KSA rejects foreign interference in Iraq

June 17, 2014

Interference in IraqJeddah, Jun 17: Saudi Arabia rejected Monday the idea of any foreign interference in Iraq and blamed Baghdad’s “sectarian and exclusionary” policies for the worsening security situation in the country.

Fighters from the Islamic State of Iraq and the Levant (ISIL) have seized several Iraqi cities, threatening to split the country down sectarian lines, a deeply worrying prospect for the region and beyond.

The crisis “would not have happened if it wasn’t for the sectarian and exclusionary policies that were practiced in Iraq in past years and which threatened its security, stability and sovereignty,” the Council of Ministers said.

The Cabinet, chaired by Deputy Custodian of the Two Holy Mosques Prince Salman, said it was necessary to “preserve Iraq’s sovereignty” and rejected any outside interference in Baghdad’s internal affairs. It also urged the “quick formation of a national consensus government.”

Militants, spearheaded by ISIL and joined by supporters of former President Saddam Hussein, have in the past week overrun a large chunk of northern and north-central Iraq, although their advance has since been slowed.

Saudi analyst Abdel Aziz Al-Sagr said Riyadh was concerned its US ally might give Tehran its tacit blessing for intervention in Iraq. “We need regional coordination over Iraq, not a US-Iranian dialogue,” said Al-Sagr.

Qatar’s Foreign Minister Khaled Al-Attiyah said the trigger for the unrest was the marginalization of Iraq’s Sunni Arabs. He cited as examples the crackdown by security forces on peaceful protests by the minority community in April 2013 and January this year. “This has deepened the divide between the components of the brotherly Iraqi people,” Al-Attiyah said in comments reported by the official Qatari news agency late on Sunday.

“Nouri Al-Maliki is worse, and more dangerous, than ISIL and Al-Qaeda,” said columnist Abdul Rahman Al-Rashed. “He is a bad person who is ready to commit massacres to stay in power.”

Culture and Information Minister Abdul Aziz Khoja said the Cabinet also emphasized the importance of protecting and alleviating the suffering of civilians.

The Cabinet welcomed the final statement of the International Summit to Combat Violence in Conflict Zones held in London. It reiterated the Kingdom’s appeal to the international community to take measures, including passing legislation, to uphold the rights of women, and protect civilians in conflict zones. Such actions should be treated as crimes against humanity and perpetrators punished, the Cabinet said.

The Cabinet called for concerted international efforts to counter terrorism, which it described as the most serious challenge facing the world.

It stressed that the establishment of the rule of law, development, education, and dialogue were the most effective ways to eradicate the root of the problem, Khoja said.

The council reviewed the meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, including its discussions on the state of the international oil market and decisions to maintain the current production ceiling until the end of the year.

Spelling out other Cabinet decisions, Khoja said it exempted the Makkah Trains Company from having to issue tenders for the work in the city. Competition would be limited to the companies that were initially invited and qualified. The contracts would be based on those adopted by the International Federation of Consulting Engineers, it said.

The Makkah Trains Company would manage the implementation of the project and submit its annual budget to the supervisory committee. The executive committee would oversee the budget.

The Cabinet authorized the head of the Youth Welfare Presidency to discuss with Korea a draft memorandum of understanding for sports cooperation. It also inducted four new members onto the board of directors of the Saudi Exports Development Authority (SEDA) for three years.

The Cabinet approved another bill to regulate the activities of female beauty parlors. Those running the parlors should obtain licenses from the municipality, which would be issued with the Commission for the Promotion of Virtue and Prevention of Vice, and Civil Defense.

The activities would be limited to activities related to the beauty industry. There would be strict control in terms of Islamic law. Females applying for licenses should be Saudi, and not younger than 25, except for those who have obtained a diploma in the field from a technical college. The licensed woman should commit to manage the shop by herself or appoint a full-time Saudi manager.

The Cabinet appointed Mohammad bin Saleh Almonas director general of the Department of Technical Affairs; Salman bin Abdulaziz Shuwaiheen director general of the department of expatriates at the Ministry of Interior; and Ali bin Abdullah Alhamda sector chief at the Ministry of Finance.

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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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Agencies
July 31,2020

Dubai, Jul 31: The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia tweeted early on Friday sending congratulations to everyone on Eid Al Adha.

"I congratulate everyone on the blessed Eid Al Adha. May Allah [grant us another Eid where we will be in] good, blessings, health, and wellness," King Salman said.

"We also ask [God] to accept the pilgrimage of those who completed Haj, and [to accept] Muslims' prayers, and to remove the coronavirus pandemic in our countries," he added.

King Salman left King Faisal hospital in Riyadh after recovering on Thursday, the Saudi Press Agency (SPA) reported on Thursday.

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KT
June 30,2020

Dubai, Jun 30: The UAE Embassy in India on Tuesday urged expats stranded in India to procure travel approvals from the Federal Authority for Identity and Citizenship (ICA) in the UAE ahead of their travel to the UAE.

It has also assured UAE residence visa holders that a no-objection letter to travel would be issued on a humanitarian basis, as long as the resident meets all conditions set by the government of UAE.

The UAE Embassy in New Delhi tweeted Tuesday morning, "The @UAEembassyIndia would like to draw the attention of the valid UAE residence permit holders currently present in India, to the necessity of obtaining necessary approval from the @ICAUAE while ensuring that all conditions set by the UAE competent authorities are observed."

It added, "Please note that UAE will issue no objection letter to travel in some humanitarian cases only that meet all conditions and requirements."

The embassy also affirmed its commitment to the decisions of the Indian authorities regarding the continued closure of airports in India, and implementation of some restrictions that do not allow foreign airlines to carry passengers.

"We express our thank for your cooperation and your understanding of the current global situation, and in case there is any developments in this regard, we will publish it on the official platforms of embassy (sic)," the Embassy tweeted.

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