Category: Arab News

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Iraq to build 7,000 schools

Al-Kadhimi stressed that schools should be built according to modern designs, the statement said without giving further details about when the project will start…reports Asian Lite News

  • Iraqi Prime Minister Mustafa al-Kadhimi.

The Iraqi government has announced that it plans to build 7,000 schools as part of its efforts to fill the shortage of educational institutes in the country.

On Sunday, a statement by the media office of Iraqi Prime Minister Mustafa al-Kadhimi said that al-Kadhimi held a meeting with the Higher Committee for Constructing School in Iraq to discuss the construction of the 7,000 buildings across the country, reports Xinhua news agency.

The first stage of the project included the construction of 1,000 school buildings, the statement said.

Al-Kadhimi stressed that schools should be built according to modern designs, the statement said without giving further details about when the project will start.

Iraq suffers from a shortage of schools due to years of wars, conflicts, and corruption that have severely damaged educational institutions.


The fragile educational infrastructure has forced some schools to operate three shifts a day.

Earlier in the day, Qusay al-Yasiri, head of the Parliamentary Education Committee, told local media that Iraq needs to build between 15,000 and 20,000 schools to fill the shortage of school buildings in the country.

According to the Unicef, there are nearly 3.2 million Iraqi children out of school due to the shortage.

The situation is worse for girls, who are under-represented in both primary and secondary schools.

Also read:Trump to withdraw troops from Afghanistan, Iraq

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Asian Lite Daily Digital – November 23, 2020 – G20 Leaders Mull Life After Covid-19

G20 Leaders Mull Life After Covid-19; Trump Test Dose Gets Panel Nod; OBIT: Khadim Hussain Rizvi; Erdogan meets Abdullah amid peace talks stalemate – all in Asian Lite Daily Digital – please click here to read.

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UAE calls for dialogue in Ethiopia

H.H. Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Cooperation, UAE

Sheikh Abdullah bin Zayed, the UAE’s Minister of Foreign Affairs and International Cooperation has expressed his concern over recent developments in Ethiopia.

The Minister stressed the need to return to dialogue and implement the rule of law while expressing the UAE’s solidarity with the brotherly Ethiopian people and highlighting the link between security and stability in the Middle East region and the Horn of Africa.

Sheikh Abdullah indicated that the region is witnessing new opportunities that must be seized and built upon, including the peace process in Sudan and South Sudan.

Moreover, he stressed the need to mobilize all international and regional efforts and ensure the stability of the region and the central role of Ethiopia in this vision, as well as work with the African Union and other relevant institutions, indicating that the UAE has made many contacts with partners in Africa, the region, and the international community to put an end to the conflict by peaceful means and avoid escalation in light of the sensitive situation that the region is witnessing.

Ethiopia, Nov. 12 (Xinhua) — People display photos of Tigrian deceased fighters during the 45th anniversary of the founding of the Tigray People’s Liberation Front (TPLF) at Mekelle Stadium in Mekelle, northern Ethiopia. (Xinhua/Michael Tewelde/IANS)

Sheikh Abdullah also indicated that Ethiopia is the key to security and stability in the Horn of Africa and the region, underscoring the importance of preserving the institutions of the Ethiopian state and the unity of the federal system.

He expressed his concern over continued human suffering in the region and the displacement of thousands of innocent people, especially children, women, and the elderly due to recent military clashes, which could lead to a rapid deterioration of the humanitarian situation.

Sheikh Abdullah affirmed the UAE’s support for a political solution and constructive dialogue in order to bring peace to Ethiopia, noting that the UAE would provide US$5 million through the World Food Programme and international organizations to help refugees affected by the humanitarian crisis. His Highness also noted the importance of adhering to the principle of non-interference in internal affairs.

Also Read: Tigray operation ‘progressing well’: Ethiopian PM

Also Read: Ethiopian PM defends military operation in Tigray

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Rocket fired from Gaza towards Israel

In retaliation on Sunday morning, the Israeli army struck several Hamas targets in the Gaza Strip, the army said…reports Asian Lite News

A handmade rocket was launched from the Gaza Strip towards southern Israel, according to Palestinian and Israeli security sources.

The Palestinian sources told Xinhua news agency that the rocket, which was fired on Saturday from northern Gaza, caused an explosion in the border areas.

Meanwhile, Avichai Adraee, spokesman of the Israeli army, said in a statement that “Palestinian militants launched a handmade rocket from the Gaza Strip toward an Israeli territory”.

No injuries were reported, according to Adraee.

