Undelivered Gaza aid returns to Cyprus after aid workers killed

Undelivered Gaza aid returns to Cyprus after aid workers killed
A ship belonging to the Open Arms aid group and is one of three ships loaded with canned food destined to Gaza, has returned to the Cypriot port of Larnaca, Cyprus, Wednesday, April 3, 2024. (AP)
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Updated 04 April 2024
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Undelivered Gaza aid returns to Cyprus after aid workers killed

Undelivered Gaza aid returns to Cyprus after aid workers killed
  • Cyprus has offered to supplement aid getting in to Gaza by sea with a fast track on-island security screening process for aid overseen by Israel

LARNACA: A sea convoy of undelivered food for Gaza returned to Cyprus on Wednesday after aid workers of World Central Kitchen (WCK) were killed in an Israeli airstrike on Monday evening.
A cargo ship carrying 240 metric tons of food that had been destined for the people of the beseiged Palestinian enclave sailed back to Larnaca in Cyprus following the deadly attack, dropping anchor just outside the port.
A second ship, the Open Arms owned by a Spanish NGO working with WCK, arrived earlier.
The undelivered aid was part of a consignment of about 340 tons sent to Gaza from Cyprus on March 30. The aid workers killed in Gaza had just finished unloading 100 tons from a barge, also sent from Cyprus.
WCK, active in Gaza since October, has paused operations in the territory since the killings, and turned around its flotilla of ships back to Cyprus.
In March WCK launched an inaugural sea corridor transporting aid to the enclave from the east Mediterranean island.
Cyprus has offered to supplement aid getting in to Gaza by sea with a fast track on-island security screening process for aid overseen by Israel.
Spanish charity Open Arms, which provided a salvage vessel for both missions arranged by WCK, took a group photo of activists wearing WCK t-shirts and embracing each other on the bow of the salvage ship during its sail to Cyprus.
They wrote on X: “The end of mission 110 arrives, the one we never could have imagined, the most painful.
“We miss Saifeddin, Zomi, Damian, Jacob, John, Jim, and James, but they will remain forever in our memory, and we will continue to speak up for them, for the more than 32,500 people killed in #Gaza, the hundreds of humanitarian workers, the destroyed hospitals, journalists and all the ‘isolated cases’ that are not an accident, but part of an structure of death and destruction. We will never forget you.
“Today, the pain of the @wckitchen family is also ours.”

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IBM expands AI workforce in Saudi Arabia, aligning with Vision 2030: CEO 

IBM expands AI workforce in Saudi Arabia, aligning with Vision 2030: CEO 
Updated 2 min 27 sec ago
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IBM expands AI workforce in Saudi Arabia, aligning with Vision 2030: CEO 

IBM expands AI workforce in Saudi Arabia, aligning with Vision 2030: CEO 

RIYADH: US-based tech giant IBM employs a majority of Saudi nationals at its artificial intelligence lab in the Kingdom, underscoring the nation’s commitment to developing local talent. 

It was disclosed during a panel titled “Bringing Tech to Life” on the opening day of LEAP 2025, Riyadh’s flagship technology event, held from Feb. 9-12 under the theme “Into New Worlds.” 

Speaking at the discussion, IBM Chairman and CEO Arvind Krishna said: “Over 70 percent of our hires in (IBM’s AI and R&D lab) are Saudi nationals, not expats.”    

Launched at LEAP 2024, IBM’s $200 million Software Lab in Riyadh supports Vision 2030 by driving digital innovation, job creation, and global tech solutions, aligning with the Kingdom’s pledge to invest $100 billion in its technology sector. 

Saudi Minister of Communications and Information Technology Abdullah Al-Swaha, addressing industry leaders and aspiring innovators, stressed the importance of understanding market shifts.  

“I think no leader in the industry can really help educate all of us — leaders in the room, the youth, the women, the talent — about picking up market transitions and where the market is heading,” he said. 

Krishna acknowledged the growing excitement around AI but noted that for numerical purposes the technology has been in use for two decades. 

