They focused on ensuring effective maritime security in the IOR with Iran amplifying the need to secure the region to carry out economic activity in trade and the movement of goods…reports Asian Lite News
The importance of the Indian Ocean, its straits and waterways for the continued growth of all nations, especially the regional countries, was discussed extensively at the third meeting of the Indian Ocean Naval Symposium (IONS) working group held in Tehran under the co-chairmanship of Indian Navy, earlier this week.
The IONS is a voluntary initiative that seeks to increase maritime cooperation among navies of the littoral states of the Indian Ocean Region (IOR) by providing an open and inclusive forum for discussion of regionally relevant maritime issues.
Representatives of the naval forces of India, host Iran, Thailand, Bangladesh, Pakistan, and Oman attended the maritime security working group meeting held in the Iranian capital from October 17 to 19.
They focused on ensuring effective maritime security in the IOR with Iran amplifying the need to secure the region to carry out economic activity in trade and the movement of goods.
Iranian media quoted Commodore Babak Baloch, deputy chief of the country’s navy for coordination, as saying that economic security has become the “most serious” concern of governments in the region.
“Having direct access to open waters for littoral states is considered a great opportunity for progress, the correct exploitation of which will lead to an increase in national wealth and prosperity, and this will be achieved in the shadow of stable and all-around security,” said Baloch.
“There is a direct relationship between the gross national product (GNP) of countries and security, so countries are trying to increase their gross national product by taking the necessary measures and decisions, which is a requirement of this economic activity in trade and movement of goods,” he added.
Significantly, Iran will be opening up international maritime security cooperation centres in Konarak, Sistan, and Baluchestan province, southeastern Iran, with the presence of participating members to strengthen and stabilize security in the seas.
India has always maintained deep cultural and economic ties with the region and remains an important stakeholder in the security architecture and development initiatives in the IOR.
New Delhi has also called for exploiting the full potential of Chabahar port – being developed by India in Iran – for trade between the countries of the region.
It also continues to highlight the important role that the Shahid Beheshti Terminal at Chabahar Port plays as a commercial transit hub for the landlocked countries in Central Asia.
Focused on their common threat of international terrorism and the use of technology to get rid of it, India and Israel are already working together to produce next-generation drones…reports Asian Lite News
Israel, a powerhouse in the world of remotely-manned tools, has signed an agreement with India for the leasing, operation and maintenance of fixed-wing Unmanned Aerial Vehicles (UAVs) to the Indian Defence Forces.
A Memorandum of Understanding (MoU) was signed between Hindustan Aeronautics Limited (HAL) and Israel Aerospace Industries (IAI) Limited on the sidelines of the ongoing DefExpo 2022 at Gujarat’s Gandhinagar.
Through this MoU, HAL and IAI will collaborate on a prospective programme of leasing UAV systems to the Indian Defence Forces.
Like several other countries, Israel too has sent a high-level delegation to the 12th edition of Asia’s largest defence event.
Naor Gilon, Ambassador of Israel to India, was also present at the venue when Prime Minister Narendra Modi inaugurated the event on Wednesday.
Fully supporting India’s vision of ‘Atmanirbhar Bharat’ and the long-lasting partnership and commitment between the two countries, IAI has also announced the opening of its subsidiary IAI India Private Limited which will provide customer support, marketing, and business development services for IAI solutions.
From radars and defence systems for air, land, and sea to unmanned aerial systems and other intelligence solutions, including satellites and electronic surveillance, cyber and more, IAI has been jointly developing tailor-made, cutting-edge solutions for India’s unique challenges for three decades now.
It also manufactures the famous Heron TP armed drones which have been acquired by the Indian Army to boost its surveillance operations, especially near the LAC.
Focused on their common threat of international terrorism and the use of technology to get rid of it, India and Israel are already working together to produce next-generation drones.
With Modi keen on Israeli defence companies benefitting from opportunities of co-development and co-production in India, Defence Minister Rajnath Singh had exchanged a ‘Letter of Intent’ on enhancing cooperation in the field of Futuristic Defence Technologies with his visiting Israeli counterpart Benjamin Gantz in June this year.
It followed last November’s Bilateral Innovation Agreement (BIA) between India’s Defence Research and Development Organisation (DRDO) and Israel’s Directorate of Defence Research and Development (DDR&D) to jointly develop next-generation technologies and products such as drones, robotics, artificial intelligence and unhackable quantum computing.
Under the agreement, startups and industries of both countries will work together to bring out next-generation technologies and products in the areas such as drones, robotics, artificial intelligence, quantum technology, photonics, biosensing, brain-machine interface, energy storage, wearable devices, natural language processing, etc.
