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Pakistan turns to Saudi, China to bridge $5b funding gap 

The Pakistani government has reassured the IMF that it remains optimistic about receiving support from China’s Exim Bank…reports Asian Lite News

Pakistan is relying on assurances from Saudi Arabia and China to address a USD 5 billion external financing gap, with hopes of securing a debt rescheduling agreement with China and deferred oil payments from Saudi Arabia, despite initial delays, the Express Tribune reported on Thursday. 

These efforts are part of Pakistan’s broader strategy to meet external funding requirements and fulfil conditions under a USD 7 billion bailout package with the International Monetary Fund (IMF). 

The Pakistani government has reassured the IMF that it remains optimistic about receiving support from China’s Exim Bank, which has committed to rolling over USD 3.4 billion in project debt, and from Saudi Arabia, which has agreed to provide a USD 1.2 billion oil facility, as reported by the Express Tribune. These assurances were given by the executive directors of China and Saudi Arabia when the IMF board approved the bailout package. 

Pakistan has also requested the IMF delegation to reconsider its requirement for significant changes to the Pakistan Sovereign Wealth Fund (PSWF) law by the end of December. While the IMF has yet to respond, the government has hired Alvarez & Marsal Sovereign Advisory Services, led by former central bank governor Dr. Reza Baqir, to advocate for its position. 

In a briefing to the IMF on Wednesday, Pakistan reiterated its commitment to securing the necessary external financing, which will fill the USD 5 billion gap between 2024 and 2027, the Express Tribune reported, citing sources. Out of this, USD 2.5 billion is needed for the current fiscal year. 

Pakistan had initially planned to raise USD 3.2 billion, including the USD 1.2 billion Saudi oil facility. However, each month of delay in finalising this facility reduces available funds by USD 100 million in the fiscal year. 

On the Chinese front, Pakistan is seeking the rescheduling of approximately USD 3.4 billion in debt, with USD 750 million due within the next year. A significant portion of the Chinese debt, around USD 2.7 billion, is scheduled to mature between October 2025 and September 2027, as reported by the Express Tribune. 

Pakistan Finance Minister Muhammad Aurangzeb, currently attending COP 29 meetings, will join the IMF discussions on Friday. During the IMF meeting, Pakistani authorities and Alvarez & Marsal briefed the IMF on the need for adjustments to the PSWF Act. The government has committed to amending the law by December to align it with IMF requirements, but it has also proposed that the IMF should not push for drastic changes. Specifically, Pakistan suggests that the sovereign wealth fund should not be treated as a state-owned enterprise, as originally envisioned by the IMF. 

In response to IMF concerns, Pakistan has agreed to make several changes to the PSWF Act, including the omission of Section 50, which would have allowed for the sale of state-owned entities to foreign buyers. The law now requires amendments in several areas related to governance, revenue management, public asset management, and the handling of state-owned enterprises (SOEs), the Express Tribune reported. The government has agreed to bring the fund in line with international standards, including prohibiting the direct sale of assets to foreign countries. 

Pakistan is also committed to removing special privileges for the sovereign wealth fund that would have allowed it to acquire state-owned enterprises or participate in their privatisation. If the IMF’s proposed amendments are passed by parliament, all such privileges will be rescinded. (ANI) 

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No normalization with Israel soon, says Saudi envoy to UK  

The ambassador bemoaned how little global coverage the Saudi position on the crisis received, including Crown Prince Mohammed bin Salman’s recent Hajj address, in which he reiterated calls for an immediate halt to attacks in Gaza…reports Asian Lite News

Saudi Arabia will not normalize ties with Israel at the expense of Palestinian statehood, the Kingdom’s ambassador to the UK said on Thursday.

Speaking at Chatham House’s London Conference, Prince Khalid bin Bandar said that normalization remained important to Saudi Arabia and other nations in the region because it would ensure peace, stability and security.
He admitted that “compromises would have to be made” to resolve the Arab-Israeli conflict, which he said affected the world in a way other conflicts did not.

