Hamas officials say Israel delaying aid delivery to Gaza, may affect hostages' release

Displaced Palestinians cross a checkpoint manned by Hamas security at the Nezarim corridor as people make their way from the south to the northern parts of the Gaza Strip, on Salah al-Din road, in Mughraqa in central Gaza, on January 29, 2025. (AFP)
Short Url
Updated 29 January 2025
Follow

Hamas officials say Israel delaying aid delivery to Gaza, may affect hostages' release

CAIRO: Two Hamas officials on Wednesday accused Israel of delaying the delivery of vital humanitarian aid to Gaza, as agreed in the ceasefire deal, and warned that it could impact the release of hostages.
"We warn that continued delays and failure to address these points (delivery of key aid) will affect the natural progression of the agreement, including the prisoner exchange," a senior Hamas official told AFP, while another offical said the group had asked mediators to intervene in the issue. Both spoke on condition of anonymity due to the sensitivity of the matter.


UN seeks $6 billion to ease 'appalling' suffering in Sudan

Updated 6 min 14 sec ago
Follow

UN seeks $6 billion to ease 'appalling' suffering in Sudan

  • Appeal represents 40 percent increase from 2024 amid tight budgets
  • UN plan is most ambitious globally, aiming to reach 21 mln people

GENEVA: The United Nations said on Monday it is seeking $6 billion for Sudan this year from international donors to help ease suffering in what it called one of the most devastating crises of our times, characterised by mass displacement and growing famine.
The UN appeal represents a rise of more than 40 percent from last year’s for Sudan at a time when aid budgets around the world are under increasing strain, partly due to a pause in funding announced by US President Donald Trump last month that has affected life-saving programs across the globe.
But the UN says the funds are necessary because the impact of the 22-month war between Sudan’s army and the paramilitary Rapid Support Forces (RSF) — that has already displaced a fifth of its population and stoked severe hunger among around half its population — looks set to worsen.
“Sudan is a humanitarian emergency of shocking proportions,” said UN Emergency Relief Coordinator Tom Fletcher ahead of the launch. “Famine is taking hold. An epidemic of sexual violence rages. Children are being killed and injured. The suffering is appalling.”
Famine conditions have been reported in at least five locations in Sudan, including displacement camps in Darfur, the UN statement said, adding that this was set to worsen with continued fighting and the collapse of basic services.
One of the famine-stricken camps was attacked by the RSF last week as the paramilitary group tries to tighten its grip on its Darfur stronghold.
While some aid agencies say they have received waivers from Washington to provide aid in Sudan, uncertainty remains on the extent of coverage for providing famine relief.
The UN plan aims to reach nearly 21 million people within the country, making it the most ambitious humanitarian response so far for 2025, and requires $4.2 billion — the rest being for those displaced by the conflict.


Pride and excitement surge in Pakistan’s cricket fans ahead of Champions Trophy

Updated 9 min 23 sec ago
Follow

Pride and excitement surge in Pakistan’s cricket fans ahead of Champions Trophy

  • Fans from participating countries expected to flock to Pakistan in large numbers
  • The partial absence of arch-rivals India means it’s not a full diplomatic success

Karachi, Lahore, Rawalpindi: Excitement mounted for Pakistani cricket fans as the South Asian country prepares to host its first major multi-country cricket tournament in nearly 30 years on Feb. 19. 

Pakistan is hoping hosting the tournament will help erase worries of instability in the country and restore confidence in it as a tourism and investment destination.

Street cricketers in Karachi and Lahore said they were excited about the tournament being held in their backyard.

The Champions Trophy will be the first major tournament to be held in Pakistan since 1996 and will feature the home side and teams from New Zealand, England, Australia, Afghanistan, South Africa, Bangladesh and India.

All have agreed to play in Pakistan except India, which will play its matches in Dubai, including its encounter with Pakistan, the latest in a storied rivalry.

Cricket is a national passion in the countries of South Asia and a major money-spinner in neighboring India.

With fans from the participating countries expected to flock to Pakistan in large numbers, the tournament promises to stabilize Pakistan’s shaky image. However, the partial absence of arch-rivals India means it’s not a full diplomatic success.

The countries have fought three wars since their bloody partition following independence from Britain in 1947.