Products and technologies will also be customised to meet the unique requirements of both countries. The development efforts will be jointly funded by DRDO and DDR&D, Israel. The technologies developed under BIA will be available to both countries for their domestic applications.
Saudi Arabia hosted the G-20 in 2020, and discussions will focus on the agenda for the G-20 in India next year, with a summit in Delhi in September 2023…reports Asian Lite News
Saudi Crown Prince and Prime Minister of the Kingdom of Saudi Arabia (KSA) Mohammad bin Salman (MbS) is likely to visit India on his way to Indonesia in mid-November, to meet with Prime Minister Narendra Modi. The visit is expected to last a few hours on November 14, and both leaders are expected to depart for Bali to attend the G-20 summit there on November 15-16.
External Affairs Minister S. Jaishankar, who visited Riyadh in September for bilateral talks, had conveyed Modi’s invitation to Salman, asking him to visit at an “early date”. Sources say the visit of the Saudi leader could cast doubt over Modi’s attendance at meetings with the 10-member Association of Southeast Asian Nations (ASEAN), and the 18-member East Asian Summit (EAS) leaders meeting in Cambodia around the same time.
During their meeting, Salman and PM Modi are expected to exchange views on the present energy security scenario due to the Russian war in Ukraine, and the western coalition sanctions that neither India nor the Kingdom of Saudi Arabia has joined. The visit has geopolitical significance given U.S.-Saudi tensions over oil production cuts by the OPEC+ grouping that includes Russia, after which U.S. President Joseph Biden, who will also be in Bali, had warned of “consequences” for the Kingdom of Saudi Arabia.
In Delhi, the two leaders will review bilateral projects including the progress on Mr. Salman’s 2019 promise of “$100 billion investment” in India, particularly in oil reserves, and green energy projects, which hasn’t yet fructified. Modi has visited Riyadh twice, in 2016 and 2019, and announced a number of MoUs and projects as well, which will be reviewed, said officials.
Saudi Arabia hosted the G-20 in 2020, and discussions will focus on the agenda for the G-20 in India next year, with a summit in Delhi in September 2023.
Diplomatic sources said the high-profile visit might mean Modi may not be able to attend the ASEAN-India summit as well as the East Asia Summit in Phnom Penh from November 10-13. This is an important year for the ASEAN-India partnership as it marks the 30th year of ties between India and the Southeast Asian nations grouping, and a special “commemorative summit” is being planned.
In addition, India and the 10-nation ASEAN grouping have been in talks about upgrading their relationship to a “Comprehensive Strategic Partnership” (CSP), and External Affairs Minister S. Jaishankar had hosted the ASEAN-India Foreign Ministers meeting (FMM) in Delhi this year and travelled to Cambodia for the East Asia FMM in August where this was discussed.
While Australia and China were named CSPs in 2021, the ties of the U.S. and India with ASEAN are likely to be upgraded this year. The East Asia Summit will include leaders from ASEAN countries and Australia, China, India, Japan, New Zealand, the Republic of Korea, Russia and the U.S.
“It is an important year, and we hope Mr. Modi will make the time for the summit in Cambodia, especially if we announce the elevation of the Strategic Partnership,” an ASEAN diplomat said. However, sources say the Ministry of External Affairs has indicated this may not be possible, given the crowded diplomatic and electoral calendar, and Vice-President Jagdeep Dhankar would attend the summit in case the Prime Minister does not. Officials said that a final decision has not been taken on the attendance yet.
The $3.3 billion Chinese commercial loans and three $3 billion worth SAFE deposits loans were maturing from now till June next year
Pakistan has requested China to rollover its $6.3 billion debt that is maturing in next eight months as part of its overall plan to arrange $34 billion in the current fiscal year to meet its debt and external trade-related obligations, local media reported.
Another proposal was also under consideration to seek a fresh Chinese loan to repay the maturing bilateral debt during the fiscal year 2022-23, ending on June 30, The Express Tribune reported.
The issue of rollover and refinancing of nearly $6.3 billion commercial loans and the central bank debt was discussed in a meeting between Chinese Ambassador to Pakistan Nong Rong and Finance Minister Mohammad Ishaq Dar.
The $3.3 billion Chinese commercial loans and three $3 billion worth SAFE deposits loans were maturing from now till June next year, according to the Ministry of Finance officials, The Express Tribune reported.
The SAFE deposit is on the balance sheet of the central bank. In addition to this, over $900 million bilateral Chinese debt was becoming due during the current fiscal year.
For the current fiscal year, the International Monetary Fund and the Ministry of Finance have estimated Pakistan’s gross external financing requirements in the range of $32 billion to $34 billion, excluding the impact of the recent devastating floods.
