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Algeria presidential hopefuls jailed for 10 years for fraud in mass trial

Algeria presidential hopefuls jailed for 10 years for fraud in mass trial
Algerian president Abdelmadjid Tebboune gives a press conference. (File/AFP)
Updated 26 May 2025

Algeria presidential hopefuls jailed for 10 years for fraud in mass trial

Algeria presidential hopefuls jailed for 10 years for fraud in mass trial

ALGIERS: Three former presidential hopefuls were among dozens of defendants sentenced to prison on charges of electoral fraud, a judicial source said.
Businesswoman Saida Neghza, former minister Belkacem Sahli and a relative unknown named Abdelhakim Hamadi were sentenced to 10 years in prison each on charges of paying to obtain the signatures needed to run for the presidential elections last September, the source said.
On May 8, the public prosecution had requested penalties of 10 years in prison and a fine of one million Algerian dinars ($7,600) in a trial that lasted for just nine days.
About 70 other people, including three of Neghza’s sons, were also sentenced to between five and eight years in prison.
The majority of them were members of local councils and were accused of giving their electoral signatures to the would-be candidates in exchange for cash payments.
None of the three hopefuls were ultimately able to register their candidacy in the election in which Abdelmadjid Tebboune won in a landslide.
Those wishing to run for the presidency are required to gather 600 signatures from elected officials in 29 out of Algeria’s 58 provinces.
Alternatively, they can gather 50,000 signatures from regular constituents registered to vote, provided that there are at least 1,200 in each province.
In early August, the public prosecution announced that 68 people had been arrested on charges of “buying signatures” for three presidential hopefuls.


Foreign ownership in Saudi equities tops $105bn despite market pullback

Foreign ownership in Saudi equities tops $105bn despite market pullback
Updated 33 sec ago

Foreign ownership in Saudi equities tops $105bn despite market pullback

Foreign ownership in Saudi equities tops $105bn despite market pullback

RIYADH: Foreign investors held SR394.58 billion ($105.2 billion) in Saudi equities as of June 12, marking an annual decline of 1.1 percent, although their market share rose amid a broader downturn. 

According to the latest data from Saudi Exchange, the dip in foreign ownership comes as the total value of holdings in the main market fell to SR9.14 trillion, down from SR9.95 trillion in June 2024, as valuations across key sectors — including financials, materials, and energy — softened. 

The increase in foreign investors’ market share — from 4.01 percent to 4.32 percent — is attributed to the overall decline in market size. 

Saudi nationals remain dominant in the market, holding SR8.68 trillion, or 94.94 percent of total ownership, down from SR9.48 trillion, or 95.28 percent, a year earlier.

Investments from Gulf Cooperation Council countries also dipped, with holdings falling from SR70.17 billion to SR67.46 billion, despite their share slightly increasing to 0.74 percent. 

The drop in market capitalization coincided with a 1.5 percent decline in the Tadawul All Share Index on June 12, driven by losses in heavyweight stocks such as Al Rajhi Bank and ֱn Mining Co. The selloff came amid renewed geopolitical tensions in the region. 

“While solid fundamentals offer a hopeful outlook, the market’s reaction was more heavily influenced by geopolitical tensions,” said Milad Azar, a market analyst at XTB MENA, in comments to Reuters. 

His statement followed the US decision to reposition diplomatic staff in the region, stoking concerns over escalating tensions with Iran. The move added pressure to already cautious markets, where investors have been rebalancing portfolios in response to rising interest rates and shifting risk appetite. 

Despite recent volatility, the long-term outlook for foreign participation remains strong. ֱ’s inclusion in global emerging market indices — such as MSCI, FTSE Russell, and S&P Dow Jones — continues to support passive fund flows. 

Reforms under Vision 2030, including enhanced transparency, stronger corporate governance, and an expanding privatization pipeline, are widely viewed as central to boosting long-term investor engagement in ֱ’s capital markets.

The government’s commitment to diversifying the economy has opened new sectors for investment, while regulatory upgrades have helped align local practices with international standards. 

As part of these reforms, Tadawul has undergone a transformation in recent years to enhance its global appeal. The market’s inclusion in major emerging market indices between 2018 and 2019 helped unlock billions in passive fund inflows. Since then, Tadawul has focused on improving disclosure quality, streamlining Qualified Foreign Investor registration, and modernizing its trading and post-trade systems. 

This evolution continues to attract international capital through a growing pipeline of sector-diverse initial public offerings. Recent listings in health care, technology, and consumer goods have provided foreign investors with broader exposure to non-oil growth areas, further supporting portfolio diversification. 

Meanwhile, ongoing efforts to enhance post-trade infrastructure and environmental, social, and governance reporting are expected to improve overall market competitiveness and strengthen the exchange’s appeal to long-term institutional investors. 


