DOHA: Morocco coach Walid Regragui has urged his team to believe they can defeat powerhouse Spain as they attempt to reach a first World Cup quarter-final.
The north African side are in the last 16 for only the second time after advancing as winners of Group F ahead of 2018 runners-up Croatia, having defeated Belgium and Canada in Qatar.
“It will be a very testing game for us. We’re coming up against one of the best footballing nations in the world. I think they’re one of the favorites to reach the final,” Regragui said on Monday.
“That said, we’ve also got things up our sleeve. We’ve had one extra rest day compared to them and we’re going to try and pull a surprise out of the bag.
“If we’re able to send Spain packing I think this will be a wonderful surprise not only for us but for our country.”
Spain denied Morocco a famous win at the 2018 World Cup with a last-gasp equalizer in a 2-2 draw, the only point the Moroccans picked up in Russia.
“We’re not seeking revenge at all. We’re not looking at what happened in the past,” said Regragui, who was appointed in August.
“We’ve got a new generation and, for me, the mentality has to change with the Moroccan team. All the negative aspects, that’s the old Morocco, we’ve changed. Our country’s changed.”
Morocco, the lone Arab nation and the last African team remaining in Qatar, will have the vocal backing of thousands of fans for Tuesday’s game at Education City Stadium.
“We’ll come out swinging. We want to hoist the Moroccan flag way up high. We’re playing first and foremost for us and our country,” said Regragui.
“All Arabs and Africans, we want to make them happy. We want their prayers and we want their support so it can give us that extra ingredient to win. Before it was just the Moroccans that supported us.”
Morocco would become just the fourth African team to reach the quarter-finals — after Cameroon in 1990, Senegal in 2002 and Ghana in 2010 — if they beat the 2010 champions.
Morocco’s only other appearance in the last 16 came in 1986, when they lost 1-0 to eventual runners-up West Germany.
“I don’t think we should go out with any sort of complex,” said Regragui.
“Yes, we’re the underdog, but we know what Spain are made of and the recipe is easy. We shouldn’t be worried, we should have no regrets and give the best of ourselves.”
Morocco to ‘come out swinging’ against Spain at World Cup
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Morocco to ‘come out swinging’ against Spain at World Cup
- Morocco coach Walid Regragui has urged his team to believe they can defeat powerhouse Spain as they attempt to reach a first World Cup quarter-final
- “If we’re able to send Spain packing I think this will be a wonderful surprise not only for us but for our country,” said Regragui
Saudi fund commits $80m for cancer care expansion in Turkmenistan
- The agreement reflects the Saudi fund’s commitment to supporting developing countries overcome obstacles to progress
RIYADH: CEO of the Saudi Fund for Development Sultan Al-Marshad signed an $80 million development loan agreement with Rahimberdi Jepbarov, chairman of the Turkmenistan State Bank for Foreign Economic Affairs.
The financing supports a project to improve tumor treatment services and establish cancer treatment centers in Turkmenistan, the Saudi Press Agency reported.
Saudi Ambassador to Turkmenistan Said Osman Suwaid attended the event.
The project will enhance healthcare by building and equipping three specialized cancer treatment centers with up to 500 medical beds in different regions.
The centers will feature advanced medical equipment to improve healthcare quality, SPA added.
The agreement reflects the Saudi fund’s commitment to supporting developing countries overcome obstacles to progress.
It underscores the importance of international cooperation in achieving sustainable development and ensuring lasting prosperity, SPA reported.
During his visit to Turkmenistan, Al-Marshad also met with Deputy Chairman of the Cabinet of Ministers and Foreign Minister Rashid Meredov to discuss strengthening development cooperation in various sectors.
Meanwhile, the Saudi fund’s Deputy CEO Faisal Al-Qahtani participated in the inauguration of the Busaiteen Bridge, part of the Bahrain Northern Road Project.
The $250 million project, funded through a grant from the Saudi government, aims to ease traffic congestion and boost investment and economic opportunities in Bahrain.
Bahrain’s Deputy Prime Minister Sheikh Khalid bin Abdullah Al-Khalifa attended the event.
The project is a vital part of Bahrain’s transportation infrastructure, with the Saudi fund collaborating closely with the Ministry of Works for its successful completion.
The Saudi fund’s partnership with Bahrain spans 48 years, during which it has financed 30 projects in sectors like energy, transportation, and social infrastructure. These initiatives have contributed to Bahrain’s sustainable development and economic growth.
Key Pakistan-China highway remains blocked for sixth day amid power outage protests
- Protesters demand government run thermal generators to minimize power outages lasting over 20 hours
- GB government spokesperson says power production slashed due to low flow of water in hydel stations
KHAPLU, Gilgit-Baltistan: A key highway connecting northern Pakistan and China via land remained closed for trade and traffic for the sixth consecutive day on Wednesday, as hundreds continue to stage sit-in protests against lengthy power outages, protesters and officials said.
The protest, which began last week, involves residents, political parties and civil society groups who vowed to continue their sit-in at the Karakorum Highway (KKH) in Gilgit-Baltistan (GB) that connects Pakistan to China, until their demands for reliable electricity were met.
