UK to help reform Saudi economy

April 6, 2017

Riyadh, Apr 6: Britain said Wednesday it would help Saudi Arabia to diversify its oil-dependent economy as British Prime Minister Theresa May visited the Kingdom.

UK

A statement from May’s office said the two discussed several issues including security and strengthening business ties.

An earlier statement from May’s office said she would discuss with the monarch “tax and privatization standards to help Saudi Arabia diversify its economy and become less reliant on oil.”

The prime minister “pointed out that security relationships between the two countries had saved many lives in the UK,” her office said.

Britain will also assist Riyadh in “building a reformed Ministry of Defense” and reviewing defense capabilities, the premier’s office said.

May’s visit came as she seeks to secure investment and trade after Britain officially started a two-year countdown to leave the EU.

May and the chief of the London Stock Exchange (LSE) pitched investments in Britain to the head of Saudi Arabia’s sovereign wealth fund.

May and Xavier Rolet presented Yasir Al-Rumayyan of the Saudi Public Investment Fund (PIF) with a “high-level overview of investment opportunities,” according to a spokesman for the prime minister’s office.

The LSE and other top stock exchanges are trying to win a slice of state oil company Saudi Aramco’s initial public offering, expected to be the world’s biggest.

Saudi Arabia plans to transfer Aramco’s shares into the PIF before listing up to 5 percent of the company, making the fund a key player in talks with the exchanges.

The IPO, expected in 2018, could be worth around $100 billion, Saudi officials have said, and will likely involve multiple exchanges.

The PIF is also expanding its profile with major investments abroad, including a pledge of up to $45 billion for the Vision Fund, a global technology fund it is creating with Japan’s SoftBank.

Saudi officials said last year they expect the PIF to expand from $160 billion to about $2 trillion after the Aramco share transfer, which would make it the world’s largest sovereign fund.

The PIF has not yet made any direct investments in British firms, but SoftBank is weighing plans to place its $8 billion stake in British chip designer ARM into the Vision Fund.

Before leaving for home, May said Britain was a firm supporter of Saudi Arabia’s “Vision 2030” which she described as an ambitious reform plan.

“As a world leader across a range of sectors, the UK is well placed to help Saudi Arabia deliver these vital reforms,” she said, according to a statement from her office.

The statement said that senior Cabinet members including Chancellor Philip Hammond, Secretary of State for International Trade Liam Fox and Foreign Secretary Boris Johnson were expected to visit the Kingdom in coming months.

The Permanent Secretary at the Ministry of Defense, Stephen Lovegrove, will also visit the Kingdom next month for discussions on Saudi defense reform, which Britain has pledged to assist, it said.

May’s office said she and King Salman “discussed working together to address the humanitarian situation in Yemen.”

On Tuesday, May held talks with a string of officials including Saudi Crown Prince Mohammed bin Naif and Deputy Crown Prince Mohammed bin Salman.

May also met with Saudi women leaders before wrapping up her two-day visit.

She met with Princess Reema bint Bandar, vice president for women’s affairs at the General Sports Authority.

They discussed bilateral cooperation to enhance and develop social sports culture and the economic output that could be yielded as a result.

Ahead of the meeting, May said on Monday she would announce that the UK will provide support to Saudi Arabia to increase opportunities for men and women to participate in sport.

She also met with the CEO of the Saudi stock exchange, Sarah Al-Suhaimi, and discussed women’s role in the private sector.

The British Council’s Contemporary Collective program will train young Saudi women in arts management, equipping them with the skills necessary to launch and run largescale cultural projects in the Kingdom.

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News Network
February 24,2020

Dubai, Feb 24: Kuwait and Bahrain confirmed on Monday their first novel coronavirus cases, the countries' health ministries announced, adding all had come from Iran.

Kuwait reported three infections and Bahrain one in citizens who had returned home from the Islamic republic.

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Agencies
May 7,2020

Dubai, May 7: Indians in the UAE have voiced scepticism about a "massive" operation announced by New Delhi to bring home some of the hundreds of thousands of nationals stranded by coronavirus restrictions.

"It is just propaganda," said Ishan, an Indian expatriate in Dubai, one of seven emirates in the UAE and long a magnet for foreign workers.

He was reacting to his government's announcement this week that it would deploy passenger jets and naval ships to bring home citizens stuck in a host of countries.

India's consulate in Dubai said it received about 200,000 requests from nationals seeking repatriation -- mostly workers who have lost their jobs in the pandemic.

One vessel was heading to the UAE, India's government said, while two flights were scheduled to depart the UAE for India on Thursday.

But the plans drew scorn from Ishan, who was a manager at a luxury services company before he was made redundant last month.