He also predicted a seismic shift in computing capabilities, with quantum computing expected to achieve a major breakthrough within the next two to three years.

“In three to five years, we will see something amazing on quantum computers,” he added.  

A key transformation Krishna highlighted was in AI training costs, forecasting a dramatic reduction. “I believe the cost of training will become 1 percent — one over 100 of what it used to be. DeepSeek was a proof point of that,” he noted. 

DeepSeek, a Chinese AI firm, gained rapid attention with its R1 large language model, released on Jan. 20 at a fraction of typical development costs.

Offered under an open-source license, DeepSeek-R1 quickly soared in popularity, with its AI assistant app topping Apple’s App Store and surpassing OpenAI’s ChatGPT. Its success triggered a stock market shakeup as investors reevaluated major US AI companies.  

While large general-purpose AI models currently dominate the field, Krishna emphasized the potential of domain-specific models, which today account for just 1 percent of usage.

“All the fascination is with these large models that serve everybody, but we believe in the next three to four years, domain-specific models will make up over half of all deployed models,” he said. 

LEAP 2025 aims to expand business networking and investment opportunities in the tech sector. The event plays a crucial role in Saudi Arabia’s goal of becoming a global technology hub, in line with Vision 2030’s economic diversification strategy.


Pakistan holds inaugural ‘Aman Dialogue 2025’ to foster international maritime cooperation

Pakistan holds inaugural ‘Aman Dialogue 2025’ to foster international maritime cooperation
Updated 15 min 20 sec ago
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Pakistan holds inaugural ‘Aman Dialogue 2025’ to foster international maritime cooperation

Pakistan holds inaugural ‘Aman Dialogue 2025’ to foster international maritime cooperation
  • Aman Dialogue brings together chiefs of navies, coast guards and defense forces from Feb. 9-10
  • Conference to focus on piracy, narco-trafficking and resource exploitation maritime challenges

ISLAMABAD: Pakistan held the inaugural session of the Aman Dialogue 2025 in Karachi on Sunday to foster international maritime cooperation among several countries around the world, stressing the importance of “unhindered activity” in seas to promote economic cooperation. 

The Aman Dialogue is being held from Feb. 9-10 and brings together chiefs of navies, coast guards and defense forces. It aims to provide them an opportunity to exchange views on global and regional security and adopt innovative solutions. 

This year’s conference is themed: “Secure Seas, Prosperous Future,” and focuses on security challenges in the Indian Ocean. These include strategic competition, piracy, narco-trafficking, non-state actors, resource exploitation, climate change, emerging technologies such as AI and unmanned systems, the blue economy and the need for global collaboration to ensure stability and prosperity.

“The global economic system is almost wholly dependent upon unhindered activity in the maritime domain,” Defense Minister Khawaja Asif said at an event held to mark the opening of the dialogue. 

“The uninterrupted use of seas and oceans remain the strategic interests of all nations,” he added. 

Asif called on countries to synergize their efforts to extract greater economic gains, saying that the maritime domain is at a “critical crossroads.”

“Our oceans carrying over 80 percent of global trade represent not only shipping lanes but the arteries of global prosperity,” the minister said, adding that the Indian Ocean alone holds over 50 percent of global oil and gas reserves. 

The dialogue coincides with the AMAN-25 multinational naval exercise, which kicked off on Friday in Karachi. Pakistan Navy’s fleet commander lauded the participation of 60 nations on Friday, hailing it as a testament to the world community’s desire for peace.

The Pakistan Navy has conducted the AMAN maritime exercise every two years since 2007 under the theme “Together For Peace,” involving ships, aircraft and special operations forces.


Saudi PIF’s Alat and Lenovo break ground on new 200k sq. meter facility in Riyadh

Saudi PIF’s Alat and Lenovo break ground on new 200k sq. meter facility in Riyadh
Updated 38 sec ago
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Saudi PIF’s Alat and Lenovo break ground on new 200k sq. meter facility in Riyadh

Saudi PIF’s Alat and Lenovo break ground on new 200k sq. meter facility in Riyadh
  • Facility is expected to begin production in 2026
  • Collaboration is projected to generate up to 15,000 direct and 45,000 indirect jobs

RIYADH: Saudi Arabia’s Public Investment Fund’s Alat and Chinese tech giant Lenovo have officially broken ground on a new manufacturing hub in Riyadh, marking a key milestone in their $2 billion strategic partnership.

