BRUSSELS: NATO on Monday confirmed that North Korean troops have been sent to help Russia in its almost three-year war against Ukraine and said some have already been deployed in Russia’s Kursk border region, where Russia has been struggling to push back a Ukrainian incursion.
“Today, I can confirm that North Korean troops have been sent to Russia, and that North Korean military units have been deployed to the Kursk region,” NATO Secretary-General Mark Rutte told reporters.
Rutte said the move represents “a significant escalation” in North Korea’s involvement in the conflict and marks “a dangerous expansion of Russia’s war.”
Adding thousands of North Korean soldiers to Europe’s biggest conflict since World War II will pile more pressure on Ukraine’s weary and overstretched army. It will also stoke geopolitical tensions in the Korean Peninsula and the wider Indo-Pacific region, including Japan and Australia, Western officials say.
Russian President Vladimir Putin is keen to reshape global power dynamics. He sought to build a counterbalance to Western influence with a summit of BRICS countries, including the leaders of China and India, in Russia last week. He has sought direct help for the war from Iran, which has supplied drones, and North Korea, which has shipped large amounts of ammunition, according to Western governments.
Russia’s Foreign Minister Sergey Lavrov shrugged off Rutte’s comments and noted that Pyongyang and Moscow signed a joint security pact last June. He stopped short of confirming North Korean soldiers were in Russia.
Lavrov claimed that Western military instructors already have been covertly deployed to Ukraine to help its military use long-range weapons provided by Western partners.
“Western military personnel long have been working in Ukraine,” Lavrov said after a meeting with the Kuwaiti foreign minister in Moscow.
Ukraine, whose defenses are under severe Russian pressure in its eastern Donetsk region, could get more bleak news from next week’s US presidential election. A Donald Trump victory could see key US military help dwindle.
In Moscow, the Defense Ministry announced Monday that Russian troops have captured the Donetsk village of Tsukuryne — the latest settlement to succumb to the slow-moving Russian onslaught.
Rutte spoke in Brussels after a high-level South Korean delegation, including top intelligence and military officials as well as senior diplomats, briefed the alliance’s 32 national ambassadors at NATO headquarters.
Rutte said NATO is “actively consulting within the alliance, with Ukraine, and with our Indo-Pacific partners,” on developments. He said he was due to talk soon with South Korea’s president and Ukraine’s defense minister.
“We continue to monitor the situation closely,” he said. He did not take questions after the statement.
The South Koreans showed no evidence of North Korean troops in Kursk, according to European officials who were present for the 90-minute exchange and spoke to The Associated Press about the security briefing on condition of anonymity.
It’s unclear how or when NATO allies might respond to the North Korean involvement. They could, for example, lift restrictions that prevent Ukraine from using Western-supplied weapons for long-range strikes on Russian soil.
Ukrainian President Volodymyr Zelensky, citing intelligence reports, claimed last Friday that North Korean troops would be on the battlefield within days.
He previously said his government had information that some 10,000 troops from North Korea were being readied to join Russian forces fighting against his country.
Days before Zelensky spoke, American and South Korean officials said there was evidence North Korea had dispatched troops to Russia.
The US said around 3,000 North Korean troops had been deployed to Russia for training.
Saudia sets new heights in 2024, flying 20m international passengers with 16% growth
- Saudia reported an 18% increase in transit guests compared to the previous year, surpassing 9.3 million passengers
- It carried 35 million guests throughout 2024, reflecting a 15% year-on-year increase
JEDDAH: Saudi Arabia’s national flag carrier Saudia reported a 16 percent year-on-year rise in its international passenger numbers in 2024, reaching 20 million, highlighting its growth and operational success.
Saudia also reported an 18 percent increase in transit guests compared to the previous year, surpassing 9.3 million passengers, according to its performance report statement, released on Jan. 23.
