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PARIS: France’s ex-culture minister Rachida Dati appeared in court Wednesday on corruption charges linked to dealings with the Renault-Nissan group, just months after her bruising defeat in the Paris mayoral race.

One of the most prominent figures on the French right, Dati, 60, stood in court dressed in black to hear the charges against her, all of which she denies.

Carlos Ghosn, the fugitive former Renault-Nissan chief now living in Lebanon, is being tried in absentia.

Dati has been dogged by controversies for much of her political career.

She resigned as culture minister in February to concentrate on the Paris mayoral race, but lost to Socialist rival Emmanuel Gregoire in March.

She stands charged with corruption and influence-peddling over alleged lobbying for Renault-Nissan between October 2009 and February 2013 while she was a member of the European Parliament.

She became an MEP after serving as justice minister between 2007 and 2009 under President Nicolas Sarkozy.

She has been accused of accepting 900,000 euros (around $1 million) in lawyers’ fees from a Netherlands-based subsidiary of Renault-Nissan.

Dati, who is still the mayor of the French capital’s wealthy seventh district, denies all the charges.

She faces up to 10 years in prison and a fine of up to 450,000 euros, if convicted. She could also face a five-year ban on holding public office.

Her legal team said Dati worked “exclusively” as a lawyer for the Netherlands-based subsidiary.

“Unfounded allegations of influence-peddling in the European Parliament stem from an artificial intellectual construct devised by the prosecution,” her lawyers said.

– ‘Explain facts’ –

French prosecutors argue that a legal services contract signed in 2009 between Dati and Ghosn, under which the former minister was paid an annual fee of 300,000 euros, was used to disguise lobbying work.

Investigators obtained the contract in 2019 during a search of Renault’s headquarters following Ghosn’s arrest in Japan, in a separate case.

Ghosn, the 72-year-old former chairman and chief executive of the Renault-Nissan-Mitsubishi alliance, was arrested in Japan in 2018 on suspicion of financial misconduct, before being sacked by Nissan’s board.

He made a dramatic escape from Japan hidden in an audio-equipment box, landing in Beirut, where he remains at large.

Ghosn faces a litany of charges, including abuse of power and bribery. He has denied any wrongdoing.

In a letter sent to the court in August and seen by AFP, Ghosn requested that the proceedings be postponed.

Denying any attempt to “delay the trial”, Ghosn said he was prepared to appear by video link to “explain facts” that he disputes.

Dati has repeatedly sought to have the charges against her quashed.

She has also been accused of accepting nearly 300,000 euros in undeclared payments from energy group GDF Suez, also while an MEP.

Prosecutors said last year they were looking into reports that Dati failed to declare jewelry and watches worth 420,000 euros upon taking ministerial office.

She has denied any wrongdoing.

DEVELOPING STORYDEVELOPING STORY,

The 25 basis-point hike is the first raise in three years and comes ahead of critical midterm elections in the United States.

The United States Federal Reserve has said it will raise interest rates by a quarter of a percentage point as inflation, driven by soaring fuel prices amid the US-Iran war, continues to weigh on the economy.

The Fed, which is the central bank of the US, said on Wednesday that it will hike interest rates by 25 basis points to 3.75 percent to 4 percent.

It is the first hike in more than three years and comes just weeks before the US midterm elections, despite repeated demands from US President Donald Trump to lower rates.

“Economic activity is expanding at a solid pace. While uncertainty remains elevated owing, in part, to geopolitical developments, domestic spending has been resilient,” the Fed said in a statement on Wednesday.

“Inflation remains elevated. Today’s policy action will support a timelier return to the Committee’s 2 percent goal. The Committee will deliver price stability.”

After Wednesday’s hike, Fed officials expect one more rate increase this year, according to their quarterly projections.

CME FedWatch, which tracks the likelihood of monetary policy decisions, forecast a 92.3 percent chance of the Fed increasing rates to 3.75 to 4 percent. A week ago, that forecast was a 40 percent chance of a quarter-percent rate increase.

But in the days since, a slew of data shifted those expectations.

For one, consumer prices jumped in August by 0.4 percent, the highest increase in four months. On an annual basis, prices rose 3.4 percent, matching the increase recorded in July, while the job market remains healthy.

Since then, benchmark crude oil prices have continued to soar as strikes in the US-Israel war on Iran have intensified. Brent crude hovered near $109 per barrel on Tuesday.

The average price for a gallon (3.8 litres) of petrol is $4.36, up 14 cents in the past week, and up from $4.06 in the last month, according to the American Automobile Association (AAA), which tracks daily petrol prices.

Diesel, on the other hand, was at $6.31, the highest recorded average and roughly double from a year ago. That, in turn, is expected to further stoke prices as diesel is used in trucks to haul everything from fruits and vegetables to steel and cement.

At the same time, the benchmark 10-year Treasury yield broke above the psychologically important 5 percent threshold on Tuesday, hitting 5.02 percent, its highest level in 19 years. The yield serves as a benchmark for borrowing costs, including car loans and home mortgages, and is a bellwether for inflation.

“The economy is in an unusual place,” Michael Klein, professor of international economic affairs at Tufts University’s Fletcher School and executive editor of EconoFact, a nonpartisan economic and social policy publication, as unemployment remains at a comfortable level while higher prices continue to stick, sending inflation beyond the Fed’s target of 2 percent.

“There [has been] a lot of pressure on Chairman Warsh to raise interest rates because of inflation coming in high, and that has been compounded by concerns about Trump’s pressure” as the president has continued to demand that interest rates be lowered, Klein said.

“Higher interest rates tend to weaken the economy… but if the market believes that there’s going to be a rate increase, it’s priced in already as prices move on news, so this won’t be news,” Klein said, adding that should help steady yields.

SILVERSTONE, England: Max Verstappen needed about 35 minutes to overcome 100 karting drivers in a Red Bull event at Silverstone on Wednesday.

Verstappen started 101st at the Silverstone karting circuit, and overtook 64 drivers on the first lap alone, with many of his opponents crashing among themselves.

Many got blocked on the track after a pile-up that prompted a full-course yellow flag. Verstappen went off track but was able to return.

“That was simply lovely,” Verstappen said. “It was a lot of fun.”

Verstappen, who finished second in Formula 1’s Spanish Grand Prix on Sunday, was up to 37th after the first lap, and up to sixth place by the sixth lap.

He went off track again but stayed comfortably faster than most drivers, none of them with any significant professional driving experience.

He said jokingly that the victory ranked as “the best one yet” in his career.

LONDON: Pope Leo XIV expressed satisfaction with Jordan’s preparations for the 2,000th anniversary of Jesus Christ’s baptism in the Jordan River, according to a Jordanian priest on Wednesday.

Fr Rifat Bader, director of the Catholic Center for Studies and Media in Jordan, described the meeting with the pope in Rome last week to the Jordan News Agency as taking place in a “friendly and spiritual atmosphere.”

