Arabs, Muslims condemn Egypt church bombings

April 10, 2017

Jeddah, Apr 10: Terrorist attacks targeting two Coptic Christian churches in Egypt, which killed at least 43 people and wounded as many as 100, have unified Arab and Western nations to further their efforts to defeat extremist violence.

ArabsEgyptian President Abdel Fattah El-Sisi announced a three-month state of emergency following twin church bombings.

King Salman on Sunday made a phone call to El-Sisi, expressing his condolences and sympathy to the Egyptian president, following the terrorist bombings.

During the phone call, the king expressed in the strongest words his denunciation and condemnation of the two sinful criminal terrorist acts and reiterated the Kingdom’s solidarity with Egypt and its people against whoever attempts to tamper with its security and stability.

Security and political analysts told Arab News that while the international community combines resources to fight terrorism, the strategy also makes their countries targets of retaliation. Yet it also strengthens their resolve to defeat groups like Daesh.

Bombs exploded at two Coptic churches in different cities in northern Egypt as worshippers were celebrating Palm Sunday in an attack claimed by Daesh. The claim was published by the militant group’s Aamaq news agency. It provided no further details.

The blasts came at the start of Holy Week leading up to Easter, and just weeks before Pope Francis was due to visit the Arab world’s most populous country, which has been beset by extremist violence against its minority Christians.

In the first attack, a bomb went off inside St. George’s Church in the Nile Delta city of Tanta, killing at least 27 people and wounding 78, officials said.

A few hours later, a suicide bomber rushed toward St. Mark’s Cathedral in the coastal city of Alexandria, the historic seat of Christendom in Egypt, killing at least 16 people and wounding 41, the Interior Ministry said.

Foreign, Arab and Muslim countries quickly condemned the terrorist attacks.

Saudi Arabia’s Foreign Ministry issued a condemnation in a statement issued in the aftermath of the attacks.

Extremists have claimed previous attacks against Egypt’s Coptic minority, and had recently vowed to step up violence against Christians, who they view as an ally of the West in a war against Islam.

Regional police chief Brig. Gen. Hossam Elddin Khalifa was fired over the incident, with Maj. Gen. Tarek Hassouna replacing him, the state-run newspaper Al-Ahram reported.

Pope Tawadros II had held Palm Sunday services at the cathedral, but his aides said he had escaped unharmed. The timing of the attack raised the question of whether the bomber had sought to assassinate the pope, leader of one of the world’s oldest Christian communities.

It is a serious security breech that calls on the Egyptian security institution to revise all its security measures, said Hani Nusseira, an expert in the affairs of Islamic groups. However, he said these attacks always have an opposite effect of what terrorists intended.

“The Egyptian society is known for their reliance,” he told Arab News on Sunday. “Every time a terrorist act takes place the people become more united and more supportive of any government measures to counter the terrorists.”

He added that despite authorities’ knowledge of being a target by the terrorist groups, they have yet to implement adequate security measures to ensure the public’s safety, especially during national or religious events.

Nusseira stressed that despite the attacks, the Egyptian case is not an exceptional one, but rather its fight against terrorist groups makes the country more subject to retaliatory acts.

Hamdan Al-Sheheri, a political analyst and international relations scholar, said the question is who is benefiting from these terrorist acts in the first place.

“This barbaric act is an attempt by terrorists to defragment the international focus, especially the US administration, which has started to see recently from the Syrian regime, back to fighting terrorism. This implies that the Syrian regime backed by the Iranians are trying to shift the pressure in a way that serves their agendas in the region,” Al-Sheheri told Arab News on Sunday.

The US administration in the wake of the recent chemical attack in Syria and the US missile strike against the Syrian regime could be a reason triggering these terrorist blast in Egypt, he said.

He said that it is also an attempt to put pressure on the Egyptian government not to support any international pressure on the Syrian regime and to keep their efforts focused on supporting a political settlement in Syria.

“Terrorism does not distinguish between countries or religions. The terrorists consider any successful breech of security in any targeted country a success to their agendas,” he said.

