Saudi Arabia appoints new finance minister

November 1, 2016

Jeddah, Nov 1: Saudi Arabia has appointed Capital Market Authority Chairman Mohammed Al-Jadaan as its new finance minister by royal decree, replacing Ibrahim Al-Assaf, who had held the post since 1996.

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Al-Assaf, 67, had been the last veteran member of Cabinet to remain in a key post through a series of government reshuffles after Custodian of the Two Holy Mosques King Salman assumed power last year, including one in May that replaced the long-standing oil minister.

He has been made minister of state and will remain a member of the Council of Ministers, as the Saudi Cabinet is known, according to the royal decree.

The Finance Ministry is a key position in the Kingdom and the change is likely intended to support a wide-ranging economic reform plan to steward the Kingdom through an era of low oil prices.

As the CMA’s chairman, Al-Jadaan had overseen the loosening of regulatory requirements as Saudi Arabia opened its stock exchange to foreign investors over the last year.

Before his appointment as the CMA’s chairman of the board on Jan. 29, 2015, Al-Jadaan was one of the founding partners of the Al-Jadaan and Partners Law Firm and was listed in Chambers and Partners 2004-2014 as a leading lawyer in corporate/commercial and the banking/finance practice areas in Saudi Arabia.

Al-Jadaan has extensive experience in advising on all aspects of capital market, structuring, documenting and negotiating complex international project financings and providing counsel on corporate and commercial matters, including equity and debt public offering, mergers and acquisitions, joint ventures and shareholder agreements and matters pertaining to Islamic law and Islamic finance.

Al-Jadaan has also represented corporate and commercial clients before a number of key courts and judicial committees in Saudi Arabia.

He was also a special adviser to the board of directors at Morgan Stanley Saudi Arabia.
Al-Assaf, will remain a Cabinet member, received a bachelor of arts degree in economic and political science from King Saud University, Riyadh, in 1971.

He later obtained a master of arts degree in economics from the University of Denver in 1976 and a PhD in economics from Colorado State University in 1982.

Al-Assaf initially pursued a teaching career, becoming a teaching assistant and then visiting lecturer at King Abdulaziz Military Academy from 1971 to 1983.

He was appointed an assistant professor and head of the Department of Administrative Services in 1982, and served until 1986.

During that period, he also served as economic adviser to the Saudi Fund for Development.

After leaving academia, Al-Assaf moved to Washington, DC where he represented Saudi Arabia at the International Monetary Fund (IMF) and the World Bank.

In 1986, he was appointed alternate executive director at the IMF for Saudi Arabia.

He left in 1989 to take up the executive directorship for Saudi Arabia at the World Bank.

Upon his return to Saudi Arabia in 1995, he served briefly as vice governor of the Saudi Arabian Monetary Agency.

He left to join the Council of Ministers as minister of state in October 1995.

In January 1996, he was appointed minister of finance and national economy, a position that was renamed minister of finance in 2003.

He replaced Abdul Aziz Abdullah Al-Khuwaiter as finance minister.

In addition to being finance minister, Ibrahim is a member of the board of directors of Saudi Aramco (since 1996), chairman of the Saudi Fund for Development and member of the Public Investment Fund board.

Monday’s decree also appointed new chiefs for the Public Transport Commission and the Saline Water Conversion Corporation.

It transferred responsibility for consumer protection from the Ministry for Commerce and Investment to Health Minister Tawfiq Al-Rabiah.

Al-Assaf last week said Saudi Arabia’s financial position remains strong despite sinking oil prices, although there is “some pressure” on bank liquidity.

“We have been able to maintain a good position in public finances,” Al-Assaf said.

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News Network
July 20,2020

Abu Dhabi, Jul 20: The United Arab Emirates launched its first-ever interplanetary Hope Probe mission to Mars from Japan's Tanegashima Space Centre at 01:58 a.m. (local time) on Monday.

"United Arab Emirates (UAE) launches its first mission to Mars, the 'Hope Mars Mission' from Japan's Tanegashima Space Center," UAE Space Agency said on its Twitter page.

The spacecraft is expected to reach Mars orbit in about 200 days from now and then begin its mission to study the Red Planet's atmosphere, WAM news agency reported.

Once it enters Mars' orbit in the first quarter of 2021, the Hope probe will mark the UAE's 50th anniversary.

The probe will travel 493 million kilometres into space in a journey that will take seven months, and will orbit the Red Planet for one full Martian year of 687 days to provide the first truly global picture of the Martian atmosphere.

The Hope probe will be the first to study the Martian climate throughout daily and seasonal cycles. It will observe the weather phenomena on Mars such as the massive famous dust storms that have been known to engulf the Red Planet, as compared to the short and localised dust storms on Earth.

It will also examine the interaction between the upper and lower layers of the Martian atmosphere and causes of the Red Planet's surface corrosion, as well as study why Mars is losing its upper atmosphere.

