Rivals’ accord paves way for Palestine coalition

Fatah’s Azzam Al-Ahmad, right, and Saleh Al-Arouri of Hamas after signing a reconciliation deal in Cairo, Oct. 12, 2017, as the two rival Palestinian movements ended their decade-long split. (AFP)
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Updated 23 January 2021
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Rivals’ accord paves way for Palestine coalition

  • Hamas and Fatah agreed to share surplus votes in elections for a national unity government that will run affairs in Gaza and the West Bank
  • A coalition government appears to give the people of Gaza a chance to exercise freedom of movement and benefit from rebuilding work in the enclave

AMMAN: Fatah and Hamas leaders appear to be moving closer to setting up a unified list that will be the basis of a Palestinian coalition government, a draft agreement between the rival factions reveals.

The agreement, seen by Arab News, was a key factor in the decision to hold elections — Palestine’s first in 15 years — on May 22.

Details of the accord were discussed at meetings in Istanbul and Cairo, and became the basis of an exchange of letters between Hamas leader Ismael Haniyeh and Palestinian President Mahmoud Abbas.

Compromises appear to have been made by both sides, but particularly by Hamas, which accepts that “the PLO (Palestine Liberation Organization) is the sole, legitimate representative of the Palestinian people, and is responsible for all external political issues and negotiations as well as all issues related to war and peace.”

However, Fatah, which has effectively controlled the PLO for decades, acknowledges that the organization requires reform and strengthening so it can better represent all Palestinian groups and in order for its decisions to be mandatory.

By agreeing to be part of the PLO and under its political umbrella, Hamas can avoid the problems it faced in 2006 when it refused to recognize Israel. The PLO exchanged letters of recognition with Israel in 1993.

Hamas and Fatah also agreed to share surplus votes in elections for a national unity government that will run affairs in Gaza and the West Bank, and have total control over all Palestinian areas.

Both sides agreed that the new government “will work on unifying laws and institutions, and have security control over all areas.”

A coalition government appears to give the people of Gaza a chance to exercise freedom of movement and benefit from rebuilding work in the enclave.

According to the agreement, one of the main goals of a coalition government seeking to revive Gaza’s battered economy will be a long-term cease-fire with Israel to prepare the groundwork for extensive rebuilding.

The agreement also calls for Gaza airport and all crossings to be permanently restored along with the establishment of a security corridor between Gaza and the West Bank.

Hamas and Fatah also appear to agree on the need for a change in the role of the Palestinian president, with calls for an overhaul of Palestine’s political structure, “especially the roles of the president, government and legislative council.”

“It is either a presidential structure or a parliamentary one,” the accord said. “The hybrid is a source of conflict.”

Changes should take place before the presidential elections due on July 31, it adds.

The two factions also agreed that the “election campaigns must be civilized, respectful, and avoid abuse and libel from all sides.”

According to the agreement, election results “will be recognized no matter what they are.”


Kerala on alert as toxic cargo ship sinks in Arabian Sea

Updated 2 min 12 sec ago
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Kerala on alert as toxic cargo ship sinks in Arabian Sea

  • Vessel went down with 640 containers, including 13 with hazardous cargo and 12 containing calcium carbide
  • All 24 members of the vessel’s crew, including nationals of Russia, Ukraine, Georgia, Philippines, were rescued

NEW DELHI: India’s southern state of Kerala was on high alert Sunday after a Liberian-flagged vessel carrying hazardous cargo sank off its coast.

The Indian Ministry of Defense said the 184-meter MSC Elsa 3 container ship was en route to Kochi from Vizhinjam on Saturday, when it issued a distress call.

All 24 members of the vessel’s crew — which included nationals of Russia, Ukraine, Georgia, and the Philippines — were rescued by the Coast Guard and the Navy.

“The vessel went down with 640 containers, including 13 with hazardous cargo and 12 containing calcium carbide,” the ministry said.

It did not specify what other hazardous substances were onboard, but calcium carbide becomes dangerous on contact with water, producing acetylene gas, which is flammable and explosive.

The vessel was also loaded with more than 84 metric tons of diesel and 367 metric tons of furnace oil.

Diesel and furnace oil are both classified as marine pollutants. They are toxic to marine life and can contaminate coastal ecosystems.

The Kerala State Disaster Management Authority issued a public warning on Saturday, when the ship started losing containers in the Arabian Sea. The authority’s secretary told reporters that “there is a chance the cargo, including containers and oil, will wash ashore.”

The Indian Coast Guard has deployed spill detection systems.

“ICG aircraft equipped with advanced oil spill mapping technology are conducting aerial assessment of the affected area,” it said. “As of now, no oil spill has been reported.”

What complicates pollution response is strong currents off the coast of Kerala, which if leakage occurs may move the spill toward the south, to Alleppey and Kollam districts, Prof. Biju Kumar, dean of the Faculty of Science, University of Kerala, told Arab News.