What to know about bunker-buster bombs and Iran’s Fordo nuclear facility

What to know about bunker-buster bombs and Iran’s Fordo nuclear facility
Updated 2 min 1 sec ago

What to know about bunker-buster bombs and Iran’s Fordo nuclear facility

What to know about bunker-buster bombs and Iran’s Fordo nuclear facility
  • Fordo is Iran’s second nuclear enrichment facility after Natanz

BANGKOK: If the US decides to support Israel more directly in its attack on Iran, one option for Washington would be to provide the “bunker-buster” bombs believed necessary to significantly damage the Fordo nuclear fuel enrichment plant, built deeply into a mountain.
Such a bomb would have to be dropped from an American aircraft, which could have wide-ranging ramifications, including jeopardizing any chance of Iran engaging in Trump’s desired talks on its nuclear program. Israeli officials have also suggested that there are other options for it to attack Fordo as it seeks to destroy Iran’s nuclear capabilities.
But aside from a commando attack on the ground or a nuclear strike, the bunker buster bomb seems the most likely option.
What is the bunker-buster bomb?
“Bunker buster” is a broad term used to describe bombs that are designed to penetrate deep below the surface before exploding. In this case, it refers to the latest GBU-57 A/B Massive Ordnance Penetrator bomb in the American arsenal. The roughly 30,000 pound (13,600 kilogram) precision-guided bomb is designed to attack deeply buried and hardened bunkers and tunnels, according to the US Air Force.
It’s believed to be able to penetrate about 200 feet (61 meters) below the surface before exploding, and the bombs can be dropped one after another, effectively drilling deeper and deeper with each successive blast.
The bomb carries a conventional warhead, but the International Atomic Energy Agency has confirmed that Iran is producing highly enriched uranium at Fordo, raising the possibility that nuclear material could be released into the area if the GBU-57 A/B were used to hit the facility. However, Israeli strikes at another Iranian nuclear site, Natanz, on a centrifuge site have caused contamination only at the site itself, not the surrounding area, the IAEA has said.
How tough a target is Fordo?

Fordo is Iran’s second nuclear enrichment facility after Natanz, its main facility. So far, Israeli strikes aren’t known to have damaged Natanz’s underground enrichment hall, nor have the Israelis targeted tunnels the Iranians are digging nearby.
Fordo is smaller than Natanz, and is built into the side of a mountain near the city of Qom, about 60 miles (95 kilometers) southwest of Tehran. Construction is believed to have started around 2006 and it became first operational in 2009 — the same year Tehran publicly acknowledged its existence.
In addition to being an estimated 80 meters (260 feet) under rock and soil, the site is reportedly protected by Iranian and Russian surface-to-air missile systems. Those air defenses, however, likely have already been struck in the Israeli campaign.
Still, Israeli Prime Minister Benjamin Netanyahu has said the goal of attacking Iran was to eliminate its missile and nuclear program, which he described as an existential threat to Israel, and officials have said Fordo was part of that plan.
“This entire operation ... really has to be completed with the elimination of Fordo,” Yechiel Leiter, Israel’s ambassador to the US, told Fox News on Friday.
Why does the US need to be involved?
In theory, the GBU-57 A/B could be dropped by any bomber capable of carrying the weight, but at the moment the US has only configured and programed its B-2 Spirit stealth bomber to deliver the bomb, according to the Air Force.
The B-2 is only flown by the Air Force, and is produced by Northrop Grumman.
According to the manufacturer, the B-2 can carry a payload of 40,000 pounds (18,000 kilograms) but the US Air Force has said it has successfully tested the B-2 loaded with two GBU-57 A/B bunker busters — a total weight of some 60,000 pounds (27,200 kilograms).
The strategic long-range heavy bomber has a range of about 7,000 miles (11,000 kilometers) without refueling and 11,500 miles (18,500 kilometers) with one refueling, and can reach any point in the world within hours, according to Northrop Grumman.
Whether the US would get involved is another matter.
At the G7 meeting in Canada, Trump was asked what it would take for Washington to become involved militarily and he said: “I don’t want to talk about that.”
In a weekend interview with ABC News, Israeli Ambassador Leiter was asked about the possibility of the US helping attack Fordo and he emphasized Israel has only asked the US for defensive help.
“We have a number of contingencies ... which will enable us to deal with Fordo,” he said.
“Not everything is a matter of, you know, taking to the skies and bombing from afar.”


Met office forecasts 25% above-normal monsoon rain for Pakistan this year

Met office forecasts 25% above-normal monsoon rain for Pakistan this year
Updated 12 min 11 sec ago

Met office forecasts 25% above-normal monsoon rain for Pakistan this year

Met office forecasts 25% above-normal monsoon rain for Pakistan this year
  • Punjab’s disaster management agency says it has made arrangements to deal with the risk of flooding
  • Pakistan has witnessed extreme weather like heatwaves, droughts and devastating floods in recent years

ISLAMABAD: Pakistan is likely to experience 25 percent more rainfall than average during the upcoming monsoon season, officials said on Tuesday, with the country’s most populous province, Punjab, rolling out preparedness measures to address urban flooding and other climate-related emergencies.

