Houthi-struck oil tanker could spill ‘million barrels,’ US warns

This image grab from a video released on August 23, 2024 by Yemen’s Houthi Media Center, shows what they say is the Greek-owned oil tanker Sounion which they reportedly hit by three projectiles on August 21, 2023. (AFP/Handout/Ansarullah Media Center)
This image grab from a video released on August 23, 2024 by Yemen’s Houthi Media Center, shows what they say is the Greek-owned oil tanker Sounion which they reportedly hit by three projectiles on August 21, 2023. (AFP/Handout/Ansarullah Media Center)
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Updated 25 August 2024
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Houthi-struck oil tanker could spill ‘million barrels,’ US warns

Houthi-struck oil tanker could spill ‘million barrels,’ US warns
  • The Greek-flagged Sounion was struck on Wednesday off the militia-held port city of Hodeidah

WASHINGTON: The United States warned Saturday of a potential environmental disaster in the Red Sea after Houthi militia struck an oil tanker off the Yemeni coast.
The Greek-flagged Sounion was struck on Wednesday off the militia-held port city of Hodeidah, with the Iran-backed Houthis claiming to have hit the vessel with drones and missiles.
On Friday, the UKMTO maritime agency said three fires had been spotted on the ship, while a video released by the Houthis on social media allegedly showed three explosions on the ship.
The 274-meter long vessel had departed from Iraq and was destined for a port near Athens, carrying 150,000 tons of crude oil.
“The Houthis’ continued attacks threaten to spill a million barrels of oil into the Red Sea, an amount four times the size of the Exxon Valdez disaster,” US State Department Matthew Miller said Saturday in a statement.
The Exxon Valdez spill in 1989 released 257,000 barrels along the coast of Alaska.
“While the crew has been evacuated, the Houthis appear determined to sink the ship and its cargo into the sea,” Miller said.
The Sounian’s crew of 23 Filipinos and two Russians were rescued by a ship with the European Union’s Aspides mission.
The naval mission also warned the unmanned vessel represented “a navigational and environmental hazard.”
The Houthis launched their campaign against international shipping in November, saying it is in support of Gaza amid the Israel-Hamas war.
In March, the Belize-flagged, Lebanese-operated Rubymar became the first ship targeted by the Houthis to sink during the conflict.
The Rubymar sank in the Red Sea with 21,000 metric tons of ammonium phosphate sulfate fertilizer on board.
The Liberian-flagged, Greek-owned bulk carrier Tutor also sank in June after being struck by the Houthis.
Multiple sailors have also been killed or wounded in the attacks, which have severely disrupted global shipping.
“Through these attacks, the Houthis have made clear they are willing to destroy the fishing industry and regional ecosystems that Yemenis and other communities in the region rely on for their livelihoods,” Miller said Saturday.
“We call on the Houthis to cease these actions immediately and urge other nations to step forward to help avert this environmental disaster,” he added.


Turkish party leader says his arrest is part of a crackdown on Erdogan’s political opponents

Updated 6 min 22 sec ago
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Turkish party leader says his arrest is part of a crackdown on Erdogan’s political opponents

Turkish party leader says his arrest is part of a crackdown on Erdogan’s political opponents
Umit Ozdag, leader of the Victory Party, is currently in jail pending trial on charges of insulting President Tayyip Erdogan and inciting hatred
“Democracy cannot be established with illegal arrests and silencing,” he said

