Dawn of a new era under King Salman

January 27, 2015

King Salman

Jeddah, Jan 27: A new era dawned in Saudi Arabia on Monday under the leadership of Custodian of the Two Holy Mosques King Salman as citizens across the country expressed their confidence in the new king’s ability to take the Kingdom to new heights of progress and prosperity.

The three-day mourning period for the late King Abdullah ended Sunday. King Salman, Crown Prince Muqrin, Deputy Crown Prince, Second Deputy Premier and Interior Minister Prince Mohammed bin Naif and other royal family members had received condolences from world leaders and citizens on Saturday and Sunday.

Saudis in the Kingdom and abroad have pledged their allegiance to the country’s new leaders, in personal meetings or through regional governors and ambassadors abroad.

On Sunday, thousands of citizens stood in line in front of Al-Yamamah Palace in Riyadh to meet King Salman. According to a report carried by Asharq Al-Awsat, there was no blockade in front of the palace to restrict entry.

“There was no discrimination. Everybody, including princes, ministers, Shoura members and ordinary citizens were allowed to meet the king without following any protocol,” the report said.

Citizens from across the Kingdom came in their traditional attire. Sheikh Ibrahim bin Mohammed Al-Khereiji, an elderly man who was imam of the big mosque in Al-Kharj, made his way to the palace in a wheelchair.

The man’s son, Abdul Aziz, said his father had met all the previous six kings. “He was a member of the delegation set up by King Abdul Aziz to receive King Farouk of Egypt when the latter visited the Kingdom on Jan. 24, 1945,” the son said.

Al-Khereiji was appointed by King Abdul Aziz as a secretary in Al-Kharj and was in charge of distributing land among citizens. He established contact with King Salman when he was appointed the governor of Riyadh in 1955, the son said.

The smooth transition in Saudi Arabia following the death of King Abdullah has won applause from Saudis and foreign leaders. Saudi Ambassador to Egypt Ahmed bin Abdul Aziz Qattan said the smooth transition has strengthened citizens’ confidence in the new leadership.

Speaking to the Saudi Press Agency after receiving citizens who came to express their condolences and pledge their allegiance to the new leadership, Qattan said Saudis have been impressed by King Salman’s wisdom and administrative expertise.

“King Salman has been in the government for the last 60 years, dedicating his life to the service of the Kingdom and its people. All Saudis will definitely rally behind their wise leadership as usual,” the ambassador said.

In his keynote speech after ascending the throne, King Salman said that his government would follow the straight path, based on the teachings of the Qur’an and Sunnah, without deviating from the policies of his predecessors.

The new leadership has taken over at a time when Saudi Arabia faces several challenges including falling oil prices — the Kingdom depends on oil for about 90 percent of its revenue — and the threat posed by the so-called Islamic State terrorist group in the north and the Houthis in the south.

“It is no secret that there has been no major change for several decades in Saudi foreign policy. It has always been based on certain basic principles and various geographic, historical, religious, economic, security and political factors,” said Salman Aldossary, editor in chief of Asharq Al-Awsat.

He said noninterference in the internal affairs of other countries, establishing strong relations with Gulf, Arab and Islamic countries, supporting Arab and Islamic causes and cooperation with other friendly countries, are the hallmarks of Saudi foreign policy. This included the Kingdom’s continuous efforts to ensure stability in the international oil market because it is one of the world’s largest oil producers, he said.

Mohammed bin Daqqas, a former employee at the royal court, said King Salman has always insisted on punctuality and hard work. “When he was the governor of Riyadh, he used to look into the matters of citizens himself. One day when he was outside the Kingdom, he contacted an official at the governorate to attend to the case of a citizen.

The official had left the office 30 minutes before the end of the working day. He then asked the official to return to the office and complete the work for that citizen.”

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Agencies
March 15,2020

Riyadh, Mar 15: Saudi Aramco on Sunday reported a 20.6 percent drop in its net profit for 2019 due to low oil prices and production levels, the company said in a statement.

