KSA offers India $ 625 bn investment opportunities

March 8, 2013
Jeddah, Mar 8: Saudi Arabia is offering investment opportunities worth $ 625 billion to Indian businessmen in vital sectors such as infrastructure, petrochemicals, electricity, IT, tourism, natural gas production, agriculture and education.

“We had successful meetings with Indian business leaders and executives in New Delhi, Hyderabad and Lucknow,” said Abdul Rahman Al-Rabiah, chairman of Saudi-India Joint Business Council (JBC) who is currently leading a high-level Saudi trade delegation to India.

“It was excellent,” Al-Rabiah told Arab News when asked about the result of the March 5-8 business visit organized by the Federation of India Chambers of Commerce and Industry (FICCI). The Saudi delegation will return to the Kingdom today (Friday).

“The governments of the two countries have done their job of facilitating two-way business engagements. Our relations with India go back hundreds of years. Yet, the results in terms of business exchanges are not to the level we would like to see,” Al-Rabiah told a JBC meeting in New Delhi.

Al-Rabiah, who was leading a delegation representing sectors such as fertilizers, pharmaceuticals, housing, power, petrochemicals & refinery, steel, metals, mining and mechanical equipment, urged Indian companies to take advantage of investment and growth opportunities in the Kingdom.

Saudi Arabia is “the youngest nation in the world (67 percent Saudis are below the age of 27) which would need schools, hospitals, industries to meet their growing aspirations.” There is a lot of room for Indian companies with their high technology and experience to participate in the Kingdom’s development, he said, adding that the present $ 400 million Indian investment was insignificant compared with the potential.

Saudi Ambassador to India Saud M. Al-Sati said the two countries should engage in more business and trade by cashing in on the opportunities. He said that between 2000 and 2012, investments by Saudi companies in India were a mere $ 40 billion. This, he added, should rise significantly as Saudi and Indian companies engage with each other and build long-term business partnerships.investment

Rakesh Bakshi, senior executive committee member, FICCI & chairman & managing director of RRB Energy Ltd., said renewable energy offered tremendous scope for Indian and Saudi companies to work together as “India has the institutional framework and the technology to develop and promote renewables. We do not believe in re-inventing the wheel. Our companies have the know-how and experience to modify the wheel and suit it to your requirements in the most inhospitable of climatic conditions.”

Andhra Pradesh Chief Minister N. Kiran Kumar Reddy also met the Saudi delegation and said his government was looking for larger investments from Saudi Arabia and was keen on mutual cooperation in industrial development. “We’ll extend all incentives and facilities to Saudi industrialists.”

After a power-point presentation by Saudi delegation, the chief minister said his state is the perfect platform for investment with its long coastline, skilled manpower and various incentives being offered by the government. The Saudi delegation invited the chief minister along with industrialists from Andhra Pradesh to visit Saudi Arabia.

Abdul Qader Memon Sait, a member of the managing committee of Saudi Indian Business Network, commended the growing economic relations between the two countries. Speaking to Arab News, he spoke about the plan to woo more than $ 100 billion investment from Saudi Arabia and other Gulf countries by India.

“There are billions of riyals of deposits by Saudi individuals remaining idle in Saudi banks, which can be invested in Indian mutual funds and equity market,” Sait said, adding that Saudis would receive profits up to 20 percent for such investments.

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News Network
June 17,2020

Abu Dhabi, Jun 17: The Ministry of Education (MoE) has allowed students still enrolled in universities overseas to obtain exceptions to attendance policies at their respective academic institutions in light of the Covid-19 pandemic.

In a statement, the ministry said that the move stems from its keenness to ensure the continuity of education for those students and to maintain effective channels of communication with them.

Students' applications for exceptions to academic attendance in universities due to Covid-19 should be submitted following the end of the academic year, and not after the academic semester, via the following email: [email protected].

In their email, students have to explain the reasons for the required exceptions and should include an official message from the university concerned.

Scholarship approval issued by the Ministry of Education for studying abroad should also be attached.

The student's score reports for the academic years spent in the host countries and the duration of each academic year should also be attached, in addition to an entry and exit report of the student from the Federal Authority for Identity and Citizenship.

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News Network
May 21,2020

May 21: Mosques across the UAE will remain closed during Eid Al Fitr, a top official has said. The Takbeer, which is chanted before the special prayers performed on Eid, will be broadcast from mosques 10 minutes before the prayer time.

