King Salman’s visit to Asian countries to achieve Vision 2030 aims, say experts

March 8, 2017

Riyadh, Mar 8: Experts said the visit of King Salman to several Asian countries carries investment mega-opportunities that will help achieve the objectives of Vision 2030.

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They said strengthening relations with the East Asian countries allows the Kingdom to benefit from trade locations and the experiences of these countries, local media said.

The board chairman of the Eastern Region Chamber of Commerce and Industry, Abdulrahman Al-Otaishan, said openness to the emerging economies of East Asian countries will allow the Kingdom to diversify income sources, and attract new expertise from these countries.

Nasir Al-Hajri, a businessman, said the visit reflects the correct approach of the Kingdom’s leaders in reading economic developments. Eastern openness will strengthen the Kingdom’s economy and link it to mega-economies that have weight in global markets, he said.

Abdullah Al-Majdouie, another businessman, said openness is the feature of the modern era, and it becomes imperative to gain new additions from countries that have accomplished a lot in terms of economic growth that will serve the Kingdom’s strategic objectives in the long term.

Atif Sukkar, professor of Political Sciences at King Abdul Aziz University, said the king’s visit is not only important locally, but it is equally important at the foreign level for the Kingdom’s reputable international position.

Abdulbari Al-Nuwaihi, professor of economics at Prince Sultan Management College at Al-Faisal University in Jeddah, said the king’s visit is of paramount importance, as it will increase political, military and economic cooperation between the Kingdom and these countries. It will also allow openness to new markets and build strong alliances, he said.

Suha Allawi, assistant professor of Corporate Governance and Investment at King Abdul Aziz University, said the king’s visit aims to diversify the Kingdom’s strategic partnerships and strengthen its bilateral relations with the East Asian countries.

A Shoura Council member and professor of history and antiquities at King Saud University, Ahmed Al-Zailai, said the deals signed during the king’s visit to these Asian countries were good products of his visit.

The head of the Committee of Economy and Energy at the Shoura Council, Abdulrahman Al-Rashid, said the energy deals signed with the Indonesian side would boost relations with the Asian counties, in general, and the Kingdom’s strategic partners in oil and petrochemicals in particular.

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Gulf News
April 12,2020

Hyderabad, Apr 12: In the backdrop of rising tide of anti-Muslim hatred and Islamophobia on the social media, a company in Dubai sacked an employee from Hyderabad for his hate-filled posts on Facebook.

Bala Krishna Nakka from Hyderabad, who was working as Chief Accountant at Dubai’s Moro Hub Data Solutions Company, was sacked after his Facebook went viral evoking widespread condemnation. The man had posted images on his Facebook page which showed Muslims as suicide bombers wearing bombs in the form of coronavirus cells.

It triggered demands both on Facebook and Twitter for action against him. In a quick response the company announced that the person was being sacked from his job, as the company had zero tolerance towards hate propaganda.

Moro Hub said in a statement: “At Moro, we take a zero tolerance attitude to material that is or may be deemed Islamophoic or hate speech. The tweets that we have been alerted to do not, in any way, reflect Moro’s brand values.”

Since the outbreak of coronavirus in India, a more intense hate propaganda has been unleashed by right wing elements on social media targeting India’s Muslim minority, some of whom are based in Gulf region.

As both the mainstream media, especially Indian TV channels, as well as social media users, have unleashed a campaign linking the spread of virus to a Muslim missionary organisation, the Tableeghi Jamaat, in India, a fresh war of words has broken out on social media.

While some activists have taken up it on themselves to highlight the hate propaganda and draw the attention of employers to such hate mongers, the right wing social media handles have also launched their own counter-offensives against such activists.

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News Network
May 20,2020

Cairo, May 20: A senior Kuwaiti lawmaker has called for imposing a tax on expatriates’ remittances to shore up the country’s finances.

MP Khalil Al Saleh, the head of the parliament’s Human Resources Committee, has presented a draft law on the proposed tax to the legislature.

“Imposing fees on expatriates’ transfers will have a role in improving the state's revenues and diversify sources of income,” he told Al Rai newspaper.

Migrant workers transfer about 4.2 billion dinars annually from Kuwait, he added, citing figures from Kuwait’s Central Bank.

“This system is in effect in most countries of the world and in more than one Gulf country. Expats there have not objected to it. Allowing this money to exit the country is very dangerous and has a direct effect on economy,” MP Al Saleh said.

“We do not target brotherly expats because imposing symbolic fees on financial transfers will not affect their money, but will have a positive effect on the state’s sources,” he said. “This has become a necessity after the money transferred outside Kuwait has reached 4.2 billion dinars annually without the state [Kuwait] making any benefit from this.”

Foreign workers make up 3.3 million of Kuwait’s 4.6 million population.

Several Kuwaiti public figures have recently pushed for redrawing the demographic imbalance in the country, accusing expatriates of straining health facilities and increasing the Covid-19 threat.

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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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