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Gulf

Washington: Saudi Arabia’s Openness will Lead the Region to a Promising Future

People attend the Future Investment Initiative (FII) conference in Riyadh, on October 24, 2017. The head of oil giant Saudi Aramco said that a lack of recent investments in the oil sector could lead to a shortage of supplies. Fayez Nureldine / AFP
People attend the Future Investment Initiative (FII) conference in Riyadh, on October 24, 2017. The head of oil giant Saudi Aramco said that a lack of recent investments in the oil sector could lead to a shortage of supplies. Fayez Nureldine / AFP
    Riyadh - Abdul Hadi Habtoor, Shujaa al-Baqmi and Fatah al-Rahman Youssef
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Washington: Saudi Arabia’s Openness will Lead the Region to a Promising Future

People attend the Future Investment Initiative (FII) conference in Riyadh, on October 24, 2017. The head of oil giant Saudi Aramco said that a lack of recent investments in the oil sector could lead to a shortage of supplies. Fayez Nureldine / AFP
People attend the Future Investment Initiative (FII) conference in Riyadh, on October 24, 2017. The head of oil giant Saudi Aramco said that a lack of recent investments in the oil sector could lead to a shortage of supplies. Fayez Nureldine / AFP

US Treasury Secretary Steven Mnuchin said on Wednesday that Saudi Crown Prince Mohammed bin Salman’s policy of openness and moderation would lead the region to a promising future.

Mnuchin was speaking on Wednesday during the Future Investment Initiative Conference, hosted by Riyadh.

He stressed that Saudi Arabia was the “most important partner in the region in combating the financing of terrorism,” adding that the Kingdom has banned associations that support terrorism and target those who fund al-Qaeda, Hezbollah and Taliban.

Mnuchin said that he came to Riyadh to celebrate the opening of the Terrorist Financing Targeting Center, which is co-chaired by the US and the Kingdom.

“The establishment of the center is a step forward to stop the funding of terrorist organizations,” he said.

“We have assigned individuals and parties to deal with the IRGC, the Iranian support for terrorist organizations, and human rights violations in Iran.”

Meanwhile, during the second day of the Investment Future Initiative in Riyadh, officials and economic experts discussed the future of capital investments, especially as the world entered a new era of sovereign wealth.

“We have entered a new era in the world of sovereign wealth. We can talk about the Saudi Public Investment Fund, which we are promoting with a range of investments that cover a wide spectrum of opportunities,” said Yasser Al-Rumyan, CEO of the Saudi Public Investment Fund (PIF).

He pointed out that the PIF not only looks at traditional investments, but also at some developmental investments, and seeks to keep apace with latest changes in the world.

Khalid Al Rumaihi, Executive Chairman of the Economic Development Board and Chairman of the Bahrain Property Investment Committee, said: “We do not just look outside the market, but at the market itself. For example, the Saudi Public Investment Fund, which explores opportunities in major cities and the development of the national economy, can do so on a commercial basis.”

Khaldoun Al Mubarak, CEO of Mubadala Investment Company, said: “There is confidence within sovereign funds clubs. There are relationships that go back to 20, 30 and 40 years. We also have funds operating in Europe, North America and elsewhere.”

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Gulf

Saudi Arabia 'Disappointed in UAE for Pressuring STC' in Yemen, Says Kingdom's Security a 'Red Line'

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia 'Disappointed in UAE for Pressuring STC' in Yemen, Says Kingdom's Security a 'Red Line'

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

Saudi Arabia expressed on Tuesday its disappointment in the United Arab Emirates for pressuring the Southern Transitional Council to carry out military operations on the Kingdom's southern borders in Yemen's Hadhramaut and Al-Mahra governorates, which it deemed a threat to its national security and the security and stability of Yemen and the region.

A Saudi Foreign Ministry statement said: "The steps taken by the UAE are considered highly dangerous, inconsistent with the principles upon which the Coalition to Restore Legitimacy in Yemen was established, and do not serve the coalition's purpose of achieving security and stability for Yemen."

"The Kingdom stresses that any threat to its national security is a red line, and the Kingdom will not hesitate to take all necessary steps and measures to confront and neutralize any such threat," it declared.

