Saudi Arabia reaffirms support for Palestinian refugees

November 11, 2016

United Nations, Nov 11: Saudi Arabia has reaffirmed its continued support for the Palestinian refugees and UNRWA, the UN body that looks after their welfare.

riyadh

The Kingdom's reassurance came during a speech delivered by its permanent representative at the United Nations, Abdullah Al-Muallimi, at an UNRWA committee meeting

“The Kingdom is honored to stand by the side of the Palestinian people stemming from its religious and humanitarian duty until the Palestinians achieve their legitimate right to live in freedom, dignity and have access to all their legitimate and inalienable rights. In this domain, the Kingdom highly appreciates the fundamental role of the UNRWA’s humanitarian care for more than 5 million Palestinians,” Al-Muallimi said.

He said Saudi Arabia continued to top the list of major donors to UNRWA, alongside the United States, the European Union and the United Kingdom. This year, the Kingdom has contributed some $100 million.

The Kingdom has been an active member of the UNRWA Advisory Commission since 2005 and provides advice and assistance to the commissioner general in the scope of implementation of his mandate.

He said the Kingdom made a donation of $59 million through the Saudi Development Fund to UNRWA for the education, health and housing projects to be implemented in Gaza, the West Bank and Jordan.

The donation was made through three agreements signed in London on Feb. 4. The first agreement worth more than $40 million will go to support the ongoing projects in Gaza, including more than 600 houses for Palestinians who had their homes destroyed during the Israeli assault on Gaza, along with maintenance of three schools. The second agreement worth $8 million will go to finance the maintenance of nine UNRWA schools and 10 health centers in Jordan. While the third agreement worth more than $7 million will provide funding for rebuilding, equipping and furnishing of three health centers in the West Bank, said the ambassador.

Al-Muallimi said Saudi Arabia has donated $10 million through the Saudi Development Fund to build a larger base and supply depot in Rafah. This will serve as the main UNRWA warehouse for storing basic food and non-food items, and also to support the distribution operations through 12 distribution centers throughout the Gaza Strip, he added.

“This project is part of a comprehensive project signed between UNRWA and the Saudi Development Fund in May 2015 to rebuild and renovate residential units and supply warehouses, and to support the health and education sectors in the Gaza Strip with a total value estimated at $62 million. Construction of the supply depot is expected to be completed in 2017 and will be operational with a crew of about 200 people, including UNRWA staff members and persons who will work on job-creation issues.”

Saudi Arabia also contributed approximately $2 million to build a health center in Aqabat Jaber Camp located in the Jordan Valley to meet the necessary health needs of Palestinian refugees in the camp within a safe environment. This center was opened on Oct. 28, and will benefit more than 14,000 camp residents, said the ambassador.

He said: “We stress our full support for UNRWA’s humanitarian goals and to continue its work to alleviate the tragedy of the Palestinian people and reduce their suffering until the return of the displaced to their home country, and give them the necessary compensations for the extensive damage they suffered during the past decades in accordance with Resolution 194 of the General Assembly.”

“We therefore support the efforts to address the root causes of this crisis and stop the forced and chronic displacement of the refugees through ending the Israeli occupation of Palestinian territory and the rest of the Arab lands, and that Israel withdraws to the 1967 borders, and makes progress toward implementing the two-state solution,” Al-Muallimi added.

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naren kotian
 - 
Friday, 11 Nov 2016

we support israel , long live israel ... temple mount jindabad ... hahaha....

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News Network
March 16,2020

Cairo, Mar 16: Saudi crown prince Mohammed bin Salman said G20 summit will work to combat coronavirus and coordinate efforts to ease its economic burdens, state news agency SPA said on Sunday.

In a phone call with British Prime Minister Boris Johnson, Salman discussed international efforts to fight the flu-like disease, saying the next G20 summit, which will be hosted by the Kingdom, will work on finding medical solutions, SPA added.

The G20 Summit is an annual gathering of representatives of the world's largest economies.

