BEIRUT: Hundreds of members of the Lebanese armed group Hezbollah, including fighters and medics, were seriously wounded on Tuesday when the pagers they use to communicate exploded, a security source told Reuters.
A Hezbollah official, speaking on condition of anonymity, said the detonation of the pagers was the “biggest security breach” the group had been subjected to in nearly a year of war with Israel.
The explosions took place amid heightened violence between Israel and Hezbollah, who have been engaged in cross-border warfare since the Gaza war erupted last October in the worst such escalation in years.
There was no immediate comment from the Israeli military to Reuters enquiries about the detonations.
A Reuters journalist saw ambulances rushing through the southern suburbs of the capital Beirut amid widespread panic. Residents said explosions were taking place even 30 minutes after the initial blasts. The security source added that devices were also exploding in the south of Lebanon.
Groups of people huddled at the entrance of buildings to check on people they knew who may have been wounded, the Reuters journalist said.
Regional broadcasters carrying CCTV footage which showed what appeared to be a small handheld device placed next to a grocery store cashier where an individual was paying spontaneously exploding. In other footage, an explosion appeared to knock out someone standing at a fruit stand at a market area.
Lebanon’s crisis operations center, which is run by the health ministry, asked all medical workers to head to their respective hospitals to help cope with the massive numbers of wounded coming into for urgent care. It said health care workers should not use pagers.
Hezbollah fired missiles at Israel immediately after the Oct. 7 attacks by Hamas gunmen on Israel. Hezbollah and Israel have been exchanging fire constantly ever since, while avoiding a major escalation as war rages in Gaza to the south.
Tens of thousands of people have been displaced from towns and villages on both sides of the border by the hostilties.
Hundreds of Hezbollah members wounded in Lebanon when pagers explode, security source says
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Hundreds of Hezbollah members wounded in Lebanon when pagers explode, security source says
First Bangladeshi company enters Saudi startup ecosystem through $110m merger
- Backed by Saudi, US investment, ShopUp merges with Sary to form SILQ
- Merger prompts Bangladesh’s central bank to establish special startup fund
DHAKA: Bangladesh’s largest B2B commerce platform ShopUp has entered Saudi Arabia’s startup ecosystem through a merger with Riyadh-based services and marketplace platform Sary, backed by US and Saudi investors.
Both ShopUp and Sary help small businesses buy products in bulk from wholesalers or manufacturers with digital ordering platforms, delivery and financial services.
Together they have formed SILQ Group, backed by a $110 million funding led by Sanabil Investments — a company owned by the Saudi Public Investment Fund and Peter Thiel’s Valar Ventures.
The companies said in their merger announcement on Wednesday that they are “set to become one of the world’s largest trade corridors. It is projected to reach $682 billion.”
“We’re building infrastructure that helps small businesses move goods, access financing, and grow. A key part of this is the launch of SILQ Financial, our dedicated financing arm focused on driving innovation in SME funding. It allows us to offer embedded financial products — natively within our platforms,” ShopUp’s CEO Afeef Zaman told Arab News.
“There’s a $682 billion trade opportunity emerging right here between the Gulf and Emerging Asia. We want to go deep and serve this corridor well ... We’re laying the foundation to expand beyond this corridor in the long term.”
ShopUp was founded by Zaman, Ataur Rahim Chowdhury, and Navaneetha Krishnan J. in 2017, while Sary was founded in 2018 by Mohammed Aldossary and Khaled Alsiari.
Zaman will serve as the CEO of SILQ Group and Aldossary as CEO of SILQ Financial.
ShopUp and Sary have served more than 600,000 retailers, hotels, restaurants, cafes, and wholesalers, to date. The combined network has facilitated over $5 billion in transactions and disbursed more than $750 million in embedded financing.
Zaman believes that more Bangladeshi startups will follow in ShopUp’s footsteps, as the Saudi market offers not only scale, capital, and sophistication, but also a cultural overlap, a strong consumer base — including 3 million Bangladeshi expats — “and a hunger for innovation” across retail, finance, and logistics.
“Bangladeshi startups have a lot to offer in terms of resilience and operating in high-density, resource-constrained environments. In return, Saudi Arabia offers access to institutional partnerships, forward-thinking regulation, and the ability to test and scale products that can work globally,” he said.
“Saudi Arabia is writing one of the most exciting startup stories in the world right now. The pace of change, the vision, and the level of institutional support — especially for high-impact sectors like fintech, logistics, and B2B — make it one of the most promising markets for founders.”
The Bangladeshi government welcomed ShopUp’s merger as “a defining moment” in its digital journey and “one of the most significant global expansion milestones ever achieved by a startup from Bangladesh.”
It also announced the establishment of a dedicated fund to provide capital support to startup companies.
“This moment is more than a funding headline — it’s a clear signal that Bangladeshi startups are ready for the world stage,” the government’s press wing said in a statement.