It underscored "its commitment to the security, stability, and sovereignty of Yemen, and affirms its full support to the President of the Presidential Leadership Council and the Yemeni government."

"The Kingdom reaffirms that the Southern cause is a just cause that has historical and social dimensions, and that the only path to resolve it is through dialogue within a comprehensive political solution in Yemen, and among all Yemeni parties including the Southern Transitional Council."

"The Kingdom stresses the importance that the brotherly UAE accept Yemen's request for all its forces to leave Yemen within 24 hours, and halt any military or financial support to any party within Yemen."

"With this regard, the Kingdom hopes that wisdom, the principles of brotherhood, good neighborliness, strong ties among countries of the Gulf Cooperation Council, and the interest of brotherly Yemen, will prevail," it said.

"The Kingdom also hopes that the brotherly UAE will take the necessary steps to preserve bilateral relations between the two brotherly countries, which the Kingdom is keen on strengthening, and continue joint efforts towards all that leads to the wellbeing, prosperity and stability of countries in the region."

Gulf

Arab Coalition Carries out 'Limited' Airstrike on Military Shipment at Yemen's Mukalla Port

A screengrab shows of the airstrike on Al-Mukalla port. (Arab coalition)
A screengrab shows of the airstrike on Al-Mukalla port. (Arab coalition)
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Arab Coalition Carries out 'Limited' Airstrike on Military Shipment at Yemen's Mukalla Port

A screengrab shows of the airstrike on Al-Mukalla port. (Arab coalition)
A screengrab shows of the airstrike on Al-Mukalla port. (Arab coalition)

The Joint Forces Command of the Arab coalition to support legitimacy in Yemen announced that it had carried out a "limited" airstrike targeting a military shipment that had arrived in Yemen's Al-Mukalla port.

In a statement, coalition spokesman Major General Turki al-Malki said the forces detected on Saturday and Sunday the arrival of two vessels from the Port of Fujairah to Mukalla without obtaining any permits from the Joint Forces Command.

"The crew had disabled the tracking devices aboard the vessels, and unloaded a large amount of weapons and combat vehicles in support of the Southern Transitional Council’s forces in Hadhramaut and Al-Mahra governorates in eastern Yemen," it added.

It described the actions as "flagrant violations" of peace efforts and United Nations Security Council resolution 2216.

In response to a request of the president of the Presidential Leadership Council in Yemen that the coalition "take all necessary military measures to safeguard civilians in Hadhramaut and Mahra and considering that the aforementioned weapons are an imminent threat, and an escalation that threatens peace and stability," the Coalition Air Force conducted on Tuesday a limited airstrike targeting the weapons and military vehicles offloaded in Mukalla.

"The airstrike took place following close surveillance and documentation of the cargo, and was conducted in accordance with the Customary International Humanitarian Law, and in a manner that guarantees no collateral damage."

"The Joint Forces Command of the Coalition will continue its de-escalation and pacification in Hadhramaut and Mahra, and will maintain its blocking of any and all military support from whichever country that does so without coordinating with the legitimate Yemeni Government and the coalition, in order to ensure the success of Saudi Arabia and coalition’s efforts to achieve security and stability, and prevent further expansion of the conflict."

Gulf

Crown Prince of Kuwait Meets with GCC Secretary-General

Secretary General of the Gulf Cooperation Council Jasem Mohamed Albudaiwi. GCC
Secretary General of the Gulf Cooperation Council Jasem Mohamed Albudaiwi. GCC
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Crown Prince of Kuwait Meets with GCC Secretary-General

Secretary General of the Gulf Cooperation Council Jasem Mohamed Albudaiwi. GCC
Secretary General of the Gulf Cooperation Council Jasem Mohamed Albudaiwi. GCC

Kuwaiti Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah met with Secretary-General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi on Monday at the Bayan Palace in Kuwait.

Albudaiwi presented a comprehensive report to Sheikh Sabah regarding Kuwait’s presidency of the 45th session of the GCC Supreme Council, and expressed his appreciation for the generous support and steadfast commitment Kuwait provides to the GCC's journey, SPA reported.

He underscored that such support serves as a powerful catalyst for continued efforts toward achieving greater integration and cooperation, ultimately fostering prosperity and well-being for the GCC member states and their peoples.