UAE condemns excessive use of forces by Israelis against Palestinians

Agencies
May 18, 2018

Dr. Anwar bin Mohammed Gargash, Minister of State for Foreign Affairs, has expressed the UAE's condemnation of the Israeli occupation's use of excessive force against unarmed Palestinians who exercise their right to demonstrate and demand their legitimate rights, while warning of the negative repercussions of such dangerous escalation.  

He stressed that the US decision to transfer the US Embassy to Jerusalem has complicated the situation and put obstacles to the peace process as the decision is a complete prejudice against the historic and permanent rights of the Palestinian people in Jerusalem.

This came during his speech while addressing the Extraordinary Session of the Council of the League of Arab States at Ministerial Level Meeting chaired by the Saudi Minister of Foreign Affairs Adel bin Ahmed Al-Jubeir, to discuss the latest developments in the Palestinian territories.

In his speech, he extended thanks to the Kingdom of Saudi Arabia, as the Chair of the current session of the Council of the Arab League at ministerial level, for its efforts in organising today's meeting which aimed at discussing the grave developments in the Occupied Palestinian Territories.

He also praised the attendance of the member ministers and their quick response which emphasises the centrality of the Palestinian cause, which, he said," Our first issue,"

Dr. Gargash said that the meeting is being held today in the light of the serious Israeli escalation against the fraternal people of Palestine, which led to the death of dozens of martyrs and hundreds of wounded, in conjunction with the opening of the US Embassy in Jerusalem.

He went on saying, "While we express our strong condemnation of using the excessive force by the Israeli occupation against unarmed Palestinians who exercise their right and demand their legitimate rights, we warn against the negative repercussions of such a dangerous escalation and we call for international probe to hold those responsible for this massacre accountable. At the same time, we stress that the US decision to transfer the US Embassy to Jerusalem has complicated the situation and put obstacles before the peace process and is deemed a complete bias against the historical and permanent rights of the Palestinian people in Jerusalem which had been guaranteed by the relevant international resolutions and were recognised and supported by the international community,"

He also stressed the need to abide by UN Security Council Resolution No. 478 of 1980, which clearly calls on countries that have established diplomatic missions in Jerusalem to withdraw these missions from the Holy City, while stressing the importance of complying with all international resolutions that call for not to establish or transfer embassies and diplomatic missions to Jerusalem, or recognition of the city as the capital of Israel.

The Minister of State for Foreign Affairs indicated, "Jerusalem is a special spiritual value for the humans and as our hearts strive for it every day, we call on the international community to shoulder its responsibilities to stop violence against the fraternal Palestinian people, halt the vicious attack against it and end the brutal occupation. We also call on the Security Council to take effective and decisive steps in this regard. We also slam the use of the Veto by the US and to undermine the Security Council from carrying out its duty to achieve a transparent and impartial probe towards the massacres committed by Israel against the Palestinian people. We stress that there is no security in the region without a just, permanent and comprehensive solution of the Palestinian cause based on the two-state solution,"

He concluded, "We are working, in the Arab framework, to ensure that today's meeting will come out with the steps and strong and effective Arab diplomatic action to seek urgent international intervention to provide international protection for the Palestinians and to indicate the negative repercussions of the US decision on the future of the Palestinian cause in all international organisations, its consequences on the security and stability not only in the Middle East, but also on the whole world and to reach results that promote the legitimate aspirations of the Palestinian people and all our Arab peoples, so that the perpetrator is not always immune from accountability for the crimes committed against the Palestinian people, which is contrary to all the rules established by the international law." 

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News Network
March 11,2020

Riyadh, Mar 11: Energy titan Saudi Aramco said Tuesday it will boost crude oil supplies to 12.3 million barrels per day in April, flooding markets as it escalates a price war with Russia.

Riyadh had already slashed its price for April delivery after Russia refused its proposal that producer alliance OPEC+ orchestrate a co-ordinated cut of 1.5 million barrels per day.

The production cut had been mooted to shore up global oil prices, which have gone into meltdown as the deadly new coronavirus casts a pall over the world economy, but now price cuts and rising output indicate an unravelling of OPEC+ co-operation.

"Saudi Aramco announces that it will provide its customers with 12.3 million barrels per day of crude oil in April," the company said in a statement to the Saudi stock exchange.

Saudi Arabia, the world's biggest crude exporter has been pumping some 9.8 million bpd so its announcement on Tuesday means it will be adding at least 2.5 million bpd from April.

"The Company has agreed with its customers to provide them with such volumes starting 1 April 2020. The Company expects that this will have a positive, long-term financial effect," the statement said.

Saudi Arabia says it has an output capacity of 12 million bpd but it is not known for how long it can sustain such levels.

The kingdom also has millions of barrels of crude stored in strategic reserves to be used when needed and is expected to use it to provide the extra supply to the global market.

"Production above 12 million bpd shows the Saudis have something to prove," director of Britain-based RS Energy Bill Farren-Price said.