The warning comes as Pakistan continues to suffer the effects of increasingly frequent and intense weather events, including heatwaves, droughts and devastating floods. Although the country contributes less than one percent to global carbon emissions, it remains among the most climate-vulnerable nations in the world.

Punjab’s Provincial Disaster Management Authority (PDMA) Director General Irfan Ali Kathia visited the Pakistan Meteorological Department (PMD) headquarters in Lahore to assess forecasts and coordination efforts ahead of the seasonal rains.

“This year’s monsoon rainfall is expected to be 25 percent above normal levels,” officials said during a briefing. “The heaviest rains are forecast for the month of August.”

During the visit, Chief Meteorologist Zahir Babar provided a detailed overview of the seasonal outlook and flood forecasting mechanisms, while emphasizing the importance of early warnings in major cities like Lahore, Multan, Faisalabad and Gujranwala to minimize urban flood impacts.

Kathia said all necessary arrangements have been completed to manage the risk of flooding during the monsoon.

He stressed that a joint response plan must be implemented by all concerned departments to deal with cloudburst events and urban flooding.

Pakistan experienced catastrophic monsoon rains in 2022 that submerged large parts of the country, killing nearly 1,700 people and causing damage to homes, farmland and infrastructure exceeding $35 billion, according to government and UN estimates.

Officials also reviewed the flood early warning system for hill torrents and the control room operations for real-time monitoring of river flows under the Flood Forecasting Division.

Kathia praised the Meteorological Department’s coordination and technical preparedness, calling the working relationship between the PMD and PDMA Punjab “excellent.”


Riyadh climbs 60 places to rank 23rd globally in startup ecosystem index

Riyadh climbs 60 places to rank 23rd globally in startup ecosystem index
Updated 21 min 30 sec ago

Riyadh climbs 60 places to rank 23rd globally in startup ecosystem index

Riyadh climbs 60 places to rank 23rd globally in startup ecosystem index

JEDDAH: ֱ has reached a key milestone in the global startup scene, with Riyadh climbing 60 places in just three years to rank 23rd among the top 100 emerging ecosystems, according to new data. 

The 2025 Global Startup Ecosystem Report, published by Startup Genome in collaboration with the Global Entrepreneurship Network, highlights the city’s transformation into a “launchpad into the $2+ trillion GCC (Gulf Cooperation Council) market.”

Riyadh also ranks third in the Middle East and North Africa for funding, reflecting a sharp rise in deal volume.

ֱ’s startup ecosystem is rapidly evolving, driven by Vision 2030, strong government support, and rising investor interest.

Riyadh’s emergence as a leading innovation hub and strategic gateway to the broader GCC market reflects the Kingdom’s ambitions to diversify its economy, attract global talent, and foster high-growth sectors, including fintech, artificial intelligence, and digital infrastructure.

The analysis notes that over $2.6 billion in venture capital funding has flowed into the Saudi market since 2018, driven by government-backed funds, including the Saudi Venture Capital Co., Jada, and the Public Investment Fund.

While global ecosystems grapple with declining investment and exit slowdowns, the report highlights the Gulf region, particularly Riyadh, as one of the world’s most resilient and forward-looking innovation corridors, gaining momentum as a stable and fast-growing hub for entrepreneurship.

Samantha Evans, MENA managing director at Startup Genome, said: “The Gulf is one of the few markets in the world where ambition, alignment, and execution converge,” adding that it is “not a speculative bet — it’s a strategic inflection point.”

In ֱ, Vision 2030 programs such as Monsha’at and CODE are “designing policy architectures to enable them (startups) to scale globally.” The UAE, through platforms like Hub71, DIFC Innovation Hub, and national sandbox frameworks, continues to attract “top-tier founders, Series A companies, and emerging technologies,” the study noted.

ֱ’s performance stands out across multiple metrics. The Kingdom ranked third globally in funding volume and investment-to-impact ratio, and fourth in talent availability, reflecting its ability to attract and retain entrepreneurial expertise. It also posted the second-highest performance in the MENA region, according to the report.

Key growth drivers include increased venture capital activity, enhanced entrepreneurial infrastructure, and rising investment in emerging technologies. Government-backed initiatives, particularly through Monsha’at, have strengthened the ecosystem, improved regulation, and boosted the contribution of small and medium-sized enterprises to the national economy in line with Vision 2030 targets.

