UAE to sharpen islands strategy

April 22, 2012

UAE

Dubai, April 22: Minister of State for Foreign Affairs Dr Anwar Mohammed Gargash has called on Iran to enter into negotiations with the UAE over the three islands occupied by Tehran and to refrain from using arrogant language.

“The UAE today is not that small baby born on 2nd December 1971, rather it’s a key state with huge potentials,” Gargash reminded, calling on Iran to be a mature state and to take into consideration the “neighbourly relationship” that link the two countries.

“We will remain neighbours forever despite our differences,” the minister told Dubai TV in an interview. The UAE, he affirmed, is a wise, respectable state adopting civilised approaches to restore its right. “We are following a long-patience policy”.

The statement came in the wake of the UAE’s reaction — which analysts considered as “unprecedented in term of its strength” — to a recent visit made by Iranian President Mahmoud Ahmedinejad to Abu Mousa Island, which Iran occupied, along with the Greater and Lesser Tunbs, in 1971 on the eve of the birth of the UAE Federation.

Meanwhile, a senior Arab League official said in Cairo that implications of Ahmedinejad’s visit to Abu Mousa will top the agenda of the extraordinary meeting of the Arab foreign ministers on Thursday.

League Deputy Secretary-General Ahmed bin Heli said the foreign ministers would take a common Arab stand on the issue.

In the Dubai TV interview, Gargash said the UAE will adopt a new political strategy in pressing for the demand to solve the issue through peaceful diplomatic channels under the umbrella of the international law. “We are mulling all possible options before us in this respect,” he said, adding that the next phase will see intensive drive for UAE diplomacy.

He emphasised that it’s not in the interest of either the UAE or Iran to escalate the situation because solution to a bilateral problem cannot be reached through provocative statements.

Gargash noted that the UAE’s firm and decisive reaction to the Iranian violation of its sovereignty has nothing to do with what the Iranians were talking about a foreign move. “We are fed up with the record of foreign pressure which the Iranians kept parroting”.

The UAE’s reaction was strong, he went on to say, because Ahmedinejad’s visit to Abu Mousa was an “unprecedented development”.


“It is the first time an Iranian president paid a visit to our occupied islands”. The visit, he indicated, has circumvented a year’s efforts to initiate bilateral negotiations.

The minister said the UAE was shocked by Ahmedinejad’s visit to Abu Mousa island, which undermined Tehran’s credibility.

He attributed the UAE’s surprise to the fact that “the visit was conducted at a time when the two countries reached an understanding on negotiation over the islands. After months of arduous efforts, the two sides had agreed that it was time to solve the problem. The UAE had even named its negotiator and Iran assigned a senior adviser of Ahmedinejad to the mission.

Gargash said the UAE’s claim of ownership to the islands is “based on realistic and tangible historic evidence”.

But he said “the UAE stands ready to risk its historic and legal facts and win or lose at the International Court of Justice”.

Refuting Iran’s allegations of having historic evidences to claim ownership of the islands, Gargash said: “He who has such evidences is supposed to accept international arbitration”.


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News Network
May 6,2020

A massive fire engulfed a residential tower in UAE's Sharjah last night. The building has been identified as one Abbco Tower in Al Nahda.

According to the latest inputs, Sharjah Civil Defence teams rushed to the spot and evacuated all residents. 

Firefighters managed to douse the blaze after several hours. The building in question is reportedly a 48-storey structure. Officials are yet to reveal the cause of the fire.

All residents of the building were evacuated while seven incurred minor injuries during the evacuation and were treated at local hospitals, reported the United Arab Emirates' local media.

More details are awaited as this is a developing story.

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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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KT
April 16,2020

Dubai, Apr 16: Brand Dubai, the creative arm of the Government of Dubai Media Office (GDMO), unveiled a series of outdoor ads that form part of its new campaign to encourage the community to stay home.

Featuring the slogan 'For My Sake #StayHome for Us', the campaign depicts stunning artwork developed in collaboration with Emirati artist Maitha Demithan. The ads have been displayed on billboards, lamp posts and digital screens across Dubai.

The campaign reinforces the importance of staying at home in line with the strict restrictions on movement put in place by Dubai's Supreme Committee of Crisis and Disaster Management as part of intensified measures to combat Covid-19.

Nehal Badri, Director of Brand Dubai, said: "The outdoor campaign, displayed in prominent locations across Dubai, was designed to illustrate the importance of staying at home during the current sensitive period. Using Maitha Demithan's stunning creative artwork, we sought to send out a clear message to the community that staying at home is vital to safeguard the wellbeing of our loved ones. 

This project is one of a series of initiatives launched in collaboration with UAE-based artists to raise awareness about the need to unite efforts to protect vulnerable people from the risk of infection."

Emirati artist Maitha Demithan said: "It has been a privilege for me to work on this project and an honour to serve my country through my artworks. The three portraits featured in the campaign create a triptych that represents the people who are the most vulnerable to being infected by the virus. During such difficult times, art can play a crucial role in raising awareness on how to stay safe, but most importantly it can keep everyone inspired. I encourage all my fellow artists and the creative community to continue practicing social distancing and stay connected by using their creativity and innovation to raise awareness during this period."

Brand Dubai partnered with several media outlets, including Media 24/7, Arabian Outdoor Media and Hypermedia to launch the outdoor ads. The ads are displayed on Sheikh Zayed Road, Dubai Marina.

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