONDON: A 21-year-old journalist was killed in the West Bank on Sunday, with her family saying Palestinian Authority security forces were responsible for her death.
Shatha Al-Sabbagh died from gunshot wounds to the head near her home in the Jenin refugee camp, according to Jenin Governmental Hospital.
Her death brings the number of journalists killed in Gaza and the West Bank in the past two weeks to 10.
In a statement, Al-Sabbagh’s family said: “We hold the Palestinian Authority and its security services directly responsible for this crime.
“This dangerous escalation shows that these agencies have become repressive tools practicing terrorism against their people, instead of protecting their dignity and confronting the Israeli occupation,” the family added.
The PA has been accused of a brutal crackdown on anti-Israel armed groups in Jenin and other areas since early December.
The authority said the campaign is part of a broader effort to “pursue criminals” and prevent areas like Jenin from becoming battlegrounds similar to Gaza.
At least six West Bank residents and five PA security officers were reportedly killed during clashes in these operations.
Palestinian security forces spokesman Anwar Rajab denied the accusations, attributing Al-Sabbagh’s death to “outlaws” in the camp.
He said that preliminary investigations and eyewitness testimonies indicated no PA security forces were present at the scene, a claim rejected by the family and residents of the Mahyoub neighborhood in Jenin.
The Palestinian Journalists Syndicate has called for an independent investigation into Al-Sabbagh’s killing, urging the inclusion of a syndicate representative to ensure transparency and accountability.
Criticism of the PA’s campaign has also come from factions such as Hamas and Islamic Jihad, who accuse the authority of targeting resistance fighters in Jenin.
Some experts said that the PA is trying to impose its dominance over the region and demonstrate its ability to govern and manage internal security in postwar Gaza.
Local reports suggest the PA also stopped Qatar-based Al Jazeera’s operations in several West Bank cities, including Jenin and Tubas, earlier this month.
Al Jazeera condemned what it described as an “incitement campaign” by the PA’s ruling Fatah party against the network and its journalists.
Tensions throughout the West Bank remain high, exacerbated by Israel’s ongoing war on Gaza, which has killed nearly 44,500 people, the majority of them women and children.
The year has been especially deadly for media workers in Palestine. At least 60 journalists were killed in 2024, most of them by Israeli forces.
On Friday, five media workers were killed in Gaza in an Israeli strike on their vehicle, which was clearly marked with the word “Press.”
Earlier in December, Israeli airstrikes killed four other journalists in separate incidents on Dec. 14 and 15.
Pakistan stocks surge by more than 3,000 points on hopes of policy rate cuts
- Investor activity remained vibrant on Monday, with a total volume of 1,058 million shares traded
- Pakistan cut its key policy rate by 200 basis points to 13 percent on Dec. 16, marking fifth straight reduction
ISLAMABAD: The Pakistan Stock Exchange (PSX) opened the week on a positive note and surged by more than 3,000 points on Monday, amid hopes of further policy rate cuts.
The benchmark KSE-100 index soared by 3,907 points, or 3.51 percent percent, to close at 115,258 points, compared to Friday’s close of 111,351 points.
Investor activity remained vibrant, with a total volume of 1,058 million shares traded and a turnover of Rs40.8 billion, while hopes of further policy rate cut boosted market confidence.
“This upward momentum was fueled by optimism surrounding anticipated increases in equity fund allocations by local institutions ahead of the new year,” Topline Securities said in its market review.
“Adding further impetus was a statement from the finance minister over the weekend, suggesting a potential decline in interest rates to single-digit levels in the future.”
Pakistan’s central bank cut its key policy rate by 200 basis points to 13 percent on Dec. 16, it said in a statement. This was a fifth straight reduction since June as the country keeps up efforts to revive a sluggish economy with inflation easing.