“To accelerate this momentum, Bangladesh Bank has committed to a landmark startup funding initiative: TK 800 crore (about $66 million) in equity and TK 400 crore (about $33 million) in debt. This fund will serve as a catalytic boost for early and growth-stage startups, empowering local founders to innovate, scale, and compete globally.”
Saudi Arabia climbs to 13th spot in Kearney’s FDI Confidence Index
RIYADH: Saudi Arabia rose to 13th place in Kearney’s 2025 Foreign Direct Investment Confidence Index, its highest-ever ranking, reflecting stronger investor sentiment amid ongoing economic reforms and diversification efforts.
The Kingdom advanced one spot from last year and retained its position as the third most attractive emerging market, signaling continued global confidence in its transformation strategy.
The annual index, released by consultancy Kearney, reflects insights from senior executives at the world’s leading corporations about likely investment destinations over the next three years. The survey, conducted in January, provides a snapshot of investor sentiment amid a shifting global landscape.
This comes as Saudi Arabia’s net foreign direct investment inflows surged by 37 percent in the third quarter of 2024 to SR16 billion ($4.26 billion), up from SR11.7 billion in the previous quarter, underscoring the Kingdom’s growing appeal to international investors, according to the latest available data from the General Authority for Statistics.
Rudolph Lohmeyer, senior partner global business policy council and head of the National Transformations Institute, part of Kearney Foresight Network, said: “Saudi Arabia’s climb is no coincidence — it reflects the Kingdom’s bold, reform-driven approach to building a globally competitive, future-ready economy.”
He added: “Global investors are taking note of the clarity of vision, scale of ambition, and commitment to innovation that define the Saudi market today.”
The Kingdom’s improvement comes at a time when global investors are prioritizing stable, high-performing markets with long-term growth potential. It also aligns with the newly enacted investment law that guarantees equal treatment for foreign and domestic investors, enhancing business confidence and ease of market entry.
FDI inflows into Saudi Arabia’s non-oil sectors rose 10.4 percent in 2023, as global investors were drawn to the scale and pace of transformation under Vision 2030.
According to the survey, investors highlighted the Kingdom’s strong domestic economic performance, abundant natural resources, and rapid technological innovation as key factors for choosing Saudi Arabia as an investment destination. These elements support its ongoing shift toward a diversified, innovation-led economy.
Erik Peterson, co-author of the report and managing director of Kearney’s Global Business Policy Council, said: “While the Middle East sees strong representation, developed markets dominate the global rankings, led by the US.”
“This speaks to a dynamic and evolving investment landscape, where investors are not only weighing opportunity but also navigating rising risks, including increasingly restrictive regulatory environments driven by a wave of industrial policy aimed at strengthening domestic resilience and national security,” he added.
Saudi Arabia’s strong performance places it among the top emerging markets for investment, alongside the UAE and China.
Despite cautious sentiment in some markets, confidence in the Kingdom is on the rise, underscoring its growing role in global capital flows and its emergence as a model for high-growth, reform-oriented economies.
The report noted that investor sentiment was captured before the sharp escalation in global trade tensions in early April. Still, early indicators already pointed to rising concerns over geopolitical instability and commodity price pressures.
“Yet, amid uncertainty, investors continue to prioritize strong fundamentals when selecting markets — citing legal and regulatory efficiency, economic performance, and innovation as key drivers,” it added.
UAE mediates prisoner exchange between US and Russia in Abu Dhabi
- UAE’s Ministry of Foreign Affairs facilitated the exchange of one Russian citizen for one US citizen
- It is the second swap since President Donald Trump returned to office as Moscow and Washington push for closer ties
LONDON: The UAE mediated a prisoner exchange between Russia and the US on Thursday, which took place on its soil in Abu Dhabi.
The Ministry of Foreign Affairs facilitated the exchange of one Russian citizen for one US citizen, with representatives from both countries present in Abu Dhabi.
The ministry expressed appreciation for the confidence placed in the UAE by the American and Russian governments in designating Abu Dhabi as the location for the prisoner exchange process, WAM reported.
It added that “choosing Abu Dhabi for the prisoner exchange process reflects the close friendship ties of both countries with the UAE.”
Abu Dhabi hopes these efforts will de-escalate tensions and enhance dialogue, contributing to regional and international security and stability, WAM added.
It is the second swap since President Donald Trump returned to the White House as Russia and the US push for closer ties.
Moscow released US-Russian ballet dancer Ksenia Karelina, who had been sentenced to 12 years in prison on treason charges, with US Secretary of State Marco Rubio confirming early Thursday she was on a plane to the United States.
In exchange, the United States released Arthur Petrov, a Russian-German citizen who had been facing up to 20 years in a US prison for violating export controls and who was arrested in Cyprus in 2023 at Washington’s request for allegedly exporting sensitive microelectronics.
Abu Dhabi airport
CIA Director John Ratcliffe was present at the Abu Dhabi airport, where the exchange took place on Thursday, the AFP reported.
A CIA spokeswoman told the Wall Street Journal that “the exchange shows the importance of keeping lines of communication open with Russia, despite the deep challenges in our bilateral relationship.”
