Foreign scholarship students will get spouse allowance in Saudi Arabia

March 26, 2013

Saudi_Arabia

Jeddah, Mar 26: The Cabinet yesterday passed a law that would allow spouses accompanying King Abdullah Foreign Scholarship students to receive special monthly allowances.

“If a scholarship student is accompanied by his Saudi wife at the place of his study he would be entitled to have an extra payment equal to his basic monthly allowance,” the Cabinet said.

The same extra payment shall be given to a scholarship student who is accompanied by his non-Saudi wife at the place of his study.

A female scholarship student who is accompanied by her non-Saudi husband at the place of her study will be entitled to have the same benefit if the marriage took place according to Saudi regulations.

Students thanked Custodian of the Two Holy Mosques King Abdullah for the gesture. “This will benefit a lot of students currently pursuing their higher studies abroad,” said Rayyan Adel Al-Kattan, an engineering student at King Abdulaziz University.

He stressed the importance of studying at reputable international universities, saying it would help Saudi students enhance their academic qualifications, enable them to obtain good jobs and know different cultures.

Enas Ghulam, who has obtained her degree in biostatistics from a US university, said the decision would help Saudi students to concentrate more on their studies as it would help offset their living expenses.

“It will encourage more students to live with their spouses,” she told Arab News. Many students face problems in paying their house rents in major Western cities. “As a result of this special allowance, they will be more comfortable now to stay with their families abroad,” she added.

The Cabinet, chaired by Crown Prince Salman, deputy premier and minister of defense, wished the 24th Arab Summit success. The summit starts in Doha today.

The Cabinet welcomed the decisions of the UN Council for Human Rights, which condemned the Israeli occupation authorities and their practices against the Palestinians.

Saudi Arabia called for a halt to Israel's settlement building in occupied Palestinian territories.

The Cabinet expressed its satisfaction over the issuance of the report of the global rating agency Fitch on the Kingdom’s economy and its sovereign classification of it as ‘AA -’ and raising its future outlook from stable to positive, reinforcing confidence in the strength of the national economy, sustainability of its growth and the diversity of its sectors.

Abdul Aziz Khoja, minister of culture and information, said the Cabinet approved the operational plan for the transfer of tasks, responsibilities, staff, properties, documents and financial allocations of Civil Aviation from the Ministry of Defense to the General Authority for Civil Aviation.

As part of the government’s efforts to find jobs for the increasing number of university graduates, the Cabinet decided to set up a committee or more with not less than three specialists, whose mission would be to consider all aspects of the implementation of the Saudization decisions.

The new committees shall recommend penalties to be imposed on the violators, propose amendment to the Saudization rate that increases annually, specify new jobs and professions to be restricted to Saudis, set out a media plan for the Saudization program in coordination with the Ministry of Culture and Information.

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Khaleej Times
June 7,2020

Dubai, Jun 7: Emirates airline on Sunday confirmed that it extended the period of reduced pay for its staff for another three months as airlines around the world struggle to preserve cash due to the grounding of fleets.

An e-mail has been sent across to Emirates employees about extending the wage cuts till September 30. In some cases, the salary will be reduced by 50 per cent.

Emirates had previously reduced basic wages by 25 to 50 per cent for three months from April, with junior employees exempted.

The Dubai-based world's largest international carrier employs around 60,000 people across its spectrum. While the parent Emirates Group employs over 100,000 workers.

On Thursday, Abu Dhabi-based Etihad Airways confirmed to Khaleej Times that it also extended salary cut of its employees till September 2020.

"Regretfully, Etihad has extended its salary reduction until September 2020, with 25 per cent reduction for junior staff and cabin crew, and 50 per cent for employees at manager level and above. Housing allowance and a number of benefits continue to be paid," the airline's spokesperson said in a statement last week.

In March, Etihad had announced temporary reduction of basic salaries for the month of April to all staff, including executives, between 25 to 50 per cent.

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Agencies
February 5,2020

Paris, Feb 5: Saudi Arabia has reported an outbreak of the highly pathogenic H5N8 bird flu virus on a poultry farm, the World Organisation for Animal Health (OIE) said on Tuesday, February 4.

The outbreak, which occurred in the central Sudair region, killed 22,700 birds, the OIE said, citing a report from the Saudi agriculture ministry.

The other 385,300 birds in the flock were slaughtered, it said.

The case was the first outbreak of the H5N8 virus in Saudi Arabia since July 2018.

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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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