Saudi Arabia, UAE announce $500 million aid program for Yemen

Arab News
November 21, 2018

Riyadh, Nov 21: Saudi Arabia and the UAE on Tuesday announced a new initiative, “Imdaad,” in Yemen to address the humanitarian situation in the country, including an additional $500 million aid program. The two countries will each give $250 million in response to the food crisis to support more than 10 million people, said Abdullah Al-Rabeeah, general supervisor at King Salman Humanitarian Aid and Relief Center (KSRelief).

The program was announced by Al-Rabeeah at a joint

press conference in Riyadh with UAE Minister of State for International Cooperation Reem Al-Hashimy.

Al-Rabeeah said the new initiative aims to fill the gap of food needs to alleviate the suffering of the Yemeni people and ensure their access to food and nutrition for children in all regions and governorates of Yemen.

“We will coordinate with UN organizations to deliver aid to those in need in Yemen,” Al-Rabeeah said, adding that the coalition countries had provided $18 billion in aid to help Yemen over three years.

The latest aid package comes after the two countries and Kuwait offered $1.25 billion to the UN’s humanitarian response

plan in Yemen for 2018, according to Al-Rabeeah.

Al-Hashimy expressed her pleasure at being in Riyadh, and her sincere gratitude to Saudi Arabia, and the efforts of King Salman.

She added: “A new initiative to help our brothers in Yemen shows a common vision and one goal. This initiative aims to provide food needs for 10-12 million Yemenis, which are the most affected group.”

She explained that the launch of this initiative comes from the concern to help our brothers in Yemen to meet the difficult humanitarian conditions they live in.

The hope is to improve the lives of the population, especially as they focus on the most affected groups: Malnourished children, children under five, children in schools, women, pregnant women, nursing mothers and their families, as well as the elderly and people who suffer from diseases.

Al-Rabeeah said that the aim is to reach the people of Yemen who are deprived in coordination with international humanitarian organizations, to meet their needs and end their suffering.

He also Indicated that the Arab Coalition to Support Legitimacy in Yemen provided $18 billion in three years to support the Yemeni people, stressing that the Houthi militias have taken over Yemen, including humanitarian aid, where they seized 65 aid ships and 124 relief convoys.

He also pointed out that Saudi Arabia will work only with international organizations that are keen on the interest of the Yemeni people.

Al-Rabeeah said that the biggest challenge is how to reach the deprived while the Houthi militias try to stop that from happening, noting the efforts made by the center to deliver humanitarian aid in Taiz governorate when it was under siege.

The secretary-general of the Organization of Islamic Cooperation, Dr. Yousef bin Ahmed Al-Othaimeen, stressed that the new initiative adds to the permanent support of Saudi Arabia and the UAE to the member states of the OIC, which are facing humanitarian crises.

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News Network
January 12,2020

Dubai, Jan 12: Saudi Arabian oil giant Aramco announced Sunday that its initial public offering raised a record $29.4 billion, a figure higher than previously announced, after the company used a so-called "greenshoe option" to sell millions more shares to meet investor demand.

The company said that the sale of an additional 450 million shares took place during the initial public offering process.

The oil and gas company, which is majority owned by the state, began publicly trading on the local Saudi Tadawul exchange on December 11. It hit hit upwards of $10 a share on the second day of trading. This gave Aramco a market capitalization of $2 trillion, making it comfortably the world's most valuable company.

Aramco's additional sales mean the company has publicly floated 1.7% of its shares. It's IPO, even before the added sales, was the world's largest ever.

The shares sold in the over-allotment option "had been allocated to investors during the book-building process and therefore, no additional shares are being offered into the market today," Aramco said.

Company shares traded down on Sunday, dipping to around 34.7 riyals, or $9.25 a share, amid heightened tensions in the Persian Gulf between Iran and the United States. Aramco was a target of rising tensions over the summer when a missile and drone attack, which Saudi Arabia and the US blame on Iran, temporarily halved its production.

Sunday's trading figures value Aramco at $1.85 trillion, still well ahead of Apple, the second largest company in the world after Aramco, but below the $2 trillion mark sought by Crown Prince Mohammed bin Salman.

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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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News Network
May 6,2020

A massive fire engulfed a residential tower in UAE's Sharjah last night. The building has been identified as one Abbco Tower in Al Nahda.

According to the latest inputs, Sharjah Civil Defence teams rushed to the spot and evacuated all residents. 

Firefighters managed to douse the blaze after several hours. The building in question is reportedly a 48-storey structure. Officials are yet to reveal the cause of the fire.

All residents of the building were evacuated while seven incurred minor injuries during the evacuation and were treated at local hospitals, reported the United Arab Emirates' local media.

More details are awaited as this is a developing story.

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