KSA offers India $ 625 bn investment opportunities

KSA offers India $ 625 bn investment opportunities
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KSA offers India $ 625 bn investment opportunities
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Updated 10 March 2013

KSA offers India $ 625 bn investment opportunities

KSA offers India $ 625 bn investment opportunities

Saudi Arabia is offering investment opportunities worth $ 625 billion to Indian businessmen in vital sectors such as infrastructure, petrochemicals, electricity, IT, tourism, natural gas production, agriculture and education.
“We had successful meetings with Indian business leaders and executives in New Delhi, Hyderabad and Lucknow,” said Abdul Rahman Al-Rabiah, chairman of Saudi-India Joint Business Council (JBC) who is currently leading a high-level Saudi trade delegation to India.
“It was excellent,” Al-Rabiah told Arab News when asked about the result of the March 5-8 business visit organized by the Federation of India Chambers of Commerce and Industry (FICCI). The Saudi delegation will return to the Kingdom today (Friday).
“The governments of the two countries have done their job of facilitating two-way business engagements. Our relations with India go back hundreds of years. Yet, the results in terms of business exchanges are not to the level we would like to see,” Al-Rabiah told a JBC meeting in New Delhi.
Al-Rabiah, who was leading a delegation representing sectors such as fertilizers, pharmaceuticals, housing, power, petrochemicals & refinery, steel, metals, mining and mechanical equipment, urged Indian companies to take advantage of investment and growth opportunities in the Kingdom.
Saudi Arabia is “the youngest nation in the world (67 percent Saudis are below the age of 27) which would need schools, hospitals, industries to meet their growing aspirations.” There is a lot of room for Indian companies with their high technology and experience to participate in the Kingdom’s development, he said, adding that the present $ 400 million Indian investment was insignificant compared with the potential.
Saudi Ambassador to India Saud M. Al-Sati said the two countries should engage in more business and trade by cashing in on the opportunities. He said that between 2000 and 2012, investments by Saudi companies in India were a mere $ 40 billion. This, he added, should rise significantly as Saudi and Indian companies engage with each other and build long-term business partnerships.
Rakesh Bakshi, senior executive committee member, FICCI & chairman & managing director of RRB Energy Ltd., said renewable energy offered tremendous scope for Indian and Saudi companies to work together as “India has the institutional framework and the technology to develop and promote renewables. We do not believe in re-inventing the wheel. Our companies have the know-how and experience to modify the wheel and suit it to your requirements in the most inhospitable of climatic conditions.”
Andhra Pradesh Chief Minister N. Kiran Kumar Reddy also met the Saudi delegation and said his government was looking for larger investments from Saudi Arabia and was keen on mutual cooperation in industrial development. “We’ll extend all incentives and facilities to Saudi industrialists.”
After a power-point presentation by Saudi delegation, the chief minister said his state is the perfect platform for investment with its long coastline, skilled manpower and various incentives being offered by the government. The Saudi delegation invited the chief minister along with industrialists from Andhra Pradesh to visit Saudi Arabia.
Abdul Qader Memon Sait, a member of the managing committee of Saudi Indian Business Network, commended the growing economic relations between the two countries. Speaking to Arab News, he spoke about the plan to woo more than $ 100 billion investment from Saudi Arabia and other Gulf countries by India.
“There are billions of riyals of deposits by Saudi individuals remaining idle in Saudi banks, which can be invested in Indian mutual funds and equity market,” Sait said, adding that Saudis would receive profits up to 20 percent for such investments.


Yemeni conjoined twins ‘Yousuf and Yassin’ to fly to Riyadh under King Salman’s orders for medical examination

Yemeni conjoined twins ‘Yousuf and Yassin’ to fly to Riyadh under King Salman’s orders for medical examination
Updated 19 April 2021

Yemeni conjoined twins ‘Yousuf and Yassin’ to fly to Riyadh under King Salman’s orders for medical examination

Yemeni conjoined twins ‘Yousuf and Yassin’ to fly to Riyadh under King Salman’s orders for medical examination
  • King Salman ordered a speedy transfer
  • The conjoined twins are expected to arrive within the next few days

DUBAI: Yemeni conjoined twins “Yousuf and Yassin” will finally get the necessary medical examinations they need after King Salman ordered for their direct transfer from Yemen to Riyadh for the possibility of a separation surgery.
King Salman ordered a speedy transfer for the twins and their parents, the General Supervisor of the King Salman Humanitarian Aid and Relief Center and renowned pediatric surgeon Abdullah bin Abdul Aziz Al-Rabiah said.
The conjoined twins are expected to arrive within the next few days, state news agency SPA reported on Sunday.
King Salman has previously ordered the transfer of conjoined twins from Mauritania to travel to Saudi Arabia to separate them. Their father, who accompanied them, said the procedures for transferring the twins to Riyadh were carried out easily.


