Lebanon, Israel end second round of maritime border talks

An aircraft flies over a base for UN peacekeepers of the United Nations Interim Force in Lebanon (UNIFIL) in Naqoura, near the Lebanese-Israeli border, southern Lebanon October 29, 2020. (Reuters)
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Updated 30 October 2020
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Lebanon, Israel end second round of maritime border talks

  • The delegations met for around four hours for a second day straight at a base of the UN peacekeeping force UNIFIL in the Lebanese border town of Naqura
  • The talks have been shrouded in secrecy, with little information emerging about any progress being made

NAQURA: Lebanon and Israel, still technically at war, wrapped up a second round of maritime border talks Thursday under UN and US auspices to allow for offshore energy exploration.
The delegations met for around four hours for a second day straight at a base of the UN peacekeeping force UNIFIL in the Lebanese border town of Naqura, Lebanon's National News Agency and Israel's energy ministry said.
The talks have been shrouded in secrecy, with little information emerging about any progress being made.
"At the end it was determined that another round of talks will take place during the coming month," the Israeli energy ministry said.
A Lebanese source close to the negotiations said they would resume on November 11.
A first round of talks had been held on October 14, and the second had started on Wednesday.
After years of quiet US shuttle diplomacy, Lebanon and Israel this month said they had agreed to begin the negotiations in what Washington hailed as a "historic" agreement.
The announcement came weeks after Bahrain and the United Arab Emirates became the first Arab nations to establish relations with Israel since Egypt in 1979 and Jordan in 1994.
But Lebanon has insisted the negotiations are purely technical and do not involve any political normalisation with Israel.
Lebanon, reeling from its worst economic crisis in decades, is hoping to settle the maritime border dispute so it can continue exploring for hydrocarbon reserves in the Mediterranean.

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Exploration is on hold in an area off its coast named Block 9, as a section of it is located in an 860-square-kilometre (330-square-mile) area claimed by both Israel and Lebanon.
NNA said the Lebanese delegation carried with it "maps and documents showing the points of contention and the Israeli enemy infringing on the Lebanese right to include part of Block 9".
In February 2018, Lebanon signed its first contract for offshore drilling for oil and gas in Block 9 and Block 4 with a consortium comprising energy giants Total, ENI and Novatek.
Lebanon in April said initial drilling in Block 4 had shown traces of gas but no commercially viable reserves.
While the US-brokered talks look at the maritime border, a UNIFIL-sponsored track is also due to address outstanding land border disputes.
UNIFIL head Major General Stefano Del Col welcomed Tuesday what he called "a unique opportunity to make substantial progress on contentious issues along" the land frontier.


Pakistan receives final tranche of $1.1 billion as part IMF loan program — central bank

Updated 10 min 44 sec ago
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Pakistan receives final tranche of $1.1 billion as part IMF loan program — central bank

  • The IMF executive board completed the second review of the $3 billion loan program in its meeting on Monday
  • The approval came a day after PM Sharif’s meeting with IMF Managing Director Kristalina Georgieva in Riyadh

ISLAMABAD: Pakistan has received a final tranche of $1.1 billion as part of a $3 billion International Monetary Fund (IMF) loan program it entered last summer, the central bank said on Tuesday.

The IMF executive board completed the second review of the Stand-by Arrangement (SBA) in its meeting on Monday and approved the disbursement of SDR 828 million ($1.1 billion) for Pakistan, according to the State Bank of Pakistan (SBP).

The approval came a day after Pakistan Prime Minister Shehbaz Sharif discussed a new loan program with IMF Managing Director Kristalina Georgieva on the sidelines of a World Economic Forum (WEF) meeting in the Saudi capital of Riyadh.

“SBP has received SDR 828 million (around $ 1.1 billion) in value 29 Apr 2024 in its account from IMF,” the central bank said in a statement. “The amount shall be reflected in SBP’s foreign exchange reserves for the week ending on 3rd May 2024.”

Pakistan secured the $3 billion IMF program in June last year, which helped it avert a sovereign default. Islamabad says it is seeking a new loan over at least three years to help achieve macroeconomic stability and execute long-overdue reforms.

Finance Minister Aurangzeb has said Islamabad could secure a staff-level agreement on the new program by early July, though he has declined to detail what size of the program it seeks. If secured, it would be Pakistan’s 24th IMF bailout.

The $350 billion South Asian economy faces a chronic balance of payments crisis, with nearly $24 billion to repay in debt and interest over the next fiscal year — three-time more than its central bank’s foreign currency reserves.

Pakistan’s finance ministry expects the economy to grow by 2.6 percent in the fiscal year ending in June, while average inflation for the year is projected to stand at 24 percent, down from 29.2 percent the previous fiscal year.