Their intense rivalry has meant cricket matches between the two are among the most watched sporting contests in the world but they only play each other at multi-nation events.

Meanwhile, cricket fans throughout Pakistan have snatched up Champions Trophy T-shirts as they prepare to watch the tournament.

The Champions Trophy, which kicks off on February 19, comes to Pakistan as the country battles two insurgencies and a political crisis that has sent its former prime minister and greatest cricket hero, Imran Khan, to jail.

But the government and Pakistan’s cricket board believe the elite tournament of one-day games featuring the top eight teams in the world presents one of the most potent image-building opportunities in decades.

Pakistan hosted cricket’s one-day international World Cup as defending champions in 1996 during a period of optimism about sports in the country.

The national team had triumphed in the previous edition under the leadership of Khan, who is now behind bars on corruption charges after falling out with the powerful military, which denies interfering in politics. 


GCC private capital financings surge to $54.8bn: S&P Global

Updated 10 min 51 sec ago
Follow

GCC private capital financings surge to $54.8bn: S&P Global

JEDDAH: Private capital financing in the Gulf region has surged, reaching $54.8 billion between 2020 and 2024, a significant increase from the $10.4 billion raised in the previous five years, according to a new report. 

S&P Global’s latest findings suggest that this upward trend is expected to continue, driven by companies seeking alternatives to traditional bank funding. 

As more businesses underserved by banks turn to private financing, the region is set for further growth in private capital over the coming years.

The rise in interest from private capital providers is another key factor contributing to this trend. Historically, companies in the Gulf region have relied on banks, bonds, and sukuk to meet their financing needs.

The S&P report said: “Our analysis of private financing transactions shows that private financiers have expanded their reach over time to provide funding to more mature and established companies, not just those at early development stages. Established companies received 79 percent of private financings in December 2024, up from 31 percent in 2015.” 

It added that although these established firms could have easily secured the necessary funding through banks or capital markets, they opted for private financings, which offer faster or more streamlined execution, greater flexibility in terms, or more competitive pricing.

The number of transactions that were financed with private capital peaked at $20.4 billion in 2023, compared with $1.3 billion in 2015, the document noted.

This shift mirrors global trends, with the Middle East emerging as a key growth area for private capital in 2025. Government initiatives and sector reforms are driving this development, positioning private equity and venture capital as leading investment opportunities.

This transition is further exemplified by a rise in regional startup funding, marking a 92 percent increase in capital raised in November alone. These factors are expected to continue driving the growth in private capital financings across the region in the coming years.

The agency emphasized that the sharp decline over 2024 primarily resulted from improving financing conditions in local banking sectors, bond and sukuk markets, and the decline in interest rates. “Even so, the number of transactions in 2024 was still 2.7 times higher than in 2015, which is indicative of the strong fundamentals that underpin the increase in private capital financings,” said the report.

The analysis revealed that GCC issuers, including governments, raised $3.5 trillion over the past decade. It added that bond issuances, which accounted for 51 percent of the total amount raised in 2024, constituted the preferred method of financing, followed by financing from banks, which contributed 26 percent.

“Three other asset classes experienced a significant increase in GCC issuers’ funding mix: Sukuk issuances accounted for 19 percent of the amount raised in 2024, equity capital market transactions — such as IPOs— for 6 percent, and private capital financings for 3 percent,” the study said. 

S&P noted that investments were largely concentrated in the most significant deals. Over the past decade, the top 10 transactions represented around 80 percent of the total annual volume of private capital financings.

The agency does not anticipate private capital challenging the role of banks in the GCC region, as the overall volume of private financings remains relatively small.

On the demand side, the report added, private capital financings help early-stage firms become bankable, fueling growth opportunities within the financial ecosystem. Banks are often hesitant to lend to such companies without external support or guarantees.

Regarding supply, regional private capital providers, including sovereign wealth funds, will diversify their geographic exposure to reduce reliance on a single economy, the report said, adding: “GCC investors will remain on the radar of large companies that aim to raise money outside of the traditional banking system or capital markets, especially when interest rates are high.”
 


