Arab anti-terror quartet extends Qatar boycott as Doha rejects demands

Agencies
July 6, 2017

Cairo, Jul 6: Four Arab states calling for combating terrorism vowed Wednesday to maintain their boycott of Qatar, criticizing its “negative” response to their list of demands to end the diplomatic crisis.

boycott

Doha’s response, they said, was “not serious” and betrayed Qatar’s “failure” to realize the gravity of the situation.

The announcement followed a meeting by foreign ministers from the four nations — Saudi Arabia, Egypt, the UAE and Bahrain — in Cairo, shortly after they said they had received Doha’s reply.

“The political and economic boycott will remain until Qatar changes its policies for the better," Saudi Foreign Minister Adel Al-Jubeir said.

Egypt’s Foreign Minister Sameh Shoukry told reporters Qatar’s response to the Arab states’ 13-point list of demands was “negative on the whole.” It did not “lay the foundations for Qatar’s abandonment of the policies it pursues. It’s a position that does not realize the gravity of the situation,” he added.

The ministers did not say what their next steps would be — that, they explained, would be announced after further consultations. They will meet next in Bahrain, but a date has yet to be set.

“We hope wisdom will prevail and Qatar will eventually make the right decisions,” added Shoukry, who said the four nations were acting against Qatar within the boundaries of international law as well as the interest to safeguard regional and international security.

Shoukry said Qatar’s policies could not be allowed to continue and vowed that Egyptian blood would not be shed in vain, a reference to deadly attacks by militants on Egyptian army and security forces.

UAE Foreign Minister Abdullah bin Zayed Al-Nahyan said Qatar was only interested in “destruction, incitement, extremism and terrorism,” rather than in good neighborly relations.

He added: “To defeat terrorism, we must confront extremism, we must confront hate speech, we must confront the harboring and sheltering of extremists and terrorists, and funding them… Unfortunately, we in this region see that our sister nation of Qatar has allowed and harbored and encouraged all of this.”

“Today’s meeting on Qatar was for coordination purposes and we will take full studied decisions later,” said Bahrain’s foreign minister, Khalid bin Ahmed Al Khalifa.

UN Secretary-General Antonio Guterres has sent UN political chief Jeffrey Feltman to the Gulf to discuss how the UN might work with regional partners to resolve the crisis.

UN spokesman Stephane Dujarric told reporters that Feltman has already been to the UAE and was in Kuwait, which is trying to mediate the conflict.

Dujarric says Feltman will be traveling to Doha.

US President Donald Trump, on Wednesday, discussed the Qatari crisis with Egypt’s President Abdel Fattah El-Sisi in a call. The US president called on all sides to negotiate constructively and reiterated the need for all countries to follow thorough on their commitments at the Riyadh Summit to stop terrorist financing and discrediting extremist ideology.

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coastaldigest.com news network
June 29,2020

Dubai, Jun 29: Saeed bin Ahmed Al Lootah, a pioneering Emirati businessman and the founder of the world's first Islamic bank, is no more. He breathed his last on June 28.

Born in 1923, Saeed was instrumental in setting up the Dubai Islamic Bank (DIB) in 1975 to provide the community with a Sharia-compliant alternative to conventional banking.

He established several companies, organisations and societies, including the Dubai Consumer Cooperative. He also established the Islamic Education School in 1983 and the Dubai Medical College for Girls in 1986.

In 1992, Haj Saeed established the first College of Pharmacology in Dubai. Later he launched the Dubai Centre for Environmental Research, the Dubai Specialised Medical Centre, and the Medical Research Labs for health control and research into medicinal herbs and Islamic (Nabawi) medicine. He also set up an orphanage.

Saeed bin Ahmed Al Lootah was a self-made businessman who progressed from being a seafarer and trader to an accomplished tutor, author, economist, banker, entrepreneur, businessman and visionary community leader.

According to details available on the S.S. Lootah Group website, his "fervent adherence to the core values of education, cooperation and economy" helped empower "people to excel at everything they do".

"He realised the need to build permanent houses and ventured into construction. His 'capital' at that time were his skills, knowledge and hard work," the website said.

He laid the foundation of S.S.Lootah Contracting Company as a joint venture with his brother Sultan in 1956. "With the enduring values of education, cooperation and economy set as the foundations of his work, Haj Saeed started a number of businesses as well as not-for-profit education and research ventures, with an aim to serve the people of the UAE.

