Waja secures SAR 4.16M project from Saudi Falcons Club
The project was awarded on July 31 with no related parties involved in the deal, the statement added.
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Arab News
2 hours ago
- Arab News
China pushes back at US demands to stop buying Russian and Iranian oil
WASHINGTON: US and Chinese officials may be able to settle many of their differences to reach a trade deal and avert punishing tariffs, but they remain far apart on one issue: the US demand that China stop purchasing oil from Iran and Russia. 'China will always ensure its energy supply in ways that serve our national interests,' China's Foreign Ministry posted on X on Wednesday following two days of trade negotiations in Stockholm, responding to the US threat of a 100 percent tariff. 'Coercion and pressuring will not achieve anything. China will firmly defend its sovereignty, security and development interests,' the ministry said. The response is notable at a time when both Beijing and Washington are signaling optimism and goodwill about reaching a deal to keep commercial ties between the world's two largest economies stable — after climbing down from sky-high tariffs and harsh trade restrictions. It underscores China's confidence in playing hardball when dealing with the Trump administration, especially when trade is linked to its energy and foreign policies. US Treasury Secretary Scott Bessent, emerging from the talks, told reporters that when it comes to Russian oil purchases, the 'Chinese take their sovereignty very seriously.' 'We don't want to impede on their sovereignty, so they would like to pay a 100 percent tariff,' Bessent said. On Thursday, he called the Chinese 'tough' negotiators, but said China's pushback hasn't stalled the negotiations. 'I believe that we have the makings of a deal,' Bessent told CNBC. Gabriel Wildau, managing director of the consultancy Teneo, said he doubts President Donald Trump would actually deploy the 100 percent tariff. 'Realizing those threats would derail all the recent progress and probably kill any chance' for Trump and Chinese President Xi Jinping to announce a trade deal if they should meet this fall, Wildau said. In seeking to restrict oil sales by Russia and Iran, a major source of revenue for both countries, the US wants to reduce the funding available for their militaries, as Moscow pursues its war against Ukraine and Tehran funds militant groups across the Middle East. China plays hardball When Trump unveiled a sweeping plan for tariffs on dozens of countries in April, China was the only country that retaliated. It refused to give in to US pressure. 'If the US is bent on imposing tariffs, China will fight to the end, and this is China's consistent official stance,' said Tu Xinquan, director of the China Institute for WTO Studies at the University of International Business and Economics in Beijing. WTO is the acronym for the World Trade Organization. Negotiating tactics aside, China may also suspect that the US won't follow through on its threat, questioning the importance Trump places on countering Russia, Tu said. Scott Kennedy, senior adviser and trustee chair in Chinese Business and Economics at the Center for Strategic and International Studies in Washington, said Beijing is unlikely to change its posture when it sees inconsistencies in US foreign policy goals toward Russia and Iran, whereas Beijing's policy support for Moscow is consistent and clear. It's also possible that Beijing may want to use it as another negotiating tool to extract more concessions from Trump, Kennedy said. Danny Russel, a distinguished fellow at the Asia Society Policy Institute, said Beijing now sees itself as 'the one holding the cards in its struggle with Washington.' He said Trump has made it clear he wants a 'headline-grabbing deal' with Xi, 'so rejecting a US demand to stop buying oil from Iran or Russia is probably not seen as a deal‑breaker, even if it generates friction and a delay.' Continuing to buy oil from Russia preserves Xi's 'strategic solidarity' with Russian President Vladimir Putin and significantly reduces the economic costs for China, Russel said. 'Beijing simply can't afford to walk away from the oil from Russia and Iran,' he said. 'It's too important a strategic energy supply, and Beijing is buying it at fire‑sale prices.' China depends on oil from Russia and Iran A 2024 report by the US Energy Information Administration estimates that roughly 80 percent to 90 percent of the oil exported by Iran went to China. The Chinese economy benefits from the more than 1 million barrels of Iranian oil it imports per day. After the Iranian parliament floated a plan to shut down the Strait of Hormuz in June following US strikes on Iran's nuclear facilities, China spoke out against closing the critical oil transit route. China also is an important customer for Russia, but is second to India in buying Russian seaborne crude oil exports. In April, Chinese imports of Russian oil rose 20 percent over the previous month to more than 1.3 million barrels per day, according to the KSE Institute, an analytical center at the Kyiv School of Economics. This past week, Trump said the US will impose a 25 percent tariff on goods from India, plus an additional import tax because of India's purchasing of Russian oil. India's Foreign Ministry said Friday its relationship with Russia was 'steady and time-tested.' Stephen Miller, White House deputy chief of staff and a top policy adviser, said Trump has been clear that it is 'not acceptable' for India to continue financing the Ukraine war by purchasing oil from Russia. 