Pakistan has already obtained $2.2 billion in loans during the July-September quarter while Saudi Arabia has also announced to roll over $3 billion debt maturing in December this year. The country still needs to arrange $29 billion and it is looking for minimum $6.3 billion to $7.2 billion rollovers from China in addition to any fresh lending.
The World Bank says economic distortions hold back the economic growth of Pakistan … writes Dr Sakariya Kareem. The World Bank report identified many distortions in Pak growth model, either introduced by policy decisions, or ignored by it. It stated that distortions in various taxes, subsidies, size dependent industrial policies, trade restrictions or gender norms are leading to resource allocation that are suboptimal and which is discouraging innovation and productivity in the country
Former Finance Minister Miftah Ismail while speaking at Habib University stated that Pakistan’s economy suffers from three fundamental problems, i.e. living beyond its own means, focusing on import substitution instead of export growth and granting ‘elite bargain’, under which essentially 99% of the population continues to work for the privileged ones.
He also lamented the rent-seeking attitude of businessmen calling them ‘intolerant as hell’ and ‘belligerently uneducated’ as the elite capture resources and not heeding for any reforms. The former Minister does not see an optimistic economic outlook, even in the longer term under the existing circumstances. He just articulated the same apprehensions as World Bank pointed out in a recent report.
United States Secretary of State Antony Blinken greets Pakistan Foreign Minister Bilawal Bhutto Zardai in Washington. (Photo: State Dept/IANS).
The World Bank’s Country Economic Memorandum on Pakistan titled, ‘From Swimming in Sand to High and Sustainable Growth’, has reiterated the precarious conditions due to such distortions that are holding back the Pak economy’s growth. Pakistan’s development partners also pointed out at these fundamental rigidities as responsible for the poor prospects of the Pak economy in near future.
The World Bank report stated that despite brief periods of relatively fast growth of per capita GDP, growth has been low over the past two decades. The growth of the country has been interrupted in the past and even today by the accumulation of external vulnerabilities that tend to result in a balance of payments crises. It attributed these phenomena to Islamabad’s model of growth which is driven primarily by consumption and government expenditure rather than by investment and exports. Structural changes in the growth model that give thrust on investment is the core challenge facing Islamabad for taking the economy on a sustained growth trajectory.
The report identified many distortions in the Pak growth model, either introduced by policy decisions or ignored by it. It stated that distortions in various taxes, subsidies, size-dependent industrial policies, trade restrictions or gender norms are leading to resource allocation that is suboptimal and which is discouraging innovation and productivity in the country.
The country has become less productive over time. Aggregate productivity in Pakistan has been stagnant or declining during the past decade. The COVID-19 pandemic exacerbated the decline in productivity with a contraction of 23% in 2020. Policies are hurting the innovative spirit of exporting firms. If firms want to innovate, they miss out on export subsidies. Because export subsidy schemes target mostly well-established, unsophisticated export products and can provide up to a 30 – 35% boost in profits, neglecting innovative manufacturers. It is hurting trade diversification also.
Finance Minister Ishaq Dar
Part of the decline in productivity is associated with low investment rates, particularly in tradable and productive sectors, leading to limited growth of firms. Private investment rates in Pakistan declined to 11.1% in the 2010s from an average of 14% of GDP in the 2000s. Foreign Direct Investment (FDI) has remained below 1% of GDP over the past decade as the Pak economy has performed poorly in areas that could make it a lucrative investment destination including poor infrastructure, power supply and security and law & order.
Firms struggle to grow large as they grow old, a peculiar situation in Pakistan. It is partly related to the fact that Pakistan relies extensively on size-dependent policies, which create incentives for firms to stay small, de jure or de facto, and also because government’s borrowing norms for the banking sector and therefore, limiting their growth. Part of the borrowing is used to support firms that may be unviable without state support.
Pakistani firms are smaller in size than in most comparator countries, and struggle to grow. An average Pakistani merchandise exporter ships USD1.4 million worth of merchandise a year, while the average Bangladeshi merchandise exporter ships USD 3.8 million. For knowledge-intensive services, Pakistani exporter is about 2/3rd the size of the typical merchandise exporter.
Industrial sickness is a continuous phenomenon in the country. Pakistan exhibits a relatively large share of firms known as ‘zombies’, i.e., firms that are loss-making for at least three consecutive years. In 2016, Pakistan had the highest share of zombie firms among comparator countries. State-owned enterprises (SoEs) and family-owned domestic firms are more likely to be zombie firms.
Higher taxes tend to make it more profitable for firms and business class to invest in real estate rather than in manufacturing or tradable services. Within tradables, high import duties make it more profitable for firms to sell domestically rather than export. The high profitability of Pak firms is not associated with high productivity but instead with high protection. Because of this, firms in sectors protected from import competition realize higher financial returns than those operating in low-protection environments.
