UAE to host 40th GCC Summit in 2019

Agencies
December 10, 2018

Abu Dhabi, Dec 10: The 40th session of the GCC summit will be held in the UAE, according to a communique issued at the end of the 39th summit in Riyadh.

King Salman bin Abdulaziz Al Saud, Custodian of the Two Holy Mosques and King of Saudi Arabia, chaired the 39th session of the council in the presence of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

The Supreme Council of GCC States welcomed the UAE's hosting of next summit and issued the 'Riyadh Declaration', which included 72 items covering matters related to the Gulf countries, the region and the world.

GCC Secretary-General Dr. Abdullatif bin Rashid Al Zayani, delivered the final declaration, saying that the risks have threaten the security and stability of the region and the economic challenges it faces prove the importance of adhering to the blessed march of the GCC, enhancing collective action and mobilising the common energies to address these risks and challenges and meet the aspirations of the citizens of the GCC countries to achieve further gains of Gulf integration and the far-sighted vision of their leaders who established the Council in May 1981.

The Basic Law adopted by the Founders of the council states that the ultimate goal of the GCC is "to achieve coordination, integration and interdependence among the Member States in all fields in order to reach their unity and enhance bonds links, among its people in various fields."

Al-Zayani asserted the importance of bolstering ties among GCC countries and friendly nations, similar to the relationship between the US and GCC. He noted that discussions in the summit focused on such relations and views that would call for optimism based on the agreement in its general perspective.

Al-Zayani pointed out that one of the most highlighted issues during the meeting of leaders were similar to the adoption of laws and strategies to ensure a greater acceleration of the Gulf joint action in terms of economic, political and security, in line with the changes in the regional and rapid changes in the international arenas.

The Secretary-General noted on the keenness of GCC leaders and contribute to the development and prosperity of their countries and the well-being of their peoples.

Supporting the right of the UAE to regain sovereignty over its three islands: the Greater and the Lesser Tunbs and Abu Musa, and over the territorial waters, the airspace, the continental shelf, and the economic zone of the three islands, as they are an integral part of the UAE.

The Council expressed disappointment that the repeated contacts with the Islamic Republic of Iran have not yielded any positive outcomes that would actively contribute to the resolution of the issue, and lead to the security and stability of the region. "The Council will continuing to look into all peaceful means that would lead to the restoration of UAE's right on the three islands," according to the declaration, which also urged Iran to respond to the efforts of the UAE and the international community in solving the issue by peaceful means or taking recourse to the International Court of Justice.

The summit welcomed the announcement by the UAE and Saudi Arabia to set up a coordination council and to adopt a strategy for economic, development and military integration. The GCC leaders reaffirmed keenness on maintaining the unity of member countries and noted their Gulf bloc realised many achievements that contributed to regional security, stability, economic and social prosperity.

They said challenges required further efforts to achieve integration at economic, social, political, security and military levels, said the declaration. They also called for completing programmes and projects needed to honour Saudi King Salman bin Abdulaziz's integration vision to ultimately boost the regional and international role of the GCC.

They called for addressing all obstacles to achieve economic integration by 2025 and to complete the requirement for the creation of the common market and customs union.

The GCC leaders appointed a commander for the joint military command to advance towards completion of the joint defence system, while underlining the importance of the bloc's role in addressing extreme ideologies through the promotion of moderation, tolerance, human rights, rule of law and Islamic Sharia.

They called for joining hands with partners within the international community to eliminate terrorism and drying its financing resources. The leaders also called for forming a "single and effective" foreign policy to be based on the statute, noted the declaration. They reiterated support for the Palestinian cause and the Yemeni people.

GCC leaders also discussed a number of issues related to the final declaration and to Arab and Islamic dossiers. They also extended thanks and appreciation to the Custodian of the Two Holy Mosques and Chairman of the Summit, Saudi wise leadership, and people for hosting the meeting.

