‘It won't stop our efforts': Palestinian official on US sanctions, Witkoff's Gaza visit
Plus, as US President Donald Trump's fresh tariffs kick in, we ask an economist how it will affect consumers and global relationships.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
an hour ago
- Arab News
Saudi real estate expo ‘SEREDO 2025' to open in Jeddah on Sept. 9
The Saudi Expo Real Estate Development and Ownership 2025 exhibition will take place in Jeddah from Sept. 9-11 at Jeddah Superdome under the patronage of the Ministry of Municipalities and Housing. The third edition of SEREDO 2025 represents the first real estate investment destination in the Jeddah governorate. It will witness the participation of a large group of real estate companies, banks and financial institutions, who will showcase the latest residential projects and financing offers that will increase the rate of home ownership among citizens to 70 percent, which is what Saudi Vision 2030 aspires to. Princess Deena bint Saud, chairwoman of the board of directors of SEREDO 2025, said that this year's exhibition will witness a qualitative development in its content and participation, compared to previous editions, both in terms of the diversity of exhibitors and the size of accompanying events. She emphasized the organizing committee's keenness to attract a selection of leading local and international companies in the fields of real estate development, finance, and engineering, to enhance the visitor experience and empower investors. The exhibition is expected to receive more than 100,000 visitors, which will make this edition the most sustainable in the history of SEREDO. The exhibition also seeks to strengthen local and international partnerships, explore the many promising investment opportunities in the city, and keep pace with its urban development. Additionally, the exhibition will discuss key related topics that will impact the future of real estate through its diverse sessions. These topics include quality, sustainable building practices, smart home technologies, mastering real estate auction methods, analyzing recent market trends, studying smart investment strategies, and the impact of geospatial data science, all of which are driving a radical transformation in the Saudi real estate sector, among other important and interesting topics.
Arab News
an hour ago
- Arab News
IsDB drives development across over 2 percent of world's countries
JEDDAH: A year after marking its 50th anniversary, the Islamic Development Bank remains at the forefront of global development finance, recognized for its distinctive model that blends Shariah finance principles with strategic investments. Established in August 1974 and commencing operations in October the following year in Saudi Arabia, the IsDB has grown into a distinctive institution within the global development landscape, championing ethics, equity, and solidarity among its 57 member countries and impacting one in five people worldwide. The bank was founded through a visionary initiative led by Saudi King Faisal bin Abdulaziz and other Islamic leaders to foster development cooperation among member states of the Organization of Islamic Cooperation and enhance the wellbeing of Muslim communities. Financial strength The IsDB is recognized as one of the world's most active multilateral development banks and a global leader in Islamic finance. It boasts prestigious AAA credit ratings by Moody's, S&P, and Fitch — reflecting its strong financial stability and low risk. With a subscribed capital of $76 billion, the bank is well-positioned to support large-scale development projects and foster economic growth across its member countries. The Jeddah-based organization has evolved into a group of five institutions representing member states across four continents, with total approvals exceeding $182 billion for more than 12,000 development projects, as of April 2024. Built on strong partnerships and trusted governance, the bank continues to promote sustainable socioeconomic development. Saudi Arabia's enduring support remains crucial as the IsDB charts its strategic future, committed to tackling today's challenges and strengthening solidarity throughout the Muslim world. Among its strongest partnerships is with Turkiye, a founding member that has received nearly $13 billion in IsDB approvals across 545 projects. In April 2024, both sides launched a new $6.3 billion framework to boost sustainability, productivity, Islamic finance, and digital transformation, reaffirming the bank's long-term commitment to Turkiye's development. Speaking to Arab News, Abdulmohsen Al-Alshiekh, assistant professor and board member of the Saudi Economic Association, said over the past five decades, the IsDB has played a critical role as a development catalyst across the Islamic world. He added that its effectiveness can be assessed on several fronts, including Infrastructure development, human capital investment, Shariah-compliant financing, crisis response, and South-South cooperation. 'IsDB has financed thousands of projects in transport, energy, water, and urban development, significantly improving connectivity and public services across its member countries,' Al-Alshiekh said. He added that through scholarship programs, capacity-building initiatives, and education sector support, IsDB has contributed to advancing education, vocational training, and knowledge economies in low- and middle-income member states. As for the bank's Islamic law financing compliance, Al-Alshiekh said that one of IsDB's unique strengths is its adherence to Islamic finance principles. 