Saudi Arabia offers condolences over Egypt train accident

Saudi Arabia offers condolences over Egypt train accident
Updated 19 April 2021

Saudi Arabia offers condolences over Egypt train accident

Saudi Arabia offers condolences over Egypt train accident
  • The train accident left 97 wounded after it derailed off its tracks

RIYADH: Saudi Arabia said on Sunday it expresses its deep sorrow for the train accident north of the Egyptian capital Cairo.
A passenger train derailed earlier on Sunday in the city of Toukh in Qalyubia province, injuring around 100 people.
“The Kingdom expresses its sincere condolences and sympathy to the families of the victims, and to the Egyptian leadership, government and people, wishing the injured a speedy recovery,” the foreign ministry said in a statement.
Four train wagons ran off the railway while the train was traveling to the Nile Delta city of Mansoura from Cairo, Egypt’s railway authority said.
(With AP)


Saudi crown prince meets British PM’s envoy to the Gulf region

Saudi crown prince meets British PM’s envoy to the Gulf region
Updated 19 April 2021

Saudi crown prince meets British PM’s envoy to the Gulf region

Saudi crown prince meets British PM’s envoy to the Gulf region

JEDDAH: Saudi Crown Prince Muhammad bin Salman met with the special envoy of the British prime minister for the Gulf Region, Edward Lister, early Monday in Jeddah.

During the meeting, they looked into ways to enhance Saudi-UK bilateral relations and discussed regional and international events of common interest.

The meeting was attended by Prince Khalid bin Bandar bin Sultan bin Abdulaziz, Saudi ambassador to the UK; Saudi Minister of Foreign Affairs Prince Faisal bin Farhan; Minister of Commerce and Minister of Information-designate Majid Al-Qasabi, as well as the British ambassador to the Kingdom, Neil Crompton.


‘We must cooperate’ to curb virus, avoid tough measures, Saudi Ministry of Interior warns

‘We must cooperate’ to curb virus, avoid tough measures, Saudi Ministry of Interior warns
A Saudi woman walks on a social distancing marker at a shopping center, as preventive measures against the spread of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia May 3, 2020. (REUTERS)
Updated 19 April 2021

‘We must cooperate’ to curb virus, avoid tough measures, Saudi Ministry of Interior warns

‘We must cooperate’ to curb virus, avoid tough measures, Saudi Ministry of Interior warns
  • Makkah police arrest 13 people for violating isolation, quarantine instructions

RIYADH: The Saudi Ministry of Interior (MoI) announced on Sunday that authorities have detected a surge of “worrying” behaviors in the Kingdom since the beginning of Ramadan, warning citizens to avoid ignoring anti-coronavirus health measures.

At a joint press conference between the Ministry of Interior, Ministry of Health (MoH) and the Ministry of Hajj and Umrah, MoI spokesperson Lt. Col. Talal Al-Shalhoub warned that the rising number of coronavirus cases in the Kingdom could potentially lead to citywide lockdowns, as well as the banning of certain activities.
“We must cooperate and not trivialize the dangers. We do not want to have to resort to tough measures,” he said.
Al-Shalhoub added that the Kingdom was continuing to crack down on rule-breakers and those who violate safety precautions, including people using social media to spread misinformation about safety measures and ways to circumvent them.
Meanwhile, Makkah’s regional police spokesman said that 13 people were arrested in Jeddah and Taif for violating isolation and quarantine instructions after they tested positive for coronavirus.
Preliminary legal procedures were taken against them and their cases were referred to the Public Prosecution. The MoI previously warned that violators will face up to a two-year prison sentence, a fine of up to SR200,000 ($53,300), or both.
Ministry of Health spokesman Dr. Mohammed Al-Abd Al-Aly revealed that the Kingdom has seen a slight rise in the percentage of women contracting coronavirus, warning that the number of women coming forward to be vaccinated was lower than expected.
“We have also seen a rise in the number of female cases that become critical and end up needing intensive care. Women also make up 55 percent of the overall number of cases in the Kingdom,” he said.
The MoH announced that 917 new coronavirus cases were reported on Saturday, raising the total number of cases to 404,970.
There are now 9,445 active cases, 1,044 of which are in critical care.

