World ‘cannot trust Iran’ over nuclear future: Saudi foreign minister

Arab News
February 23, 2018

London, Feb 23: Adel Al-Jubeir, Saudi minister of foreign affairs, said on Thursday that the nuclear deal with Iran was unacceptable because Tehran could not be trusted to not produce a nuclear bomb in the future.

The so-called “sunset clause” in the Joint Comprehensive Plan of Action (JCPOA) means that in eight to ten years’ time Iran could manufacture a nuclear bomb “within weeks.”

Addressing the foreign affairs committee of the European Parliament, Al-Jubeir said: “We believe the sunset provision is very dangerous. We don’t trust that Iran will not try (to make a nuclear bomb) eight to 10 years from now.

“By the time they kick out the inspectors and by the time the condemnations end, they’ll have one bomb,” he said. “By the time they get a resolution in the UN, they’ll have three bombs and by the time the resolution is in place they’ll have a dozen bombs. And we are right next to them.

“Our point is enough is enough. They need to start to act as a normal country. The revolution is over. If they want to be respected in the world they need to abide by the rules of the world.”

The sunset clause allows Iran to gradually increase production of centrifuges and uranium enrichment after eight to ten years.

Speaking in London at the Royal Institute for International Affairs at Chatham House a few hours earlier, Iran’s Deputy Foreign Minister Abbas Araghchi denied that the JCPOA contained a sunset clause, saying the deal made clear Iran’s “permanent” commitment to not having nuclear weapons.

But he insisted the nuclear deal still gave Iran the right to continue its ballistic missile program.

“We — that is Iran and the Joint Comprehensive Plan of Action participants — decided quite intentionally to de-link Iran’s nuclear program from any other issue. Otherwise if we had wanted to have a package — with ballistic missiles, regional issues — then we would still be in negotiations,” said Araghchi, who is also Iran’s chief nuclear negotiator.

“We were successful (in negotiating JCPOA) because we focused on one issue. It would be a big mistake if anyone tried to link the Joint Comprehensive Plan of Action to any other issue — to regional issues, to Syria or Yemen. Not only would we lose the JCPOA but it would not help those other issues.”

He accused the US of pouring “poison” on Iran by prevaricating over whether Tehran had complied with the terms of the nuclear deal.

“The US has created an atmosphere of uncertainty. This is like poison for the business community for Iran. This destructive atmosphere prevents banks, companies, entities from working with Iran.”

US President Donald Trump’s denunciations of the deal were “a violation of the letter and the text of the deal, not just the spirit.”

Iran had accepted some restrictions on its stockpiles of material as part of the deal to earn the trust of the other parties to the deal.

“We have accepted these limitations to our nuclear program to build confidence,” Araghchi said. “When these restrictions are finished it doesn’t mean Iran can go for the bomb.”

Araghchi told the Chatham House audience that while the nuclear deal “is a successful story for you — the West,” Iranians had not benefited greatly from the lifting of sanctions because of what he described as the suspicion and mistrust generated primarily by the US.

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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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News Network
May 5,2020

Abu Dhabi, May 5: The overall real GDP (gross domestic product) of the United Arab Emirates is estimated to have grown by 1.7 percent in 2019, the country’s central bank said in a statement on Monday carried by WAM.

"The UAE hydrocarbon sector is estimated to have exhibited a growth of 3.4 percent in 2019. However, non-oil activities advanced at a softer pace growing by 1.0 percent. As a result, overall real GDP is estimated by FCSA (Federal Competitiveness and Statistics Authority) to have grown by 1.7 percent in 2019," said the financial regulator in its Annual Report 2019.

"The spread of COVID-19 is expected to impact trade and supply chain movements, coupled with travel restrictions which paves way for high volatility in capital markets and commodity prices. While the outbreak is expected to negatively affect the global and domestic economies, it is still early to gauge the scale of the economic fallout," the report added.

The report noted that the higher hydrocarbon output, as well as growth in non-hydrocarbon economic activity, supported the pace of the country's overall economic growth in 2019.

"Meanwhile, the fading effect of VAT, the appreciating Dirham, lower energy prices and decline in rents pushed inflation in negative territory. However, the employment rate registered a steady rebound. Looking ahead, the economic outlook for 2020 remains uncertain owing to the COVID-19 outbreak," the report elaborated.

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Agencies
June 22,2020

Riyadh, Jun 22: The Ministry of Municipal and Rural Affairs (MMRA) in Saudi Arabia has announced the continuation of the ban on providing Shisha (hubble-bubble), and the closure of children's play areas in restaurants as a precautionary measure for protecting the health of citizens and residents from the novel coronavirus COVID-19 infection.

The new stage, in which the Kingdom is beginning to coexist with the virus, focuses on the concept of "social distancing" that has emerged since the start of the coronavirus crisis throughout the world,

It stipulates leaving at least 2 meters between one person and the other in public places to prevent the transmission of infection, in addition to covering the mouth and nose by wearing a facemask.

It also specifies complying with the preventive protocols in workplaces, stores, shops, mosques and tourist attractions, with human gatherings not to exceed 50 people, as a maximum.

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