Latest News from Sawaleif
Khaleej Times
3 minutes ago
- Business
- Khaleej Times
EU chief calls for 'independent Europe' amid global turmoil
EU chief Ursula von der Leyen called for a "truly independent Europe" at a time of seismic change on the world stage, as she received the International Charlemagne Prize on Thursday. Accepting the award in the German city of Aachen, she urged "a new form of Pax Europaea for the 21st century, one that is shaped and managed by Europe itself". The International Charlemagne Prize of Aachen has been awarded since 1950 to individuals or institutions that have made outstanding contributions to Europe and European unification. "What we once relied on as an international order has rapidly descended into an international disorder," von der Leyen said. She pointed to Russia's invasion of Ukraine that shattered old certainties after decades in which the US-led Nato alliance had "led to a form of complacency among us". "We thought we could rely on a peace dividend," she said about the post-Cold War era when European defence spending dropped off. "But these times are over," she said, warning that "the world is again marked by imperial ambitions and imperial wars". "Adversaries of our open democratic societies have rearmed and remobilised," she said. "There is no greater example of that than (Russian President Vladimir) Putin's brutal and ruthless war against Ukraine." Pointing to moves by the EU and member states to pour hundreds of billions of euros into defence spending, she said "times are changing and Europe with it". "We are doing this to put everything into defending peace," said the European Commission chief. "A new international order will emerge in this decade. If we do not want to simply accept the consequences this will have for Europe and the world, we must shape this new order." She added that "history does not forgive either dithering or delaying. Our mission is European independence." German Chancellor Friedrich Merz, who took office in early May, vowed at the awards ceremony that "Germany is committed to this strong, united Europe". "We will not stand on the sidelines when it comes to preserving and strengthening freedom and democracy, the rule of law, and human dignity on our continent." Merz said "the Germans are ready to take far-reaching decisions at the Nato summit in June, decisions that do justice to Europe's responsibility for its own security." Berlin has earlier signalled it supports a plan to raise defence spending to 3.5 per cent of GDP and security-related infrastructure outlays to 1.5 per cent.
Khaleej Times
3 minutes ago
- Business
- Khaleej Times
Dubai property prices could drop up to 15% as they hit peak, report says
Dubai's property prices have reached their peak in the current cycle. A correction is expected soon with prices likely to drop not more than 15 per cent, according to a new study released on Thursday. According to global ratings agency Fitch, the emirate will see a massive increase in new supply, growing at 16 per cent during 2025 and 2027, surpassing population growth of around 5 per cent. 'Under our base case, we expect that prices either have already reached their maximum level in the current cycle or will reach that level in 2025. The correction, which we expect in the second half of 2025 or 2026 should not exceed 15 per cent, especially if there are more delays in project completion,' said analysts at Fitch Ratings. 'This will also translate to an easing of pre-sale models offered by developers to investors to 50 per cent payment plans during construction, compared to a current average of 70 per cent. The payment plan has a significant impact on an investor's ability to acquire a new property,' Fitch's analysts said in the latest report on the emirate's real estate market. Dubai's property market has had an exceptional rally over the past four years, driven by demand from foreign investors, high-net-worth individuals and professionals flocking to the UAE over the years. Fitch data showed that prices of residential units increased by about 60 per cent between 2022 and the first quarter of 25 with demand underpinned by immigration in the post-pandemic years coupled with the improved attractiveness of the Dubai property market for investors in the healthy economic environment. Record supply The handover of new units will lead to a record increase in supply. Fitch estimated an average 16 per cent increase in supply in 2025-2027, exceeding forecast population growth of around 5 per cent. Following a record number of new property projects in 2023-2024, about 250,000 units are expected to be released. 'The spike in deliveries is expected in 2026, when about 120,000 units are planned for handover, compared to only 30,000 in 2024 and 90,000 in 2025,' said Fitch analysts. Dubai's population is on track to reach 4 million this year as it hit 3.948 million on May 29. According to Dubai Statistics Centre data, the emirate's population grew 51,295 to 3.914 million at the end of March 2025.
Arab News
4 minutes ago
- Business
- Arab News
Saudi EXIM Bank targets African markets with 4 new MoUs
RIYADH: Saudi Arabia is accelerating the expansion of its non-oil exports into African markets, with the Saudi Export-Import Bank securing four new strategic agreements to strengthen trade and investment ties across the continent. Saudi Export-Import Bank CEO Saad bin Abdulaziz Al-Khalb signed memoranda of understanding with Africa50, the Ghana Export-Import Bank, Blend International Limited, and Guinea's Ministry of Planning and International Cooperation, the Saudi Press Agency reported. The deals were finalized on the sidelines of the African Development Bank Group's annual meetings, held in Côte d'Ivoire from May 26 to 30. The newly signed deals come as Saudi exports to Africa surged 20.6 percent year on year to SR7.84 billion ($2.09 billion) in March 2025, reflecting growing trade ties between the Kingdom and the continent. Al-Khalb said the bank's participation in the meetings aims to deepen international trade relations and forge partnerships that support Saudi non-oil export growth in African markets. The SPA report added: 'He stated that the memoranda of understanding are an extension of the bank's efforts to promote trade exchange, stimulate development projects, and enable local exporters to export their services and products to African markets through effective and extended partnerships, contributing to supporting sustainable development goals and enhancing economic integration.' He also described the gathering as a valuable opportunity to boost economic cooperation and engage with officials from export credit agencies and financial institutions across African countries. The agreements were signed by Saudi EXIM CEO Saad bin Abdulaziz Al-Khalb, along with Alain Ebobisse, CEO of Africa50; Sylvester Mensah, CEO of the Ghana Export-Import Bank; Ravi Gupta, managing director of Blend International Limited; and Ismail Nabeh, minister of planning and international cooperation of Guinea. The MoU with Africa50 is aimed at enhancing cooperation in infrastructure projects by partnering with Saudi companies. The agreement with the Ghana Export-Import Bank will focus on exploring cooperation opportunities and enhancing bilateral exports of services and products. Meanwhile, the MoU with Blend International Limited is aimed at targeting broader trade opportunities and international partnerships. The deal with Guinea's Ministry of Planning and International Cooperation seeks to bolster development projects and investment in priority sectors, enabling Saudi exports of engineering services and industrial supplies. Also, on the sidelines of the event, Al-Khalb and his delegation held in-depth discussions with leaders of several international financial institutions, focusing on expanding trade ties and boosting the flow of Saudi non-oil exports into African markets.