The Jordanian priest returned this week from a two-day religious dialogue platformed at the Vatican. The Interreligious Platform for Dialogue and Cooperation in the Arab World, affiliated with the International Dialogue Center, held its meetings early this month. The Jordanian delegation included Sheikh Omar Rousan of the department of fatwas.

The 2,000th anniversary of the revered event is scheduled for 2030 and will take place at Christ’s baptismal site, also known as Bethany Beyond the Jordan, a UNESCO World Heritage site that attracts Christian pilgrims and other visitors.

Jordan is home to many important Christian sites, including Mount Nebo in the Madaba governorate, where the Bible says Moses saw the Promised Land before he died.

Schools in England are to get around £500 million in extra funding towards the teachers’ pay award this school year, reducing the risk of a strike ballot by the largest education union.

Schools had been expected to fund some of the 3.5% teachers pay increase for the current school year out of their existing budgets, which National Education Union (NEU) leaders had strongly objected to.

Daniel Kebede, the General Secretary of the NEU, said the offer of more funding was a “significant” step in negotiations.

In a letter to the union on Wednesday, which has been seen by the BBC, the government said the increase would be funded by savings in employers’ contributions to the local government pension scheme.

The letter said the 4.9 percentage point drop in what employers are expected to contribute will deliver “significant savings” on the pay bill for support staff, which will not be clawed back by central government.

The National Education Union said it expected the extra money to be around £500m, which schools can now use towards teachers pay this year.

In July, ministers accepted the recommendation of the independent pay review body for teachers and agreed a 3.5% increase from September 2026 would be followed by 3% the following year.

The pay increase had been partly funded by an additional £700m for 2026-27 and £1.1bn for the following year.

Independent economists at the Institute for Fiscal Studies (IFS) said that left schools facing a shortfall of around 1% between rising costs and funding this year.

Luke Sibieta, IFS research fellow, said the extra money would mean the pay increase this year was fully funded – and on top of other funding increases, schools would be £1.6bn better off by next year than they had expected this summer.

The additional money could potentially bring the uplift for this year into line with next year.

Kebede said schools has been “running on empty” and the funding signalled “a welcome return to reality, and a message of hope for the entire school community”.

Paul Whiteman, General Secretary of the National Association of Headteachers, said the decision is “certainly welcome”, putting schools in a “better position”.

He said his union would look carefully at the detail “to determine whether this means the pay uplift is genuinely fully funded” for schools.

Pepe Di’Iasio, General Secretary of the Association of School and College Leaders, said he was “pleased” at the announcement of additional funding but “the wider pressure on school and college budgets remains intense”.

Similarly, the NASUWT union welcomed the news. General Secretary Matt Wrack added schools needed “a sustainable, long-term injection of extra funding” to meet the needs of young people.

In an indicative ballot by the NEU in April, 90% of teachers who voted said they would be prepared to take industrial action over funding and pay, on a turnout of 48%.

A formal ballot was due to begin on 3 October and close 15 December, raising the prospects of teachers pay strikes early in 2027.

The national executive of the NEU will meet on 24 September to consider whether to call that off following the additional funding on offer from the government.

A spokesperson for Education Secretary Lucy Powell said the government was “confident schools can now meet the costs of the award at a national level”.

“The Secretary of State has been clear from day one that supporting teacher recruitment, retention and wellbeing, and rebuilding the relationship with the profession, are among her top priorities.”

JEDDAH: Around 150 senior business leaders, investors and policymakers will gather in Riyadh on Sept. 29 to examine the forces expected to shape Saudi Arabia and wider MENAT economies over the next five years.

Forum to examine five-year economic outlook

The inaugural Economic Forum by Servcorp, powered by Emerging Markets Intelligence & Research, or EMIR, will examine the broader forces shaping the Kingdom and the wider Middle East, North Africa, and Turkiye, or MENAT, according to a press release.

As Saudi Arabia continues to advance its Vision 2030 agenda, the forum will use the Kingdom as its base while adopting a broader MENAT perspective.

Its five-year outlook will focus on the longer-term forces shaping business and policy decisions, drawing on Servcorp’s regional experience and EMIR’s economic intelligence to connect global developments with the practical realities of operating across MENAT.

Leaders to discuss regional growth and business priorities

“After more than 25 years supporting businesses in the region, we know that ambition creates value only when it is translated into execution,” CEO, Middle East, Europe, and America at Servcorp, David Godchaux, said.

Godchaux added that leaders must decide where to commit, which capabilities to build and which priorities to defer, yet the context for making those decisions is becoming more complex.

He added that the Economic Forum by Servcorp would provide a setting for candid, peer-level discussions on the decisions that will shape the region’s next phase of growth.

“The Economic Forum by Servcorp will provide a setting for candid, peer-level discussions on the decisions that will shape the region’s next phase of growth,” he said.

As both the Navy and the USAF were racing to field a new generation of advanced tactical jets, the seagoing service’s program hit a wall. A major reason behind this from the Pentagon was concern that the U.S. industrial base could not handle simultaneous final development and production of two extremely complex new fighter aircraft. This was a controversial justification that many had a hard time swallowing. The Navy’s program, dubbed F/A-XX, is supposedly back on and a down-select on who will build it is coming soon, but that concern appears to linger among at least one of the Department of War’s top acquisition officials.

Though he remains confident that the U.S. Air Force F-47 sixth-generation fighter will fly in the next two years, Air Force Gen. Dale R. White, Director, Critical Major Weapon Systems — the service’s leading weapons procurement advisor — remains concerned about the overall capacity of industry to provide the military with the aircraft it needs, including two new fighters. His comments were in response to questions about the Navy’s challenges in building its own sixth-gen fighter alongside F-47.

The concerns are “not unique” to the F-47 or the Navy’s program but the problem exists to various degrees across the industrial base too, White told reporters Tuesday during a media roundtable at the Air & Space Forces Air, Space and Cyber Conference that TWZ is attending.

White has a dual-hatted role, serving as the Pentagon’s top weapon’s procurement officer and as the senior acquisition advisor to the Secretary of the Air Force for all acquisition matters.

“We’re seeing it in multiple platforms,” said White, who did not elaborate. “And so what we’re having to do is, at some point, we’re having to make some trade space in between some of these.”

“I see Boeing making smart investments,” White said of the prime contractor of the F-47, selected for the U.S. Air Force’s Next Generation Air Dominance (NGAD) ‘fighter’ initiative. “They have a lot of CAPEX [capital expenditure] that they’re pouring in, but we have to get through the process of the design piece, getting that completed and closed out. Then we all hit some major milestones with things like flight tests and software and those things.”

“Really, it’s just being able to manage the overall resourcing as it relates to number one, people resources,” the general added. “Number two, when you start getting into the production conversation, do we have enough capacity to be able to produce at that rate? And so, by and large, I have concerns. I have concerns about the capacity of our industrial base, but they are not unique to F-47 or to any program.”

As for the F-47, White said the program “continues to progress exceptionally well.”

