Ƶ

New Syrian leaders say they want to contribute to ‘regional peace’

Members of the media react during a power cut ahead of the press conference of U.S. Assistant Secretary of State for Near Eastern Affairs Barbara Leaf, in Damascus, Syria, December 20, 2024. (REUTERS)
Members of the media react during a power cut ahead of the press conference of U.S. Assistant Secretary of State for Near Eastern Affairs Barbara Leaf, in Damascus, Syria, December 20, 2024. (REUTERS)
Short Url
Updated 21 December 2024

New Syrian leaders say they want to contribute to ‘regional peace’

New Syrian leaders say they want to contribute to ‘regional peace’
  • France, Germany, Britain, and the United Nations have also sent emissaries to Damascus in recent days to establish contacts with the new authorities

DAMASCUS: Syria wants to contribute to “regional peace,” the country’s new authorities said late Friday, after a meeting between leader Ahmed Al-Sharaa and a US diplomatic delegation.
“The Syrian side indicated that the Syrian people stand at an equal distance from all countries and parties in the region and that Syria rejects any polarization,” the statement said.
It said the new authorities wanted to “affirm Syria’s role in promoting regional peace and building privileged strategic partnerships with countries in the region.”
A Syrian official had previously told AFP that the meeting between Al-Sharaa — known previously by his nom de guerre Abu Mohammed Al-Jolani — and the US delegation led by Barbara Leaf, head of the Middle East at the State Department, was “positive.”
Al-Sharaa, the leader of the Islamist Hayat Tahrir Al-Sham (HTS) group that seized power in Damascus, was previously the target of US sanctions.
But after their first formal contact in Damascus on Friday, Washington announced it had dropped a bounty for his arrest.
“Based on our discussion, I told him that we were dropping the offer of a reward,” Leaf told reporters.
She said she told the new Syrian leader of the “critical need to ensure that terrorist groups cannot pose a threat inside Syria or outside, including to the United States and our partners in the region.”
He “committed to doing so,” she said, adding he had appeared to her as “pragmatic.”
HTS, which leads the victorious coalition of armed groups in Damascus, claims to have broken with jihadism and has sought to reassure people of its ability to revive the country after nearly 14 years of civil war.
France, Germany, Britain, and the United Nations have also sent emissaries to Damascus in recent days to establish contacts with the new authorities.
The West is wary of the risk of fragmentation of the country and the resurgence of the jihadist group Islamic State, which has never been completely eradicated there.


India eyes closer cooperation in pharmaceuticals, ceramics with Ƶ

India eyes closer cooperation in pharmaceuticals, ceramics with Ƶ
Updated 10 min 6 sec ago

India eyes closer cooperation in pharmaceuticals, ceramics with Ƶ

India eyes closer cooperation in pharmaceuticals, ceramics with Ƶ
  • India is world’s third-largest drug maker and second-largest producer of ceramics
  • Ƶ is India’s 5th largest trading partner, with trade worth nearly $43bn in 2023-24

NEW DELHI: India is eyeing closer collaboration with Ƶ in the pharmaceuticals and ceramics industries, following talks between Indian trade minister Piyush Goyal and his Saudi counterparts earlier this week.

Goyal held separate virtual meetings with Ƶ’s Economy and Planning Minister Faisal bin Fadel Al-Ibrahim and Investment Minister Khalid Al-Falih to discuss ways to strengthen trade and investment ties between the two countries.

His meeting with Al-Ibrahim was focused “on enhancing our trade & investment partnership and collaborating in key sectors” such as pharmaceuticals, petroleum and ceramics, while his discussion with Al-Falih was centered on mutual growth, innovation and long-term collaboration, Goyal wrote on X.

“We are confident of exciting growth prospects ahead for both nations,” he said.

In 2023-24, Saudi-India trade reached nearly $43 billion, making India Ƶ’s second-largest trading partner, while the Kingdom stands as New Delhi’s fifth-largest.

Bilateral energy trade alone was worth $25.7 billion in 2023-24, with Ƶ being the third-largest source of India’s LPG, crude and petroleum imports.

In 2023, India’s investment in the Kingdom reached $4 billion, showcasing an increase of 39 percent from 2022, when it stood at about $2.39 billion.

Ƶ and India have been in talks to deepen their strategic partnership. When Indian Prime Minister Narendra Modi visited Jeddah in April, “both sides reaffirmed the strong commitment to advance economic and investment partnership,” Indian ambassador to Ƶ, Suhel Ajaz Khan, told Arab News on Friday.

India’s pharmaceuticals and ceramics sector, in particular, had potential to support Ƶ’s Vision 2030 transformation project, he added.

With India being the world’s third-largest producer of drugs by volume after the US and China and supplying more than 20 percent of global demand on generic drugs, Delhi is keen to open up new collaborations in the pharmaceutical industry with Ƶ.

“With annual pharmaceutical exports exceeding $30 billion, Indian pharmaceutical companies play a vital role in ensuring affordable and reliable health care across the globe. The Kingdom of Ƶ currently accounts for only about $200 million of India’s pharmaceutical exports — a relatively small share that underscores significant untapped potential,” Khan said.

