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 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 8,2020

Jeddah, Jul 8: The Organization of Islamic Cooperation (OIC) writes to the members of the United Nations Security Council (UNSC), urging the body to come in the way of a plan announced by Israel for annexation of significant portions of the occupied West Bank.

The letter was addressed by the 57-member organization’s Secretary-General Yousef al-Othaimeen to the UNSC’s members as well as the members of the Middle East Quartet — the European Union, Russia, United Nations, and United States— the Arabic-language Rai al-Youm news website reported on Tuesday.

The letter urged the Council to adopt “the necessary measures” that would prevent the annexation and compel Israel to stop all its illegal activities.

The OIC also urged the UNSC to hold an emergency meeting to “salvage the [remaining] opportunities for peace, and revive attempts at reinstatement of the political process under international supervision.” Such meeting, it added, had to enable realization of “the two-state solution, and [creation of] a Palestinian state with East Jerusalem [al-Quds] as its capital.”

Israel’s Prime Minister Benjamin Netanyahu announced the plan to annex 30 percent of the occupied Palestinian territory — namely the areas upon which the regime has built its illegal settlements as well as the Jordan Valley — after US President Donald Trump backed the annexation in January.

Trump pledged the support while unveiling details of his Middle East scheme called the “deal of the century.”

The highly controversial scheme allegedly seeks to resolve the Palestinian-Israeli conflict, but is heavily tilted in favor of the occupying regime. As well as backing the annexation, the scheme re-endorses Washington’s incendiary recognition in late 2017 of al-Quds as “Israel’s capital,” although Palestinians want the occupied holy city’s eastern part to serve as the capital of their future state.

Palestinians have roundly rejected either the American design or the Israeli plan that is rooted in it.

Tel Aviv had previously announced July 1 as the date it sought to start implementing the annexation plan. It, however, is yet to get it off the ground amid far-and-wide international condemnation and speculation that the plan was announced in the first place to deflect attention from a massive corruption scandal involving Netanyahu.

Countries warn Israel of consequences to bilateral ties

Also on Tuesday, Egypt, France, Germany, and Jordan warned Israel against going ahead with the plan, saying that doing so could have consequences for their bilateral relations with the Tel Aviv regime.

In a statement distributed by the German Foreign Ministry, the countries said their foreign ministers had discussed how to restart talks between Israel and the Palestinian Authority.

Most other European countries have likewise communicated their objection to the plan.

“We concur that any annexation of Palestinian territories occupied in 1967 would be a violation of international law and imperil the foundations of the peace process,” the European and Middle Eastern foreign ministers said, referring to the year, when Israel occupied the West Bank.

“We would not recognize any changes to the 1967 borders that are not agreed by both parties in the conflict,” they added. “It could also have consequences for the relationship with Israel.”

Israel had no immediate response. In a separate statement, however, Netanyahu’s office communicated Tel Aviv’s intransigence on the matter.

The statement said the Israeli premier had told his British counterpart Boris Johnson on Monday that he was committed to Trump’s “realistic” plan.

“Israel is prepared to conduct negotiations on the basis of President Trump’s peace plan, which is both creative and realistic, and will not return to the failed formulas of the past,” the statement alleged.

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News Network
July 6,2020

Dubai, July 6: Even as the world’s one of the most sought after tourist destinations is gearing up to welcome foreign tourists from July 7, the authorities have taken necessary measures to prevent the spread of covid-19.

If the foreign tourists want to avoid self-isolation after landing in Dubai International Airport, they have to fetch covid-negative certificates from their home country. The certificate ought to have been issued up to 96 hours prior to the travel.

Those without a cvid-negative certificate, however, will need to undergo a PCR test on arrival at the Dubai airports and self-isolate until they receive their negative results.

"If passengers opt to take the PCR test on arrival in Dubai, they must self-isolate until test results are received. If the test result is negative, passengers can leave the hotel and enjoy the trip as normal. However, if the test result is positive, passengers are asked to follow the advice of the Dubai Health Authority and self-isolate," Emirates said in a statement.

Budget carrier flydubai said if a passenger tests positive for Covid-19, he/she would need to observe a 14-day quarantine. The airline also advised passengers to comply with all the precautionary Covid-19 measures in place in Dubai "including wearing a mask, observing social distancing and washing your hands regularly".

Tourists with Covid-19 symptoms

* If a traveller is suspected to have Covid-19 symptoms, Dubai Airports has the right to re-test to ensure the tourist is free of the virus

*It is mandatory for Covid-positive tourists to isolate themselves at an institutional facility provided by the government for 14 days at their own expense.

Other requirements

*Travel insurance: Tourists must have a travel insurance with Covid-19 cover or declare that they would bear the costs for treatment and isolation if required. "Bring an insurance certificate stating Covid-19 coverage to present at check-in," Emirates said.

*Visa: Referring to visa requirements, Emirates said: "Depending on your nationality you can get a visa on arrival, or you can apply for your visit visa from Dubai Immigration before you travel."

*Health Declaration Form: Tourists need to complete the form that states they are free from Covid-19 symptoms. This must be done before embarking.

*Tracing app: Tourists must download the Covid-19 DXB app and register details. "This is critically important since it facilitates easy coordination and communication with the health authorities if tourists experience Covid-19 symptoms," Dubai authorities had said earlier.

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