“If what is happening (in Gaza) keeps happening, we are going to go down a path that is irreversible,” Prince Khalid said.

“The further we get away from finding a solution, the more people lose hope, the more we’re at that point, it’s going to spread to a regional conflict. It’s important for everyone to recognisze the danger of what lies ahead. The conflict will not remain regional, it will become international very quickly,” he said.

But Prince Khalid said that normalization would be “irrelevant” until the plight of Palestinians was resolved.

“We believe in the creation of a Palestinian state and a solution to the conflict,” he said. “If it was easy, we’d have done it by now but without that, normalization is irrelevant. There is no point having normalization because we would still have conflict and conflict is the problem, not normalization. There is no point in discussing everything else until we find a solution. Once we do that, everything is on the table.”

Prince Khalid said that the Kingdom was “one of the most important countries in the region,” which had “leverage” in opening up the Arab and Muslim world to Israel and for it not to play a role in brokering a solution would be “silly.”

But he added for that to happen, Israel “needs to play ball as well,” adding that the price for finding a solution was an independent Palestinian state.

The ambassador bemoaned how little global coverage the Saudi position on the crisis received, including Crown Prince Mohammed bin Salman’s recent Hajj address, in which he reiterated calls for an immediate halt to attacks in Gaza.

“It’s important to recognize our position, which has never changed, despite people never listening to us,” Prince Khalid said.

“The crown prince’s positon, Saudi Arabia’s position, his majesty (King Salman)’s position, the government’s position and the will of almost every Saudi I know is we need a Palestinian state.

“The offer was made in the Arab Peace Initiative; on 1967 borders, a Palestinian state, a two-state solution and everyone lives happily ever after. It goes back to 1982, King Fahd presented the same offer, it has not been taken up, I find it mystifying.

“The crown prince stated very clearly, we need a ceasefire, an irreversible solution for the Palestinians and then there’s peace everywhere, it wasn’t even reported.

“It’s annoying and frustrating for us because the world assumes something totally different and that’s not helping the situation,” he said.

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Hajj pilgrims perform Tawaf Al-Ifadah

The pilgrims performed Tawaf Al-Ifadah (circumambulation) yesterday amid a system of services inside the Grand Mosque.

Saudi Press Agency (SPA) said that the General Presidency of the Care of the Two Holy Mosques Affairs and other concerned authorities organised pilgrims’ entry to the Grand Mosque through specific doors for each group of pilgrims to perform the Tawaf around the Holy Kaaba, which contributed to the flow and facilitation of pilgrims’ movement.

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Saudi, Jordan stress political solution to Gaza crisis

Crown Prince Mohammed and King Abdullah spoke about the necessity of finding a political solution to the Palestinian crisis based on the two-state solution, which guarantees the establishment of an independent, sovereign Palestinian state…reports Asian Lite News

Saudi Arabia’s Crown Prince Mohammed bin Salman and Jordan’s King Abdullah II yesterday engaged in discussions regarding regional developments, particularly focusing on the Middle East and Gaza.

The crown prince expressed Saudi Arabia’s support for the measures taken by the Jordanian government to maintain Jordan’s security and stability, the Saudi Press Agency reported, and the king expressed his appreciation for Saudi Arabia’s supportive stance.

Prince Mohammed and the king spoke about the necessity of finding a political solution to the Palestinian crisis based on the two-state solution, which guarantees the establishment of an independent, sovereign Palestinian state along 1967 borders and with East Jerusalem as its capital, the Jordanian news agency Petra reported.

The crown prince and King Abdullah also discussed relations between the Kingdom and Jordan. The king expressed to Prince Mohammed “his pride in the level of Jordanian-Saudi relations, and his keenness to consolidate them in all fields,” Petra said.

Earlier, Secretary General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi urged the international community to act to end the crisis in Gaza Strip and stop the dangerous Israeli aggression, which has violated all international charters, treaties, and agreements.

