KSA offers India $ 625 bn investment opportunities

March 8, 2013
Jeddah, Mar 8: Saudi Arabia is offering investment opportunities worth $ 625 billion to Indian businessmen in vital sectors such as infrastructure, petrochemicals, electricity, IT, tourism, natural gas production, agriculture and education.

“We had successful meetings with Indian business leaders and executives in New Delhi, Hyderabad and Lucknow,” said Abdul Rahman Al-Rabiah, chairman of Saudi-India Joint Business Council (JBC) who is currently leading a high-level Saudi trade delegation to India.

“It was excellent,” Al-Rabiah told Arab News when asked about the result of the March 5-8 business visit organized by the Federation of India Chambers of Commerce and Industry (FICCI). The Saudi delegation will return to the Kingdom today (Friday).

“The governments of the two countries have done their job of facilitating two-way business engagements. Our relations with India go back hundreds of years. Yet, the results in terms of business exchanges are not to the level we would like to see,” Al-Rabiah told a JBC meeting in New Delhi.

Al-Rabiah, who was leading a delegation representing sectors such as fertilizers, pharmaceuticals, housing, power, petrochemicals & refinery, steel, metals, mining and mechanical equipment, urged Indian companies to take advantage of investment and growth opportunities in the Kingdom.

Saudi Arabia is “the youngest nation in the world (67 percent Saudis are below the age of 27) which would need schools, hospitals, industries to meet their growing aspirations.” There is a lot of room for Indian companies with their high technology and experience to participate in the Kingdom’s development, he said, adding that the present $ 400 million Indian investment was insignificant compared with the potential.

Saudi Ambassador to India Saud M. Al-Sati said the two countries should engage in more business and trade by cashing in on the opportunities. He said that between 2000 and 2012, investments by Saudi companies in India were a mere $ 40 billion. This, he added, should rise significantly as Saudi and Indian companies engage with each other and build long-term business partnerships.investment

Rakesh Bakshi, senior executive committee member, FICCI & chairman & managing director of RRB Energy Ltd., said renewable energy offered tremendous scope for Indian and Saudi companies to work together as “India has the institutional framework and the technology to develop and promote renewables. We do not believe in re-inventing the wheel. Our companies have the know-how and experience to modify the wheel and suit it to your requirements in the most inhospitable of climatic conditions.”

Andhra Pradesh Chief Minister N. Kiran Kumar Reddy also met the Saudi delegation and said his government was looking for larger investments from Saudi Arabia and was keen on mutual cooperation in industrial development. “We’ll extend all incentives and facilities to Saudi industrialists.”

After a power-point presentation by Saudi delegation, the chief minister said his state is the perfect platform for investment with its long coastline, skilled manpower and various incentives being offered by the government. The Saudi delegation invited the chief minister along with industrialists from Andhra Pradesh to visit Saudi Arabia.

Abdul Qader Memon Sait, a member of the managing committee of Saudi Indian Business Network, commended the growing economic relations between the two countries. Speaking to Arab News, he spoke about the plan to woo more than $ 100 billion investment from Saudi Arabia and other Gulf countries by India.

“There are billions of riyals of deposits by Saudi individuals remaining idle in Saudi banks, which can be invested in Indian mutual funds and equity market,” Sait said, adding that Saudis would receive profits up to 20 percent for such investments.

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News Network
May 25,2020

May 25: A total of 241 Indians including 136 people who were jailed in Kuwait would return to the country soon, a senior minister said on Sunday.

The other 105 people were stranded in Bangladesh, Law Minister Ratan Lal Nath said.

"Altogether 136 people from Tripura and Assam, who are at present in jail in Kuwait for violating that country's laws, would be deported. They will reach Guwahati between May 27 and June 4 in a special flight," Nath told reporters.

He said the matter has been officially informed by the Kuwaiti government, but the reason for their imprisonment is not known.

