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Saudi Arabia’s ‘look-east’ policy pays off

March 17, 2017

Beijing, Mar 17: Chinese foreign affairs analysts say that a series of agreements signed by Saudi Arabia and China is a “win-win” situation for both countries.

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Saudi Arabia’s King Salman oversaw the signing of deals worth potentially $65 billion on the first day of a visit to Beijing on Thursday, as the world’s largest oil exporter looks to cement ties with China.

Dr. Zeng Ji, chair of the Department of International Affairs at Sun Yat-sen University, China, told Arab News the deals consist of 35 projects that include covering productive capacity, trade, space industry, new energy and education.

“So far, I have noticed that little is mentioned about oil deals,” Zeng said. “It suggests that Sino-Saudi economic cooperation becomes more pluralistic nowadays, compared with China’s traditional reliance on Saudi oil. For China, the Middle East, including Saudi Arabia ... is not only a provider of energy. The paramount need for China is to export its over-abundant productive capacity.”

Zeng added the Middle East would accelerate China’s ambitious initiative aimed at tighter economic links with countries extending to Europe and Africa through the Middle East.

He also said the “deals suggest a win-win situation in the eyes of both countries.”

Dr. Degang Sun of the Institute of Shanghai International Studies University said China and Saudi Arabia are a perfect match in potential trade and investments.

“The two sides’ economies are supplementary to each other,” Degang told Arab News.

“In recent years, China put forward the ‘One Belt and One Road Initiative’ and the Saudi government put forward Vision 2030 in 2016. The two sides’ development strategies are compatible with each other. China perceives Saudi Arabia as the pivotal state in implementing its ‘One Belt and One Road,’ and China’s investment in and trade with Saudi Arabia will enhance the diversification and industrialization of the Saudi economy in the next decade.”

He said Saudi Arabia “looking east” and China “looking west” will enhance their strategic partnership.

Few other details were given about the 14 memoranda of understanding (MoU) that were signed on Thursday.

Besides the MoUs agreed between the two governments, Saudi and Chinese companies signed 21 deals, ranging from exploring investments in oil and petrochemical plants to e-commerce and co-operating in renewable energy markets.

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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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News Network
May 2,2020

Dubai, May 2: Saudi Arabia has confirmed 1,362 new coronavirus cases, bringing the total number of COVID-19 patients in the country to 25,459, the Ministry of Health reported Saturday.

In the daily media briefing, the ministry announced 7 more deaths and 210 new recoveries, raising the total number of fatalities and recoveries to 176 and 3,765, respectively.

Out of the 1,362 new cases reported today, 249 were confirmed in Medina, 245 in Jeddah, 244 in Mecca, 161 in Riyadh, in addition to 126 infections in Dammam, 81 in Khobar and 80 in Jubail.

Dr. Mohammed Al Abd Al Aly, spokesman for Saudi Arabia’s Ministry of Health reiterated that so far there was no evidence that hot weather will curtail the spread of coronavirus.

Authorities continue to urge people to stay at home unless necessary despite having relaxed some restrictions and curfews at the start of Ramadan.

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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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