Trump vetoes measures blocking arms sales to Saudi Arabia, UAE

Agencies
July 25, 2019

Washington, Jul 25: President Donald Trump on Wednesday vetoed three congressional resolutions barring billions of dollars in weapons sales to countries including Saudi Arabia and the United Arab Emirates.

The resolutions “would weaken America’s global competitiveness and damage the important relationships we share with our allies and partners,” Trump said in letters to the Senate justifying blocking them.

It is the third time the president has employed his veto power since taking office.

The measures cleared Congress this month in a strong rebuke to Trump, whose administration took the extraordinary step of bypassing legislators to approve the sales in May.

Secretary of State Mike Pompeo had said the administration was responding to an emergency caused by regional troublemaker Iran.

But lawmakers including some Senate Republicans said there were no legitimate grounds to circumvent Congress, which has the right to disapprove arms sales.

Critics say the arms sales would aggravate the war in Yemen, where Saudi Arabia is leading a US-backed coalition that also includes the UAE in a battle against the Iranian-supported Houthi terrorists.

The UN says the conflict has triggered the world’s worst humanitarian crisis.

But Trump argued Wednesday that barring the sale of US weapons “would likely prolong the conflict in Yemen and deepen the suffering it causes,” and that “without precision-guided munitions, more — not fewer — civilians are likely to become casualties.”

Iran’s ‘malign activities’

The US president also pointed to Iran in justifying blocking the resolutions.

Saudi Arabia and the United Arab Emirates are “a bulwark against the malign activities of Iran and its proxies in the region,” and the arms sale licenses Congress sought to block enhance their “ability to deter and defend against these threats,” he argued.

Tensions between Washington and Tehran have soared since Trump pulled the US out of a deal with Iran last year that was aimed at curbing its nuclear program, and imposed punishing sanctions.

The US has said it brought down one and possibly two Iranian drones last week, and has blamed Iran for a series of mysterious attacks on tanker ships in strategic Gulf waters.

Tehran shot down an unmanned US aircraft in June, after which Trump announced that he had called off airstrikes on Iran at the last minute because the resulting death toll would have been too high.

Trump has said that the choice between war and diplomacy with Iran “could go either way,” and that he is “okay either way it goes.”

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News Network
April 29,2020

Dubai, Apr 29: Saudi Arabia reported 1,325 new cases of coronavirus, bringing the total number of infections in the country to 21,402, the Ministry of Health announced on Wednesday (April 28).

Meanwhile, the ministry reported 169 recoveries today, with total recoveries in the kingdom at 2,953. There are 125 cases in intensive care.

The ministry also confirmed 5 deaths, bringing the total number of deaths in the kingdom to 157.

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Arab News
March 9,2020

Dubai, Mar 9: The eyes of the world will be on the oil markets when the big trading hubs in Europe and North America open following the end of the deal between Saudi Arabia and Russia that has helped to sustain crude at relatively high levels for the past three years.

There were big falls on Friday when ministers from the Organization of the Petroleum Exporting Countries (OPEC) failed to get a deal with non-OPEC members — the so-called OPEC+ — to extend output agreements. Brent oil was down nearly 10 percent at $45.27 going into the western weekend.

Saudi Aramco took immediate action to cut prices after the OPEC+ collapse, offering big discounts for crude deliveries from next month, when the current output restrictions end.

According to a notification sent to customers by Saudi Aramco, seen by Arab News, the Kingdom’s oil giant will cut between $4 and $8 per barrel, with the biggest discounts being offered to buyers in northwest Europe and the US.

Roger Diwan, an oil analyst at consultancy IHS Market, said: “We are likely to see the lowest oil prices of the past 20 years in the next quarter.”

West Texas Intermediate, the US oil benchmark, fell to $28.27 in November 2001.

The move raises the possibility of a “crude war” between the three biggest oil blocs — the US, Russia and the Arabian Gulf. Some analysts believe the American shale industry is more vulnerable to low prices than either the Russians or the Saudis.

Robin Mills, head of the Qamar consultancy, told Arab News: “I don’t think this was premeditated but Saudi Arabia has clearly swung quickly into action to put the Russians under pressure. But the Russians, with low debt and a flexible exchange rate, can cope with a few months of low prices.”

The boom in US shale has made the country the biggest oil producer in the world, but with high financing costs. Lower global prices would put a lot of shale companies out of business.

On the other hand, American motorists, and President Donald Trump, would be pleased to see lower fuel prices in an election year.

In Moscow, one prominent financier with ties to the Kingdom played down the long-term significance of the Vienna fallout.

Kirill Dmitriev, chief executive of the Russian Direct Investment Fund, told Arab News: “Saudi Arabia is our strategic partner, and cooperation between our two countries will continue in all areas. We will also continue to work within the framework of the Russia-Saudi Economic Council.”

One Russian official, who asked not to be named, added: “There is a good relationship between Alexander Novak, Russian energy minister, and his Saudi counterpart Prince Abdul Aziz bin Salman, and I am sure they will continue talking to each other less formally.”

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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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