During the virtual press briefing held on Wednesday, Dr Farida Al Hosani, official spokesperson of the UAE health sector, reminded citizens and expats about the importance of adhering to the safety measures as laid out by the authorities.

Contact tracing process

"Before we began to use Al Hosn app to trace the contacts of Covid-19 cases, the tracking process used to take more than 48 hours. It also depended on the memory and honesty of people. The app is an AI-enabled methodological way to trace individuals who came in contact with Covid-19 cases so that they are isolated. It has proven to be an efficient way to stop the spread of the coronavirus," Dr Farida said.

Install the app

She called on all the public to install the app on their smart phones. "The success of the tracing system via Al Hosn app relies on its use. We hope 50 to 70 per cent of people in the UAE instal and use the app in an effective way."

No sermon

Sheikh Abdul Rahman Al Shamsi, Spokesperson for the General Authority of Islamic Affairs and Endowments, said there will be no sermon for the Eid prayers.

He called on everyone to welcome Eid with joy and positivity and to stay connected with their loved ones via social media.

Mass testing

Dr Amna Al Dahhak Al Shamsi, the official spokesperson of the UAE Government, said mass testing continues across the country.

She stressed on the importance of adhering to precautionary measures and cooperating with the authorities.

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KT
May 18,2020

May 18: As the UAE authorities have asked all residents to avoid gatherings, it is clear that - for the first time - it's going to be a #StayHome Eid. But experts say that although it will be different, the celebration will be just as meaningful.

It is important to remember that the Eid prayer can be performed at home either individually or with family members under the sane roof, said Dr Mohammed Eyada Ayoub Alkobaisi, a Grand Mufti with the Islamic Affairs and Charitable Activities Department in Dubai.

Dr Alkobaisi said this prayer is a highly recommended Sunnah or practice urged by the Prophet Muhammad (Peace be upon him).

"Eid Prayer must be performed openly, unless we are prevented for an acceptable reason, such as fear for self, wellbeing, property, etc." Under the current circumstances, prayers can be offered from home, he said.

But what the faithful will likely miss is listening to the khutbah or the sermon of Eid with a crowd. The sight of people pouring out into the streets and coming together for prayer and worship would not be unfolding this time.

Dr Sheikh Mohamed Ashmawy, an Islamic researcher, said that in this time of Covid, doing away with several Eid traditions would be necessary for everyone's safety.

"The ban is is line with the ongoing preventive measures to curb the spread of Covid-19," he said.

However, it doesn't mean people can't celebrate and exchange heartfelt greetings, he added.

"We can greet each other remotely on the phone or via social media networks."

Islamic researcher Sheikh Mohamed Wasfi said audio-visual smart apps have made communication much easier, even bringing people closer than before.

"Of course, families and friends wish to hug, shake hands and see each other personally, but this will be a big risk these days," he said.

Sheikh Asadullah Del Mohamed, an imam, reminded that banquets, parties and visits are discouraged to avoid crowds and gathering.

Recently, 30 people from two families tested positive for the virus after breaking social distancing rules and holding a gathering.

Faithful's sentiments

Ibrahim Abdelkader, an Egyptian auditor, said that while it would be sad to spend Eid Al Fitr at home, he understood that it is for everyone's safety.

"Better to stay home than be sorry," said Ahmad Jamil, a Syrian resident.

Rashid Saeed, an Emirati national, said people are advised to just check on each other by phone or video and voice call apps.

"While Eid prayers is banned in congregation, it's not acceptable at all for some people to carelessly gather and exchange visits," he said.

Abdullah Al Saleh, an Emirati national, said he and all his relatives used to gather for breakfast after the Eid prayer - but this time, they are ready to do it in their own homes.

Mohamed Ibrahim, another Emirati, said he would surely miss seeing his kids happily prancing around with their new clothes and enjoying the outdoors like every year.

"But, I agree as it is for their health, safety and wellbeing," he said.

THINGS TO REMEMBER IN CELEBRATING EID THIS YEAR

>Perform the Eid prayer at home, individually or with family members living with you

>Exchange greetings with loved ones and friends via phone calls or online

>No hugs

>No handshakes

>No gatherings

>No visits to other homes

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