 Via an audiovisual call at the European Council on Foreign Relations (ECFR) with EU Special Representative for the Gulf Region Luigi di Maio and several other European officials and senior specialists in international relations about the situation in Gaza Strip and the future of Gulf-European ties in light of the current geopolitical challenges, Albudaiwi stressed that the dangerous situation in Gaza has led to growing instability in the region and the world, with grave repercussions, and that global cooperation is needed to stop this crisis.

 He also said that it is crucial to provide urgent humanitarian and relief support to Palestinians in Gaza Strip.

 Albudaiwi praised the progress made in all aspects of Gulf-European relations, and stressed that it is important to increase dialogue and cooperation to address common challenges and support stability in the region.

 He further highlighted the numerous promising opportunities to establish a solid strategic partnership by bolstering Gulf-European relations, saying that continued discussions and dialogue help facilitate the exchange of views and promote mutual understanding, and contribute to achieving security and stability.

IDF presses offensive in Khan Yunis

Israel continued to press its offensive against Hamas in Khan Yunis. The forces struck militant infrastructure in the city’s Al Amal and ‘Abasan al Jadida neighbourhoods, killing militants with tank fire and seizing weapons.

Khan Yunis, Gaza’s second-largest city, is widely regarded as a personal stronghold of Hamas leader Yahya Sinwar.

After numerous rocket launches were identified crossing from Gaza into Israel on Wednesday, the IDF struck the sources of the fire along with additional launchers and militant infrastructure.

Meanwhile, US President Joe Biden on Thursday told Israeli Prime Minister Benjamin Netanyahu that America’s support of Israel’s war in Gaza would be determined by the latter announcing and implementing a “series of specific, concrete, and measurable steps to address civilian harm, humanitarian suffering, and the safety of aid workers”.

The US President also called for an “immediate ceasefire” to stabilize and improve the humanitarian situation there.

The two leaders spoke on the phone amidst growing outrage around the world over the killing of six aid workers of Spanish American chef and restaurateur Jose Andres’s World Central Kitchen.

Earlier, the Israel Defence Forces apologized for the attack, saying the strike resulted from a “misidentification.”

Seven workers from the World Central Kitchen were killed on Monday night when their convoy delivering food was struck in Deir al-Balah. The incident led the US-based organization to suspend its operations in Gaza.

“I want to be very clear–the strike was not carried out with the intention of harming WCK aid workers. It was a mistake that followed a misidentification–at night during a war in very complex conditions. It shouldn’t have happened,” said IDF Chief of Staff Lt.-Gen. Herzi Halevi in a video statement.

“This incident was a grave mistake. Israel is at war with Hamas, not with the people of Gaza,” Halevi asserted. “We are sorry for the unintentional harm to the members of WCK.”

Halevi said the incident would be independently investigated with the findings to be presented “in the coming days.”

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Saudi German Health Joins Emirati Genome Programme

The Emirati Genome Programme is a significant initiative under the National Genome Strategy. It is one of the largest population genome projects in the world and has recently achieved a significant milestone of collecting 500,000 samples…reports Asian Lite News

The Emirati Genome Programme, a groundbreaking national initiative aimed at developing a comprehensive genetic map for UAE citizens, has announced its collaboration with Saudi German Health to expand sample collection sites in Dubai. UAE citizens are encouraged to visit the Saudi German Hospital in Dubai, Ajman and Sharjah to participate in the programme that aims to accelerate the development of advanced preventive and personalised healthcare solutions for the nation’s present and future generations.

The Emirati Genome Programme is a significant initiative under the National Genome Strategy. It is one of the largest population genome projects in the world and has recently achieved a significant milestone of collecting 500,000 samples. The programme aims to collect high-quality genetic data using advanced genetic sequencing technologies and artificial intelligence. M42, an Abu Dhabi-based tech-enabled health powerhouse, is facilitating the programme through its Omics Centre of Excellence, the largest and most technologically advanced omics facility in the region, to not only enhance the available medical database, but also enable extensive scientific research and discoveries, contributing to healthcare innovation in the UAE and beyond.

