ASAS Makeen to make Nomu debut on June 16
ASAS Makeen Real Estate Development Co. 's shares will list and start trading on the Nomu-Parallel Market on June 16, with the symbol 9640 and ISIN Code SA16AH84MK14.
The stock will trade with daily and static price fluctuation limits of +/-30% and +/-10%, respectively, the Saudi Exchange (Tadawul) said in a statement today, June 12.
Separately, the Securities Depository Center Co. (Edaa) said ASAS Makeen's subscribed securities were deposited today into the accounts of eligible shareholders.
According to data available with Argaam, ASAS Makeen floated one million shares on Nomu, at SAR 80 per share, in an offering that ran from May 19 to May 25.
The offered shares represented 10% of the company's SAR 100 million share capital, divided into 10 million shares, at a SAR 10 par value.
The offering was 1,949.5% oversubscribed.
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Asharq Al-Awsat
2 hours ago
- Asharq Al-Awsat
US Sanctions on Syria: From Hafez al-Assad to al-Sharaa
Syrians have lived under the shadow of US sanctions for 46 years, spanning generations who know no other reality. These sanctions have become woven into every aspect of daily life, from banking and international aviation to construction and food supplies. Their burden has fallen hardest on ordinary people, rather than on the symbols of the ousted Assad regime. While lifting sanctions now would undoubtedly unlock planning and reconstruction efforts, political and security concerns persist, and Syria's dilapidated infrastructure may impede private-sector investment. Most importantly, we must ask whether US President Donald Trump's move to begin lifting sanctions was as improvised as his 2018 announcement to withdraw militarily from Syria, or whether it marks a pivotal shift in US foreign policy toward Syria. On May 13, during his visit to Saudi Arabia, Trump announced the lifting of US sanctions on Syria. This triggered a period of confusion and internal reviews before his administration outlined an initial mechanism that balanced implementing his announcement with addressing his advisors' worries over unfettered engagement with the new Syrian leadership. Before assessing this current phase of easing sanctions, we need a historical overview of them, their context, underlying rationale, implementation methods, and what their potential impact might be for Syria and its people. Sanctions on Syria can be divided into three eras: under Hafez al-Assad, under his son Bashar, and now under interim President Ahmed al‑Sharaa. Shift toward Iran (1979–2000) US sanctions on Syria began in 1979, following the Camp David Accords between Egypt and Israel and the rise of Iran's revolution. With the end of the strategic alliance between Cairo and Damascus, Hafez al-Assad viewed Iran's emerging regime as a counterweight to Iraq and Israel. Washington designated Syria a state sponsor of terrorism in 1979 due to its role in Lebanon and its support for fighters opposed to Israel. Consequently, the US imposed restrictions on foreign aid, defense exports, and the transfer of dual‑use goods. In November 1986, President Ronald Reagan barred Syrian planes from landing in the US. The Iraq War (2001–2010) Sanctions entered a new phase as US policy shifted after the September 11, 2001 attacks and the invasions of Afghanistan and Iraq, coinciding with Bashar al‑Assad's arrival to power in July 2000. In his 2002 State of the Union, President George W. Bush labeled Iran, Iraq under Saddam Hussein, and North Korea the 'Axis of Evil', prompting Iran to form a 'Resistance Axis' that included Syria and Hezbollah. With these strains came stricter measures: the Syria Accountability and Lebanon Sovereignty Act of 2003, enforced by OFAC at the US Treasury in 2004 under Executive Order 13338, targeted Syria's role in Lebanon and its pursuit of weapons of mass destruction, as well as its opposition to the US-led occupation of Iraq. On May 7, 2025, the Trump administration signed a notice extending the national emergency concerning Syria until May 7, 2026, encompassing executive orders from 2003 to 2012. The Syrian uprising and Caesar Act Following Syria's uprising in March 2011, the US imposed a wave of sanctions targeting violence and human rights abuses. President Barack Obama's April 29, 2011 executive order froze Assad regime assets, followed by an August 2011 ban on oil, asset freezes, and broad trade prohibitions, excluding food and medicine. However, the defining moment came with the Caesar Civilian Protection Act of 2019, signed by Trump in December 2019 and implemented in June 2020. Targeting infrastructure, military maintenance, energy, and those funding the Assad regime, it also banned foreign investment in Syria's reconstruction. This legislation aimed to check both Russian and Iranian influence and serve as leverage for negotiations with Moscow, permitting temporary waivers if productive talks occurred. Though enacted long after the internal conflict began, the Act functioned less as a response to internal dynamics and more as