Simi, Haze Khadra thank Saudi fans after beauty masterclass

Updated 17 min 6 sec ago
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Simi, Haze Khadra thank Saudi fans after beauty masterclass

DUBAI: US Palestinian beauty moguls Simi and Haze Khadra concluded their beauty masterclass sessions in Riyadh this week, before flying to Dubai.

The masterclass sessions celebrate the Middle East launch of their eponymous label SimiHaze Beauty, with their products now available to purchase at Sephora stores in the region.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

A post shared by Simi & Haze (@simihaze)

“Best day with all the amazing people in Riyadh. Thank you so much for all the love and so happy you all love everything,” the sisters posted on Instagram Stories.

The twins launched their US-born cosmetics brand in 2021 with a range of stick-on makeup designs that can be placed on the face for a bold beauty look achievable within seconds. The sticker book features an array of edgy designs inspired by their favorite DJ looks from the past, such as chrome wings, neon negative space eyeliner and holographic cat-eyes. 

SimiHaze Beauty has expanded to include a range of products, including lipsticks, bronzing powders, a lifting mascara and more. 


‘We are with them’: Lebanon students rally for Gaza

Updated 12 min 7 sec ago
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‘We are with them’: Lebanon students rally for Gaza

  • “We are Palestine’s neighbors. If we do not stand with them today, who will?” asked AUB student Zeina
  • Some students also carried banners declaring solidarity with south Lebanon, where Israel and Hamas-ally Hezbollah have exchanged near-daily cross-border fire since October

BEIRUT: Hundreds of university students in Lebanon protested on Tuesday against Israel’s bombardment of Gaza, inspired by recent pro-Palestinian demonstrations that have rocked US and European campuses, AFP correspondents said.
Dozens of students gathered at the prestigious American University of Beirut (AUB), some wearing the traditional Arab keffiyeh scarf that has long been a symbol of the Palestinian cause, an AFP photographer said.
“We are Palestine’s neighbors. If we do not stand with them today, who will?” asked AUB student Zeina, 23, declining to provide her surname.
“Around the world, students my age, from our generation, are the ones raising their voices,” she added.
The Gaza war began after Palestinian militant group Hamas’s unprecedented October 7 attacks on southern Israel, which resulted in the deaths of 1,170 people, mostly civilians, according to an AFP tally of Israeli official figures.
Hamas also took some 250 hostages. Israel estimates that 129 remain in Gaza, including 34 believed to be dead.
Israel’s retaliatory offensive, aimed at destroying Hamas, has killed at least 34,535 people in Gaza, mostly women and children, according to the health ministry in the Hamas-run territory.
The protests came as Hamas said it was considering a plan for a 40-day ceasefire and the release of scores of hostages in exchange for larger numbers of Palestinian prisoners.
Some students also carried banners declaring solidarity with south Lebanon, where Israel and Hamas-ally Hezbollah have exchanged near-daily cross-border fire since October.
The protests came as similar demonstrations swept universities across the United States, posing a challenge to administrators trying to balance free speech with complaints that the rallies have veered into anti-Semitism.
Footage of police in riot gear called in by universities to break up the rallies has circulated worldwide, recalling the protest movement that erupted during the Vietnam War.
“We renew our demand to stop the American-backed Israeli genocide against Palestinians and urgently demand to stop Zionist (Israeli) attacks” on south Lebanon, a female student told the crowd at AUB, praising “the global student movement supporting our people.”
At the nearby Lebanese American University, dozens of students gathered, raising Palestinian flags and burning an Israeli one.
“We want to convey a message to our people in Gaza: we are with them... We have not forgotten them,” Lara Qassem, 18, told AFP.
In Lebanon, at least 385 people have been killed in months of cross-border violence, mostly fighters but also including 73 civilians, according to an AFP tally.
Israel says 11 soldiers and nine civilians have been killed in the country’s north.


ACCIONA presents its first talks in Riyadh on reverse osmosis desalination

Updated 22 min 12 sec ago
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ACCIONA presents its first talks in Riyadh on reverse osmosis desalination

  • First in a series of events at the Spanish Embassy highlights solution to water scarcity in the Kingdom
  • Speakers emphasized how Saudi Vision 2030 highlights the importance of investing in desalination technology such as reverse osmosis

RIYADH: ACCIONA, a leader in regenerative solutions for a decarbonized economy, held its first panel discussion in its series of talks designed to promote regenerative and sustainable solutions in Saudi Arabia.

The event, held at the Spanish Embassy in Riyadh on April 28, brought together leading figures from across the sector, government, and businesses to showcase the importance of reverse osmosis technology in the water cycle.

The Riyadh event follows an inaugural panel discussion of a series, entitled “The Saudi Solution for Water Sustainability: Reverse Osmosis Desalination,” which explored achieving water sustainability in the Kingdom.