Makarem Sobhi Batterjee, President of Saudi German Health, emphasised the significance of the collaboration, stating, “The Emirati Genome Programme is a pioneering national initiative, and as a leading hospital in the UAE, we are committed to making a positive impact on people’s health. Our full cooperation with the project management will ensure driving public awareness and collection of samples across the Emirates.”

The programme’s goal is to analyse the complete genome of UAE citizens, allowing researchers and medical professionals to identify the causes of genetic diseases and types of genetic mutations, and anticipate susceptibility to certain diseases for more effective treatment and preventive plans.

Dr. Ahmad Al Awadhi, Senior Community Outreach Director, Emirati Genome Programme, M42, said, “As we progress towards realising the programme’s aim to collect 1 million samples and to expand the programme across the UAE, we are proud to collaborate with Saudi German Hospitals to improve the programme’s awareness, outreach, and participation at easily accessible locations.”

The programme focuses on precision medicine initiatives to further enhance public health in the UAE and reinforce the country’s position at the forefront of global genomic research and innovation.

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Cisco Reveals Saudi Arabia’s AI Readiness Ahead of LEAP 2024

LEAP 2024 will be held from 4-7 March at the Riyadh Exhibition and Convention Centre, Malham in Saudi Arabia. Cisco stand will be located at booth J10, Hall 1 – Big Tech…reports Asian Lite News

Ahead of LEAP 2024 technology conference in Riyadh, Cisco announced the findings of its AI Readiness Index in Saudi Arabia. The Index, which surveyed over 8,000 companies across 30 countries, was developed in response to the accelerated adoption of AI. The survey shows that 93% of organizations in KSA have an AI strategy in place or under development, while only 8% consider themselves fully prepared to deploy and leverage AI.

Improving the efficiency of and increasing productivity was ranked among the top outcomes that companies are looking to drive through adoption of AI, with 47% of respondents in KSA placing it on top of gains they expect from AI. Opening new revenue streams was the lowest on the list of expectations, as ranked by 30% of respondents.

On talent development, 31% of KSA respondents ranked comprehension and proficiency of AI tools and technologies as the primary skill gap. The good news is that organizations are taking steps to address this gap. Among the organizations surveyed in Kingdom, 82% say they are investing in training employees in this area.

On infrastructure readiness, the survey shows that a mere 12% of local organizations in KSA have networks that are fully flexible to handle the complexity of AI workloads. Cybersecurity also needs increased focus, as 70% of respondents fall short of being “fully equipped” to detect and prevent adversarial attacks on AI models.​

Commenting on the results of the study, Salman Faqeeh, Managing Director, Cisco Saudi Arabia said: “Saudi Arabia has made significant strides in recent years to establish itself as a leading player in the field of AI. The Kingdom recognizes the transformative potential of AI and has placed it at the center of its Vision 2030”. He added: “At Cisco, we believe in the critical role of AI to revolutionize industries and drive innovation, and it has been an important element across our portfolio for over a decade. As the Saudi Data and Artificial Intelligence Authority (SDAIA) is working to implement the National Strategy for Data and AI, the insights from the index can help inform the prioritization across important pillars including strategy, infrastructure, data, governance, talent, and culture.”

This year, Cisco’s participation at LEAP is revolving around the theme of “AI Unleashed: Shaping Sustainable Digital Evolution”. Visitors will be able to engage with subject matter experts at Cisco’s booth and discover demos to harness the power of AI to enable a sustainable, securely connected future. The company will showcase its latest technology innovations, spanning networking, security, collaboration, and applications, besides industry use-cases alongside its channels and ecosystem partners.

Reem Asaad, Vice President for Cisco Middle East, Türkiye, Africa, Romania, and the Commonwealth of Independent States (CIS), commented: “Cisco has a long-standing presence in the region, working to advance national digital economies, develop infrastructure, strengthen cybersecurity, and build the region’s talent pool. This year at LEAP, we are excited to demonstrate the power of our portfolio to support our customers and partners in Saudi Arabia and beyond in leveraging our latest technologies to increase efficiencies and drive innovation.”