“As you know, many, many years in tech maturation and risk reduction gave us a tremendous head start on this program,” White explained. “Extremely proud of what the team has done, what they continue to do each and every day. We are still absolutely on path to be able to hit the mark of flying within this administration. So we see no issues in front of us right now.”

While the first example of the F-47 has been in production for about a year now, the Navy has yet to even select a prime contractor for its next generation fighter. The current competitors for the F/A-XX are Boeing and Northrop Grumman. A decision was supposed to have been made by last month.

“The F/A-XX program remains on track, and we have no further information to provide at this time,” a Navy official told us last week.

Despite intervention from Congress, the next-generation carrier-based fighter has remained in question since the Pentagon moved to effectively shelve the program last year.

In response to a question from TWZ earlier this year, the Chief of Naval Operations acknowledged the uncertainty over the F/A-XX program.

“One of the challenges we’re seeing is, not only [are] our peer competitors improving their capability for anti-air, either air-to-air or surface-to-air, but the lower cost of entry of very capable weapons is also making more players on the field in which that level of stealth and technology is required,” Adm. Daryl Caudle told us back in April at the Sea-Air-Space 2026 exposition. “So this is not about the need for a peer adversary. This is just having an aircraft that can operate with a level of uncertainty and with the acceptable level of risk.”

With Boeing as a finalist, it is also possible that F/A-XX could be a variant of the F-47. As we noted in a past story, the Boeing render for its F/A-XX concept is remarkably similar to artwork for its F-47.

UNITED NATIONS, United States: UN Secretary-General Antonio Guterres on Wednesday called for coordinated international action to address AI risks as fears rise about the dangers of the fast-evolving technology.

“National action is essential. But global coordination is also indispensable,” he told reporters. “AI does not stop at borders and neither do its risks.”

“AI has enormous potential — to accelerate sustainable development, enhance learning, strengthen health systems, boost climate resilience, and so much more,” Guterres said.

“But a growing number of those building it are sounding the alarm — warning that development is racing ahead of our understanding of the risks.”

“The world cannot afford a race to the bottom on AI safety,” he warned.

Concerns about AI safety have escalated in recent weeks, with workers at major AI developers resigning over concerns about the dangers posed by the technology.

President Donald Trump has dismissed warnings against AI risks as a “hoax” and pushed back against calls for tighter oversight.

Israel’s defence minister has pledged to remove Palestinians from the besieged Strip.

Egyptian President Abdel Fattah el-Sisi has rejected any plans for Palestinian displacement, following comments by Israel’s defence minister saying the army would “finish the job” in Gaza.

Speaking during a visit by Palestinian President Mahmoud Abbas on Wednesday, el-Sisi stressed “Egypt’s firm stance against the displacement of the Palestinian people or any attempt to annihilate the Palestinian cause”, the Wafa news agency reported.

Abbas praised Egypt’s steadfastness in defending Palestinian rights and reiterated that “Gaza is an integral part of our state.”

The Egyptian leader’s comments came hours after Israeli Defence Minister Israel Katz said the army would “finish the job” in Gaza, “so that we can also implement the migration plan.”

Katz said earlier this month that Israel was ready to remove Palestinians from Gaza by sea and land, but was waiting for the United States, which he said was discussing where the two million people would go.

US Ambassador Mike Huckabee has denied any plan to “displace people out of Gaza against their will”. In February, Huckabee explicitly said he “would be fine” if Israel took most of the Middle East in accordance with his interpretation of the Bible, but then suggested the remark was selectively edited.

Nearly all of Gaza’s population has been internally displaced, and most of the territory lies in rubble after three years of a war that has killed more than 73,700 Palestinians.

Israeli Prime Minister Benjamin Netanyahu said earlier this month that the army would not withdraw from the Gaza Strip, despite a US-backed ceasefire plan that came into effect in October stipulating it as a condition.

Netanyahu claimed Israel controls 60 percent of the Palestinian enclave and promised not to pull back until Hezbollah is disarmed.

His government has been pushing for more Israeli settlements on Palestinian territory in the West Bank, including through a controversial settlement project dubbed E1 designed to construct thousands of housing units between Jerusalem and the Maale Adumim settlement.

Israeli human rights group B’Tselem warned this week that Israel is executing a systematic and accelerated campaign to dismantle “Palestinian collective life” and establish permanent Jewish-Israeli sovereignty across the occupied West Bank.

Saudi Arabia has intensified air strikes against Houthi positions in Yemen as the Iran backed group expands its territorial gains along the Red Sea coast, opening a new front in the wider Middle East war and adding pressure to already disrupted global energy supplies.

The Houthis have swept through several Yemeni towns and seized islands near the Bab el Mandeb Strait, a strategically important maritime route connecting the Red Sea with the Gulf of Aden. The group has also released footage showing its fighters capturing armoured vehicles from Saudi backed forces.

Houthi military spokesman Yahya Saree claimed that the group had shot down a Saudi F 15 fighter jet and said Saudi Arabia had conducted as many as 450 air strikes in Yemen during the week. Saudi authorities have not confirmed the aircraft claim, while officials supporting the internationally recognised Yemeni government have acknowledged that Saudi and allied forces are carrying out strikes against Houthi positions.

Saudi Arabia faces growing security pressure

The escalation has brought the conflict closer to Saudi territory. The Houthis have repeatedly launched attacks toward Saudi Arabia over the past week, prompting alarms in cities across the kingdom’s south and west.

Saudi Arabia said its air defenses intercepted a Houthi drone south of Mecca before it entered restricted airspace over the holy city. Riyadh described the incident as a serious escalation because of the threat to religious sites. The Houthis denied targeting Mecca and accused Saudi Arabia of using the incident for propaganda.

The United States has also tightened its travel warning for Saudi Arabia, barring government employees from travelling within 20 miles of the Yemen border.

The latest escalation marks a sharp deterioration after several years in which the Saudi led conflict in Yemen had largely quietened under a ceasefire. The Houthis declared a naval blockade against Saudi Arabia in July and resumed attacks on areas in the kingdom before making rapid gains against forces aligned with the Saudi backed Yemeni government.

Energy markets face another shock

The renewed fighting is particularly significant because global energy markets are already under pressure from disruptions caused by the wider war involving Iran.

An attack blamed on Iran aligned fighters in Iraq last week knocked out Saudi Arabia’s East West Pipeline, an important route that allows the kingdom to move oil without relying entirely on the Strait of Hormuz.

Traders estimate that a prolonged closure of the pipeline could affect as much as 4% of global oil supply. Saudi Arabia has not given a timetable for restoring operations, although U.S. Energy Secretary Chris Wright said oil should begin flowing through the pipeline within days.

Brent crude was trading around $108 a barrel on Wednesday, close to its highest level since May. The average U.S. retail diesel price also reached a record above $6.30 a gallon.

The simultaneous disruption around the Strait of Hormuz and Saudi Arabia’s alternative export infrastructure increases the vulnerability of global energy markets to further regional escalation.

