Closing Bell: Saudi stocks defy regional trend with 1% gain as Gulf markets decline

BEIRUT: A Lebanese judge published a new court decision in the charges against former central bank chief Riad Salameh for embezzlement of public funds, according to a copy of the decision seen by Reuters on Tuesday, paving the way for an indictment.

Judge Bilal Halawi published a “presumptive decision” concluding that Salameh, who served as central bank governor for 30 years before his term ended in disgrace in July 2023, had engaged in “illicit enrichment” by knowingly transferring funds from the central bank to private accounts.

Salameh’s media office said the decision was the result of a “hastily prepared file” and was “marred by numerous and blatant legal flaws.” The ex-governor, who was detained in September and remains in custody, has denied all wrongdoing. He did not respond to a request for comment from Reuters on Tuesday.

After taking the helm of the central bank following a devastating 15-year civil war, Salameh built a reputation as a competent steward of the financial system and was once seen as a possible president.

But his legacy was tainted by the collapse of Lebanon’s financial system in 2019, as well as Lebanese and European charges that he and his brother Raja embezzled public funds over more than a decade. The brothers deny the accusations.

Salameh was arrested in September over alleged financial crimes linked to a brokerage company known as Optimum Invest, a Lebanese firm that offers income brokerage services.

Optimum Invest said at the time that a financial audit completed in late 2023 had found “no evidence of wrongdoing or illegality” in the company’s dealings with the central bank.

Thursday’s decision paves the way for an indictment in the case, according to a judicial source with direct knowledge of the court proceedings. 

RIYADH: Saudi Arabia has launched water and sewerage projects worth $533 million in the Riyadh region as part of its efforts to expand public utility services and meet the growing demand.

According to a press release from the National Water Co., work has begun on 30 projects covering nearly 2,000 km across Riyadh city and its surrounding governorates. The goal is to expand service coverage and enhance system efficiency.

This initiative aligns with the government’s Vision 2030 plan, which aims to boost infrastructure investment and improve the quality of life as population and economic activity continue to grow.

Of the 30 projects, 16, valued at over SR1 billion ($266 million), are focused on expanding water services.

These include the construction of 18 reservoirs with a total storage capacity of 85,000 cubic meters, the installation of more than 1,192 kilometers of new pipelines, and the development of pumping stations with a daily capacity of 247,000 cubic meters.

These include parts of the Al-Taawun, Al-Janadriyah, Laban, Al-Diriyah, and Dyrab neighborhoods in Riyadh. Other affected areas include Al-Quway’iyah, Afif, and Al-Dawadmi. 

They also cover parts of Al-Muzahimiyah, Al-Rayn, and Al-Kharj, as well as Hotat Bani Tamim, Al-Hariq, and Al-Majma’ah. Additionally, the list includes Al-Zulfi, Thadiq, and the Al-Uyaynah and Al-Jubayla centers. 

The remaining 14 initiatives target sewerage infrastructure in areas such as Al-Munsiyah and Al-Zulfi, adding 763 km of pipelines and lift stations with a total daily capacity of 117,000 cubic meters. These projects are valued at SR902 million. 

The latest project package follows two significant announcements from last year—46 projects worth SR1.6 billion in May and 20 projects costing nearly SR1 billion in August—highlighting the ongoing investment in the sector.

These initiatives, according to the company, are aimed at strengthening water distribution, addressing environmental challenges, enhancing sustainability, and supporting national objectives under Vision 2030.

In March, the Saudi Water Authority and National Water Co. signed an agreement to build and operate 16 decentralized purification plants across the Kingdom.

This partnership also seeks to improve the availability of drinking water and advance sustainable groundwater desalination technologies.

The plants are expected to produce over 18,000 cubic meters of water daily, according to the Saudi Press Agency.

Currently, Saudi Arabia treats and reuses 21 percent of its wastewater, with plans to increase this to 70 percent by 2030. The new facilities align with this goal, contributing to environmental sustainability and enhancing service delivery.

Designed to serve over 80,000 people, the purification plants will be supported by integrated water treatment and distribution systems, aimed at improving supply reliability in resource-limited regions. This represents a crucial step toward bolstering essential services.

Given the Kingdom’s ongoing challenges with water scarcity due to its arid climate and limited natural resources, these initiatives are key to fostering innovative solutions in water production, management, and distribution.