GCC, Turkey blast UN inaction in Syria

October 14, 2016

Riyadh, Oct 14: Foreign ministers of Gulf Cooperation Council states and Turkey on Thursday called for urgent intervention of the UN in Syria to stop the killing of innocent people.

GCC

They strongly advocated the need for the speedy implementation of the UNSC resolution, calling for the unimpeded and timely delivery of humanitarian assistance to all Syrian cities.

The GCC and Turkish ministers met in Riyadh within the framework of the GCC-Turkey Strategic Dialogue.

On the sidelines of the meeting, Custodian of the Two Holy Mosques King Salman received Turkish Foreign Minister Mevlut Cavusoglu, and Economy Minister Nihat Zeybekci, and held talks with them on bilateral and regional issues.

The Turkish ministers later attended the ministerial meeting at the GCC General Secretariat.

In a major development, the GCC foreign ministers designated the network led by US-based cult leader Fethullah Gulen as a terrorist organization. The ministers also condemned “indiscriminate” airstrikes on Syria’s Aleppo and expressed “deep regrets” at the inability of the UN and the international community to stop the raids.

They expressed concerns over the large-scale offensive coordinated by Russian and Syrian warplanes, which have ruthlessly attacked rebel-controlled Aleppo.

Addressing a joint press conference with Cavusoglu after the GCC-Turkey ministerial meeting, Foreign Minister Adel Al-Jubeir called on “Iran and Iraq to refrain from promoting sectarianism in the region.”

A joint communique issued by the GCC General Secretariat after the meeting stressed “the need to dry up funding to terrorism, as well as their commitment to combat radical ideology of the terrorist groups.”

The statement also supported the French initiative and international efforts aimed at “settling the Palestinian issue and establishing the independent sovereign state of Palestine with East Jerusalem as its capital.”

On the urgent need to restore peace and security in the region, the communique underlined the importance of making the Middle East, including the Gulf region, a WMD-free zone, including nuclear weapons.

“The ministers emphasized the right of countries of the region to use nuclear energy for peaceful purposes, and ensure that Iran sign all nuclear safety treaties,” it added.

Strategic Dialogue

The GCC and Turkish foreign ministers, who met here at the GCC General Secretariat within the framework of the “GCC-Turkey Strategic Dialogue,” also reaffirmed “their complete rejection of the use of Iraqi territory as a safe haven for terrorist groups to carry out terror attacks including smuggling of weapons and explosives.”

The ministers expressed grave concern about “Iraq’s move to involve sectarian militia forces, which perpetrated revenge attacks, mass killings and abuses against the local populations of the liberated areas, in the imminent Mosul operation, which might compromise the sustainable success of the operation and trigger sectarian conflict.”

Al-Jubeir urged Iran not to meddle in the affairs of Arab countries.

The GCC ministers called on Iran to respond positively to the efforts of the UAE to resolve the issue of the three islands — Greater Tunb, Lesser Tunb, and Abu Musa — through negotiations or recourse to the International Court of Justice.

The ministers condemned the attack on the UAE civilian vessel Swift near the Bab Al-Mandab Strait while it was on a regular trip transporting humanitarian aid and evacuating injured civilians for treatment in the UAE. They described the incident as a terrorist act threatening international navigation in the Bab Al-Mandab Strait, as it contravenes all international navigation laws and undermines international and regional efforts to deliver humanitarian aid to Yemen.

Referring to the bloodbath in Syria, the ministers condemned the escalation of military operations in Aleppo by the regime and its supporters through indiscriminate air raids against the civilian population and infrastructure. The ministers called on the international community to condemn such crimes against the people of Aleppo, and against civilians across the country. They also expressed their deep regret for “the inability of the UN Security Council to make decision to stop the air campaign and the bombing of civilians in Aleppo.”

The ministers also expressed their rejection of the Justice Against Sponsors of Terrorism (JASTA) law, affirming that “it is inconsistent with the principles of international law, particularly against the principle of equal sovereignty among countries provided for in the UN charter.” They expressed hope that the legislation would be reconsidered as it would have an “adverse impact on the relations between countries including the US.”

