Israel's Leviathan natural gas field to resume operations in a few hours
Israel's NewMed said on Wednesday the Leviathan natural gas field that supplies gas to Egypt and Jordan would resume operations in the next few hours after receiving permission from the Energy Ministry.
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Arab News
34 minutes ago
- Arab News
Pakistani exporters bank on Middle East to export 125,000 tons of mangoes this season
ISLAMABAD: A leading Pakistani fruits exporters association said on Wednesday it has set an ambitious target of exporting 125,000 tons of mangoes from May to September this year to earn $100 million in revenue, hoping to export 70 percent of these to markets in the Middle East. Pakistan is the world's fourth-largest mango producer, with the fruit's exports generating millions of dollars in revenue annually, according to the Pakistan Fruit and Vegetables Export Association (PFVEA). Pakistan's 20 varieties of mangoes come second only to oranges as the most-produced fruit in the country. The country produces around 1,800,000 metric tons of mangoes annually, with 70 percent grown in Punjab, 29 percent in Sindh and 1 percent grown in Khyber Pakhtunkhwa. 'Pakistan is aiming to export 125,000 tons of mangoes this season, 25 percent more than last year's target of 100,000 tons, with exports having started on May 25 and continuing until the end of September,' PFVEA Patron-in-Chief Waheed Ahmed told Arab News. 'We are hoping to export 70 percent of this target to Middle Eastern countries, our largest market, and if achieved, the country is expected to earn an estimated $100 million in foreign exchange,' he added. However, Ahmed warned adverse effects of climate change may impact the amount of mangoes Pakistan produces this year. Pakistan, which has faced irregular weather patterns ranging from heat waves and unusually heavy rains, is frequently ranked among the most adversely affected countries due to climate change effects. Mango production has been on the decline in Pakistan for the past three consecutive years. 'Mango production in Pakistan is consistently declining due to climate change and water scarcity and there is a risk of up to 25 percent reduction in total mango production this year as well,' Ahmed warned. After the projected decline, the PFVEA official said this season's total mango production may come down to around 1.4 million tons 'However, we have increased the export target because we are exporting only 125,000 tons out of the estimated 1.4 million tons, so we remain hopeful of achieving it despite all challenges,' Ahmed said. Ahmed called for interventions such as improved water management, production of climate-resilient mango varieties, research and development and modernization of agriculture and horticulture. He said efforts were underway to boost mango exports to non-traditional markets such as Japan, the United States, South Korea and Australia, with a special focus on expanding exports to Turkiye and China. He noted that regional tensions, particularly Pakistan's conflict with India and the Israel-Iran tensions, have led to higher export costs due to additional charges by shipping companies on Pakistani cargo. 'We urge the Federal Ministry of Commerce and the Ministry of Maritime Affairs to intervene and eliminate these extra charges to help improve export competitiveness,' Ahmed said. Farmers and exporters agreed adverse climate conditions had affected not only the volume of production but also the quality of mangoes. 'We have been facing losses due to multiple factors, including low yield and lower-than-expected demand caused by conflicts in the Middle East,' Asif Ahmed, an exporter from Iftikhar Ahmed & Co, told Arab News. Asif, who has been exporting mangoes for over six decades, hoped the Iran-Israel ceasefire would improve the situation and that fruit prices would rise to help cover the losses. 'We have farms in Sindh's Tando Allahyar and Mirpur Khas districts where production was almost around 30 percent less than normal this year,' Asif said. Amjad Hussain, an exporter from Punjab's Multan city, agreed climate change had reduced the size of the mangoes and their quality as well. 'It has affected more than 25 percent of our yield, which will reduce our exports, though the exact figure will be clear by September,' Hussain said.
Arab News
38 minutes ago
- Arab News
‘It was obliterated': Trump rejects doubts over Iran nuclear site attack
THE HAGUE: President Donald Trump on Wednesday dismissed doubts about the damage caused to Iran's nuclear program by US bomb strikes, and insisted that Tehran's uranium enrichment facilities had been 'completely and fully obliterated.' Trump also said he believed the war between Iran and Israel was finished, as both sides were keen to end the fight. 'I dealt with both and they're both tired, exhausted,' he said. Questions over the effectiveness of the strikes on Iran's underground nuclear plant at Fordow emerged after a leaked preliminary US intelligence assessment, widely reported in US media, suggested that they had inflicted a marginal and temporary setback. 'This was a devastating attack, and it knocked them for a loop,' Trump said. 'They're not going to be building bombs for a long time,' he said, and the strikes had set the program back by 'decades.' He also rejected suggestions that before the strikes Iran had moved its stockpiles of highly enriched uranium, which can be developed into fuel for a nuclear bomb. Trump said the US had not given up its maximum pressure on Iran, but signaled a potential easing of restrictions on selling Iranian oil to China to help the country rebuild. 'They're going to need money to put that country back into shape. We want to see that happen,' he said, a day after suggesting that China could continue to purchase Iranian oil. Talks with Iran were planned for next week, he said. 'We may sign an agreement. I don't know.' The president was speaking at a NATO summit in The Hague, at which national leaders committed to spending 5 percent of their GDP on defense by 2035. The move follows years of complaints by Trump that the US pays a disproportionate amount to support the alliance. He said: 'We had a great victory here,' and he hoped the additional funds would be spent on military hardware made in the US. The new spending target is a jump worth hundreds of billions of dollars a year from the current goal of 2 percent of GDP, although it will be measured differently. Countries pledged to spend 3.5 percent of GDP on core defense such as troops and weapons, and 1.5 percent on broader defense-related measures such as cybersecurity, protecting pipelines and adapting roads and bridges to handle heavy military vehicles.
Arab News
an hour ago
- Arab News
LuLu Retail wins ‘Best IPO in the Middle East' award
LuLu Retail Holdings, the region's leading full-line retailer, has been honored with the prestigious 'Best IPO in the Middle East' award by EMEA Finance magazine. The recognition was presented at the annual EMEA Finance Achievement Awards 2024, held in London on June 22. The accolade celebrates LuLu Retail's landmark initial public offering, which successfully raised $1.7 billion in Q4 2024, and marked the company's official listing on the Abu Dhabi Securities Exchange. The IPO drew widespread investor interest and was one of the most anticipated public listings in the region, reinforcing strong market confidence in the group's growth trajectory, financial resilience, and retail leadership. The EMEA Finance Achievement Awards are regarded as a benchmark of excellence in capital markets across Europe, the Middle East, and Africa. Winners are selected by the editorial board from a pool of nominations submitted by investment banks, corporates, and market participants. The awards spotlight the most impactful and innovative financial transactions spanning IPOs, debt issuance, Islamic finance, structured deals, and mergers and acquisitions. Saifee Rupawala, CEO of LuLu Retail Holdings, said: 'We are truly honored to receive this award, which reflects the strength of our business, the commitment of our team, and the trust placed in us by our investors. The IPO marked a transformative chapter for LuLu Retail, and we remain committed to delivering long-term value and sustainable growth.'
