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Partners in progress: King Salman, Obama to continue strategic ties

January 28, 2015

Salman Obama

Riyadh, Jan 28: Custodian of the Two Holy Mosques King Salman and US President Barack Obama pledged to work closely on a range of regional and international issues at a meeting on Tuesday, including terrorism, the Iranian nuclear talks and conflicts in neighboring states.

In their first formal meeting, the talks focused broadly on counter-terrorism and regional stability with special reference to bilateral Saudi-US relations. Obama’s meeting with King Salman comes just days after the death of King Abdullah, who was buried on Friday.

The White House said the main reason for Obama’s trip was to pay his respects to the country that has been a key ally in the region. Obama had arrived with his wife Michelle, accompanied by a delegation of about 30 members. During his four-hour stop in Riyadh, Obama also attended a dinner with Saudi officials at Erga Palace.

A member of the delegation said the trip was an opportunity to “pay respects to the legacy of King Abdullah, who was a close partner of the US, and also discuss some of the issues where we are working together, which include Islamic State, Yemen, the Iranian nuclear negotiations and the broader US-Saudi relationship.”

According to a Royal Court statement, the meeting was significant.

“During the visit, official talks were held between Custodian of the Two Holy Mosques King Salman and President Obama on regional and international issues of common interest in addition to setting out the means to enhance bilateral relations.”

Earlier, Johann Schmonsees, press attache at the US embassy here, said: “We adjusted the president’s schedule in coordination with the Indian government so that he would be able to depart India on Tuesday, to stop in Riyadh during the return trip and meet with King Salman and other Saudi officials, and offer his condolences on behalf of the American people.”

The US delegation was met at the airport by King Salman with a full guard of honor and the playing of the national anthems of the two countries.

King Salman also introduced his senior ministers to Obama, including Crown Prince Muqrin; Deputy Crown Prince Mohammed bin Naif, who is also Second Deputy Premier and Interior Minister; and Prince Khaled bin Bandar, chief of general intelligence.

Riyadh Gov. Prince Turki bin Abdullah, Saudi ambassador to the US Adel Al-Jubeir and his counterpart in Riyadh Joseph Westphal were also present at the airport.

According to the US embassy Riyadh, Obama led a delegation of current and former US officials, which include John Kerry, secretary of state; John McCain, senator from the state of Arizona; and Mark Warner, senator from the Commonwealth of Virginia.

The others included Valerie Jarrett, senior adviser and assistant to the president for intergovernmental affairs and public engagement; Susan Rice, assistant to the president and national security adviser; Jennifer Palmieri, assistant to the president and director of communications; Lisa Monaco, assistant to the president for homeland security and counter terrorism; and Peter A. Selfridge, United States Chief of Protocol.

The other members included John Brennan, director of the Central Intelligence Agency; General Lloyd J. Austin III, commander of US Central Command; James Baker, former secretary of state; Condoleezza Rice, former secretary of state; Brent Scowcroft, former national security adviser; and several other foreign policy leaders from past administrations. Vice President Joe Biden had remained in Washington.

Baker is revered in the Arab Gulf region, particularly Saudi Arabia and Kuwait, for his role in orchestrating the alliance against Saddam Hussein in 1990 and 1991.

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Agencies
August 4,2020

Beirut, Aug 4: A massive explosion has shaken the Lebanese capital of Beirut, with a very high number of casualties expected.

A warehouse at the Beirut Port caught fire on Tuesday afternoon, triggering a huge explosion, Lebanon’s official National News Agency (NNA) reported.

Several smaller explosions were heard before the bigger one occurred.

Abbas Ibrahim, the head of Lebanon’s General Security, said that “highly explosive materials” confiscated earlier had been stored at the site.

Footage shared on social media captured the moment of the bigger explosion, with a colossal shock wave seen traveling fast across several hundreds of meters and shrouding the area in thick smoke.

The blast left enormous material damage to the surrounding buildings and structures. But it was not immediately known how big an area was affected.

There was also no immediate casualty count. Graphic amateur video from the scene showed bodies strewn on the ground, with their clothes blown off.

The NNA said rescue operations were underway. Ambulances were seen heading toward the scene in central Beirut.

Lebanese LBC television channel quoted Lebanon’s Health Minister Hamad Hasan as saying that the blast had caused a “very high number of injuries” and “extensive damage.”

Beirut Governor Marwan Abboud said an unspecified number of firefighters dispatched to extinguish the initial fire had been killed in the explosion.

