Netanyahu says Israel prepared for strong action in the north

Netanyahu says Israel prepared for strong action in the north
Israeli Prime Minister Benjamin Netanyahu, in a tour the country’s northern border with Lebanon, said that ‘in one way or another we will restore security to the north.’ (AP)
Updated 06 June 2024
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Netanyahu says Israel prepared for strong action in the north

Netanyahu says Israel prepared for strong action in the north
  • Israeli towns near the northern border have been a frequent target of rocket and drone launches from Hezbollah
  • Hezbollah and Israel have been exchanging fire for the past eight months in parallel with the Gaza war

JERUSALEM: Prime Minister Benjamin Netanyahu said on Wednesday Israel was prepared for very strong action in northern Israel, saying it would restore security “one way or another” in an area targeted by the Iran-backed Hezbollah during months of hostilities.
The conflict between Hezbollah and Israel, which has been fought in parallel to the Gaza war, has intensified in recent days, adding to concerns that an even wider confrontation could break out between the heavily armed adversaries.
“Whoever thinks that they can harm us and we will sit idly by is making a big mistake. We are prepared for a very strong action in the north,” Netanyahu said during a tour of the area. “In one way or another we will restore security to the north.”
The fighting — the worst hostilities between Hezbollah and Israel since they fought a war in 2006 — has forced tens of thousands of people to flee homes on both sides of the border.
Israeli strikes have killed some 300 Hezbollah fighters in Lebanon and around 80 civilians have been killed, according to a Reuters tally.
Attacks from Lebanon have killed 18 Israeli soldiers and 10 civilians, Israel says.
Israeli Military Chief of General Staff Herzi Halevi said on Tuesday the army was ready for an offensive along the northern border and that Israel was nearing a decision point.
The US State Department said on Tuesday that Washington does not want to see a full-blown war and that it is trying to pursue a diplomatic solution, adding that Israel had the right to defend itself from Hezbollah.
Hezbollah, deemed a terrorist organization by Washington, announced several operations on Wednesday, including a guided missile attack targeting Israel’s Iron Dome air defense system in Ramot Naftali, some 3 km (2 miles) from the border.
Rockets fired from Lebanon set off wild fires this week, burning swathes of land across northern Israel.
Hezbollah deputy leader Sheikh Naim Qassem told broadcaster Al Jazeera on Tuesday that the group’s decision was not to widen the war but that it would fight one if it was imposed on it.
Qassem said the Lebanon front would not stop until the Gaza war stops, Al Jazeera quoted him as saying.
Hezbollah, an ally of Palestinian militant group Hamas, says it has been striking Israel in support of Palestinians under Israeli bombardment in Gaza. It has previously said it will cease fire when the Israeli offensive on Gaza stops.


Saudi authority expands effort to track food waste

Saudi authority expands effort to track food waste
Updated 1 min 37 sec ago
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Saudi authority expands effort to track food waste

Saudi authority expands effort to track food waste

RIYADH:  The General Food Security Authority has launched a second field survey to measure food loss and waste rates in Saudi Arabia.

The initiative is part of the National Program to Reduce Food Loss and Waste and aligns with efforts to promote food sustainability and support Vision 2030 objectives, the Saudi Press Agency reported.

The authority’s governor, Ahmed Al-Faris, said that the second survey builds on the 2019 study, which established a baseline for the Food Loss and Waste Index.

The effort follows successful awareness campaigns in collaboration with key stakeholders that engaged public participation, the SPA added.

The new survey aims to analyze food loss and waste at all stages of the food supply chain, including production, importation, transportation, storage, distribution and consumption.

The authority will use the findings to develop solutions to improve food security, reduce environmental and economic impacts, and align the Kingdom’s practices with global sustainability standards.

This initiative is expected to provide more precise, updated data to create targeted strategies for reducing food loss and waste.


New deal will protect Kingdom’s national heritage

New deal will protect Kingdom’s national heritage
Updated 12 min 4 sec ago
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New deal will protect Kingdom’s national heritage

New deal will protect Kingdom’s national heritage

RIYADH: Saudi Arabia’s Public Prosecution and the Heritage Commission have signed a memorandum of understanding to strengthen their collaborative efforts when it comes to protecting and preserving the Kingdom’s identity.

The MoU includes exchanging information on protecting national heritage and combating violations of archaeological sites, reported the Saudi Press Agency on Wednesday.

The deal was signed by Turki Al-Dosari, assistant public prosecutor for investigation, and Jasser Al-Harbash, commission CEO, in the presence of officials and experts in the heritage sector and cultural property protection.

It also involves organizing awareness programs to educate the community about the importance of heritage preservation and the penalties for related offenses.

The partnership marks a strategic step toward establishing a comprehensive framework for protecting heritage sites. It seeks to enhance the Kingdom’s global status as a cultural heritage destination and reinforce its leadership in preserving national identity and history.


Saudi Arabia’s M&A approvals surge 17.4% to reach record high

Saudi Arabia’s M&A approvals surge 17.4% to reach record high
Updated 4 min 1 sec ago
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Saudi Arabia’s M&A approvals surge 17.4% to reach record high

Saudi Arabia’s M&A approvals surge 17.4% to reach record high

RIYADH: Saudi Arabia saw a 17.4 percent surge in mergers and acquisitions approvals in 2024, reflecting the Kingdom’s efforts to strengthen its competitive business environment. 

The General Authority for Competition approved 202 economic concentration requests — the highest number in its history — with 10 additional applications still under review, according to its annual report. 

Economic concentration approvals are required for mergers and acquisitions to ensure they do not create monopolies or disrupt market competition. 