an economic restraint on reconstruction efforts. Al‑Sharaa after Assad By late 2024, with Bashar al-Assad's regime fallen and Trump back in power, Syria had not been a US priority, with internal debate over how to engage the new al‑Sharaa administration. That shifted after Trump spoke with Türkiye's President Recep Tayyip Erdogan on March 16, signaling alignment with Turkish‑Saudi policy against the hardline Israeli stance. In Saudi Arabia, Trump began rolling back sanctions on Syria, but the fate of the Caesar Act remains uncertain, currently suspended in 180‑day increments, extendable. Although it was briefly lifted for humanitarian relief during the Feb 2023 Türkiye-Syria earthquakes and in areas controlled by the Syrian Democratic Forces (SDF), its full repeal remains on hold. Mechanisms and challenges Trump's administration has implemented three key executive measures: Treasury's 'GL‑25' on May 23, enabling sweeping economic coverage; a 180‑day suspension of Caesar sanctions; and a specific waiver for the Commercial Bank of Syria via the US Financial Crimes Enforcement Network, allowing re‑establishment of correspondent banking relationships. GL‑25 has no set expiry and can be revoked anytime, while Caesar waivers renew every six months. An earlier GL‑24 waiver, issued in January, allowed limited official and energy sector transactions and personal transfers, but US banks have remained cautious. The permit covers four sectors: finance, oil‑gas, maritime shipping, and aviation. US persons remain barred from transactions that may benefit Russia, Iran, or North Korea, meaning rigorous due diligence is necessary. The original executive orders remain in force, although press reports suggest possible cancellations. Procedurally, Syria remains on the State Sponsors of Terrorism list, as removal would require Congress to be notified by the US State Department. The Department of Commerce and State's defense trade regulators have yet to remove export controls, which means that Syria still falls under International Traffic in Arms Regulations, necessitating export licenses for most goods, excluding basic food and medicine. Furthermore, Hayat Tahrir al‑Sham is still designated a Foreign Terrorist Organization. Even after al‑Sharaa met Trump, the Treasury's waiver excludes HTS leader Abu Mohammed al‑Golani, al-Sharaa's former nom de guerre, who remains sanctioned under UN Security Council Resolution 1267, supported by a likely Russian veto of any attempt to remove HTS from global blacklists. Arms embargoes and surveillance‑tech restrictions will also persist. The Caesar Act itself was renewed by Congress in January 2025 for five years, lasting until January 2030 unless overturned legislatively and its suspension may be extended in November 2025. But these continue as temporary waivers, not full repeals. US politics and Congressional dynamics Legislative repeal would require Act passage in Congress. Ironically, Trump's allies in this are Democrats, as many Republicans, especially senators, remain wary. Senate Foreign Relations Committee Chair Jim Risch remarked that Trump lifted sanctions a bit more than what was expected, but cautioned that the sanctions could come back. US energy firms, together with Syrian‑American groups, have lobbied Trump to ease sanctions, while pro‑Israel lobby AIPAC insists any relief must hinge on demonstrable positive behavior from the new Syrian government. Impact on economy and society In 2018, the UN estimated at least $250 billion would be required to rebuild Syria fully, far beyond what domestic resources can furnish. Serious barriers remain: destroyed roads, hospitals, and power networks hinder basic services. Reviving industry needs massive investment; millions displaced internally or abroad need rehousing; food, fuel, medical gear, and decent jobs are in short supply. Even a partial lifting marks a seismic shift: essential imports like food, medicine, and technology could flow more freely; reconstruction of schools, hospitals, and roads becomes feasible; frozen international assets might be unfrozen, inviting foreign companies back to construction, energy, and trade. The most immediate relief will come from reconnecting Syrian banks to global payment systems, especially SWIFT, dismantling the economic collapse born of widespread distrust. Yet Syria remains on the FATF grey list, deterring banks and obstructing liquidity, so regulatory frameworks must be built. Future prospects Ambitious domestic and regional projects have surfaced under al‑Sharaa, with some contracts bypassing competitive bids. The UAE has been granted an $800 million concession at the Port of Tartus, via a Dubai Ports World MoU, to develop multi-purpose terminals, industrial zones, dry ports, and logistics hubs. Meanwhile, a 30‑year deal with French CMA CGM was signed to develop Latakia Port. China's VDL company secured rights to 300,000 m² in the Adra Free Zone outside Damascus for 20 years to build industrial and commercial facilities with tax breaks, labor flexibility, and repatriable profits. A Qatari-US-Turkish