Saudi personal income levels show sharp rise

February 23, 2013

Saudi_personal

Riyadh, Feb 23: Saudi Arabia’s per capita income rose 27.2 percent from 2010 to 2011 following an increase of 17.1 percent from 2009 to 2010, according to a report by the Saudi Arabian Monetary Agency (SAMA).

Preliminary figures indicate that expenditure on GDP increased by 31 percent to SR 2.239 billion, “including import duties,” during 2011, said the report. This compares to SR 1.709 billion during 2010. The rise was attributed to a 103.3 percent increase in net exports of goods and services during 2011. This translates into a rise from SR 328.6 billion in 2010 to SR 668 billion in 2011.

Meanwhile, Fadl Bu Aynain, an economic expert, told Asharq Al-Awsat that “what matters in these figures is the constituents of GDP, since an increase in GDP, and hence per capita income, is more reliable when there is diversity of production and a dominance of industrial production.”

He added: “When oil revenues dominate the GDP, this gives a skewed view of economic growth. In other words, the rise of oil prices and the increase in oil output have influenced the total GDP. So we can say that without knowing the details of the factors that contribute to GDP, you cannot have a meaningful picture of the economy.”

He explained: “The economy that depends on royalties may cause major problems in the future, unless the growth in GDP is based on diversifying and broadening the base of industrial and service production.

“This will create jobs, increase real per capita income, and create sustained development, through the private sector, in particular. If that does not happen, Saudi Arabia may face major challenges in fulfilling its obligations in the future in case there were substantial changes in oil prices or in the ratio of exports to the total GDP.”

Tal’at Hafidh, secretary-general of the Commission for Orientation and Education in the Banks, said one of the major causes of inflation in Saudi Arabia is “what we call imported inflation, when the prices of imported goods are hiked for various reasons in the country of origin, or when there are extra expenses added on the goods, like an increase in shipping and insurance costs, etc.”

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News Network
January 8,2020

Dubai, Jan 8: Iranian state television said on Wednesday that at least 80 "American terrorists" were killed in attacks involving 15 missiles Tehran launched on US targets in Iraq, adding that none of the missiles were intercepted.

State TV, citing a senior Revolutionary Guards source, also said Iran had 100 other targets in the region in its sights if Washington took any retaliatory measures. It also said US helicopters and military equipment were "severely damaged".

Iran launched missile attacks on US-led forces in Iraq in the early hours of Wednesday in retaliation for the US drone strike on an Iranian commander whose killing has raised fears of a wider war in the Middle East.

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Agencies
May 19,2020

Ramallah, May 19: India has given USD 2 million in aid to the United Nations Relief and Works Agency working for the welfare of Palestinian refugees in support of its core programmes and services, including education and health, amidst the coronavirus crisis.

India had increased its annual contribution to the UNRWA from USD 1.25 million in 2016 to USD 5 million in 2019. It pledged another USD 5 million for 2020 which opens its way to become a member of the agency's advisory commission, according to official sources.

The United Nations Relief and Works Agency (UNRWA) applauded India's financial support to keep its basic services operating, especially under the challenges posed by the COVID-19 pandemic.

The contribution was presented to the UN agency by the Representative of India (ROI) to the State of Palestine, Sunil Kumar.

"On behalf of the agency, I would like to express my deep appreciation to the Government of India for advancing part of its contribution, which will help UNRWA address cash flow challenges," Marc Lassouaoui, chief of the Donor Relations at the agency said.

"The continued determination and commitment of India in support of the Palestine refugees is commendable, in particular under the current circumstances brought on us by COVID-19," he said.

"On behalf of the Government of India, I would like to express my appreciation for the commendable work and endeavours carried out by the UNRWA. We believe that our contribution will support the agency's activities in providing the needed assistance to Palestinian refugees, and assist in achieving their full human development potential," Kumar said.

India's contribution will support the agency's "dire" financial situation due to the funding gaps that risk its core services to the Palestinian refugees in the fields of education and health.

About 3.1 million Palestine refugees depend on health services provided by the UNRWA. At the same time, the agency's schools educate 526,000 students every year, of which half are female.

The agency was created in December 1949 by the UN to support the relief and human development of Palestinian refugees.

The UNRWA definition of “refugee” covers Palestinians who fled or were expelled from their homes during the 1948 War.

Meanwhile, India is preparing medical supplies for the Palestinians to help them in their fight against the coronavirus which is likely to reach the Palestine soon, the Indian mission in the West Bank said in a statement.

Prime Minister Narendra Modi last month spoke to Palestinian President Mahmoud Abbas over phone and discussed the challenges posed by the COVID-19 pandemic. He appreciated efforts being made by the Palestinian Authority (PA) to protect its population and assured all possible support from India.

External Affairs Minister S Jaishankar later talked to his Palestinian counterpart Riad Malki and reiterated India's commitment to support Palestine in its battle against the global pandemic.

So far, 554 COVID-19 cases have been detected in the West Bank under PA and east Jerusalem, with two casualties.

Twenty people were found infected with the virus in Gaza, of which 14 are said to have recovered.

Separately, 17 agreements have been signed under an India-Palestine development partnership between the two sides in the fields of agriculture, health care, information technology, youth affairs, consular affairs, women empowerment and media in the past five years.

New Delhi is to provide an assistance of around USD 72 million through these agreements in projects like the post-2014 war reconstruction efforts in Gaza, construction of five schools, setting up a centre of excellence for information and communication technologies at Al-Quds University and developing a satellite centre in Ramallah.

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Agencies
August 4,2020

Beirut, Aug 4: A massive explosion has shaken the Lebanese capital of Beirut, with a very high number of casualties expected.

A warehouse at the Beirut Port caught fire on Tuesday afternoon, triggering a huge explosion, Lebanon’s official National News Agency (NNA) reported.

Several smaller explosions were heard before the bigger one occurred.

Abbas Ibrahim, the head of Lebanon’s General Security, said that “highly explosive materials” confiscated earlier had been stored at the site.

Footage shared on social media captured the moment of the bigger explosion, with a colossal shock wave seen traveling fast across several hundreds of meters and shrouding the area in thick smoke.

The blast left enormous material damage to the surrounding buildings and structures. But it was not immediately known how big an area was affected.

There was also no immediate casualty count. Graphic amateur video from the scene showed bodies strewn on the ground, with their clothes blown off.

The NNA said rescue operations were underway. Ambulances were seen heading toward the scene in central Beirut.

Lebanese LBC television channel quoted Lebanon’s Health Minister Hamad Hasan as saying that the blast had caused a “very high number of injuries” and “extensive damage.”

Beirut Governor Marwan Abboud said an unspecified number of firefighters dispatched to extinguish the initial fire had been killed in the explosion.

“As they were putting out the fire, the explosion took place and we’ve [lost them],” he said, breaking down on live TV.

The explosion comes at a time when the Arab country is passing through its worst economic and financial crisis in decades, and amid rising tensions with Israel.

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