Mideast countries have right to use nuclear energy for peaceful purposes: Saudi

October 11, 2016

Riyadh, Oct 11: The Cabinet, in its weekly meeting on Monday, reiterated Saudi Arabia's belief in the legitimate right of Middle Eastern countries to use nuclear energy for peaceful purposes, under supervision of and according to the International Agency for Atomic Energy standards.

saudi

The Kingdom gave voice to this belief just before the 71st UN General Assembly meeting discussing the importance of implementing the Agreement on Barring the Use of Chemical Weapons in Syria.

The Cabinet also reviewed the outcome of the Arab League's extraordinary meeting, held at permanent representatives level, to discuss the serious situation in the Syrian city of Aleppo.
It acknowledged the Kingdom's assertion that it is important for Arab countries to stand by the Syrian people and exert all possible efforts, at the international level, to provide safe havens where relief can be delivered for civilians

The Cabinet asked the international community to break its silence over the crimes committed by the Syrian regime.

The Cabinet’s meeting was chaired by Custodian of the Two Holy Mosques King Salman, who briefed the ministers on the outcomes of his talks and meetings with Maldives President Abdulla Yameen, Italian defense minister, Japanese minister of economy, trade and industry and Japanese minister of state for foreign affairs.

During those meetings, bilateral relations as well as the developments in the regional and international arenas were discussed, as was the oral message received by the monarch from President Mahamadou Issoufou of Niger.

The Cabinet praised the results of Al-Khaleej (Gulf) 1 shield maneuvers, which were carried out by the Saudi royal naval forces — Eastern Fleet — in the Arab Gulf and Oman Sea waters, across the Hormuz Strait as well as the joint aerial drill dubbed Al-Jazeerah (peninsula) conducted by Eagle (2016 fighters) in the UAE with the participation of air forces of the GCC member states.

Minister of Commerce and Investment Majid Al-Qassabi, who is also acting minister of culture and information, said in a statement to SPA after the meeting that the Cabinet discussed the Kingdom's participation in the joint annual meetings of the World Bank and the IMF, and the meeting of the G20, which were held in Washington, and highlighted the efforts exerted by Saudi Arabia to implement economic reforms as part of the national transformation program to achieve the Kingdom's Vision 2030.

He asserted that the application of these reforms is bound to yield a strong, balanced and sustainable economic growth, and to activate the role of the private sector in enhancing job opportunities and economic growth.

The minister said the Cabinet welcomed the outcome of the 28th GCC justice ministers' meeting, held in Riyadh, underscoring the importance of completing a study on transferring the current guiding systems to unified systems and laws as per the GCC supreme 36th summit, and based on the king’s vision.

The Cabinet was briefed on a host of activities and events held last week, including the agreement signed by the Ministry of Housing to construct more than 10,000 residential units in Tarout and Safwa centers in Qatif, the MoU signed by the Kingdom with Bulgaria in the fields of tourism and heritage, the 10th meeting of the general prosecutors and attorneys, as well as heads of investigation and general prosecution commissions of the GCC countries in addition to the symposium organized by the Global Union for General Transportation for the Middle East and North Africa under the theme Efficiency of Consuming Fuel and Alternative Energy.

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News Network
May 6,2020

A massive fire engulfed a residential tower in UAE's Sharjah last night. The building has been identified as one Abbco Tower in Al Nahda.

According to the latest inputs, Sharjah Civil Defence teams rushed to the spot and evacuated all residents. 

Firefighters managed to douse the blaze after several hours. The building in question is reportedly a 48-storey structure. Officials are yet to reveal the cause of the fire.

All residents of the building were evacuated while seven incurred minor injuries during the evacuation and were treated at local hospitals, reported the United Arab Emirates' local media.

More details are awaited as this is a developing story.

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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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Agencies
July 5,2020

Iraq’s deputy parliament speaker Hassan Karim al-Kaabi on Saturday described the move as provocative and in violation of international law.

Kaabi also called on the Iraqi government to take swift measures to halt such actions.

The Embassy’s move to fire in a residential area in the heart of Baghdad is an unacceptable act and another challenge for the Arab country, adding to the mass of its provocations and illegal actions in Iraq, he noted.

According to Iraqi media, the US tested a patriot missile system inside Baghdad’s heavily fortified Green Zone.

Anti-US sentiments have been running high in Iraq since Washington assassinated top Iranian commander Qassem Soleimani and the second-in-command of the Iraqi popular mobilization units, Abu Mahdi al-Muhandis, in January.

Following the attack, Iraqi lawmakers unanimously approved a bill on January 5, demanding the withdrawal of all foreign troops.

Baghdad and Washington are currently in talks over the withdrawal of American troops. Iraqi resistance groups have vowed to take up arms against US forces if Washington fails to comply with the parliamentary order.

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