'By promoting risk-sharing and asset-backed investments, it has provided an alternative to interest-based lending and contributed to the growth of the Islamic finance industry globally,' he added. Crisis response Al-Alshiekh said the bank has shown agility in responding to global crises, including the COVID-19 pandemic, by mobilizing special funds, providing concessional financing, and supporting resilience and recovery efforts in vulnerable member countries. He added that the bank continues to foster cooperation among member states through trade finance, investment insurance, and technology transfer initiatives, reinforcing its role as a key platform for intra-OIC economic collaboration. Development reach Al-Alshiekh noted that countries across sub-Saharan Africa, the MENA region, South Asia, and Southeast Asia have benefited from IsDB's interventions, underscoring several priority sectors including infrastructure, education, health, agriculture, and trade. 'These investments have helped close infrastructure gaps and improve regional integration, especially in landlocked and low-income countries,' he added. On education and health, the assistant professor said the IsDB has funded scholarships, technical training, hospitals, and pandemic response. It has also supported irrigation, rural development, and agribusiness in sub-Saharan Africa and South Asia to fight poverty and boost food security. 'Countries such as Senegal, Niger, Nigeria, and Sudan have received substantial support in infrastructure, agriculture, and education,' he said. Countries recovering from conflict or facing economic challenges, such as Yemen, Egypt, Morocco, and Tunisia, have received significant assistance, while Bangladesh, Pakistan, Indonesia, and the Maldives have also benefited from a mix of infrastructure, health, and education investments, Al-Alshiekh added. Unequal model Unlike conventional multilateral development banks, all the bank's financial transactions comply with Islamic principles. 'One of IsDB's unique strengths is its adherence to Islamic finance principles,' Alalshiekh said 'By promoting risk-sharing and asset-backed investments, it has provided an alternative to interest-based lending and contributed to the growth of the Islamic finance industry globally.' Youssef Saidi, a research fellow at the Economic Research Forum, emphasized the importance of distinguishing the IsDB's model from that of conventional multilateral development banks. 'To understand the unique contributions of the IsDB, it is essential to examine how its development model contrasts with those of the conventional multilateral development banks, which often focus on standardized approaches that may not fully address the unique needs of developing countries, potentially limiting their effectiveness in fostering sustainable growth,' Saidi told Arab News. He added that the IsDB focuses on Islamic finance principles, socio-economic development, and innovative approaches to financing and project implementation. 'These characteristics emphasize the importance of adaptability and responsiveness to the specific needs of member countries, which is essential for effective development financing,' he said. He noted that this adaptability allows the IsDB to forge partnerships that boost funding and enhance project delivery, similar to other multilateral development banks. Future priorities As the global development landscape becomes increasingly complex, both Saidi and Al-Alshiekh agree that the IsDB must recalibrate its strategic focus to address emerging challenges. 'The challenges facing the IsDB include addressing governance issues, ensuring effective resource allocation, and adapting to the evolving needs of its member countries to enhance development outcomes,' Saidi said. To maintain its relevance, the IsDB must navigate challenges such as regional disparities in development, ensuring equitable resource allocation, and fostering innovation in Islamic finance practices, he also said. Looking ahead, Al-Alshiekh said the IsDB is expected to broaden its role in key areas such as climate action through green sukuk, private sector partnerships focused on small and medium enterprises, fintech, digital infrastructure and e-governance, and support for fragile regions via stabilization funds and humanitarian-development-peace frameworks. Enduring values While the IsDB shares several features with conventional development banks, including alignment with the UN Sustainable Development Goals, it remains rooted in a distinct ethos. 'Unlike conventional MDBs, IsDB operates entirely on Islamic finance principles. This means it avoids interest-bearing loans and instead uses instruments like Murabaha, or cost-plus sale, ijara, or leasing, and istisna'a, or construction financing, as well as sukuk,' Al-Alshiekh explained. He added that the IsDB's approach is value-based, emphasizing ethical finance, social justice, and equitable growth that aligns with Islamic principles. 'This contrasts with the often secular and market-oriented frameworks of conventional MDBs.' Governance is another differentiator. 'IsDB's governance model is rooted in the OIC (Organisation of Islamic Cooperation), with its members being exclusively Islamic countries,' he said. This allows for a greater cultural and strategic alignment among its stakeholders, while conventional MDBs tend to have a broader, more diverse global membership, he noted. Al-Alshiekh also underlined the principle of solidarity that guides the bank's resource allocation. 'The IsDB emphasizes 'Islamic solidarity', often prioritizing needs-based resource allocation and South-South cooperation, in contrast to performance-based lending criteria or conditionalities common in conventional MDBs,' he said.
