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
May 12,2024

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Israeli military tanks have started to go deeper into the Jabalia refugee camp in northern Gaza as part of a ground offensive months after claiming Hamas had been “dismantled” in the area.

Israeli forces are “carpet-bombing” the eastern areas of Jabalia refugee camp in the northern Gaza Strip, killing and wounding several Palestinians, Al-Jazeara reported citing local sources on Sunday.

Israeli military tanks have advanced further into the Jabalia refugee camp, crossing Salah al-Din Street amidst ongoing battles with Hamas fighters, reports added.

Media quoted eyewitnesses as saying that the tanks are surrounding evacuation centers and residential buildings in the densely populated area, leading to mass evacuations and displacement towards the western part of Gaza City.

Also, Israeli drones targeted ambulances near the clinic run by the United Nations Relief and Works Agency for Palestine Refugees (UNRWA) in Jabalia, according to Mahmoud Basal, the spokesperson for the civil defense directorate in Gaza.

Basal stated that emergency crews in Rafah, al-Zaytounm, al-Sabra, and Jabalia have been inundated with distress calls, confirming that these areas were subjected to overnight bombardment.

Shortage of oxygen for patients

Imad Abu Zayda, an emergency doctor in Jabalia, warned of the critical conditions prevailing there due to the recent Israeli aggression in the area.  

“No light due to the lack of fuel and there’s no medical supplement available as Israel has expanded their operation in the area. We have no oxygen to give to patients,” he said.

He added that the majority of those injured are children and women, and the medical team is grappling with limited resources to provide essential care.

All hospitals in the northern Gaza Strip are now out of service, following a warning from the UN about the risk of running out of fuel in hospitals across the region.

Israel’s closure of the Rafah crossing has also prevented aid trucks from entering the area since May 5.

The Jabalia refugee camp, established in 1948 to accommodate Palestinians who were displaced after the Nakba, or catastrophe, which refers to the ethnic cleansing of Palestine in 1948, has become the most densely populated refugee camp in the Gaza Strip.

With over 750,000 Palestinians forcefully displaced, this camp stands as a testament to the birth of Israel in 1948.

Since the start of the Israeli war on the Gaza Strip on October 7, Israeli forces carried out several attacks on Jabilia camp, leaving it in ruins by intense bombardment.

In early February, Israeli forces withdrew from the camp claiming it had destroyed Hamas as a fighting force in the northern areas.

On Saturday, the Israeli military ordered residents of the Jabalia Refugee Camp to evacuate “immediately”, as it prepares to launch military operations against Hamas.

However, the displaced residents have no place to seek refuge, as the UN reports a severe famine in the region.

Since the start of the offensive, the Tel Aviv regime has killed more than 34,971 Palestinians and injured more than 78,641 others, mostly women and children.

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News Network
May 20,2024

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Hopes are fading that Iranian President Ebrahim Raisi and his foreign minister have survived a helicopter crash in mountainous terrain and icy weather, an Iranian official said on Monday after search teams located the wreckage.

"President Raisi's helicopter was completely burned in the crash ... unfortunately, all passengers are feared dead," the official told Reuters.

Rescue teams fought blizzards and difficult terrain through the night to reach the wreckage in East Azerbaijan province in the early hours of Monday.

“We can see the wreckage and the situation does not look good,” the head of Iran’s Red Crescent, Pirhossein Kolivand, told state TV.

Raisi, 63, was elected president in 2021, and since taking office has ordered a tightening of morality laws, overseen a crackdown US-Israel backed anti-government protests and pushed hard in nuclear talks with world powers.

A Turkish drone identified a source of heat suspected to be the helicopter's wreckage and had shared the coordinates of the possible crash site with Iranian authorities, Anadolu news agency said earlier on X.

State news agency IRNA said Raisi was flying in a US-made Bell 212 helicopter.

Iranian Supreme Leader Ayatollah Ali Khamenei, who holds ultimate power with a final say on foreign policy and Iran's nuclear programme, sought to reassure Iranians, saying there would be no disruption to state affairs.

