Saudi, UAE, Kuwait vow to avert Bahrain debt crisis

Arab News
June 28, 2018

Jeddah, Jun 28: Saudi Arabia, the UAE and Kuwait stepped in on Wednesday with pledges of financial support to avert a debt crisis in Bahrain.

The three Gulf allies said they were in discussions on an aid package and other options “to enable the kingdom of Bahrain to support its economic reforms and fiscal stability.”

The promise of support immediately eased fears that Manama may be unable to redeem a $750 million Islamic bond that will mature in November, and the dinar rose in value against the US dollar.

“We believe the package will include various measures to directly bolster Bahrain’s short-term financial position, which in turn will also be critical for restoring Bahraini access to the foreign debt capital market,” Monica Malik, chief economist at Abu Dhabi Commercial Bank, told Arab News. 

“This will probably include GCC deposits with the Central Bank of Bahrain, alongside support for key projects in Bahrain.”

Bahrain’s bonds and currency have come under mounting pressure in recent days, amid concern at the state of the country’s finances, which have been hit hard by the fall in oil prices since 2014. 

Leading analysts told Arab News that support for Bahrain made both political and economic sense. Dr. Hamdan Al-Shehri, a Saudi political analyst and international-relations scholar in Riyadh, said Saudi Arabia had always stood “like a rock” behind Bahrain.

“When Bahrain was facing unrest engineered by Iran in 2011, it was Saudi Arabia that came to the rescue by sending troops as part of the Peninsula Shield Force,” he told Arab News.

“So it is not just economic support, but Saudi Arabia is with Bahrain politically, providing all support, including security cover.

“Bahrain is part of the Gulf Cooperation Council, and so the Gulf states, led by Saudi Arabia, will not let it fail on any front. The safety, security, financial stability and territorial integrity of Bahrain are paramount for Saudi Arabia and the UAE.”

Hafed Al-Ghwell, a senior adviser at the international economic consultancy Maxwell Stamp and the geopolitical risk advisory firm Oxford Analytica, said the pledge of support to Bahrain was “a smart and strategically important decision.”

“It will not only help Bahrain gain more control over its public finances, but it will also strengthen the united front of the Gulf countries during their defensive moves against the expanding role of Iran in the region,” he told Arab News.

“It will demonstrate with actions, not just words, their strong alliance in restoring investor confidence and financial stability.”

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coastaldigest.com news network
June 16,2020

Dubai, Jun 16: In a humanitarian gesture, a UAE-based Pakistani businessman has come forward to offer free interim accommodation options to covid lockdown hit expatriates. 

The men benefitted from Ali Rao's housing initiative include Indians, Pakistanis and Africans. 

Inspired by the ongoing efforts taken by the UAE leadership to take care of all UAE residents, Ali Rao, CEO of Rao Holdings LLC in Dubai is offering free shared accommodation to unemployed male bachelors and workers, especially expatriates who do not have a place to stay.

Ali Rao currently has a capacity of 100 accommodation options that he wishes to offer to those who cannot afford house rent. 

"We have already placed 25 such men in these housing options spread across Al Quoz, Jebel Ali and Muhaisnah areas of Dubai," Ali Rao told local media. He works in collaboration with major charities in Dubai, who refer the cases to Rao.

"One of our companies - the property management division - deals with industrial housing accommodation. We decided to put this space to good use when I came across media articles that highlighted the plight of these homeless men," he said. 

Rao has already sheltered 25 homeless workers in the Al Quoz area. "We have received applications for 35 more, however, many of these men are due to return to their home countries, so we are awaiting confirmation from the charities," he explained. He has provided them with free Wi-Fi, bedding, blankets, bedsheets, and pillows.

"In one unit, we provide them with food and the other unit, social workers and the associated charities deliver food," he added. The housing is exclusively for men and not for women and families. "Many are seeking jobs, so they needed Wi-Fi. I went to the camps today and set up a Wi-Fi connection. Someone wanted to eat eggs, so we got him some eggs and rice. These are simple things most of us take for granted, but to many people this is vital," he added.

Since most of the residents are looking to return to their home countries, Rao is also in the process of providing them with air tickets.

"If the need arises, we will add more units," he explained. Rao said, "The ongoing pandemic has hit everyone hard, especially those with no security to fall back on. The economic and income disparities have only increased in this time, with those dependent on daily wages being rendered homeless in massive numbers across the globe."

He added, "I felt heartbroken and if I would stand by and watch, I would feel very small as a human being, I won't be able to stand in front of the creator I thought to myself. These are some very difficult times for all of us."

A beneficiary of the programme said, "I am very happy with this initiative as living outside in the summer is very difficult. It's very hot. I want to thank God and this company for providing me with a roof over my head."

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Agencies
June 5,2020

Expatriate workers who fail to abide by the coronavirus protocols in Kingdom of Saudi Arabia may face deportation, according to media reports.

“Individuals who fail to abide by preventive measures, including wearing medical or cloth face masks, failing to observe social distancing and refusing to have their temperatures taken, will be fined SR1,000. The fine will be doubled if the violation is repeated. Residents will be deported after paying the fines,” Okaz newspaper said.

Authorities called on people to report offenders by dialling the toll free number 999, except for the holy city of Makka, where the toll free number is 911.

As per the newly-revised Saudi protocols, social gatherings such as mourning or celebration events that take place inside homes, rest houses or farms, are allowed, but attendants should not exceed 50 persons.

The private sector is also required to adhere to precautionary measures: providing their staff with disinfectants and sanitisers, taking the temperatures of both staff and customers at the entrances of shopping malls.

Other measures include sterilising shopping trolleys and baskets after each use, sanitising facilities and surfaces, closing children’s play areas and fitting rooms in shopping malls and ready-wear outlets.

Authorities highlighted the need for all individuals and entities to abide by health safety rules, social-distancing protocol and the new guidelines set for social gatherings.

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Agencies
April 8,2020

Riyadh, Apr 8: Saudi Arabia's health minister has warned the number of COVID-19 cases in the country could reach 200,000 in coming weeks.

As of Tuesday, the kingdom registered a total of 2,795 coronavirus infections, including 41 deaths.

"Within the next few weeks, studies predict the number of infections will range from a minimum of 10,000 to a maximum of 200,000," health minister Tawfiq al-Rabiah was cited as saying by the official Saudi Press Agency on Tuesday.

On Monday, Saudi Arabia extended the duration of daily curfews in four governorates and five cities to 24 hours.

The kingdom imposed round-the-clock lockdowns in the capital Riyadh, Tabuk, Dammam, Dhahran and Hofuf, the interior ministry said on Twitter.

The same measures were also imposed on the governorates of Jeddah, Taif, Qatif and Khobar, the ministry added.

Authorities had already sealed off the holy cities of Mecca and Medina, barring people from entering and exiting as well as prohibiting movement between all provinces.

Last month, Saudi Arabia suspended the year-round "Umrah" pilgrimage over fears of the coronavirus pandemic spreading to Islam's holiest cities.

Authorities are yet to announce whether they will proceed with this year's Hajj, scheduled for the end of July. Last week, authorities urged Muslims to temporarily defer preparations for the annual pilgrimage.

Last year, about 2.5 million people travelled to Saudi Arabia to take part in the Hajj, which all Muslims must perform at least once in their lives if able.

The Arab world's biggest economy has also closed down cinemas, malls and restaurants and halted flights as it steps up efforts to contain the virus.

King Salman has warned of a "more difficult" fight ahead against the virus, as the kingdom faces the economic double blow of virus-led shutdowns and crashing oil prices

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