Hundreds of Hezbollah members wounded in Lebanon when pagers explode, security source says

Hundreds of Hezbollah members wounded in Lebanon when pagers explode, security source says
Smoke rises above Lebanon following an Israeli strike, amid the ongoing cross-border hostilities between Hezbollah and Israeli forces, as seen from Israel's border with Lebanon in northern Israel, September 8, 2024. (Reuters)
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Updated 17 September 2024
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Hundreds of Hezbollah members wounded in Lebanon when pagers explode, security source says

Hundreds of Hezbollah members wounded in Lebanon when pagers explode, security source says

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.


OPEC Fund in talks with Lebanon to launch key economic support initiative

OPEC Fund in talks with Lebanon to launch key economic support initiative
Updated 3 min ago
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OPEC Fund in talks with Lebanon to launch key economic support initiative

OPEC Fund in talks with Lebanon to launch key economic support initiative

RIYADH: The OPEC Fund for International Development is currently in talks with Lebanese authorities for a significant intervention, the institution’s president announced.

In an interview with Arab News on the opening day of the AlUla Conference for Emerging Market Economies, Abdulhamid Al-Khalifa shared that the fund is working with Lebanon to determine the optimal timing and approach to ensure the greatest impact on the country’s development.

This initiative is in line with the OPEC Fund’s ongoing commitment to global development, having already invested around $27 billion in projects across more than 125 countries. It also aligns with the fund’s mission to foster development, strengthen communities, and empower individuals.

“As you know, OPEC Fund is, as I said, a development institution and those institutions are created to take additional risks when it comes to development and they are what they call it counter-cyclical, when a country faces major issues, these institutions, intervene with high risk, but their objective is maximizing development impact, not maximizing returns on their assets,” Al-Khalifa said.

The president further emphasized that such institutions are not political in nature; instead, their focus is solely on driving development.

Al-Khalifa explained that the OPEC Fund has both a public sector arm and a private sector arm.

He added that the fund was already involved in investment projects in Lebanon through both arms and windows.

However, he noted that the approach depended on the circumstances and the right timing for intervention.

He mentioned that the fund was working with the authorities in Lebanon and looked forward to carrying out the intervention in the near future.

During the interview, the president also highlighted that while the region as a whole has significant potential, it also faces major risks, including geopolitical ones.

Al-Khalifa mentioned that some countries in the region were emerging from such risks, and expressed hope that this would help the region move forward. He added that the future held great potential and significant economic prospects for the region, particularly for the countries emerging from conflicts.

He added: “But also, you have countries that are stable and they are also doing well when it comes to economic development like GCC countries and also some Middle Eastern and North African countries.”

Al-Khalifa expressed his optimism about the future of the region but said: “It depends on many circumstances and depends on many risks that has to be mitigated.”

The president also highlighted that the OPEC Fund was established 50 years ago, with Saudi Arabia being one of the most important establishing members.

Al-Khalifa stated that the fund was focusing its efforts on development in both middle-income and low-income countries. He noted that Saudi Arabia, as the fund’s major shareholder, was supporting these countries through the OPEC Fund platform, which was one of the platforms Saudi Arabia uses to promote global development.

“As you know, Saudi Arabia is one of the major donors around the world when we compare it to GDP and they are processing their assistance through their bilateral institutions, but also they are using multilateral platforms like the World Bank, OPEC Fund, Islamic Development Bank and other regional banks,” he added.


Pakistan sees Saudi Vision 2030 as model for its economic transformation

Pakistan sees Saudi Vision 2030 as model for its economic transformation
Updated 18 min 34 sec ago
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Pakistan sees Saudi Vision 2030 as model for its economic transformation

Pakistan sees Saudi Vision 2030 as model for its economic transformation

RIYADH: Saudi Arabia’s influence in regional economic transformation is expanding, with Pakistan acknowledging the Kingdom’s progress under Vision 2030 as a valuable model, according to a senior official.

In an interview with Arab News during the AlUla Conference for Emerging Market Economies, Pakistan’s Finance Minister Muhammad Aurangzeb emphasized that Saudi Arabia’s leadership in economic reforms offers important lessons for Pakistan as it embarks on its own structural changes.

“Pakistan and the Kingdom of Saudi Arabia have been long-standing partners, one of the strongest partnerships that we have,” Aurangzeb said.

“As we go through our own structural reforms at this point in time, on the back of the macroeconomic stability that we have achieved, there’s a lot to learn from Vision 2030,” the minister said.

He also stated that the Kingdom is well ahead of its targets of Vision 2030, “so there’s so much to learn in Pakistan from our partners in Saudi Arabia.”

Saudi investments 

The finance minister also highlighted the growing Saudi investments in Pakistan, particularly in the business-to-business sector. He pointed to recent developments such as Saudi Aramco’s foray into the downstream petroleum industry and ongoing talks concerning government-to-government agreements.

“We’ve already had a few investments coming through from Saudi Arabia in the B2B space, and then of course, we have just seen Aramco coming into downstream, so these are all very, very good investments,” Aurangzeb said.

“There are a number of G2G transactions which are underway at this point in time to be announced later in the year.”

Aurangzeb underscored the potential for boosting exports from Pakistan to Saudi Arabia, especially in the skilled labor sector.

He noted that this aligns with the Kingdom’s expanding workforce needs as it progresses toward its Vision 2030 objectives.

The minister added: “Meanwhile, we remain grateful for the support that we have received from Saudi Arabia, especially with respect to our IMF program.”

The minister noted that the conference serves as an important multilateral platform to discuss economic resilience and cooperation among emerging economies.


