Trump means business: $380bn deals signed in Riyadh

May 21, 2017

Riyadh, May 21: Saudi-US deals worth at least $380 billion were struck on Saturday during the historic visit to Riyadh by US President Donald Trump, officials said.

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King Salman and Trump held high-level talks in the Saudi capital, where they co-signed the Saudi-US “Joint Strategic Vision Declaration,” as a series of defense, business and technology deals were agreed in the Saudi capital.

Saudi Foreign Minister Adel Al-Jubeir said that Trump’s visit marks “the beginning of a turning point” in relations with the Arab world.

Speaking at a press conference held with his US counterpart Rex Tillerson in Riyadh on Saturday, Al-Jubeir said that the strategic partnership agreement by King Salman and Trump would develop into a strong strategic partnership.

“The two countries have signed a series of agreements, both by private, commercial entities and inter-governmental, including on investment and infrastructure,” said Al-Jubeir.

“The value of the deals exceeds $380 billion; they will be executed over the next 10 years and will provide many opportunities both for the Kingdom and for the United States.”

Tillerson said that over 20 licenses were issued to large US companies helping direct investment between the two countries, which will result in the creation of thousands of jobs for Americans, an increase the purchase of US goods, equipment and technologies, and also benefit Saudi Arabia.

Defense played a key element in the myriad deals announced in Riyadh on Saturday.

Saudi Arabia and the US signed arms deals worth approximately $110 billion, the White House announced on Saturday.

Several other multi-billion-dollar deals were sealed at the inaugural Saudi-US CEO Forum, also held on Saturday.

They included a landmark $6 billion defense and armament agreement under a “letter of intent” to assemble 150 Lockheed Martin Black Hawk helicopters.

The agreement, which was revealed during the forum, is expected to support around 450 jobs in the Kingdom.

“At Lockheed Martin, we are proud to be part of this historic announcement that will strengthen the relationship between the United States and the Kingdom of Saudi Arabia,” said Marillyn A. Hewson, chairman, president and CEO of Lockheed Martin Corporation.

“We are especially proud of how our broad portfolio of advanced global security products and technologies will enhance national security in Saudi Arabia, strengthen the cause of peace in the region, and provide the foundation for job creation and economic prosperity in the US and in the Kingdom. The agreements will directly contribute to His Majesty’s Vision 2030 by opening the door for thousands of highly skilled jobs in new economic sectors.”

Energy — one of Saudi Arabia’s strongest sectors — witnessed a number of announcements with a combined $22 billion worth of new deals signed during the forum by Saudi and American executives in the oil and gas industry.

A major funding boost for the largest oil refinery in the US was among a number of announcements in refining and petrochemicals signed on Saturday at the forum.

Saudi Aramco-owned Motiva Enterprises announced a landmark investment in the US totaling $12 billion with a likely additional investment of $18 billion by 2023.

It is estimated the deal will create approximately 2,500 additional jobs in the short term and a further 12,000 by 2023.

Announcing the deal at the Saudi-US CEO Forum, Amin Nasser, president and CEO of Saudi Aramco, said: “Today we are investing in long-term job creation and the future of the refining industry in the United States, and we are delivering on Vision 2030 to expand the US-Saudi partnership.

“The message is clear: the longstanding bonds between our two countries are reinforced by both the value and scale of today’s agreement.”

Following his participation in the forum, Nasser also announced several agreements with suppliers including Jacobs, Honeywell and McDermott.

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News Network
June 12,2020

Beirut, Jun 12: Angry Lebanese protesters blocked roads across the country with burning tyres, debris and their vehicles, incensed over the local currency's depreciation by more than 25 percent in just two days.

The demonstrations from northern Akkar and Tripoli to central Zouk, the eastern Bekaa Valley, Beirut and southern Tyre and Nabatieh on Thursday were some of the most widespread in months of upheaval over a calamitous economic and financial crisis.

Protesters set ablaze a branch of the Central Bank, vandalised several private banks and clashed with security forces in several areas. At least 41 people were injured in Tripoli alone, according to the Lebanese Red Cross.

"I'm really pissed off, that's all. If politicians think they can burn our hearts like this the fire is going to reach them too," unemployed computer engineer Ali Qassem, 26, told Al Jazeera after pouring fuel onto smouldering tyres on a main Beirut thoroughfare.