No Palestinian faction claimed responsibility for launching the rocket.

In retaliation on Sunday morning, the Israeli army struck several Hamas targets in the Gaza Strip, the army said.

Rocket sirens sounded in the southern Israeli city of Ashkelon on Saturday night, and locals reported hearing explosions.

Police said a building in Ashkelon was damaged but there were no injuries or casualties.

Last week, two rockets launched from Gaza fell in open areas in Ashdod and the central city of Rishon Letzion Israel after the Iron Dome missile defence system failed to intercept them, the Haaretz newspaper said in a report.

The latest developments come after Israeli Prime minister Benjamin Netanyahu on November 16 warned that his country will launch a heavy attack on the Gaza Strip if rocket fire from the besieged enclave continued.

Also read:Israel strikes Gaza military sites

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Lee suggests ensuring affordable vaccines

In his address to the ongoing 12th G20 Summit, Singaporean Prime Minister Lee Hsien Loong has put forward two suggestions on what member countries could do together, the media reported on Sunday.

The first suggestion is to ensure affordable and equitable access to vaccines, Xinhua news agency quoted The Straits Times report as saying.

Lee said that he was glad the G20 had advanced vaccine multi-lateralism by backing global initiatives such as the Access to Covid-19 Tools Accelerator and the Covid-19 Vaccine Global Access Facility.

He also said that Singapore will continue to work closely with the World Health Organization (WHO) and Coalition for Epidemic Preparedness Innovations to accelerate vaccine development and enhance long-term pandemic preparedness.

The second suggestion is to strengthen global disease surveillance networks so that the world will be better prepared for the next pandemic.

Lee said that the effectiveness of such networks depends on countries investing in their domestic surveillance and response capabilities as well as on their willingness to share information with one another.

Besides, he said that Singapore stands ready to support the G20 in its endeavours to reinvigorate multilateralism, and to create a fair, predictable and stable international order, which will allow every country, big and small, to grow and prosper.

Singapore is an invited guest country to the G20 summit this year.

Also Read-French Prez Calls For United Response To Pandemic

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Saudi to boost economy with a new national investment strategy

Khalid Al-Falih, Saudi Minister of Investment

Saudi Arabia has announced that it will launch a national investment strategy next year, according to a state media report.

Saudi Minister of Investment Khalid Al-Falih revealed in Riyadh at a media briefing ahead of the Group of 20 (G20) Leaders’ Summit that the strategy grants full ownership rights to Saudi and foreign investors, Xinhua news agency quoted the report as saying.

Despite a global pandemic, Saudi Arabia was not distracted from its strategy and Vision 2030, he said.

“In fact, we doubled down on it. We accelerated our reforms. We continued to diversify our economy, and commit our resources to make sure that Vision 2030 is not derailed by the Covid-19,” the Minister added.

He said that the strategy would ensure an increase in investment opportunities and involves the establishments of industrial cities and various economic zones.

The strategy will cover different sectors, including tourism, culture, sports, industries, Artificial Intelligence, technologies and health.

Also Read: G20 Summit: Saudi Calls For Equitable Access To Vaccines

Also Read: UAE lauds Saudi Arabia ahead of G20 summit

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Egypt’s Al-Sisi lauds govt’s Covid-19 economic performance

UNITED NATIONS, Sept. 25, 2019 (Xinhua) -- Egyptian President Abdel-Fattah al-Sisi attends a luncheon hosted by UN Secretary-General Antonio Guterres for the Heads of Delegation to the 74th Session of the United Nations General Assembly, at the UN headquarters in New York, Sept. 24, 2019. (Xinhua/Li Muzi/IANS)

On Thursday, IMF experts said in a statement that “the Egyptian economy has performed better than expected despite the pandemic”…reports Asian Lite News

Egyptian President Abdel-Fattah al-Sisi praised the economic performance of his government despite the impacts of the Covid-19 pandemic, commending the positive outlook of the country’s economy as stated by world financial institutions, including the International Monetary Fund (IMF).

The government’s efforts “were praised by major international financial institutions, foremost of which is the official announcement of the IMF experts that the performance of the Egyptian economy has exceeded expectations”, Sisi said in a statement on Saturday.

He hailed the ability of the Egyptian economy to deal with the pandemic, attributing it to “the accurate implementation of the economic reform program”, reports Xinhua news agency.

On Thursday, IMF experts said in a statement that “the Egyptian economy has performed better than expected despite the pandemic”.

