Saudi Arabia looking into possible effects of OPEC collapse: Reports

Agencies
November 9, 2018

Moscow, Nov 9: Saudi Arabia’s state-funded think tank is looking into potential effects of the dissolution of the Organization of the Petroleum Exporting Countries (OPEC) amid US pressure over oil prices and investments withdrawal from Saudi Arabia in the wake of the killing of journalist Jamal Khashoggi, media reported.

The study by the King Abdullah Petroleum Studies and Research Center (KAPSARC) was part of a wider paradigm of rethinking the role of the cartel by Saudi senior government officials, The Wall Street Journal reported on Thursday.

However, the research does not reflect Riyadh’s willingness to leave the organization in the near future, according to the outlet, citing people familiar with the matter. Instead, the study was viewed by the Saudi government officials as an exercise on how markets might react to the fall in oil demand which might result in the collapse of OPEC, the newspaper added.

Saudi officials consider the research a high-priority project, according to the outlet.

“The kingdom knows demand for oil won’t last forever . So you need to think past OPEC . You also have a NOPEC act being considered [in the United States],” a senior adviser familiar with the project told The Wall Street Journal referring to a draft bill aiming to designate OPEC as an illegal organization, which was introduced by US lawmakers who oppose the cartel.

Adam Sieminski, the KAPSARC’s president, told the outlet that the research was based on the previous study suggesting that the absence of measures on the part of OPEC to stabilize oil markets would negatively impact the global economy. Sieminski noted that the research had not been launched in relation to US President Donald Trump’s criticism of the cartel.

However, the senior adviser suggested that the study provided an opportunity to take the US statements into consideration.

The newspaper noted that the Saudi government spokesperson and the country’s Energy Ministry had not answered to the requests for comment.

Trump has recently criticized OPEC, noting its monopoly over high oil prices. The president also called on Riyadh to boost oil production in a move to squeeze the Iranian oil from the market.

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News Network
April 12,2020

Apr 12: Parents in Abu Dhabi affected by the Covid-19 situation can seek help from the authorities in paying off their children's school fees, it was announced on Sunday.

The Abu Dhabi Media Office took to Twitter to announce the reprieve. The Authority for Social Contribution - Ma'an and Abu Dhabi Department of Education and Knowledge (Adek) "will support parents with children attending private schools in #AbuDhabi who are affected by the current economic challenges, by paying school fees or providing devices for distance learning".

The move is part of the 'Together We Are Good' programme which aims to support residents impacted by the Covid-19 coronavirus crisis in the country.

"Parents can call the toll-free helpline on 800-3088 or register their request at http://togetherwearegood.ae. The closing date for fee assistance applications is 23rd April 2020," the media office tweeted.

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News Network
July 23,2020

Beirut, Jul 23: The pandemic will exact a heavy toll on Arab countries, causing an economic contraction of 5.7% this year, pushing millions into poverty and compounding the suffering of those affected by armed conflict, a U.N. report said Thursday.

The U.N.'s Economic and Social Commission for Western Asia expects some Arab economies to shrink by up to 13%, amounting to an overall loss for the region of $152 billion.

Another 14.3 million people are expected to be pushed into poverty, raising the total number to 115 million — a quarter of the total Arab population, it said. More than 55 million people in the region relied on humanitarian aid before the COVID-19 crisis, including 26 million who were forcibly displaced.

Arab countries moved quickly to contain the virus in March by imposing stay-at-home orders, restricting travel and banning large gatherings, including religious pilgrimages.

Arab countries as a whole have reported more than 830,000 cases and at least 14,717 deaths. That equates to an infection rate of 1.9 per 1,000 people and 17.6 deaths per 1,000 cases, less than half the global average of 42.6 deaths, according to the U.N.

But the restrictions exacted a heavy economic toll, and authorities have been forced to ease them in recent weeks. That has led to a surge in cases in some countries, including Lebanon, Iraq and the Palestinian territories.

Wealthy Gulf countries were hit by the pandemic at a time of low oil prices, putting added strain on already overstretched budgets. Middle-income countries like Jordan and Egypt have seen tourism vanish overnight and a drop in remittances from citizens working abroad.

War-torn Libya and Syria have thus far reported relatively small outbreaks. But in Yemen, where five years of civil war had already generated the world's worst humanitarian crisis, the virus is running rampant in the government-controlled south while rebels in the north conceal its toll.

Rola Dashti, the head of the U.N. commission, said Arab countries need to “turn this crisis into an opportunity” and address longstanding issues, including weak public institutions, economic inequality and over-reliance on fossil fuels.

“We need to invest in survival, survival of people and survival of businesses,” she said.

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News Network
April 23,2020

Riyadh, Apr 22: In an extraordinary initiative, the government of the Kingdom of Saudi Arabia has decided to facilitate the travel of expatriates who have an exit and reentry visa or final exit visa to return to their countries.

This is in line with the order of Custodian of the Two Holy Mosques King Salman, according to the Saudi Press Agency.

According to the initiative, called “Auda” (return), expatriates can apply seeking permission for travel to their countries through the Absher portal of the ministry.

Announcing this, Saudi's Ministry of Interior said that the initiative will be implemented in cooperation with a number of relevant government agencies.

Requests for travel from expatriates will be received and approved in coordination with the relevant authorities to complete their travel procedures on board international flights.

As per the initiative, a text message will be sent to the beneficiary stating the travel date, ticket number and reservation details, and by which the beneficiary can obtain his travel ticket and complete the travel procedures.

Clarifying the procedures for the travel, the ministry said that the applicant shall select the icon (Auda) after visiting the Absher portal and fill the following fields: iqama (residency permit) number, date of birth, mobile number, departure city and airport of arrival.

It is not mandatory for the expatriate to have his own Absher account for availing of the service, the ministry said, adding that this facility is to enable expatriates to benefit from this initiative.

The departure will be through the following airports: King Khalid International Airport in Riyadh, King Abdulaziz International Airport in Jeddah, Prince Muhammad International Airport in Madinah, and King Fahd International Airport in Dammam.

Those expatriates who are outside these cities can benefit from the service through entering airport of departure after completion of their travel procedures in sufficient period of time.

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