The 10 Countries With The Most Billionaires

(THIS ARTICLE IS COURTESY OF TRIP TRIVIA)

 

The 10 Countries With The Most Billionaires

 

Countries With the Most Billionaires

The world is home to about 2,754 billionaires who together control $9.2 trillion in wealth, according to the 2018 Billionaire Census, compiled annually by Wealth-X.

While billionaires are spread out all over the globe, that wealth is concentrated in a small handful of countries. As it turns out, 40 percent of the world’s billionaires reside in the countries below.

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10. United Arab Emirates

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The United Arab Emirates, or UAE, is an oil-rich Arab nation on the Persian Gulf. It’s also home to 62 billionaires who together have a total wealth of $168 billion.

Dubai, the capital city, is one of the world’s most popular tourist destinations, thanks to architectural wonders like the Burj Khalifa — which is currently the tallest building in the world. Dubai is also home to 65 percent of the nation’s billionaires, according to Wealth-X data.

9. Saudi Arabia

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Saudi Arabia is a mecca for billionaires, literally and figuratively. The country ties its neighbor for the total number of billionaires with 62, but it’s got the UAE beat in terms of shared wealth. Saudi billionaires hold a total of $169 billion, $1 billion more than their Emirati counterparts.

Saudi Arabia is the largest economy in the Middle East, thanks to the more than 266,000 barrels of untapped oil lying beneath its desert sands. The nation exports more oil than any other country, and the size of its reserve is second only to Venezuela.

8. United Kingdom

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The United Kingdom is home to 90 billionaires at last count, who together hold $251 billion.

You might be surprised to learn that Queen Elizabeth II isn’t among them; she’s worth only half a billion. The U.K. billionaire club includes a diverse list of business people such as steel tycoon Lakshmi Mittal ($18.9 billion), bagless vacuum inventor Sir James Dyson and family ($12.3 billion), and Virgin Atlantic founder and space cowboy Richard Branson ($4.1 billion).

But you’ve probably never heard of the U.K’s richest man: Jim Ratcliffe, CEO of London-based chemical manufacturer Ineos. Ratliffe is entirely self-made, mortgaging his house to buy his first chemical assets.

7. Hong Kong

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We know, we know. Hong Kong isn’t really a country, per se. It is a semi-autonomous region of China. But its high concentration of billionaires makes it worthy of distinction. The city-state has a total of 93 billionaires worth a combined $315 billion.

In terms of billionaire cities, Hong Kong is ranked second, nestled between New York (#1) and San Francisco (#3). Hong Kong owes its wealth to more than a century of British rule, which came to an end in 1997. Possessing one of the world’s busiest shipping ports, Hong Kong became a manufacturing powerhouse.

The country’s richest person is 90-year-old entrepreneur Li Ka-shing. A high school dropout, Li made his fortune in plastic manufacturing, port development, and retail.

6. Russia

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Russia is home to 96 billionaires worth a combined $351 billion. That number doesn’t include the net worth of President Vladimir Putin, who is rumored to be the world’s richest man with $200 billion in secret assets. But according to documents filed with the Russian election commission, Putin only claims to earn an average annual salary of $112,000.

Officially, Russia’s richest man is Leonid Mikhelson at $23.6 billion. Mikhelson is CEO of Novatek, Russia’s largest independent natural gas company. He’s among the politically powerful Russian oligarchs who rose to power after rapidly gobbling up assets when Russia’s state-owned companies went private.

5. Switzerland

Credit: AleksandarGeorgiev / iStock

Switzerland has 99 billionaires worth a total of $265 billion. That’s a high concentration of billionaires for such a small country, and once a year it gets even more concentrated. CEOs and heads of state from all over the world descend upon the snowy ski-town of Davos at the beginning every year for the World Economic Forum.

Many Swiss billionaires owe their riches to the banking and financial industry. Provided the country’s neutral status during both World Wars, and its centuries-long tradition of secrecy, Swiss banks became a global favorite. In 2018 it was estimated that Swiss banks held $6.5 trillion in assets, which is a quarter of all global cross-border assets.

4. India

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India is a country of extremes. About 58 percent of the population lives in extreme poverty, surviving off less than $3.10 a day. It is also home to one of the fastest-growing economies and 104 billionaires in total. Together India’s billionaires are worth $299 billion.

