Egyptian president says ‘all mercenaries’ must be removed from Libya

Egyptian president says ‘all mercenaries’ must be removed from Libya
Egyptian President Abdel Fattah El-Sisi. (AFP/File)
Short Url
Updated 30 March 2021

Egyptian president says ‘all mercenaries’ must be removed from Libya

Egyptian president says ‘all mercenaries’ must be removed from Libya
  • Macron praised the vital role that Egypt was playing in resolving the Libyan crisis

CAIRO: Egyptian President Abdel Fattah El-Sisi stressed the need to clear Libya of mercenaries and undermine illegal foreign interference in Libyan affairs, during a call from French President Emmanuel Macron.

He also said that Egypt was prioritizing the issue of the Grand Ethiopian Renaissance Dam.

He explained the importance of defending the country's historical Nile rights through a comprehensive and binding legal agreement between the three countries involved - Egypt, Sudan and Ethiopia - regarding the rules for filling and operating the dam.

Macron praised the vital role that Egypt was playing in resolving the Libyan crisis and El-Sisi’s personal efforts in the matter.

El-Sisi’s efforts strengthened the political path to solve the Libyan issue, while reinforcing Egypt’s role as a significant aspect in the security and stability of the region and the Middle East, said Macron.

The French president expressed his hope of reaching a solution regarding the Renaissance Dam that would meet the interests of all parties involved.

Macron stressed his country's pride in the extended and close ties linking it with Egypt, as well as his keenness to strengthen those ties.

He also expressed his appreciation for the prominent political role that Egypt played at the regional level in the Arab world, and in African and Mediterranean countries.

Bassam Rady, a spokesman for the Egyptian presidency, said that the call discussed ways to enhance joint bilateral cooperation in many fields, especially the economy and military. This was in addition to the activity of French companies working in various development projects in Egypt.


PIF first sovereign wealth fund to issue green bonds, Al-Rumayyan says

PIF first sovereign wealth fund to issue green bonds, Al-Rumayyan says
Updated 6 min 6 sec ago

PIF first sovereign wealth fund to issue green bonds, Al-Rumayyan says

PIF first sovereign wealth fund to issue green bonds, Al-Rumayyan says
  • The PIF has been given the mandate to develop nearly 70 percent of renewable projects in Saudi Arabia

RIYADH: Saudi Arabia’s Public Investment Fund will be the first sovereign wealth fund to issue green bonds, PIF Gov. Yasir Al-Rumayyan said at an event organized by the Future Investment Initiative Institute on Tuesday.

The issuance is part of the fund’s plan of shifting toward green investments.

“The Kingdom aims to deploy 50 percent of its investments in renewable and sustainable power sources,” Al-Rumayyan said.

The PIF has been given the mandate to develop nearly 70 percent of renewable projects in Saudi Arabia through its portfolio companies, the organization’s chief said.

Utilities and renewables are among the 13 sectors identified by the fund as part of its Vision 2030 strategy.

Saudi Arabia has seen a surge of interest in initiatives related to environmental, social, and governance amid growing awareness among global investors about ESG risks.

Al-Rumayyan said PIF was working with BlackRock on the ESG framework.

“We’re working with many partners from all over the world, domestically and internationally, to have better ESG compliance (in) all the things that we do,” Al-Rumayyan said.

One of the companies PIF owns, the Red Sea Development Co. which is building a new beach resort in the kingdom, secured a $3.8 billion green loan earlier this year for new hotels powered by renewable energy.

Saudi Arabia will announce its “Green Initiative” next month, followed by the “Middle East Initiative,” which includes planting 50 billion trees, Al-Rumayyan said.

“We have long-term views. We don’t want to exploit all of our resources overnight,” he said.

The PIF governor said Saudi oil has the lowest emission in the world. “Our oil is the best when it comes to emission,” Al-Rumayyan added.

Saudi Arabia is now more interested to invest in lower impacting energies toward the environment.

“We are one of the most efficient when it comes to sustainability and renewable energy. So today, as I said, our solar power production is costing us only 1.2 cents per kWh versus some other pretty restrictions, it’s over $0.15,” Al-Rumayyan said.


Stocks rebound as Evergrande jitters ease: Reuters

Stocks rebound as Evergrande jitters ease: Reuters
Updated 11 min 41 sec ago

Stocks rebound as Evergrande jitters ease: Reuters

Stocks rebound as Evergrande jitters ease: Reuters

U.S. and European stocks churned higher on Wednesday as market jitters around property developer China Evergrande eased, while the dollar index edged lower ahead of a U.S. Federal Reserve meeting, Reuters has reported.

MSCI's gauge of stocks across the globe gained 0.62 percent, bouncing back for a second day after it logged its biggest one-day percentage drop in two months on Monday.

Wall Street's main indexes moved higher in early Wednesday trade following solid gains for markets in Europe.

China Evergrande agreed to settle interest payments on a domestic bond, while the Chinese central bank injected cash into the banking system, soothing investors' fears of imminent contagion from the debt-laden property developer that had pressured equities and other riskier assets at the start of the week.

