Pilgrims in awe of massive expansion work in Makkah

February 28, 2014

Pilgrims_in_aweMakkah, Feb 28: Forty-five-year-old Syed Laeequddin Quadri, from Maharashtra, India, was standing in quiet contemplation straining his head to look at the golden crescent atop the majestic Makkah Clock Tower.

“That is unbelievable,” he told Arab News after Dhuhr prayers on Thursday. “Being a construction expert, I can imagine how much steel and concrete must have been poured into this gigantic project.”

Quadri is in the Kingdom on Umrah with his wife and four children. He is very familiar with the country having worked for the Saudi Binladin Group’s Operations and Maintenance Division in the early 1990s.

“I left the Kingdom for good 15 years ago,” he said. “I remember coming to the Holy Mosque for Umrah for the first time in 1991 with a friend. There was no Clock Tower, no Dar Al-Tawheed building,” he reminisced. “We were dropped by the cabbie right in front of the King Abdul Aziz Gate.”

Pointing at the sprawling marble-topped courtyard, he said: “This was not there.”

There was always construction activity in Makkah, he says. “In those days, you would always see earth-moving equipment and cranes at work on different projects,” he said.

However, the skyline was not dotted with the massive cranes as it is now. “Wherever you cast your eye from the Grand Mosque’s courtyard, you can see hundreds of red- and yellow-colored cranes, positioned at right angles,” said Quadri.

“We used to dine at Delhi Darbar Restaurant near the SAPTCO bus stop,” he said. “That is all gone. What used to be old buildings along Ibrahim Khalil Street housing pilgrims from India and Pakistan are all gone and instead we have the Jabal Omar Project. The mountain or the hillock is gone.”

On both sides of Ibrahim Khalil Street frenetic construction activity is going on, with the ground being leveled as part of the Grand Mosque expansion project.

According to reports in the local media, Makkah Hilton will no longer be where it is now. It will be shifted across the street. This is also the case with the Dar Al-Tawheed Intercontinental Hotel.

The Haram expansion project is being described as the biggest in Islam’s history. Once complete, it will significantly facilitate the journey of faith for millions of pilgrims.

“Every time I circumambulate the Holy Kaaba, my hands go up in prayer for the Saudi leadership for everything they’ve done and are doing to make Umrah and Haj comfortable,” said Quadri.

“When I came from Jeddah I saw mountains being cut away to expand the multi-lane highway. My eyes went moist. King Abdullah has excelled as the custodian of the holy mosques.”

Fifty-two-year-old Mustafa Anwar, from Alexandria, Egypt, was equally impressed.

“The expansion of the Holy Mosque symbolizes the rising tide of Islam,” he told Arab News. “I remember only a very few people from my country would come for Umrah 20 years ago,” he said. “That is not the case now, you have to apply months in advance with a travel agent because hundreds of thousands of people have the resources to undertake Umrah.”

Anwar said this is happening with Muslims all over the world. “More and more people are coming to perform Umrah and Haj, and naturally Saudi Arabia wants to provide the best of the best for them. And they are, much to the appreciation and wonderment of the pilgrims. Naturally, the Saudi leadership is showered with praise for taking such meticulous care of the Holy Mosque.”

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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 23,2020

Riyadh, Apr 22: In an extraordinary initiative, the government of the Kingdom of Saudi Arabia has decided to facilitate the travel of expatriates who have an exit and reentry visa or final exit visa to return to their countries.

This is in line with the order of Custodian of the Two Holy Mosques King Salman, according to the Saudi Press Agency.

According to the initiative, called “Auda” (return), expatriates can apply seeking permission for travel to their countries through the Absher portal of the ministry.

Announcing this, Saudi's Ministry of Interior said that the initiative will be implemented in cooperation with a number of relevant government agencies.

Requests for travel from expatriates will be received and approved in coordination with the relevant authorities to complete their travel procedures on board international flights.

As per the initiative, a text message will be sent to the beneficiary stating the travel date, ticket number and reservation details, and by which the beneficiary can obtain his travel ticket and complete the travel procedures.

Clarifying the procedures for the travel, the ministry said that the applicant shall select the icon (Auda) after visiting the Absher portal and fill the following fields: iqama (residency permit) number, date of birth, mobile number, departure city and airport of arrival.

It is not mandatory for the expatriate to have his own Absher account for availing of the service, the ministry said, adding that this facility is to enable expatriates to benefit from this initiative.

The departure will be through the following airports: King Khalid International Airport in Riyadh, King Abdulaziz International Airport in Jeddah, Prince Muhammad International Airport in Madinah, and King Fahd International Airport in Dammam.

Those expatriates who are outside these cities can benefit from the service through entering airport of departure after completion of their travel procedures in sufficient period of time.

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coastaldigest.com news network
May 12,2020

Riyadh, May 12: Saudi Arabia will impose a full-day lockdown and curfew across the Kingdom during the upcoming Eid holidays from May 23 until May 27, according to the Kingdom’s Interior Ministry.

Details are awaited

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