Impact evaluation of one of the most important export promotion policies like ‘duty drawback of taxes’ – an export enhancement or subsidy scheme – shows a small positive impact overall in spite of bleeding heavily on the exchequer and a high cost-benefit ratio. The scheme induced the reallocation of exports toward products that were eligible for high-subsidy rates but happened to be well-established and low-sophistication products. Thus, it exacerbated the limited diversification of export bundles over the past two decades.
On the import side, high import duties, particularly on intermediates have negatively affected firms’ productivity. While much of the world embraced the global value chain (GVC) ‘revolution’, Pakistan increased its trade costs instead.
The agriculture sector of Pakistan is also marked by several distortions. Though yields have grown over the past decades in agriculture, it has been due to more intensive use of inputs. The report noted that total factor productivity has been falling for most crops. It opined that subsidies and support prices for specific crops coupled with additional subsidies on key inputs like water, induce farmers to allocate land to sugarcane rather than diversifying into other high-value crops that would fetch better prices internationally, or that embed less water.
Fast and sustained growth requires tapping into all of Pakistan’s talent and allocating it to its best use. However, Pakistan displays far lower female labour force participation (FLFP) rates than expected for a country at its level of development. In 2019, there were only two countries in the lower-to-middle per capita GDP range and nine overall with lower FLFP rates than Pakistan.
The share of females in total manufacturing employment is just 4% in Pakistan. In addition, for those women who do participate in paid employment, constraints limit their employment options. Altogether, this leads to a misallocation of talent, another distortion.
The report is optimistic that Pakistan can accrue GDP gains ranging between 5 and 23% just by closing the female employment gap and bringing labour reforms.
The report states that Pakistan’s untapped FDI potential is estimated at around USD 2.8 billion per year. Tapping that potential would lead to more than doubling the current inflow levels of investments. However, attracting export-oriented, or efficiency-enhancing FDI will require active policies to reduce trade costs, streamline the regulatory environment, and reduce policy uncertainty.
The report has expressed hope that if Islamabad addresses all economic distortions, it has immense potential to develop. Miftah Ismail is right while acknowledging the outsized role of the military in Pak politics. The economic managers should be given free hand, but they should also focus on the optimization of resource use and removal of distortions in the economy prohibiting growth. However, the win of the PTI in recent by-elections adds to political uncertainty and stability of the Pak economy.
Dubai-headquartered Mulk Med Healthcare unveils Mulk Med Privilege Health Card and reveals plan to set up Mulk Medical University to address the shortage of medical professionals in the MENA and Africa
Dubai-headquartered Mulk Med Healthcare unveils Mulk Med Privilege Health Card and reveals plan to set up Mulk Medical University to address the shortage of medical professionals in the MENA and Africa
Dubai-based conglomerate Mulks Group unveils a plan to take the lead in medical education and service provider. For the first time in the UAE’s history, tourists will be offered 24/7 healthcare services covering all health-related issues – including consultation, treatment and aftercare – all for a cost-effective medical package of Dh 149!
Mulk Med Healthcare, Middle East’s first virtual hospital-modelled telehealth ecosystem approved by Dubai Health Authority (DHA) and Telecommunications and Digital Government Regulatory Authority (TDRA), announces the launch of the first of its kind Mulk Med Privilege Health Card for UAE Tourists, Students, Corporates, Communities, Individuals and Families covering all their healthcare needs through unlimited 24/7 online video Telehealth Consultations.
This exclusive and comprehensive health saver card will encompass the entire range of healthcare services including general check-ups, chronic disease management, remote patient monitoring, home care, diagnostic services, pharmacies with medicine delivery, medical tourism, and hospital and clinic-based services.
Mr Nawab Shaji Ul Mulk, Chairman of Mulk International Group, has announced the signing of a Memorandum of Understanding (MoU) with the Govt of Zimbabwe for the implementation of Mulk Virtual Hospitals and Digital Healthcare platforms across the country.
Multiple diagnostic facilities, laboratories and express pharmacies there with be linked with Mulk Med Healthcare network allowing 24/7 live video consultations with its panel of physicians.
Dubai-headquartered Mulk Med Healthcare unveils Mulk Med Privilege Health Card and reveals plan to set up Mulk Medical University to address the shortage of medical professionals in the MENA and Africa
MULK MEDICAL UNIVERSITY
“We are also in the process of initiating world-class quality medical education through Mulk Medical University to cater to the growing local demand & shortage of medical education institutes in the African region,” Mr Shaji Ul Mulk said.