Washington faces another difficult choice

The developments also create a new challenge for the United States.

Saudi Crown Prince Mohammed bin Salman spoke with President Donald Trump last week seeking additional military support. So far, U.S. assistance has been limited to intelligence support.

The United States previously conducted a two month bombing campaign against the Houthis in 2025 before Trump announced a ceasefire with the group.

Washington now faces competing pressures. Greater support for Saudi Arabia could help contain the Houthi advance and protect regional energy infrastructure, but deeper military involvement could also expand the U.S. role in another theatre of the Middle East war.

What’s next

The immediate concern is whether the Houthi advance can be contained before the fighting causes further disruption to Saudi energy infrastructure and shipping routes.

For Saudi Arabia, the challenge is to push back against the Houthis while preventing the conflict from developing into a broader regional confrontation.

For global markets, the key issue will be whether disruptions to Saudi oil infrastructure remain temporary. Continued attacks on energy facilities or shipping routes could place additional pressure on already strained supplies.

The developments in Yemen therefore carry consequences well beyond the country’s existing conflict. The combination of Houthi territorial gains, pressure on Saudi Arabia and disruption to major energy routes has created another potential source of instability for the global oil market.

With information from Reuters.

KYIV: A Russian drone struck a passenger bus in southern Ukraine early Wednesday, killing five people and wounding at least seven in the latest in a series of Russian strikes on civilian transportation.

Ukrainian President Volodymyr Zelensky called the attack an atrocity with no military purpose.

The strike occurred in the Nikopol district of Ukraine’s Dnipropetrovsk region, near the war’s southern front line. Oleksandr Hanzha, head of the regional military administration, said that all five were killed at the scene while the seven wounded were receiving medical care.

Zelensky described the vehicle as a minibus and said in an X post that the strike had “no military rationale” and that it was “just another atrocity.” He said the strike was connected to Russia’s targeting of logistics and critical infrastructure that has continued “unabated.”

Zelensky said that a passenger train was also struck in the Mykolaiv region on Wednesday, damaging a railway station and a diesel locomotive. Nearly 170 passengers on board the train were evacuated before the strike. An electric locomotive in the northwestern city of Kovel was also struck, Zelensky said.

Ukraine requests locomotives from partners

Russian strikes on Ukraine’s rail network have resulted in more than 500 locomotives being damaged or completely destroyed since the beginning of the all-out war on Feb. 24, 2022, with more than half those strikes occurring this year, Ukrainian Foreign Minister Andrii Sybiha wrote on X on Tuesday.

Sybiha described such attacks as “systematic” and aimed at disrupting logistics across Ukraine. He said that Ukraine urgently needs replacements for damaged locomotives, and called on the country’s partners to assist in finding locomotives compatible with its 1,520-millimeter rail gauge and to assist in financing.

In another post on X on Wednesday, Sybiha said that Russian forces were striking passenger trains, locomotives, stations and railway routes “knowing exactly how essential they are for civilians, evacuations and Ukraine’s economy.”

“This is not collateral damage. It is a systematic hunt for people and an attempt to (paralyze) civilian life,” he wrote.

Zelensky says there is no truce on halting energy strikes

In an interview with CBS News on Tuesday, Zelensky pushed back against an earlier claim by US President Donald Trump that Ukraine and Russia had agreed to mutually cease attacks on each other’s energy infrastructure. Zelensky said that Ukraine was ready to enter such an agreement, if Russia stops striking Ukrainian energy facilities.

Trump said in a social media post Monday that such a truce had been reached, but didn’t offer details on the purported agreement. Previous efforts to broker even a partial ceasefire have repeatedly fallen apart within hours, with both sides accusing the other of violations.

In the CBS interview, Zelensky said that the possibility of an energy truce was discussed during a recent meeting in Kyiv with Trump’s representatives, Steve Witkoff and Jared Kushner, but that he had told them: “If the Russians are ready for an energy truce, that means there will be no attacks on energy facilities at all.”

Russia decorates ship captain who fired flares at Danish helicopter

Russia’s Defense Ministry said Wednesday that the captain of a Russian warship that fired two signal flares toward a Danish military helicopter on Monday, drawing ire from Denmark, has been awarded a medal for his “competent and resolute action.”

The ministry said in a statement that the Soobrazitelny corvette was on a mission in neutral waters in the Baltic Sea when its crew spotted the approaching helicopter, which failed to respond to calls made via the international communication channel.

“To prevent a provocation by the Danish helicopter, the corvette commander decided to fire two red signal flares, after which the helicopter left the area where the Russian warship was located,” the ministry said.

Russian Foreign Minister Sergey Lavrov said Wednesday that Moscow has no aggressive intentions toward Europe, but that if countries on the continent were to launch an attack on Russia, “it would be a completely different kind of war, and a very short one.”

Russian general killed in Ukrainian drone strike

The deputy head of the Russian armed forces’ military-political department, Lt. Gen. Apti Alaudinov, confirmed Wednesday that a decorated Russian general had been killed in the occupied Donetsk region.

Alaudinov, who didn’t provide details on the circumstances of Maj. Gen. Anton Grunis’ death, hailed the officer as “a hero” and “one of the most respected generals … a real man and officer and a great patriot.”

The confirmation of Grunis’ death came after Robert “Magyar” Brovdi, commander of Ukraine’s Unmanned Systems Forces, alleged on Wednesday that Grunis had been killed in occupied Donetsk by a Ukrainian drone while at a command post in the village of Kindrativka.

In July, Grunis reported to Russian President Vladimir Putin that his troops had captured the town of Kostiantynivka and he was later awarded the Hero of Russia medal. Ukraine has disputed that Kostiantynivka was fully taken by Russian forces.

Grunis had previously fought in Chechnya, a mainly Muslim republic whose bid for independence after the Soviet Union’s collapse led to years of war with Russian government forces. He also took part in Russia’s campaign in Syria.

In Ukraine, he commanded the 4th Guards Motorized Infantry Brigade.

Meanwhile, 17 other sites were damaged in Ukraine’s Kyiv region between Tuesday and Wednesday morning, according to the head of the Kyiv regional military administration, Tymur Tkachenko. Eight private homes, five vehicles, a municipal building, a hangar and a production facility were among the sites damaged, Tkachenko said on Telegram.

Zelensky said on X that the Kherson, Donetsk and Poltava regions had also come under attack.

In the northern city of Sumy, six people were injured in a Russian guided aerial bomb attack, including a 14-year-old girl, according to the head of the Sumy regional military administration Oleh Hryhorov. Two homes were destroyed and 10 others damaged in the strikes, along with damage to an educational facility, Hryhorov said, adding that two other men were hospitalized after a separate strike hit an industrial zone.

In the port city of Odesa, one person was killed in a Russian attack that sparked a fire at garages and damaged vehicles and private homes, Serhii Lysak, head of the city’s military administration, wrote on Telegram Wednesday.

