US warns of environmental disaster from cargo ship hit by Houthi rebels

US warns of environmental disaster from cargo ship hit by Houthi rebels
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In this satellite image provided by Planet Labs, the Belize-flagged bulk carrier Rubymar is seen in the southern Red Sea near the Bay Al-Mandab Strait leaking oil after an attack by Yemen's Houthi militia on Feb. 20, 2024. (Planet Labs PBC via AP)
US warns of environmental disaster from cargo ship hit by Houthi rebels
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In this satellite image provided by Planet Labs, the Belize-flagged bulk carrier Rubymar is seen in the southern Red Sea near the Bay Al-Mandab Strait leaking oil after an attack by Yemen's Houthi militia on Feb. 20, 2024. (Planet Labs PBC via AP)
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Updated 24 February 2024
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US warns of environmental disaster from cargo ship hit by Houthi rebels

US warns of environmental disaster from cargo ship hit by Houthi rebels
  • The Belize-flagged Rubymar was damaged Sunday by a missile strike claimed by the Iran-backed Houthi rebels
  • It was transporting 41,000 tons of fertilizer when it was attacked, says Roy Khoury, the CEO of Blue Fleet CEO

WASHINGTON: A cargo ship abandoned in the Gulf of Aden after an attack by Yemeni rebels is taking on water and has left a huge oil slick, in an environmental disaster that US Central Command said Friday could get worse.

Rubymar, a Belize-flagged, British-registered and Lebanese-operated cargo ship carrying combustible fertilizer, was damaged in a Sunday missile strike claimed by the Iran-backed Houthi rebels.
Its crew was evacuated to Djibouti after one missile hit the side of the ship, causing water to enter the engine room and its stern to sag, said its operator, the Blue Fleet Group.
A second missile hit the vessel’s deck without causing major damage, Blue Fleet CEO Roy Khoury told AFP.
CENTCOM said the ship is anchored but slowly taking on water and has left an 18 mile oil slick.
“The M/V Rubymar was transporting over 41,000 tons of fertilizer when it was attacked, which could spill into the Red Sea and worsen this environmental disaster,” it said in a post on X, formerly Twitter.
The ship’s operator said Thursday the ship could be towed to Djibouti this week.
Khoury said the ship was still afloat and shared an image captured on Wednesday that showed its stern low in the water.
When asked about the possibility of it sinking, Khoury had said there was “no risk for now, but always a possibility.”
The attack on the Rubymar represents the most significant damage yet to be inflicted on a commercial ship since the Houthis started firing on vessels in November — a campaign they say is in solidarity with Palestinians in Gaza during the Israel-Hamas war.
The Houthi attacks have prompted some shipping companies to detour around southern Africa to avoid the Red Sea, which normally carries about 12 percent of global maritime trade.
The UN Conference on Trade and Development warned late last month that the volume of commercial traffic passing through the Suez Canal had fallen more than 40 percent in the previous two months.
 


Gazans in Egypt reject displacement, grapple with decision when to go home

Gazans in Egypt reject displacement, grapple with decision when to go home
Updated 54 sec ago
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Gazans in Egypt reject displacement, grapple with decision when to go home

