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.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
coastaldigest.com news network
May 12,2020

Riyadh, May 12: Saudi Arabia will impose a full-day lockdown and curfew across the Kingdom during the upcoming Eid holidays from May 23 until May 27, according to the Kingdom’s Interior Ministry.

Details are awaited

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
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.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
July 14,2020

Dubai, Jul 14: The UAE-based parents of children under 12 stranded in India are in a tight spot with multiple airlines refusing to accept unaccompanied minors.

Starting July 12, Indians wanting to return to the UAE have been given a 15-day window to travel back on the condition that they have valid residency permits. They also have to produce a negative Covid-19 test result.

But parents of minors said they are feeling helpless as children are unable to avail of the travel opportunity despite having return permits.

"It has been more than three months since my daughter has been stuck in India. We have GDRFA approval for her but the airlines are not accepting her booking, saying she is under 12," Poonam Sapre, a Dubai-based mother, told Khaleej Times.

Her daughter Eva Sapre, 10, is in Hyderabad and is awaiting a reunion with her parents.

"She is just 10 and it has already taken an emotional toll on her. She is eager to come back and is asking me every day about her return. This is so frustrating."

Barring Emirates and Etihad, other airlines including flydubai, Air Arabia and Air India Express are not accepting unaccompanied minors. With India extending the travel freeze till July 31, normal flights are yet to resume and only special flights are allowed between India and UAE under a bilateral agreement.

Sapre said only flydubai is flying the Hyderabad-Dubai route, and the carrier has restrictions on minors travelling alone. "My daughter is too young to fly through indirect routes," claims the mother.

When Khaleej Times reached out to the airlines for comment, they confirmed that such rules on unaccompanied minors were already in place even before Covid-19 travel restrictions came into effect.

Another Dubai-based distressed parent, who did not want to be named, said her eight-year-old son is in Kerala and is unable to fly due to airline policies on unaccompanied minors.

"I called up Air India Express and they said this has been their rule even before the Covid-19 outbreak. I am appealing to them to re-consider and make an exception during these trying times so that our children can come home safely," she said.

Faced with this eventuality, some parents are forced to fly out of the UAE so they can accompany their children on the flight back home.

An Indian mother, who is currently in Mumbai, said she flew out of Dubai on Monday morning solely for the purpose of bringing back her twin daughters, aged 10.

"I had no choice. Ideally, they could have travelled together, but under these circumstances I thought it best to get them with me personally," said the mother.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.