These are the first annual results to be announced by the energy giant after its historical $29.4 billion initial public offering and listing on the Saudi Tadawul market last December.

Aramco posted net profits of $88.2 billion last year compared to $111.1 billion in 2018, Monday's statement said.

"The decrease was primarily due to lower crude oil prices and production volumes, coupled with declining refining and chemical margins," it said.

The company also made $1.6 billion of impairment provisions for losses associated with Sadara Chemical Company, an Aramco subsidiary.

"2019 was an exceptional year for Saudi Aramco. Through a variety of circumstances -- some planned and some not -- the world was offered unprecedented insight into Saudi Aramco's agility and resilience," CEO Amin Nasser said.

"Our unique scale, low costs, and resilience came together to deliver both growth and world-leading returns, while also maintaining our position as one of the world's most reliable energy companies," Nasser said.

The earnings for last year are not affected by the coronavirus outbreak or the ongoing price war between Saudi Arabia and Russia that has sent oil prices crashing.

Aramco said it will distribute dividends worth $73.2 billion for 2019 but based on its commitments under the IPO, its dividends for the next five years starting this year will be at least $75 billion.

It said its capital spending last year dropped to $32.8 billion from $35.1 billion in 2018.

The company expects capital spending, which is expenditure on projects, to be between $25 billion and $30 billion this year "in light of current market conditions and recent commodity price volatility."

But it said that capital expenditure for 2021 and beyond is currently under review.

The results were announced amid a price war between Saudi Arabia and Russia after they failed to agree on additional output cuts to support prices dented by the outbreak of the coronavirus pandemic.

"The recent COVID-19 outbreak and its rapid spread illustrate the importance of agility and adaptability in an ever-changing global landscape," Nasser said.

The kingdom said last week Aramco will pump 12.3 million barrels of oil per day, boosting output by at least 2.5 million bpd.

It also announced plans to raise production capacity from 12 million bpd to 13 million bpd.

Forecasts for future crude prices and demand are also bleak.

In its latest monthly report, the Organization of Petroleum Exporting Countries lowered its forecast for global average daily demand by 0.92 million barrels to 99.73 million barrels.

Saudi Arabia is also in the midst of a royal purge that saw King Salman's brother and nephew detained after sources said they were accused of plotting a palace coup to unseat the crown prince, heir to the Saudi throne.

Aramco shares rallied immediately after the listing on December 11, rising by 19 percent to 38 riyals ($10.1) and temporarily lifting the company's valuation above the $2 trillion mark, which was sought by Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler.

But as oil prices tumble, Aramco shares have lost 29 percent from its highest point, slipping below the listing price.

On Thursday, Aramco's market value dropped to around $1.55 trillion, but it still remains the world's largest publicly listed company.

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Agencies
May 1,2020

Saudi Arabia has initiated refund of work visa fee to foreigners unable to travel to the Kingdom due to the suspension of international flights in the aftermath of Covid-19 pandemic.

Several work visas were cancelled, following which the Ministry of Human Resources and Social Development, in cooperation and coordination with the Ministry of Foreign Affairs, announced the refund. The cancellation and refunding of the stamped visas will be considered effective from the date of issuance of the royal decree on March 18, reported Saudi Gazette.

As a precautionary measure to curb the spread of coronavirus, the Kingdom suspended all international flight. The ministry of health in Saudi Arabia on Wednesday announced 1,325 new Covid-19 coronavirus cases and 169 recoveries. With this, the total number of cases in the Kingdom now stands at 21,402, while recoveries stand at 2,953, as on Wednesday reported KT.

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News Network
April 11,2020

Dubai, Apr 11: Saudi Arabia has reported another 382 new cases of coronavirus, bringing the total number of infections in the country to 4,033, the Ministry of Health announced on Saturday.

The ministry also confirmed five more deaths from the virus, pushing the death toll in Kingdom to 52.

A total of 35 people has made full recovery from the deadly disease, taking the tally of patients recovered to 720.

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