Exploring connections between today's Martian weather and the ancient climate of the Red Planet will give deeper insights into the past and future of Earth as well as the potential of life on Mars and other distant planets.

The Hope Mars Mission is considered as the biggest strategic and scientific national initiative announced by UAE's President His Highness Sheikh Khalifa bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Rashid Al Maktoum in 2014. The UAE will be the first Arab nation to embark on a space mission to the Red Planet in a journey that contributes to the international science community as a service to human knowledge.

The interplanetary mission is the first by any West Asian, Arab or Muslim majority country.

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News Network
May 5,2020

Dubai, May 5: A Saudi ministerial decision issued on Monday allows companies in the private sector to reduce salaries by 40 per cent and allows termination of contracts owing to the economic hardships resulting from the COVID-19 pandemic, according to daily newspaper Al Sharq Awsat.

The new decision was still not published by the cabinet according to the newspaper.

The decision which the newspaper saw a copy of was signed by Saudi Ministry of Human Resources and Social Development to regulate the labour contract in the current period, allows employers to reduce the employees salaries by 40 percent of the actual effective wage for a period of 6 months, in proportion to the hours of work and allowing the termination of employee contract after 6 months of the COVID-19 circumstances.

The new decision has also included a provision in which the employer would be allowed to cut wages even he or she benefits from the subsidy provided by the goverment, such as those for helping pay workers wages or exemption from government fees.

The decision also stressed that employers are not allowed to terminate any employee, unless three conditions are met.

1.            First the passing of six months since the measures of salary cut has been taken

2.            Reducing pay, annual leave and exceptional leave were all used

3.            Company proves that its facing financial troubles due to the circumstances.

The memo, which goes into affect as soon as its published in the government’s official newspaper, ensures that the employee will receive his/her salary if on annual leave within the period of 6 months.

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News Network
April 26,2020

Abu Dhabi, Apr 26: Indian Ambassador to the UAE Pavan Kapoor says he is appalled after the bodies of three Indians flown back to India were returned to Abu Dhabi on Friday.

The three deceased Indian nationals had died of non-coronavirus causes and were flown to Delhi on Thursday but were promptly returned by authorities there.

“We are appalled at what has happened,” Kapoor told Gulf News. “We do not know if the bodies were returned because of coronavirus-related restrictions, but we are obviously not sending the remains of people [who have passed away from COVID-19],” he added.

“[As we understand], it happened because of new protocols at the airport and we are trying to sort it out,” he said.

Sent back a few hours later

“The remains were not offloaded from the plane, and were sent back a few hours later,” Kapoor explained.

The deceased were Kamlesh Bhatt, who passed away on April 17, and Sanjeev Kumar and Jagsir Singh who both died on April 13.

According to reports in Indian media, Kamlesh Bhat was 23 years old, and hailed from Tehri Garhwal district. He allegedly died of cardiac arrest. Along with the remains Kumar and Singh, Bhatt’s body was initially repatriated on an Etihad Airways flight, then sent back, even though his relatives had been on their way to collect them.

Kapoor explained the procedure through which remains are normally returned to family members back home, saying that the worker’s employer typically makes arrangements with cargo companies to repatriate bodies on cargo aircraft.

The employer applies for a No Objection Certificate from the Indian Embassy, which is granted once the Embassy ensures that all local formalities have been completed. The cargo company then applies for airport clearance, and the airline obtains approvals from the receiving airport.

“If airport protocols have changed, it means cargo companies have to be more careful about the clearance they’re getting,” Kapoor advised.

Additional costs
The ambassador added there may eventually be additional costs to repatriate the bodies but that it is first necessary to sort out the concerns.

The global coronavirus outbreak has spawned difficulties in repatriating mortal remains as a result of the travel restrictions imposed by countries. Remains of people dying from COVID-19 are not being sent back, but the caution surrounding the handling of bodies often affects the repatriation of those who succumb to other causes.

As Gulf News reported, Kerala chief minister Pinarayi Vijayan reached out to Indian Prime Minister Narendra Modi on Friday for intervention in bringing back the bodies of Keralites who have died in the Gulf from non-COVID-19 causes.

“I would like to draw your attention to the grievances received from Non-resident Keralites Associations (NRKs) in the Gulf Cooperation Council (GCC) countries on the delay caused in bringing home the mortal remains of NRKs who had expired due to reasons other than the COVID-19 infection,” read the letter by the CM.

“It is learnt that a ‘clearance certificate’ from the Indian Embassies is required to process the application of bringing home the mortal remains of the dead. The Embassies are [further] insisting on the production of a no-objection certificate from the Ministry of Home Affairs (MHA), New Delhi. To enable to bring back the bodies of the NRIs whose deaths occurred due to reasons other than COVID-19 infection, without necessary procedural hassles, I request your kind intervention,” Vijayan has requested.

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