The study identifies high-growth sectors fueling the Kingdom’s ascent, including artificial intelligence, fintech, cybersecurity, smart cities, infrastructure, and digital health, all of which align with the nation’s broader economic transformation.

“ֱ has made significant strides to support innovation, drive economic diversification, and empower a new generation of entrepreneurs,” said Khaled Sharbatly Chairman of the National Entrepreneurship Committee Khaled Sharbatly. “We are committed to positioning ֱ as a global hub for entrepreneurship and innovation.”

Riyadh, described in the report as “not just the capital of ֱ — it’s a launchpad,” now hosts the regional headquarters of global firms such as Google Cloud, Amazon, and SAP — a sign of growing global confidence in the Kingdom’s innovation environment.

The city is characterized as a “fintech powerhouse,” with “over 200 fintechs now operating in the Kingdom,” supported by regulatory efforts from the Saudi Central Bank and Fintech Saudi.

Other sectors, such as cybersecurity, logistics, and education tech, are also thriving, with startups including Mozn, Salasa, and Diggipacks advancing through “strategic partnerships and government procurement pipelines,” as per the analysis.

Riyadh’s founder-friendly ecosystem is further supported by the Ministry of Investment and the Ministry of Communications and Information Technology, which offer 100 percent foreign ownership, fast licensing, and innovation-friendly regulations.

Programs like CODE and the Digital Government Authority sandboxes help “speed up time-to-market for new technologies.”

According to the report, startups are encouraged to relocate to Riyadh due to its direct access to major enterprise buyers, including sovereign wealth funds, ministries, and conglomerates. Government entities such as PIF, STC, and Aramco are actively partnering with and investing in emerging companies.

According to the Saudi Press Agency, this “notable progress reflects the Kingdom’s rapidly evolving entrepreneurial environment, marked by strong growth in venture capital, the expansion of startup infrastructure, and rising levels of innovation and investment in emerging technologies.”

The report draws on data from over five million startups across more than 350 global ecosystems, offering insights into the trends and policies shaping the future of innovation worldwide.

In the organization’s 2024 report, Riyadh ranked fourth among the top five startup ecosystems in the MENA region, with Jeddah and Alkhobar also featured on the list.


Pakistan, UAE voice concern over Israel-Iran war as Trump seeks ‘end’ to nuclear threat

Pakistan, UAE voice concern over Israel-Iran war as Trump seeks ‘end’ to nuclear threat
Updated 33 min 34 sec ago

Pakistan, UAE voice concern over Israel-Iran war as Trump seeks ‘end’ to nuclear threat

Pakistan, UAE voice concern over Israel-Iran war as Trump seeks ‘end’ to nuclear threat
  • UAE and Pakistan stress urgent need to support efforts for regional peace and stability
  • Trump says reporters will ‘find out’ where the situation is headed in the next two days

ISLAMABAD: Pakistan and the United Arab Emirates expressed deep concern over Israel’s escalating war with Iran, the foreign office said on Tuesday, as US President Donald Trump said he wanted a “real end” to Iran’s nuclear program and warned of potential new developments in the coming days.

The exchange between Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar and his UAE counterpart, Sheikh Abdullah bin Zayed Al Nahyan, took place over a phone call, according to the official intimation.

The war between Iran and US ally Israel, which began on Friday when Israel launched airstrikes on Iranian nuclear and military facilities, has alarmed a region already on edge since Israel’s military assault on Gaza began in October 2023.

Iran launched its own retaliatory missile attacks, targeting dozens of strategic sites in Israel, as civilian casualties mounted on both sides. There has been no sign of de-escalation so far, with both sides continuing to strike military and economic targets, raising fears of a wider regional conflict.

“Deputy Prime Minister/Foreign Minister, Senator Mohammad Ishaq Dar received a call from the Deputy Prime Minister/Foreign Minister of UAE, Sheikh Abdullah bin Zayed Al Nahyan,” the foreign office of Pakistan said in a social media post.

“The two leaders discussed the evolving regional situation in the wake of Israel’s military strikes against the Islamic Republic of Iran,” it added. “They expressed deep concern over the escalating tensions and underscored the urgent need to support efforts for ensuring regional peace and stability.”

Earlier, Trump spoke to reporters aboard Air Force One while returning from a Group of Seven summit in Canada.

He said he may send US Middle East Envoy Steve Witkoff or Vice President JD Vance to Iran for talks, but added, “it depends on what happens when I get back.”

“Iran cannot have a nuclear weapon, it’s very simple,” he continued, adding that he wanted a “real end” to Iran’s nuclear ambitions, with Tehran “giving up entirely” on any weapons program.

The US president also warned residents in Tehran to evacuate amid fears of further escalation, but remained vague about Israel’s next steps in the conflict.

“You’re going to find out over the next two days,” he said. “Nobody’s slowed up so far.”

With input from Reuters