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Agencies
June 18,2020

New Delhi, Jun 18: Reliance Industries Ltd on Thursday said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia's Public Investment Fund (PIF) for Rs 11,367 crore, taking the cumulative fund raising to about Rs 1.16 lakh crore in two months.

Starting with Facebook Inc on April 22, Reliance has sold almost 25 per cent of equity in Jio Platforms - the maximum reports suggest the company intends to dilute to financial investors.

The investment by Saudi sovereign wealth fund is "at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore", the company said in a statement.

With this investment, Jio Platforms has raised Rs 115,693.95 crore from some of the leading global investment powerhouses at a time when the world is deeply impacted by the coronavirus pandemic, resulting in a recession kind of environment for the global economy.

"With the addition of PIF's investment, Jio Platforms has established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India," the statement said.

Jio Platforms houses India's biggest telecom firm by subscribers, Reliance Jio. With more than 388 million users, Jio has forced out several rivals and driven consolidation in the sector since entering the market in 2016 with free voice services and cut-price data.

Over the past two months, billionaire Mukesh Ambani's oil-to-telecom conglomerate has announced the sale of about $14 billion of assets, completed a Rs 53,124 crore rights issue and slowed the run rate of new investment by a quarter.

These will help Reliance meet its target of paying off Rs 1.61 lakh crore of net debt by the end of the year.
This is PIF's largest investment into the Indian economy to date.

Ambani, chairman and managing director of Reliance Industries, said, "We at Reliance have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades. From oil economy, this relationship is now moving to strengthen India's New oil (data-driven) economy, as is evident from PIF's investment into Jio Platforms."

Yasir Al-Rumayyan, governor of PIF, commented: "We are delighted to be investing in an innovative business which is at the forefront of the transformation of the technology sector in India. We believe that the potential of the Indian digital economy is very exciting and that Jio Platforms provides us with an excellent opportunity to gain access to that growth."

"This investment will also enable us to generate significant long-term commercial returns for the benefit of Saudi Arabia's economy and our country's citizens, in line with our mandate to safeguard and grow the national wealth of the Kingdom," he said.

The transaction is subject to Indian regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.

Prior to this deal, Reliance had sold 22.38 per cent of Jio Platforms to investors including Facebook Inc, securing Rs 104,326.95 crore in eight weeks.

Facebook kicked off the party, investing Rs 43,573.62 crore for a 9.99 per cent stake on April 22. This was closely followed by a further Rs 60,753.33 crore in investment.

Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore on May 4. It invested another Rs 4,546.80 crore for additional 0.93 per cent stake on June 5, taking its total holding to 2.08 per cent
Private equity KKR and Vista Equity Partners have taken 2.32 per cent stake each for Rs 11,367 crore apiece. KKR invested in Jio Platforms on May 22 while Vista invested on May 8.

Abu Dhabi sovereign wealth fund Mubadala Investment Co picked up 1.85 per cent in Jio Platforms for Rs 9,093.60 crore on June 5. Abu Dhabi Investment Authority on June 7 invested Rs 5,683.50 crore for a 1.16 per cent stake in Jio Platforms.

On May 17, global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore.

Global investment firm TPG on June 13 picked up 0.93 per cent for Rs 4,546.80 crore while L Catterton bought 0.39 per cent for Rs 1,894.50 crore.

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News Network
May 6,2020

A massive fire engulfed a residential tower in UAE's Sharjah last night. The building has been identified as one Abbco Tower in Al Nahda.

According to the latest inputs, Sharjah Civil Defence teams rushed to the spot and evacuated all residents. 

Firefighters managed to douse the blaze after several hours. The building in question is reportedly a 48-storey structure. Officials are yet to reveal the cause of the fire.

All residents of the building were evacuated while seven incurred minor injuries during the evacuation and were treated at local hospitals, reported the United Arab Emirates' local media.

More details are awaited as this is a developing story.

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