“These are the best fishing grounds, as far as Kerala is concerned. Any kind of oil spill will have consequences, which will affect marine life. The major issue will be the fish fauna,” he said.

“The major threat is polycyclic aromatic hydrocarbons, which are the most toxic component in any oil. They may be absorbed by plankton, which is a major food source for the commercially available fish ... The PAH will remain in the water for a longer time. It essentially means that we need long-time monitoring if it happens.”


KSrelief sends vaccine to Syrian pilgrims for Hajj

Updated 3 min 27 sec ago
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KSrelief sends vaccine to Syrian pilgrims for Hajj

RIYADH: The Saudi aid agency KSrelief has provided 25,000 doses of the meningitis vaccine to Syrian pilgrims at the request of the Syrian Ministry of Health.

The vaccines are being administered in preparation for the pilgrims’ upcoming Hajj journey to the holy sites of Makkah and Madinah, the Saudi Press Agency reported.

The ministry of the Syrian Arab Republic expressed its appreciation for the prompt response, describing the support as characteristic of Saudi Arabia and its leadership.

Through KSrelief, the Kingdom has consistently provided vital aid to the Syrian people while addressing their most urgent needs, the SPA added.

This support highlights Saudi Arabia’s continued commitment to assisting nations and communities worldwide with critical medical supplies.

KSrelief recently concluded seven medical projects in Damascus as part of the Saudi Amal Volunteer Program.

The week-long initiatives included cardiac surgery and catheterization, orthopedics and joint surgery, prosthetics and rehabilitation, pediatric surgery, pediatric urology, and treatment for blindness and related conditions.


Saudi Arabia restructures $32bn sukuk to strengthen debt strategy, local market

Updated 6 min 4 sec ago
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Saudi Arabia restructures $32bn sukuk to strengthen debt strategy, local market

JEDDAH: Saudi Arabia has completed a sukuk restructuring and new issuance of over SR120 billion ($32 billion), advancing its strategy to enhance fiscal sustainability, optimize debt management, and deepen the local debt market. 

According to the National Debt Management Center, the Kingdom finalized its sixth early repurchase transaction in the domestic market, involving the early redemption of government sukuk maturing between 2025 and 2029 valued at approximately SR60.4 billion.  

To refinance these obligations, the NDMC issued new sukuk amounting to SR60.3 billion across five tranches with maturities stretching from 2032 to 2040. 

The move supports Saudi Arabia’s broader efforts under Vision 2030 to diversify the economy, strengthen fiscal buffers, and develop domestic capital markets amid regional and global uncertainties. 

In a release, the NDMC stated: “This initiative is a continuation of NDMC’s efforts to strengthen the domestic market and enables NDMC to exercise its role in managing the government debt obligations and future maturities.”  

It added: “This will also align NDMC’s effort with other initiatives to enhance/optimize the public fiscal in the medium & long term.”  

The new sukuk issuance was structured across five tranches with staggered maturity dates. The first tranche amounts to approximately SR21.5 billion and matures in 2032. The second tranche is around SR1.8 billion and matures in 2035, while the third tranche totals SR14.2 billion and matures in 2036. The fourth tranche is valued at SR5.9 billion and matures in 2039, while the fifth and final tranche is around SR16.9 billion, maturing in 2040. 

To facilitate the transaction, the Ministry of Finance — as the issuer — and the NDMC appointed HSBC Saudi Arabia, SNB Capital, and Al Rajhi Capital, as well as AlJazira Capital and Alinma Investment, as joint lead managers. 

The Kingdom’s current cost of debt stands at 3.6 percent per annum — among the lowest in emerging markets — and benefits from a low-risk profile, supported by a diversified financing strategy, the ongoing development of the domestic market, and conservative, transparent risk thresholds for managing the debt portfolio. 

The move aligns with the country’s Vision 2030 and its Financial Sector Development Program, which targets expanding the banking sector’s assets from SR2.63 trillion in 2019 to SR3.515 trillion by 2025, increasing the stock market’s capitalization to 80.8 percent of gross domestic product, and growing the volume of debt instruments to 24.1 percent of gross domestic product. 

The program also aims to promote digital financial innovation, boost SME financing from 5.7 to 11 percent of bank lending, expand the insurance sector’s role in the non-oil economy, and raise the share of non-cash transactions to 70 percent, while maintaining adherence to international financial stability standards. 

It also ensures adherence to international standards on financial stability to safeguard the sector’s robustness. 


Oman’s non-oil exports surge 8.6% in Q1 2025

Updated 15 min 1 sec ago
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Oman’s non-oil exports surge 8.6% in Q1 2025

RIYADH: Oman’s non-oil exports rose by 8.6 percent year on year in the first quarter of 2025, reaching 1.618 billion Omani rials ($4.2 billion), according to newly released figures.