'People will be shocked to learn that India is basically tied with China in purchasing Russian oil,' Miller said on Fox News Channel's 'Sunday Morning Futures.' He said the US needs 'to get real about dealing with the financing of this war.' US Congress demands action Sen. Lindsey Graham, a Republican from South Carolina, is pushing for sanctions and tariffs on Russia and its financial backers. In April, he introduced a bill that would authorize the president to impose tariffs as high as 500 percent not only on Russia but on any country that 'knowingly' buys oil, uranium, natural gas, petroleum products or petrochemical products from Russia. 'The purpose of this legislation is to break the cycle of China — a communist dictatorship — buying oil below market price from Putin's Russia, which empowers his war machine to kill innocent Ukrainian civilians,' Graham said in a June statement. The bill has 84 co-sponsors in the 100-seat Senate. A corresponding House version has been introduced, also with bipartisan support. Republicans say they stand ready to move on the sanctions legislation if Trump asks them to do so, but the bill is on hold for now.
Arab News
5 hours ago
- Arab News
Leejam, SURJ sign MoU to elevate Saudi sports
Leejam Sports Company, a network of sports and fitness centers in Saudi Arabia and a publicly listed company, and SURJ Sports Investment, a sports investment company in the Kingdom, have announced the signing of an MoU to accelerate growth and innovation across the Kingdom's dynamic sports ecosystem, particularly in fitness and community engagement. Signed by Abdulelah Al-Nemr, CEO of Leejam Sports Company, and Danny Townsend, CEO of SURJ Sports Investment, the agreement reflects a shared ambition to elevate sports participation, scale innovation, expand access to world-class fitness experiences, and activate new models of community engagement and wellness innovation — in line with Saudi Vision 2030 goals to build a more active, inclusive, and healthier society. Partnering with SURJ aligns with our strategic vision to foster active lifestyles, deliver value for shareholders, and contribute to KSA's socioeconomic goals, says Abdulelah Al-Nemr, Board Member and CEO, Leejam Sports Company The agreement outlines a broad framework for collaboration across six key areas: stadia and fitness facility operations, co-investment in sports properties, sponsorship and brand engagement, community activation and mass participation, data and technology integration, and co-creation of content and media production. Abdulelah Al-Nemr, board member and CEO of Leejam Sports Company, said: 'This MoU marks a pivotal step in Leejam's journey to further solidify our role as a catalyst for Saudi Arabia's wellness transformation. Partnering with SURJ aligns with our strategic vision to foster active lifestyles, deliver value for shareholders, and contribute meaningfully to the Kingdom's socioeconomic goals. We look forward to harnessing our national footprint and digital platforms to scale this collaboration across communities and sports disciplines.' Danny Townsend, CEO of SURJ Sports Investment, said: 'Leejam's scale and expertise in fitness and wellness make them a natural partner as we continue to grow Saudi Arabia's sports ecosystem. This MoU reflects our shared commitment to participation, performance, and innovation, and to unlocking opportunities that go beyond traditional investment models. From stadiums to digital assets, and from community challenges to elite content, we're excited to explore how we can bring the power of sport closer to more people across the country.' As Saudi Arabia's largest and trusted network of fitness centers, operating under the 'Fitness Time' brand, Leejam brings unparalleled market reach and operational capabilities. Through this partnership, Leejam will assess opportunities to operate or support fitness and wellness zones within SURJ-backed facilities, and to activate programming aligned with SURJ's investments in major sports events and leagues. The MoU also covers exploratory co-investment models in sports IP, as well as leveraging Leejam's national footprint to scale SURJ-led activations and co-host fitness activations that promote grassroots participation in sports. Additional areas of focus in the MoU include sponsorship engagement opportunities, ranging from access to Leejam facilities and athlete visibility within gym environments to joint sports promotion campaigns and sponsorship for SURJ-owned IP. A core pillar of the partnership includes data and technology collaboration, enabling both entities to share insights on performance metrics, gym technologies, and digital engagement tools, as well as co-development of short-form and live fitness content across platforms. This announcement comes at a time of rapid progress for Saudi Arabia's sports sector. Nearly 50 percent of Saudis are now engaged in weekly physical activity, up from just 13 percent in 2015, while the number of multi-sport clubs has surged from nine to 126, and sports federations have tripled to reach 98. Women's participation in sport in Saudi Arabia has seen extraordinary growth, with a 149 percent increase since 2015 and more than 330,000 registered female athletes today.