The growth reflects the carrier’s efforts to strengthen global connections to the Kingdom, supporting the ambitious goals of Saudi Vision 2030 in tourism, entertainment, sports, and the Muslim Hajj and Umrah pilgrimages.
According to the International Air Transport Association, the Middle East’s air travel market continued its strong recovery in November, with passenger demand increasing by 8.9 percent compared to the same month in 2023.
While this growth was robust, it was slightly ahead of the global trend, which saw an 8.1 percent increase in total passenger demand.
The region’s performance was part of a broader international trend, where the Middle East, alongside Europe and Asia-Pacific, led the way in demand growth. However, airlines in the region continue to face challenges in aircraft supply, preventing them from fully meeting growing demand and improving their services, IATA said in a statement released earlier this month.
Major international markets in the Middle East experienced a notable increase in traffic demand, driven by the strong performance of the region’s largest aviation hubs, despite some countries facing challenges from geopolitical conflicts, according to IATA.
Ibrahim Al-Omar, the director general of Saudia Group, said that success in the competitive aviation industry requires a continuously evolving strategy, addin that the airline remains committed to achieving sustainable operational excellence while upholding the highest international standards.
“This remarkable growth is a testament to the dedication and hard work of Saudia’s employees and the strategic optimization of our aircraft fleet to deliver exceptional service. We have also made significant strides in enhancing our services and enriching the overall guest experience.” he said.
In its report, Saudia said that it carried 35 million guests throughout 2024, reflecting a 15 percent year-on-year increase.
The airline reported operating 193,000 scheduled and additional flights last year, reflecting a 10 percent increase from the year before, adding that it also achieved an 8.5 percent rise in flight hours, totaling over 581,000, while maintaining an on-time performance rate of 89.1 percent, marking a 2.7 percent improvement.
The company’s customer satisfaction metric showed a 32.7 score, reflecting a 4.5 percent increase compared to 2023, according to the same release.
As part of its ongoing digital transformation, Saudia said it saw a notable increase in guest engagement through modern technologies. It noted a 40 percent rise in usage of the Saudia app, while the Government Digital Wallet, GovClick, drove an impressive 324 percent growth in digital service adoption.
The company’s futuristic plans include strengthening its operational model, particularly during peak travel seasons, by expanding its fleet, increasing seat capacity, and broadening its global network.
With a current fleet of 147 aircraft, the airline aims to add 118 new planes in the coming years as part of its growth strategy.
Closing Bell: Saudi main index slips to close at 12,354
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, losing 8.35 points, or 0.07 percent, to close at 12,354.04.
The total trading turnover of the benchmark index was SR6.67 billion ($1.77 billion), as 112 of the stocks advanced and 114 retreated.
Similarly, the Kingdom’s parallel market Nomu lost 154.28 points, or 0.50 percent, to close at 30,846.59. This comes as 32 of the listed stocks advanced while 49 retreated.
The MSCI Tadawul Index also lost 1.64 points, or 0.11 percent, to close at 1,543.38.
The best-performing stock of the day was Almoosa Health Co., whose share price surged 10 percent to SR154.
Other top performers included Al Jouf Cement Co., whose share price rose 8.22 percent to SR12.90, as well as Northern Region Cement Co., whose share price surged 6.56 percent to SR9.91.
Saudi Reinsurance Co. recorded the most significant drop, falling 2.90 percent to SR60.20, while Middle East Specialized Cables Co. also saw its stock prices fall 2.67 percent to SR45.60.
Kingdom Holding Co. recorded a drop of 2.42 percent to SR9.29.
On the announcements front, Riyad Bank has completed the offer of its SR-denominated additional tier 1 capital sukuk under its Additional Tier 1 Capital Sukuk Program, which is worth SR10 billion.
According to a Tadawul statement, the total number of sukuk is 800, with the value of the offer standing at SR2 billion. The statement also showed that while the par value is SR250,000, the return is 6 percent per annum.
Riyad Bank ended the session at SR29.60, with no percentage change in price.
