Over 500 Indian companies invest $1.5bn in Saudi Arabia: Indian ambassador

Over 500 Indian companies invest $1.5bn in Saudi Arabia: Indian ambassador
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Updated 19 October 2021

Over 500 Indian companies invest $1.5bn in Saudi Arabia: Indian ambassador

Over 500 Indian companies invest $1.5bn in Saudi Arabia: Indian ambassador

CAIRO: More than 500 Indian companies are currently operating in Saudi Arabia, with investments of $1.5 billion, India's Ambassador Awsaf Saeed has revealed.

Speaking to Al Eqtisadiah, Saeed said Indian companies are well placed to take advantage of Saudi mega projects, such as NEOM, Al Qiddiya, The Red Sea Tourism Project, and Amaala.

“The size of the Indian community was estimated at 2.6 million, which made it the largest expatriate community in the Kingdom, but it is certain that there are more than two million Indians working in Saudi Arabia,” he added.

Saudi investments in India exceeded $3.3 billion in various economic and commercial sectors, spurred on by the announcement by the Saudi Crown Prince Mohammed bin Salman during his visit to India in February 2019, that the Kingdom would be investing US $100 billion in India in diversified sectors.

The Public Investment Fund (PIF) invested $1.5 billion in Jio Platforms in August 2020 for 2.32 percent of the shares, and the fund also announced an investment of $1.3 billion in Reliance Retail Ventures in November 2020.

With India being the main development partner of Saudi Arabia, new areas of cooperation between the two countries in the tourism, hospitality and renewable energy sectors are emerging.


Arab coalition hits military targets in Yemen’s Sanaa

Arab coalition hits military targets in Yemen’s Sanaa
Updated 9 sec ago

Arab coalition hits military targets in Yemen’s Sanaa

Arab coalition hits military targets in Yemen’s Sanaa

LONDON: The Arab coalition said it carried out air strikes on legitimate military targets in the Yemeni capital, Sanaa, state TV reported on Sunday.
The coalition said the strikes are an immediate response to the threat, and the drones that are launched from Sanaa airport.
“The operation is in accordance with international humanitarian law and its customary rules,” the coalition added in a statement.


OPEC+ delays technical meetings to review market conditions

OPEC+ delays technical meetings to review market conditions
Updated 7 min 58 sec ago

OPEC+ delays technical meetings to review market conditions

OPEC+ delays technical meetings to review market conditions

RIYADH: The Organization of the Petroleum Exporting Countries and its allies, a grouping known as OPEC+, is moving two technical meetings to later this week after oil’s rout last Friday, Bloomberg reported on Sunday.

The move seeks to allow its committees more time to evaluate the impact of a new strain of the coronavirus.

A joint technical committee meeting will now be held on Wednesday, instead of the planned date Monday, according to delegates from some member countries. 

The joint ministerial monitoring committee, which comprises representatives of the broader group, will meet on Thursday instead of on Tuesday.

The OPEC and broader OPEC+ meetings will go ahead as planned on Wednesday and Thursday with ministers set to decide on whether to go ahead with planned output increases.

The delay will allow time for the group to analyze the market after a more than 10 percent drop in prices on Friday after the emergence of new coronavirus variant spooked traders. 

OPEC will also weigh the potential impact of a planned release of strategic petroleum reserves by the US and other oil consuming nations.


Saudi M3 money supply grows in October: SAMA

Saudi M3 money supply grows in October: SAMA
Updated 5 min 52 sec ago

Saudi M3 money supply grows in October: SAMA

Saudi M3 money supply grows in October: SAMA

RIYADH: The M3 monetary aggregate, known as “broad money,” posted an annual growth rate of 7.9 percent in October, having decelerated slightly from the September value of 8.4 percent, according to data published by the Saudi Central Bank.

On a monthly basis, the M3 indicator grew by SR10.6 billion ($2.8 billion) in October, or 0.5 percent from the previous month.

The monthly increase in M3 money supply was driven mainly by the SR15.1 billion increase in time and saving deposits, which grew 3.3 percent month-on-month, the fastest rate of growth since October 2020. Demand deposits fell by SR4.5 billion, or 0.2 percent, to SR1.324 trillion as of Oct. 31. 


Saudi FM meets Argentinian ministers in Buenos Aires

Saudi FM meets Argentinian ministers in Buenos Aires
Updated 47 min 1 sec ago

Saudi FM meets Argentinian ministers in Buenos Aires

Saudi FM meets Argentinian ministers in Buenos Aires

LONDON: Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan on Sunday met Argentinian Deputy Prime Minister Jorge Neme and Defense Minister Jorge Taiana, in the capital Buenos Aires.
The meeting, which was held during a luncheon hosted by Saudi ambassador to Argentina Hussain Mohammed Al-Asiri, reviewed Saudi-Argentinian bilateral relations and ways to strengthen them in all fields of cooperation, in addition to discussing the latest developments on the regional and international levels.

They also discussed ways of boosting cooperation between the two countries in various fields, especially in light of the Kingdom’s Vision 2030 reform plan. Intensifying bilateral coordination to achieve the aspirations of both countries is a priority for both sides.
In addition, the meeting focused on the efforts of both countries in boosting security and stability in the Middle East and Latin America. Both sides stressed the importance of strengthening joint work in the international community to ward off threats to international peace and security.


Sudan’s Burhan dismisses senior intelligence officers: Sources

Sudan’s Burhan dismisses senior intelligence officers: Sources
Updated 50 min 28 sec ago

Sudan’s Burhan dismisses senior intelligence officers: Sources

Sudan’s Burhan dismisses senior intelligence officers: Sources
  • The decision by Al-Burhan comes a week after he struck a deal to reinstate Prime Minister Abdalla Hamdok
  • Of the officers dismissed, five were in senior positions

KHARTOUM: Sudan’s military leader has overhauled top intelligence positions, dismissing at least eight general intelligence officers and replacing the head of military intelligence, two official sources told Reuters on Sunday.
The decision by Sovereign Council head Abdel Fattah Al-Burhan comes a week after he struck a deal to reinstate Prime Minister Abdalla Hamdok, who had been placed under house arrest in an Oct. 25 coup.
Of the officers dismissed, five were in senior positions and had been in place since before the 2019 overthrow of long-ruling autocrat Omar Al-Bashir, the sources said. On Saturday, official sources said Burhan had replaced the head of the general intelligence service.
It was not immediately clear what impact the decisions could have on the balance of power following Hamdok’s return. Hamdok replaced the country’s top two police officials on Saturday, following deadly violence against anti-military protesters in recent weeks.
Before the coup, the military had been sharing power with civilian groups that took part in an uprising against Bashir. Many within those groups have opposed the deal between Burhan and Hamdok, saying they want the army to exit politics.
One condition of the deal was that political prisoners arrested since the coup should be freed. Some have been released but others remain in detention.
The United States, Britain and Norway, which lead Western foreign policy on Sudan, called for the release of all those imprisoned for their political beliefs across Sudan.
“These are necessary steps to rebuild trust and return Sudan to the path of freedom and democracy,” they said in a statement.