“While we are disappointed that other Americans remain wrongfully detained in Russia, we see this exchange as a positive step and will continue to work for their release,” she said.
Russia has yet to confirm the swap, which would be the second since Trump returned to the White House in January.
Trump and Russian leader Vladimir Putin have since pushed for a restoration of closer ties between the two countries that were severely damaged by Moscow’s invasion of Ukraine.
Several meetings between the two sides have taken place, with a new round of talks beginning Thursday in Istanbul on restoring some of the embassy operations that were scaled back following the Ukraine invasion.
Who are the prisoners?
Karelina, who was born in 1991 and lived in Los Angeles, was serving a 12-year prison sentence for having donated around $50 to a pro-Ukraine charity.
She was arrested in the Urals city of Yekaterinburg in January 2024 while on a trip to visit her family. She was charged with “treason.”
Russia’s Federal Security Service accused her of collecting funds for Ukraine’s army that were used to purchase “equipment, weapons and ammunition” — charges she denied. Her supporters say she donated to a US-based organization that delivers humanitarian aid to Ukraine.
Petrov was accused by US authorities of illegally exporting electronic components to Russia for military use, in violation of Washington’s sanctions against Moscow over the conflict in Ukraine.
In mid-February, following a call between Putin and Trump, Russia released Kalob Wayne Byers, a 28-year-old US citizen who was arrested at a Moscow airport for transporting cannabis treats.
Washington and Moscow also exchanged US teacher Marc Fogel for Russian computer expert Alexander Vinnik in early February.
The largest US-Russia prisoner exchange since the end of the Cold War took place on August 1, 2024. It involved the release of journalists, including WSJ reporter Evan Gershkovich, and dissidents held in Russia in exchange for alleged Russian spies held in the West.
Several US citizens remain incarcerated in Russia, with Washington denouncing “hostage-taking” to obtain the release of Russians — including alleged spies — imprisoned in the West.
*Additional reporting from AFP
Pakistan to seek fresh bids for national airline, says adviser
- Pakistan has been looking to offload a 51-100% stake in debt-ridden PIA
- Attempt to privatize PIA last year fell flat when Pakistan got only one bid
ISLAMABAD: The Pakistani government will seek fresh expressions of interest for the sale of Pakistan International Airlines later this month, a government adviser said on Thursday, two days after PIA reported its first annual profit in over two decades.
Pakistan has been looking to offload a 51-100 percent stake in debt-ridden PIA, part of an effort to raise funds and reform cash-bleeding state-owned enterprises as envisaged under a $7 billion International Monetary Fund program.
However, Islamabad’s attempt to privatize PIA last year fell flat when it received only a single offer, well below the asking price of more than $300 million.
Pakistan has offloaded almost all of the national carrier’s legacy debt and shifted it to government books after bidders raised issues that had led to the failed attempt, according to the privatization ministry.
“In our last attempt to privatise PIA, pre-qualified bidders had some issues with taxation and the balance sheet. Those are taken care of now,” Muhammad Ali, government adviser on privatization, told Reuters. “We plan to publish the new Expression of Interest (EoI) by the last week of April 2025,” he said.
The government plans to complete the airline’s privatization before the end of this year.
“We are also revising the pre-qualification criteria,” he said, adding that the reference price could also be revised keeping in view the latest accounts and changes in the balance sheet.
Prime Minister Shehbaz Sharif last year announced plans to sell all SOEs.
The adviser said that the process to privatise power distribution companies had also started, terming it a “high priority transaction.”
He said some companies previously due to be sold in the second phase were being pushed into the first phase.
The adviser said the government had appointed Jones Lang LaSalle to advise on exploring different sales options for the PIA-owned Roosevelt hotel building in Manhattan, New York. They include selling the building as it is or opting for a joint venture with a top tier developer, which has the potential to generate proceeds five times higher, Ali said.
Morad Mostafa’s Red Sea-backed debut feature ‘Aisha Can’t Fly Away’ heads to Cannes
DUBAI: The Cannes Film Festival has revealed its official selection for 2025, with “Aisha Can’t Fly Away” by Egyptian filmmaker Morad Mostafa featured in the prestigious Un Certain Regard section.
Developed with the support of the Red Sea Film Foundation through its Red Sea Labs program, the film tells the story of Aisha, a 26-year-old Somali woman living in Ain-Shams — a Cairo neighborhood home to a large African migrant community.
As the authorities turn a blind eye to escalating violence and rising tensions between locals and migrants, control of the area falls into the hands of various gangs. When one gang offers Aisha protection in exchange for a personal favor, her life begins to unravel.
Mostafa shared the news on Instagram, saying: “Extremely proud to announce that my first feature film ‘Aisha Can’t Fly Away’ in the Official Selection of the 78th Festival de Cannes in the prestigious section Un Certain Regard.”
He added that this marks the “first Egyptian film in nine years to be selected for Un Certain Regard.”
The movie stars Buliana Simon, Ziad Zaza and Emad Ghoniem.
