Saudi a ‘valued friend’: PM Modi in Riyadh

Agencies
October 29, 2019

Riyadh, Oct 29: Prime Minister Narendra Modi arrived in Riyadh late on Monday night on a two-day visit, during which he will attend the third edition of Saudi Arabia's high-profile annual financial conference and hold bilateral talks with top leadership of the Gulf Kingdom.

"Landed in the Kingdom of Saudi Arabia, marking the start of an important visit aimed at strengthening ties with a valued friend. Will be taking part in a wide range of programmes during this visit," the Prime Minister tweeted.

He will deliver the keynote address under the title ''What's next for India?'' at the Future Investment Initiative (FII), which is dubbed as ''Davos in the Desert''.

Besides addressing the forum, he will hold bilateral talks with Saudi King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman. The two sides are expected to sign a number of agreements in several key sectors including oil and gas, renewable energy and civil aviation to bolster their ties.

The three-day forum, beginning on Tuesday, will host financiers, governments, and industry leaders who would discuss global trade and explore the trends, opportunities and challenges shaping the global investment landscape over the coming decades.

"India and Saudi Arabia have enjoyed traditionally close and friendly relations. Saudi Arabia has been one of the largest and reliable suppliers of India's energy needs," PM Modi said in his departure statement in New Delhi.

He noted that defence, security, trade, culture, education and people-to-people contacts are the other important areas of bilateral cooperation with Saudi Arabia.

The two sides would also sign an agreement to establish a Strategic Partnership Council to coordinate on key issues. The council will be headed by Prime Minister Modi and the crown prince and it will meet every two years.

"The Agreement for establishment of the Strategic Partnership Council will further elevate the India-Saudi Arabia Strategic Partnership to a new level," the prime minister said in his statement.

This would be Prime Minister Modi's second visit to the Gulf Kingdom. During his first visit in 2016, King Salman conferred Saudi's highest civilian award on him. The Crown Prince visited India in February 2019, giving a further fillip to the bilateral ties.

India's relations with Saudi Arabia have been on an upswing over the last few years. India's bilateral trade with Saudi Arabia was at USD 27.48 billion in 2017-18, making Saudi Arabia its fourth largest trading partner.

Saudi Arabia last month said that it was looking at investing USD 100 billion in India in areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining.

At the FII forum, Prime Minister Modi will speak on India's economy, its challenges and opportunities for equitable growth and prosperity.

"I will speak about the growing trade and investment opportunities for the global investors in India as the country marches forward to a 5 trillion dollar economy by 2024," PM Modi said.

The high-profile forum faced widespread boycott in 2018 in the aftermath of killing of Saudi dissident journalist Jamal Khashoggi, who was murdered in the Kingdom's consulate in Istanbul, Turkey by Saudi security agents.

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News Network
January 29,2020

New Delhi, Jan 29: Badminton champion Saina Nehwal joined the ruling BJP today and is likely to campaign for the party ahead of the February 8 Delhi election.

"I have won medals for the country. I am a very hardworking and I love hardworking persons. I can see Prime Minister Narendra Modi does so much for the country, I want to do something for the country with him," the shuttler said, wearing the BJP scarf.

"I draw a lot of inspiration from Narendra sir".

Haryana-born Saina Nehwal, 29, is a major acquisition for the party in the middle of the Delhi poll campaign; she is one of the most popular sportspersons in India with a huge fan following and brand value. She is preparing for the 2020 Tokyo Olympics.

A former world number 1, she has been honoured with the country's top sporting awards like the Rajiv Gandhi Khel Ratna and Arjuna Award. She was also awarded the Padma Bhushan in 2016.

The Badminton player has won over 24 international titles. In the London Olympics, she won a bronze. She was world number two in 2009 and number one in 2015.

With her tweets praising Prime Minister Narendra Modi, Saina Nehwal was widely seen to lean towards the BJP.

One of her tweets became controversial when it was found to be identical to several others in praise of a PM Modi speech last year. Saina was trolled on Twitter with screenshots of the identical tweets. She was also among the sportswomen who put up identical tweets on Diwali thanking PM Modi for his initiative to empower women, with the hashtag #bharatkilaxmi.

The BJP roped in many famous personalities last year, including cricketer Gautam Gambhir, who was elected MP from Delhi in the national election, and wrestler Babita Phogat. Just before the Haryana assembly polls, the party roped in wrestler Sushil Kumar, Babita Phogat and former Hockey team captain Sandeep Singh. Sandeep Singh won the election and was appointed minister.

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News Network
March 11,2020

Mar 11: Thirteen of the 22 rebel MLAs in Madhya Pradesh have given an assurance that "they are not leaving the Congress", senior party leader Digvijaya Singh said on Thursday while expressing confidence that the Kamal Nath-led government in the state will win a floor test.

"We are not keeping quiet. We are not sleeping," Singh told PTI, a day after Congress leader from the state Jyotiraditya Scindia quit the Congress and 22 MLAs submitted their resignations from the assembly in Madhya Pradesh.

Scindia was offered the post of Madhya Pradesh deputy chief minister but wanted his nominee, Singh said. However, Kamal Nath refused to accept a "chela", he said.

Scindia, he said, could have been a Congress nominee to the Rajya Sabha but "only Modi-Shah" can give a Cabinet post to the "over-ambitious" leader.

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News Network
January 12,2020

Dubai, Jan 12: Saudi Arabian oil giant Aramco announced Sunday that its initial public offering raised a record $29.4 billion, a figure higher than previously announced, after the company used a so-called "greenshoe option" to sell millions more shares to meet investor demand.

The company said that the sale of an additional 450 million shares took place during the initial public offering process.

The oil and gas company, which is majority owned by the state, began publicly trading on the local Saudi Tadawul exchange on December 11. It hit hit upwards of $10 a share on the second day of trading. This gave Aramco a market capitalization of $2 trillion, making it comfortably the world's most valuable company.

Aramco's additional sales mean the company has publicly floated 1.7% of its shares. It's IPO, even before the added sales, was the world's largest ever.

The shares sold in the over-allotment option "had been allocated to investors during the book-building process and therefore, no additional shares are being offered into the market today," Aramco said.

Company shares traded down on Sunday, dipping to around 34.7 riyals, or $9.25 a share, amid heightened tensions in the Persian Gulf between Iran and the United States. Aramco was a target of rising tensions over the summer when a missile and drone attack, which Saudi Arabia and the US blame on Iran, temporarily halved its production.

Sunday's trading figures value Aramco at $1.85 trillion, still well ahead of Apple, the second largest company in the world after Aramco, but below the $2 trillion mark sought by Crown Prince Mohammed bin Salman.

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