HEALTH SAVER CARD
Dr Nawab Shafi Ul Mulk, President and Co-founder of Mulk Med Healthcare, said, “This exclusive Health Saver Card will unlock enormous benefits and access to global as well as the region’s best hospitals, clinics, pharmacies, homecare and diagnostic centres. Patients can speedily access and engage in online live 24/7 video consultations with Mulk Med’s wide panel of physicians covering multiple specialities and departments.”
Dr Nawab Shafi Ul Mulk, President and Co-founder of Mulk Med Healthcare
This will also include Telemental health and wellness programmes for individuals, students as well as corporates under medical tourism, he said.
“We will expand Mulk Med Privilege Card membership benefits with a loyalty points programme across the globe helping members to avail of medical expertise, short waiting times as well as access to innovative wellness and alternative treatment centres. Additional services will include air ambulance, meet and greet concierge services and price quotations within 24 hours after the enquiry is generated on the Mulk Med App,” Dr Shafi Ul Mulk added.
Mulk Med has launched a disruptive futuristic healthcare solution in the GCC – the first mover of its kind with a dual platform for telehealth consultations along with a mobile Health App for holistic management of the chronic disease.
In explaining the products and services, Dr Shafi Ul Mulk said, “This is our latest ICT vertical and is dedicated to 24/7 monitoring of Chronic Disease Conditions. We are elated to launch 12 different Chronic Disease Management (CDM) panels. As we all know and may have experienced, chronic diseases, such as Diabetes, Hypertension, Hyperlipidemia and heart diseases have substantial negative economic impacts on insurance and healthcare resources besides the individuals afflicted by them.
“Mulk Med’s Chronic Disease Management vertical will help manage this affliction by keeping patients and physicians connected 24/7 through Online Video Consultations and In-App communications.”
Mulk Med Healthcare is now ready to issue the privilege cards to consumers – that will offer 15 to 25 per cent benefits in various clinics, hospitals and pharmacies on diagnosis, treatment and medicine.
Shaji Ul Mulk
Mulk Holdings International, founded by Shaji Ul Mulk has a 35 years successful track record in UAE and has grown to be a multinational conglomerate with diversified business interests in the manufacturing of the Alubond brand of metal composites, which is the world’s largest composite label brand; Mulk Healthcare, Metal Plast – Plastic Industries and T10 Cricket League – the first and only ten-over professional cricket league. The company headquartered in Hamriyah Freezone Sharjah, UAE, is spread across Europe, the USA, Africa, Turkey, India and the Middle East, employing over 6000 personnel. It is listed by Forbes Middle East in the list of Top Most Admired Companies in the GCC.
Mulk Med Healthcare is part of the Mulk Healthcare Enterprises group that is founded and managed by leading healthcare professionals whose clearly defined objective is to become a valuable partner to the rapidly growing healthcare industry in the region. This includes major government and private sector hospitals, medical institutions, pharmaceutical chains and distributors. The company provides a vital link between healthcare and technology. It specialised in a comprehensive range of medical consumables and devices.
Dubai-headquartered Mulk Med Healthcare unveils Mulk Med Privilege Health Card and reveals plan to set up Mulk Medical University to address the shortage of medical professionals in the MENA and Africa
A warning sign is seen by the sea in northern Israel's Rosh Hanikra bordering Lebanon, Oct. 7, 2022. (Ayal Margolin/JINI via Xinhua/IANS)
For Lebanese government it may prove to be a shot in the arm to bolster its flailing economy and workout a package, which puts the nation back on the tracks for economic recovery and attracting potential investors, writes Asad Mirza
After decades of enmity, Israel and Lebanon last week signed a historic agreement agreeing to demarcate their maritime boundaries and also demarcating the disputed area in Qanaa prospect, which is believed to be rich in oil and gas reserves.
Further, it has in a de-facto manner, forced Lebanon to accept Israel as a sovereign nation, which it has refused to do so till now, as it maintains no diplomatic relations with Israel.
The disputed 860 sq.km area of the Mediterranean Sea potentially holds billions of dollars’ worth of oil and gas. Tensions between Israel and Lebanon worsened earlier this year when, in June, a London-based vessel arrived to develop a gas field for Israel.
Though at present the deal seems to be a win for both sides, future security threats can’t be ruled out after this maritime agreement.
Welcome by Lebanon
Lebanese Deputy Speaker Elias Bou Saab has described the maritime border agreement as a “game changer” with hope that “People will start talking to Lebanon again,” adding that the deal will give Lebanon’s youth “hope”.
For Lebanese government it may prove to be a shot in the arm to bolster its flailing economy and workout a package, which puts the nation back on the tracks for economic recovery and attracting potential investors.