Russia’s Defense Ministry said that its air defenses downed 71 Ukrainian drones overnight. In the Belgorod region, one person was killed and four others were wounded by Ukrainian strikes over the last 24 hours, according to acting governor Alexander Shuvayev.

Saudi digital payments company barq announced the close of a series A funding round worth $329.5 million, at a valuation of $1.85 billion, marking a new milestone that reflects the growth the company has achieved since its launch. The funding round cements its position among the fastest-growing fintech companies in Saudi Arabia and the region.

The round saw participation from Noon Investments, Sohar International Bank, and M20 Fund, a step that reflects investor confidence in barq’s trajectory and future potential, and underscores the appeal of the investment opportunities emerging in the fintech sector across the Kingdom and the region.

The round follows a standout growth journey for barq, which has now surpassed 15 million users within two years, from more than 210 nationalities, alongside the expansion of its ecosystem of digital financial services and solutions — reflecting the growing demand for the company’s products and its ability to build a broad user base within a record period of time.

The value of funds processed has also surpassed SR440 billion ($117.2 billion), an indicator that reflects the scale of activity barq has achieved and the widening use of its digital financial services since launch.

Based on its valuation, barq has become one of the fastest companies in the region to reach unicorn status, and among the fastest globally within the fintech sector, reflecting the pace of growth the company has achieved within a short period since its launch.

The funding round will support barq’s next phase of growth, by strengthening operational efficiency, accelerating the development of products and services, investing in new financial and technology solutions, and expanding into new regional and international markets — contributing to delivering a more advanced and accessible digital financial experience for users.

This achievement comes at a time when Saudi Arabia’s fintech sector is undergoing exceptional development, driven by continued progress in financial and digital infrastructure, a supportive regulatory environment, the targets of Saudi Vision 2030, and the Saudi Central Bank’s efforts to advance digital payments and support innovation in financial services.

The close of the round marks a major milestone in barq’s journey, reflecting its ability to move within a short period from a phase of rapid growth to building a broad-scale digital financial platform, underpinned by a growing user base, an increasing volume of operations, and expansion ambitions aimed at strengthening its presence in the fintech sector at both the regional and international levels.

It is stunning to see the impact the USAF’s Collaborative Combat Aircraft (CCA) program has made on discourse surrounding the future of the Air Force since it was officially announced. There is still much to prove regarding the concept, but testing is accelerating and the USAF now plans on buying 500 CCAs by 2032. At the same time, the USAF is now hunting for a successor to the MQ-9 Reaper, with plans on procuring hundreds of those drones, as well, by early in the next decade.

With all this in mind, TWZ’s Jamie Hunter talked to Mike Shortsleeve from General Atomics on the show floor at Air, Space & Cyber 2026. The two discussed the latest progress for the company’s newly-named FQ-42 Vengeance Collaborative Combat Aircraft, as well as General Atomics’ new Wildfire platform designed to address the lower-cost Massed Modular Aircraft program that could replace the company’s iconic MQ-9 Reaper.

Check out the interview below or at the top of this post.

FQ-42 Vengeance fighter drone update from General Atomics

Contact the editor: Tyler@twz.com

JEDDAH: Saudi Arabia’s Tadawul All Share Index held firm on Wednesday, losing just 1.66 points, or 0.02 percent, to close at 10,779.96 

As investors traded around 168 million shares worth nearly SR3.5 billion ($933 million), 113 stocks advanced and 147 declined. 

The Kingdom’s parallel market Nomu lost 2.77 points, or 0.01 percent, to close at 21,376.05, with 30 companies gaining and 33 declining. The MSCI Tadawul 30 Index also fell 0.08 points, or 0.01 percent, to close at 1,450.01. 

Market movers 

The main market’s top performer was Raydan Food Co., whose share price increased 10 percent to end the session at SR16.28, while Nofoth Food Products Co. recorded a 9.87 percent increase to close at SR6.57.

Ataa Educational Co. also increased 4.75 percent to end the day at SR42.76. 

On the losing side, Armah Sports Co. decreased 4.92 percent to close at SR67.60, while Flynas Co. declined 4.46 percent to end the session at SR42.02.

Sumou Real Estate Co. also declined 4.13 percent to close at SR25.08. 

Corporate disclosures 

Saudi Vitrified Clay Pipes Co. said Laffan Pipes Co., or Laffan Saudi, has been converted from a one-person limited liability company into an unlisted Saudi joint stock company with issued capital of SR45.5 million, according to a Tadawul filing. 

Laffan Pipes Factory Co. of Qatar has completed its admission as a shareholder through a capital increase against an in-kind contribution, giving it a 45 percent stake in Laffan Saudi, while SVCP retains the remaining 55 percent. 

Laffan Saudi’s issued capital comprises 45.5 million ordinary shares, each with a nominal value of SR1, and has been fully paid through in-kind contributions.  

The development follows an MoU signed between the two companies in February 2024 and a partnership agreement signed about six months later. 

SVCP’s shares declined 3.12 percent to close at SR17.99. 

In another disclosure, Umm Al-Qura for Development and Construction Co. said it signed an agreement to sell a 2,500-sq.-meter plot within Masar Destination in Makkah to Rawajeh Real Estate Co. for SR168.91 million. 

The boulevard-facing plot, located in Zone 2 of Masar Destination, has a book value of SR76.01 million. 

Umm Al-Qura, whose shares rose 2.50 percent to SR17.20, said the sale is part of its development strategy for Masar Destination, with the plot to be developed as a residential tower.

The transaction is expected to have a positive impact on liquidity and financial results, with proceeds to be used to finance working capital and ongoing projects. 

In a separate Tadawul filing, CATRION Catering Holding Co. said it signed an agreement with Air Arabia DMM Co. to provide inflight catering services under a five-year contract valued at an estimated SR200 million.  

Under the agreement, CATRION will provide inflight catering services, sell onboard food, beverages and other supplies, and provide logistics services to Air Arabia.  

The agreement was signed on Sept. 15 and is expected to have a financial impact beginning in the fourth quarter of 2026. 

CATRION, whose share price fell 0.74 percent to SR67.25, said the agreement is part of its strategy to sustain business, strengthen long-term partnerships with airline-sector clients, support growth, diversify revenue streams and enhance operational efficiency. 

Are the brakes finally being slammed on the artificial intelligence race? Or are we simply witnessing a wake-up call that has come too late?

Developers are coming forward in numbers these days to say that the speed and direction of travel of AI, machine learning and the tech reaching the human level of intelligence is threatening human existence.

Jacob Coxon, the researcher who quit Anthropic last week, feared that those developing AI systems are “genuinely frightened” for the future of humanity. His words echo a growing anxiety in the field, as well as in government, about the challenges and dangers posed by AI. At this late stage, could there still be room for a U-turn that keeps the machine at the service of humanity, instead of human existence becoming a victim of the machines that have already been built?

