Edaa implements securities increase on Arabian Pipes
According to data available with Argaam, APC shareholders recently approved the board's recommendation to increase capital from SAR 150 million to SAR 200 million via a 3-to-1 bonus issue. The process will be financed through capitalizing SAR 50 million from the retained earnings.
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Al Arabiya
7 minutes ago
- Al Arabiya
EU urges Israel to ‘desist' from plan to build settlements in West Bank
The EU's top diplomat urged Israel on Thursday 'to desist' from a plan to build homes in a particularly contentious area of the occupied West Bank, which the Israeli finance minister has backed. 'The decision of Israeli authorities to advance the E1 settlement plan further undermines the two-state solution while being a breach of international law,' Kaja Kallas said in a statement. 'The EU urges Israel to desist from taking this decision forward, noting its far-reaching implications.' Israel's finance minister backed plans on Thursday to build 3,400 homes in a particularly contentious area of the occupied West Bank, calling for the territory's annexation in response to several countries' plans to recognize a Palestinian state. The United Nations chief warned that building Israeli homes in the area would 'put an end to' hopes for a two-state solution to the Israeli-Palestinian conflict. Israel has long had ambitions to build on the sensitive parcel of land east of Jerusalem known as E1, but the plan has been frozen for decades amid international opposition. Israeli settlements in the West Bank are considered illegal under international law, while critics and the international community have warned construction on the roughly 12 square kilometers would undermine hopes for a contiguous future Palestinian state with east Jerusalem as its capital. The site sits between the ancient city and the Israeli settlement of Maale Adumim, near routes connecting the north and south of the Palestinian territory. There are also separate, frozen plans to expand Israel's separation barrier to envelop the area.
Arab News
5 hours ago
- Arab News
India and Saudi Arabia: Shaping a shared future together
On the occasion of the 79th Independence Day of India, I extend my warm greetings and best wishes to all Indian citizens in Saudi Arabia, and to our dear Saudi friends and partners. Aug. 15 holds great importance for every Indian, as it was on this day in 1947 that India gained independence. It marked the end of colonial rule and the beginning of our journey as the world's largest democracy. On this day we remember those who fought for our freedom, and we honor the brave soldiers who continue to protect our borders, many of whom have made the ultimate sacrifice for the country. India is proud of its rich civilizational history, diverse cultural ethos, and strong democratic values. India's approach to international relations is based on trust and partnership. India is a leading voice for the Global South, has been a major contributor to UN peacekeeping efforts, and has taken an active role in upholding sustainability and climate action. Close to eight decades after Independence, India stands out as a shining example of what is possible through the collective action of 1.4 billion people. In the economic realm India is a leader in global trade, investments, and innovation, driven by a robust business environment, a dynamic demographic profile, and sustained economic reforms. As the world's fourth-largest economy with a GDP size larger than $4 trillion, we are on track to become the third-largest economy with a projected GDP of $7.3 trillion by 2030. India is also the world's fastest-growing major economy with real GDP growing at 6.5 percent on average. India remains a favored destination for global investments, with cumulative FDI inflows reaching $1.05 trillion as of 2024-25. Our strategic initiatives such as Production Linked Incentive schemes, revitalization of MSMEs, and the expansion of digital infrastructure have laid the foundation for a high-growth, high-opportunity economy. We have charted new paths, from space to the high seas, and set our goals on a developed India by 2047. This day is also a time to reflect on our close relationships with key partners. Saudi Arabia is one of India's most trusted and valued strategic partners. Our ties are rooted in a rich tapestry of civilizational, cultural, and commercial connections that date back centuries. Today, the India-Saudi partnership spans a wide array of domains, including defense, security, trade, investment, energy, technology, healthcare, education, culture, and