Located within the Special Integrated Logistics Zone at Riyadh Integrated, the facility will span 200,000 sq. meters and is expected to begin production in 2026. 

The collaboration is projected to generate up to 15,000 direct and 45,000 indirect jobs while contributing as much as $10 billion to the Kingdom’s non-oil gross domestic product by 2030. 

The hub will produce millions of “Saudi Made” laptops, desktops, and servers, contributing to the nation’s Vision 2030 goals of economic diversification and industrial development. 

The two companies took a step further in their partnership during LEAP25 held from Feb. 9— 12 in Riyadh, announcing the establishment of an advanced manufacturing and technology center based on artificial intelligence and robotics. 

This is also part of PIF’s strategy to boost the Kingdom’s local manufacturing by increasing local content from 47 percent in 2024 to 60 percent by 2025, contributing $320 billion to non-oil GDP and creating 1.8 million jobs. 

“Through this powerful strategic collaboration and investment with Alat, we gain greater global presence, a strong regional foothold, and the ability to capitalize on the incredible growth momentum in Saudi Arabia and the wider MEA region,” said Yuanqing Yang, chairman and CEO of Lenovo. 

The groundbreaking follows the completion of Lenovo’s $2 billion investment in Alat, which was finalized after securing shareholder and regulatory approvals. 

Initially announced in May, the deal was completed in January and involves the issuance of three-year zero-coupon convertible bonds, establishing a long-term partnership between the two firms. 

The manufacturing facility will complement Lenovo’s global production network, which includes over 30 factories across China, Germany, India, Japan, the US, and other markets. 

According to Lenovo, the new hub will enhance supply chain resilience and improve service to customers across the Middle East and Africa region. 

The firm also plans to establish its MEA regional headquarters in Riyadh, expand research and development activities, and open a flagship retail space in the Kingdom. 

Amit Midha, the CEO of Alat, emphasized the broader economic impact of the collaboration, saying: “We are incredibly proud to become a strategic investor in Lenovo and partner with them on their continued journey as a leading global technology company.” 

Beyond manufacturing, the agreement includes a business development partnership leveraging Alat’s regional relationships and market expertise.

Alat, which aims to build advanced manufacturing capabilities across multiple industries, has outlined plans to produce goods across 34 product categories within nine business units, including semiconductors, smart devices, electrification, and artificial intelligence infrastructure. 

Lenovo, recognized as one of Gartner’s top 25 supply chains, expects the Saudi facility to strengthen its operations in the MEA region while supporting the Kingdom’s ambition to become a global technology and manufacturing hub. 


Sotheby’s ‘Origins’ auction in Diriyah achieves more than $17 million in sales, with Saudi artists shining

Sotheby’s ‘Origins’ auction in Diriyah achieves more than $17 million in sales, with Saudi artists shining
Updated 20 min 57 sec ago
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Sotheby’s ‘Origins’ auction in Diriyah achieves more than $17 million in sales, with Saudi artists shining

Sotheby’s ‘Origins’ auction in Diriyah achieves more than $17 million in sales, with Saudi artists shining

RIYADH: Sotheby’s inaugural auction in Saudi Arabia, titled “Origins,” concluded on Saturday with a total of $17,283,840 in sales in the fine art and luxury categories.

The historic event at Diriyah’s Bujairi Terrace was a turning point for the Kingdom’s art and luxury scene, with Saudi artists garnering significant attention.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

A post shared by (@visitdiriyah)

Jerry Inzerillo, CEO of Diriyah Company, highlighted the significance of the collaboration between Diriyah and Sotheby’s.

“A few years ago, we decided that Sotheby’s, as a 277-year-old brand, had to match up with Diriyah because the value systems were the same, and you can’t be Sotheby’s without being in Diriyah,” he said in his opening remarks.

