Saudi Cabinet throws its support for inter-Arab investments

April 25, 2017

Riyadh, Apr 25: The Cabinet on Monday threw its support to the Arab finance ministers in their call for diversification of income sources and to promote inter-Arab investments during their meeting in Rabat.

Saudi3The Cabinet also gave their support for the finance ministers’ urging to improve the regional business environment, enhance regional economic integration and attract foreign investments.

The Cabinet’s endorsement occurred during its regular weekly meeting presided over by King Salman at Al-Yamamah Palace.

Members also focused on the Kingdom’s permanent position at the UN Security Council in its support to the Palestinian people to obtain their rights including self-determination and the establishment of an independent Palestinian state on the occupied Palestine lands, including Al-Quds, in accordance with the UN Charter and its resolutions. They also formally recalled for the record the Kingdom’s call for the Israeli withdrawal from all occupied Arab lands and to stop building settlements on the Palestinian lands since they are illegal settlements and detrimental to peace.

In other matters, the Cabinet expressed Kingdom’s thanks to the Iraqi government for its efforts in releasing the kidnapped Qataris and two Saudis.

Cabinet members also expressed the Kingdom’s strong condemnation of the terror attacks at a military base in Afghanistan, which resulted in a number of deaths and injuries, and another one that killed a police officer in Paris.

Locally, the Cabinet expressed thanks and appreciation to King Salman for issuing royal decrees on the new appointments in a number of government agencies.

The Cabinet said the restoration of the suspended or canceled financial allowances for civil servants and military personnel, based on the recommendation of deputy crown prince, demonstrated the king’s willingness to care for the public.

The king expressed thanks and appreciation to former officials for welcoming the newly-appointed officials.

The Cabinet also lauded the king’s directives on the establishment of the national security center and the payment of two months’ salary for participants in the frontlines of the “decisive storm” and “restoration of hope” operations of the personnel of the ministries of interior, defense, national guard and public intelligence.

The Cabinet also praised the king’s decision on ending exams of the second term for general and higher education before the start of the holy month of Ramadan. The decision, the Cabinet said, showed cohesion between the leadership and citizens.

Later, the Cabinet approved a series of decisions.

The Cabinet approved a memo of understanding between the ministries of health of Saudi Arabia and South Korea for cooperation in the health areas.

The Cabinet authorized the minister of labor and social development to discuss with the South Africa a draft memo of understanding on labor issues between two countries.

The Cabinet authorized the minister of transport and board chairman of the General Authority of Civil Aviation (GACA) to sign two draft agreements between Saudi Arabia and the governments of Benin and Djibouti in the area of air transport services.

The Cabinet approved a cooperation agreement on sea transport and seaports between the Saudi and Egyptian governments.

The Cabinet approved a memo of understanding for cooperation in agricultural areas between the Saudi and Egyptian ministries of agriculture.

The Cabinet agreed that the appointment of members of board of directors of Saudi Basic Industries Corp. (SABIC), who represent the government including board chairman and his deputy, be made through the general assembly of the company.

The Cabinet agreed the continuation of payment of overtime work for those occupying health jobs in hospitals, medical centers and labs at 20 percent for three years.

The Cabinet approved amendments on some articles of the Officer Service System.

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Agencies
May 17,2020

Abu Dhabi, May 17: Another 731 people have tested positive for coronavirus in the UAE, pushing the total number of COVID-19 infections to 23,358, the Ministry of Health and Prevention announced on Sunday.

Six more deaths from the novel coronavirus have been also confirmed, taking the country’s death toll to 220.

The ministry also announced the full recovery of 581 new cases after receiving the necessary treatment, taking that number up to 8,512 of total recovered patients.

New tests conducted

The latest coronavirus patients, all of whom are in a stable condition and receiving the necessary care, were identified after conducting more than 40,000 additional COVID-19 tests among UAE citizens and residents over the past few days, the ministry said.

It expressed its sincere condolences to the families of the deceased and wished a speedy recovery to all patients, calling on the public to cooperate with health authorities and comply with all precautionary measures, particularly social distancing protocols, to ensure the safety and protection of the public.

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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
July 31,2020

Dubai, Jul 31: The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia tweeted early on Friday sending congratulations to everyone on Eid Al Adha.

"I congratulate everyone on the blessed Eid Al Adha. May Allah [grant us another Eid where we will be in] good, blessings, health, and wellness," King Salman said.

"We also ask [God] to accept the pilgrimage of those who completed Haj, and [to accept] Muslims' prayers, and to remove the coronavirus pandemic in our countries," he added.

King Salman left King Faisal hospital in Riyadh after recovering on Thursday, the Saudi Press Agency (SPA) reported on Thursday.

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