Saudi literature commission’s writing retreat begins in Soudah

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The retreat aims to provide interaction between Saudi and international writers to stimulate a creative writing environment. (Screen grab from Twitter video: @MOCLiterature)
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The retreat aims to provide interaction between Saudi and international writers to stimulate a creative writing environment. (Screen grab from Twitter video: @MOCLiterature)
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The retreat aims to provide interaction between Saudi and international writers to stimulate a creative writing environment. (Screen grab from Twitter video: @MOCLiterature)
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Updated 03 September 2021
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Saudi literature commission’s writing retreat begins in Soudah

RIYADH: A 10-day writing retreat organized by the Literature, Translation and Publishing Commission, in collaboration with the Soudah Development Company, kicked off on Thursday in Soudah, Asir region, with the participation of a number of writers from Saudi Arabia and various countries around the world.

The commission noted that the retreat features training workshops provided by specialized guides, panel discussions, tours in selected areas, and working and writing sessions.

The writing retreat in Soudah complements those launched by the Ministry of Culture in the Qassim region in 2019.

The commission is seeking to organize several such retreats before the end of the year, with the aim of exchanging experiences between local and international writers and achieving international cultural communication by bringing together different literary cultures that will pave the way for a stimulating writing and creative environment.

 


Saudi-based Walaa Cooperative Insurance Co. maintains ‘A-’ rating: S&P Global

Updated 25 sec ago
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Saudi-based Walaa Cooperative Insurance Co. maintains ‘A-’ rating: S&P Global

  • S&P expects Walaa to maintain this level of capital adequacy over the next two years
  • It also expects the company to gradually improve its combined ratio to about 98% in 2025—2026

RIYADH: Saudi Arabia’s Walaa Cooperative Insurance Co. maintained its “A-” long-term insurer financial strength rating by S&P Global, with a stable outlook. 

The New York-based credit rating agency also affirmed its “gcAAA” long-term Gulf Cooperation Council regional scale rating and “ksaAAA” long-term Saudi national scale assessment for Walaa, highlighting the insurer’s capital position and planned business growth initiatives. 

This comes as the company completed an SR468 million ($124.8 million) rights issue in December, initially announced in September 2023. 

The additional capital will support the firm’s growth strategy and enhance its regulatory solvency margin. 

S&P said Walaa’s capital adequacy exceeded its 99.99 percent confidence level before the reserve increase, with the recent capital injection further strengthening the company’s financial stability. 

The rating agency expects Walaa to maintain this level of capital adequacy over the next two years, underpinning its stable outlook. 

The firm’s stock price has already seen a significant 5.26 percent increase by 2:20 p.m. Saudi time to reach SR24. 

Despite its strong capital position, Walaa’s operating performance has lagged behind similarly rated peers, according to S&P. 

At the end of the third quarter of last year, the company ranked as the fifth largest insurer in the Kingdom, with insurance revenue reaching SR2.4 million and a growth rate of 17 percent. 

However, the insurer faced challenges in profitability, driven by its medical insurance segment.

The combined ratio — a key measure of underwriting performance — stood at 101 percent for the third quarter of 2024, compared to 98 percent during the same period the previous year. 

While the motor insurance segment, which experienced losses between 2021 and 2023, returned to profitability in 2024, reporting a service result of SR18 million for the third quarter, Walaa’s medical insurance business posted a significant loss of SR85 million during the same period. 

This marks a sharp decline from the SR4 million loss recorded in the third quarter of 2023. The company plans to expand its medical insurance segment over the next two years, aiming for breakeven by the year’s end. 

S&P said the goal may be challenging due to the competitive and concentrated nature of the medical insurance market in Saudi Arabia, which is projected to reach $4.33 billion this year, according to German online data gathering platform Statista. 

The medical segment is dominated by The Co. for Cooperative Insurance and Bupa Arabia for Cooperative Insurance, which collectively accounted for 76 percent of market revenue and most of the segment’s profitability in the third quarter of 2024, according to S&P. 

Walaa’s ability to achieve breakeven in this segment will play a critical role in the recovery of its overall performance. 