The modern and contemporary art section featured works by Saudi artists that collectively realized $1.1 million in sales.

Abdulhalim Radwi’s vibrant 1984 market scene set a personal auction record, selling for $264,000 after fierce bidding online and in the room. (Supplied)

Mohammed Al-Saleem’s untitled work, sourced directly from the artist’s daughter, led the Saudi work on offer.

The piece, blending abstract Arabic calligraphy with Al-Saleem’s vision of Saudi landscapes, sparked intense competition among four bidders before selling for a remarkable $660,000 — triple its pre-sale estimate.

Abdulhalim Radwi’s vibrant 1984 market scene set a personal auction record, selling for $264,000 after fierce bidding online and in the room.

Ahmed Mater’s “Illumination Diptych (Makkiah Tale)” exceeded expectations at $102,000.

Mater, one of Saudi Arabia’s most acclaimed contemporary artists, is internationally celebrated, with works displayed by institutions throughout the Arab world, the UK and the US.

Rene Magritte’s “L’Etat de veille” sold for $1.2 million. (Supplied)

Maha Malluh’s “Magadeer” (from the “Food for Thought” series), inspired by the cultural and spiritual heritage of the Najd area of the Kingdom, sold for $84,000, also surpassing its estimate.

When it came to international works, surrealist Rene Magritte’s “L’Etat de veille” sold for $1.2 million and Fernando Botero’s “Society Woman” made $1 million. Meanwhile, Banksy’s “Subject to Availability” from his series of vandalised oils, sold for $1.2 million.

The luxury segment dazzled collectors with an extraordinary selection of rare items, such as a Patek Philippe Grand Complication watch, a Cartier diamond necklace from the Art Deco era, and a limited-edition Hermes Birkin bag crafted from exotic leather.

Collectors from 45 countries took part in the auction, demonstrating its global appeal, while nearly one-third of the lots were bought by buyers from Saudi Arabia.

Additionally, more than 30 percent of participants were under the age of 40, reflecting the growing interest in art and luxury items among younger generations.

 


Closing Bell: Saudi Arabia’s main market gains 36 points to 12,469

Closing Bell: Saudi Arabia’s main market gains 36 points to 12,469
Updated 37 min 59 sec ago
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Closing Bell: Saudi Arabia’s main market gains 36 points to 12,469

Closing Bell: Saudi Arabia’s main market gains 36 points to 12,469

RIYADH: Saudi Arabia’s Tadawul All Share Index ended Sunday’s trading in green, as it gained 35.56 points or 0.29 percent to close at 12,469.14.

The main index witnessed a total trading turnover of SR4.70 billion ($1.25 billion), with 94 stocks advancing and 134 retreating. 

Saudi Arabia’s parallel market Nomu also gained 28.38 points to close at 31,414.65. The MSCI Tadawul Index edged up by 0.28 percent to 1,550.26. 

Shatirah House Restaurant Co. was the best-performing stock on the main market, with its share price surging by 5.62 percent to SR23.68. 

The share price of Raoom Trading Co. increased by 3.7 percent to SR179.40. Rasan Information Technology Co.’s stock price also rose by 3.36 percent to SR92.30. 

Conversely, LIVA Insurance Co. saw its share price dropping by 3.31 percent to SR17.50. 

The share price of Lamasat Co. which started trading on Nomu on Sunday rose by 29.91 percent to SR7.47. 

On the announcements front, Arabian Co. for Agricultural & Industrial Investments, also known as Entaj said that it has set the price range for its initial public offering in the main market at SR46-SR50.

According to a press statement, the institutional book-building process began on Feb.9 and will run through 3 p.m. Saudi time on Feb.13. Entaj eyes floating 9 million shares on TASI, representing 30 percent of its capital. 

Bank Albilad said that its board of directors recommended a 20 percent capital top-up from SR12 billion to SR15 billion. According to a Tadawul statement, the capital top-up will be done by distributing one bonus share for every five shares held. 

The share price of Bank Albilad rose by 2.76 percent to SR39.05.