energy consortium plans a $7 billion, 5,000 MW power project. All are seen as steps to lure foreign capital and reshape Syria's foreign policy by leveraging international corporate interests. Uncertain transition The sanctions regime hinges on three pillars: Syria's State Sponsor designation (since 1979), the Syria Accountability Act (2003), and the Caesar Act (2019). Only the first may soon shift, pending a State Department and Congressional review; the others remain entrenched. While Syria will not likely see a flood of US investment tomorrow, the first visible presence would probably involve Turkish and Gulf investors, as the US must first verify the stability and reliability of the new Syrian leadership before enabling wider investors to return. Damascus does not fully control its territory or armed factions, and fresh sanctions may target entities linked to coastal violence in recent months. Thus, Caesar's intent has transitioned from coercing the Assad regime to ensuring al‑Sharaa's good behavior. But its six‑month renewals offer limited investor certainty, making regional neighbors the marginal beneficiaries. Al‑Sharaa's teams may aim to woo Trump with bold reconstruction plans akin to a Marshall Plan. But Trump isn't easily swayed. He has yet to appoint an ambassador to Damascus; instead, US Ambassador to Türkiye Tom Barrack was named envoy to Syria, indicating Syria remains an extension of Turkish policy. Trump is unpredictable and could reverse course swiftly, but current signs still point to provisional waivers rather than a full repeal of sanctions.
Arab News
3 hours ago
- Arab News
Design, sustainability, innovation: Hallmarks of German appliance manufacturer Miele
Miele, the 125-year-old German manufacturer of premium appliances, continues to set global benchmarks in design, sustainability, and technological innovation. At the heart of this evolution is Dr. Reinhard Zinkann, co-proprietor and managing director of Miele, who embodies the brand's founding ethos: Immer Besser—Forever Better. For Dr. Zinkann, leading a fourth-generation family business is not about simply maintaining tradition—it's about enhancing it. 'Being a family business allows us to make decisions with a long-term perspective,' he said. 'It frees us from the pressures of short-term gains and allows us to focus on quality, innovation, and environmental responsibility.' Miele's dedication to excellence is best illustrated in the life expectancy of its products. Designed and tested to last up to 20 years, their durability speaks not only to performance but also to a larger environmental ethic: fewer replacements and less waste. In markets like the Middle East, where refinement and experiential luxury go hand in hand, Miele's design philosophy plays a pivotal role. The brand seamlessly integrates form and function to craft appliances that are both elegant and efficient. 'We collaborate with top architects and designers globally to ensure our appliances are not just built to perform, but also to complement evolving interior trends,' said Dr. Zinkann. This approach is showcased in the new Miele Experience Center in Riyadh, where fully integrated kitchens and living spaces allow visitors to interact with the brand's offerings in lifelike settings. 'We've significantly reduced our operational CO₂ emissions, and many of our appliances now use recycled materials,' Dr. Zinkann added. 'Our products are also designed for disassembly, making them easier to repair and recycle.' Such initiatives earned Miele the German Sustainability Award 2023, reinforcing the company's commitment to responsible innovation across its supply chain and beyond. Miele has embraced smart living through its Miele@home ecosystem. From AI-powered ovens that learn your favorite recipes to washing machines that optimize cycles based on fabric type, Miele's tech solutions aim to simplify life without sacrificing performance. 'Technology should enhance convenience, not complicate it,' Dr. Zinkann said. 'Our goal is intelligent simplicity, always paired with elegance.' He said: 'Saudi Arabia is transforming rapidly, and we see a strong synergy between our values and the Kingdom's aspirations.' The center offers more than appliances; it hosts live cooking events, sustainable living workshops, and collaborations with local chefs. It's a space where innovation meets culture, a symbol of Miele's long-term commitment to the region. Miele's alignment with Vision 2030 isn't accidental. Its focus on sustainability, innovation, and education mirrors the Kingdom's path forward. Through partnerships with local entities like the Awad Badi Nahas Group, Miele is investing not just in market share, but in societal growth. 'We want to empower communities through knowledge and responsible innovation. Saudi Arabia is a key partner in that journey,' Dr. Zinkann said. He added: 'Today's customers want appliances that reflect their values — efficiency, design, and sustainability. 'At Miele, we're redefining what it means to be premium in a world that demands both beauty and responsibility.'