Ask anyone on the street and — though they would be all for the progress and the positives the tech is offering in many fields touching human life — they would be quick to roll their eyes in despair when they reflect on AI, the uncertainties it brings and their future job security. Scratch the surface further and their anxiety surges about the impact unregulated tech companies are having on their children, potentially exposing them to unmoderated, manipulated content and often-damaging influence.

People are quick to despair when they reflect on AI, the uncertainties it brings and their future job security

Mohamed Chebaro

Their worries take a turn when they reflect that, even if they safely navigate their children’s youth, the job market may be permanently changing, hurting their prospects in the digitally automated and largely autonomous world of tomorrow.

It was troubling when I read recently that Microsoft co-founder Bill Gates had called, in a 6,000-word essay, for society to intentionally keep certain roles off-limits to the machine. His proposal of setting aside 40 percent of occupations as “human-reserved” is bizarre to say the least, as he better than anyone should be aware that markets, economies and competition do not work this way.

The words of Gates and the AI developers and researchers point to a grave lapse. It seems we have rushed into a race to make the machine supreme, giving artificial general intelligence agency over humans, who could ultimately be replaced by AI and advanced robots. The developers seem to have fallen into the trap of the machine becoming an end in itself and not a tool to serve and ensure the well-being of individuals.

It is not usual for companies and entire industries to plead with the world to make them work less and advance at a slower pace. And who and which institutions should heed their calls when we live in a highly fractured and geopolitically splintered world, in which superpowers and medium powers are vying for supremacy, with AI and its tools becoming their most potent vehicles?

The tech industry has clearly become too big to fail and too big to slow down. An AI slowdown — if there were suggestions its progress could be reversed or even stalled — would significantly affect the long-term direction and costs of the infrastructure boom.

It was surprising and unusual to hear key world leaders defend the sector. In the race for the vast supremacy and advantages it offers, their posture is understandable. The political imperative to press ahead was made clear by both Washington and Beijing. That appears to show that, whatever the private sector does, governments will want to ‌drive this capability precisely because of, not despite, the risks that are now being flagged.

Governments want to ‌drive this capability precisely because of, not despite, the risks that are now being flagged

Mohamed Chebaro

In this competitive world, there is no place for existential worries or fears for humanity and its survival. One country’s slowdown is another’s chance to catch up.

Calls for guardrails, rules and regulations are being constantly ignored or watered down. In a world where multilateralism is waning, technological restrictions like arms controls are useless unless solid conventions enforce them internationally.

The prospect of a multilateral agreement on hard-and-fast rules limiting the capacity of AI seems far-fetched. US President Donald Trump made that clear, saying on social media that “There is a SICK conspiracy going on against AI and Data Centers, and the only one that is happy about it is China.” The reply from Beijing came through an editorial in China’s state-backed Global Times, which claimed that AI warnings were a “Cold War playbook” targeting Beijing.

A call by Anthropic CEO ‌Dario Amodei to slow the pace of AI development won ⁠rare backing from SpaceXAI’s Elon Musk and OpenAI’s Sam Altman, with all evoking AI “doomerism.” This should surely not be ignored.

The solution should be simple: more cooperation in order to regulate.

According to these tech supremos, reports that swarms of AI agents have been increasingly found to be collaborating with others and hacking outside systems, or that their power was being used to develop harmful biological agents, are just the beginning. The same AI tools might have the potential to take down the internet and everything that relies on it, such as power grids, transport infrastructure, water supplies and banking systems. All of which could be the first call for an act of aggression by any group or state.

AI has become a crucial tool of economic and military prowess. Calls for protocols and conventions to restrain the tech realm have long irked most companies. Yet, if we are to believe some in the tech community, the world has in its hands a calamity in the making that surpasses even the existential nuclear threat, which was ultimately constrained through global moratoriums and conventions. AI is a different beast and, since its onset, humans have been the victims in the name of reducing labor costs.

Over the past decade, labor has become a mere number on a cost sheet. The fear is that humanizing work once again would be a far more complex task — one that the tech giants, the financiers and the state are not ready to undertake, even if it could save humanity from eventual extinction. The world has long since departed from the mindset that the machine should serve humans and not the other way round.

• Mohamed Chebaro is a British-Lebanese journalist with more than 25 years of experience covering war, terrorism, defense, current affairs, and diplomacy.

Mohamed Chebaro is a British-Lebanese journalist with more than 25 years’ experience covering war, terrorism, defense, current affairs and diplomacy. He is also a media consultant and trainer.

More from Mohamed Chebaro

Taiz, Yemen – Hajja Fatima Mohammed Saleh, a 70-year-old Yemeni woman, is among the countless people and families displaced from Taiz governorate, southwest Yemen, in recent fighting between government forces and the Houthis.

The Iran-backed rebel group, also known as Ansar Allah (supporters of God), now controls most parts of northwestern Yemen, including the capital, Sanaa.

Saleh’s village in Maqbanah district, on the border of Yemen’s western coast, is situated at the epicentre of last week’s Houthi assault in which the group captured the whole of the Red Sea coast, including the port city of Mocha.

At least 100,000 people have now fled their homes following renewed fighting between the two sides, according to the United Nations’ refugee agency, most leaving with few belongings due to the speed of the Houthi offensive.

Saleh said she had to leave her wheelchair behind as it was unsuitable for the rugged terrain her family had to navigate to find shelter.

“The attack was massive, we had never seen anything like it before. Shells were falling heavily on the village, and bullets were flying in every direction,” she told Al Jazeera.

“We had no choice but to leave and flee to a safe place. We left everything we owned and walked a long distance on foot. For me, I suffered especially because I am disabled and cannot walk, so I had to crawl – using both hands – for a long distance through rain and floods before we found a vehicle to carry us.”

UN agencies and the internationally recognised Yemeni government say that Taiz governorate has witnessed most of the displacements, with Taiz City among the Houthis’ next targets after their victory on the Red Sea coast. This means the humanitarian situation could worsen even further.

Ali al-Shumairi, director-general of the Executive Unit for the Management of IDP Camps in Taiz governorate, told Al Jazeera that 65,845 people were displaced between August 10 and September 15. About 95 percent of those displaced come from the five districts which witnessed the heaviest fighting: Jabal Habashi, al-Maafer, Maqbana, al-Wazi’iyah and Mawza.

Fighting has intensified on several fronts in Yemen as government forces have carried out air attacks on Houthi positions in attempts to retake Mocha, days after the group captured the strategic port city, tightening its grip on the Red Sea – a vital shipping lane.

This development has placed the Bab al-Mandeb Strait, the strategic waterway that connects the Red Sea to the Gulf of Aden and the wider Indian Ocean, at the heart of the war between the United States and Iran, and amplifies pressure on global trade routes.

Yemen’s more than 10-year civil war was reignited in July, threatening a United Nations-brokered truce that halted large-scale violence in 2022, after the Houthis declared a maritime blockade on Saudi Arabia and began targeting its ships in the Red Sea.

