Saudi govt to settle dues with private sector companies before year-end

November 8, 2016

Riyadh, Nov 8: Saudi Arabia will pay by next month the money it owes private companies, a committee headed by Deputy Crown Prince Mohammed bin Salman said Monday.

mbs 2“The council came up with a package of solutions and procedures to settle the dues that met the requirements of spending,” SPA reported after a regular meeting of the Council of Economic and Development Affairs.

Solutions “will be implemented immediately and completed before December 2016,” it said, in a discussion of the delayed payments.

The council discussed “the necessary procedures to pay the amounts owed to the private sector from the public treasury,” SPA said.

“The payment was late due to the sharp decline in oil revenue and the measures taken by the Kingdom to reduce spending on a number of projects.”

SPA added that priorities were rearranged according “to impact and efficiency,” but there had been “obstacles to implement the procedures.”

The arrears have left foreign workers, chiefly in the construction sector, struggling for months while they await back wages, AFP reported.

In April, the deputy crown prince announced a wide-ranging plan for economic diversification and social change in the coming years.

Saudi Arabia has taken a series of measures, including subsidy cuts, reductions in Cabinet ministers’ salaries and delays in major projects.

According to SPA, billions of riyals have been saved by rescheduling and modifying contracts, while “a large number” of projects were stopped, saving tens of billions more.

Early last month Saudi Binladin Group said the government had transferred some payment in the previous two weeks, allowing it to cover some back wages to its remaining staff.

The company had already finished payments to around 70,000 laid-off workers.

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News Network
April 11,2020

Dubai, Apr 11: The UAE has conducted over 49,000 Covid-19 tests among UAE citizens and residents, it was revealed on Friday, using state-of-the-art technology in line with the 's plans to intensify virus screening in order to bring the disease under control.

The accelerated investigative measures helped detect 370 new coronavirus cases among various nationalities, all of whom are in a stable condition and receiving the necessary care.

This took the total number of infections in the country to 3,360, according to a MoHaP statement.

The Ministry also revealed the death of two patients suffering from Covid-19. Both of the deceased were Asian nationals and had pre-existing chronic illnesses. The total number of deaths has now reached 16.

The Ministry 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.

The Ministry also announced the full recovery of 150 new cases after receiving the necessary treatment, taking to 418 the total of those now recovered from the virus in the UAE.

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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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News Network
July 23,2020

Beirut, Jul 23: The pandemic will exact a heavy toll on Arab countries, causing an economic contraction of 5.7% this year, pushing millions into poverty and compounding the suffering of those affected by armed conflict, a U.N. report said Thursday.

The U.N.'s Economic and Social Commission for Western Asia expects some Arab economies to shrink by up to 13%, amounting to an overall loss for the region of $152 billion.

Another 14.3 million people are expected to be pushed into poverty, raising the total number to 115 million — a quarter of the total Arab population, it said. More than 55 million people in the region relied on humanitarian aid before the COVID-19 crisis, including 26 million who were forcibly displaced.

Arab countries moved quickly to contain the virus in March by imposing stay-at-home orders, restricting travel and banning large gatherings, including religious pilgrimages.

Arab countries as a whole have reported more than 830,000 cases and at least 14,717 deaths. That equates to an infection rate of 1.9 per 1,000 people and 17.6 deaths per 1,000 cases, less than half the global average of 42.6 deaths, according to the U.N.

But the restrictions exacted a heavy economic toll, and authorities have been forced to ease them in recent weeks. That has led to a surge in cases in some countries, including Lebanon, Iraq and the Palestinian territories.

Wealthy Gulf countries were hit by the pandemic at a time of low oil prices, putting added strain on already overstretched budgets. Middle-income countries like Jordan and Egypt have seen tourism vanish overnight and a drop in remittances from citizens working abroad.

War-torn Libya and Syria have thus far reported relatively small outbreaks. But in Yemen, where five years of civil war had already generated the world's worst humanitarian crisis, the virus is running rampant in the government-controlled south while rebels in the north conceal its toll.

Rola Dashti, the head of the U.N. commission, said Arab countries need to “turn this crisis into an opportunity” and address longstanding issues, including weak public institutions, economic inequality and over-reliance on fossil fuels.

“We need to invest in survival, survival of people and survival of businesses,” she said.

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