LEAP 2024 will be held from 4-7 March at the Riyadh Exhibition and Convention Centre, Malham in Saudi Arabia. Cisco stand will be located at booth J10, Hall 1 – Big Tech.

Cisco AI Readiness Index 

The new Cisco AI Readiness Index is based on a double-blind survey of 8,161 private sector business and IT leaders across 30 markets, conducted by an independent third-party surveying respondents from companies with 500 or more employees. The Index assessed respondents’ AI readiness across six key pillars: strategy, infrastructure, data, talent, governance, and culture.

Companies were examined on 49 different metrics across these six pillars to determine a readiness score for each, as well as an overall readiness score for the respondents’ organization. Each indicator was assigned an individual weightage based on its relative importance to achieving readiness for the applicable pillar. Based on their overall score, Cisco has identified four groups at different levels of organizational readiness – Pacesetters (fully prepared), Chasers (moderately prepared), Followers (limited preparedness), and Laggards (unprepared). 

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Saudi Embassy celebrates International Day of Arabian Leopard

There are less than 200 Arabian leopards left in the wild in the world, which puts this species at a higher risk of extinction, and baby leopards are very rare, Browne said…reports Asian Lite News

The Saudi Embassy in the UK on Saturday invited families and visitors to celebrate the first International Day of the Arabian Leopard at London Zoo and take part in the third annual Catwalk.

The full-day event was hosted by the Royal Commission for AlUla and Catmosphere, a foundation that encourages people to take action to protect the environment and habitats of big cats.

“The Royal Commission for AlUla has responsibility across the Kingdom to bring back the Arabian leopard, and part of that work is to raise awareness of the plight of the Arabian leopard,” Stephen Browne, vice president of wildlife and natural heritage at RCU said.

The day has been marked by Saudi Arabia for the last three years, but this year saw it celebrated globally after Catmosphere and the Arabian Leopard Fund collaborated with the Saudi Mission to the UN in New York to gain international recognition for the day on Feb. 10 each year.

“The result of that designation is now we have the first international day recognizing a big cat species, and the importance of that is that we can bring together people across the world to unite behind the species to then improve its conservation, but also to raise awareness about conservation globally,” Browne said.

He added that RCU wanted to make the initiative global and chose various places worldwide, including in London at the world’s oldest scientific zoo, to try to engage as much as possible with international experts and organizations.

“The Zoological Society of London is one of the world’s best and oldest conservation organizations, having been in existence for 200 years, and we hope in due course to partner with them and hopefully they’ll be able to support us in our work in AlUla,” Browne said.

“Anywhere in the world that has endangered cats, which is pretty much everywhere, we’d like them to take part in this to raise awareness (of) big cats and their conservation, also through our endeavors to get people to get out and about to improve their own well-being by doing exercise, by being out, meeting people, discussing topics, enjoying green spaces. So it’s more than just the conservation of big cats.”

There are less than 200 Arabian leopards left in the wild in the world, which puts this species at a higher risk of extinction, and baby leopards are very rare, Browne said.

“It’s very hard for members of the public to actually contribute directly through anything, so events like this allow people to engage in conservation by helping to raise awareness, by drawing sort of media attention,” he added.

“But in terms of beyond the Arabian leopard, if you look at the Catwalk, which is for seven species, it’s possible that people could actually engage on the ground by doing the various initiatives in their respective countries.”

Leopards in Saudi Arabia have a long cultural association, particularly in AlUla, which has rock carvings going back 7,000 years.

“It’s a species that people have related to for a long time, and we’re trying to use it as an emblem around which people can build national pride in that species, maybe national pride in conservation,” Browne said.

