MOSCOW: Belarus said Monday that joint air force drills with Russia began on its territory, amid concerns Minsk was being dragged into the Ukraine conflict to fight alongside Moscow.
Minsk’s defense ministry said “joint tactical flight drills of aviation units” from Belarus and Russia had started.
The drills will last until February 1, the ministry said earlier.
“The main goal of the exercise is to increase operational compatibility in the joint performance of combat training missions,” the ministry said in a statement.
All military airfields in Belarus will be involved in the drills, Minsk has said.
The ministry added that the exercises will involve training in aerial reconnaissance, joint patrolling of the state border, tactical air assault landing, the delivery of goods and evacuation of wounded.
Officials have described the drills as defensive.
“The exercise is purely defensive in nature,” Pavel Muraveyko, first deputy state secretary of Belarus’s Security Council, said in remarks carried Sunday by the defense ministry’s Telegram channel.
He added that the situation on Belarus’s border with Ukraine was “not very calm” but Minsk is ready for “any provocative actions” from Kyiv.
President Alexander Lukashenko has insisted that he will not send Belarusian troops into Ukraine.
Belarus allowed Russia — its main political ally and chief creditor — to use Belarusian territory as a launching pad for its Ukraine offensive.
In October, Minsk said it was establishing a joint regional force with Moscow with several thousand Russian servicemen arriving to the country.
Russia, Belarus launch joint air force drills
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Russia, Belarus launch joint air force drills
Egypt rejects Israeli plans for Rafah crossing, sources say
- An Israeli official said a delegation traveled to Egypt amid rising tension between the two countries
CAIRO: Egypt has rejected an Israeli proposal for the two countries to coordinate to re-open the Rafah crossing between Egypt’s Sinai Peninsula and the Gaza Strip, and to manage its future operation, two Egyptian security sources said.
Officials from Israeli security service Shin Bet presented the plan on a visit to Cairo on Wednesday, amid rising tension between the two countries following Israel’s military advance last week into Rafah, where hundreds of thousands of Palestinians displaced by war have been sheltering.
The Rafah crossing has been a main conduit for humanitarian aid entering Gaza, and an exit point for medical evacuees from the territory, where a humanitarian crisis has deepened and some people are at risk of famine. Israel took operational control of the crossing and has said it will not compromise on preventing Hamas having any future role there.
The Israeli proposal included a mechanism for how to manage the crossing after an Israeli withdrawal, the security sources said. Egypt insists the crossing should be managed only by Palestinian authorities, they added.
An Israeli official who requested anonymity said the delegation traveled to Egypt “mainly to discuss matters around Rafah, given recent developments,” but declined to elaborate.
Egypt’s foreign press office did not immediately respond to a request for comment.
Egypt and Israel have a long-standing peace treaty and security cooperation, but the relationship has come under strain during the Gaza war, especially since the Israeli advance around Rafah.
The two countries traded blame this week for the border crossing closure and resulting blockage of humanitarian relief.
Egypt says Rafah’s closure is due solely to the Israeli military operation. It has warned repeatedly that Israel’s offensive aims to empty out Gaza by pushing Palestinians into Egypt.
Israeli government spokesperson David Mencer said on Wednesday that Egypt had rejected an Israeli request to open Rafah to Gazan civilians who wish to flee.
The Israeli delegation also discussed stalled negotiations for a ceasefire and hostage release in Gaza during their Cairo visit, but did not convey any new messages, the Egyptian sources said. Egypt has been a mediator in the talks, along with Qatar and the United States.
Israel’s Gaza offensive has killed more than 35,000 Palestinians, according to Gaza health officials, with at least 82 killed on Tuesday in the highest single-day toll for weeks.
Hamas-led gunmen killed some 1,200 people and abducted 253 in their Oct. 7 raid into Israel, according to Israeli tallies.
Egypt’s exports to Arab counties up 8.7% in 2023, Saudi Arabia tops list
RIYADH: The value of Egyptian exports to Arab countries surged 8.7 percent year on year to reach $13.6 billion in 2023, according to new data.
A statement from Egypt’s Central Agency for Public Mobilization and Statistics revealed that Saudi Arabia topped the list of the highest Arab countries importing from nation during the year, with the value of the African country’s exports amounting to $2.7 billion in 2023.
This falls in line with the significant growth in trade relations, partnerships, joint projects, and development investment between the two countries in recent years.
The statement revealed that the Kingdom was followed by the UAE, with Egyptian exports reaching $2.2 billion, followed by Libya with about $1.8 billion, Sudan with an estimated $984.4 million, and Algeria at $850.3 million.
Regarding the top commodity groups exported to Arab countries during 2023, the agency indicated that vegetables and fruits were exported with a value of $1.3 billion, followed by machinery and electrical appliances with a worth of $1.1 billion.