vibrant people-to-people exchanges. However, the strength of our relationship goes far beyond individual sectors: It is anchored in mutual trust, goodwill, and a shared recognition that, in an increasingly uncertain world, our partnership stands as a pillar of stability and strength. The landmark state visit of Indian Prime Minister Narendra Modi to the Kingdom in April 2025 was a true reflection of this deepening bond. Prime Minister Modi and Saudi Crown Prince Mohammed bin Salman had highly productive engagements in Jeddah, resulting in key outcomes — including the agreement on the establishment of two India-Saudi joint venture refineries in India, and agreements in health, space cooperation, sports and postal cooperation. The two leaders co-chaired the second meeting of the India-Saudi Strategic Partnership Council, or SPC, during this visit. And in keeping with the deepening of the strategic partnership over the past few years, two new ministerial committees under the SPC, one on defense cooperation and another on tourism and cultural cooperation, were created. India stands out as shining example of what is possible through collective action Dr. Suhel Ajaz Khan On the commercial side, our bilateral trade reached around $42 billion in 2024-25. India is now Saudi Arabia's second-largest trading partner, and the Kingdom ranks fifth for India. Indian companies are increasingly investing in Saudi Arabia. Many of them are involved in major infrastructure and energy projects under Vision 2030. Indian IT and tech firms are contributing to Saudi Arabia's digital transformation, while interest is also growing in areas like healthcare, logistics, mining, and startups. We have set up strong institutional frameworks, including a Ministerial Committee on Economy, Energy, Investment and Technology, and a high-level task force on investment. Our economic visions — the Kingdom's Vision 2030 and India's Viksit Bharat (Developed India) 2047 — complement each other, creating vast synergies for growth. Energy remains a key pillar of our partnership. Saudi Arabia is a major and reliable supplier of oil and gas, which continues to support India's development. We are also working with Saudi Arabia in areas such as solar, wind, and hydrogen. An agreement signed in 2023 covers electrical interconnection, hydrogen, and supply chains. We are exploring the idea of linking our power grids — a project that fits within the broader India-Middle East-Europe Economic Corridor announced in 2023. We recognize that stability, in the region and beyond, benefits our nations and the world. To this end, defense cooperation has grown steadily. The first joint army exercise, Sada Tanseeq, took place last year, along with two naval exercises — Al-Mohed Al-Hindi — in 2021 and 2023. There are regular exchanges of military leadership, training programs, and growing collaboration in defense industries. On the security front, we are working closely together to combat terrorism, extremism, drug trafficking, and cyber threats. There is a natural connection in culture and people-to-people ties. Indian cinema and television content enjoy huge popularity in Saudi Arabia. There is increased cooperation in media and entertainment sectors, including in joint production. Yoga has become popular in the Kingdom, with strong support from the Saudi government. Academic exchanges have expanded. We have initiated joint research activities on historic archives. There is growing interest in the game of cricket among Saudis. More Indian players are participating in the Kingdom's esports tournaments. Two-way tourist numbers have increased consistently. We also welcome Saudi Arabia's decision to join the International Big Cat Alliance. The vibrant Indian community in Saudi Arabia is a living bridge connecting our two countries. We deeply appreciate the role of the Saudi leadership in taking care of the welfare of 2.7 million Indians living in the Kingdom. We also congratulate the Saudi leadership for successfully organizing the Hajj pilgrimage this year. India and Saudi Arabia are not only consolidating a dynamic partnership but also charting a bold vision for the future. Together, we are poised to play a pivotal role in shaping peace, progress, and prosperity; not just for our people, but for the entire world. On behalf of the government, people of India and the Indian diaspora in the Kingdom, I take this opportunity to extend my best wishes to King Salman and Crown Prince Mohammed bin Salman for the sustained peace, progress, and prosperity of the Kingdom of Saudi Arabia. • Dr. Suhel Ajaz Khan is India's ambassador to Saudi Arabia.