The country’s richest man is Mukesh Ambani, who is worth an estimated $49.6 billion. He owns 43 percent of Reliance Industries, which owns a little bit of everything: energy, oil, textiles, retail stores and telecom. Ambani also owns a professional cricket team, the Mumbai Indians.

3. Germany

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With 152 in total, you might be asking why Germany has so many billionaires. The answer is cars, machines, chemicals, electronics and groceries.

As it turns out, that “Germany engineering” you always hear about is a real thing, and it’s worth a lot of money. German billionaires control a total of $466 billion in assets, much of it earned from industrial and chemical manufacturing companies.

But the country’s richest person is Dieter Schwarz, whose company owns Europe’s largest supermarket chains, Lidl and Kaufland. At 79, Schwarz is worth a whopping $24.9 billion.

2. China

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At 338, China is home to 12 percent of the world’s billionaires who together possess $1 trillion in total wealth. Deng Xiaoping, who served as leader from 1978 to 1989, paved the way for the country’s growth by drastically reforming the economy. Flash forward to today where China generates a new billionaire every two days, according to UBS. The richest among them is Alibaba founder Jack Ma, with a net worth of $40.1 billion.

1. The United States

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The United States is far and away the leader when it comes to billionaires with a total of 680. That is 25 percent of all billionaires in the world. U.S. billionaires have more than $3.16 trillion in assets combined.

America’s four richest billionaires are household names: Amazon founder Jeff Bezos ($120 billion), Microsoft co-founder Bill Gates ($95.5 billion), investing genius Warren Buffett ($82.5 billion) and Facebook creator Mark Zuckerberg ($65.9 billion).

 

 

10 Cities All Architecture Lovers Need to Visit Before They Die

(THIS ARTICLE IS COURTESY OF TRAVEL TRIVIA)

 

Cities All Architecture Lovers Need to Visit Before They Die

From towering skyscrapers to the ancient Colosseum, the world is filled with architectural marvels. And since architecture is best enjoyed in person, here are 10 cities that architecture lovers simply must visit.

Chicago, Illinois, U.S.A.

Chicago, Illinois, U.S.A.

Credit: Semmick Photo/Shutterstock

It’s called the “City of Big Shoulders” for a reason. Chicago is home to some of the oldest skyscrapers, such as the Manhattan Building, built in 1891; the Reliance Building, built in 1895; and Chicago Savings Bank Building, completed in 1905. Most of Downtown Chicago was destroyed in the Chicago Fire of 1871, but the iconic Chicago Water Tower, built in 1869, was left standing. Built solely of yellow Lemont limestone, seeing the 182-foot tower firsthand should be on every architecture lovers bucket list.

Rome, Italy

Rome, Italy

Credit: S.Borisov/Shutterstock

Rome is home to some of the world’s most photographed structures, including the Colosseum, the Roman Forum and Trajan’s Market. Had it not been for the Romans, designs like the arch and the dome would never have come to be. Rome’s classical structures are a must see. That’s a given. But the city’s Baroque style buildings, which were mostly constructed during the 17th century, are also well worth your time. The sheer grandness of structures like St. Peter’s Basilicaand the Trevi Fountain can’t be captured in a photograph. Few things in life will leave you as awestruck as taking a stroll inside St. Peter’s, with its massive dome, and looking up. You may never want to look down again.

Barcelona, Spain

Barcelona, Spain

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Influenced by the legendary 19th century Catalan architect Antoni Gaudi, Barcelona’s architecture, much like the city itself, is imaginative and colorful. One sight that’s a must see is Gaudi’s Casa Batllo. The façade of the building is constructed of broken ceramic tiles, thus creating an eye-popping mosaic that is unlike anything you’ve ever seen. Other structures that are inspired by Gaudi’s vivid imagination include Jean Nouvel’s Tower, which is designed to resemble a geyser of water shooting through the air, and Frank Gehry’s Fish.

Dubai, United Arab Emirates

Dubai, United Arab Emirates

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In addition to being home to the tallest building in the world, the Burj Khalifa, the Dubai skyline is filled with twisty-turny steel buildings. If you find yourself wandering in this desert city, be sure to check out the Burj al Arab, which is designed to look like an Arabian dhow ship, as well as the curving Cayan, with its seemingly impossible 90-degree twist. There’s also the famed underwater zoo located in the Dubai Mall, which features 300 different species of aquatic life, including all types of fish, sting rays and sharks.