Arab News
5 hours ago
- Arab News
Plant-based diets transform Saudi agriculture and fuel Vision 2030
RIYADH: A green revolution is taking root in Saudi Arabia as plant-based diets gain popularity, reshaping the Kingdom's agricultural landscape and creating new opportunities for local farmers. This growing shift toward plant-based living not only reflects global dietary trends but also represents a strategic step toward economic diversification and environmental sustainability — key pillars of Saudi Arabia's Vision 2030 initiative. The agricultural sector has shown impressive growth, with the Kingdom's agricultural gross domestic product reaching a record SR114 billion ($30.3 billion) in 2024, according to PwC. Despite this progress, Saudi Arabia remains a net importer of both food and animal feed, highlighting ongoing challenges in achieving national food security. Experts say the solution lies in innovation. Phil Webster, partner at consulting firm Arthur D. Little and head of its consumer goods, retail, and agriculture division, emphasized the potential of alternative crops and supporting technologies. According to him, the greatest opportunity in agriculture lies in embracing innovation — from alternative crops to smart technologies — to meet rising demand, reduce costs, and enhance food sovereignty. As plant-based trends continue to flourish, Saudi Arabia's evolving agricultural strategy may well position the Kingdom as a regional leader in sustainable food production. 'Plant-based diets are often inherently more sustainable — production of meat and dairy for example is one of the most land and water intensive activities on the planet, as well as a major contributor to global warming due to land use change and methane emissions from ruminant animals,' Webster told Arab News. He added that plant-based diets necessitate consumers to seek non-meat protein alternatives, creating opportunities to focus more on conventional high-protein crops such as chickpeas, lentils, and quinoa, which naturally exhibit greater tolerance to drought and salinity compared to many other arable crops. The ADL partner noted that crops such as lentils can play a key role in improving meat alternatives, including products like lentil burgers, with ongoing efforts aimed at increasing their resilience to harsh environmental conditions. Webster also pointed to the growing momentum behind vertical farming, which is attracting more than $1 billion in annual venture capital investment. This method supports year-round, high-quality food production in compact urban environments by utilizing advanced lighting, irrigation, and automation technologies — enabling crops to be grown virtually anywhere with minimal risk of pests and diseases. He said: 'Finally, a rise in 'lab grown meat' has seen a temporary boom in investment, but then a subsequent decline due to the costs of production and also consumer appetite when it comes to taste and mouthfeel of unfamiliar products.' According to consultancy firm Strategy& Middle East, businesses across Saudi Arabia's agricultural sector are increasingly adopting integrated, technology-driven supply chain models to meet the growing demand for plant-based and locally sourced products. Roger Rabbat, partner at Strategy&, highlighted that major agribusinesses such as NADEC are leading this shift by implementing controlled-environment farming in partnership with Pure Harvest. This approach enables the year-round production of pesticide-free, locally grown vegetables, enhancing both food quality and supply chain resilience. 'Startups have also been active to adapt to these trends as well, with companies like Red Sea Farms collaborating with Saudia Airlines to supply sustainable food to customers by levering RSF's innovative solutions around irrigation and greenhouse technology,' Rabbat told Arab News. Supply chain Providing sustainable, locally sourced food not only strengthens national food security but also supports public health initiatives — including biofortification, which enhances the nutritional value of food without requiring major changes to traditional eating habits. Patrick Wall, a medical doctor, veterinarian, and professor of public health at University College Dublin, noted that Saudi poultry producers, in collaboration with King Abdulaziz University, are exploring the use of algal oil in animal feed as a way to address nutrient deficiencies and improve overall public health outcomes. 