S&P expects Walaa to gradually improve its combined ratio to about 98 percent in 2025— 2026 as it continues to diversify its business and recover its operating performance. 

The agency also flagged potential risks, including the possibility of a negative rating action if Walaa’s underwriting performance is weaker than its local and regional peers or if its capital adequacy falls below the 99.95 percent confidence level. 

S&P views the likelihood of a rating upgrade as limited during the outlook period. Any positive rating action would depend on Walaa’s ability to significantly increase and diversify its premium income without impairing operating performance, while maintaining capital adequacy at the 99.99 percent confidence level and a low-risk investment portfolio. 


Drone Racing World Cup in Riyadh sets world record

Updated 17 min 2 sec ago
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Drone Racing World Cup in Riyadh sets world record

The Drone Racing World Cup concluded Saturday in the Saudi capital, making history as it entered the Guinness World Records as the largest edition in terms of participating countries, with over 50 countries involved in the tournament.

The event, sponsored by Riyadh Season and organized by the Saudi Federation for Cybersecurity, Programming, and Drones, in collaboration with the World Air Sports Federation, featured participation from over 140 pilots.

The final day of the competition witnessed the qualification of 64 racers. Korean player Minchan Kim came in first place, winning the title of Drone Racing World Cup champion along with a prize of SR375,000 ($100,000). The second place went to French racer Killian Rousseau, who received a prize of SR285,000, while Joaquin Ybanez from the US secured third place, winning a prize of SR185,000. Valuable prizes were also raffled for visitors and attendees during the event.

The Drone Racing World Cup has been held since 2016, and this edition hosted by Saudi Arabia is the first of its kind in the Middle East and North Africa.


Indonesian president is India’s Republic Day chief guest as Asian giants forge new partnerships

Updated 48 min 41 sec ago
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Indonesian president is India’s Republic Day chief guest as Asian giants forge new partnerships

  • Indonesia’s first president Sukarno was the chief guest in India’s first Republic Day celebration in 1950
  • A 350-member contingent from Indonesian military also joined the Republic Day parade on Sunday

NEW DELHI: India celebrated its 76th Republic Day on Sunday with a colorful parade in New Delhi displaying its military might and Indonesian President Prabowo Subianto as the guest of honor.

Thousands of people gathered in the capital to watch the long parade commemorating the official adoption of India’s Constitution on Jan. 26, 1950, after gaining independence from British colonial rule in 1947.

Indian troops and their bands were marching on the Kartavya Path, or the Boulevard of Duty, as the 90-minute parade showcased motorbike stunts and a number of cultural performances involving thousands of artists in colorful costumes.

A contingent comprising about 350 members from the Indonesian military also participated in the parade, marking the first time that troops from Southeast Asia’s biggest economy have joined any foreign parade.

Prabowo attended the event as the chief guest and was flanked by India’s premier and president, joining a list of foreign leaders who were invited to witness the spectacle, as per the country’s tradition.

In 1950 — India’s first Republic Day celebration — Indonesia’s first president Sukarno was the chief guest. French President Emmanuel Macron was the guest of honor last year, while former US President Barack Obama had attended in 2015.

The celebrations come a day after Modi and Prabowo agreed to expand ties, signing a series of cooperation agreements on health, defense, digital technology and maritime affairs.

“We discussed ways to deepen India-Indonesia relations in areas such as security, defense manufacturing, trade, fintech, AI and more. Sectors like food security, energy and disaster management are also areas where we look forward to working closely (together),” Modi said following their meeting on Saturday.

Prabowo’s visit to India was his first since becoming Indonesia’s president in October.

“I want to reiterate my commitment, my determination to further develop our cooperation and friendship,” Prabowo said.

“Our (strategic) partnership will be a strong foundation for the two countries to continue moving forward (and) strengthen the friendship that we have had for 75 years.”

Gautam Kumar Jha, an assistant professor at the Center for Chinese and Southeast Asian Studies at Jawaharlal Nehru University, said the two countries have signaled strong interest in increasing cooperation.