Gazans in Egypt reject displacement, grapple with decision when to go home
CAIRO: Weeks into the ceasefire in Gaza, thousands of Palestinians who left for neighboring Egypt are grappling with the question of when they might go home, though they reject the prospect of a mass displacement proposed by US President Donald Trump.
“A lot of people are torn, and I am one of them,” said Shorouk, who earns a living selling Palestinian food in Cairo, going by the name Gaza Girl. “Do you choose to go back and sit in the destruction and a place that still needs to be reconstructed or stay and go back when it is reconstructed?“
Whether or not she is able to go home soon, she does not want people like her to be accepted as residents outside Palestinian land.
“We, the people of Gaza, can only live in Gaza,” she said. “If they give us residencies, the cause will be lost.”
A proposal by Trump that much of the population of Gaza be cleared out and residents sent en masse to Egypt and Jordan has been universally denounced across the Arab world as a form of ethnic cleansing.
“You’re talking about a million and half people, and we just clean out that whole thing,” Trump said. Asked if it would a temporary or long term solution, he said: “Could be either.”
Egypt says it will never participate in the mass displacement of Palestinians, which President Abdel Fattah El-Sisi described as an “act of injustice.”
But there are already about 100,000 Palestinians in Egypt, who say they do not know how or when they will be able to return.
During the war in Gaza, the border was mostly sealed and the vast majority of the 2.3 million residents were made homeless and forced into temporary shelters within the territory.
There were however months when some people were permitted to leave, including Palestinians with foreign passports, their close relatives or severely ill patients evacuated for humanitarian reasons.
Most have no long-term permission to stay in Egypt and view their stays as temporary, surviving on small trade or savings. The ceasefire agreement that paused the fighting in January has yet to resolve their fate.
Some say they will return as soon as they have a chance.
“There is nothing better than one’s country and land,” said Hussien Farahat, a father of two.
But others say the personal decision is more complicated, without a home to go back to.
“Even if the war were over, we still do not know our fate and nobody mentioned those stranded in Cairo. Are we going back or what will happen to us? And if we go back, what will happen to us? Our houses are gone,” said Abeer Kamal, who has lived in Cairo since Nov. 2023 and sells handmade bags with her sisters.
“There is nothing, not my house, or my family, or siblings, nothing,” she said.
Israel launched its assault on Gaza after Hamas fighters stormed Israeli towns, killing 1,200 people and capturing more than 250 hostages, according to Israeli tallies. Since then, Israel’s campaign has killed more than 46,000 Palestinians, according to health authorities there, driven most Gazans from their homes and laid swathes of the territory to waste.
While Gazans in Egypt may vary in their personal plans, all said they reject any proposal by Trump to clear large numbers of Palestinians from Gaza.
“This is our land and it’s not his to control us,” said Fares Mahmoud, another Gazan in Cairo. “It’s our land, we leave it and go back to it when we want.”

Pakistan signs agreement to defer $1.2 billion payment for Saudi oil

Pakistan signs agreement to defer $1.2 billion payment for Saudi oil
Updated 2 min 24 sec ago
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Pakistan signs agreement to defer $1.2 billion payment for Saudi oil

Pakistan signs agreement to defer $1.2 billion payment for Saudi oil
  • Saudi facility can help Islamabad boost foreign reserves ahead of first review of IMF bailout
  • Petroleum products mostly from Saudi Arabia make the major chuck of Pakistan’s import bill

ISLAMABAD: Pakistan on Monday signed an agreement with the Saudi Fund for Development (SFD) to defer a $1.2 billion payment on the country’s oil imports by one year, Prime Minister Shehbaz Sharif’s office said.

The Saudi facility to defer the payment can help Islamabad boost its foreign reserves ahead of the first review of a $7 billion IMF bailout due in March. The agreement comes as Pakistan continues to navigate a tricky economic recovery path and implement tough conditions attached to the IMF loan program.

Since the Fund’s establishment, SFD has supported more than 40 projects and programs valued at approximately $1.4 billion to finance energy, water, transportation and infrastructure projects in Pakistan. 

“The prime minister welcomed the signing of Oil Import Financing Facility according to which Pakistan will receive oil on deferred payment for one year totalling $ 1.2 billion,” a statement from Sharif’s office said.

“This project will strengthen Pakistan’s economic resilience by securing a stable supply of petroleum products while reducing immediate fiscal burdens.”

The statement said Pakistan had also finalized a loan agreement for a Gravity Flow Water Supply Scheme in Mansehra district of the northwestern Khyber Pakhtunkhwa province under which SFD will provide $41 million to enhance access to clean drinking water for at least 150,000 people.