Emerging economies need access to world markets to avoid trade fragmentation, global leaders say

Updated 6 min 54 sec ago
Follow

Emerging economies need access to world markets to avoid trade fragmentation, global leaders say

RIYADH: Fragmentation in global trade can be resolved only if emerging economies gain access to international markets and contribute to discussions shaping the economic landscape, several finance ministers said.

During a panel discussion at the AlUla Conference for Emerging Market Economies organized by the Saudi Ministry of Finance and the International Monetary Fund, Nigeria’s Minister of Finance and Coordinating Minister of the Economy Wale Edun said that emerging economies should also try to create a friendly environment to attract domestic and international investments.

According to the EU, global trade fragmentation in the form of increased barriers and higher trade policy uncertainty could significantly reduce global output in the long term, with low-income countries likely to be more negatively affected. 

“We need world trade; we need open markets. As emerging economies, and developing countries, we need access to markets for our products, particularly for value-added manufacturing products. World trade growth is a tide that leads to all boats. It is definitely something which we advocate and which we look forward to achieving,” said Edun. 

He added: “This is a wake-up call. We need to reform our economies, need to stabilize, reduce inflation and create a conducive environment for investment, particularly domestic investment as well as foreign direct investments.”

Morocco’s Minister of Economy and Finance Nadia Fettah said that emerging economies are less capable of formulating strategies to combat issues surrounding trade tensions. 

“I think we have been going through several trade shocks last year, and we saw the beginning of fragmentation and tension for many reasons. I think, in emerging markets, we have more poor pockets than in these big countries that are designing the rules of trade and dynamics of the trade,” said Fettah. 

She added: “I think this fragmentation is beneficial to the biggest players in the economy and not for the middle class and the lowest in crisis.”

Fettah said that emerging market economies need globalization much more than advanced economies.

During the same panel discussion, Ukraine’s Finance Minister Sergii Marchenko stated that trade tensions are one of the most pressing and uncertain issues emerging market countries are working to resolve.

He added that emerging markets are less capable of formulating strategies to combat trade tensions as they have limited opportunities and resources. 

The Ukrainian minister also praised Saudi Arabia and said that the Kingdom is a good example of how an emerging economy can successfully combat trade disruptions and march ahead in the journey in a resilient manner. 

“The Kingdom is a good example for all of us to be tested and prove that we are good enough and strong enough to trade and be resilient,” said Marchenko. 

Edun further said that reduced financial inflows into emerging economies are one of the crucial factors that negatively impact these nations’ economic conditions. 

“I think the latest figures show that there is net outflow from emerging economies of $50 billion. For African economies, the latest figures show a deficit of $20 billion, and that is a very worrying trend, alongside the closing down and the tightening of world trade,” said the Nigerian minister. 

The vitality of participating in trade conversations

Fettah also emphasized that emerging markets should have opportunities to participate in international talks that shape global trade rules and regulations. 

“In this fragmentation, many emerging markets are not part of the conversation of the changing regulations and rules. We need to ask for permission to be part of the conversation. We never have a chance to have a transition or an adaptation plan to these new rules, and this needs to be changed,” she said. 

Edun echoed similar views and said that emerging economies still need to seek permission to enter such conversations despite the crucial importance of these countries in the global trade landscape. 

Marchenko supported the views of both the Nigerian and Moroccan ministers and said that world trade discussions are necessary and that Ukraine would like to be part of such conversations. 

Edun further said that emerging economies in Africa should increase trading with countries on the continent to boost development and the economy. 

“There have been huge inflows, relatively cheap and competitive Chinese products in our markets. In Africa, intra-African trade is just 14 percent of the total trade. I think the figure for other emerging markets is higher. In Asia, it is 40 percent. And that is where we look to find our response and increase the capacity to trade with each other.”

Geopolitical tensions

During the talk, Marchenko said the ongoing war with Russia negatively impacted Ukraine’s export trading capacity. 

“The impact of war is very devastating. For our exports to Nigeria, the impact was very huge. We lost up to 60 times our potential for exports in 2023. Nigeria did not receive wheat from Ukraine. The same with Morocco, 12 times decrease of our exports,” said the Ukrainian minister. 

Fettah also underscored the importance of global stability and peace and said that uncertainty due to geopolitical issues is affecting investments in emerging economies. 