Arab News
3 hours ago
- Arab News
Amount of aid entering Gaza remains ‘very insufficient'
BERLIN: The amount of aid entering Gaza remains 'very insufficient' despite a limited improvement, the German government said on Saturday after ministers discussed ways to heighten pressure on Israel. The criticism came after Foreign Minister Johann Wadephul visited the region on Thursday and Friday, and the German military staged its first food airdrops into Gaza, where aid agencies say that more than 2 million Palestinians are facing starvation. Germany 'notes limited initial progress in the delivery of humanitarian aid to the population of the Gaza Strip, which, however, remains very insufficient to alleviate the emergency situation,' government spokesman Stefan Kornelius said in a statement. The Israeli army is accused of having equipped Palestinian criminal networks in its fight against Hamas and of allowing them to plunder aid deliveries. 'Israel remains obligated to ensure the full delivery of aid,' Kornelius added. Facing mounting international criticism over its military operations in Gaza, Israel has allowed more trucks to cross the border and some foreign nations to carry out airdrops of food and medicines. International agencies say the amount of aid entering Gaza is still dangerously low, however. The UN has said that 6,000 trucks are awaiting permission from Israel to enter the occupied Palestinian territory. The German government, traditionally a strong supporter of Israel, also expressed 'concern regarding reports that Hamas and criminal organizations are withholding large quantities of humanitarian aid.' Israel has alleged that much of the aid arriving in the territory is being siphoned off by Hamas, which runs Gaza. The Israeli army is accused of having equipped Palestinian criminal networks in its fight against Hamas and of allowing them to plunder aid deliveries. 'The real theft of aid since the beginning of the war has been carried out by criminal gangs, under the watch of Israeli forces,' Jonathan Whittall of OCHA, the UN agency for coordinating humanitarian affairs, told reporters in May. A German government source said it had noted that Israel has 'considerably' increased the number of aid trucks allowed into Gaza to about 220 a day. Berlin has taken a tougher line against Israel's actions in Gaza and the occupied West Bank in recent weeks. The source stated that a German security Cabinet meeting on Saturday discussed 'the different options' for exerting pressure on Israel, but no decision was made. A partial suspension of arms deliveries to Israel is one option that has been raised. Militants launched an attack in Israel on Oct. 7, 2023. Israel's military offensive on Gaza since then has killed at least 60,249 Palestinians, according to Gaza's Health Ministry. The UN considers the ministry's figures reliable. Indirect negotiations between Hamas and Israel aimed at securing a 60-day ceasefire in the war and deal for the release of hostages ended last week in deadlock. Hamas said on Saturday that it would not lay down arms unless an independent Palestinian state is established. In a statement, the Palestinian group said its 'armed resistance ... cannot be relinquished except through the full restoration of our national rights, foremost among them the establishment of an independent, fully sovereign Palestinian state with Jerusalem as its capital.'
