Saudi, Kuwait, UAE approve $2.5bn aid package for Jordan

Arab News
June 11, 2018

Jeddah, Jun 11: Saudi Arabia, Kuwait and the United Arab Emirates agreed on Monday to provide an economic aid package worth $2.5 billion for Jordan, which is facing an economic crisis following anti-austerity protests.

The package, announced at a summit of the four nations in the holy city of Makkah, will include a deposit in the Jordanian central bank, World Bank guarantees, budgetary support over five years and financing for development projects, said a summit communique carried by the Saudi Press Agency.

The summit, called by Saudi King Salman, was attended by Jordan’s King Abdullah II along with UAE's Prime Minister Sheikh Mohammed bin Rashid Al-Maktoum and Kuwaiti Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah.

King Salman called the meeting to garner support for ally Jordan, which had been rocked by mass protests against price rises and a proposed tax hike in recent days.

The statement noted that funding for Jordan's economic crisis comes from contributory funds for development projects in the Kingdom.

Following the meeting, King Abdullah II offered his gratitude to King Salman, Kuwait and the UAE for their support. Jordan is struggling to curb its debt after securing a $723 million loan from the International Monetary Fund (IMF) in 2016.

Austerity measures tied to the loan have seen prices of basic necessities rise across the Kingdom of Jordan — culminating in a week of angry protests over tax proposals that forced prime minister Hani Mulki to resign.

The authorities on Thursday announced they were withdrawing the unpopular legislation, but still face a mammoth task to balance popular demands with the need to reduce the public debt burden.

Jordan blames its economic woes on instability rocking the region and the burden of hosting hundreds of thousands of refugees from war-torn Syria, complaining it has not received enough international support.

The World Bank says Jordan has “weak growth prospects” this year, while 18.5 percent of the working age population is unemployed.

Saudi Arabia and the United States are two of the major donors providing vital economic assistance to Jordan.

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Agencies
January 4,2020

Baghdad, Jan 4: At least five people were killed on Saturday by an airstrike on a vehicle convoy of Iraq's Shia Popular Mobilization Forces in northern Baghdad, a source in security forces told Sputnik.

Earlier in the day, the source told Sputnik about a powerful explosion in Baghdad's northern district of Taji.

"A vehicle convoy of the Popular Mobilization Forces has been attacked. According to preliminary data, five people have died. Their names have not been clarified so far," the source said.

On Friday, several senior members of the Popular Mobilization Forces, as well as commander of the elite Quds Force of Iran's Revolutionary Guard Corps Qasem Soleimani, were killed by a US drone attack near the Baghdad International Airport.

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Agencies
June 9,2020

Dubai, Jun 9: Dubai's Emirates airline has begun laying off employees to reduce cost and save cash as the carrier looks to rightsize its workforce.

"We at Emirates have been doing everything possible to retain the talented people that make up our workforce for as long as we can. However, given the significant impact that the pandemic has had on our business, we simply cannot sustain excess resources and have to rightsize our workforce in line with our reduced operations. After reviewing all scenarios and options, we deeply regret that we have to let some of our people go," the spokesperson said in the statement.

Citing sources, Reuters and Bloomberg earlier reported that a majority of those being made redundant are cabin crew workers as well as a minority of its engineers and pilots, including those flew the Airbus A380.

"This was a very difficult decision and not one that we took lightly. The company is doing everything possible to protect the workforce wherever we can. Where we are forced to take tough decisions we will treat people with fairness and respect. We will work with impacted employees to provide them with all possible support," said the statement.

The spokesperson, however, didn't disclose how many employees are being made redundant in this latest round of rightsizing the workforce.

Emirates on Sunday confirmed that it extended the period of reduced pay for its staff for another three months till September. It had previously reduced basic wages by 25 to 50 per cent for three months from April, with junior employees exempted.

The airline had employed around 60,000 people at the end of its 2019-20 financial year.

Saj Ahmad, chief analyst at StrategicAero Research, said the announced job cuts at Emirates will likely not be the last given the unprecedented damage that Covid-19 has had not just on air travel, but on the entire aviation industry as a whole.

"Emirates' massive international network means that job reductions were always a last resort option as the company staves off cash burn and expenses at a time when revenues are dried up. While Emirates SkyCargo is enjoying a resurgence in activities, the reality is that this income will never offset the lost money from passenger operations," he added.

"Whilst some salary reduction schemes have prevented bigger job cuts for now, the absence of a cure or medicinal suppressant of Covid-19 means that air travel is unlikely to even reach pre-9/11 levels within 3-5 years, let alone pre-Covid-19 levels in that same time period. For that reason, Emirates' reduction in headcount is necessary to stay competitive, agile and be ready for when air travel can resume with a degree of normalcy that we have been accustomed to for decades," said Ahmad.

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News Network
January 7,2020

Tehran, Jan 7: Iranian state television says 35 people have been killed and 50 others injured in a stampede that erupted at a funeral procession for a general slain in a US airstrike.

The TV says the stampede erupted in Kerman, the hometown of Gen. Qassem Soleimani where the procession was underway on Tuesday.

A procession in Tehran on Monday drew over 1 million people in the Iranian capital, crowding both main thoroughfares and side streets in Tehran.

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