“As KSA pursues the goals of Vision 2030, which include building domestic manufacturing capacity, fostering knowledge-based industries and ensuring health care security, the Indian pharmaceutical sector stands out as a natural strategic partner.”

The Indian government is also seeking to take advantage of its edge in the ceramics industry, as India is the second-largest producer of ceramics globally and the largest exporter of ceramic tiles.

“Indian ceramics are widely recognized for their quality, cost-efficiency and manufacturing scale, particularly in segments such as tiles, sanitaryware and refractories,” Khan said.

“Given the Kingdom of Ƶ’s growing infrastructure, construction and industrial development needs under Vision 2030, deeper cooperation with India’s ceramic sector holds significant potential.”


Pakistan posts first annual current account surplus in 14 years

Pakistan posts first annual current account surplus in 14 years
Updated 15 min 57 sec ago

Pakistan posts first annual current account surplus in 14 years

Pakistan posts first annual current account surplus in 14 years
  • Stock market hits record 140,000 points amid macroeconomic rebound under IMF program
  • Remittances top $38 billion, foreign direct investment, textile exports also rise in FY25

KARACHI: Pakistan has posted a full-year current account surplus for the first time in 14 years, alongside record-breaking performance in its equity market, reflecting broad signs of economic stabilization under the country’s $7 billion IMF program approved in September 2024.

Khurram Schehzad, adviser to the finance ministry, shared the data on social media, highlighting a $328 million current account surplus in June 2025.

“Country’s Current Account (CA) for June 2025 closes in $328Mn Surplus, taking full-year Surplus to over $2.1Bn — annual Surplus recorded after 14 years, and the largest Surplus in 22 years,” the adviser wrote on X. 

He said textile exports rose by 7.4 percent year-on-year to $17.9 billion, foreign direct investment increased 5 percent to $2.5 billion, and remittances surged 27 percent to a record $38 billion.

The Real Effective Exchange Rate (REER) dropped further to 96.6, enhancing the Pakistani rupee’s competitiveness against the dollar, which would support the country’s exports and keep the external account in check, Schehzad said.

He also cited a rally in the Pakistan Stock Exchange, where the benchmark KSE-100 index crossed 140,000 points for the first time, with market capitalization exceeding Rs16.8 trillion (about $60 billion). He noted that Pakistan is currently ranked the fourth-best performing equity market globally in July 2025 to date.

According to Topline Securities, the FY25 current account surplus of $2.1 billion (0.5 percent of GDP) marks a sharp turnaround from a $2 billion deficit in FY24, driven by a 27 percent increase in remittances and a 16 percent drop in services deficit. The goods deficit, however, grew to $27 billion.

Topline added that the surplus was bolstered by record-high March remittances of over $4 billion and structural reforms that reduced the exchange rate differential between official and informal channels.

Looking ahead, the brokerage house expects a mild current account deficit of $0.5–1.5 billion (0.1–0.3 percent of GDP) in FY26.

The economic turnaround follows structural reforms implemented under the IMF program, including currency market liberalization, energy pricing reforms and taxation measures aimed at unlocking further global financing and restoring investor confidence.


Indian killed, one abducted in Niger attack: embassy

Indian killed, one abducted in Niger attack: embassy
Updated 15 min 19 sec ago

Indian killed, one abducted in Niger attack: embassy

Indian killed, one abducted in Niger attack: embassy
  • India’s embassy in Niamey said it was in contact with the employer and families of the victims
  • It was also working to secure the release of the person abducted in the attack

NIAMEY, Niger: An Indian national was killed and another abducted in what India’s embassy termed a “terrorist” attack in southwestern Niger, while a third is listed as missing, it said in a statement.

Local sources said unidentified armed attackers ambushed a Nigerien army unit providing security at a construction site for an electrical line in the Dosso region, around 100 kilometers (63 miles) from the capital Niamey.

Urging Indian nationals in Niger to be “vigilant,” India’s embassy in Niamey said it was in contact with the employer and families of the victims as well as the Nigerian government to facilitate repatriation of the dead man’s remains.

It said it was also working to secure the release of the person abducted in the attack, which took place Tuesday near the Nigerian border.

Local sources and social media posts suggested at least one Nigerien soldier was killed in the attack, which authorities had not yet commented on Friday.

Niger, under military rule following a 2023 coup, has faced around a decade of violence perpetrated by jihadists affiliated to Al-Qaeda and the Daesh group.

The Dosso region borders both Nigeria and Benin, where attacks regularly target civilians, the army and also a giant oil pipeline transporting crude from Niger to Benin.

The authorities generally blame such attacks on “terrorists” or “bandits.”

Dosso borders the western town of Tillaberi near the borders with Niger, Mali and Burkina Faso, which has become a stronghold for militant groups.

According to official Indian sources, five Indian technicians were kidnapped in an April 25 attack just north of the nearby town of Sakoira.

Twelve Nigerien soldiers were killed in that attack.

Earlier this month, three Indian nationals working in Mali were kidnapped from a cement factory in the west of the country.