Furthermore, Egypt’s exports of pearls, precious stones and jewelry to the Arab countries came next, amounting to $1 billion, while exports of fuel, mineral oils and distillation products stood at $753 million.
Meanwhile, the country’s exports of plastics and manufactures totaled $712 million.
Saudi Arabia’s Crown Prince Mohammed bin Salman arrives in Manama for Arab League Summit 2024
MANAMA: Saudi Arabia’s Crown Prince Mohammed bin Salman was among the Arab delegates who arrived in Manama for the Arab League Summit.
The one-day summit will discuss the situation in Gaza, propose ceasefire and push for a two-state solution in Palestine to achieve regional peace.
Qatar’s Emir Tamim bin Hamad Al Thani, UAE’s Vice President and Prime Minister Mohammed bin Rashid, Kuwait’s Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, and Syria’s President Bashar Al Assad were among the arrivals on Thursday.
It is the first time the Arab bloc has come together since the extraordinary summit in Riyadh in November where the leaders condemned Israel’s “barbaric” actions in Gaza.
Saudi Arabia’s holdings in US treasuries rise to $135.9bn
RIYADH: Saudi Arabia’s holdings in US treasuries increased for the eighth consecutive month in March, reaching $135.9 billion, a rise of 3.66 percent compared to the previous month.
According to official data released by Washington, the Kingdom was ranked 17th among the largest investors in such financial instruments in March.
The report noted that Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth $107.3 billion, representing 79 percent of the total.
On the other hand, the Kingdom’s short-term bonds were worth $28.6 billion in March, accounting for 21 percent of the total value.
In February, the Kingdom’s holdings in US treasuries stood at $131.1 billion, compared to $133.5 billion in January and $132 billion in and December,
The data suggested that Japan was the largest investor in US treasury bonds in March, with holdings totaling $1.18 trillion, representing a rise of 1.16 percent from February.
China and the UK followed, with portfolios valued at $767.4 billion and $728.1 billion, respectively.
Luxembourg and Canada were ranked in the fourth and fifth spots, with treasury holdings amounting to $399.3 billion and $359.1 billion, respectively.
Ireland secured the sixth rank in the list with holdings of $317.8 billion, closely followed by Belgium with portfolios worth $317.1 billion.
The Cayman Islands came in the eighth position with treasury reserves worth $302.9 billion, followed by France and Switzerland, with assets amounting to $283.1 billion and $262.9 billion, respectively.
Taiwan was ranked eleventh on the list, with treasury holdings worth $259 billion.
India came in the twelfth spot with assets amounting to $240.6 billion, followed by Brazil and Singapore, which had holdings worth $227.1 billion and $208 billion, respectively.
Earlier this month, a report released by the Saudi Central Bank, also known as SAMA, revealed that international reserve assets declined by 2 percent in April to SR1.66 trillion ($440 billion) compared to the previous month.
However, the Kingdom’s foreign reserve assets jumped 3 percent in April compared to the same period of the previous year.
Fintech firm Hala gets SAMA approval to offer debt-based crowdfunding solutions
RIYADH: Saudi businesses are set to gain access to new crowdfunding solutions as Hala Payments Co. has received licensing approval from the Kingdom’s central bank to offer debt-based products.
The Saudi-based fintech platform offers inbound and outbound payment options to small and medium enterprises, with over 50,000 merchants currently using its services, according to its website.
With this approval, the total number of companies licensed to engage in this activity in the Kingdom has reached 11, while authorized finance companies now stands at 62, stated the Saudi Central Bank in a press release.
Debt-based crowdfunding provides a pathway for projects or businesses in need of funding. Instead of relying on a single lender, borrowers secure loans from multiple investors.
This model is particularly advantageous for small businesses or individuals who may face challenges obtaining loans from traditional banks. Essentially, it serves as a dual opportunity: borrowers receive the necessary funding, while investors earn returns by directly lending money.
In January, SAMA issued a license to Thara, a debt crowdfunding platform, to operate in the Kingdom. The fintech firm specializes in financing real estate development projects, connecting individual and institutional investors with investment opportunities through Murabaha products.
This decision to issue licenses falls within the framework of the central bank’s efforts to support and empower the finance sector, aimed at enhancing the effectiveness and flexibility of transactions, added SAMA.
It also seeks to foster innovation and promote it, with the objective of enhancing the level of financial inclusion in the Kingdom and extending such services to all segments of society.
SAMA emphasized the importance of dealing with licensed or authorized financial institutions, which can be verified by visiting its official website.
The central bank warned that it may take any necessary actions, such as conducting on-site visits, meeting with the company’s executives, and reviewing its regulations, procedures, and records, to verify that the debt-based crowdfunding company has met all its requirements.
It added that the license can be canceled if the firm requests cancellation, provides false information, violates rules or laws, delays starting activities for six months, or suspends operations for over three months without SAMA’s approval.
