Saudi will play pivotal role for peace in region: Dubai Ruler

September 1, 2015

Dubai, Sep 1: His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai acknowledged the close bilateral relations between the UAE and Saudi Arabia during his visit to the headquarters of Asharq Al Awsat newspaper in London.

Dubai Ruler

Shaikh Mohammed stressed on the UAE's appreciation for Saudi Arabia's role in establishing stability and security in the region and affirmed the importance of Saudi Arabia's role under the wise leadership of King Salman bin Abdulaziz Al Saud, Custodian of the Two Holy Mosques. Shaikh Mohammed expressed his belief that Saudi Arabia will play a pivotal role in leading the region to peace and stability.

Editor in Chief of Asharq Al Awsat, Salman Aldossary, and senior executives received Shaikh Mohammed at the newspaper's headquarters. As one of the Arab world's most influential leaders and a global patron of media and journalism, the newspaper's management and staff welcomed him.

Shaikh Mohammed toured the newspaper's offices and was briefed by Aldossary on work processes, strategies and editorial policies. Shaikh Mohammed also met the newspaper's Assistant Editors-in-Chief Aidroos Abdulaziz and Zaid bin Kami, and conversed with the newspaper's journalists and editors.

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Agencies
July 28,2020

Dubai, Jul 28: Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) is letting go hundreds of employees, sources said, the latest in a round of lay-offs by regional banks as pressure mounts to cut costs amid lower oil prices and the coronavirus crisis.

The UAE’s third-biggest lender is laying off 400 employees, two sources familiar with the matter said, after it had committed to not cutting staff because of the crisis.

In a statement, a spokesman said ADCB had pursued efficiency over the last decade by managing out its lowest underachievers after regular reviews, while ensuring talent was deployed in high-growth areas, such as digital banking.

“A certain number of redundancies are therefore expected every year in the normal course of business,” the bank spokesman added.

The sources said the cuts would involve ADCB’s consumer business and several in top management were among those being let go. One source said the bank was looking to close 20 branches.

In March, ADCB had declared, “No employee will be made redundant during 2020 as a result of the COVID-19 pandemic.”

UAE banks have been hit by government measures to rein in the spread of the virus, forcing many businesses to shut temporarily.

Last week, Dubai’s largest bank, Emirates NBD, reported a slump of 58% in profits. In June, sources told Reuters the bank started a new round of hundreds of lay-offs.

In May, ADCB reported a fall of 84% in first-quarter net profit as it took impairments of $292 million on debt exposure to troubled hospital operator NMC Health and payments group Finablr.

It was a major lender, with an exposure of about $981 million, to NMC Health, which went into administration this year after months of turmoil following questions over financial reporting.

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News Network
April 28,2020

Riyadh, Apr 28: The number of confirmed coronavirus cases in Saudi Arabia crossed the critical 20,000-mark on Tuesday with the discovery of 1,266 new cases. Eight new deaths were also recorded during the last 24 hours, bringing the virus-related death toll to 152.

Twenty-three percent of the new cases are of Saudi nationals, while 77 percent are of non-Saudi residents, Saudi Press Agency (SPA) quoted the ministry spokesman Dr. Muhammad Al-Abdel Ali as saying.

Out of the total 20,077 cases till Tuesday, 17,141 cases are active, he added. A total of 118 cases are currently critical, the spokesman said.

Out of the 1,266 new cases, 327 were reported in Makkah, 273 in Madinah, 262 in Jeddah, and 171 in Riyadh. There were 58 cases in Jubail, 35 in Dammam, 32 in Taif, 29 in Tabuk and 18 in Al-Zulfi. Additionally, nine cases were recorded in Khulais; eight in Buraidah; seven in Al-Khobar; five in Hufof; four each in Qatif and Ras Tanura; three in Adhum; two each in Al-Jafr, Al-Majaridah, Yanbu, Bisha and Diriyah; and one each in Abha, Khamis Mushayt, Baqeeq, Dhahran, Dhalum, Sabiya, Hafr Al Batin, Hail, Sakaka, Wadi Al-Dawasir and Sajr, the spokesman said.

The Kingdom saw a spike in cases when the health ministry began its field-testing efforts nearly two weeks ago, targeting suspected infection cluster areas. Since then, there has been a steady increase in daily cases.

Till Monday, around 1 million people were screened in various neighborhoods throughout the Kingdom.

