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Saudi Cabinet slams chemical attack in Syria, expresses support for US military strike

April 11, 2017

Riyadh, Apr 11: The Saudi Cabinet on Monday condemned the use of the chemical attack on Khan Sheikhun in Syria, which resulted in many deaths including children and women, committed by the Syrian regime and, expressing full support to the recent US military operation against selected targets in Syria was articulated.

kingThe Kingdom’s long-standing rejection of terrorism in all forms and manifestations was stressed upon. They condemned the two explosions in Egypt and similar terrorist attacks in St. Petersburg, Russia, and Stockholm, Sweden, which resulted in several deaths and injuries.

The Cabinet also lauded the Arab Coalition forces’ support for restoration of peace and stability in Yemen as well as the Kingdom’s humanitarian efforts through King Salman Center for Humanitarian and Relief Aids, and stressed what the deputy crown prince highlighted earlier during his meeting with key Yemeni tribal chiefs that the Kingdom sees Yemen as strategic depth for the Arab and GCC countries as well as the Kingdom; and it is a duty to stand by the Yemeni people against Houthi aggression.

The Kingdom’s keenness to contribute to Arab joint action which was embodied in the Memorandum of Understanding (MoU) was also highlighted; it was for the establishment of a common Arab market for electricity, within 14 countries, during the 12th Arab ministerial council for electricity in Cairo.

The Cabinet also appreciated the king’s efforts to unify Arab and Muslim ranks in facing the difficult conditions experienced by Arab and Islamic countries.

He was praised for awarding Prince Naif, the Order of Arab Security at the conclusion of the 34th Arab Interior Ministers meeting in Tunis, for his leading role in supporting Arab and Islamic causes, and his efforts in preserving international peace and security.

The Cabinet noted recommendations and decisions issued at the Arab Interior Ministers meeting including Arab strategies on combating illegal use of drugs, terrorism, traffic safety and intellectual security.

On a local level, the Cabinet welcomed the announcement made by Deputy Crown Prince Mohammed bin Salman on launching the largest cultural, sports and entertainment city in southwest Riyadh in support of Vision 2030, and diversifying the sources of national income.

Later, the Cabinet approved a series of decisions.

They authorized the minister of foreign affairs to hold political consultations (and sign an MoU) between the Saudi and Filipino foreign ministries.

They authorized the minister of environment, water and agriculture to cooperate in the area of agriculture and fisheries between the governments of Saudi Arabia and South Africa, and sign an MoU.

The Cabinet approved an MoU for joint cooperation in the area of housing between the Saudi Ministry of Housing and the South Korean Ministry of Land, Transport and Infrastructure.

The Cabinet also approved a similar MoU for joint cooperation in the area of housing between the governments of Saudi Arabia and People’s Republic of China.

They authorized the minister of education to discuss scientific and educational cooperation between the Saudi and UAE ministries of education, and sign an MoU.

The Cabinet authorized the president of the National Anti-Corruption Commission (Nazaha) to discuss an MoU with the United Nations Office on Drugs and Crime.

They approved that the General Authority for Sports be structurally linked to President of the Council of Economic Affairs.

The Cabinet approved Saudi Arabia’s accession to the international convention for the control and management of ships’ ballast water and sediments for 2004.

The Cabinet approved that state budget will bear the entry visa fee for seasonal workers on the sacrificial meat project.

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Arab News
March 9,2020

Dubai, Mar 9: The eyes of the world will be on the oil markets when the big trading hubs in Europe and North America open following the end of the deal between Saudi Arabia and Russia that has helped to sustain crude at relatively high levels for the past three years.

There were big falls on Friday when ministers from the Organization of the Petroleum Exporting Countries (OPEC) failed to get a deal with non-OPEC members — the so-called OPEC+ — to extend output agreements. Brent oil was down nearly 10 percent at $45.27 going into the western weekend.

Saudi Aramco took immediate action to cut prices after the OPEC+ collapse, offering big discounts for crude deliveries from next month, when the current output restrictions end.

According to a notification sent to customers by Saudi Aramco, seen by Arab News, the Kingdom’s oil giant will cut between $4 and $8 per barrel, with the biggest discounts being offered to buyers in northwest Europe and the US.

Roger Diwan, an oil analyst at consultancy IHS Market, said: “We are likely to see the lowest oil prices of the past 20 years in the next quarter.”

West Texas Intermediate, the US oil benchmark, fell to $28.27 in November 2001.

The move raises the possibility of a “crude war” between the three biggest oil blocs — the US, Russia and the Arabian Gulf. Some analysts believe the American shale industry is more vulnerable to low prices than either the Russians or the Saudis.

Robin Mills, head of the Qamar consultancy, told Arab News: “I don’t think this was premeditated but Saudi Arabia has clearly swung quickly into action to put the Russians under pressure. But the Russians, with low debt and a flexible exchange rate, can cope with a few months of low prices.”

The boom in US shale has made the country the biggest oil producer in the world, but with high financing costs. Lower global prices would put a lot of shale companies out of business.

On the other hand, American motorists, and President Donald Trump, would be pleased to see lower fuel prices in an election year.

In Moscow, one prominent financier with ties to the Kingdom played down the long-term significance of the Vienna fallout.

Kirill Dmitriev, chief executive of the Russian Direct Investment Fund, told Arab News: “Saudi Arabia is our strategic partner, and cooperation between our two countries will continue in all areas. We will also continue to work within the framework of the Russia-Saudi Economic Council.”

One Russian official, who asked not to be named, added: “There is a good relationship between Alexander Novak, Russian energy minister, and his Saudi counterpart Prince Abdul Aziz bin Salman, and I am sure they will continue talking to each other less formally.”

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Agencies
July 22,2020

Riyadh, Jul 22: Saudi King Salman held a cabinet meeting via video call from hospital in the capital Riyadh on Tuesday, a day after the 84-year-old monarch was admitted with inflammation of the gall bladder.

Three Saudi sources said the king was in stable condition.

A video of the king chairing the meeting was broadcast on Saudi state TV on Tuesday evening. In the video, which has no sound, King Salman can be seen behind a desk, wordlessly reading and leafing through documents.

The king, who has ruled the world’s largest oil exporter and close US ally since 2015, was undergoing medical checks, state media on Monday cited a Royal Court statement as saying.

Three well-connnected Saudi sources who declined to be identified, two of whom were speaking late on Monday and one on Tuesday, said the king was “fine”.

An official in the region, who requested anonymity, said he spoke to one of King Salman’s sons on Monday who seemed “calm” and that there was no sense of panic about the monarch’s health.

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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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