Saudi Arabia’s green card plan for expats welcomed

April 7, 2016

Riyadh, Apr 7: Saudi Arabia’s plan to issue permanent residence or “green cards” to foreign workers has been warmly welcomed by the expatriate community.

SaudiIn an interview with Bloomberg, Deputy Crown Prince Mohammed bin Salman disclosed plans for issuing such cards similar to the US green card system that allows hiring more foreign workers for a fee.

The plan will abolish the existing sponsorship system for holders, who will be required to pay zakat and value-added taxes, if any, besides premiums on insurance, etc. They can own property and undertake commercial, industrial and related activities.

“The plan is very welcome for those living here for over 40 years. I would also suggest that naturalization be given to those who have at least one child willing to serve in the armed forces in any capacity,” said Amir Qayyum, a business development executive from India.

“This is actually in recognition of the universal human rights of residency. We are glad to see the host government extending such a privilege to deserving expats,” said John Monterona, convener of the new OFW Forces Worldwide.

A senior systems engineer at Tawuniya, Saleh Ampaso Bucay, who has been working here since 1992, described the move as a dream come true.

“I am just like many other expatriates who have spent more than half of their lives in this country. All my children were born here. So it is really a great honor if this privilege of either permanent residence or a green card is granted to us,” Bucay observed.

He added that as a Muslim, it will also be a great opportunity to work hand in hand with the citizens in developing the country and protecting it from the enemies of Islam. “I love this country and would like to die and be buried here,” he said.

Gilbert G. Alarcon, senior ISO system auditor at Dar Arriyadh Consultants, said it is a good development as expats already consider Saudi Arabia their second home. “The feeling of acceptance in retrospect gives more meaning to an already fruitful partnership and cooperation between the citizens and expats.”

Rey Eduard Quiblat Umel, an architect and a project engineer, termed King Salman’s wisdom and vision “very exemplary.” The Saudi-Philippine partnership will increase by leaps and bounds, boosting the development of their peoples, he said.

“This will also help the Kingdom’s economy and increase its revenues. It will bolster their manpower without relying on oil,” said Jehad Zacaria Pangcoga, from the Philippines.

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SALMAN
 - 
Thursday, 21 Apr 2016

Really its great news and happiest moment for me even though iam not in saudi. Really i appreciate the king's decision.

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News Network
May 31,2020

Dubai, May 31: As many as 84 beggars have been arrested in Dubai during the Eid Al Fitr holiday, the Dubai Police have said.

The arrests were carried out as part of their anti-begging campaign to prevent begging during the holy month of Ramadan.

Some illegal vendors, too, have been arrested in different areas of the emirate, the police added.

Colonel Ali Salem, Director of the Infiltrators Department at the Criminal Investigations Department of Dubai Police, said that the campaign aims to maintain the safety and security of the society, adding that the campaign was successful and helped reduce the number of beggars across the emirate.

He called on the public to report begging activities to the number 901 or the Dubai Police app.

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News Network
April 20,2020

Riyadh, Apr 20: Six more people have died in Saudi Arabia after contracting coronavirus as 1,122 new coronavirus cases were reported on Monday.

The Saudi health ministry said that total number of cases in the Kingdom had increased to 10,484. It also recorded 92 new recoveries, raising the total to 1,490.

The ministry said precautionary measures shall remain to limit the virus spread.

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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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