700 tons of Saudi dates to be distributed to over 100 countries during Ramadan

700 tons of Saudi dates will be distributed in 102 countries during Ramadan. (Visit Saudi)
700 tons of Saudi dates will be distributed in 102 countries during Ramadan. (Visit Saudi)
Updated 27 min 24 sec ago
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700 tons of Saudi dates to be distributed to over 100 countries during Ramadan

700 tons of Saudi dates will be distributed in 102 countries during Ramadan. (Visit Saudi)
  • The dates will be distributed through the Ministry of Islamic Affairs, Call and Guidance’s attaches at the Kingdom’s embassies
  • Last year, 500 tons of dates were distributed during Ramadan as part of the program

RIYADH: 700 tons of Saudi dates will be distributed in 102 countries during Ramadan as part of the Custodian of Two Holy Mosques’ Gift Program for Providing Dates, it was reported on Sunday.

The dates will be distributed through the Ministry of Islamic Affairs, Call and Guidance’s attaches at the Kingdom’s embassies, and marks an increase of 200 tons from last year.

The Saudi Minister of Islamic Affairs, Call and Guidance Sheikh Abdullatif bin Abdulaziz Al-Sheikh thanked the Saudi leadership for their generous care for Muslims in various countries of the world, especially during the blessed month of Ramadan, the Saudi Press Agency reported.

The minister highlighted the continuous support that the ministry receives from the leadership to carry out its duty and achieve its mission to serve Islam and Muslims, spread the values ​​and principles of Islam, and confront hatred, extremism, and fanaticism.

The ministry has completed all preparations to ship the dates to beneficiary countries so that they can be distributed during Ramadan 2025.


Saudi Arabia emerging as an economic ‘powerhouse,’ says top IMF official

Saudi Arabia emerging as an economic ‘powerhouse,’ says top IMF official
Updated 45 min 33 sec ago
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Saudi Arabia emerging as an economic ‘powerhouse,’ says top IMF official

Saudi Arabia emerging as an economic ‘powerhouse,’ says top IMF official

RIYADH: Saudi Arabia’s role in the international financial system is growing, solidifying its position as an emerging economic “powerhouse,” according to a senior executive. 

In an interview with Arab News on the sidelines of the AlUla Conference for Emerging Market Economies, Jihad Azour, director of the Middle East and Central Asia department at the International Monetary Fund, stated that the Kingdom took a leadership role following the G20 summit in 2020. 

“The role of Saudi in the international financial system is growing. It’s an emerging global power. Now, after the G20 in 2020, Saudi is chairing the IMFC, which is the government body of the IMF,” Azour said. 

He continued: “Also, Saudi is very active in a certain number of global initiatives, like the debt relief initiative through the common framework, as well as also a certain number of important initiatives related to the role of emerging markets” and their contribution in setting global priorities.

Azour also noted that despite enduring multiple global economic shocks over the past five years, beginning with the COVID-19 crisis, the Kingdom has sustained strong economic growth. 

This resilience is largely attributed to government policies aimed at diversifying the economy beyond its reliance on oil. Fiscal policies have played a crucial role in strengthening economic management and stability. 

“Accelerating economic transformation has been beneficial to the GCC countries, in particular to Saudi. It helped maintain a high level of growth despite the various shocks that the region and Saudi economy faced over the last five years, starting from the COVID crisis and going on with several other global shocks,” he said, 

Azour added: “The investment in structural reforms that has increased women participation in the economy, improved the quality of infrastructure accelerated the trend in digitalization, has also contributed to accelerate the level of growth. 

Furthermore, large-scale infrastructure and development projects have played a key role in building a more prosperous future for the Kingdom by fostering economic expansion and modernization, Azour further elaborated.

The conference is set to deliver key recommendations to bolster financial stability and drive sustainable growth in emerging economies. 

Experts will also delve into the role of artificial intelligence and digital transformation in accelerating economic development across these markets.  

Discussions will focus on strategies to enhance economic resilience, fostering stronger collaboration between emerging and advanced economies to pave the way for a more equitable and sustainable global future.


India’s IPL to begin on March 22 at Kolkata’s Eden Gardens

India’s IPL to begin on March 22 at Kolkata’s Eden Gardens
Updated 47 min 16 sec ago
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India’s IPL to begin on March 22 at Kolkata’s Eden Gardens

India’s IPL to begin on March 22 at Kolkata’s Eden Gardens
  • The iconic Eden Gardens will be the venue for the tournament’s final on May 25, with 74 matches to be played across 13 venues
  • The IPL auction for this edition shattered records as Indian wicketkeeper-batsman Rishabh Pant became the most expensive player

NEW DELHI: The money-spinning Indian Premier League will begin on March 22 with holders Kolkata Knight Riders to host Royal Challengers Bengaluru, India’s cricket board said Sunday.
Kolkata’s iconic Eden Gardens will be the venue for the opener and the final on May 25 with 74 matches to be played across 13 venues in the 18th edition of the hugely popular T20 tournament.
Ten teams will compete for the title as the world’s top cricketers including Indian star Virat Kohli, Australia’s Pat Cummins and Jos Buttler of England will join their respective teams in India’s searing heat.
The IPL auction for this edition shattered records as Indian wicketkeeper-batsman Rishabh Pant became the most expensive player when he was sold for a record $3.2 million to Lucknow Super Giants, who later made him captain.
Shreyas Iyer, a title-winning skipper with Kolkata last season, was picked by Punjab Kings for 267.5 million rupees ($3.17 million) as the second-most expensive buy.
The IPL has generated billions in revenue since its inception in 2008, turning the Board of Control for Cricket in India (BCCI) into one of the richest governing bodies in sport.
The pioneering IPL helped make T20 cricket more popular, spawning copycat events worldwide.