The move followed cuts of 150 bps in June, 100 in July, 200 in September, and a record cut of 250 bps in November, that have taken the rate down from an all-time high of 22 percent, set in June 2023 and left unchanged for a year. It takes the total cuts to 900 bps since June.
Pakistan’s economy also grew by 0.92 percent in the first quarter of the fiscal year 2024-25, despite a contraction in the industrial sector, according to data approved by the National Accounts Committee, and released by its Statistics Bureau on Monday.
The growth was driven by positive performances in the agriculture and services sectors, which grew by 1.15 percent and 1.43 percent, respectively, in the first quarter of the fiscal year which ends in June 2025.
Closing Bell: Saudi indices close in green for second day in a row
- MSCI Tadawul Index increased by 11.41 points, or 0.76%, to close at 1,505.97
- parallel market Nomu gained 460.61 points, or 1.48%, to close at 31,513.42
RIYADH: Saudi Arabia’s Tadawul All Share Index gained 0.91 percent, or 108.17 points, to reach 12,000.92 points on Monday.
The total trading turnover of the benchmark index was SR5.1 billion ($1.3 billion), as 172 of the listed stocks advanced, while 65 retreated.
The MSCI Tadawul Index also increased by 11.41 points, or 0.76 percent, to close at 1,505.97.
The Kingdom’s parallel market Nomu also reported increases, gaining 460.61 points, or 1.48 percent, to close at 31,513.42. This comes as 39 of the listed stocks advanced, while as many as 47 retreated.
The index’s top performer, Saudi Reinsurance Co., saw a 10 percent increase in its share price to close at SR51.70.
Other top performers included Saudi Industrial Development Co., which saw an 8.98 percent increase to reach SR30.95, while Walaa Cooperative Insurance Co.’s share price rose by 7.42 percent to SR19.68.
Middle East Specialized Cables Co. recorded a positive trajectory, with share prices rising 6.17 percent to reach SR43.90. Fawaz Abdulaziz Alhokair Co. also witnessed positive gains, with 5.07 percent reaching SR12.84.
Alkhaleej Training and Education Co. was TASI’s worst performer, with the company’s share price falling by 3.26 percent to SR31.15.
Sustained Infrastructure Holding Co. followed with a 2.86 percent drop to SR32.25. National Medical Care Co. also saw a notable decline of 2.11 percent to settle at SR167.40.
Elm Co. and Arriyadh Development Co. were among the top five worst performers, with shares dropping by 2.06 percent to settle at SR1,114.80 and by 2.03 percent to sit at SR33.85, respectively.
On the announcement front, WSM for Information Technology Co. has finalized its acquisition of Wasl Technology Information Systems Limited Co., marking the conclusion of a transaction valued at SR8.5 million.
The company announced the signing of the final purchase agreement on Dec. 29 with Tanabw for Information Technology, effectively transferring Wasl Technology Information Systems into a branch of Tanabw.
The acquisition process began with the signing of a non-binding memorandum of understanding on Oct. 27, followed by regulatory approval on Nov.10 when WSM received a No Notification Required Certificate from the General Authority for Competition. Value Capital acted as the financial adviser for the deal.
The transaction is expected to expand WSM’s technology capabilities and strengthen its presence in the IT sector. Further details on integration plans and strategic objectives post-acquisition have yet to be disclosed, the company stated in a bourse statement.
WSM closed Monday’s trading session with a 4.30 percent increase to reach SR49.70.
Also, Waja Co. has announced the signing of a Shariah-compliant bank facility agreement with Alinma Bank, securing financing worth SR16 million. The agreement, finalized on Dec.30, has a tenure of one year.
The facility is backed by a promissory note from the company and will be used to support Islamic financing for letters of credit, various Islamic bank guarantees, and tawarruq transactions.
Waja’s move aligns with its strategy to enhance its financial capabilities while adhering to Islamic banking principles.
The financing is expected to bolster the company’s liquidity and operational flexibility, enabling it to pursue its business objectives effectively. Further updates regarding the utilization of funds were not disclosed, according to a bourse filing.