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News Network
April 20,2020

Sharjah, Apr 20: Air Arabia announced on Monday it will operate new repatriation flights from four cities in India to Sharjah carrying UAE nationals back home.

The special flights will operate from Mumbai and Delhi to Sharjah International Airport on April 20 while special flights will operate from Kochi and Hyderabad to Sharjah International Airport on April 22.

Air Arabia remains committed to bring stranded citizens back home as well as supporting requests to operate repatriation flights and is working closely with UAE authorities in this regard, the airline said.

Air Arabia announced earlier that it’s operating a mix of repatriation flights as well as cargo flights during the month of April to multiple destinations.

Further information about the repatriation and cargo flights is available on the website or can be obtained by contacting the Air Arabia call centre on 06 5580000 or respective travel agent.

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News Network
May 4,2020

Munbai/New Delhi, May 4: India expects bad debts at its banks could double after the coronavirus crisis brought the economy to a sudden halt, a senior government official and four top bankers said.

Indian banks are already grappling with 9.35 trillion rupees ($123 billion) of soured loans, which was equivalent to about 9.1% of their total assets at the end of September 2019.

"There is a considered view in the government that bank non-performing assets (NPAs) could double to 18-20% by the end of the fiscal year, as 20-25% of outstanding loans face a risk of default," the official with direct knowledge of the matter said.

A fresh surge in bad debt could hit credit growth and delay India's recovery from the coronavirus pandemic.

"These are unprecedented times and the way it's going we can expect banks to report double the amount of NPAs from what we've seen in earlier quarters," the finance head of a top public sector bank told Reuters.

The official and bankers declined to be named as they were not officially authorized to discuss the matter with media.

India's finance ministry declined to comment, while the Reserve Bank of India and Indian Banks' Association, the main industry body, did not immediately respond to emails seeking comment.

The Indian economy has ground to a standstill amid a 40-day nationwide lockdown to rein in the spread of coronavirus cases.

The lockdown has now been extended by a further two weeks, but the government has begun to ease some restrictions in districts that are relatively unscathed by the virus.

India has so far recorded nearly 40,000 cases of the coronavirus and more than 1,300 deaths from COVID-19, the respiratory disease caused by the coronavirus.

'RIDING THE TIGER'

Bankers fear it is unlikely that the economy will fully open up before June or July, and loans, especially those to small- and medium-sized businesses which constitute nearly 20% of overall credit, may be among the worst affected.

This is because all 10 of India's largest cities fall in high-risk red zones, where restrictions will remain stringent.

A report by Axis Bank said that these red zones, which contribute significantly to India's economy, account for roughly 83% of the overall loans made by its banks as of December.

One of the sources, an executive director of a public sector bank, said that economic growth had been sluggish and risks had been heightened, even ahead of the coronavirus crisis.

"Now we have this Black Swan event which means without any meaningful government stimulus, the economy will be in tatters for several more quarters," he said.

McKinsey & Co last month forecast India's economy could contract by around 20% in the three months through June, if the lockdown was extended to mid-May, and growth in the fiscal year was likely to fall 2% to 3%.

Bankers say the only way to stem the steep rise in bad loans is if the RBI significantly relaxes bad asset recognition rules.

Banks have asked the central bank to allow all loans to be categorized as NPAs only after 180 days, which is double the current 90-day window.

"The lockdown is like riding the tiger, once we get off it we'll be in a difficult position," a senior private sector banker said.

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News Network
March 16,2020

Cairo, Mar 16: Saudi crown prince Mohammed bin Salman said G20 summit will work to combat coronavirus and coordinate efforts to ease its economic burdens, state news agency SPA said on Sunday.

In a phone call with British Prime Minister Boris Johnson, Salman discussed international efforts to fight the flu-like disease, saying the next G20 summit, which will be hosted by the Kingdom, will work on finding medical solutions, SPA added.

The G20 Summit is an annual gathering of representatives of the world's largest economies.

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