INNUMBERS

404,970 Total cases

388,702 Recoveries

6,823 Deaths

Of the new cases, 402 were in Riyadh, 203 in Makkah and 131 in the Eastern Province. Baha and Jouf reported the lowest cases on Saturday, with just six cases each.
Al-Aly said that appointments for second vaccine doses would be automatically updated, following news that some appointments had been canceled. The Saudi strategy aims to immunize the largest number of people possible with at least the first dose, Al-Aly added.
Meanwhile, the Ministry of Hajj and Umrah announced that more than 15 million people have benefited from its Eatmarna app.
The ministry said that only people who have taken at least the first dose of the vaccine will be permitted to perform Umrah, or pray at either the Grand Mosque in Makkah or the Prophet’s Mosque in Madinah.
Violators will be prosecuted for attempting to perform the pilgrimage without the proper permissions, officials said, adding that authorities are encouraging safety precautions in order to ensure safe, smooth, and seamless pilgrimages for all visitors.
There were 907 new recoveries reported in the Kingdom, raising the total number of recoveries over the course of the pandemic to 388,702. The Kingdom’s death toll rose to 6,823 after 13 new coronavirus-related deaths were recorded.
Almost 7.1 million coronavirus vaccines have been administered in Saudi Arabia so far.

The Kingdom is now delivering vaccines at a rate of about 1.32 per second, or 114,471 each day. About 20.3 percent of the Saudi population have now been vaccinated.

The last day saw the completion of 51,225 PCR tests, bringing the total number of tests conducted in the Kingdom to 16,174,957.

 


Saudi Arabia’s anti-corruption authority initiates a number of criminal cases

Saudi Arabia’s anti-corruption authority initiates a number of criminal cases
Updated 19 April 2021

Saudi Arabia’s anti-corruption authority initiates a number of criminal cases

Saudi Arabia’s anti-corruption authority initiates a number of criminal cases
  • The authority said crimes of financial and administrative corruption do not fall under the statute of limitations

RIYADH: Saudi Arabia’s Oversight and Anti-corruption Authority (Nazaha) said on Sunday it had initiated a number of criminal cases and legal procedures.
Among the most prominent cases, a retired major general and two retired employees from the Ministry of National Guard were arrested for obtaining SR198 million ($52.8 million) from local companies and one foreign company in return for helping them win contracts.
In the second case, the former director general of projects at the Ministry of Higher Education and five businessmen were accused of establishing companies and obtaining ministry projects through them, exaggerating prices, obligating other companies contracted with the ministry to deal with them, and obtaining funds. Work is underway to calculate the amount of money that was embezzled.
In the third case, an employee working for the Foreign Ministry was arrested for having disbursed approximately SR733,000, in an irregular manner, from an account of one of the Kingdom’s embassies.
In the fourth case, an employee of the Ministry of Information was arrested for issuing 328 media licenses and receiving around SR700,000.
Two employees at a regional branch of the Ministry of Finance were suspended after two citizens bribed them with SR126,000 out of a total amount of SR8 million agreed upon, in return for facilitating payment of financial compensation.
In the sixth case, three employees in the Education Department in one of the governorates were suspended for obtaining SR624,000 in cash installments from a businessman in exchange for facilitating access to seven projects amounting to SR3.2 million.
The seventh case was in cooperation with the Ministry of Justice, where a notary was arrested in one of the regions for issuing a lost deed in an irregular manner to one of his relatives.
In cooperation with the Ministry of Interior, an officer with the rank of captain working in a regional branch of the General Directorate for Narcotics Control was arrested for obtaining SR35,000 from an expatriate, in exchange for holding a case related to his brother.
A further case involved a bank employee in one of the Kingdom’s governorates who was suspended for obtaining SR21,000 from some of the bank’s clients in exchange for completing their financing procedures.
And the last case involved two employees working in a municipality who were arrested for receiving SR25,000.