"Right or wrong, people I think are starting to show signs that they think maybe this pullback has reached its worst point," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas. "It wasn't entirely the Evergrande situation, but it seems like that was one of the biggest pieces of it."

On Wall Street, the Dow Jones Industrial Average rose 361.36 points, or 1.07 percent, to 34,281.2, the S&P 500 gained 37.02 points, or 0.85 percent, to 4,391.21 and the Nasdaq Composite added 88.66 points, or 0.6 percent, to 14,835.06.

The pan-European STOXX 600 index rose 0.93 percent, with bank stocks surging.

With a number of central banks around the world meeting this week, the Bank of Japan (BOJ) offered a bleaker view on exports and output as Asian factory shutdowns caused supply bottlenecks, but maintained its optimism that robust global growth would keep the economic recovery on track. BOJ Governor Haruhiko Kuroda also brushed aside fears that the debt problems of Evergrande could disrupt the global financial system.

Investors were closely watching the Fed, with the U.S. central bank expected to clear the way on Wednesday for reductions to its monthly asset purchases later this year.

The dollar index fell 0.102 percent, with the euro up 0.16 percent to $1.1742. The Japanese yen weakened 0.32 percent versus the greenback at 109.56 per dollar.

Benchmark U.S. 10-year notes last rose 1/32 in price to yield 1.3209 percent, from 1.324 percent late on Tuesday.

Oil prices climbed after industry data showed U.S. crude stocks fell more than expected last week after two hurricanes, highlighting tight supply as demand improves.

U.S. crude rose 1.93 percent to $71.85 per barrel and Brent was at $75.77, up 1.9 perncet on the day.

Spot gold dropped 0.1 percent to $1,773.31 an ounce, after three sessions of gains.

 


Jordan’s King Abdullah addresses UN General Assembly

Jordan’s King Abdullah addresses UN General Assembly
Updated 13 min 8 sec ago

Jordan’s King Abdullah addresses UN General Assembly

Jordan’s King Abdullah addresses UN General Assembly

LONDON: King Abdullah II of Jordan will address the UN General Assembly on Wednesday.

Developing 


German FM says Taliban ‘show’ at UN would serve no purpose

German FM says Taliban ‘show’ at UN would serve no purpose
Updated 49 min 15 sec ago

German FM says Taliban ‘show’ at UN would serve no purpose

German FM says Taliban ‘show’ at UN would serve no purpose
  • UN credentials committee is reviewing a request from the Taliban to address the General Assembly
  • "To schedule a show at the United Nations won't serve anything," German Foreign Minister Heiko Maas told reporters

UNITED NATIONS, United States: Germany on Wednesday voiced opposition to the Taliban’s request to address the United Nations, saying the “show” by Afghanistan’s new rulers would serve no purpose.
The UN credentials committee is reviewing a request from the Taliban to address the General Assembly on behalf of Afghanistan, which is still represented at the world body by the ambassador from the government that collapsed last month.
“To schedule a show at the United Nations won’t serve anything,” German Foreign Minister Heiko Maas told reporters.
“What’s important are concrete deeds and not just words, including on human rights and in particular the rights of women and on an inclusive government and distancing from terrorist groups,” he said.
Maas said it was important to communicate with the Taliban, but said: “The UN General Assembly is not the appropriate venue for that.”
A senior US official suggested that the credentials committee, which includes the United States, would not make a decision before the General Assembly ends on Monday.
“It will take some time to deliberate,” the official said.
No nation has recognized the Taliban, whose brutal 1996-2001 regime enjoyed recognition from only three countries — Pakistan, Saudi Arabia and the United Arab Emirates.


New Tous jewelry featuring palm tree celebrates National Day

New Tous jewelry featuring palm tree celebrates National Day
Updated 22 September 2021

New Tous jewelry featuring palm tree celebrates National Day

New Tous jewelry featuring palm tree celebrates National Day

Global jewelry brand Tous has launched an exclusive jewelry collection to mark Saudi Arabia’s 91st National Day. The Spanish brand continues to celebrate special occasions around the world and this time shares the joy of the National Day with Saudi women.

The new collection includes a variety of golden necklaces, earrings, bracelets and rings with elegant designs. The gemstones reflect the different shades of green representing the Saudi flag while the palm tree — the iconic Saudi logo — is featured in 18-carat yellow gold to express pride and glory in Saudi Arabia.

“The National Day collection by Tous is dedicated to the inspiring and confident Saudi women who are looking for jewelry to complement their appearance in a way that expresses their national pride. This extraordinary green collection with all its unique details including the golden palm tree is a timeless and priceless gift to all citizens and residents celebrating their love for the Kingdom of Saudi Arabia,” the jeweler said in a statement.

While the new collection has especially been launched for the occasion, its pieces can make at any time the perfect gift from Saudi men to express their love and affection to the special women in their lives.

Since 1920, Tous has been considered as one of the top brands in the jewelry making industry, celebrating special occasions with its customers around the world while promoting national identities in the form of both contemporary and classic designs. The centenary brand has a presence in 45 countries, with more than 700 stores.