ISTANBUL: The leader of a Turkish nationalist party has said he was arrested and detained on political grounds as part of an opposition crackdown that contradicts the government’s purported effort to boost democracy while ending a Kurdish militant insurgency.
Umit Ozdag, leader of the Victory Party and known for his fierce opposition to the presence of millions of Syrian migrants in Türkiye, is currently in jail pending trial on charges of insulting President Tayyip Erdogan and inciting hatred.
“Democracy cannot be established with illegal arrests and silencing,” he said in a hand-written statement responding to Reuters’ questions from his cell in Silivri prison in northwest Türkiye.
Erdogan’s office did not immediately respond to Ozdag’s claims about his arrest.
Opposition politicians have faced a series of legal probes, detentions and arrests in what critics say is a government effort to muzzle dissent and hurt their popularity among voters.
Last month Turkish police detained nine district municipal council members from the main opposition Republican People’s Party (CHP) on terrorism-related charges and several pro-Kurdish DEM party mayors have been removed from their posts over convictions on terrorism-related offenses.
The government has repeatedly stated that the judiciary operates independently in response to criticism that arrests are politically motivated.
Opinion polls suggest Ozdag’s nationalist rhetoric, such as calling for an end to financial support for Syrian migrants and proposing that they be sent home, resonated with some voters. A survey by research firm Konda, carried out after his January arrest, showed support for his party rose to 6 percent in February — its highest ever — up from 4.6 percent in January.
In his first response to media queries since being detained seven weeks ago, Ozdag dismissed Ankara’s current effort to end a 40-year conflict with the Kurdistan Workers Party, or PKK, as “too good to be true.”
The PKK’s jailed leader Abdullah Ocalan brought that goal one step closer last month when he called on the group’s commanders in Iraq to convene, disarm, and disband.
The PKK, designated as a terrorist organization by Turkiye and its Western allies, responded by agreeing to heed the call.
Ozdag linked his arrest to this ongoing process.
“I was arrested by the political decision of the government because I had studied terrorism issues as an academic for years before politics and was the party leader who best analyzed the politics carried out with the PKK,” he said.
Erdogan’s office did not respond to Ozdag’s claims about the PKK.
Previously, Ozdag has said in a statement on X that his party rejects the current process with the PKK, saying it had the potential to harm Türkiye’s national identity and unity.
Ending the insurgency would be a major achievement for Erdogan after past efforts failed to resolve a conflict in which more than 40,000 people have died since 1984.
Ocalan’s call may also boost Erdogan’s own political prospects. In order to extend his rule beyond 2028, when his last term as president ends, he would need the support of an opposition party, in order to amend the constitution or bring about early elections.

INTIMIDATION
Ozdag was detained in Ankara in January after he was accused of inflaming tensions during anti-refugee riots in Kayseri in the summer of 2022. The riots, which lasted a week, involved widespread vandalism.
Authorities say Ozdag’s statements on social media played a role in inciting the unrest. Ozdag denied this. The Konda Barometer’s February report found that three out of five people believe his detention is illegal.
Ozdag said the ruling alliance was using its engagement with Ocalan to burnish its democratization credentials with voters while continuing to silence political opponents and intimidate independent institutions.
It has not taken the needed steps for a lasting peace, he said.
“It is not clear what changes to the Constitution or laws will be required. Will there be an amnesty for PKK members? How will the YPG be treated?” he said, referring to the Kurdish militia in Syria that Ankara views as an extension of the PKK.
“There are too many dark points in this process,” he added.
Ozdag pointed to the investigation into leaders of TUSIAD, Türkiye’s leading business group, as further evidence of authorities’ disinterest in democratic reforms. “The entire business world has been intimidated through TUSIAD,” he said.

Ukraine’s Zelensky says 30-day ceasefire could be used to draft peace plan

Ukraine’s Zelensky says 30-day ceasefire could be used to draft peace plan
Updated 5 min 40 sec ago
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Ukraine’s Zelensky says 30-day ceasefire could be used to draft peace plan

Ukraine’s Zelensky says 30-day ceasefire could be used to draft peace plan
  • The US announced resuming military aid and intelligence sharing with Ukraine after a 30-day ceasefire with Russia was agreed upon in Saudi Arabia

KYIV: Ukrainian President Volodymyr Zelensky on Wednesday hailed a meeting between the US and Ukraine this week aimed at ending Russia’s invasion and said a proposed ceasefire could be used to draft a broader peace deal.
The United States said on Tuesday it was resuming military aid and intelligence sharing with Ukraine after US and Ukrainian officials agreed in Saudi Arabia on a 30-day ceasefire with Russia.
“I am very serious (about a ceasefire) and for me it is important to end the war,” Zelensky said during a briefing in Kyiv, where he described the resumption of US aid and intelligence as very positive.
“We are ready for a ceasefire for 30 days as proposed by the American side.”
Zelensky added that the Jeddah meeting had helped “de-escalate” tensions between the US and Ukraine after a White House clash between him and President Donald Trump last month.
US Secretary of State Marco Rubio said after the talks in Jeddah that the US would now take the offer to Russia, and that the ball was in Moscow’s court.
The Kremlin said on Wednesday it was awaiting details from Washington on the 30-day ceasefire proposal.