"This is a grab for market share. The taps are open and the prices have been cut sharply," Farren-Price told AFP.

In a quick response, Russian Energy Minister Alexander Novak said Moscow could boost production in the short term "by 200,00-300,000 bpd, with a potential of 500,000 bpd in the near future".

But he stressed that Moscow was in favour of extending a December agreement that had seen OPEC and Russia agree to cut production by 500,000 barrels per day in 2020, lowering output from October 2018 levels by 1.7 million barrels per day.

The events of recent days have signalled a disintegration of collaboration between OPEC and Russia.

Russia is a non-OPEC member and the world's second-biggest oil producer, but Moscow and other non-members have in recent years co-operated with the oil cartel in an arrangement known as OPEC+.

The Saudi price cuts over the weekend, which were the first salvo in the price war, sent oil prices crashing -- registering the single biggest one-day loss in three decades on Monday.

Saudi Arabia draws around 70 per cent of its revenues from oil, and the revenues are key to ambitious reform programmes launched by Crown Prince Mohammed bin Salman.

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Agencies
June 18,2020

New Delhi, Jun 18: Reliance Industries Ltd on Thursday said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia's Public Investment Fund (PIF) for Rs 11,367 crore, taking the cumulative fund raising to about Rs 1.16 lakh crore in two months.

Starting with Facebook Inc on April 22, Reliance has sold almost 25 per cent of equity in Jio Platforms - the maximum reports suggest the company intends to dilute to financial investors.

The investment by Saudi sovereign wealth fund is "at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore", the company said in a statement.

With this investment, Jio Platforms has raised Rs 115,693.95 crore from some of the leading global investment powerhouses at a time when the world is deeply impacted by the coronavirus pandemic, resulting in a recession kind of environment for the global economy.

"With the addition of PIF's investment, Jio Platforms has established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India," the statement said.

Jio Platforms houses India's biggest telecom firm by subscribers, Reliance Jio. With more than 388 million users, Jio has forced out several rivals and driven consolidation in the sector since entering the market in 2016 with free voice services and cut-price data.

Over the past two months, billionaire Mukesh Ambani's oil-to-telecom conglomerate has announced the sale of about $14 billion of assets, completed a Rs 53,124 crore rights issue and slowed the run rate of new investment by a quarter.

These will help Reliance meet its target of paying off Rs 1.61 lakh crore of net debt by the end of the year.
This is PIF's largest investment into the Indian economy to date.

Ambani, chairman and managing director of Reliance Industries, said, "We at Reliance have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades. From oil economy, this relationship is now moving to strengthen India's New oil (data-driven) economy, as is evident from PIF's investment into Jio Platforms."

Yasir Al-Rumayyan, governor of PIF, commented: "We are delighted to be investing in an innovative business which is at the forefront of the transformation of the technology sector in India. We believe that the potential of the Indian digital economy is very exciting and that Jio Platforms provides us with an excellent opportunity to gain access to that growth."

"This investment will also enable us to generate significant long-term commercial returns for the benefit of Saudi Arabia's economy and our country's citizens, in line with our mandate to safeguard and grow the national wealth of the Kingdom," he said.

The transaction is subject to Indian regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.

Prior to this deal, Reliance had sold 22.38 per cent of Jio Platforms to investors including Facebook Inc, securing Rs 104,326.95 crore in eight weeks.

Facebook kicked off the party, investing Rs 43,573.62 crore for a 9.99 per cent stake on April 22. This was closely followed by a further Rs 60,753.33 crore in investment.

Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore on May 4. It invested another Rs 4,546.80 crore for additional 0.93 per cent stake on June 5, taking its total holding to 2.08 per cent
Private equity KKR and Vista Equity Partners have taken 2.32 per cent stake each for Rs 11,367 crore apiece. KKR invested in Jio Platforms on May 22 while Vista invested on May 8.

Abu Dhabi sovereign wealth fund Mubadala Investment Co picked up 1.85 per cent in Jio Platforms for Rs 9,093.60 crore on June 5. Abu Dhabi Investment Authority on June 7 invested Rs 5,683.50 crore for a 1.16 per cent stake in Jio Platforms.

On May 17, global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore.

Global investment firm TPG on June 13 picked up 0.93 per cent for Rs 4,546.80 crore while L Catterton bought 0.39 per cent for Rs 1,894.50 crore.

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Agencies
July 30,2020

Kuwait will allow citizens and residents to travel to and from the country, starting August 1, the government communication center tweeted on early Thursday, citing a cabinet decision.

The decision excludes residents coming from Bangladesh, Philippines, India, Sri Lanka, Pakistan, Iran, Nepal.

Last month, Kuwait announced it would partially resume commercial flights from August, but does not expect to reach full capacity until a year later, as its aviation sector gradually recovers from a suspension sparked by the Covid-19 crisis.

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