Over the past years, the Coptic community in Egypt has been subject to several terrorist attacks, he said.

“From the terrorist perspective, what is making them a target is their support to the current political system,” he said. “They are Egyptians, after all, and they are affected by whatever political development that takes place in Egypt, which gives them the right to take a political stance just like any other Egyptians.”

Nabil Haddad, founder and director of the Jordanian Interfaith Coexistence Research Center, said, “This cowardly act was committed at the hands of terrorist individuals who have nor regard to faith or humanity. Terrorism does not differentiate between religions and those cowardly groups are only tarnishing the image of Islam, which calls for tolerance and peaceful coexistence among different faiths.

“This will not deter us from living together in peace and harmony. On the contrary, it will make us more united and adamant to defeat terrorism."

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News Network
May 11,2020

May 11: Saudi Arabia will triple its value-added tax rate and suspend a cost of living allowance for state workers, it said on Monday, seeking to shield finances hit by low oil prices and a slump in demand for its lifeline export worsened by the new coronavirus.

Historic oil output cuts agreed by Riyadh and other major producers have given only limited support to prices after they sank on oversupply caused by a war for petroleum market share between the kingdom and its fellow oil titan Russia.

Saudi Arabia, the world's largest oil exporter, is also being hit hard by measures to fight the new coronavirus, which are likely to curb the pace and scale of economic reforms launched by Crown Prince Mohammed bin Salman.

"The cost of living allowance will be suspended as of June 1, and the value added tax will be increased to 15% from 5% as of July 1," Finance Minister Mohammed al-Jadaan said in a statement reported by the state news agency. "These measures are painful but necessary to maintain financial and economic stability over the medium to long term...and to overcome the unprecedented coronavirus crisis with the least damage possible."

The austerity measures come after the kingdom posted a $9 billion budget deficit in the first quarter.

The minister said non-oil revenues were affected by the suspension and decline in economic activity, while spending had risen due to unplanned strains on the healthcare sector and the initiatives taken to support the economy.

"All these challenges have cut state revenues, pressured public finances to a level that is hard to deal with going forward without affecting the overall economy in the medium to long term, which requires more spending cuts and measures to support non-oil revenues stability," he added.

The government has cancelled and put on hold some operating and capital expenditures for some government agencies, and cut allocations for some reform initiatives and projects worth a total 100 billion riyals ($26.6 billion), the statement said.

Central bank foreign reserves fell in March at their fastest rate in at least 20 years and to their lowest since 2011, while oil revenues in the first three months of the year fell 24% from a year earlier to $34 billion, pulling total revenues down 22%.

"The reforms are positive from a fiscal side as greater adjustment is essential. However, the tripling of VAT is unlikely to help that much in 2020 revenue wise with the expected fall in consumption," said Monica Malik, chief economist at Abu Dhabi Commercial Bank.

She said she kept unchanged her deficit forecast of 16.3% of GDP for this year, which already factors in a greater than previously announced spending cut.

About 1.5 million Saudis are employed in the government sector, according to official figures released in December.

In 2018, Saudi Arabia's King Salman ordered a monthly payment of 1,000 riyals ($267) to every state employee to compensate them for the rising living costs after the government hiked domestic gas prices and introduced value-added tax.

DIFFICULT TIMES

A committee has been formed to study all financial benefits paid to public sector employees and contractors, and will submit recommendations within 30 days, the statement said.

In late 2015, when oil prices fell from record highs, the kingdom slashed lavish bonuses, overtime payments and other benefits once considered routine perks in the public sector.

In a country without elections and with political legitimacy resting partly on distribution of oil revenue, the ability of citizens to adapt to such reforms is crucial for stability.

"Tripling the VAT will test the limits of the balance between revenues and consumption as the economy dives into a deep recession. The move will impact consumption and could also lower the expected revenues," said John Sfakianakis, a Gulf expert at the University of Cambridge.

"These are pro-austerity and pro-revenue moves rather than pro-growth ones," he said.

