Saudi Arabia has zero tolerance for all forms of terrorism

September 21, 2016

Jeddah, Sep 21: The Kingdom takes a firm stance against all forms of terrorism whether at the local or international level. It takes significant concrete steps in the fight against the dangerous phenomenon and its devastating consequences. In addition to its leadership at conferences and meetings, Saudi Arabia was the first country to sign a treaty against international terrorism at the OIC in May of 2000.

Saudi

The clear efforts carried out by the Kingdom have earned it accolades, most recently two days ago at the 71st Session of the United Nations General Assembly.

UN Secretary-General Ban Ki-moon expressed his appreciation for the Kingdom’s efforts and contributions to the fight against terrorism in a statement by deputy spokesman Farhan Haq.

“I emphasize the appreciation of the secretary-general for the contributions made by the Kingdom to the fight against terrorism, including its funding for the Counterterrorism Center,” he said. The Kingdom has provided more than $110 million in funding for the center established in 2011.

On the local level, the Kingdom has fought terrorism by increasing and improving preventative security measures as well as through the actions of security personnel in security confrontations with terrorists.

Saudi security personnel have achieved remarkable results in dealing with such criminals without endangering the lives of citizens living in neighborhoods where the terrorists hide. A remarkable 95 percent of terrorist operations have been thwarted, thanks to a comprehensive security strategy put in place by security authorities. Authorities have also been able to weaken the means of funding and support for the terrorists who also present a danger similar to those carrying out operations on the ground.

The Kingdom has made significant efforts in fighting money laundering by amending its anti-money laundering regulations issued in Royal Order No. M/31 on 11/5/1433 to include many additional and applicable local and international requirements. The Kingdom also hosted a number of conferences, seminars, and training which dealt with money laundering, such as the 15th meeting of the Financial Action Task Force for the Middle East and North Africa in April 2012 in Jeddah.

Through other measures, the Kingdom has improved the means to organize and monitor the entry and exit of funds in order to ensure that funds are documented and bankers keep records of buyers and sellers. Inspections and supervision of money exchange companies are a regular occurrence.

Through its Standing Committee on Anti-Money Laundering, chaired by the Saudi Arabian Monetary Ageny (SAMA) governor, the Kingdom has also formed four working teams concerned with risk, applicants, mutual assessments, and statistics, in order to be aware of developments related to these issues and take practical steps to apply recommendations.

On the international level, the Kingdom has worked to stop the flow of resources of to terrorism and has fought Daesh as part of an international coalition to combat terrorist groups. The Kingdom has monitored for years the actions of such groups in surrounding countries, and has taken steps to close down organizations that fund these organizations under the cover of charity. Additional laws have been passed criminalyzing the funding of terrorism. The Islamic Coalition of 40 states committed to the fight against terrorism recently selected Riyadh to host its meeting to address bilateral efforts in this regard.

The Kingdom also played a prominent role in recent years in helping uncover terror plots and the infiltration of terrorist elements into European cities. In October 2015, British Prime Minister David Cameron revealed his country had received information from the Kingdom about a suicide bombing in London; in 2010, information from the Kingdom uncovered a terrorist attack using bombs on a ship from Yemen to the United States. At the time, President Obama thanked the Kingdom for its role in preventing the planned operation. Security officials from the Kingdom also met with their German counterparts to exchange information and about a terrorist attack that occurred in Germany when the perpetrator had used a Saudi telephone line to contact a Daesh member.

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Agencies
July 28,2020

Dubai, Jul 28: Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) is letting go hundreds of employees, sources said, the latest in a round of lay-offs by regional banks as pressure mounts to cut costs amid lower oil prices and the coronavirus crisis.

The UAE’s third-biggest lender is laying off 400 employees, two sources familiar with the matter said, after it had committed to not cutting staff because of the crisis.

In a statement, a spokesman said ADCB had pursued efficiency over the last decade by managing out its lowest underachievers after regular reviews, while ensuring talent was deployed in high-growth areas, such as digital banking.

“A certain number of redundancies are therefore expected every year in the normal course of business,” the bank spokesman added.

The sources said the cuts would involve ADCB’s consumer business and several in top management were among those being let go. One source said the bank was looking to close 20 branches.

In March, ADCB had declared, “No employee will be made redundant during 2020 as a result of the COVID-19 pandemic.”

UAE banks have been hit by government measures to rein in the spread of the virus, forcing many businesses to shut temporarily.

Last week, Dubai’s largest bank, Emirates NBD, reported a slump of 58% in profits. In June, sources told Reuters the bank started a new round of hundreds of lay-offs.

In May, ADCB reported a fall of 84% in first-quarter net profit as it took impairments of $292 million on debt exposure to troubled hospital operator NMC Health and payments group Finablr.

It was a major lender, with an exposure of about $981 million, to NMC Health, which went into administration this year after months of turmoil following questions over financial reporting.

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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
July 5,2020

Riyadh, Jul 5: Custodian of the Two Holy Mosques King Salman has approved the extension of the validity of the expired iqama (residency permit) and exit and reentry visas of expatriates who are outside the Kingdom for a period of three months without any fee.

The iqama of expatriates inside the Kingdom as well as the visa of visitors who are in the Kingdom of which the validity expires during the period of suspension of entry and exit from the Kingdom will also be extended for a period of three months without any charge.

The validity of final exit visas as well as exit and reentry visas issued for expatriates, who are in the Kingdom, but were not used during the lockdown period will be extended for a period of three months without any fee, the Saudi Press Agency reported quoting an official source at the Ministry of Interior.

The ministry source said that these measures were taken as part of the continuous efforts made by the government of King Salman to mitigate the effects of the coronavirus pandemic on individuals as well as on private sector establishments and investors, economic activities in the Kingdom, following the adoption of the preventive measures to stem the spread of the pandemic.

The beneficiaries of the King’s order include all expatriates who are outside the Kingdom on exit and reentry visas, which expired during the lockdown period and after lifting of the lockdown.

These expatriates are not in a position to return to the Kingdom due to the enforcement of suspension of international flight service and temporary ban on entry and exit from the Kingdom.

The beneficiaries also include those expatriates who are still in the Kingdom after issuance of final exit visas or exit and reentry visas but could not travel because of the suspension of entry and exit from the Kingdom.

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