Abu Dhabi and Kuwait funds to invest in Aramo IPO

News Network
November 27, 2019

Dubai/Abu Dhabi, Nov 27: The sovereign wealth funds of Abu Dhabi and Kuwait plan to invest in the initial public offering (IPO) of Saudi Aramco, which is relying mainly on Saudi and Gulf investors to raise up to $25.6 billion, sources familiar with the matter said.

Abu Dhabi Investment Authority (ADIA) is weighing an investment of at least $1 billion, five sources familiar with the matter told Reuters. A final decision on the amount requires board approval, one of the sources said.

Kuwait Investment Authority (KIA) also plans to invest in the IPO, two of the sources said. The size of the potential deal was not immediately known.

An ADIA spokesman and Aramco declined to comment. KIA did not immediately respond to a request for comment.

State oil giant Aramco has struggled to attract a major cornerstone or anchor investor for its IPO, which could be potentially the world's biggest if it exceeds $25 billion.

Aramco officials have visited Kuwait and Abu Dhabi, which have strong political ties with Riyadh, to discuss participating in the offering.

Aramco had cancelled marketing roadshows for its listing outside the Gulf region due to a lack of interest from foreign institutional investors, many of whom see Aramco's valuation as expensive given concern over political, governance and environment issues.

ADIA and KIA manage a combined total of about $1.3 trillion in assets, according to the Sovereign Wealth Fund Institute, making them among the biggest sovereign funds in the world.

Two of the sources said ADIA was considering an investment of at least $1 billion, while two other sources gave a range of between $1.5 billion and $2 billion.

ADIA, estimated to have assets of nearly $700 billion, is chaired by the president of the United Arab Emirates. Its deputy chairman is Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan, a close ally of Saudi Arabia's crown prince.

Saudi Arabia aims to sell 1.5% of Aramco, valuing the company at between $1.6 trillion and $1.7 trillion - lower than the $2 trillion target initially sought by Crown Prince Mohammed bin Salman, who has made the offering a pillar of his ambitious drive for economic diversification.

Aramco kicked off the sale process on Nov. 3. Retail subscription hit 27.04 billion riyals ($7.21 billion) on Tuesday, lead manager Samba Capital said.

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Agencies
June 28,2020

Kuwait, Jun 28: Measures imposed to curb the spread of the novel coronavirus in Kuwait are believed to have increased suicide cases in the country, according to a media report.

Forty suicide cases and 15 failed attempts, mainly among Asian expatriates, have been recorded in Kuwait since late February, Gulf News quoted the Al Qabas newspaper report, citing sources as saying on Saturday.

Investigations into the majority of cases have revealed that those who committed suicide had experienced psychological and economic troubles due to dire financial circumstances after their employers stopped to pay them as a result of economic fallout from the coronavirus-related measures.

In one case, an expat livestreamed his suicide while chatting with his fiancee on a social networking platform, the newspaper report said.

Suicide cases have increased by around 40 per cent since the start of the COVID-19 crisis, according to the sources.

Some 70 to 80 suicide cases are recorded annually in Kuwait. Last year, they reached 80 suicides against 77 in 2018.

"Suicide cases have started to go up in Kuwait during the coronavirus pandemic due to fear, anxiety, isolation and instability experienced by people and absence of daily aims that could help the person to spend time regularly as before," the newspaper quoted social psychology consultant Samira Al Dosari as saying.

Uncertainty for some expatriates, whose countries have refused to take them in, is another motive for attempting suicide, according to Jamil Al Muri, a sociology professor at the Kuwait University.

"This is in addition to greed of the iqamat traders, who have brought into the country workers in names of phantom companies and abandoned them on the streets," he added.

Starting from Tuesday, Kuwait will embark on the second phase of a stepwise plan to bring life to normal, Gulf News reportd.

According to Phase 2, a nationwide night-time curfew will be reduced by one hour to run daily from 8 p.m. until 5 a.m. for three weeks.

Kuwait has so far reported 44,391 COVID-19 cases, with 344 deaths.

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Angry indian
 - 
Tuesday, 30 Jun 2020

YA ALLah save all dispressed people in the earth..

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Agencies
May 19,2020

Ramallah, May 19: India has given USD 2 million in aid to the United Nations Relief and Works Agency working for the welfare of Palestinian refugees in support of its core programmes and services, including education and health, amidst the coronavirus crisis.

India had increased its annual contribution to the UNRWA from USD 1.25 million in 2016 to USD 5 million in 2019. It pledged another USD 5 million for 2020 which opens its way to become a member of the agency's advisory commission, according to official sources.

The United Nations Relief and Works Agency (UNRWA) applauded India's financial support to keep its basic services operating, especially under the challenges posed by the COVID-19 pandemic.

The contribution was presented to the UN agency by the Representative of India (ROI) to the State of Palestine, Sunil Kumar.

"On behalf of the agency, I would like to express my deep appreciation to the Government of India for advancing part of its contribution, which will help UNRWA address cash flow challenges," Marc Lassouaoui, chief of the Donor Relations at the agency said.

"The continued determination and commitment of India in support of the Palestine refugees is commendable, in particular under the current circumstances brought on us by COVID-19," he said.

"On behalf of the Government of India, I would like to express my appreciation for the commendable work and endeavours carried out by the UNRWA. We believe that our contribution will support the agency's activities in providing the needed assistance to Palestinian refugees, and assist in achieving their full human development potential," Kumar said.

India's contribution will support the agency's "dire" financial situation due to the funding gaps that risk its core services to the Palestinian refugees in the fields of education and health.

About 3.1 million Palestine refugees depend on health services provided by the UNRWA. At the same time, the agency's schools educate 526,000 students every year, of which half are female.

The agency was created in December 1949 by the UN to support the relief and human development of Palestinian refugees.

The UNRWA definition of “refugee” covers Palestinians who fled or were expelled from their homes during the 1948 War.

Meanwhile, India is preparing medical supplies for the Palestinians to help them in their fight against the coronavirus which is likely to reach the Palestine soon, the Indian mission in the West Bank said in a statement.

Prime Minister Narendra Modi last month spoke to Palestinian President Mahmoud Abbas over phone and discussed the challenges posed by the COVID-19 pandemic. He appreciated efforts being made by the Palestinian Authority (PA) to protect its population and assured all possible support from India.

External Affairs Minister S Jaishankar later talked to his Palestinian counterpart Riad Malki and reiterated India's commitment to support Palestine in its battle against the global pandemic.

So far, 554 COVID-19 cases have been detected in the West Bank under PA and east Jerusalem, with two casualties.

Twenty people were found infected with the virus in Gaza, of which 14 are said to have recovered.

Separately, 17 agreements have been signed under an India-Palestine development partnership between the two sides in the fields of agriculture, health care, information technology, youth affairs, consular affairs, women empowerment and media in the past five years.

New Delhi is to provide an assistance of around USD 72 million through these agreements in projects like the post-2014 war reconstruction efforts in Gaza, construction of five schools, setting up a centre of excellence for information and communication technologies at Al-Quds University and developing a satellite centre in Ramallah.

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News Network
March 18,2020

Dubai, Mar 18: Emirates, one of the world's biggest international airlines, has asked pilots to take unpaid leave to help it mitigate the impact of the coronavirus pandemic that has shattered demand for global travel.

"To this end you are strongly encouraged to make use of this opportunity to volunteer for additional paid and unpaid leave," the airline said in an internal email to pilots, seen by Reuters.

Emirates earlier this month asked some staff to take unpaid leave, although at that time it was not available to pilots.

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