TASI up, Nomu flat; Anaam Holding leads gainers: Closing bell

TASI up, Nomu flat; Anaam Holding leads gainers: Closing bell
Oil rose more than 1 percent on Tuesday from a nine-month low a day earlier (Shutterstock)
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Updated 27 September 2022

TASI up, Nomu flat; Anaam Holding leads gainers: Closing bell

TASI up, Nomu flat; Anaam Holding leads gainers: Closing bell

RIYADH: The Tadawul All Share Index, known as Tadawul, gained 0.99 percent to reach 11,017 at the end of Tuesday’s trading, while the parallel market Nomu ended almost flat at 19,718. 

Anaam International Holding Group rose 10 percent to lead the gainers.

Among the other gainers, Al-Baha Investment and Development Co. was up 9.94 percent.

Alamar Foods Co. led the fallers, as it was down by 2.34 percent at the end of today’s trading session.

Aramco, the largest player in the Saudi oil market, was up 1.17 percent at the end of Tuesday’s trading session.

In the banking sector, Alinma Bank and Al Rajhi Bank went up 1.16 percent, and 1.53 percent respectively.

In the food and beverage sector, Almarai Co. went down by 0.76 percent.

Oil rose more than 1 percent on Tuesday from a nine-month low a day earlier. Brent crude is priced at $85.45 per barrel at 03.30 p.m Saudi time, while West Texas Intermediate crude is at $77.93 a barrel. 


Sister of Iran’s supreme leader denounces ‘tyranny’ of regime

Sister of Iran’s supreme leader denounces ‘tyranny’ of regime
Updated 2 min 30 sec ago

Sister of Iran’s supreme leader denounces ‘tyranny’ of regime

Sister of Iran’s supreme leader denounces ‘tyranny’ of regime
  • Khamenei condemned her brother in letter posted on Twitter by exiled son
  • Her daughter was arrested in November after criticizing regime in YouTube video

LONDON: Badri Hosseini Khamenei, the sister of Iran’s supreme leader, said on Wednesday that she soon hopes to see the overthrow of her brother’s “tyranny,” adding that he “has brought nothing but suffering and oppression” to his people. 

Khamenei’s family have been fierce critics of the Islamic regime since 1979, after the revolution deposed the last shah of Iran, Mohammad Reza Pahlavi.  

Khamenei and her husband, Ali Tehrani, regularly spoke out against the government while in exile in Iraq during the 1980s, The Times reported. Upon their return to Iran in 1995, her husband, who died in October, was imprisoned for 10 years.

According to The Times, Khamenei has since refrained from publicly denouncing the regime while living in Iran.

However, she is now openly condemning the authorities’ violent crackdown on the nationwide protests.

In a damning letter posted on Twitter by her France-based son Mahmoud Moradkhani, Khamenei wrote: “I think it is appropriate now to declare that I oppose my brother’s actions and I express my sympathy with all mothers mourning the crimes of the Islamic Republic regime.

“I am sorry that due to physical ailments I cannot participate in protest movements as I should. But in heart and soul, I am with the people of Iran.

“Our family’s opposition and struggle against this criminal system began a few months after the revolution.

“The crimes of this system, the suppression of any dissenting voice, the imprisonment of the most educated and the most caring youth of this land, the most severe punishments, and the large-scale executions began from the very beginning.”

Khamenei’s daughter Farideh Moradkhani was arrested for the third time last month after calling on all foreign governments to stop supporting Tehran.

The activist described her uncle’s regime on Nov. 25 as “murderous and child-killing” in a video posted on Youtube.

Addressing this, Khamenei added: “When they arrest my daughter with violence, it is clear that they apply thousands of times more violence to other oppressed boys and girls who are subjected to inhumane cruelty.”

Khamenei also said that her brother was not listening to the “voice of the people in Iran,” but was instead taking note of “mercenaries and money-grubbers.”

She called on Revolutionary Guards to lay down their arms and join the people “before it is too late.”

 


What We Are Reading Today: Power, Speed, and Form

What We Are Reading Today: Power, Speed, and Form
Updated 6 min 18 sec ago

What We Are Reading Today: Power, Speed, and Form

What We Are Reading Today: Power, Speed, and Form

Authors: David P. Billington and David P. Billington Jr. 

Power, Speed, and Form is the first accessible account of the engineering behind eight breakthrough innovations that transformed American life from 1876 to 1939—the telephone, electric power, oil refining, the automobile, the airplane, radio, the long-span steel bridge, and building with reinforced concrete.

Beginning with Thomas Edison’s system to generate and distribute electric power, the authors explain the Bell telephone, the oil refining processes of William Burton and Eugene Houdry, Henry Ford’s Model T car and the response by General Motors, the Wright brothers’ airplane, radio innovations from Marconi to Armstrong, Othmar Ammann’s George Washington Bridge, the reinforced concrete structures of John Eastwood and Anton Tedesko.


Saudi FM attends GCC preparatory session ahead of summit

Saudi FM attends GCC preparatory session ahead of summit
Updated 10 min 37 sec ago

Saudi FM attends GCC preparatory session ahead of summit

Saudi FM attends GCC preparatory session ahead of summit

RIYADH: Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan on Wednesday participated in the work of the 154th session of the preparatory ministerial council for the 43rd session of the Supreme Council of the Gulf Cooperation Council, which was held at the headquarters of the GCC General Secretariat in Riyadh.
The meeting was chaired by Oman’s Minister of Foreign Affairs Sayyid Badr Albusaidi, who is also president of the council’s current session, with the participation of Gulf foreign ministers, and GCC Secretary-General Dr. Nayef Al-Hajraf.
During the meeting, the ministers discussed ways of enhancing the process of joint cooperation and coordination between the GCC countries, and the developments of the situation in the region.
They also discussed the latest regional and international developments, and the schedule of the work of the Chinese-Gulf Summit for Cooperation and Development that will be attended by Chinese President Xi Jinping and GCC leaders.