Panelists who participated included Khaled Al-Qourashi, CEO of the Saudi Water Partnerships Co., Khalid Al-Habib, chief investment officer of Water Transmission and technologies Co., ENGIE Saudi Arabia CEO Mohammed Alhajjaj, and Manuel Manjon, CEO of ACCIONA’s water business line.

The participants shared their experience in the sector and explained the importance of managing water resources efficiently to meet the needs of the growing population and expanding economy without compromising future generations’ ability to access clean water.

Given its arid climate and limited freshwater resources, Saudi Arabia relies heavily on desalination plants to meet its water needs.

The speakers emphasized how Saudi Vision 2030 highlights the importance of investing in desalination technology such as reverse osmosis, and of expanding the capacity of existing desalination plants to ensure a reliable supply of freshwater for domestic, industrial, and agricultural use.

Saudi Arabia is one of the world’s largest producers of desalinated water, with numerous desalination plants along its coastline. Reverse osmosis technology plays a vital role in addressing water scarcity challenges in the Kingdom by providing a sustainable and reliable source of clean water for different sectors and applications, contributing to the country’s economic development, environmental sustainability, and social well-being.


Aramco acquires 40% stake in GO, marking first entry into Pakistani fuel retail market

Updated 24 min 6 sec ago
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Aramco acquires 40% stake in GO, marking first entry into Pakistani fuel retail market

  • Saudi oil giant Aramco inked agreement to buy 40 percent stake in Gas and Oil Pakistan Ltd. in December 2023 
  • Acquisition to bring much-needed foreign direct investment in Pakistan’s energy sector, says competition commission

KARACHI: The Competition Commission of Pakistan this week approved Saudi oil giant Aramco’s decision to acquire a 40 percent stake in local company Gas & Oil Pakistan Ltd, officially marking the Saudi company’s entry into Pakistan’s fuels retail market. 

Aramco and Gas signed the agreement to acquire 40 percent stake in Gas and Oil Pakistan Ltd., a licensed oil marketing company, in December 2023.

Gas and Oil Pakistan Ltd. is involved in the procurement, storage, sale, and marketing of petroleum products and lubricants. It is also one of Pakistan’s largest retail and storage companies.

Aramco is a global integrated energy and chemicals company that produces approximately one in every eight barrels of the world’s oil supply and develops cutting-edge energy technologies.

Aramco Asia Singapore Pte. Ltd., a Singaporean company wholly owned by Saudi Aramco, filed the pre-merger application with the CCP. It specializes in sales, marketing, procurement, logistics, and related services, with a focus on prospecting, exploring, drilling, extracting, processing, manufacturing, refining, and marketing hydrocarbon substances.

“The Competition Commission of Pakistan approved a 40 percent equity stake acquisition in Gas & Oil Pakistan Ltd. by Aramco, a global leader in integrated energy and chemicals,” the CCP said in a statement on Monday. “This transaction marks Aramco’s first entry into Pakistan’s fuels retail market, underscoring its confidence in the country’s economic potential and its commitment to its growth.”

The CCP said it had authorized the merger after determining that the acquisition would not result in the acquirers’ “dominance” in the relevant market post-transaction.

“Aramco’s acquisition indicates a significant milestone in Pakistan’s energy sector, bringing advanced expertise and technology to the fuels retail market,” it said. “This development is expected to boost competition, elevate service standards, and provide consumers with a broader range of high-quality products.”

The CCP said the acquisition would help bring much-needed foreign direct investment in Pakistan’s energy sector, contributing to economic growth and development of the country. 

In February 2019, Pakistan and Saudi Arabia inked investment deals totaling $21 billion during the visit of Saudi Crown Prince Mohammed Bin Salman to Islamabad. The agreements included about $10 billion for an Aramco oil refinery and $1 billion for a petrochemical complex at the strategic Gwadar Port in Balochistan.

Pakistan’s Prime Minister Shehbaz Sharif, who is in Saudi Arabia for a special meeting of the World Economic Forum, held meetings this week with Saudi Arabia’s ministers of energy, economy and planning, and environment, according to his office.

In a meeting with Saudi Energy Minister Prince Abdulaziz bin Salman on Monday evening, Sharif highlighted initiatives undertaken by Pakistan to facilitate investment in the energy sector. The Saudi side showed keen interest in Pakistan’s energy projects highlighted by Sharif, the Prime Minister’s Office said. 

The proposed projects included building new and improving existing energy infrastructure, increasing focus on renewable energy, and bringing efficiency across entire energy ecosystem in Pakistan, according to the statement. 

Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian country.

Both countries have been closely working to increase bilateral trade and investment deals, and the Kingdom recently reaffirmed its commitment to expedite an investment package worth $5 billion.