Arab News
6 hours ago
- Arab News
EU, Norway, rights groups rap West Bank settlement plan
MAALE ADUMIM: Israeli far-right Finance Minister Bezalel Smotrich announced work would start on a long-delayed settlement that would divide the West Bank and cut it off from East Jerusalem, a move his office said would 'bury' the idea of a Palestinian state. The Palestinian government, allies, and campaign groups condemned the scheme, calling it illegal and saying the fragmentation of territory would rip up peace plans for the region. Standing at the site of the planned settlement in Maale Adumim on Thursday, Smotrich, a settler himself, said Prime Minister Benjamin Netanyahu and US President Donald Trump had agreed to the revival of the E1 development. However, there was no immediate confirmation from either. 'Whoever in the world is trying to recognize a Palestinian state today will receive our answer on the ground, not with documents nor with decisions or statements, but with facts. Facts of houses, facts of neighborhoods,' Smotrich said. Israel froze construction plans at Maale Adumim in 2012, and again after a revival in 2020, because of objections from the US, European allies, and other powers who considered the project a threat to any future peace deal with the Palestinians. Restarting the project could further isolate Israel, which has watched some of its Western allies condemn its military offensive in Gaza and announce they may recognize a Palestinian state. Palestinians fear the settlement building in the West Bank — which has sharply intensified since the 2023 Hamas attack on Israel that led to the Gaza war — will rob them of any chance to build a state of their own in the area. In a statement headlined 'Burying the idea of a Palestinian state,' Smotrich's spokesperson said the minister had approved the plan to build 3,401 houses for Israeli settlers between an existing settlement in the West Bank and Jerusalem. In Maale Adumim, Smotrich said the plan would go into effect on Wednesday. Breaking the Silence, an Israeli rights group established by former Israeli soldiers, said what it called a land grab 'will not only further fragment the Palestinian territory, but will further entrench apartheid.' Nabil Abu Rudeineh, the Palestinian president's spokesperson, called on the US to pressure Israel to stop settlement building. 'The EU rejects any territorial change that is not part of a political agreement between the involved parties. So annexation of territory is illegal under international law,' European Commission spokesperson Anitta Hipper said. Norwegian Foreign Minister Espen Barth Eide said the move by Smotrich, an ultra-nationalist in the ruling right-wing coalition who has long advocated for Israeli sovereignty over the West Bank, showed that Israel 'seeks to appropriate land owned by Palestinians in order to prevent a two-state solution.' Peace Now, which tracks settlement activity in the West Bank, said there were still steps needed before construction. However, if all goes through, infrastructure work could begin within a few months, and house building could start about a year later. 'The E1 plan is deadly for the future of Israel and for any chance of achieving a peaceful two-state solution. We are standing at the edge of an abyss, and the government is driving us forward at full speed,' Peace Now said in a statement. Consecutive Israeli governments have initiated, approved, planned, and funded settlements, according to Israeli rights group Yesh Din. Some settlers moved to the West Bank for religious or ideological reasons, while lower housing costs and government incentives drew others. They include American and European dual citizens. Palestinians were already demoralized by the Israeli military campaign, which has killed more than 61,000 people in Gaza, according to local health authorities, and fear Israel will ultimately push them out of that territory. About 700,000 Israeli settlers live among 2.7 million Palestinians in the West Bank and East Jerusalem. Israel annexed East Jerusalem in a move not recognized by most countries, but has not formally extended sovereignty over the West Bank. The UN and most world powers say settlement expansion has eroded the viability of a two-state solution by fragmenting Palestinian territory. The two-state plan envisages a Palestinian state in East Jerusalem, the West Bank, and Gaza, existing side by side with Israel. Most of the global community considers all settlements illegal under international law. Israel rejects this interpretation, saying the West Bank is 'disputed' rather than 'occupied' territory. Britain, Canada, Australia, and New Zealand imposed sanctions in June on Smotrich and another far-right minister who advocates for settlement expansion, accusing both of them of repeatedly inciting violence against Palestinians in the West Bank.