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Saudi Arabia Refutes US Claim of Positive Feedback on Israel Relations

The Ministry affirmed the kingdom’s unwavering support for the Palestinian issue and the necessity that Palestinian people obtain their legitimate rights…reports Asian Lite News

Saudi Arabia said it has told the US administration that the kingdom won’t have diplomatic relations with Israel unless the latter stops its “aggressions” in the Gaza Strip and an independent Palestinian state is established.

The Saudi Foreign Ministry made the remarks in a statement on Wednesday refuting the White House’s saying that both Israel and Saudi Arabia gave “positive feedback” on normalising relations, Xinhua news agency reported.

The Ministry affirmed the kingdom’s unwavering support for the Palestinian issue and the necessity that Palestinian people obtain their legitimate rights.

There will be no diplomatic ties with Israel unless an independent Palestinian state is recognised on the 1967 borders, with East Jerusalem as its capital, and all Israeli occupation forces withdraw from Gaza, it noted.

In an online press briefing on Tuesday, a day after US Secretary of State Antony Blinken visited Saudi Arabia, US National Security Council Spokesman John Kirby said the US government had been engaging in discussions with Israel and Saudi Arabia on “normalisation arrangement,” before and after the current Israel-Hamas conflict broke out on October 7, 2023.

Kirby added, “Those discussions are ongoing as well,” confirming “positive feedback from both sides that they’re willing to continue to have those discussions”.

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Saudi-India joint military exercise begins in Rajasthan

The exercise is scheduled to be conducted from January 29 to February 10….reports Asian Lite News

The inaugural edition of the India-Saudi Arabia Joint Military Exercise ‘SADA TANSEEQ’ commenced in Mahajan, Rajasthan today.

The exercise is scheduled to be conducted from January 29 to February 10.

The Saudi Arabian contingent comprising 45 personnel is being represented by Royal Saudi Land Forces. The Indian Army contingent also comprising 45 personnel is being represented by a Battalion from the Brigade of the Guards (Mechanised Infantry), an official satement from the Ministry of Defence said.

The MoD statement added, “Aim of the Exercise is to train troops of both sides for Joint Operations in Semi Desert terrain under Chapter VII of the United Nations Charter. The Exercise will enable both the sides to share their best practices in the tactics, techniques and procedures of conducting operations in sub-conventional domain. It will facilitate developing interoperability, bonhomie and camaraderie between troops from both the sides.”

The Exercise will involve Establishment of Mobile Vehicle Check Post, Cordon & Search Operation, House Intervention Drill, Reflex Shooting, Slithering and Sniper Firing, it added.

“The Exercise will provide an opportunity to both the contingents to strengthen their bond. It will act as a platform to achieve shared security objectives, enhance the level of defence cooperation and foster bilateral relations between the two friendly nations,” the statement added. (ANI)

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Saudi FM Urges Israel to Respect Int’l Law

The ICJ on Friday ordered Israel to take all possible measures within its power to prevent genocide acts against Palestinians in the Gaza Strip. The orders, according to the court, are legally binding…reports Asian Lite News

Saudi Arabian Foreign Minister Faisal bin Farhan Al Saud has urged Israel to respect international law.

He made the remarks on Sunday during a joint press conference with his Egyptian counterpart Sameh Shoukry in Cairo, in which both called for a ceasefire in the Gaza Strip and aid to reach those in need, according to Saudi state-owned Al Arabiya News channel.

The Saudi official said that Saudi Arabia, along with other Arab states, will continue to exert pressure to protect the Palestinian people, Xinhua news agency reported.

Speaking of Israel’s rejection of the ruling by the International Court of Justice (ICJ) on the humanitarian situation in Gaza, he stressed that international laws and international humanitarian laws should be as applicable to Israel as to others.

The ICJ on Friday ordered Israel to take all possible measures within its power to prevent genocide acts against Palestinians in the Gaza Strip. The orders, according to the court, are legally binding.

The court, however, did not order Israel to suspend its military operations in Gaza, one of the main requests submitted by South Africa, while also calling on Hamas to release all Israeli hostages.

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