Tens of thousands of Lebanese have lost jobs in the past six months and hundreds of businesses have shuttered as a dollar shortage led the Lebanese pound to slide from 1,500 to $1 last summer - where it was pegged for 23 years - to roughly 4,000 for each US dollar last month.

But the slide turned into a freefall between Wednesday and Thursday when the pound plummeted to roughly 5,000 to $1 on black markets, which have become a main source of hard currency. There was widespread speculation the rate hit 6,000 or even 7,000 pounds to the dollar, though most markets stopped trading.

Protesters began amassing on streets across the country before sunset and increased into the thousands across the country as the night fell.

Prime Minister Hassan Diab cancelled all meetings scheduled for Friday to hold an emergency cabinet session at 9:30am and another at 3pm at the presidential palace to be headed by President Michel Aoun.

The pound's collapse is the perhaps the biggest challenge yet for Diab's young cabinet, which gained confidence in February after former prime minister Saad Hariri's government was toppled by an unprecedented October uprising that had the country's economic crisis at its core.

Economy Minister Raoul Nehme told Al Jazeera that there was "disinformation" being circulated about the exchange rate on social media and said he was investigating possible currency manipulation.

"I don't understand how the exchange rate increased by so much in two days," he said.

Many protesters have pitted blame on Central Bank governor Riad Salameh, nominally in charge of  keeping the currency stable. But they have also called on the government to resign.

"If people want reform between dawn and dusk, that's not going to work, and if someone thinks they can do a better job then please come forward," Nehme said.

"But what we can't have is a power vacuum - then the exchange rate won't be 5000, it'll be a catastrophe."

'Everyone paying the price'

When protesters set a large fire in Beirut's Riad al-Solh Square, which lies at the foot of a grand Ottoman-era building that serves as the seat of government, firefighters did not intervene to extinguish it.

It later became clear why: Civil Defence told local news channel LBCI they had run out of diesel to fuel their firetrucks.

Basic imports such as fuel have been hit hard by the currency crisis, making already-weak state services increasingly feeble.

A half-dozen or so police officers with Lebanon's Internal Security Forces observed the scene unfolding in front of them in the square.

"Why do you destroy shops and things and attack us security forces - do you think we're happy? Go and f****** break that wall or go to the politicians' houses," one police officer told Al Jazeera, referring to a large concrete barrier separating protesters from the seat of government.

"In the end we are with you and we want the country to change. Don't you dare think we're happy. My salary is now worth $130," the officer said.

The currency's spectacular fall seems to have pushed many Lebanese to put common interests above their differences.

Large convoys of men on motorbikes from Shia-majority areas of southern Beirut joined the demonstrations on Thursday, though they have clashed with protesters many times before - including at a protest on Saturday.

Some chanted sectarian insults, leading to brief clashes in areas that were formerly front lines during the country's devastating 15-year civil war.

Instead, the motorbike-riding demonstrators on Thursday chanted: "Shia, Sunni, F*ck sectarianism."

"We are Shia, and Sunnis and Christian are our brothers," Hisham Houri, 39, told Al Jazeera, perched on a moped with his fiancee behind him just a few metres from a pile of burning tyres.

The blaze sent thick black smoke into the sky towards an iconic blue-domed mosque and church in downtown Beirut.

"Politicians play on these sectarian issues and sometimes succeed, but in the end, they'll fail because all the people have been hurt," he said. "The dollar isn't just worth 6,000 for Shias or for Sunnis, everyone is paying that price."

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News Network
March 18,2020

Dubai, Mar 18: Emirates, one of the world's biggest international airlines, has asked pilots to take unpaid leave to help it mitigate the impact of the coronavirus pandemic that has shattered demand for global travel.

"To this end you are strongly encouraged to make use of this opportunity to volunteer for additional paid and unpaid leave," the airline said in an internal email to pilots, seen by Reuters.

Emirates earlier this month asked some staff to take unpaid leave, although at that time it was not available to pilots.

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News Network
April 20,2020

Riyadh, Apr 20: Six more people have died in Saudi Arabia after contracting coronavirus as 1,122 new coronavirus cases were reported on Monday.

The Saudi health ministry said that total number of cases in the Kingdom had increased to 10,484. It also recorded 92 new recoveries, raising the total to 1,490.

The ministry said precautionary measures shall remain to limit the virus spread.

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