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News Network
June 12,2020

Beirut, Jun 12: Angry Lebanese protesters blocked roads across the country with burning tyres, debris and their vehicles, incensed over the local currency's depreciation by more than 25 percent in just two days.

The demonstrations from northern Akkar and Tripoli to central Zouk, the eastern Bekaa Valley, Beirut and southern Tyre and Nabatieh on Thursday were some of the most widespread in months of upheaval over a calamitous economic and financial crisis.

Protesters set ablaze a branch of the Central Bank, vandalised several private banks and clashed with security forces in several areas. At least 41 people were injured in Tripoli alone, according to the Lebanese Red Cross.

"I'm really pissed off, that's all. If politicians think they can burn our hearts like this the fire is going to reach them too," unemployed computer engineer Ali Qassem, 26, told Al Jazeera after pouring fuel onto smouldering tyres on a main Beirut thoroughfare.

Tens of thousands of Lebanese have lost jobs in the past six months and hundreds of businesses have shuttered as a dollar shortage led the Lebanese pound to slide from 1,500 to $1 last summer - where it was pegged for 23 years - to roughly 4,000 for each US dollar last month.

But the slide turned into a freefall between Wednesday and Thursday when the pound plummeted to roughly 5,000 to $1 on black markets, which have become a main source of hard currency. There was widespread speculation the rate hit 6,000 or even 7,000 pounds to the dollar, though most markets stopped trading.

Protesters began amassing on streets across the country before sunset and increased into the thousands across the country as the night fell.

Prime Minister Hassan Diab cancelled all meetings scheduled for Friday to hold an emergency cabinet session at 9:30am and another at 3pm at the presidential palace to be headed by President Michel Aoun.

The pound's collapse is the perhaps the biggest challenge yet for Diab's young cabinet, which gained confidence in February after former prime minister Saad Hariri's government was toppled by an unprecedented October uprising that had the country's economic crisis at its core.

Economy Minister Raoul Nehme told Al Jazeera that there was "disinformation" being circulated about the exchange rate on social media and said he was investigating possible currency manipulation.

"I don't understand how the exchange rate increased by so much in two days," he said.

Many protesters have pitted blame on Central Bank governor Riad Salameh, nominally in charge of  keeping the currency stable. But they have also called on the government to resign.

"If people want reform between dawn and dusk, that's not going to work, and if someone thinks they can do a better job then please come forward," Nehme said.

"But what we can't have is a power vacuum - then the exchange rate won't be 5000, it'll be a catastrophe."

'Everyone paying the price'

When protesters set a large fire in Beirut's Riad al-Solh Square, which lies at the foot of a grand Ottoman-era building that serves as the seat of government, firefighters did not intervene to extinguish it.

It later became clear why: Civil Defence told local news channel LBCI they had run out of diesel to fuel their firetrucks.

Basic imports such as fuel have been hit hard by the currency crisis, making already-weak state services increasingly feeble.

A half-dozen or so police officers with Lebanon's Internal Security Forces observed the scene unfolding in front of them in the square.

"Why do you destroy shops and things and attack us security forces - do you think we're happy? Go and f****** break that wall or go to the politicians' houses," one police officer told Al Jazeera, referring to a large concrete barrier separating protesters from the seat of government.

"In the end we are with you and we want the country to change. Don't you dare think we're happy. My salary is now worth $130," the officer said.

The currency's spectacular fall seems to have pushed many Lebanese to put common interests above their differences.

Large convoys of men on motorbikes from Shia-majority areas of southern Beirut joined the demonstrations on Thursday, though they have clashed with protesters many times before - including at a protest on Saturday.

Some chanted sectarian insults, leading to brief clashes in areas that were formerly front lines during the country's devastating 15-year civil war.

Instead, the motorbike-riding demonstrators on Thursday chanted: "Shia, Sunni, F*ck sectarianism."

"We are Shia, and Sunnis and Christian are our brothers," Hisham Houri, 39, told Al Jazeera, perched on a moped with his fiancee behind him just a few metres from a pile of burning tyres.

The blaze sent thick black smoke into the sky towards an iconic blue-domed mosque and church in downtown Beirut.

"Politicians play on these sectarian issues and sometimes succeed, but in the end, they'll fail because all the people have been hurt," he said. "The dollar isn't just worth 6,000 for Shias or for Sunnis, everyone is paying that price."

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