Daughters of expat workers see no future in Kingdom

September 1, 2013

Daughters_of_expat

Jeddah, Sep 1: The recent ministerial decision that prohibits daughters of expatriate workers to transfer their sponsorship from their guardian to their employer and the decision that disallows them to work at all has sparked disagreement among expat families and working daughters in the Kingdom.

Shabal Amri, a Jordanian national working at Al-Rajhi Bank in Jeddah, says that there is no way the Kingdom can put away working female expats and get Saudis to take over. “For example, Saudi staff at female branches of banks are for the most part unable to help expat English-speaking customers simply because they are not bilingual. At this point, they expect us expats to provide help.”

Amri suggests that the Ministry of Labor needs to consider this decision because it will inevitably result in expat working daughters living in the Kingdom going back to their home countries to seek employment.

Many institutions, especially international schools that used to hire youth as substitute teachers, will suffer from this recent ministerial decision.

“I think the ministry should revisit this decision,” says Naila Haq, vice-principal at a girls’ school in Dammam and mother of a female MBA graduate who is currently seeking employment in the Kingdom. “Otherwise there won’t have been any use educating our daughters. If the government is seeking to tackle unemployment problems among Saudi youth, I can safely predict that this decision is not going to make things right or fill the gaps they hope to fill.”

Haq says that expat daughters are not studying so that they can stay at home after completing their studies. “They need to be given opportunities in this country too. After being born and bred in Saudi Arabia, it is completely unfair to send them back to their countries to seek employment.”

“Several international schools will also face a big loss because of this decision to disallow expatriate daughters to work,” says Haq. “Many applications we receive for interviews are mostly expat wives or daughters that are living in the kingdom. This decision may upset a lot of expatriates in the Kingdom.”

“I applauded the decision by King Abdullah to grant all expats more time to correct their status once the initial deadline was up in July,” says Qurratulain Ashfaq, account manager at a digital ad agency in Jeddah. “However, the recent news has come as a shock and has left me extremely disappointed. This country and its ever-changing laws just keep affirming the belief that I have held for quite some time now, which is that I have been raised in an extremely sexist country.”

Ashfaq says that it makes absolutely no sense to that she should stay at home while her brother goes out for work, calling it “sexism.”

“Am I supposed to sit at home now? Is the ministry going to give me my monthly allowance?” asks Ashfaq. “At the age of 24, I am no longer a child who has to be financially dependent on her parents. I have a right to earn my own living.”

Ashfaq adds that since she heard about this decision, she has been under a lot of stress. “I can foresee a bleak future ahead of me. I am not the kind of girl who can sit at home and do nothing. I am young and educated and I like to work hard and earn a living to support my and my family. Yet it seems I will be losing my job soon, thanks to the Ministry of Labor.”

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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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News Network
May 4,2020

Dubai, May 4: An Indian salesman in the UAE has won a whopping 10 million dirhams at an Abu Dhabi draw, a media report said.

Dileep Kumar Ellikkottil Parameswaran, from Kerala’s Thrissur, works with an auto spare parts company in Ajman and earns 5,000 dirhams (USD 1,361) a month, Gulf News reported on Sunday.

Parameswaran, who won the 10 million dirhams (USD 2.7 million) prize at the Big Ticket draw in Abu Dhabi, will spend a big part of the money to repay a loan of 700,000 dirhams (USD 190,574 ), according to the report.

He said that a good part of the prize money will be spent on the education of his two children.

Parameswaran, who has been a resident of the UAE for 17 years, lives in Ajman along with his family.

Big Ticket is the largest and longest-running monthly raffle draw for cash prizes and dream luxury cars in Abu Dhabi.

A live monthly draw is organized at the Abu Dhabi International Airport on 3rd of each month.

Tickets are sold for 500 dirhams (USD 136).

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News Network
March 31,2020

Mar 30: the UAE Cabinet approved a series of new initiatives, foremost among which was the automatic extension of residence permits expiring from March 1.

The residence visas would be extended for a renewable period of three months without any fees to ease the economic impact of the Covid-19 crisis on residents, official news agency WAM reported.

The Cabinet has also waived the administrative fines associated with infractions on the services provided by the Federal Authority of Identity and Citizenship, starting April 1 and lasting for a renewable period of three months.

The initiatives also entail granting a temporary license to use digital solutions for remotely notarising and completing judicial transactions.

Government services expiring from March 1 will also be extended from April 1 for a renewable period of three months. The decision applies to all federal government services, including documents, permits, licenses and commercial registers.

The UAE has introduced a slew of initiatives to control the spread of the Covid-19 virus, including the online renewal of driving licences and vehicle’s registration cards.

The country’s telecom regulator, Telecommunications Regulatory Authority (TRA), also issued a directive that no mobile service with expired ID documents will be disconnected or suspended in the UAE.

The UAE has reported a total of 611 Covid-19 infections and five related deaths in the country.

A national sterilisation programme is underway that will continue until Saturday April 4, concluding on the morning of Sunday, April 5.

Carried out daily from 8pm until 6am the following morning, the programme will include the disinfection of private and public facilities.

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