The KKH, a vital trade and strategic route linking Pakistan with China, has been obstructed at Aliabad, the district headquarters of Hunza. The area plays a critical role in bilateral trade facilitated by the China-Pakistan Economic Corridor (CPEC), which has increased since an agreement to keep the Khunjerab Pass open year-round for economic exchanges.
“The sit-in is continuing in Hunza and the main KKH is still blocked for all kinds of traffic,” Zahoor Ilahi, a protester and member of a committee formed by protesters, told Arab News over the phone.
“More than 200 heavy vehicles, including containers, are stranded in Hunza due to the protest. Today shutter-down and wheel jam strikes are also being observed across Hunza,” he added.
Ilahi said no public transport vehicles were on the roads, only those vehicles were operating that were facilitating protesters. He said women and children have also joined the sit-in protest since Tuesday.
“All four rounds of negotiations with the government have failed,” he said. “And today a meeting is also underway between the protesters and the government.”
He said the protesters were demanding their basic right, electricity, lamenting that no other part of the country was facing power cuts of over 20 hours.
“There is no chance of ending the sit-in until our demands are met,” Ilahi warned.
Shreen Karim a local female journalist, said all activities in Hunza were paralyzed due to power outages.
“From businesses to health and education of students, all are suffering due to power cuts,” she told Arab News. “The Internet is also not properly working due to power cuts. We are also facing issues in sending reports to the newsroom.”
Power cuts, known locally as load shedding, are a chronic issue in Pakistan, with many areas facing significant disruptions. The harsh winters in GB exacerbate the problem, leaving residents without adequate heating or access to essential services.
Faizullah Faraq, the GB government’s spokesperson, admitted that the region has been facing prolonged power outages.
“The government is trying to engage the protesters to end the protest,” Faraq told Arab News. “Not only Hunza, other regions are also facing power outages. All of the power stations are hydel, and due to the low flow of water, the production of the electricity is slashed during the winter,” he added.
He said protesters were pressing the government to run thermal stations to minimize power outages. However, Faraq said the government could not run thermal generators as it was running on federal grants.
“And we don’t have a share in the NFC [National Finance Commission],” he said, referring to a series of economic programs that allocate revenues between the center and Pakistan’s provinces.
“And the government is not in a position to bear the fuel costs of thermal generators. That’s why the negotiations with the government did not reach any conclusion.”
Faraq further said that the chief minister had directed GB’s chief secretary to discuss the issue with the federal government.
“A meeting will be held in Islamabad to discuss the power outage issue,” the spokesperson said.
And if they release funds, the government will run the thermal generators, and the sit-in will be ended.”
Afghanistan’s trade doubles, but deficit and sanctions hinder growth
- Afghan exports increased from $850 million in 2021 to $1.8 billion last year
- It may take Afghanistan 10 years to return to pre-Taliban growth levels, World Bank says
KABUL: Afghanistan’s trade has doubled since the Taliban took over in 2021, the latest government data shows, but experts warn there is no evidence of economic growth as the import-export deficit continues to soar amid Western-imposed sanctions.
In 2024, Afghanistan’s trade value reached over $12.4 billion, more than twice the $6.1 billion recorded in 2021, according to data released by the National Statistics and Information Authority.
“The political change in the country in 2021 affected the country’s economy in all aspects … (But) Afghanistan’s trade, particularly exports, has seen a 100 percent progress,” Akhundzada Abdul Salam Jawad, spokesperson for the Ministry of Commerce and Industry, told Arab News earlier this week.
Under the Taliban government, the South Asian country saw exports rise from $850 million in 2021 to about $1.8 billion last year. Imports, however, have also surged from $5.3 billion to $10.6 billion in the same period.
While according to Jawad it was “a sign that the country’s trade is going toward stability and growth,” experts are warning about the impacts of Afghanistan’s widening trade deficit in an already fragile economy which was severely affected by US-imposed sanctions and had suffered through two years of sharp economic contraction.
Despite a modest recovery of about 2.7 percent in 2023-24, the World Bank estimates it could take over a decade for the economy to return to pre-Taliban growth levels.
“Our imports are increasing every day, and this is hindering the progress in local production together with other problems such as shortage of electricity and a lack of infrastructure … Necessary actions must be taken to increase exports,” Khan Jan Alokozay, deputy head of the Afghanistan Chamber of Commerce and Investment, told Arab News.
To reduce the trade gap the Afghan government must work toward strengthening its industrial sector, according to Amin Stanekzai, economist and lecturer at the Rokhan Institute of Higher Education in the eastern province of Nangarhar.
This means facilitating investment, supporting local businesses to enter international markets and encouraging people to use and support local products.
“In order to reduce the deficit, the country’s market needs should be met locally and domestic production is supported while domestic capacities need to be improved,” he told Arab News.
“Afghanistan is still completely an importing country and until this situation changes, speaking of economic growth is irrelevant.”