“As a former military commander, President Prabowo brings a deep understanding of security and strategic partnerships, enhancing the collaboration between India and Indonesia. His role as the chief guest on India’s Republic Day is particularly significant compared to previous Indonesian presidents who have visited India,” Jha told Arab News.

“President Prabowo’s (priorities in) strengthening Indonesia’s maritime security, trade and social welfare schemes — such as the mid-day meal scheme currently run in India — are crucial for both nations.”

Indonesia is one of India’s largest trading partners among countries of the Association of Southeast Asian Nations, with bilateral trade reaching a record high of $38.8 billion in April 2022-March 2023, Indian government data showed.

India has also agreed to support Indonesia’s ongoing defense modernization program through experience and expertise sharing, according to a joint statement.

“The meeting on Saturday has established a trusted platform, enabling both countries to collaborate for mutual benefit,” Jha said. “This timing is ideal, as both Indian and Indonesian stakeholders are eager to elevate bilateral ties to a new level.”


Israeli fire kills 11 on deadline for Lebanon withdrawal

Updated 36 min 59 sec ago
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Israeli fire kills 11 on deadline for Lebanon withdrawal

  • Israeli forces opened fire on ‘citizens who were trying to return to their villages’
  • The Lebanese army says ‘ready to continue its deployment” as soon as Israel left’

BURJ AL-MULUK, Lebanon: Israeli troops opened fire in south Lebanon on Sunday, killing 10 residents and a Lebanese soldier, health officials said as hundreds of people tried to return to their homes on the deadline for Israel to withdraw.

Israel was all but certain to miss Sunday’s deadline, which is part of a ceasefire agreement that ended its war with the Iran-backed Hezbollah group two months ago.

The deal that took effect on November 27 said the Lebanese army was to deploy alongside United Nations peacekeepers in the south as the Israeli army withdrew over a 60-day period.

That period ends on Sunday.

Lebanon’s health ministry said Israeli forces opened fire on “citizens who were trying to return to their villages,” killing 11 and wounding 83.

The ministry’s toll includes a soldier from the Lebanese army, which also announced his death and said Israeli fire had wounded another soldier.

AFP journalists said convoys of vehicles carrying hundreds of people, some flying yellow Hezbollah flags, were trying to get to several villages despite the Israeli military’s continued presence.

“We will return to our villages and the Israeli enemy will leave,” even if it costs lives, said Ali Harb, a 27-year-old trying to go to Kfar Kila.

Residents could also be seen heading on foot and by motorbike toward the devastated border town of Mays Al-Jabal, where Israeli troops are still stationed.

Some held up portraits of slain Hezbollah leader Hassan Nasrallah, while women dressed in black carried photos of family members killed in the war.

Israeli military spokesman Avichay Adraee had issued a message earlier on Sunday to residents of more than 60 villages in southern Lebanon telling them not to return.

Speaking from the border town of Aita Al-Shaab, Hezbollah lawmaker Hassan Fadlallah hailed in a television appearance “the return of residents in spite of the threats and warnings.”

Lebanese President Joseph Aoun, the former army chief who took office earlier this month after a two-year vacancy in the post, called on residents to keep a cool head and “trust the Lebanese army,” which he said wanted “to ensure your safe return to your homes and villages.”

On Saturday, the army had said the delay in implementing the agreement was the “result of the procrastination in the withdrawal from the Israeli enemy’s side.”

A joint statement from the UN special coordinator for Lebanon and the head of the UN peacekeeping mission on Sunday acknowledged “that the timelines envisaged in the November Understanding have not been met.”

“As seen tragically this morning, conditions are not yet in place for the safe return of citizens to their villages along the Blue Line,” the statement said, referring to the border. It urged residents “to exercise caution.”

Israeli forces have left coastal areas of southern Lebanon, but are still present in areas further east.

The ceasefire deal stipulates that Hezbollah pull back its forces north of the Litani River — about 30 kilometers (20 miles) from the border — and dismantle any remaining military infrastructure in the south.