These exports now represent 28.6 percent of the country’s total exports, which stood at 5.659 billion rials during the same period, the Oman News Agency reported.

The growth reflects ongoing efforts to boost non-oil trade, support domestic industries, attract foreign investment, localize development initiatives, and offer incentives to the private sector.

This aligns with Oman Vision 2040, which aims to diversify the economy, reduce oil dependence, enhance industrial and logistics sectors, and strengthen overall financial stability.

Oman’s non-oil exports comprise a wide range of products, including industrial goods, metals, plastics, machinery, electrical equipment, and chemicals.

According to the statement, the UAE remained the top importer of Omani non-oil products, with imports totaling 292 million rials in Q1 2025 — 18 percent of total non-oil exports. Saudi Arabia followed with 259 million rials, India ranked third at 172 million rials, South Korea was fourth at 154 million rials, and the US came fifth with 88 million rials.

Meanwhile, Oman’s oil exports declined in the first quarter, falling to 3.69 billion rials from 4.39 billion rials a year earlier, in line with lower global oil prices. The average price of Omani crude dropped to $75.3 per barrel, compared to $79.7 per barrel in Q1 2024.

Re-exports also decreased, totaling 351 million rials in Q1 2025, down from 434 million rials in the same period last year. The UAE was the top destination for re-exported goods from Oman, with imports worth 126 million rials — 35.8 percent of the total. Iran followed with 63 million rials, Kuwait with 24 million rials, Saudi Arabia with 22 million rials, and Germany with 10 million rials.

Commodity imports into Oman rose 10.9 percent year on year, reaching 4.312 billion rials in the first quarter of 2025, up from 3.889 billion rials the previous year. The UAE was the leading exporter to Oman, accounting for 995 million rials (23 percent of total imports). Kuwait came second with 466 million rials, followed by China (437 million rials), India (338 million rials), and Saudi Arabia (306 million rials).

Oman’s inflation up

Oman’s general inflation index increased by 0.9 percent year on year in April 2025, based on 2018 as the base year, according to the Consumer Price Index released by the National Center for Statistics and Information.

The most significant price increases were recorded in the personal goods and miscellaneous services category, which rose by 7.0 percent. This was followed by the health sector (3.2 percent) and transportation (3.1 percent). Prices also climbed in restaurants and hotels (1.5 percent), clothing and footwear (0.6 percent), culture and entertainment (0.3 percent), and education (0.1 percent).

Conversely, the food and non-alcoholic beverages category saw a decline of 0.3 percent, while furniture, household equipment, and maintenance prices dipped 0.1 percent.

Prices in housing, utilities, communications, and tobacco remained stable with no notable changes.


Pakistani PM to meet Erdogan today in first leg of regional diplomacy tour

Updated 17 min 22 sec ago
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Pakistani PM to meet Erdogan today in first leg of regional diplomacy tour

  • Sharif will visit Iran, Azerbaijan, Tajikistan and Turkiye on five-day visit
  • All four nations supported Pakistan in recent military standoff with India

ISLAMABAD: Prime Minister Shehbaz Sharif on Sunday started a five-day regional diplomacy tour with a trip to Turkiye where he will hold talks with Turkish President Tayyip Erdogan in Istanbul, Erdogan’s office said.

Sharif will go onwards from Turkiye to Iran, Azerbaijan and Tajikistan, four nations that openly supported Pakistan in a military standoff with India earlier this month when the two nuclear-armed neighbors traded missile, drone and artillery strikes for days, killing around 70 people on both sides. A ceasefire was reached on May 10. 

The conflict, the worst between the neighbors in decades, was triggered by a militant attack on tourists in Indian-administered Kashmir on April 22 that New Delhi blamed on Pakistan. Islamabad denies involvement. 

“During the meeting, bilateral relations, regional and international issues, including the fight against terrorism, will be discussed,” Erdogan’s head of communications, Fahrettin Altun, said on X.

The PM’s office in Islamabad released footage of Sharif departing on the tour and said he would hold wide-ranging discussions with the leaders of Turkiye, Iran, Azerbaijan and Tajikistan on “an entire range of issues covering bilateral relations and matters of regional and international importance.”

“He will thank friendly countries for the support they have given to Pakistan during the recent crisis with India,” the PMO statement added. 

Erdogan spoke by phone with Sharif on May 7 to convey his solidarity after India first hit Pakistan and Azad Kashmir with missiles. Leaders from the two nations had several contacts subsequently and Turkiye publicly took Islamabad’s side. It is widely believed that Turkiye played an important role, besides the US, UAE and Saudi Arabia, in convincing India and Pakistan to back off and agree to a ceasefire. The two nations have historically strong ties. 

Bitter rivals India and Pakistan have fought three wars, including two over the disputed region of Kashmir, since gaining independence from British rule in 1947. Both claim the Himalayan territory in its entirety but rule it in part. They both acquired nuclear weapons in 1998.