"Thanks to his vision and leadership, our home grown ventures continue to demonstrate unique values that extend well beyond its functional benefits - creating greater economic, social and environmental benefits for people in UAE and beyond."

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, took to Twitter on Sunday to offer his respects.

Sheikh Mohammed said: "He was a trader who started with nothing. His touch is visible in several aspects of the Dubai economy."

Calling the deceased a "wise and smart man", Sheikh Mohammed said: "May Allah bless his soul and grant his family the strength to endure and persevere."

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, also paid his respects. "He combined economic leadership with charitable work. He launched charitable educational institutions and sponsored many orphans. His memory will live on. May Allah have mercy on him and grant his family patience."

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Agencies
March 15,2020

Riyadh, Mar 15: Saudi Aramco on Sunday reported a 20.6 percent drop in its net profit for 2019 due to low oil prices and production levels, the company said in a statement.

These are the first annual results to be announced by the energy giant after its historical $29.4 billion initial public offering and listing on the Saudi Tadawul market last December.

Aramco posted net profits of $88.2 billion last year compared to $111.1 billion in 2018, Monday's statement said.

"The decrease was primarily due to lower crude oil prices and production volumes, coupled with declining refining and chemical margins," it said.

The company also made $1.6 billion of impairment provisions for losses associated with Sadara Chemical Company, an Aramco subsidiary.

"2019 was an exceptional year for Saudi Aramco. Through a variety of circumstances -- some planned and some not -- the world was offered unprecedented insight into Saudi Aramco's agility and resilience," CEO Amin Nasser said.

"Our unique scale, low costs, and resilience came together to deliver both growth and world-leading returns, while also maintaining our position as one of the world's most reliable energy companies," Nasser said.

The earnings for last year are not affected by the coronavirus outbreak or the ongoing price war between Saudi Arabia and Russia that has sent oil prices crashing.

Aramco said it will distribute dividends worth $73.2 billion for 2019 but based on its commitments under the IPO, its dividends for the next five years starting this year will be at least $75 billion.

It said its capital spending last year dropped to $32.8 billion from $35.1 billion in 2018.

The company expects capital spending, which is expenditure on projects, to be between $25 billion and $30 billion this year "in light of current market conditions and recent commodity price volatility."

But it said that capital expenditure for 2021 and beyond is currently under review.

The results were announced amid a price war between Saudi Arabia and Russia after they failed to agree on additional output cuts to support prices dented by the outbreak of the coronavirus pandemic.

"The recent COVID-19 outbreak and its rapid spread illustrate the importance of agility and adaptability in an ever-changing global landscape," Nasser said.

The kingdom said last week Aramco will pump 12.3 million barrels of oil per day, boosting output by at least 2.5 million bpd.

It also announced plans to raise production capacity from 12 million bpd to 13 million bpd.

Forecasts for future crude prices and demand are also bleak.

In its latest monthly report, the Organization of Petroleum Exporting Countries lowered its forecast for global average daily demand by 0.92 million barrels to 99.73 million barrels.

Saudi Arabia is also in the midst of a royal purge that saw King Salman's brother and nephew detained after sources said they were accused of plotting a palace coup to unseat the crown prince, heir to the Saudi throne.

Aramco shares rallied immediately after the listing on December 11, rising by 19 percent to 38 riyals ($10.1) and temporarily lifting the company's valuation above the $2 trillion mark, which was sought by Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler.

But as oil prices tumble, Aramco shares have lost 29 percent from its highest point, slipping below the listing price.

On Thursday, Aramco's market value dropped to around $1.55 trillion, but it still remains the world's largest publicly listed company.

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KT
June 15,2020

Dubai, Jul 15: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, announced the launch of a 'New Media Academy in Dubai on Monday - a new institution that will train people on the science of digital media.

Taking to Twitter, Sheikh Mohammed said that new media is a new science that has its own set of special tools and secrets, and that the future cadres of UAE must be at the forefront of it.

"The academy will prepare new experts and managers in the field of communication in government and private institutions, as well as training professional social media influencers", Sheikh Mohammed tweeted, adding that the new media is providing new job opportunities and careers today, and will always be a main supporter in the journey of development.

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