War 'stopped' between Qatar, blockading Arab nations

Agencies
September 8, 2017

Kuwait City, Sept 8: The emir of Kuwait says the threat of war between Qatar and Arab nations blockading it for the past three months has been neutralised.

Sheikh Sabah al-Ahmad Al Sabah, the main mediator in the Gulf dispute, spoke in Washington, DC on Thursday at a joint press conference with US President Donald Trump.

While both sides in the dispute have ruled out the use of armed force, some ordinary Qataris say they worry about the possibility of military action, given the ferocity of the criticism their country has received from media in the four Arab states.

"What is important is that we have stopped any military action," Sheikh Sabah said.

In a joint statement, the blockading nations expressed regret about the Kuwaiti emir's comment about stopping military intervention.

"The military option was not and will not be [used] in any circumstance," it said.

Saudi Arabia, the UAE, Egypt and Bahrain cut diplomatic and trade links with Qatar on June 5, suspending air and shipping routes with the world's biggest exporter of liquefied natural gas. Qatar is also home to the region's biggest US military base.

The four nations say Doha supports regional foe Iran and "funds terrorism" - charges Qatar's leaders vehemently deny.

The countries reiterated on Thursday the accusation that Qatar continued to finance terrorism and interfere in the internal affairs of other countries.

Trump said there is still funding of radical groups by some nations, but added multiple countries are responsible. "There is massive funding of terrorism by certain countries," he said.

Al Jazeera's Kimberly Halkett, reporting from Washington, DC, said Trump's tone had changed after previously sending mixed signals.

"What is significant is the US president is now no longer singling out Qatar. He made a phone call to the emir of Qatar immediately following his press conference to provide further assurances," she said.

The joint statement by the blockading nations praised what they called Trump's firm assertion that the only way to resolve the crisis was by stopping the support and financing of terrorism, "and his unwillingness to resolve the crisis unless this is achieved".

Sheikh Sabah said he had received a letter from Qatar that expressed willingness to discuss a list of 13 demands from its neighbours.

"We know that not all of these 13 demands are acceptable," Kuwait's leader said, referring specifically to issues that affected Qatari sovereignty. "A great part of them will be resolved."

Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani told Al Jazeera any mediation had to come "without conditions", reiterating Doha would not negotiate while transport links with neighbours remained cut.

The Arab powers responded in the statement by accusing Qatar of putting preconditions on negotiations, which they said showed a lack of seriousness in resolving the dispute.

Qatari officials have repeatedly said the demands are so draconian they suspect the four countries never seriously intended to negotiate them, and were instead seeking to hobble Doha's sovereignty.

At the same time, they have said Qatar is interested in negotiating a fair solution to "any legitimate issues" of concern to fellow Gulf Cooperation Council member states.

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News Network
July 5,2020

Riyadh, Jul 5: Custodian of the Two Holy Mosques King Salman has approved the extension of the validity of the expired iqama (residency permit) and exit and reentry visas of expatriates who are outside the Kingdom for a period of three months without any fee.

The iqama of expatriates inside the Kingdom as well as the visa of visitors who are in the Kingdom of which the validity expires during the period of suspension of entry and exit from the Kingdom will also be extended for a period of three months without any charge.

The validity of final exit visas as well as exit and reentry visas issued for expatriates, who are in the Kingdom, but were not used during the lockdown period will be extended for a period of three months without any fee, the Saudi Press Agency reported quoting an official source at the Ministry of Interior.

The ministry source said that these measures were taken as part of the continuous efforts made by the government of King Salman to mitigate the effects of the coronavirus pandemic on individuals as well as on private sector establishments and investors, economic activities in the Kingdom, following the adoption of the preventive measures to stem the spread of the pandemic.

The beneficiaries of the King’s order include all expatriates who are outside the Kingdom on exit and reentry visas, which expired during the lockdown period and after lifting of the lockdown.

These expatriates are not in a position to return to the Kingdom due to the enforcement of suspension of international flight service and temporary ban on entry and exit from the Kingdom.

The beneficiaries also include those expatriates who are still in the Kingdom after issuance of final exit visas or exit and reentry visas but could not travel because of the suspension of entry and exit from the Kingdom.

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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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News Network
May 6,2020

A massive fire engulfed a residential tower in UAE's Sharjah last night. The building has been identified as one Abbco Tower in Al Nahda.

According to the latest inputs, Sharjah Civil Defence teams rushed to the spot and evacuated all residents. 

Firefighters managed to douse the blaze after several hours. The building in question is reportedly a 48-storey structure. Officials are yet to reveal the cause of the fire.

All residents of the building were evacuated while seven incurred minor injuries during the evacuation and were treated at local hospitals, reported the United Arab Emirates' local media.

More details are awaited as this is a developing story.

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