The chief of staff of Iran's army ordered all resources of the army and the elite Revolutionary Guards to be put to use in search and rescue operations.

Earlier, the national broadcaster had stopped all regular programming to show prayers being held for Raisi across the country.

In the early hours of Monday, it showed a rescue team, wearing bright jackets and head torches, huddled around a GPS device as they searched a pitch-black mountainside on foot in a blizzard.

“We are thoroughly searching every inch of the general area of the crash," state media quoted a regional army commander as saying. "The area has very cold, rainy, and foggy weather conditions. The rain is gradually turning into snow."

Several countries expressed concern and offered assistance in any rescue.

The White House said U.S. President Joe Biden had been briefed on reports about the crash. China said it was deeply concerned. The European Union offered emergency satellite mapping technology.

Possible successor to Khamenei

The crash comes at a time of growing dissent within Iran over an array of political, social and economic crises. Iran's clerical rulers face international pressure over Tehran's disputed nuclear programme and its deepening military ties with Russia during the war in Ukraine.

Since Iran’s open support to Hamas’ resistance against Israeli aggression, US and Israel have harshly criticised the President Raisi. 

In Iran's dual political system, split between the clerical establishment and the government, it is Raisi's 85-year-old mentor Khamenei, supreme leader since 1989, who holds decision-making power on all major policies.

For years many have seen Raisi as a strong contender to succeed Khamenei, who has endorsed Raisi's main policies. Raisi's victory in 2021 elections brought all branches of power under the control of revolutionaries, after eight years when the presidency had been held by pragmatist Hassan Rouhani and a nuclear deal negotiated with powers including Washington.

Raisi had been at the Azerbaijani border on Sunday to inaugurate the Qiz-Qalasi Dam, a joint project. Azerbaijan's President Ilham Aliyev, who said he had bid a "friendly farewell" to Raisi earlier in the day, offered assistance in the rescue.

The chopper that was transporting President Raeisi, Foreign Minister Hossein Amir-Abdollahian and their companions encountered some difficulties and was forced to make a "hard landing".

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News Network
May 20,2024

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Following the tragic death of Iran’s President Ebrahim Raisi and his entourage in a helicopter crash in northwestern Iran, the first vice president has taken charge as the interim president.

Iranian Constitution states that the first vice president takes over temporarily in the event of the death or major illness of the incumbent president for a period of 50 days.

Mohammad Mokhber, who served as President Raeisi’s first deputy since 2021, has taken over as the acting president for 50 days, in line with the constitutional requirement.

Holding a PhD in international law, Mokhber was born in the city of Dezful in the southern province of Khuzestan in 1955. He rose through the ranks to assume important social and political roles.

Mokhber, a vastly experienced executive manager who was chosen by Raeisi as his first vice president following the historic presidential elections in 2021, has impressed all and sundry with his work.

Raeisi won the mandate with a landslide election win in 2021, outshining all his key competitors, some of whom withdrew their applications and supported his bid.

Due to Mokhber’s years of experience in top managerial roles, especially as the president of the Execution of Imam Khomeini's Order (EIKO), also known as Setad, he was an automatic choice as Raeisi’s executive deputy.

Mokhber served as the head of Setad for nearly 14 years between 2007 and 2021. During this long period, his passion for social welfare, hard work and commitment to the revolutionary cause was something that made him a popular figure.

Among his works in Setad included the establishment of the Barakat Foundation, the Ehsan Foundation, and the production of the first Iranian COVID-19 vaccine, known as CONIRAN BAREKAT.

Before Setad, he served as the chairman of the board at Sina Bank, as well as the governor of southern Iran’s Khuzestan province. In both roles, he excelled.

Due to his work with Setad, he was placed on a sanctions list by the European Union in July 2010 and was taken off the list two years later.

Since 2021, he has been tirelessly working to implement social welfare schemes of the Raeisi government, working closely with people like the president himself.

Mokhber is likely to be one of the candidates when the new elections are held after 50 days.

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