Forces affiliated with Yemen’s internationally recognised government have launched a campaign against the Houthis on a number of fronts since last week. They have retaken some positions and are advancing in the southwestern Taiz province as clashes intensify.

Osama al-Wafi, supervisor of the Mushrifa camp in Wadi Bikhawlan in Taiz governorate and a representative of the Yemeni government’s Executive Unit in Jabal Habashi district, described the situation as “dire and tragic”.

“These people have been displaced and have lost all the basic necessities of life, after having homes, farms, and livestock. Now they are only looking for a shelter to house them,” al-Wafi told Al Jazeera.

He said the number of displaced people arriving at the camp is steadily rising, with more than 1,500 families entering over the past six days, most living in the open due to a lack of shelter.

The al-Munij camp in the al-Bireen area, about 40 kilometres southwest of the semi-besieged city of Taiz, has become a temporary refuge for Yemenis fleeing the area after another bout of conflict between government and Houthi fighters in 2020.

Over the years, al-Munij has extended over a space of two square kilometres to house more displaced families, while other larger camps have been established in the area. Most residents complain they lack access to the most basic services – such as sporadic drinking water supplies and few toilets – in the camps.

Hajj Saif Qaed Thabet, 73, has been living with his wife and four children in an exposed space with no doors since arriving at al-Munij on September 10. He left behind a farm and livestock from his home in al-Kadaha, western Taiz governorate.

“We were displaced because of the war, fleeing bullets and artillery shells falling over our heads. Since arriving at the camp, we have been living like this, waiting for our situation to be addressed and for us to be housed in a suitable place,” said Thabet. “Praise be to God in all circumstances.”

Malouk Ahmed Ali, 55, from the al-Kadaha area in Taiz, said her family of 14 all escaped drones, shelling and gunfire on foot, including five children under her care, seven under her daughter’s care, and her elderly grandmother.

“We fled to an area near our village in the hope that the war would calm down quickly and we would return to our homes, but the clashes expanded until they reached us, so we were displaced again to here aboard a military vehicle that came to transport the threatened homeless people,” she told Al Jazeera.

“When we arrived at this camp, we were received and placed in this small tent as temporary housing for all members of the large family. Although they took all our information, our situation has not improved much so far, and we still hope it will improve.”

Ali hopes the war will end soon so she can return home but believes her family’s possessions, including solar panels and a battery, will have gone.

“As for our livestock, most of them died, some fled to the mountains and valleys, and what remained was looted,” she said.

Indonesia is expanding cultural cooperation with Gulf states to preserve the diverse heritage of Muslim societies, the culture minister tells Arab News, as he seeks partnerships in new technologies and creative entrepreneurship to keep it relevant for younger generations.

Minister of Culture Fadli Zon has held talks with Gulf officials in recent months, as part of Indonesia’s effort to strengthen cultural diplomacy. 

This includes meetings with Saudi Minister of Culture Bader bin Abdullah bin Farhan, the Kuwaiti Ambassador to Indonesia Khalid Jassim Al-Yassin, and the Qatari Ambassador to Indonesia Sultan bin Mubarak Saad Al-Dosari.  

“Indonesia and the Gulf countries share an interest in safeguarding heritage while ensuring its relevance to younger generations,” Fadli said.  

“Collaboration in digitization, museum development, heritage management, cultural education, and the use of new technologies can strengthen preservation while supporting tourism, research, and creative entrepreneurship.” 

He envisions deeper cooperation with Gulf partners through more extensive cultural exchange, experience and knowledge sharing, as well as collaborations in the creative economy, ranging from modest fashion, culinary traditions to digital content creation. 

While Indonesia and Gulf countries have “distinct cultural traditions and national experiences,” they are still connected by centuries-long ties, through which further cultural cooperation can serve as “an important platform for sharing the diverse expressions of Muslim societies,” Fadli added. 

He highlighted “strategic, multi-layered initiatives” Jakarta currently has with Gulf nations, including how the visit of Saudi culture minister to Jakarta in April “opened new avenues in joint film co-production, artist residencies, museum innovation and digital cultural” programs and boosted the renewal of their cultural cooperation, following Jakarta and Riyadh’s first such agreement in 2017. 

The two countries are also collaborating under the framework of intangible cultural heritage, including on preserving Arabic calligraphy and the extension of its recognition by UNESCO. 

This year, the world’s largest Muslim-majority country will organize cultural programs with Qatar to celebrate their 50th anniversary of diplomatic relations, with plans to showcase their national stamps. 

In 2025, the culture ministry’s Directorate General of Cultural Diplomacy, Promotion and Cooperation signed an agreement with the Abu Dhabi Arabic Language Center, as Jakarta aims to promote Indonesian literature and arts through major international events held in the UAE. 

In his meetings with the Qatari and Kuwaiti envoys last month, Fadli also proposed talks on bilateral cultural agreements to broaden cooperation in the sector.

“Indonesia is committed to transforming its longstanding historical and spiritual ties with the Gulf into modern, dynamic, and sustainable partnerships … We believe that the relationship between Indonesia and the Gulf can become an important model of cooperation between diverse Muslim societies,” Fadli said. 

“By working together, Indonesia and the Gulf can ensure that culture does more than preserve the memory of our past. It can guide our societies through the challenges of the present and help us shape a more peaceful, inclusive, and humane future.”

JEDDAH: Saudi-Chinese relations are currently in an excellent phase, according to China’s Consul General in Jeddah, Yang Yi.

Speaking to Al-Eqtisadiah, Yi said this year marks the 10th anniversary of the establishment of the comprehensive strategic partnership between the two countries, adding that bilateral trade reached $100 billion in 2025.

$100 billion in bilateral trade

Yi said China is Saudi Arabia’s largest trading partner, while the Kingdom ranks as China’s largest trading partner in the Middle East.

Bilateral trade amounted to about $50 billion during the first half of this year, with China’s imports from Saudi Arabia exceeding $26 billion during the same period. In contrast, the Kingdom’s imports from China amounted to about $24 billion.

Yi said trade between the two countries is “very balanced,” adding that bilateral trade relations have remained strong despite regional tensions. He also highlighted the growing economic and trade ties between Saudi Arabia and China.

Chinese firms support targets of Saudi Vision 2030

Yi said Chinese companies are actively supporting the implementation of Saudi Vision 2030, noting that China leads among countries contributing to infrastructure and new-energy projects in the Kingdom.

Regarding mutual investments, he estimated that Chinese investment in Saudi Arabia has exceeded $4.26 billion, while Saudi investment in China is also growing, particularly in new energy, advanced technologies and biotechnology.

Saudi investments also include the culture and education sectors, with Yi confirming that the strength of relations and the depth of the partnership are encouraging more Chinese companies to invest in the Saudi market.

At the same time, Saudi companies are showing growing interest in the Chinese market, with the consul general expressing his aspiration for “more prosperous and fruitful” bilateral economic relations in the coming period.

New energy and artificial intelligence

The Chinese official highlighted new areas of Saudi-Chinese cooperation, including new energy, green energy and artificial intelligence, noting that the two countries have held discussions on these areas in recent years.