Hasnain Malik, head of equity strategy at Tellimer, said the VAT rise could bring about $24-$26.5 billion in additional non-oil fiscal revenue. The rise would hit consumer spending further but was a needed step towards fiscal sustainability, he said.

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Agencies
July 28,2020

Dubai, Jul 28: Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) is letting go hundreds of employees, sources said, the latest in a round of lay-offs by regional banks as pressure mounts to cut costs amid lower oil prices and the coronavirus crisis.

The UAE’s third-biggest lender is laying off 400 employees, two sources familiar with the matter said, after it had committed to not cutting staff because of the crisis.

In a statement, a spokesman said ADCB had pursued efficiency over the last decade by managing out its lowest underachievers after regular reviews, while ensuring talent was deployed in high-growth areas, such as digital banking.

“A certain number of redundancies are therefore expected every year in the normal course of business,” the bank spokesman added.

The sources said the cuts would involve ADCB’s consumer business and several in top management were among those being let go. One source said the bank was looking to close 20 branches.

In March, ADCB had declared, “No employee will be made redundant during 2020 as a result of the COVID-19 pandemic.”

UAE banks have been hit by government measures to rein in the spread of the virus, forcing many businesses to shut temporarily.

Last week, Dubai’s largest bank, Emirates NBD, reported a slump of 58% in profits. In June, sources told Reuters the bank started a new round of hundreds of lay-offs.

In May, ADCB reported a fall of 84% in first-quarter net profit as it took impairments of $292 million on debt exposure to troubled hospital operator NMC Health and payments group Finablr.

It was a major lender, with an exposure of about $981 million, to NMC Health, which went into administration this year after months of turmoil following questions over financial reporting.

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Gulf News
May 29,2020

Dubai: There aren’t that many job vacancies right now – but be prepared for a 15-20 per cent cut in salary expectations even for those positions that are still open. Businesses in the UAE are definitely not in a generous mood when it comes to hiring, with salary cuts now part of the new normal.

And they are definitely not willing to take on new hires without extracting some cost benefit from them. “We have seen major [salary] cuts across the board in hospitality, real estate, professional services and in retail,” said Vijay Gandhi, regional head at Korn Ferry Digital, the recruitment consultancy.

“And once the headcount correction is complete in [the local] financial services and energy sector, we may see more cuts in rewards and benefits in these categories as well.”

The salary cuts are slowly extending their way into the healthcare sector as well – just about every non-COVID-19 facing medical category is coming across cuts in the number of working hours and, by extension, their take home packages.

By end of June, more businesses and sectors in the UAE will have a better understanding of their short-term revenue prospects. By then, they will also have a better reading on what their staff strength should be – and whether there should be more trimming of the workforce. Or whether they should consider a few hires as well.

A long summer
So, realistically, it could be September before such decisions need to be taken. The coming weeks will then prove to be laden with anxiety for those who are expecting to land a job option after being laid off at their current employers.

There are multiple instances of recruitment decisions having been made in February/March, and then the companies rescinding those offers to the chosen candidates citing the business uncertainty.

“The decision to hire is taking longer – so job creation is now 4-6 weeks from interview and selection compared to 4-6 days in the past,” said Gandhi.

The lucky ones
Recently, free zones and other entities had made it easier for personnel on the visa of one entity being able to smoothly transfer to another if they are likely to be made redundant. “We are seeing more flexibility being offered by the authorities given the circumstances, and the visa transfer process is happening,” said Gandhi.

“But in the vast majority of cases, businesses are going to wait and watch before normal hiring activity starts. Organizations will look to hire from September.”

A few hires are still happening
Even in the business turmoil set off by COVID-19, a few categories are still offering jobs. At the entry level, logistics services personnel and drivers with experience remain in demand.

Not just “routine jobs, there have been confirmations in more technical roles such as procurement and operations in healthcare and e-commerce,” said Gandhi. “Employers should keep an eye for good talent and have the talent acquisition team actively looking for good profiles.

“As such, organizations are not only looking at “right sizing” in numbers but also “future proofing” on what kind of skilled talent will help them in the post-COVID-19 world.”

But for the candidates, the present will be about waiting around for the call to come.

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