  • Egyptian President Abdel Fattah El-Sisi

“Containment measures, supported by the authorities’ effective crisis management, and strong implementation of their policy program helped mitigate the effects of the crisis,” it added.

The IMF team said it has reached a staff-level agreement with Egypt after the first review of the country’s economic program supported by an IMF 12-month $5.2 billion loan agreement approved in June.

The team noted that a tranche of $1.6 billion will be available to Egypt after the approval of the IMF executive board.

“Continued strong program implementation, including sustained progress in key structural reforms, is vital to build resilience. This will also ensure that investors remain confident in the outlook for Egypt,” said the IMF.

It added, however, that while domestic activity shows early signs of recovery and financial market conditions have improved in Egypt, “key sectors like tourism remain at an almost standstill and risks linger particularly amid a second global wave of Covid-19 infections”.

The IMF statement also projected Egypt’s growth rate to decline from 3.6 per cent in the fiscal year 2019/20 to 2.8 per cent in 2020/21 because of pandemic-related impacts.

Before the last agreement, the IMF already provided Egypt with a three-year $12 billion loan to help the country implement an austerity economic reform program that started in late 2016, implementation of which was later described by the IMF as a success.

Also read:Nile dam row: Egypt calls for ‘binding legal agreement

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G20 Summit: Saudi Calls For Equitable Access To Vaccines

Saudi King Salman bin Abdulaziz Al Saud

Saudi King Salman bin Abdulaziz Al Saud at the opening remarks of the 2020 G20 Summit said: “We have a duty to rise to the challenge together during this summit and give a strong message of hope and reassurance to our peoples through adopting policies to mitigate this crisis.”

Saudi King Salman bin Abdulaziz Al Saud

Saudi King Salman bin Abdulaziz Al Saud on Saturday urged the G20 leaders to work towards fair and affordable access to COVID-19 vaccines, the Arab News reported.

King Salman was speaking during his opening remarks at the 2020 G20 Summit in Riyadh on Saturday. The Summit is being held virtually due to the ongoing coronavirus pandemic on November 21-22, chaired by King Salman.

“Although we are optimistic about the progress made in developing vaccines, therapeutics and diagnostics tools for COVID-19, we must work to create the conditions for affordable and equitable access to these tools for all peoples,” the official Saudi Press Agency quoted King Salman as saying.

“I am confident that the Riyadh Summit will deliver significant and decisive results and will lead to adopting economic and social policies that will restore hope and reassurance to the people of the world,” he said.

G20 Leaders’ family photo

“We have a duty to rise to the challenge together during this summit and give a strong message of hope and reassurance to our peoples through adopting policies to mitigate this crisis.”

According to Arab News report, the King said that the 20 largest global economies had contributed $ 21 billion to confronting COVID-19 and “took extraordinary measures to support our economies by injecting over $11 trillion to support individuals and businesses.”

Green development

Top European Union (EU) officials have called on leaders of the Group of Twenty (G20) to advance actions more ambitiously to build a more sustainable future, although the primary focus of the upcoming G20 Summit is believed to be fighting the pandemic.

At a joint press conference European Council President Charles Michel and European Commission President Ursula von der Leyen underscored the urgency and vital importance of tackling climate change, urging G20 partners to commit to the full and effective implementation of the Paris Agreement.

“The threat of climate change is no less urgent today than yesterday,” said Michel.

He advocated World Trade Organization (WTO) reform to make international trade policies greener as well as development of common standards for “green bonds” that mobilize savings for green investments, Xinhua reported.

“The European Union has started work on this. And we believe the G20 should urgently address the global issue of green finance,” Michel said.

Calling it “a big step forward”, von der Leyen noted that half of the G20 members, such as Japan, China, South Korea or South Africa, are already committed to achieving climate- or at least carbon neutrality by 2050 or soon after.

As an ambitious climate target announced in September, China aims to have CO2 emissions peak before 2030 and achieve carbon neutrality before 2060.

“Alongside fighting climate change, we need to focus global efforts on protecting our nature and addressing the alarming loss of biodiversity we see around the world,” von der Leyen noted.

She stressed the need of an ambitious global agreement at the next UN Biodiversity Conference in Kunming, China, in 2021, arguing that the increasing pressure on nature and wildlife is a major factor behind the rise of zoonotic diseases, and “it is a fertile breeding ground for future pandemics.”

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Trump will participate in virtual G20 Summit

US President Donald Trump
US President Donald Trump

The White House announced that US President Donald Trump will participate in the virtual G20 Summit on Saturday and Sunday, as global leaders were trying to stem the raging Covid-19 pandemic.