Pakistan Football League announces cash award, job for struggling footballer

Pakistan Football League announces cash award, job for struggling footballer
Updated 15 min 6 sec ago
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Pakistan Football League announces cash award, job for struggling footballer

Pakistan Football League announces cash award, job for struggling footballer
  • Video of Muhammad Riaz frying popular street snack to make ends meet recently went viral on social media
  • PFL says will provide training as per international standards to Riaz to ensure football talent is not neglected

ISLAMABAD: The Pakistan Football League (PFL) on Wednesday announced a cash prize of Rs1 million [$3,573] and a “prominent position” in the league for struggling footballer Muhammad Riaz, who made headlines recently after a video of him selling a popular street to make ends meet went viral on social media. 
The announcement came days after Riaz, who represented Pakistan in the 2018 Asian Games, was seen in a video frying popular street snacks jalebis in the northwestern city of Hangu. The video went viral online, with netizens criticizing the government and sports bodies for ignoring the footballer. 
Sports athletes in the subcontinent, including Pakistan, usually come from economically disadvantaged backgrounds before becoming household names overnight and attaining financial success. 
“I on behalf of PFL would like to reward Muhammad Riaz with a prize money of Rs1 million and a prominent position in PFL as he is not only an excellent player but has also represented Pakistan at the global fronts on the soccer field,” the league quoted PFL Chairman Farhan Junejo as saying in a statement.
“And such amazing talent deserves all the support we can offer in our maximum capacity“
The PFL is a franchise league that says it is driven by a UK-based company with foreign investment solely committed to uplifting football from the grassroots to a professional level in Pakistan.
PFL said it took notice of the viral video and established contact with Riaz, describing him as a “prime example” of thousands of talented footballers who are forced to quit their profession due to financial constraints.
“PFL remains committed in its objective to revive football in Pakistan and provide international training for all other footballers like Riaz,” the league said.
Riaz thanked the PFL for recognizing the hardships he had to deal with following the previous government’s decision to suspend departmental sports.
“I am thankful to PFL for providing me an opportunity to showcase my lost love for football and ensure that I will be working together with PFL to make sure no other player remains neglected,” Riaz was quoted as saying. 
The PFL said it would also make arrangements to provide Riaz training as per international standards to ensure football talent in the country doesn’t go unnoticed.
It added that PFL would also offer free football kits and training facilities to footballers in Hangu.
The plight of football in Pakistan is a tale of unfulfilled potential, administrative chaos and lack of investment. Despite a passionate fan base and a pool of talented players, the sport has suffered due to mismanagement by governing bodies, political interference and inadequate infrastructure. 
The Pakistan Football Federation (PFF) has been marred by internal disputes and FIFA suspensions which have hindered the development of the game at all levels.


Closing Bell: Saudi main index continues to decline on third consecutive day

Closing Bell: Saudi main index continues to decline on third consecutive day
Updated 15 min 7 sec ago
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Closing Bell: Saudi main index continues to decline on third consecutive day

Closing Bell: Saudi main index continues to decline on third consecutive day

RIYADH: Saudi Arabia’s Tadawul All Share Index continued its downward trend for the third consecutive day on Wednesday as it shed 13.03 points or 0.11 percent to close at 11,704.93. 

The total trading turnover of the benchmark index was SR5.42 billion ($1.44 billion), with 155 stocks advancing and 83 declining. 

The MSCI Tadawul index also declined by 0.43 percent to 1,476.91.

However, Saudi Arabia’s parallel market Nomu increased 410.19 points to close at 31,173.41. 

 The best-performing stock on the main market was Al-Baha Investment and Development Co. The company’s share price increased by 8.33 percent to SR0.39. 

The share price of Al-Babtain Power and Telecommunication Co. also rose by 7.08 percent to SR41.60.

ARTEX Industrial Investment Co. also saw its stock price rising by 6.54 percent to SR14. 

Conversely, the share price of Saudi Industrial Investment Group declined by 3.96 percent to SR15.02. 

On the announcements front, Arabian Drilling Co. said that its net profit for 2024 reached SR321.3 million, representing a decline of 46.85 percent compared to 2023. 