“The most difficult thing is the uncertainty, which affects local investors but also all the FDIs. Everyone is waking up in the morning and seeing what has been announced the night before and how it will affect the future. We need peace to trade and we need peace to develop. We need visibility,” said Fettah. 

She added that countries should plan for mid and long-term goals, and they should develop a discipline to achieve this. 

“Day-to-day shocks and crises need immediate and expensive responses,” said Fettah. 

Future outlook 

Regarding the future outlook, Edun said that Africa could become the workforce of the world, considering its growing population and the availability of young talents. 

“Africa, in particularly countries like Nigeria, we have a very young population that is going to export services, and that will in fact be the workforce of the world because the population in Nigeria is expected to double from 200 million now to 400 million by 2050,” said the Nigerian minister. 

Marchenko said that Ukraine has shown its strengths both in the military and economic sectors during the tough times of war, adding that the IMF has provided the country with the necessary support whenever needed. 

“I want to praise our cooperation with the IMF. It provides us with necessary relief and it provides us anchor for any possible negotiations with our partners. We would like to have solutions through free flow of goods and services,” said Marchenko. 

Regarding the present and future outlook, Marchenko said: “Ukraine is trying hard to stabilize and manage to provide some kind of support for our business which operates in Ukraine. We are also trying to attract foreign direct investments.”


Philippines, UAE team up to restore the world’s most polluting river in Manila

Updated 22 min 49 sec ago
Follow

Philippines, UAE team up to restore the world’s most polluting river in Manila

  • About 63,000 tonnes of plastic waste flows through the Pasig River annually, study shows
  • UAE’s Clean Rivers also pledged $20m to fund cleanup efforts, prevent solid waste pollution

Manila: The Philippines and the UAE have teamed up to restore the Pasig waterway, the world’s most polluting river, the Department of Foreign Affairs said on Monday.

The Philippine Department of Environment and Natural Resources signed an agreement with the UAE-based nonprofit Clean Rivers Foundation on the sidelines of the World Governments Summit in Dubai last week in a ceremony witnessed by First Lady Louise Araneta-Marcos.

“The agreement will provide the framework for projects that support the improvement of the Pasig River and prevent waste from leaking into it, which will also promote the preservation of the river ecosystem, enhancing economic opportunities and advancing tourism activities,” the DFA said in a statement.

The Pasig River, which runs through the heart of the Philippine capital, was ranked as the most polluting river out of over 1,600 others around the world in a 2021 study published in the Science Advances journal.

The Philippines is also the largest contributor of plastic waste that ends up in the world’s oceans, emitting more than 356,000 tonnes annually — about 63,000 of which came from the Pasig River.

The agreement also “expands the partnership between the Philippines and the UAE to areas that will prioritize the preservation and enhancement of the environment toward securing a sustainable future,” the DFA added.

As part of the partnership, Clean Rivers had announced its commitment of up to $20 million for Philippine programs aimed at rehabilitating the Pasig River and supporting initiatives that prevent waste leakage.

“We look forward to working closely with the Philippines Department of Environment and Natural Resources, and local organizations to turn the tide on river pollution,” Clean Rivers said in a statement.

The fund pledge from the UAE will also help “support sustainable solutions for communities” living along the Pasig River, as it will restore its ecological, commercial and residential value, DENR said in a statement

“With plans for green infrastructure to trap waste and projects to stop pollution at its source, the partnership marks a major step toward a cleaner, healthier Pasig River,” DENR said.

For Filipino environmental NGO BAN Toxics, the new cooperation with the UAE is a welcome first step in rehabilitating the waterway.

0 seconds of 49 secondsVolume 0%
Press shift question mark to access a list of keyboard shortcuts
00:00
00:49
00:49
 

“We’re hopeful that it could do something good for the rehabilitation of the Pasig River, which we know has been, historically, a victim of environmental degradation,” Jashaf Shamir Lorenzo, BAN Toxics deputy executive director, told Arab News.

Though efforts to prevent waste leakage are helpful, Lorenzo said that such projects would be more effective if they tackled the root of the pollution issue.

“The thing with waste management is it should start with waste reduction,” he said. “We could reduce the waste in the first place, not just waste leakage, but the production of these products and how we could replace them with more sustainable alternatives, how we could prolong the lives of these products.”