Mideast countries have right to use nuclear energy for peaceful purposes: Saudi

October 11, 2016

Riyadh, Oct 11: The Cabinet, in its weekly meeting on Monday, reiterated Saudi Arabia's belief in the legitimate right of Middle Eastern countries to use nuclear energy for peaceful purposes, under supervision of and according to the International Agency for Atomic Energy standards.

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The Kingdom gave voice to this belief just before the 71st UN General Assembly meeting discussing the importance of implementing the Agreement on Barring the Use of Chemical Weapons in Syria.

The Cabinet also reviewed the outcome of the Arab League's extraordinary meeting, held at permanent representatives level, to discuss the serious situation in the Syrian city of Aleppo.
It acknowledged the Kingdom's assertion that it is important for Arab countries to stand by the Syrian people and exert all possible efforts, at the international level, to provide safe havens where relief can be delivered for civilians

The Cabinet asked the international community to break its silence over the crimes committed by the Syrian regime.

The Cabinet’s meeting was chaired by Custodian of the Two Holy Mosques King Salman, who briefed the ministers on the outcomes of his talks and meetings with Maldives President Abdulla Yameen, Italian defense minister, Japanese minister of economy, trade and industry and Japanese minister of state for foreign affairs.

During those meetings, bilateral relations as well as the developments in the regional and international arenas were discussed, as was the oral message received by the monarch from President Mahamadou Issoufou of Niger.

The Cabinet praised the results of Al-Khaleej (Gulf) 1 shield maneuvers, which were carried out by the Saudi royal naval forces — Eastern Fleet — in the Arab Gulf and Oman Sea waters, across the Hormuz Strait as well as the joint aerial drill dubbed Al-Jazeerah (peninsula) conducted by Eagle (2016 fighters) in the UAE with the participation of air forces of the GCC member states.

Minister of Commerce and Investment Majid Al-Qassabi, who is also acting minister of culture and information, said in a statement to SPA after the meeting that the Cabinet discussed the Kingdom's participation in the joint annual meetings of the World Bank and the IMF, and the meeting of the G20, which were held in Washington, and highlighted the efforts exerted by Saudi Arabia to implement economic reforms as part of the national transformation program to achieve the Kingdom's Vision 2030.

He asserted that the application of these reforms is bound to yield a strong, balanced and sustainable economic growth, and to activate the role of the private sector in enhancing job opportunities and economic growth.

The minister said the Cabinet welcomed the outcome of the 28th GCC justice ministers' meeting, held in Riyadh, underscoring the importance of completing a study on transferring the current guiding systems to unified systems and laws as per the GCC supreme 36th summit, and based on the king’s vision.

The Cabinet was briefed on a host of activities and events held last week, including the agreement signed by the Ministry of Housing to construct more than 10,000 residential units in Tarout and Safwa centers in Qatif, the MoU signed by the Kingdom with Bulgaria in the fields of tourism and heritage, the 10th meeting of the general prosecutors and attorneys, as well as heads of investigation and general prosecution commissions of the GCC countries in addition to the symposium organized by the Global Union for General Transportation for the Middle East and North Africa under the theme Efficiency of Consuming Fuel and Alternative Energy.

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News Network
May 31,2020

Dubai, May 31: As many as 84 beggars have been arrested in Dubai during the Eid Al Fitr holiday, the Dubai Police have said.

The arrests were carried out as part of their anti-begging campaign to prevent begging during the holy month of Ramadan.

Some illegal vendors, too, have been arrested in different areas of the emirate, the police added.

Colonel Ali Salem, Director of the Infiltrators Department at the Criminal Investigations Department of Dubai Police, said that the campaign aims to maintain the safety and security of the society, adding that the campaign was successful and helped reduce the number of beggars across the emirate.

He called on the public to report begging activities to the number 901 or the Dubai Police app.

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News Network
July 1,2020

Riyadh, Jul 1: Saudis braced Wednesday for a tripling in value added tax, another unpopular austerity measure after the twin shocks of coronavirus and an oil price slump triggered the kingdom's worst economic decline in decades.

Retailers in the country reported a sharp uptick in sales this week of everything from gold and electronics to cars and building materials, as shoppers sought to stock up before VAT is raised to 15 percent.

The hike could stir public resentment as it weighs on household incomes, pushing up inflation and depressing consumer spending as the kingdom emerges from a three-month coronavirus lockdown.

"Cuts, cuts, cuts everywhere," a Saudi teacher in Riyadh told AFP, bemoaning vanishing subsidies as salaries remain stagnant.

"Air conditioner, television, electronic items," he said, rattling off a list of items he bought last week ahead of the VAT hike.

"I can't afford these things from Wednesday."

With its vast oil wealth funding the Arab world's biggest economy, the kingdom had for decades been able to fund massive spending with no taxes at all.

It only introduced VAT in 2018, as part of a push to reduce its dependence on crude revenues.

Then, seeking to shore up state finances battered by sliding oil prices and the coronavirus crisis, it announced in May that it would triple VAT and halt a cost-of-living monthly allowance to citizens.

The austerity push underscores how Saudi Arabia's once-lavish spending is becoming a thing of the past, with the erosion of the welfare system leaving a mostly young population to cope with reduced incomes and a lifestyle downgrade.

That could pile strain on a decades-old social contract whereby citizens were given generous subsidies and handouts in exchange for loyalty to the absolute monarchy.

The rising cost of living may prompt many to ask why state funds are being lavished on multi-billion-dollar projects and overseas assets, including the proposed purchase of English football club Newcastle United.

Shopping malls in the kingdom have drawn large crowds in recent days as retailers offered "pre-VAT sales" and discounts before the hike kicks in.

A gold shop in Riyadh told AFP it saw a 70 percent jump in sales in recent weeks, while a car dealership saw them tick up by 15 percent.

Once the new rate is in place, businesses are predicting depressed sales of everything from cars to cosmetics and home appliances.

Capital Economics forecast inflation will jump up to six percent year-on-year in July, from 1.1 percent in May, as a result.

"The government ended the country's lockdown (in June) and there are signs that economic activity has started to recover," Capital Economics said in a report.

"Nonetheless, we expect the recovery to be slow-going as fiscal austerity measures bite."

The kingdom also risks losing its edge against other Gulf states, including its principal ally the United Arab Emirates, which introduced VAT at the same time but has so far refrained from raising it beyond five percent.

"Saudi Arabia is taking massive risks with contractionary fiscal policies," said Tarek Fadlallah, chief executive officer of the Middle East unit of Nomura Asset Management.

But the kingdom has few choices as oil revenue declines.

Its finances have taken another blow as authorities massively scaled back this year's hajj pilgrimage, from 2.5 million pilgrims last year to around a thousand already inside the country, and suspended the lesser umrah because of coronavirus.

Together the rites rake in some $12 billion annually.

The International Monetary Fund warned the kingdom's GDP will shrink by 6.8 percent this year -- its worst performance since the 1980s oil glut.

The austerity drive would boost state coffers by 100 billion riyals ($26.6 billion), according to state media.

But the measures are unlikely to plug the kingdom's huge budget deficit.

The Saudi Jadwa Investment group forecasts the shortfall will rise to a record $112 billion this year.

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News Network
April 29,2020

Dubai, Apr 29: Saudi Arabia reported 1,325 new cases of coronavirus, bringing the total number of infections in the country to 21,402, the Ministry of Health announced on Wednesday (April 28).

Meanwhile, the ministry reported 169 recoveries today, with total recoveries in the kingdom at 2,953. There are 125 cases in intensive care.

The ministry also confirmed 5 deaths, bringing the total number of deaths in the kingdom to 157.

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