Albilad Capital has rebalanced the sukuk basket for the Albilad Saudi Sovereign Sukuk ETF to align with the components of the index. According to a bourse filing, the rebalancing took place on Jan. 22.
Albilad Capital ended the session at SR8.30, with no percentage change in price.
Saudi Arabian Cooperative Insurance Co. has decreased its accumulated losses to 0 percent of the capital. According to a Tadawul statement, this move is mainly attributed to the use of SR39 million out of the total statutory reserve balance amounting, to SR43 million to extinguish the firm’s accumulated losses.
The company highlighted that the use of the company’s statutory reserve has no impact on its financial obligations.
Saudi Arabian Cooperative Insurance Co. ended the session at SR16.70, up 1.24 percent.
Arabian Plastic Industrial Co. has signed a contract with Badael Co., a Public Investment Fund firm, to manufacture and supply plastic containers for 3 years.
A bourse filing revealed that the agreement value exceeds 5 percent of the company’s total revenues according to the audited annual financial statements for the year 2023. The filing also indicated that the financial impact of the deal is forecasted to be reflected positively on the financial statements starting from the first half of 2025.
Arabian Plastic Industrial Co. ended the session at SR37, up 1.23 percent.
Saudi Arabia set to finance bridge construction in eastern Sri Lanka
- Saudi Fund for Development previously financed Kinniya Bridge, Sri Lanka’s longest
- Kingdom has helped finance various projects and granted development loans to the country
COLOMBO: Saudi Arabia is to finance a bridge construction project in Sri Lanka’s eastern district of Trincomalee, the Kingdom’s envoy in Colombo said on Thursday.
Sri Lanka’s Ministry of Finance, Planning and Economic Development and the Saudi Fund for Development have signed a revised agreement for a $10.5 million infrastructure project in the coastal town of Kinniya that will connect it to the Kurinchakerny peninsula.
The ministry announced on Wednesday: “(Some) $10.5 million has been allocated for the construction of Kurinchakerny Bridge, facilitating the transport and business needs of approximately 100,000 residents.”
The funds were repurposed from an earlier project between the Sri Lankan government and the SFD, the Saudi Ambassador to Sri Lanka Khalid bin Hamoud Al-Kahtani said.
The Kingdom previously funded the reconstruction of the Peradeniya-Badulla-Chenkaladi road in Sri Lanka, which connected the country’s eastern, middle and southern provinces. The massive project, which helped improve road safety and mobility in the island nation, was completed in 2021.
“The balance left from the project has been given for the construction of the project on a request made by the Sri Lankan government,” Al-Kahtani told Arab News.
“Through the revised agreement, it is expected to transfer funds that remained in the aforesaid project … and to mobilize the same towards construction of the Kurinchakerny Bridge (in Kinniya). It is envisaged to provide solutions to many transport difficulties.”
Saudi Arabia has helped finance over a dozen projects in Sri Lanka, covering education, water, energy, health and infrastructure. The SFD has also granted at least 15 development loans to the island nation, worth more than $425 million in total.
In Trincomalee, the new bridge will be the second financed by the Kingdom after the Kinniya Bridge. At 396 meters it is the longest bridge in Sri Lanka and was opened in 2009.
A.L. Ashraff, a Kinniya-based journalist, said that the Kinniya Bridge had “triggered the region’s economic and cultural development.”
The Kurinchakerny Bridge, he said, was a “fantastic gift for the thousands of people in Kinniya, which would make their daily life easier.”
5 treated after stabbing in south London, 1 man arrested
- Metropolitan Police said that a man was arrested following the stabbing in Croydon
- Authorities didn’t provide a motive for the stabbing
LONDON: Five people have been treated following a stabbing Thursday morning in south London, according to London’s Ambulance Service.
London’s Metropolitan Police said that a man was arrested following the stabbing in Croydon, which British media reports said happened near an Asda supermarket. Authorities didn’t provide a motive for the stabbing.