Under the US-brokered deal, Lebanon would be able to begin gas exploration in the Qanaa prospect, which lies within Lebanon’s exploration block but crosses over into Israeli waters. The Qanaa gas field is yet to be explored, but Lebanon believes it is rich with resources. It is currently estimated to be worth around $3 billion altogether. That could bring Lebanon between $100 and $200 million a year.
US negotiator Amos Hochstein meets with Lebanese President Michel Aoun. (Photo Twitter@StateDept_NEA)
However, the immediate economic benefits from Qanaa for Lebanon, seems to be too far fetched, as its current infrastructure is in poor or at nascent stage and it’ll not be able to start extracting natural gas and oil immediately. At the earliest it may take another four to five years.
If TotalEnergies does indeed begin exploration for the Lebanese, it could also offer incentives for other companies to get involved, with these prospects in mind, it is yet to be seen what the direct economic impacts will be.
For Israel also, the potential earnings may start after four to five years, once it signs agreements with France’s TotalEnergies to explore the whole block.
Israeli response
As for the Israeli politicians, they have started hailing it as a decisive victory against Iran-backed and Lebanon-based Hezbollah. These politicians led by Prime Minister Yair Lapid seem to be in a hurry to get the agreement approved by the government and thus be able to mobilise the votes in their favour in the upcoming general elections in the country on November 1.
But the right-wing elements in Israel, led by former Prime Minister Benjamin Netanyahu have described the agreement as a failure of the centrist-Lapid government and describe this as conceding ground to Hezbollah, which may get further bolstered after this agreement.
But the US negotiator Amos Hochstein dismissed Netanyahu’s criticisms as campaign rhetoric, saying the fact that two enemy countries managed to reach agreement on maritime border is ‘enormously significant’. Overall a regional security crisis seems to have been averted due to economic interests of both sides.
Following the deal’s approval by the cabinet, the agreement was presented to the Knesset for a review over the next two weeks, but not asking for the parliament’s approval. Israel’s Attorney General Gali Baharav-Miara, has opined that the current government is legally entitled to sign the maritime border agreement, and did not need to hold a referendum on the issue and suggested it would be preferable for the government to allow a Knesset vote on the issue, though it’s under no legal obligation to do so.
Members of the Likud and other right-wing parties approached Knesset speaker Mickey Levy, demanding that the agreement be put to a parliamentary vote.
Countering Netanyahu’s criticism Defence Minister Benny Gantz has said the talks started under his leadership, and if he were prime minister, he would probably “rush to sign the deal right now”. Gantz also said that the deal also “has the potential to reduce Iran’s influence on Lebanon”.
Meanwhile discounting allegations of Lebanon gaining an upper hand in the agreement, Israel’s National Security Adviser Eyal Hulata said though Lebanon received almost all of the waters under dispute with Israel, it did not receive what it was really after.
Tel Aviv city hall lit in the colors of the Lebanese flag after the 2020 Beirut explosion. (By Oren Rozen – Own work)
Behind the scene negotiators
This brings out into the open the real negotiators behind the deal. The negotiations started months before at the US insistence and brokered by France. French diplomats helped US negotiator Amos Hochstein to stitch the deal together.
Thus, apart from political gains for the ruling coalition in Israel, the agreement also brings political benefits for the US President Joe Biden, who also faces mid-term elections for both the houses, next month.
US mediation efforts were key to achieving the deal and it may bolster the Biden administration ahead of the mid-term elections next month. He might use this agreement to assuage the rising resentment amongst American public due to constantly increasing prices of oil and gas in America.
Meanwhile, Europe’s gas crisis is increasing day by day. European governments are doing all they can to shield consumers from price shocks, but the crisis took a further dip after explosions damaged Nord Stream 1 and 2 last month. The Nord Stream 1 pipeline was Europe’s main source of Russian gas.
Israel has said that, once the maritime deal is signed and delivered, it can begin extracting oil and gas from its Karish field and export it to Europe within weeks.
Lapid has repeatedly spoken about the role Israel can play to help Europe as Western countries try to wean themselves off Russian energy.
This development comes in the background of worsening US-Saudi relations, which hit a new low last week when the OPEC+, led by Saudi Arabia and Russia, defied the US with the largest output cut since the pandemic, bringing added pressure for Biden Administration.
But, it is also a regional victory for the Biden administration, which lately has seen diplomatic tensions rise with some of its Middle Eastern allies. With the possibility of much needed gas from the Mediterranean and averting a potential security crisis between historic enemies, the US notched an important win in a region where its influence has seemingly diminished.