Pope, Israeli PM speak by phone after Gaza church strike

Pope, Israeli PM speak by phone after Gaza church strike
Updated 6 min 22 sec ago

Pope, Israeli PM speak by phone after Gaza church strike

Pope, Israeli PM speak by phone after Gaza church strike
  • “During the conversation, the Holy Father renewed his appeal to revive negotiations,” the Vatican
  • “He once again expressed his concern for the dramatic humanitarian situation”

VATICAN CITY: Pope Leo XIV emphasized the importance of protecting places of worship in a call Friday with Prime Minister Benjamin Netanyahu following Israel’s deadly strike on Gaza’s only Catholic Church, the Vatican said.

The pontiff also renewed his appeal for negotiations, a ceasefire and the end of the war, while reiterating his concern for the “dramatic humanitarian situation” in the Palestinian territory, it said in a statement.

The Vatican said Netanyahu initiated the call on Friday morning, the day after Israeli fire on the Holy Family Church in Gaza City killed three people and provoked international condemnation.

“During the conversation, the Holy Father renewed his appeal to revive negotiations and reach a ceasefire and the end of the war,” the Vatican said in a statement, noting that Leo was at his summer residence in Castel Gandolfo, south of Rome.

“He once again expressed his concern for the dramatic humanitarian situation of the population in Gaza, whose heartbreaking toll is borne particularly by children, the elderly and the sick.

“Finally, the Holy Father reiterated the urgency of protecting places of worship and especially the faithful and all people in Palestine and Israel.”

Netanyahu has said Israel “deeply regrets” the strike, and blamed a “stray round.”

He repeated this regret in the conversation with the pope, which was “friendly,” a spokesman for Netanyahu told AFP, adding that the two men agreed to meet soon.


India eyes closer cooperation in pharmaceuticals, ceramics with Ƶ

India eyes closer cooperation in pharmaceuticals, ceramics with Ƶ
Updated 25 min 37 sec ago

India eyes closer cooperation in pharmaceuticals, ceramics with Ƶ

India eyes closer cooperation in pharmaceuticals, ceramics with Ƶ
  • India is the world’s third-largest drug maker and second-largest ceramics producer
  • Ƶ is India’s 5th largest trading partner, bilateral trade was $43 billion in 2023–24

NEW DELHI: India is seeking to expand cooperation with Ƶ in the pharmaceuticals and ceramics sectors, following virtual meetings earlier this week between Indian Trade Minister Piyush Goyal and his Saudi counterparts.

Goyal held separate discussions with Ƶ’s Economy and Planning Minister Faisal bin Fadel Al-Ibrahim and Investment Minister Khalid Al-Falih to explore ways to deepen trade and investment ties.

His meeting with Al-Ibrahim focused “on enhancing our trade & investment partnership and collaborating in key sectors” like pharmaceuticals, petroleum, and ceramics, while his conversation with Al-Falih centered on mutual growth, innovation, and long-term collaboration, Goyal wrote on X.

“We are confident of exciting growth prospects ahead for both nations,” he added.

In 2023–24, bilateral trade between India and Ƶ reached nearly $43 billion, making India the Kingdom’s second-largest trading partner. Ƶ, in turn, is India’s fifth-largest trading partner. Energy trade accounts for a major share, with Ƶ being the third-largest source of India’s crude oil, petroleum, and LPG imports, valued at $25.7 billion in the last fiscal year.

India’s cumulative investment in Ƶ reached $4 billion in 2023, marking a 39 percent increase from $2.39 billion in 2022.

The two countries have been in regular talks to deepen their strategic partnership.

During Indian Prime Minister Narendra Modi’s visit to Jeddah in April 2024, “both sides reaffirmed the strong commitment to advance economic and investment partnership,” Indian Ambassador to Ƶ, Suhel Ajaz Khan, told Arab News on Friday.

He noted that India’s pharmaceutical and ceramics sectors, in particular, have the potential to contribute meaningfully to Ƶ’s Vision 2030 transformation initiative.

NEW PARTNERSHIPS

India is the world’s third-largest drug producer by volume, after the US and China, and accounts for over 20 percent of the global supply of generic medicines. New Delhi is looking to boost exports to the Kingdom and enter into new partnerships in the pharmaceutical space.

“With annual pharmaceutical exports exceeding $30 billion, Indian pharmaceutical companies play a vital role in ensuring affordable and reliable health care across the globe. The Kingdom of Ƶ currently accounts for only about $200 million of India’s pharmaceutical exports — a relatively small share that underscores significant untapped potential,” Ambassador Khan said.

“As KSA pursues the goals of Vision 2030, which include building domestic manufacturing capacity, fostering knowledge-based industries, and ensuring health care security, the Indian pharmaceutical sector stands out as a natural strategic partner.”

India is also the world’s second-largest ceramics producer and the top global exporter of ceramic tiles. The government is looking to leverage this advantage in sectors such as construction and infrastructure.

“Indian ceramics are widely recognized for their quality, cost-efficiency, and manufacturing scale, particularly in segments such as tiles, sanitaryware, and refractories,” Khan said.

“Given the Kingdom of Ƶ’s growing infrastructure, construction, and industrial development needs under Vision 2030, deeper cooperation with India’s ceramic sector holds significant potential.”