'Microalgae are tiny aquatic organisms that, while not technically classified as plants, are photosynthetic and can be sustainably cultivated for use in both animal feed and dietary supplements,' Wall, who is also a former chair of the European Food Safety Authority, told Arab News. Wall emphasized that fortifying poultry with Omega-3 DHA could play a significant role in combating heart disease and diabetes in Saudi Arabia, which ranks among the world's largest poultry consumers. He explained that the human body cannot produce sufficient Omega-3 fatty acids on its own, making dietary intake essential. However, fish — a primary source of Omega-3s — is often avoided by many Saudis, particularly younger generations, leading to nutritional gaps that enriched poultry could help address. 'Tanmiah and Arabian Farms are the first companies in the region to produce DHA (Docosahexaenoic Acid) enriched poultry and eggs and they helped King Abdulaziz University to deliver this research. They are showing that the private sector is ready to engage in food innovation that benefits both public health and business growth,' Wall said. Rabbat, from Strategy&, noted that the record agricultural GDP achieved by the Kingdom in 2024 is being driven by ecosystem-wide innovation, supported by the introduction of new products and technologies such as precision irrigation and vertical farming. 'SADAFCO has launched Saudia Oat Milk, the Kingdom's first locally produced oat based milk, to meet the rising demand for plant-based alternatives. Mishkat Agritech, based in Jeddah, leverages hydroponic greenhouse and vertical farming techniques to reduce water usage by up to 90 percent compared to traditional agriculture,' he said. The Strategy& Middle East partner added: 'These innovations directly support Vision 2030 by advancing food security, reducing import dependence, enabling sustainable resource use, and fostering a resilient, tech-driven economy.' Food system innovation There is no doubt that Vision 2030 places strong emphasis on building a vibrant society, enhancing quality of life, diversifying the economy, and empowering the private sector in Saudi Arabia. In the agri-food sector, this vision translates into prioritizing public health and nutrition, developing consumer-friendly products, strengthening food security, and advancing sustainable food production. From the perspective of Arthur D. Little, innovation in sustainable food systems is a cornerstone of this national transformation. One particularly promising area is the use of functional ingredients to boost the nutritional profile of everyday foods. Webster highlighted that Saudi scientists are working to reduce the country's dependence on imported animal feed by cultivating microalgae locally. Researchers at King Abdullah University of Science and Technology are leading efforts to develop seawater-adapted microalgae strains and are investigating the potential for algae farming on the salt flats along the Arabian Gulf. Projects like TOPIAN, part of NEOM Food Co., are showcasing how advanced, climate-resilient infrastructure can bolster local food production. TOPIAN recently inaugurated its first controlled-environment glasshouses, engineered to grow fruits and vegetables year-round. These facilities also serve as testing grounds for evaluating the viability of various crops across different production systems. 'Cooling efficiency, radiation control, solar integration, and water conservation are among the key innovations being explored to enable consistent domestic supply of crops such as lettuce, tomatoes, and strawberries,' Webster said. The ADL partner acknowledged that while the full impact of these innovations on national food system productivity is still emerging, their long-term potential is substantial. From Strategy&'s perspective, Rabbat emphasized that the growing 'plant-based prosperity' trend is steering Saudi agriculture toward sustainable, technology-driven models designed to address water scarcity, climate challenges, and increasing consumer demand.