(Asad Mirza is a political commentator based in New Delhi. He writes on Indian Muslims, educational, international affairs, interfaith and current affairs)
During the agreement signing ceremony of Aster Pharmacy and Al Hokair Holding Group
As Phase 2, we aim to set up pharmaceutical manufacturing within the Kingdom to support the Saudi Vision 2030…reports Asian Lite News
Aster DM Healthcare, one of the largest integrated healthcare providers in GCC and India, is expanding its footprint in the Kingdom of Saudi Arabia with the Aster Pharmacy division. Aster Pharmacy, the leading pharmacy chain in the UAE, through this partnership, aims to set-up and operate 250+ stores over a period of 5 years and provide ease of access to pharmaceutical and wellness products across the segments of Nutrition, Baby care, Skin Care, Home Healthcare, etc. Through this joint venture agreement, both partners will work towards bringing Aster Pharmacy’s in-house quality care products to serve the healthcare needs of the local population in KSA. The partnership plans to open and operate in high streets, communities and shopping malls of KSA beginning with Riyadh, the capital and the largest city of the Kingdom. As Phase 2, we aim to set up pharmaceutical manufacturing within the Kingdom to support the Saudi Vision 2030.
Aster DM Healthcare currently operates 446 pharmacies in India, GCC and Jordan, including 201 Pharmacies in India operated by Alfaone Retail Pharmacies Private Limited under brand license agreement. Originating in UAE, Aster Pharmacy has become a household name and has emerged as the brand of choice amongst pharmacies due to its ease of access and customer first approach. During the last financial year, Aster Pharmacy recorded 8 million visits across its units.
Speaking on the entry into the KSA market, Dr. Azad Moopen, Founder Chairman and Managing Director of Aster DM Healthcare said, “Aster DM Healthcare entered Saudi Arabia through Aster Sanad Hospital in Riyadh in 2016. Being the largest, most populated, and fast-growing country in GCC, we have decided to expand our presence in the Kingdom. The plan is to expand our primary care footprint through the introduction of Aster Pharmacy to serve the large growing market and we are glad to partner with the prestigious Al Hokair Holding Group in this venture to set up 250 retail pharmacies in the first phase.”
Speaking on the venture, Mishal AlHokair, Deputy CEO of Al Hokair Holding Group, said “We are pleased to have this collaboration with Aster DM Healthcare Limited which is one of the largest private healthcare service providers operating in the GCC and in India. This agreement comes within the group strategy that represents a new and additional step for our investment portfolio in Al Hokair Holding for the coming years. and a qualitative addition in line with the Kingdom’s vision 2030 and quality of life program that is mainly focused on healthcare and wellbeing of humanity”
Speaking on the expansion of Aster Pharmacies, Ms. Alisha Moopen, Deputy Managing Director of Aster DM Healthcare said, “At Aster, we always strive to bring our quality care offering to the doorsteps of the community that we serve and thereby ensure that the highest standards of healthcare services are easily accessible for our customers. Aster Pharmacy’s entry into KSA in partnership with Al Hokair Holding Group reiterates our commitment to the people of Saudi Arabia to bring our health and wellness experience closer to their homes.”
Through this joint venture agreement with Al Hokair Holding Group, Aster Pharmacy aims to expand its horizons beyond UAE, India, Oman, Qatar, Bahrain and Jordan into other territories to provide customer centric experience and genuine pharmaceutical and non-pharmaceutical products.
Aster Pharmacy in the Kingdom of Saudi Arabia would aim to provide easily accessible friendly pharmacies in every neighborhood that delivers its brand promise “We’ll treat you well” and work persistently to bring itself closer to its customers to be able to fulfill its mission of having an Aster branded pharmacy store in every neighborhood and a knowledgeable Aster pharmacist available 24/7 for every household.
The MoU seeks to create a framework through which the OQ Group and the Omani Women’s Association in Muscat can work together to achieve their shared goals and vision that support nation building…reports Asian Lite News
OQ, The Global Integrated Energy Group signed a Memorandum of Understanding (MoU) with the Omani Women’s Association in Muscat to support and empower women and children in the Al Wusta Governorate. The MoU was signed at a celebration event of Omani Women’s Day, held in Duqm.
The MoU was signed by Her Highness Sayyida Aliya bint Thuwaini Al Said, Chairperson of the Omani Women’s Association in Muscat and the chief guest of OQ’s celebration of Omani Women’s Day, and Sabrina Fadhel Al Bakri, OQ’s Chief Financial Officer.
The MoU seeks to create a framework through which the OQ Group and the Omani Women’s Association in Muscat can work together to achieve their shared goals and vision that support nation building.
As part of the MoU, OQ will sponsor activities and initiatives aimed at empowering women in the economic, social and entrepreneurial fields. The Company will also support programmes aimed at developing communication skills, enhancing creative thinking, and supporting children in education.