The South African
4 minutes ago
- Sport
- The South African
Orlando Pirates confirm TWO player exits
Orlando Pirates have officially confirmed the departure of veteran midfielder Miguel Timm and the retirement of long-serving captain Innocent Maela, as both players' contracts reach their conclusion. Timm, 33, joined the Buccaneers three seasons ago following a standout campaign with Marumo Gallants, where he lifted the Nedbank Cup. Since his arrival at Mayfair, he played an integral role in the midfield, helping the team to secure five domestic trophies under coach Jose Riveiro. Despite his past contributions, Timm saw limited action this season as Orlando Pirates began transitioning to a more youthful squad. The club confirmed his departure, and the experienced campaigner is now expected to pursue new playing opportunities in the coming weeks. 'Miguel has been a true professional throughout his time here, and we thank him for his service,' read a brief club statement. Meanwhile, 32-year-old defender Innocent Maela has announced his retirement from professional football and will transition into a non-playing role within the club. A product of the club's development system, Maela amassed 208 appearances in Orlando Pirates colours, captaining the side in recent seasons. After spending time on loan with Witbank Spurs and Thanda Royal Zulu earlier in his career, he returned to the Buccaneers cemented himself as a defensive stalwart. On Wednesday night, Maela received an emotional send-off from the Orlando Pirates faithful during his final appearance, underscoring his legacy as one of the club's modern icons. 'Innocent's leadership, loyalty, and contribution to the club cannot be overstated,' the club said. 'We look forward to the next chapter with him off the pitch.' With both players moving on, Orlando Pirates continue to reshape their squad heading into the new season, focusing on youth development and building on recent domestic success. Fans will no doubt keep a close eye on Timm's next move and Maela's new role as the club evolves both on and off the field. With the 2024/25 Betway Premiership season now officially wrapped up, Orlando Pirates – and their fans – can reflect on a successful campaign. The Soweto giants finished second in the standings with 61 points, eight behind league winners Mamelodi Sundowns. Orlando Pirates won 19 of their 28 matches, lost five and drew four. They scored 43 goals and conceded 20. Perhaps most satisfying for the Buccaneers' faithful was the fact they finished a record 29 points ahead of bitter Soweto rivals, Kaizer Chiefs. Next season, Orlando Pirates will face Polokwane City in the first round of the lucrative MTN8. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
7NEWS
4 minutes ago
- Sport
- 7NEWS
AFL greats ‘fall in love' after Nate Caddy kicks outrageous goal over his own head
AFL greats have fallen in love with Essendon star Nate Caddy after an outrageous goal over his head on Thursday night. Caddy was a shining light in a less than impressive first half for the Bombers, who trailed Brisbane by 26 points at the main break. But they came out firing in the second half and it was Caddy who levelled the scores at 58 apiece in style. Caddy grabbed a bouncing ball just outside the goal square without a hint of a half-turn, seemingly always knowing what he wanted to do. The 19-year-old took another couple of steps then planted his foot and kicked the Sherrin directly over his head for a goal. 'Caddy over the shoulder! He's kicked a goal!' Coleman medallist Brian Taylor said in commentary on Channel 7. 'Yes we're in love, Kane, yes we are!' 'They are level. They were 32 down and this man here has kicked it over his shoulder.' Premiership winners Kane Cornes and Luke Hodge could not help but laugh in the commentary box. 'Over his head! I am blushing!' Cornes said. 'We've just fallen in love together. It didn't take long, it took half a quarter and we've won BT over.' 'Look at him just slip out the back. That's smart, that's nous, and that is class,' he added. Luke Hodge praised Caddy for sticking with the contest but could not get past Cornes and Taylor's reaction. 'I've lost it at these two,' he joked. Unfortunately for Caddy and the Bombers, that was the last bright spot of the quarter. Brisbane broke Essendon's run with a goal soon after and nailed another to take a 12-point lead into three-quarter time. But the Bombers struck back twice to start the fourth quarter to level the scores again. Caddy had seemingly been in everything for the Bombers but didn't always have it his way. He took an outstanding mark earlier in the third term but chose to play on under pressure and dribbled it through for a behind. Earlier, though, he earned huge praise for his marking prowess. 'Which 20-year-old in the game is doing this currently?' Cornes said. Caddy turns 20 in July.