Chinese president’s Saudi visit to boost investment in China-Pakistan corridor project: Experts

Chinese president’s Saudi visit to boost investment in China-Pakistan corridor project: Experts
Updated 10 min 21 sec ago

Chinese president’s Saudi visit to boost investment in China-Pakistan corridor project: Experts

Chinese president’s Saudi visit to boost investment in China-Pakistan corridor project: Experts
  • Xi Jinping scheduled to meet other Arab leaders while visiting Kingdom
  • $65bn CPEC project an economic corridor in Pakistan connecting China to Arabian Sea

ISLAMABAD: Pakistan will benefit from stronger Saudi-China relations, experts said on Wednesday, as the visit of Chinese President Xi Jinping to the Kingdom was expected to bring in more investment to the China-Pakistan Economic Corridor project.

Xi arrived in Riyadh on Wednesday for a three-day visit aimed at bolstering trade ties and expected to lead to a “strategic agreement” between the regional powers.

The Chinese leader was due to meet Crown Prince Mohammed bin Salman and other heads of state from Gulf Arab nations when Saudi Arabia hosts China-Gulf and China-Arab summits in its capital.

Saudi Arabia and China were expected to sign more than 20 initial agreements worth more than $29.3 billion during Xi’s trip. The two countries were also discussing a plan to harmonize the implementation of Vision 2030 and China’s Belt and Road Initiative.

CPEC, a $65 billion economic corridor in Pakistan that connects China to the Arabian Sea and is part of Beijing’s infrastructure initiative, was also expected to feature in Xi’s meetings with the crown prince.

“Saudi Arabia is interested in becoming part of CPEC by investing heavily in it and also interested in BRI and this visit will improve things in this regard as China is the main initiator of both mega projects,” Pakistan’s former ambassador to China, Naghmana Hashmi, told Arab News.

Saudi Arabia, alongside the UAE and Germany, is among countries that have expressed interests in investing in CPEC. In 2019, the Kingdom announced plans to set up a $10 billion oil refinery in Pakistan’s deep-water port of Gwadar on the Arabian Sea.

CPEC is a sprawling package that includes everything from road construction and power plants to agriculture. In the South Asian nation, it has been billed as a massive development program that will bring new prosperity, where the average citizen lives on just $125 a month.

“The growing friendship between China and Saudi Arabia will benefit Pakistan as the country has very good relations with both, and both are pillars of strength for us,” Hashmi said.

International relations expert Zafar Jaspal told Arab News that the visit would have a “constructive and positive impact on CPEC” and “open the way for Saudi investment.”

Xi’s trip to Riyadh could serve as a “great convergence point” between Pakistan, China, and Saudi Arabia, according to Dr. Huma Baqai, an international relations expert and rector of the Millennium Institute of Technology and Entrepreneurship in Karachi.

“The visit can give the requisite push and momentum to the intended Saudi investment in the flagship project of the BRI,” she told Arab News.


Swedish envoy, OIC chief in cooperation talks

Swedish envoy, OIC chief in cooperation talks
Updated 21 min 57 sec ago

Swedish envoy, OIC chief in cooperation talks

Swedish envoy, OIC chief in cooperation talks

RIYADH: Sweden’s envoy to Saudi Arabia recently met with the secretary-general of the Organization of Islamic Cooperation for talks on ways to further strengthen cooperation links.

During their meeting in Jeddah, ambassador Petra Menander and OIC chief Hissein Brahim Taha also discussed other issues of mutual concern.

In a tweet, Menander said: “Excellent discussion with Hissein Brahim Taha, secretary-general of @OIC_OCI on topics of common interest — need to increase global levels of humanitarian support, women, and youth empowerment, and more. Looking forward to continued dialogue.”

While visiting the Red Sea port city, the Swedish envoy also met with Saudi doctors trained in Sweden and now working in the Kingdom.

In a separate tweet, she said: “In Jeddah, catching up with Saudi doctors with specialist training from top university hospitals (in Skane/SUS, Sahlgrenska), now all leaders in healthcare.

“Great discussion on primary healthcare, workplace conditions, and other topics of common interest. Great to see you all — greetings to absent friends,” she added.

The new Swedish ambassador submitted her credentials to Saudi Arabia’s Ministry of Foreign Affairs in September.

On behalf of Foreign Minister Prince Faisal bin Farhan, deputy minister for protocol affairs, Khalid Al-Sehli, received a copy of Menander’s credentials.

In October, Menander held a meeting with Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim to discuss topics of common interest and areas to develop cooperation.

The Saudi-Swedish Business Council was launched in October 2021 and inaugurated in Sweden’s capital Stockholm by Saudi Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi and Swedish Foreign Trade Minister Anna Hallberg.

Al-Qasabi said the council acted as a mainstay in stimulating and encouraging the private sectors of both countries while helping in the development of bilateral relations, exchange of expertise and knowledge, and the coordination of investment planning and related partnerships.

He added that Saudi Arabia was, “keen to enhance trade cooperation, facilitate exports to Sweden and Scandinavian countries, and exchange expertise and knowledge.”

Saudi Arabia is Sweden’s most significant economic partner in the Middle East and the No. 1 trade partner among Scandinavian countries, with the volume of trade exchange in the past five years reaching more than $6 billion.