Riyadh donates additional $150m to help Yemenis

April 26, 2017

Jeddah, Apr 26: Saudi Arabia on Tuesday donated $150 million (SR562 million) to the King Salman Center for Humanitarian Aid and Relief (KSRelief) to boost its work in war-torn Yemen.

YemenThe donation was announced by Abdullah Al-Rabeeah, head of the center, who led the Kingdom’s delegation to a donors’ conference in Geneva.

Al-Rabeeah said the most recent donation is part of the $8.2 billion the Kingdom has pledged to help its humanitarian and developmental assistance to Yemen since April 2015.

International donors pledged $1.1 billion for Yemen, said UN Secretary-General Antonio Guterres Tuesday. Officials did not immediately provide a full breakdown of the pledges — or specify how much was new.

Guterres appealed to the fighting sides to grant access to humanitarian relief and revive diplomatic efforts to end the conflict in which more than 10,000 civilians have died.

Guterres ended the daylong Yemen aid conference by hailing the “clear generosity and solidarity” of governments and civil society in their efforts to aid people caught up in two years of conflict in the Arab world’s poorest country.

The conference, cosponsored by the UN, Switzerland and Sweden, raised pledges of over half of the $2.1 billion sought by the UN this year.

Yemeni Prime Minister Ahmed Obeid bin Daghr said the Houthi militias and those loyal to ousted Yemeni President Ali Abdullah Saleh were blocking state salaries owed to employees in areas under their control. He added that the funds pledged are enough to pay state salaries for a period of nine months in Sanaa and other cities.

“We sent 12 billion Yemeni riyals from Aden to Sanaa and Taiz, which are under the control of the Houthis, and we are still sending funds to cities, despite the obstacles, as we do not differentiate between the provinces. We will continue to support the humanitarian aid teams irrespective of where they are as there is no differentiation between provinces under the control of the government and others,” he said.

Bin Daghr stressed that the Yemeni government will continue to lend support to UN efforts and the humanitarian response plan for 2017, adding that millions of Yemeni citizens are awaiting this assistance, some facing starvation.

“Taiz is the largest city after the capital, and it has been suffering from siege and continuous shelling over the past two years. Iranian-made ballistic missiles are continuing to hit cities and neighborhoods. The destruction continued with the march of militias on the cities of Yemen, city after city, including the capital of Sanaa, Taiz, and others, resulting in a clear assault on the legitimate elected government,” said Bin Daghr.

After years of shortfall in funding for Yemen, Guterres said there is a “very encouraging signal” that the target could be met this year.

He said the pledges must now be “translated into effective support” for Yemenis.

“We basically need now three things: Access, access, access,” for humanitarian actors to reach all Yemenis in need, he said.

“On average, a child under the age of five dies of preventable causes in Yemen every 10 minutes,” Guterres said at the opening of the conference.

“This means 50 children in Yemen will die during today’s conference, and all of those deaths could have been prevented.”

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News Network
May 25,2020

May 25: A total of 241 Indians including 136 people who were jailed in Kuwait would return to the country soon, a senior minister said on Sunday.

The other 105 people were stranded in Bangladesh, Law Minister Ratan Lal Nath said.

"Altogether 136 people from Tripura and Assam, who are at present in jail in Kuwait for violating that country's laws, would be deported. They will reach Guwahati between May 27 and June 4 in a special flight," Nath told reporters.

He said the matter has been officially informed by the Kuwaiti government, but the reason for their imprisonment is not known.

"We had requested the Kuwaiti authorities to drop the Tripura residents here. However, they informed us that the flight would land in a single airport," the minister added.

Nath said 105 residents of Tripura, who are stranded in different places of Bangladesh will return to the state through the Agartala-Akhaura integrated check post on May 28.

"They would be taken to institutional quarantine and swabs of all the passengers would be collected for COVID-19 test," Nath said.

If the report of their samples tests negative, they would be allowed to leave the facility and remain under 14 days of home quarantine. And those who test positive would be hospitalized, he said.

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Agencies
April 26,2020

Riyadh, Apr 26: The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia has issued an order to partially lift the curfew in all regions of the Kingdom, to become from 9am to 5pm, starting Sunday through Wednesday May 13, while keeping a 24-hour curfew in the holy city of Makkah and in previously isolated neighbourhoods, state news agency (SPA) said early on Sunday.

The order also allowed the opening of some economic and commercial activities, which include wholesale and retail shops in addition to malls.

They can operate for two weeks, beginning on April 29 (Wednesday) until May 13 (Ramadan 6-20), however, certain shops within malls like beauty clinics, barber salons, gyms, cinemas, and restaurants will continue to be restricted from reopening.

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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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