In a Tadawul statement, the company said that the decrease in net profit was mainly due to start up cost of the new unconventional rigs, as well as higher net finance expenses and depreciation costs, partially offset by higher revenue.

The share price of the company edged down by 0.54 percent to SR91.40.

Savola Group said that its net profit witnessed a surge of 1009.2 percent year on year to reach SR9.97 billion. 

This was primarily driven by the distribution of its 34.52 percent stake in Almarai to shareholders, resulting in a net gain of SR11.3 billion.

The retail segment also contributed to the profit surge, with net earnings climbing from SR47 million in 2023 to SR154 million in 2024. This growth was fueled by the positive impact of the CXR program and an expanded store network.

The share price of the company closed on SR32.70, decreasing 3.54 percent, as it was the second worst performer of the day.

Theeb Rent a Car Co. said that the firm’s net profit for 2024 stood at SR182.7 million, representing an increase of 28.6 percent compared to 2023. 

In a Tadawul statement, the company revealed that its net profit increased due to the improved utilization rate of short and long-term rental segments.

This is in addition to the reduction of certain operational costs items, alongside with the increase in total revenues by 14.73 percent reached SR2.34 billion in 2024, marking a year on year rise of 4.01 percent. 

Theeb Rent a Car Co.’s share price increased by 4 percent to SR73.

AlSaif Stores for Development and Investment Co. also revealed its net profit decrease by 61.7 percent, reaching SR37.53 million.

The decrease was due to an increase in the cost of goods sold, the impact of exceptional offers and an increase in financing interest expenses.

Its share price edged up by 1.05 percent to SR7.60.


India becomes top FDI source in Dubai with $3 billion investment

India becomes top FDI source in Dubai with $3 billion investment
Updated 28 min ago
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India becomes top FDI source in Dubai with $3 billion investment

India becomes top FDI source in Dubai with $3 billion investment
  • India had the highest FDI capital into Dubai in 2024, accounting for 21.5%
  • Business services, software, IT and real estate were among the top sectors for Indian investment

NEW DELHI: India’s foreign direct investment into Dubai surged to over $3 billion in 2024, making the South Asian nation its top investor, the latest data shows.

Dubai’s Department of Economy and Tourism announced this week that the most populous of the UAE’s seven emirates attracted 52.3 billion dirhams ($14.20 billion) in estimated FDI capital in 2024.

India was “the top source country with the highest total estimated FDI capital into Dubai, accounting for 21.5%,” the main authority for the planning, supervision and development of Dubai’s business and tourism sectors said in a statement.

This amounts to about $3.05 billion, five times more than 2023, when India was Dubai’s fifth largest FDI capital contributor.

Last year, India was followed by the US at 13.7 percent, France with 11 percent, the UK at 10 percent, and Switzerland with 6.9 percent.

India was also the second-largest player in FDI projects to Dubai, accounting for 15 percent and preceded only by the UK at 17 percent.

Business leaders saw a surge of Indian investment not only in Dubai but also in the whole of the UAE. This was facilitated by a series of bilateral agreements, in particular the 2022 UAE-India Comprehensive Economic Partnership Agreement, which has eliminated trade barriers, lowered tariffs and eased business operations, making it easier for companies in both countries to access each other’s markets.

Adeeb Ahamed, managing director of LuLu Financial Holdings and chair of the Middle East Council of the Federation of Indian Chambers of Commerce and Industry, said it has enabled “remarkable economic collaboration” and allowed Indians “to take full advantage of this favorable (investment) atmosphere.”

In Dubai, business services, software and IT services, consumer products, food and beverages, and real estate are currently the top sectors representing Indian FDI, according to the FICCI’s data.

“This diversification reflects Indian businesses’ strategic approach to global expansion. The regulatory environment — the 2022 Comprehensive Economic Partnership Agreement and 2024 Bilateral Investment Treaty — have significantly reduced barriers, while world-class infrastructure and bilateral agreements have created an ecosystem where Indian enterprises can truly flourish,” FICCI Director-General Jyoti Vij told Arab News on Wednesday.

“This meteoric rise from the fifth to first position as Dubai’s top FDI source demonstrates our growing global ambitions and capabilities.”