Waja Co.’s share price dropped 0.25 percent on Monday to settle at SR7.86.
For the first time, Syrians ‘not afraid’ to talk politics
- For over 50 years, the Assads maintained their vice grip on society, in large part through the countless informants that walked among the population
DAMASCUS: For decades, any Syrian daring to broach political topics got used to speaking in hushed tones and with a watchful eye trained for a listener among the crowd.
“There were spies everywhere,” Mohannad Al-Katee said in Al-Rawda cafe in Damascus, adding almost in disbelief: “It’s the first time that I sit in a cafe and I can talk about politics.
“It was a dream for Syrians,” said Katee, 42, a researcher in political and social history.
Until now, he like thousands of others had grown accustomed to watching for the proverbial flies on the walls of Damascus’s renowned cafes.
Today, those same cafes are alive and buzzing with the voices of patrons speaking freely about their country for the first time.
Such discussions “were banned under the previous regime, then there was a relative opening during the Damascus Spring,” Katee said.
He was referring to the year 2000, when Bashar Assad took over from his late father Hafez and slightly loosened the reins on political life in Syria.
Initially, the young Assad had opened up an unprecedented space, allowing for political salons to flourish alongside calls for reform in a country that had long grown accustomed to fear and silence.
“But it didn’t last,” said Katee.
A few months after his succession, Assad rolled back those gains, putting an end to the short-lived “Damascus Spring.”
In the subsequent years, according to Katee, informants were ubiquitous, from “the hookah waiter to the man at the till, it could have been anyone.”
“Political life consisted of secret meetings,” he said. “We were always taught that the walls have ears.”
Today, “Syrians can never go back to obscurantism and dictatorship, to accepting single-party rule,” he said.
A little further on, in the Havana cafe once known as a meeting point for intellectuals and activists in a distant past, Fuad Obeid is chatting with a friend.
Himself a former owner of a cafe he had to shut down, the 64-year-old said: “The intelligence services spent their time at my place. They drank for free as though they owned the place.”
For over 50 years, the Assads maintained their vice grip on society, in large part through the countless informants that walked among the population.
On Saturday, Syria’s new intelligence chief, Anas Khattab, announced that the service’s various branches would be dissolved.
Obeid said: “I used to keep a low profile so they wouldn’t know I was the owner. I told customers not to talk politics for fear of reprisals.”
Now, he noted, in Havana cafe as in others, the difference is like “night and day.”
Back in Al-Rawda, discussions are in full swing over hookahs and games of backgammon.
The owner Ahmad Kozorosh still can’t believe his eyes, having himself witnessed numerous arrests in his own cafe over the years.
“I am now seeing almost exclusively new faces,” he said. “People who had been sentenced to death, imprisoned.”
To celebrate the new era, he is holding weekly symposiums in the cafe, and will even launch a new political party to be named after it.
Real estate agent Nesrine Shouban, 42, had spent three years in prison for carrying US dollars, a punishable offense in Assad’s Syria.
Alongside thousands of others who found freedom when the doors of prisons were flung open, she was released on December 8 from the notorious Adra prison.
“They had dangled in front of us the possibility of an amnesty” from Assad’s administration, she said. “Thankfully, the amnesty came from God.”
“At cafes, we didn’t dare say anything. We were even afraid that our phones were bugged,” she said.
Now, for the first time, she said she felt “truly free.”
Despite concerns over the extremist background of Syria’s new rulers, a breath of freedom has washed over the country for the first time, with public demonstrations being organized — an unthinkable prospect just one month earlier.
“We are not afraid anymore,” said Shouban. “If Jolani makes mistakes, we will denounce them,” she added, referring to Syria’s new leader Ahmed Al-Sharaa, known by his nom de guerre Abu Mohammad Al-Jolani.
“In all cases, it can’t be worse than Bashar Assad.”