Although the White House confirmed the President’s participation on both days of the Summit, information about which events he would attend was not immediately clear, The Hill news website reported.

Saudi Arabia’s King Salman will chair the Summit, which was originally set to take place in Riyadh but had to be moved to a virtual format due to the pandemic.

This Summit will be the one of Trump’s last appearances with other world leaders before he is slated to leave the White House on January 20, 2021, after losing the November 3 presidential election to his Democratic challenger Joe Biden.

Major media outlets have projected Biden as the winner of the November 3 presidential election after he won more than the 270 electoral votes needed to secure victory.

Trump, who claimed that the election was a fraud, is yet to concede and was also mounting challenges in court over allegations of vote count misconduct.

The Summit also comes as the overall number of global coronavirus cases has surpassed the 57 million mark, while the deaths have surged to more than 1.36 million, according to the Johns Hopkins University.

In its latest update on Saturday, the University’s Center for Systems Science and Engineering (CSSE) revealed that the current global caseload and death toll stood at 57,441,503 and 1,371,241, respectively.

The US is the worst-hit country with the world’s highest number of cases and deaths at 11,908,395 and 254,383, respectively, according to the CSSE.

File photo of Saudi King Salman bin Abdulaziz Al Saud (Xinhua/Ahmed Gomaa/IANS)

Addressing reporters at the Rose Garden on Friday, Trump said that his administration will not advocate a national lockdown to stem the spread of coronavirus despite the alarming resurgence, The Hill news website reported.

On similar lines, Biden has also said that he would not implement a national lockdown to get the pandemic under control.

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UAE Central Bank’s assets rise 2% in Q2

Central Bank of the UAE, CBUAE

At the end of the third quarter of 2020 total assets of banks operating in the UAE increased by 2% (q-o-q), reaching AED3,252.5 billion, the Central Bank of the United Arab Emirates said today.

During the period between September 2019 and September 2020, the total assets of banks operating in the UAE increased by 7.6 pct (y-o-y). Gross credit also rose by 0.8 pct (q-o-q), reaching 1,804.6 billion at the end of September 2020. On an annual basis, gross credit increased by 4.9 pct, according to the apex bank’s Q3 report issued today.

The report discusses the monetary and banking activities as well as developments in the UAE financial markets during the third quarter of 2020. It also reviews ratios of annual change over the period from September 2019 to September 2020.

At the end of the third quarter of 2020, total deposits of resident and non-resident customers with banks operating in the UAE rose by 2.2 pct (q-o-q), reaching AED1,907.2 billion.

Resident deposits increased by 3 pct (q-o-q), reaching AED 1,715.9 billion at the end of the third quarter of 2020. Nonresident deposits fell by 4.5 pct (q-o-q), reaching AED191.3 billion by the end of September 2020.

On an annual basis, resident deposits increased by 6.4 pct and Non-resident deposits increased by 0.8%.

Money Supply M1, which comprises Currency in Circulation outside Banks (Currency Issued – Cash at banks) plus Monetary Deposits, increased by 1.9 pct (q-o-q) during the third quarter of 2020.

On an annual basis, there was an 11 pct (y-o-y) climb in the monetary aggregate M1, reaching AED 568 billion at the end of September 2020.

Money Supply M2 (M1 plus Quasi Monetary Deposits (Resident Time and Savings Deposits in Dirham, plus Resident Deposits in Foreign Currencies)), also increased by 0.7 pct (q-o-q) during the third quarter of 2020.

On an annual basis, there was a 7.9% (y-o-y) increase in Money Supply M2, reaching AED 1,468.7 billion at the end of third quarter of 2020.

Money Supply M3 (M2 plus government deposits at banks and at the Central Bank) rose by 3 pct (q-o-q) during the third quarter of 2020.

On an annual basis, there was a 7.5 pct (y-o-y) growth in Money Supply M3, reaching AED 1,805.7 billion at the end of September 2020.

Typically, the money supply M2, is considered the best indicator for the availability of liquidity in the economy, as it comprises currency in circulation outside banks, in addition to various deposits of all the resident sectors in dirham denomination, except for the deposits of the government sector in the UAE.

Statistical data show that at the end of the third quarter of 2020, there was a q-o-q increase in M2. The rise in M2 during the third quarter of 2020 was mainly due to a 0.5 pct quarterly increase in the non-government resident deposits standing at AED1,372 billion at the end of September 2020.

Also Read: UAE lauds Saudi Arabia ahead of G20 summit

Also Read: UAE extends grace period for visa violators