The ambulance service said that one person was taken to a major trauma center in London and four other people were hospitalized.
“We sent a number of resources to the scene, including ambulance crews, a paramedic in a fast response car, an incident response officer, members of our Tactical Response Unit and London’s Air Ambulance,” the service said.
The violence came on the same day that a teenager faced sentencing for fatally stabbing three girls at a Taylor Swift-themed summer dance class in the northwestern English town of Southport.
GCC banks to issue over $30bn in US dollar debt in 2025: Fitch Ratings
RIYADH: Gulf Cooperation Council banks are projected to issue over $30 billion in US dollar-denominated debt in 2025, following a record $42 billion in 2024, Fitch Ratings said in a new report.
The surge in debt issuance is set to be driven by nearly $23 billion in maturing debt, lower US dollar interest rates, and strong regional credit demand, particularly in Saudi Arabia and the UAE.
This comes as GCC banks accounted for 18 percent of total US dollar debt issuance by emerging-market banks in 2024, with this figure rising to 36 percent if Chinese banks are excluded. Favorable global financing conditions, supported by high oil prices expected to stay around $70 per barrel in 2025, are expected to continue to bolster investor confidence in the region.
“We expect Saudi banks’ US dollar debt issuance to continue representing a high proportion of overall GCC issuance given the country’s strong credit growth outlook, especially in the corporate segment, and the banks’ increased use of external funding due to high competition for liquidity locally,” stated Fitch Ratings.
Last year, GCC banks broke their previous debt issuance record of $25.6 billion set in 2020. This increase was largely attributed to strong credit growth in Saudi Arabia, banks’ efforts to diversify funding sources, and high debt maturities. The issuance of certificates of deposits alone totaled $8.6 billion, benefiting from investor optimism and the region’s economic stability, the report noted.
Saudi and UAE banks were the leading issuers, each accounting for around a third of total GCC debt issuance. Saudi banks, in particular, have become active in international debt markets since 2020, using external funding to support aggressive growth strategies, diversify funding bases, and meet rising foreign currency demands.
Short-term CDs were a key instrument in GCC banks’ debt strategies in 2024, accounting for about 21 percent of total debt issuance. Key financial hubs such as New York, London, Hong Kong, and Singapore facilitated much of this activity, broadening investor bases and enhancing liquidity options.
The report noted that Islamic finance stayed strong, with sukuk issuance accounting for nearly half of the total 2024 issuance, excluding CDs. The growth in sukuk highlights its appeal to shariah-compliant investors and competitive pricing that makes it an attractive funding instrument for regional banks.
Fitch expects Saudi banks to maintain a dominant share of GCC debt issuance in 2025, driven by strong credit growth in the corporate sector and increasing competition for local liquidity.
In 2025, GCC banks will face substantial debt maturities, with Qatari banks expected to account for one-third of the $23 billion due. Saudi and UAE banks will each represent about a quarter of the maturing debt.
Despite global economic uncertainties, Fitch stated that GCC banks are expected to leverage their solid credit ratings and favorable economic conditions to secure advantageous financing terms.
Sukuk issuance is expected to grow further as banks tap into the expanding pool of shariah-compliant investors. Fitch said the continued use of short-term instruments like CDs will provide banks with greater flexibility in managing funding needs and expanding their global investor base.
Additionally, GCC banks are expected to issue $2.2 billion in additional Tier 1 instruments with first call dates in 2025, followed by $3.1 billion in 2026. This will further support debt issuance, as most GCC bank AT1s are likely to be called due to favorable financing conditions.
AT1 issuance reached $5 billion in 2024, up from $1.7 billion in 2023, marking the highest level since 2021. This surge was driven mainly by Saudi banks.
As GCC banks continue to play a key role in regional economic growth, their strategic debt issuance and diversified funding solutions are expected to drive further financial stability and market confidence in 2025.