“As they were putting out the fire, the explosion took place and we’ve [lost them],” he said, breaking down on live TV.

The explosion comes at a time when the Arab country is passing through its worst economic and financial crisis in decades, and amid rising tensions with Israel.

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News Network
May 7,2020

Dubai, May 7: Saudi Arabia will emerge as the victor of the oil price war that sent global crude markets into a spin last month, according to two experts in the energy industry.

Jason Bordoff, professor and founding director of the Center for Global Energy policy at New York’s Columbia University, said: “While 2020 will be remembered as a year of carnage for oil nations, at least one will most likely emerge from the pandemic stronger, both economically and geopolitically: Saudi Arabia.”

Writing in the American publication Foreign Policy, Bordoff said that the Kingdom’s finances can weather the storm from lower oil prices as a result of the drastically reduced demand for oil in economies under pandemic lockdowns, and that it will end up with higher oil revenues and a bigger share of the global market once it stabilizes.

Bordoff’s view was reinforced by Sir Mark Moody-Stuart, former chairman of Royal Dutch Shell and one of the longest-standing directors of Saudi Aramco. In an interview with the Gulf Intelligence energy consultancy, he said that low-cost oil producers such as Saudi Arabia would emerge from the pandemic with increased market share.

“Oil is the only commodity where the lowest-cost producers have contained their production and allowed high-cost producers to benefit. When demand recovers this year or next, we will emerge from it with the lowest-cost producers having increased their market share,” Moody-Stuart said.

Bordfoff said that it would take years for the high-cost American shale industry to recover to pre-pandemic levels of output. “Depending on how long oil demand remains depressed, US oil production is projected to decline from its pre-coronavirus peak of around 13 million barrels per day.

“Shale's heady growth in recent years (with production growing by about 1 million to 1.5 million barrels per day each year) also reflected irrational exuberance in financial markets. Many US companies struggling with uneconomical production only managed to stay afloat with infusions of cheap debt. One quarter of US shale oil production may have been uneconomic even before prices crashed,” he said.

Moody-Stuart said that recent statements about cuts to the Saudi Arabian budget as a result of falling oil revenues were “an important step to wean the population of the Kingdom off an entitlement feeling. It means that everybody is joining in it.”

The former Shell boss said that other big oil companies would follow Shell’s recent decision to cut its dividend for the first time in more than 70 years. But he added that Aramco would stick by its commitment to pay $75 billion of dividends this year.

“When a company looks at its forecasts it looks ahead for one year, so for this year it (the dividend) is fine,” he said.

Bordoff added that Saudi Arabia’s action in cutting oil production in response to the pandemic would improve its global position.

“Saudi Arabia has improved its standing in Washington. Following intense pressure from the White House and powerful senators, the Kingdom’s willingness to oblige by cutting production will reverse some of the damage done when it was blamed for the oil crash after it surged production in March,” he said.

“Only a few weeks ago, the outlook for Saudi Arabia seemed bleak. But looking out a few years, it’s difficult to see the Kingdom in anything other than a strengthened position,” Bordoff said.

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Agencies
July 28,2020

Dubai, Jul 28: Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) is letting go hundreds of employees, sources said, the latest in a round of lay-offs by regional banks as pressure mounts to cut costs amid lower oil prices and the coronavirus crisis.

The UAE’s third-biggest lender is laying off 400 employees, two sources familiar with the matter said, after it had committed to not cutting staff because of the crisis.

In a statement, a spokesman said ADCB had pursued efficiency over the last decade by managing out its lowest underachievers after regular reviews, while ensuring talent was deployed in high-growth areas, such as digital banking.

“A certain number of redundancies are therefore expected every year in the normal course of business,” the bank spokesman added.

The sources said the cuts would involve ADCB’s consumer business and several in top management were among those being let go. One source said the bank was looking to close 20 branches.

In March, ADCB had declared, “No employee will be made redundant during 2020 as a result of the COVID-19 pandemic.”

UAE banks have been hit by government measures to rein in the spread of the virus, forcing many businesses to shut temporarily.

Last week, Dubai’s largest bank, Emirates NBD, reported a slump of 58% in profits. In June, sources told Reuters the bank started a new round of hundreds of lay-offs.

In May, ADCB reported a fall of 84% in first-quarter net profit as it took impairments of $292 million on debt exposure to troubled hospital operator NMC Health and payments group Finablr.

It was a major lender, with an exposure of about $981 million, to NMC Health, which went into administration this year after months of turmoil following questions over financial reporting.

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