"We had requested the Kuwaiti authorities to drop the Tripura residents here. However, they informed us that the flight would land in a single airport," the minister added.

Nath said 105 residents of Tripura, who are stranded in different places of Bangladesh will return to the state through the Agartala-Akhaura integrated check post on May 28.

"They would be taken to institutional quarantine and swabs of all the passengers would be collected for COVID-19 test," Nath said.

If the report of their samples tests negative, they would be allowed to leave the facility and remain under 14 days of home quarantine. And those who test positive would be hospitalized, he said.

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News Network
March 18,2020

Riyadh, Mar 18: Private-sector businesses in Saudi Arabia on Wednesday were ordered to introduce enforced remote working for all employees for 15 days in an attempt to prevent the spread of the coronavirus.

Businesses that require staff to be physically present to ensure they continue to operate — including those in vital or sensitive sectors such as electricity, water and communications — must reduce the number of workers in their offices to the bare minimum. This can be no more than 40 percent of the total number of staff.

In such cases precautionary measures set by the Ministry of Health must be followed. At offices, and staff accommodation, with more than 50 workers, an area at the entrance must be provided where temperatures can be taken and symptoms checked.

Employers must also set up a mechanism for workers to report any symptoms, such as high temperature, coughing or shortness of breath, or contact they have had with infected individuals or people who recently returned from other countries without following proper Ministry of Health quarantine procedures.

Inside offices, a safe amount of space between employees must be maintained at all times. In addition, all health clubs and nurseries provided by employers must close.

Pregnant women and new mothers, people suffering from respiratory diseases, those with immune-system problems or chronic conditions, cancer patients and employees above the age of 55 are to be given 14 days compulsory paid leave, which will not be deducted from their annual entitlement.

Businesses that are excluded from the new measures include pharmacies and supermarkets, and their suppliers. Private-sector organizations that provide services to government agencies must contact them before suspending workplace attendance. Any other business that considers it impossible to operate with only 40 percent of staff in the workplace must submit an exemption request to the authority that supervises it.

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News Network
January 12,2020

Tehran, Jan 12: Iranian police dispersed students chanting “radical” slogans during a Saturday gathering in Tehran to honour the 176 people killed when an Ukrainian airliner was mistakenly shot down, Fars news agency reported.

News agency correspondents said hundreds of students gathered early in the evening at Amir Kabir University, in downtown Tehran, to pay respects to those killed in the air disaster. The tribute later turned into an angry demonstration.

The students chanted slogans denouncing "liars" and demanded the resignation and prosecution of those responsible for downing the plane and allegedly covering up the accidental action.

Iran said Saturday that the Ukraine International Airlines Boeing 737 was “unintentionally” shot down on Wednesday shortly after taking off from Tehran's main airport. All 176 people on board died, mostly Iranians and Canadians, many of whom were students.

Fars, which is close to conservatives, said the protesting students chanted “destructive” and “radical” slogans. The news agency said some of the students tore down posters of Qasem Soleimani, the Iranian general killed on January 3 in a US drone strike on Baghdad.

Fars published pictures of demonstrators gathered around a ring of candles during the tribute and a picture of a torn poster bearing the image of a smiling Soleimani. It said that police "dispersed" them as they left the university and blocked streets, causing a traffic jam.

In an extremely unusual move, state television mentioned the protest, reporting that the students shouted "anti-regime" slogans.

A video purportedly of the protest circulated online showing police firing tear gas at protesters and a man getting up after apparently being hit in the leg by a projectile. It was not possible to verify the location of the video, or when it was filmed.

Iran's acknowledgement on Saturday that the plane had been shot down in error came after officials had for days categorically denied Western claims that it had been struck by a missile. The aerospace commander of Iran's Revolutionary Guards accepted full responsibility.

But Brigadier General Amirali Hajizadeh said the missile operator acted independently, shooting down the Boeing 737 after mistaking it for a "cruise missile".

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