"It's like throwing a dog a bone," the 35-year-old complained on Wednesday, dismissing the Indian government's efforts as a drop in the ocean.

"Let's say they repatriate 400 people on the first day, and about 5,000 people in 10 days, what difference has it made?"

India banned all incoming commercial flights in late March as it imposed one of the world's strictest lockdowns to tackle the spread of coronavirus.

The UAE is home to a 3.3-million-strong Indian community, who make up around 30 per cent of the Gulf state's population.

To the anger of some Indian expatriates, the evacuees will have to pay for their passage home and spend two weeks in quarantine on arrival.

"We are upset over the failure of our government," Ishan said. "What about the people with no money? How are you helping them?"

The Indian consulate could not be reached for comment.

Ibrahim Khalil, head of the Kerala Muslim Cultural Center in Dubai, said the consulate had asked him to select 100 Indian nationals for repatriation.

"We are planning to pay for the tickets of those who cannot afford it," he said, adding that the elderly, pregnant and those suffering from illnesses were a priority.

But one Indian woman, eight months pregnant in the neighbouring emirate of Sharjah, was not one of the lucky ones chosen to go back home in one of Thursday's planned departures.

"We called them but nobody would pick up," the 26-year-old, who requested anonymity, told AFP.

She arrived in the UAE a few months ago to visit her husband, who lives in a shared apartment with another family to save money.

"We have no insurance here and the medical expenses are too costly," said the woman, who was anxious to leave to give birth at home.

"I just hope that I am chosen to go back to India. I don't know why I haven't been considered."

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Agencies
July 8,2020

Jeddah, Jul 8: The Organization of Islamic Cooperation (OIC) writes to the members of the United Nations Security Council (UNSC), urging the body to come in the way of a plan announced by Israel for annexation of significant portions of the occupied West Bank.

The letter was addressed by the 57-member organization’s Secretary-General Yousef al-Othaimeen to the UNSC’s members as well as the members of the Middle East Quartet — the European Union, Russia, United Nations, and United States— the Arabic-language Rai al-Youm news website reported on Tuesday.

The letter urged the Council to adopt “the necessary measures” that would prevent the annexation and compel Israel to stop all its illegal activities.

The OIC also urged the UNSC to hold an emergency meeting to “salvage the [remaining] opportunities for peace, and revive attempts at reinstatement of the political process under international supervision.” Such meeting, it added, had to enable realization of “the two-state solution, and [creation of] a Palestinian state with East Jerusalem [al-Quds] as its capital.”

Israel’s Prime Minister Benjamin Netanyahu announced the plan to annex 30 percent of the occupied Palestinian territory — namely the areas upon which the regime has built its illegal settlements as well as the Jordan Valley — after US President Donald Trump backed the annexation in January.

Trump pledged the support while unveiling details of his Middle East scheme called the “deal of the century.”

The highly controversial scheme allegedly seeks to resolve the Palestinian-Israeli conflict, but is heavily tilted in favor of the occupying regime. As well as backing the annexation, the scheme re-endorses Washington’s incendiary recognition in late 2017 of al-Quds as “Israel’s capital,” although Palestinians want the occupied holy city’s eastern part to serve as the capital of their future state.

Palestinians have roundly rejected either the American design or the Israeli plan that is rooted in it.

Tel Aviv had previously announced July 1 as the date it sought to start implementing the annexation plan. It, however, is yet to get it off the ground amid far-and-wide international condemnation and speculation that the plan was announced in the first place to deflect attention from a massive corruption scandal involving Netanyahu.

Countries warn Israel of consequences to bilateral ties

Also on Tuesday, Egypt, France, Germany, and Jordan warned Israel against going ahead with the plan, saying that doing so could have consequences for their bilateral relations with the Tel Aviv regime.

In a statement distributed by the German Foreign Ministry, the countries said their foreign ministers had discussed how to restart talks between Israel and the Palestinian Authority.

Most other European countries have likewise communicated their objection to the plan.

“We concur that any annexation of Palestinian territories occupied in 1967 would be a violation of international law and imperil the foundations of the peace process,” the European and Middle Eastern foreign ministers said, referring to the year, when Israel occupied the West Bank.

“We would not recognize any changes to the 1967 borders that are not agreed by both parties in the conflict,” they added. “It could also have consequences for the relationship with Israel.”

Israel had no immediate response. In a separate statement, however, Netanyahu’s office communicated Tel Aviv’s intransigence on the matter.

The statement said the Israeli premier had told his British counterpart Boris Johnson on Monday that he was committed to Trump’s “realistic” plan.

“Israel is prepared to conduct negotiations on the basis of President Trump’s peace plan, which is both creative and realistic, and will not return to the failed formulas of the past,” the statement alleged.

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