UAE’s ADNOC L&S acquires 80% stake in Navig8 for $1.04bn
- Value-accretive transaction expected to boost earnings per share by at least 20% in 2025 compared to 2024
- Transaction adds modern fleet of 32 tankers to ADNOC L&S’ fleet and expands its service portfolio
RIYADH: UAE’s ADNOC Logistics and Services has boosted its global position by acquiring an 80 percent stake in Navig8 TopCo. Holdings Inc. for $1.04 billion, strengthening its status as a prominent player in energy maritime transportation.
The transaction includes a contractual commitment to acquire the remaining 20 percent by mid-2027, positioning ADNOC L&S for expanded global operations and increased shareholder value.
Navig8, a prominent international shipping pool operator and commercial management company, brings a modern-owned fleet of 32 tankers and an established presence in 15 cities across five continents.
The firm has investments in technical management services, is a marine fuels provider operating in over 1,000 ports globally, and has additional ventures within the marine sector.
“The completion of this landmark acquisition is a significant milestone in our transformational growth strategy,” said Abdulkareem Al-Masabi, CEO of ADNOC L&S.
“By integrating Navig8’s extensive fleet and global presence, we can enhance our service offerings, generating substantial value for customers and shareholders. This strategic move unlocks new opportunities for commercial growth and expansion into new markets, reinforcing our position as a leading global energy maritime logistics company,” Al-Masabi added.
The acquisition aligns with ADNOC L&S’ growth strategy, complementing its integration with Zakher Marine International in 2022 and reinforcing its ambition to expand its global reach and service portfolio.
ZMI, an Abu Dhabi-based owner and operator of offshore support vessels, brought with it the world’s largest fleet of self-propelled jack-up barges.
ZMI’s acquisition expanded ADNOC L&S’s fleet to over 300 vessels, reinforcing its position as the region’s largest integrated logistics provider and enabling the company to offer its customers a broader range of services.
ADNOC L&S, a subsidiary of Abu Dhabi National Oil Co., will benefit from Navig8’s acquisition through expanded services, including commercial pooling, bunkering, technical management, and environmental, social, and governance-focused industrial and digital solutions.
The acquisition is structured to ensure economic ownership of Navig8 starting from Jan. 1, 2024.
The remaining 20 percent will be acquired in 2027 for deferred consideration ranging from $335 million to $450 million, depending on earnings before interest, taxes, depreciation, and amortization performance during the interim.
Nicolas Busch, CEO of Navig8, expressed enthusiasm for the deal, saying: “We are excited to join forces with ADNOC L&S and the wider ADNOC Group. This achievement highlights the exceptional efforts of the Navig8 team over the past two decades, setting the stage for this next phase.”
The acquisition is expected to deliver immediate financial benefits, with ADNOC L&S projecting a 20 percent increase in earnings per share by this year compared to the previous year.
The company’s share price saw a 5.23 percent increase as of Jan. 8, 1:00 p.m. Saudi time.
It anticipates annual synergies of at least $20 million by 2026, underscoring the value-accretive nature of the transaction.
Saudi public funds boost domestic money market holdings to $11bn
RIYADH: Saudi Arabia’s public funds ramped up their domestic money market investments to SR41.38 billion ($11.03 billion) in the third quarter of 2024, marking an 82.4 percent year-on-year increase, according to official data.
Figures from the Saudi Central Bank, also known as SAMA, showed that the total value of assets held by these organizations rose to SR160.1 billion during the three months to the end of September, marking a 36.7 percent increase compared to the previous year.
The number of operating funds grew by 9.54 percent during this period, reaching a total of 310, while the number of subscribers rose by 50.65 percent, reaching 1.57 million.
Domestic holdings saw the highest growth rate at 41.8 percent, comprising 84 percent of the total portfolio, or SR134.43 billion.
Other assets included 25.83 percent in shares, totaling SR41.24 billion, and 7.24 percent in sukuk and bonds, amounting to SR11.58 billion.
Real estate investments, valued at SR27.6 billion and accounting for 17.24 percent of the portfolio, are also considered domestic, according to SAMA.
Foreign allocations totaled SR25.66 billion, reflecting a 16 percent annual increase, and were spread across foreign shares, bonds, money market instruments, and other assets.
As Saudi Arabia’s economy continues to expand under the Vision 2030 initiative, the banking sector has seen a notable increase in loan growth, outpacing the rise in deposits.
This trend reflects the growing demand for credit, driven by the Kingdom’s ongoing infrastructure projects, real estate developments, and rising consumer spending.
In this context, Saudi investment funds are increasing their allocations to money market instruments, such as short-term government securities, which provide liquid, low-risk options for capital. This helps banks manage short-term liquidity needs while limiting exposure to significant market risks.
This investment trend not only supports the broader stability of the banking sector but also aligns with the Kingdom’s economic growth, ensuring that financial institutions can meet the rising demand for credit while safeguarding their liquidity positions.
The funds include both open-ended and closed-ended types, which are open to public investment and overseen by regulatory bodies like the Capital Market Authority.
The Saudi Public Investment Fund operates separately, focusing on long-term, strategic investments aligned with Saudi Vision 2030, and is not included in SAMA’s data.
According to SAMA, approximately 92 percent of active funds are open-ended, with assets totaling SR128.71 billion, while the remaining 8 percent are closed-ended, holding assets of SR31.38 billion.