Arab News
5 hours ago
- Arab News
How high is the risk of cyber incident in your organization?
One of the core reasons businesses remain vulnerable to cyberthreats is that they underestimate their risk or overestimate the strength of their existing defenses. According to a recent Kaspersky survey titled 'Cybersecurity in the workplace: Employee knowledge and behavior,' 45.5 percent of professionals surveyed in Saudi Arabia, whose work requires the use of computers, assess the risk of a cybersecurity incident happening to their company as quite possible. Commenting on the probable consequences of a cybersecurity incident, 52 percent of employees surveyed supposed that it might seriously affect the company. This understanding of risks comes not only from general cybersecurity awareness, but also from knowledge about cyber incidents in their organizations: 30.8 percent of respondents acknowledged such incidents happened in the past 12 months, while an additional 29.8 percent said they have heard about these incidents from colleagues. Organizations nowadays face a variety of cyberthreats ranging from phishing and business email compromise to ransomware and advanced persistent threats. In a lot of these attacks, the entry point into the organization's network is via a human mistake, and it is for that reason attackers actively employ social engineering techniques and AI tools to make their efforts more effective. The survey shows that the majority of respondents understand that cybersecurity is an issue that should be considered by the IT department, while 33.8 percent also mentioned top level executives and 18.8 percent cited legal and financial employees as core groups within the business who should keep cybersecurity issues in mind. Only 28.5 percent of employees surveyed viewed cybersecurity as an issue that should be considered by all employees across the entire business. 'In today's digital landscape, cybersecurity is a collective responsibility that extends beyond the IT department. Every employee should remain vigilant against evolving threats. Regular cybersecurity training, use of relevant IT solutions, well-defined policies and an incident response plan are essential pillars of organizational cyber resilience. When every team member is informed and prepared, the organization stands stronger against cyberthreats,' said Toufic Derbass, managing director for the META region at Kaspersky. To help organizations strengthen their defenses, Kaspersky recommends the following: • Employee education and cybersecurity training is necessary as human error is a common cause for cybersecurity breaches. Solutions such as Kaspersky Automated Security Awareness Platform can help with practical cybersecurity skills such as recognizing phishing emails and suspicious links. • Upskill cybersecurity teams with Kaspersky online trainings, and with Kaspersky Threat Intelligence. In addition, Kaspersky's Digital Footprint Intelligence can help with monitoring external threats for companies' assets, strengthening defense against credential leaks. • Implement robust monitoring and cybersecurity solutions, for example from the Kaspersky Next product line. • Set up offline backups that intruders cannot misuse, and make sure you can access them quickly in an emergency. • Implement security policies for employees, from password and software installation policies to network segmentation. • Foster a culture of security: encourage employees to report suspicious activity without fear of blame, reward proactive security behaviors to reinforce good habits, for example during phishing simulations.