The surge in approvals aligns with GAC’s goal of implementing competition-enhancing policies, combating illegal monopolistic practices, and improving market performance to boost consumer and business confidence, attract investment, and promote sustainable development.

Saudi Arabia’s surging mergers and acquisitions market comes against a global backdrop of decline in the industry, with a GlobalData report released in December showing worldwide deal volume dropped 8.7 percent year-on-year in the first 11 months of 2024 — with the Middle East and Africa region seeing a relatively modest 5 percent decline. 

Acquisition deals dominated approvals in the Kingdom at 81 percent, followed by joint ventures at 15 percent, and mergers at just 2 percent, the report showed. 

The manufacturing sector led in activity, accounting for 67 of the approved requests, followed by the information and communications sector with 39, and wholesale and retail trade, along with motor vehicle and motorcycle repairs, with 22. 

Foreign companies also showed significant interest in the manufacturing sector, which claimed 28 percent of their concentration requests, followed by information and communications at 17 percent, and wholesale and retail trade at 15 percent. 

GAC noted a growing diversity in market activity, with requests received in emerging sectors like off-road tires, nicotine replacement therapy manufacturing, and industrial protective coatings. 

The Kingdom led the Middle East in mergers and acquisitions in the chemicals sector during the first quarter of 2024, closing deals worth $500 million. 

Additionally, the authority approved four new car agency registrations during the year and analyzed 53 percent of concentration requests based on horizontal relationships between entities operating within the same sector. Vertical and cluster relationships accounted for 16 percent and 31 percent of reviews, respectively. 

The surge in approvals aligns with Vision 2030, which aims to create a business-friendly environment that attracts foreign investment and supports sectoral growth. 

As Saudi Arabia strengthens its regulatory and economic frameworks, the surge in merger approvals reflects its ambition to establish itself as a regional hub for business and investment. 


PCB moves tri-series to Lahore and Karachi to indicate readiness for Champions Trophy

PCB moves tri-series to Lahore and Karachi to indicate readiness for Champions Trophy
Updated 28 min 25 sec ago
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PCB moves tri-series to Lahore and Karachi to indicate readiness for Champions Trophy

PCB moves tri-series to Lahore and Karachi to indicate readiness for Champions Trophy
  • Pakistan is scheduled to play tri-nation ODI series at home against South Africa, New Zealand in February
  • Series moved from Multan due to advanced stage of preparations at Lahore and Karachi stadiums, says PCB 

BENGALURU: The Pakistan Cricket Board (PCB) has relocated February’s tri-nation One-Day International (ODI) series with New Zealand and South Africa from Multan to Lahore and Karachi, two cities set to host the Champions Trophy later in the month.
The PCB said the move was due to the advanced stage of preparations at Lahore’s Qaddafi Stadium and Karachi’s National Stadium, which will host six of the 12 Champions Trophy group stage matches.
Lahore will also host one semifinal as well as the final provided India, who are playing all their matches in Dubai following an agreement that neither India nor Pakistan will visit each other’s countries for ICC tournament matches, do not qualify.
Rawalpindi Cricket Stadium will also host three matches of the eight-team tournament.
The PCB is upgrading the facilities at all three venues in the country as Pakistan prepares to host an ICC tournament for the first time since 1996, when they co-hosted the ODI World Cup.
The tri-series will be played from Feb. 8-14, while the Champions Trophy will kick off on Feb. 19 in Karachi, with defending champions Pakistan playing New Zealand.


Oman’s real estate market surges 28% to $8bn by November 2024

Oman’s real estate market surges 28% to $8bn by November 2024
Updated 11 min 21 sec ago
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Oman’s real estate market surges 28% to $8bn by November 2024

Oman’s real estate market surges 28% to $8bn by November 2024
  • Sale contracts in the sector rose 3.1% annually to 1.1 billion rials
  • Number of deals edged up 1.9% to 61,552

RIYADH: Oman’s real estate market maintained its upward trajectory in 2024, with transaction values soaring 28.1 percent year on year to 3.13 billion Omani rials ($8.13 billion) by November, official figures showed. 
According to data from the National Center for Statistics and Information, sale contracts in the sector rose 3.1 percent annually to 1.1 billion rials during the period, while the number of deals edged up 1.9 percent to 61,552, the Oman News Agency reported. 
The robust performance underscores broader optimism in Oman’s property market, with market intelligence firm Mordor Intelligence forecasting the residential real estate sector to grow at a compound annual rate of 9.19 percent, increasing from $4.38 billion in 2024 to $6.80 billion by 2029. 
The Omani government has introduced several initiatives to boost the growth of its real estate sector, including relaxing property ownership laws for foreigners and offering tax incentives to real estate developers. 
Oman’s population reached 5.27 million this month, with expatriates accounting for over 43 percent, or 2.28 million people. The significant expatriate presence has been vital in driving demand for residential and commercial properties, particularly in urban centers. 
Oman’s Vision 2040, the country’s strategic development plan, further underscores the importance of sustainability and innovation in the real estate sector. 
Data from NCSI said that the value of mortgage contracts surged by 44.8 percent year on year in the first 11 months of 2024, reaching 2.1 billion rials. 
The number of mortgage contracts declined by 12.2 percent during the January-to-November period, dropping to 18,846 from 21,461 in the same period of the previous year. 
Swap contracts also experienced significant growth, with 1,223 deals valued at 12.4 million rials by the end of November, an 18.1 percent increase from the previous year. 
The total number of issued properties reached 210,483 by the end of November, reflecting a slight 3.4 percent decline compared to the same period in 2023. 
Properties issued to Gulf Cooperation Council citizens saw a 6.8 percent annual rise, totalling 1,325 in the first eleven months of 2024.