The SFD has also proposed a partnership with the Pakistan government to offer training programs for young Pakistanis and impart “modern and relevant” skills to meet labor market demands in Saudi Arabia. 

Pakistanis constitute one of the largest migrant communities in Saudi Arabia with an estimated 2.64 million working there as of 2023. While 97 percent of them are blue-collar workers, there is a growing demand for skilled labor in the Kingdom as it seeks to modernize its economy under the Vision 2030 scheme.


Closing Bell: Saudi indices close in red at 12,377

Closing Bell: Saudi indices close in red at 12,377
Updated 7 min 10 sec ago
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Closing Bell: Saudi indices close in red at 12,377

Closing Bell: Saudi indices close in red at 12,377
  • MSCI Tadawul Index dropped by 3.79 points, or 0.25%, to close at 1,541.82
  • Parallel market Nomu lost 48.69 points, or 0.16%, to close at 31,056.38

RIYADH: Saudi Arabia’s Tadawul All Share Index dropped on Monday, losing 32.84 points, or 0.26 percent, to close at 12,377.03.  

The total trading turnover of the benchmark index was SR6.55 billion ($1.75 billion), as 65 of the listed stocks advanced, while 170 retreated.   

The MSCI Tadawul Index also dropped by 3.79 points, or 0.25 percent, to close at 1,541.82.  

The Kingdom’s parallel market Nomu lost 48.69 points, or 0.16 percent, to close at 31,056.38. This comes as 37 of the listed stocks advanced and 43 retreated.  

Mutakamela Insurance Co. was the best-performing stock of the day, with its share price surging by 4.88 percent to SR18.90.  

Other top performers included Saudi Arabian Cooperative Insurance Co., which saw its share price rise by 4.59 percent to SR18.70, and Saudi Cable Co., which saw a 3.30 percent increase to SR131.60.  

Arriyadh Development Co. rose 3.01 percent to SR35.95, while Al Mawarid Manpower Co. gained 2.87 percent to SR136. 

The National Co. for Glass Industries saw the steepest decline of the day, with its share price easing 3.72 percent to close at SR54.40. 

Elm Co. fell 2.84 percent to SR1,123, while Mouwasat Medical Services Co. dropped 2.78 percent to SR87.50. 

Bawan Co. also faced losses, with its share price dipping 2.75 percent to SR56.50, while Saudi Awwal Bank saw a 2.46 percent decline to settle at SR35.75. 

Saudi Tadawul Group Holding Co. announced that its subsidiary, Tadawul Advanced Solutions Co., also known as WAMID, has finalized the acquisition of the remaining 49 percent stake in Direct Financial Network Co., completing the regulatory requirements on Feb.2. 

The shares, previously owned by National Two Ventures, were acquired for SR220.5 million, making WAMID the sole owner of DirectFN. 

The transaction follows WAMID’s initial purchase of a 51 percent stake in DirectFN in May 2023 for SR134 million. 

With this latest acquisition, WAMID now holds full ownership of the financial technology company, aligning with Saudi Tadawul Group’s strategy to enhance its technological and financial services offerings. 

Saudi Tadawul Group Holding Co.’s share price saw a slight 0.76 percent dip on Monday to settle at SR209.80. 

Riyad Bank announced its financial results for 2024, posting a 15.9 increase in net profit, reaching SR9.32 billion, up from SR8.04 billion in 2023. 

The growth was driven by an 18.16 percent rise in total income from special commissions, which reached SR21.62 billion, supported by higher income from loans and investments. 

Total operating profit rose 8.71 percent to SR17.28 billion, bolstered by increases in fee income, exchange income, and gains on non-trading investments. 

Operating expenses related to credit losses and asset impairments dropped 17.2 percent to SR1.63 billion, reflecting improved asset quality. 

Assets grew by 16.42 percent to SR450.37 billion, with loans and advances rising 16.65 percent to SR320.08 billion. 

Client deposits also increased significantly, up 20.21 percent to SR306.42 billion. Earnings per share rose from SR2.58 in 2023 to SR3.01 in 2024. 