Referring to the deplorable situation in Yemen, the ministers reaffirmed that the formation of the so-called political council in Yemen between the Houthis and Ali Abdullah Saleh’s supporters, and the formation of the so-called national salvation government constitute violations of Yemen’s internationally recognized constitutional legitimacy and impede reaching a political agreement.

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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
March 11,2020

Riyadh, Mar 11: Energy titan Saudi Aramco said Tuesday it will boost crude oil supplies to 12.3 million barrels per day in April, flooding markets as it escalates a price war with Russia.

Riyadh had already slashed its price for April delivery after Russia refused its proposal that producer alliance OPEC+ orchestrate a co-ordinated cut of 1.5 million barrels per day.

The production cut had been mooted to shore up global oil prices, which have gone into meltdown as the deadly new coronavirus casts a pall over the world economy, but now price cuts and rising output indicate an unravelling of OPEC+ co-operation.

"Saudi Aramco announces that it will provide its customers with 12.3 million barrels per day of crude oil in April," the company said in a statement to the Saudi stock exchange.

Saudi Arabia, the world's biggest crude exporter has been pumping some 9.8 million bpd so its announcement on Tuesday means it will be adding at least 2.5 million bpd from April.

"The Company has agreed with its customers to provide them with such volumes starting 1 April 2020. The Company expects that this will have a positive, long-term financial effect," the statement said.

Saudi Arabia says it has an output capacity of 12 million bpd but it is not known for how long it can sustain such levels.

The kingdom also has millions of barrels of crude stored in strategic reserves to be used when needed and is expected to use it to provide the extra supply to the global market.

"Production above 12 million bpd shows the Saudis have something to prove," director of Britain-based RS Energy Bill Farren-Price said.

"This is a grab for market share. The taps are open and the prices have been cut sharply," Farren-Price told AFP.

In a quick response, Russian Energy Minister Alexander Novak said Moscow could boost production in the short term "by 200,00-300,000 bpd, with a potential of 500,000 bpd in the near future".

But he stressed that Moscow was in favour of extending a December agreement that had seen OPEC and Russia agree to cut production by 500,000 barrels per day in 2020, lowering output from October 2018 levels by 1.7 million barrels per day.

The events of recent days have signalled a disintegration of collaboration between OPEC and Russia.

Russia is a non-OPEC member and the world's second-biggest oil producer, but Moscow and other non-members have in recent years co-operated with the oil cartel in an arrangement known as OPEC+.

The Saudi price cuts over the weekend, which were the first salvo in the price war, sent oil prices crashing -- registering the single biggest one-day loss in three decades on Monday.

Saudi Arabia draws around 70 per cent of its revenues from oil, and the revenues are key to ambitious reform programmes launched by Crown Prince Mohammed bin Salman.

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Agencies
June 24,2020

New Delhi, June 24: The United Arab Emirates (UAE) has asked Air India to not carry any passengers aboard the repatriation flights to UAE being operated under the Vande Bharat Mission.

As per the Guidelines issued by the General Civil Aviation Authority of United Arab Emirates (UAE)- Safety Decision 2020-01 (Issue 17) Q and A Guidance For Foreign Operators, on June 23, 2020 - transportation of passengers ( UAE Nationals and Non - UAE Nationals) to the United Arab Emirates on the repatriation flights is not allowed.

In view of the foregoing, all passengers including the Indian Nationals who are holding valid Residency Permit / Work Permit of United Arab Emirates and have procured approval of the UAEs Federal Authority for Identity and Citizenship- UAE (ICA) of United Arab Emirates or an approval from the General Directorate of Residency and Foreigners Affairs (GDRFA) applicable to Dubai would need to have specific approval from the Embassy of the United Arab Emirates in New Delhi and their UAE Ministry of Foreign Affairs and International Cooperation (MOFAIC) to travel from India to United Arab Emirates (UAE) on these repatriation flights.

All passengers need to comply with the quarantine and COVID-19 test requirements as per the preventive and the precautionary measures required by the appropriate health authorities, as notified from time to time.

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