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
April 25,2020

Riyadh, Apr 25: Saudi Arabia announced nine deaths and 1,197 new cases of the COVID-19 virus on Saturday.

Of these cases, 120 were recorded in Madinah, 364 in Makkah, 271 in Jeddah, 170 in Riyadh and 43 in Dammam.

The number of people who had recovered from the coronavirus in the Kingdom increased to 2,214 after 165 patients were reported to have recovered.

A total of 136 people have died of the disease in the Kingdom so far.

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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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coastaldigest.com news network
May 12,2020

Riyadh, May 12: Saudi Arabia will impose a full-day lockdown and curfew across the Kingdom during the upcoming Eid holidays from May 23 until May 27, according to the Kingdom’s Interior Ministry.

Details are awaited

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