Riyad Bank saw a 0.34 percent increase in its share price on Monday to reach SR29.60. 


OPEC+ reaffirms commitment to production cuts

OPEC+ reaffirms commitment to production cuts
Updated 4 min 4 sec ago
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OPEC+ reaffirms commitment to production cuts

OPEC+ reaffirms commitment to production cuts
  • Meeting reviewed crude oil production data for November and December
  • OPEC welcomed renewed pledges from overproducing countries to achieve full compliance with production targets

RIYADH: OPEC+ members reaffirmed their commitment to production cuts aimed at maintaining stability in the global oil market during a meeting held on Monday.

The 58th Joint Ministerial Monitoring Committee session, conducted via videoconference, reviewed crude oil production data for November and December 2024 and highlighted the strong overall compliance by both OPEC and non-OPEC countries involved in the Declaration of Cooperation.

The committee reiterated its commitment to the DoC, which is set to extend through the end of 2026. It also commended Kazakhstan and Iraq for their improved compliance, including the additional voluntary production adjustments they made.

OPEC also welcomed the renewed pledges from overproducing countries to achieve full compliance with production targets.

These countries are expected to submit updated compensation schedules to the OPEC Secretariat by the end of February 2025, covering the overproduced volumes since January 2024.

The committee stressed its ongoing role in monitoring adherence to production adjustments. It will continue to track additional voluntary production cuts announced by participating OPEC and non-OPEC nations, in line with the decisions made during the 52nd JMMC meeting on Feb. 1, 2024.

In a procedural update, the committee announced that, effective Feb. 1, 2025, Kpler, OilX, and ESAI will replace Rystad Energy and the Energy Information Administration as secondary sources for assessing crude oil production and compliance with the DoC.

The next JMMC meeting is scheduled for April 5, 2025.


Interim president of Syrian Arab Republic visits SDAIA headquarters

Interim president of Syrian Arab Republic visits SDAIA headquarters
Updated 33 min 28 sec ago
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Interim president of Syrian Arab Republic visits SDAIA headquarters

Interim president of Syrian Arab Republic visits SDAIA headquarters
  • Syrian leader tours facilities in Riyadh

RIYADH: Ahmad Al-Sharaa, the interim president of the Syrian Arab Republic, has visited the headquarters of the Saudi Authority for Data and Artificial Intelligence in Riyadh, the Saudi Press Agency reported on Monday.

Al-Sharaa was received upon his arrival by the Minister of State Musaed bin Mohammed Al-Aiban; the Minister of Communications and Information Technology Abdullah Alswaha; Majed Al-Mazyed, the governor of the National Cyber Security Authority; and Suhail Abanmi, the governor of the Zakat, Tax and Customs Authority.

Al-Sharaa toured SDAIA’s facilities, led by the President of the SDAIA Abdullah bin Sharaf Alghamdi.

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Alghamdi highlighted the technological advancements and efforts made by Saudi Arabia, in accordance with Vision 2030, to make the Kingdom a global center for artificial intelligence technologies.

He also spoke about the Kingdom’s efforts to optimize data usage, including the Tawakkalna application that provides a unified platform for government services.

The National Cybersecurity Authority and the Zakat, Tax and Customs Authority also delivered presentations.

Established in 2019 by royal decree, the SDAIA is an independent government agency that focuses on AI and big data.

On his first visit to the Kingdom since taking office, Al-Sharaa met Saudi Arabia’s Crown Prince Mohammed bin Salman on Sunday and the parties discussed ways to support the security and stability of the Syrian Arab Republic.

They also discussed ways to improve diplomatic relations between the two countries, and reviewed developments in the region more broadly.

The leader of the Syrian Arab Republic then traveled to Jeddah on Monday before heading to Makkah to perform Umrah.

The Saudi Press Agency shared photographs of Al-Sharaa wearing Ihram clothing, garments worn by Muslims during pilgrimage.