'Economic growth key to fight against extremism'

Agencies
September 16, 2017

New York, Sept 16: Economic development is a key factor in deterring young people in the Middle East and elsewhere from becoming involved in violent extremism, a gathering of world leaders heard in New York.

A one-day youth forum on tolerance — held under the joint auspices of the MiSK Foundation, the Saudi Arabian philanthropic organization headed by Saudi Crown Prince Mohammed bin Salman, and the UN Development Program — was told that economic advancement would encourage young people to participate in civil society and peaceful dialogue.

Abdullah Al-Mouallimi, Saudi ambassador to the UN, told the forum that the Kingdom’s Vision 2030 strategy aligned with the UN’s 2030 Agenda for Sustainable Development.

“Both have not only economic parameters, but are also about the potential in society, the environment and in justice. The Saudi strategy describes a vision of how to move from dependence on one commodity and how to develop a more coherent society with integrity in its approach to social issues, which are also the goals of the UN,” Al-Mouallimi said.

He highlighted the role of young women in the transformation. “Saudi women comprise 60 percent of the college population in Saudi Arabia, and they are going to come to the workforce and make a dramatic difference,” Al-Mouallimi said.

Bader Al-Asaker, secretary-general of the MiSK Foundation, said: “Our aim is to shine a light on the transformative power of youth, to lift them up and prove a platform for young people to create positive change.”

Michael Bloomberg, the media entrepreneur and former mayor of New York, said that he was in partnership with MiSK in Saudi Arabia to train young citizens in economics and finance. He said that the growing number of young people who live in cities, both in the Middle East and the rest of the world, would help promote tolerance and peace.

“Some people call them the millennial generation, but I’d rather refer to them as the metropolitan generation. Now 50 percent of the world’s population live in cities, and nothing has done more than cities to spread tolerance and peace in the world. Cities also encourage innovation and sustainable development,” he added.

Achim Steiner, administrator of the UN Development Program, also stressed the role of economic development in nurturing tolerance. “For young people, achieving the Sustainable Development Goals means the possibility of attending school, having access to health care, participating in their civic and political discourse, and living free from conflict. It means having hope and prosperity.”

The one-day MiSK event in New York consisted of high-level panel discussions, speeches and workshops, with more than 20 youth leaders from round the world.

A senior adviser to MiSK said the event was part of the Kingdom’s global outreach program, and that there would be further cooperation between Saudi Arabia and the UN on specific development initiatives.

“The younger generation is driven by the desire to create an impact, and if you don’t give them opportunities in entrepreneurship they’ll find another way to do that,” the adviser said.

The MiSK-UN event, which was attended by more than 400 people from 60 countries, coincided with the 72nd Session of the UN General Assembly (UNGA).

A panel moderated by former NBC News anchor Tom Brokaw and featuring former US Secretary of State Madeleine Albright focused on the information revolution and what she called the “disaggregation” of news. Albright advised the young audience to be skeptical about the information they encounter, especially on social media.

Two other panels discussed the challenges faced by refugees around the world and how best to counter violent extremists. Panelists on the latter panel stressed the importance of engaging with youth and offering them a sense of hope and purpose.

One memorable moment came when Saudi writer Kawthar Al-Arbash recounted the moment she learned that her son had been killed after he stopped a suicide bomber from carrying out an attack inside a mosque in the city of Dammam. Her moving, personal account was met with a standing ovation.

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News Network
July 20,2020

Abu Dhabi, Jul 20: The United Arab Emirates launched its first-ever interplanetary Hope Probe mission to Mars from Japan's Tanegashima Space Centre at 01:58 a.m. (local time) on Monday.

"United Arab Emirates (UAE) launches its first mission to Mars, the 'Hope Mars Mission' from Japan's Tanegashima Space Center," UAE Space Agency said on its Twitter page.

The spacecraft is expected to reach Mars orbit in about 200 days from now and then begin its mission to study the Red Planet's atmosphere, WAM news agency reported.

Once it enters Mars' orbit in the first quarter of 2021, the Hope probe will mark the UAE's 50th anniversary.

The probe will travel 493 million kilometres into space in a journey that will take seven months, and will orbit the Red Planet for one full Martian year of 687 days to provide the first truly global picture of the Martian atmosphere.

The Hope probe will be the first to study the Martian climate throughout daily and seasonal cycles. It will observe the weather phenomena on Mars such as the massive famous dust storms that have been known to engulf the Red Planet, as compared to the short and localised dust storms on Earth.

It will also examine the interaction between the upper and lower layers of the Martian atmosphere and causes of the Red Planet's surface corrosion, as well as study why Mars is losing its upper atmosphere.

Exploring connections between today's Martian weather and the ancient climate of the Red Planet will give deeper insights into the past and future of Earth as well as the potential of life on Mars and other distant planets.

The Hope Mars Mission is considered as the biggest strategic and scientific national initiative announced by UAE's President His Highness Sheikh Khalifa bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Rashid Al Maktoum in 2014. The UAE will be the first Arab nation to embark on a space mission to the Red Planet in a journey that contributes to the international science community as a service to human knowledge.

The interplanetary mission is the first by any West Asian, Arab or Muslim majority country.

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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
April 10,2020

Dubai, Apr 10: Saudi Arabia reported 364 new coronavirus cases and three new virus-related deaths, the Ministry of Health announced on Friday.

The total number of confirmed cases in the Kingdom is 3,651, out of which 2,919 are currently active, the ministry added.

Out of the new cases, 90 were recorded in Mecca, 78 in Medina, 69 in Riyadh, and 54 in Jeddah, the ministry said.

Meanwhile, the number of fatalities rose to 47, while th number of recoveries reached 685.

The daily number of confirmed cases in Saudi Arabia has not peaked yet, and has been rapidly accelerating.

Saudi Arabia’s Minister of Health had said earlier this week that four different studies showed that the number of coronavirus cases in the Kingdom could reach between 10,000 to 200,000 within weeks.

The ministry spokesman emphasized the urgent need for citizens and residents to remain at home and maintain social distancing practices to ensure that the virus does not spread further.

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