King Salman calls for unity and solidarity to solve problems facing Muslim nations

March 1, 2017

Riyadh, Mar 1: King Salman has called on Muslim nations to unify their ranks to solve problems facing Islamic countries in the current volatile situation in regional and international developments.

Salman

The king spoke in Kuala Lumpur on Tuesday when he met a group of senior Malaysian scholars including muftis and Islamic workers.

A day before King Salman wraps up his visit to Malaysia and travels to Indonesia, the king was conferred an honorary doctorate by the premier International Islamic University Malaysia (IIUM) on Tuesday.

The honorary degree and a “Lifetime Outstanding Achievement Award” were presented to him at a special convocation ceremony at the IIUM Cultural Center by Pahang state ruler Sultan Ahmad Shah, head of the university.

“The Muslim world is confronted by many challenges that require patience, compassion and determination. King Salman is not an ordinary person; his duties and obligations to his country and followers of Islam demand composure and great patience by him,” Sultan Ahmad said. “King Salman represents the qualities that our religion urges us to acquire.”

On meeting senior Islamic scholars in Malaysia, King Salman said the major challenge facing the Muslim nation is how to protect countries from extremism. “The king talked about campaigns against Islam, which are trying to undermine its moderation and tolerance,” said a Saudi Press Agency (SPA) report on Tuesday.

The king noted the challenges facing the Muslim world require more cooperation and solidarity among Islamic countries. He emphasized the Kingdom’s willingness to “provide everything it can do to serve Islam and communicate with Muslims all over the world.”

In another meeting, King Salman received at his residence in Kuala Lumpur Malaysian Minister of Defense Hishammuddin Hussein. They reviewed bilateral relations, prospects of cooperation between the two countries and the latest developments in the region including cooperation in the defense sector.

On the sidelines of the visit, the Saudi Ministry of Commerce and Investment organized the Saudi-Malaysian Business Forum in the presence of a large group of Saudi and Malaysian businessmen in the Malaysian capital on Tuesday. The meeting was addressed by Ghassan Ahmed Al-Sulaiman, governor of the General Authority for Small and Medium Enterprises.

Al-Sulaiman said that the Kingdom wants to attract investments in accordance with the goals of Vision 2030. The forum was also addressed by Malaysian Minister of International Trade and Industry Mustapa bin Mohamed. He said: “The visit of King Salman to Malaysia gives Saudi-Malaysian relations a strong push forward and enhances economic and trade cooperation.”

He also said the two countries have available business opportunities for investment and cooperation. He also noted the volume of trade exchange between the two countries is witnessing quantitative and qualitative growth. Malaysia, he said, hopes to forge closer ties with Saudi Arabia in trade, investment, tourism, and the halal sector and in developing small and medium enterprises.

King Salman also received at his residence in the Malaysian capital Kuala Lumpur a group of Saudi students on scholarships in Malaysia and Malaysian students who graduated from Saudi universities. The king told them: “I’m glad to see you … at the same time you must know that you are from the land of Muslims’ Qiblah, and you should be good models for those who see you in this country.”

On the sidelines of the royal visit, Ali bin Nasser Al-Ghafis, Saudi minister of labor and social development, met in Kuala Lumpur Rohani Abdul Karim, Malaysian minister of women, family and community development.

They discussed ways of strengthening “social development and the exchange of expertise, as well as topics related to the promotion of women’s role in community development.”

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Agencies
July 2,2020

With the launch of the Emirates Mars Mission less than a couple of weeks away, the spacecraft that will carry the UAE's Hope Probe to outer space has already been fuelled, it was announced today.

At a virtual briefing by the Mohammed bin Rashid Space Centre (MBRSC) today, the media was informed that scientists are busy giving finishing touches to the Hope Mars Mission, which will give mankind a complete picture of the Martian atmosphere once the UAE's indigenous probe reaches the Red Planet's orbit in 2021.

As the monitoring continues, final charging of the batteries is also ongoing, scientists said.

The space engineers averred that with this mission, the momentum in the region for space awareness will continue not only among young Emiratis but also among other youngsters in the Arab world.

The Hope Probe is scheduled to take off from Japan's Tanegashima Space Centre on July 15 at 00:51:27 UAE time.

The first Arab space mission to the Red Planet remained on track despite the challenges arising from the Covid-19 pandemic.

The spacecraft will provide the first global pictures of the Martian atmosphere and data will be shared freely with over 200 research centres across the world. It will help answer key questions about the global Martian atmosphere and the loss of hydrogen and oxygen gases into space over the span of one Martian year.

450 engineers, technicians and experts are involved in the project.  This comprises of 12,000 tasks in 6 years and entails 5.5 million working hours.

It includes 200 new technologies and 15 scientific partnerships with global universities and institutions.

The spaceship will travel 495 million km. It has a cruise speed of 121,000km/hour.

MBRSC is responsible for the execution and supervision of all stages of the design, development and launch of the Hope Probe. The UAE Space Agency is funding and supervising procedures and necessary details for the implementation of this project. After its launch in mid-July and following a journey of several months, the probe is expected to enter the Red Planet's orbit in 2021, coinciding with the Golden Jubilee of the Union.

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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
April 24,2020

Dubai, Apr 24: The UAE reported 525 new COVID-19 cases on Friday. The Ministry of Health and Prevention said the total number of confirmed cases in the UAE is now 9,281.

MOHAP reported 8 deaths taking the total number of deaths in the country to 64. 123 recoveries have also been announced.

According to the Ministry of Health and Prevention, the latest cases were detected through its intensified investigation and examination procedures.

The ministry conducted over 32,000 additional COVID-19 tests among citizens and residents.

The ministry offered its sincere condolences to the families of the deceased. It also wished a speedy recovery to all patients and called upon the general public to strictly adhere to preventative measures out of concern for the health and safety of all.

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