As per the terms of the MoU, the Omani Women’s Association in Muscat will present its proposals and the OQ Group will provide funding for the implementation of each project after conducting a comprehensive and detailed review of the proposed projects and the areas of implementation.
This MoU allows companies affiliated with the OQ Group operating in Duqm, such as Central Utilities Company (Marafiq) and Oman Tank Terminal Company (OTTCO), to benefit from these proposals, studies and future projects that will be presented by the Omani Women’s Association in Muscat to support women and children in the Al Wusta Governorate.
Sabrina Fadhel Al Bakri, OQ’s Chief Financial Officer, emphasised that OQ Group, as part of its social investment programme, spares no effort to enhance the role of non-government organisations especially those that support and work with women and children.
“We remain committed at OQ Group to work with women and children’s issues in the Al Wusta Governorate. The signing of the MoU reflects our interest in many areas that would empower women and children, especially in the wilayats of Al Wusta Governorate, be it through education, vocational and business skills or entrepreneurship, she added
During the event, the chief guest also took the opportunity to honour a number of women at OQ companies in recognition of their contributions and their role in the work sites in Al Wusta Governorate.
Saudi aims to raise its fish production by 500 percent and its exports to 3 billion Saudi riyals ($800 million), and the date exports to 2.5 billion riyals by 2025, reports Asian Lite Newsdesk
Saudi Arabia announced on Wednesday its plan to localise 85 percent of its food industry by 2030, the Saudi Press Agency reported.
The country aims to raise its fish production by 500 percent and its exports to 3 billion Saudi riyals (800 million U.S. dollars), and the date exports to 2.5 billion riyals by 2025, said Ali Al-Sabhan, supervisor general of the Entrepreneurship Department at the Ministry of Environment, Water and Agriculture, at the Gulf Entrepreneurs Forum held in the capital Riyadh.
The annual food import now costs Saudi Arabia 70 billion riyals, which means huge investment potential in localising the food industry, according to Al-Sabhan.
The forum, targeting entrepreneurs, business incubators, and financing institutions in the Gulf region, seeks to boost investment and financing opportunities and to enhance economic growth through innovation.
Al-Sabhan added that the ministry is adopting a strategy to develop innovation and entrepreneurship which will eventually contribute to enhancing the competitiveness and sustainability of the environment, water and agricultural sectors in the Kingdom of Saudi Arabia.
He also stated that the ministry is working on developing pioneering projects and activating local and international strategic partnerships, calling on entrepreneurs to take advantage of the various programs offered by the ministry.
National Industry Strategy
Saudi Arabian Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud on Tuesday launched the National Industry Strategy that aims to turn the kingdom into a leading industrial power.
The strategy covers 12 sub-sectors, with more than 800 investment opportunities worth 1 trillion Saudi riyals (226 billion U.S. dollars), the Saudi Press Agency (SPA) reported.
The investments will contribute to the sector’s sustainable development to achieve economic revenues, including doubling the industrial GDP by three-fold and raising the industrial exports to 557 billion Saudi riyals, it said.
Crown Prince Mohammed highlighted the kingdom’s potential to reach a competitive and sustainable industrial economy, including talented youth, geographic location, natural resources and national pioneer companies.
He said that, through the strategy and the partnership with the private sector, the kingdom would become a leading industrial power.
The previous years’ efforts to promote the sector, including the launch of the National Industry Development Program, have increased the number of factories from 7,206 to 10,640, the SPA reported.
The strategy looks forward to increasing the number of the factories to 36,000 by 2035, it added.
GCC hails initiatives
The Ministers of Industry of the Gulf Cooperation Council (GCC) for Arab Countries have reviewed the features of the national strategy for industry.
This came on the sidelines of the meetings of the GCC’s Commercial Cooperation and Industrial Cooperation Committees.
They praised the initiative of the Ministry of Industry and Mineral Resources represented by “Factories of the Future” initiative and the accompanying exhibition, as well as the National Strategy for Industry and its future vision that achieves GCC’s industrial integration, enhances the uses of technology for optimal utilization of resources and increase efficiency and productivity, which contribute to achieving the directives and aspirations of the GCC leaders.
GCC Secretary-General Dr. Naif Falah Mubarak Al-Hajraf, praised the Kingdom’s efforts to launch the Future Factories Program, which provides many development mechanisms that benefit from all licensed factories in the Kingdom at different levels of technical development, which leads to providing the greatest possible capabilities so as to raise the competitiveness of the industrial sector and find alternative solutions to reduce the sector’s dependence on unskilled labor, congratulating the Kingdom’s launch of the National Strategy for Industry, which represents an important lever for the Gulf industry sector, appreciating its contents of promising targets and sectors, the Saudi Press Agency reported.