But Israeli Prime Minister Benjamin Netanyahu’s office said on Friday that the “agreement has not yet been fully enforced by the Lebanese state,” so the military’s withdrawal would continue beyond the Sunday deadline.

The Lebanese army said it was “ready to continue its deployment” as soon as Israel left.

Lebanese caretaker Prime Minister Najib Mikati called Sunday for the backers of the ceasefire agreement — a group that includes the United States and France — “to force the Israeli enemy to withdraw.”

Lebanese state media have reported that Israeli forces have carried out demolitions in villages they control.

Aoun spoke on Saturday with his French counterpart Emmanuel Macron about the “need to oblige Israel to respect the terms of the deal,” adding it must “end its successive violations, including the destruction of border villages.”

Macron’s office said the French president had called on all parties to the ceasefire to honor their commitments as soon as possible.

The fragile truce has generally held, even as the warring sides have repeatedly traded accusations of violations.

The deal ended two months of full-scale war that had followed nearly a year of low-intensity exchanges.

Hezbollah began trading cross-border fire with the Israeli army the day after the October 7, 2023 attack on Israel by its Palestinian ally Hamas, which triggered the war in Gaza.

Israel’s campaign delivered a series of devastating blows against Hezbollah’s leadership including its longtime chief Nasrallah.


Jannik Sinner beats Alexander Zverev in 3 sets for his second Australian Open title in a row

Updated 26 January 2025
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Jannik Sinner beats Alexander Zverev in 3 sets for his second Australian Open title in a row

  • Jannik Sinner is the youngest man to leave Melbourne Park with the trophy two years in a row since Jim Courier in 1992-1993

MELBOURNE: Jannik Sinner claimed his second consecutive Australian Open championship on Sunday, never facing a single break point and using his complete game to outplay and frustrate Alexander Zverev for a 6-3, 7-6 (4), 6-3 victory in the final.
Sinner, a 23-year-old Italian, is the youngest man to leave Melbourne Park with the trophy two years in a row since Jim Courier in 1992-93.
Sinner rose to No. 1 last June, remaining there for every week since, and the gap between him and No. 2-ranked Zverev was pronounced as can be in Rod Laver Arena. This was the first Australian Open final between the men at No. 1 and No. 2 since 2019, when No. 1 Novak Djokovic defeated No. 2 Rafael Nadal – also in straight sets.
Here’s how dominant Sinner has been since the start of last season: He has won three of the five major tournaments, including the US Open in September, and his record in that span is 80-6 with a total of nine tournament titles. His current unbeaten run covers 21 matches, dating to last year.
The only thing that’s clouded the past 12 months for Sinner, it seems, is a doping case in which he was cleared by a ruling that was appealed by the World Anti-Doping Agency. He tested positive for a trace amount of an anabolic steroid twice last March but blamed it on an accidental exposure involving two members of his team who have since been fired. Sinner initially was exonerated in August; a hearing in the WADA appeal is scheduled for April.
While Sinner became the eighth man in the Open era (which began in 1968) to start his career 3-0 in Grand Slam finals, Zverev is the seventh to be 0-3, adding this loss to those at the 2020 US Open and the 2024 French Open.
Those earlier setbacks both came in five sets. This contest was not that close. Not at all.
There truly was only one moment that felt as if it contained a hint of tension. It was late in the second set, which Zverev was two points from owning when he led 5-4 and got to love-30 on Sinner’s serve. But a break point – and a set point – never arrived there.
Zverev not got closer, dropping the next four points, making it 5-all. Sinner then emerged with the ensuing tiebreaker. No surprise there: He went 4-0 in those set-deciders over the past two weeks and has grabbed 16 of his past 18.
A year ago, Sinner went through a lot more trouble to earn his first Slam, needing to get past Novak Djokovic – who quit one set into his semifinal against Zverev on Friday because of a torn hamstring – first, before erasing a two-set deficit in the final against 2021 US Open champion Daniil Medvedev.
Beating Zverev allowed Sinner to become the first man since Nadal at the French Open in 2005 and 2006 to follow up his first Grand Slam title by repeating as the champion at the same tournament a year later.