The leaders of the two countries have also reached important understandings to strengthen cooperation in several areas.

Government entities, companies, and research centers in the two countries are working intensively to develop cooperation.

This aims to consolidate the Saudi-Chinese partnership and enhance cooperation in artificial intelligence and new energy.

China calls for the Strait of Hormuz to remain open

Yi said developments in the Strait of Hormuz are of great importance to countries in the region and the international community, stressing that China attaches great importance to the issue.

He said China supports a political settlement on the issue and called for an immediate ceasefire, adding that keeping the Strait of Hormuz open and free serves the interests of all parties.

He also stressed China’s support for efforts to find a peaceful solution to the issue, saying this would help maintain stability and security in the region while ensuring the continued flow of trade and energy.

DUBAI: Film AlUla has signed a memorandum of understanding with international film financier Sherborne Media at the 2026 Toronto International Film Festival, establishing a financial framework designed to expand production support for Saudi, regional, and international filmmakers shooting in AlUla in the northwest of Saudi Arabia.

Qualifying productions filming in AlUla will be able to access debt financing solutions secured against available production rebates, grants, incentives, and soft money. The combined support packages will cover up to 50 percent of eligible production expenditure incurred in AlUla.

The partnership aims to address one of the filmmaking industry’s key barriers: upfront liquidity for producers against their contracted rebate and incentives receivables, ensuring sufficient cash flow to facilitate production.

By providing a standardized, transparent process for financial due diligence, the initiative supports established Saudi, MENA (Middle East and North Africa), and international storytellers in bringing their projects to life using AlUla’s production facilities, purpose-built soundstages, and historic landscapes.

The partnership will also integrate workforce development opportunities to support the sustainable growth of Saudi Arabia’s film industry. Film AlUla and Sherborne will collaborate on structured training programmes, crew upskilling, and local hiring initiatives to build long-term regional production capacity.

Zaid Shaker, acting executive director of Film AlUla, said: “Financing remains one of the most critical challenges facing creators today — particularly for emerging creators in Saudi Arabia and the region. Our partnership with Sherborne Media allows us to establish an efficient, transparent mechanism that bridges the gap between creative vision and financial execution. By pairing our state-of-the-art facilities and rebate structures with institutional debt solutions, we are providing a reliable platform for local and international artists to tell authentic, compelling stories – right here in AlUla.”

Alastair Burlingham, CO-CEO of Sherborne Media, said: “Saudi Arabia’s screen sector is expanding rapidly, supported by strategic leadership and infrastructure investment. After the successful financing and production of ‘Chasing Red’ earlier in 2026, and leveraging the services offered by Caravan — our Saudi joint venture company with Stampede — we are delighted to join forces with Film AlUla during TIFF 2026 to help facilitate its growth by introducing a structured financing model.

“Curated credit facilities against soft money and incentives receivables give producers the financial certainty required to execute high-quality feature and television projects efficiently in AlUla.”

RIYADH: A US economic delegation has held meetings with Syria’s sovereign fund to explore investment opportunities, as Damascus seeks to deepen ties with the world’s largest economy and attract international capital.

The meetings, which included representatives from government bodies and private companies, were focused on assessing the Syrian market and available investment opportunities amid the country’s economic opening and the lifting of sanctions, the Syrian Arab News Agency reported.

The discussions come as the Middle Eastern nation’s seeks to capitalize on the momentum generated following Washington’s termination of sanctions against Syria in July 2025.

“In his remarks during the meeting, Yasir Kahf, Director of Development and Planning at the Syrian Sovereign Fund, explained that the fund’s investment portfolio encompasses a diverse range of sectors and companies. He emphasized the Fund’s openness to establishing various forms of partnerships with US and international companies — including joint ventures — tailored to the specific nature of each sector,” the newly released SANA statement said.

Kahf also said the US Chamber of Commerce delegation’s inaugural visit to Syria represents a significant step toward enhancing economic cooperation.

Mohammad Mastat, director of public relations at the Syrian Sovereign Fund, said US companies had shown interest in entering the Syrian investment market, adding that several agreements and projects were currently under negotiation and would be announced in due course.

The easing of US sanctions has also created greater scope for investment and private-sector activity.

In May 2025, the US Treasury said sanctions relief would enable new investment in Syria and facilitate activity across all sectors of the Syrian economy as part of efforts to support its economic recovery.

The International Monetary Fund expects Syria’s economic growth to reach double digits in 2026 and remain strong in 2027.

It said the recovery is being supported by improving agriculture, hydrocarbon production, electricity provision, trade and services, alongside policies aimed at restoring macroeconomic stability and achieving a strong, private-sector-led recovery.

DUBAI: Hezbollah must prioritize Lebanon’s interests over those of Iran for progress to be made on disarming the group and advancing negotiations with Israel, deputy speaker in the Lebanese Parliament, Elias Bou Saab, said on Wednesday, as negotiations remain frozen amid the wider US war on Iran.

Lebanon’s government cannot secure a lasting agreement with Israel without Hezbollah’s backing for the transfer of weapons to state control Bou Saab said at the Arab Media Summit in Dubai, in a session titled “Lebanon at a Crossroads.”

But a key aspect of moving negotiations further is getting on the same page with Hezbollah, said Bou Saab.

“If the Lebanese state does not have Hezbollah’s approval, it is negotiating over something that it cannot deliver.

“That’s why Hezbollah needs to be convinced that we need to reach a solution to the issue of handing over weapons and ensuring that weapons are exclusively in the hands of the Lebanese state,” he said.

Bou Saab emphasized the need to disarm Hezbollah and ensure that the Lebanese army is the only armed force in Lebanon.

But he said that disarmament was not enough.

“The issue is not simply about handing over weapons. There need to be guarantees, including the liberation of Lebanese territory and prisoners, and guarantees that Israel will not attack Lebanon,” he said.

“The negotiations are directly linked to what is happening between the US and Iran. We have to wait and see what happens between the US and Iran to know what will happen in Lebanon and when the war in Lebanon will end,” said Bou Saab.

The MP said Lebanon was, at this stage, trying to prevent trying a further escalation and expansion of the war.

The US has been sponsoring talks between Israel and Lebanon aimed at putting an end to hostilities, with Beirut seeking Israel’s phased withdrawal from the south.

In June, Israel and Lebanon agreed to a framework deal that involves the disarmament of Hezbollah, a gradual withdrawal of Israeli forces from Lebanon’s south and the deployment of the Lebanese army to the region, starting in test areas known as “pilot zones.”

But elections in Israel and the US are putting the negotiations on hold, explained Bou Saab.

“Perhaps after the Israeli and American elections, we will enter a new phase, and that is when the serious discussions about Lebanon’s future will begin.”

He added: “I expect that after the elections perhaps during the period before Christmas, or extending into the period after Christmas will be the most serious period for discussions about Lebanon’s future and where we are heading.”