Shanghai, China

Shanghai, China

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Fueled by government investment, Shanghai has grown rapidly in recent years. It’s almost as if a glossy new structure pops up each month. The architecture in Shanghai is modernistic, and best represented in buildings like the Hongkou Soho office building, with its pleated exterior. Shanghai is also home to the second tallest building in the world, the Shanghai Tower, which features a twisted, glass façade that stretches upward for 2,073 feet.

Paris, France

Paris, France

Credit: Catarina Belova/Shutterstock

The birthplace of Art Deco and Gothic architecture, Paris is a city whose rich architectural history stretches back centuries. Gothic style, which is marked by colorful stained glass windows and flying buttresses, can be seen in a number of Paris cathedrals, including the Sainte-Chapelle, the St-Gervais-et-St-Protais and, most famously, Notre-Dame, which was in the news earlier this year after sustaining serious damage during a 15-hour fire. Paris’s famed Art Deco buildings, with their notable exteriors that feature numerous horizontal lines, began popping up shortly before World War I and were dominant in the ’20s and ’30s. Théâtre des Champs-Élysées and the Grand Rex movie palace are two prominent structures that exhibit this style. This is a small sample of the numerous architectural wonders in the City of Light.

Moscow, Russia

Moscow, Russia

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The Russian capital is home to some of the most recognizable architecture in the world with a style known simply as Russian architecture. Arguably the most renown structure in the Russian style is Moscow’s Saint Basil’s Cathedral. Constructed in the 16th century during the reign of Ivan the Terrible, the cathedral is known for its vibrant, onion-shaped domes. Moscow is also home to more recent architectural wonders like the Ostankino Tower, which was completed in 1967 and was for a period of time the tallest building in the world, and a group of Moscow skyscrapers known as the Seven Sisters. The seven buildings, which were built during the reign of Soviet leader Joseph Stalin, are wide and blocky, and scattered throughout Moscow. They were constructed in the Stalinist style of Russian architecture, which borrows elements of the Russian baroque.

Athens, Greece

Athens, Greece

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Several ancient monuments from Athens’s classical era are still standing, most notably the Parthenon, with its enormous stone columns. There is also the Theatre of Dionysus, which was the birthplace of Greek tragedy and the first theater ever constructed. And what would a historically rich city like Athens be without its ancient temples? During its heyday, the Temple of Olympian Zeus, which was completed around the 2nd century, had an unthinkable 104 columns, although only a few remain standing today.

Istanbul, Turkey

Istanbul, Turkey

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The most populous city in Turkey is known for two distinct styles of architecture: Byzantine and Ottoman. The Hagia Sophia, which was constructed in the 6th century, is a church that is emblematic of the Byzantine style, with its massive dome and elegiac mosaics depicting Christ and other biblical figures. The Ottoman style of architecture also flourished in Istanbul. Throughout the 16th and 17th centuries a number of imperial mosques were constructed throughout the city, including Faith Mosque, Yeni Mosque\ and Bayezid Mosque. The mosques all have the key features of the Ottoman style, with extensive use of domes and columns, and are an absolute marvel to experience in person.

New York City, New York, U.S.A.

New York City, New York, U.S.A.

Credit: GagliardiPhotography/Shutterstock

From the Art Deco masterpiece that is the Chrysler Building (1930), to the Gothic Revival design of the Woolworth Building (1913), to the more recent green design of the Conde Nast Building, New York City’s skyscrapers employ a wide range of stylistic elements. The character of the city can also be seen in the architectural designs used in its residential neighborhoods. From the brownstones in Brooklyn to the tenements on the Lower East Side, New York’s five boroughs are an architectural cornucopia whose styles are as diverse as the city itself.

UAE Hopes for Foundation of Sudan Constitutional System

(THIS ARTICLE IS COURTESY OF THE SAUDI NEWS AGENCY ASHARQ AL-AWSAT)

 

UAE Hopes for Foundation of Sudan Constitutional System

Friday, 5 July, 2019 – 10:00
UAE Minister of State for Foreign Affairs Anwar Gargash. Reuters file photo
Asharq Al-Awsat
The United Arab Emirates congratulated Sudan on Friday after its military council and opposition reached a power-sharing deal.

“We hope that the next phase will witness the foundation of a constitutional system that will strengthen the role of institutions with broad national and popular support,” UAE Minister of State for Foreign Affairs Anwar Gargash said in a Twitter post.

He said the UAE would stand with Khartoum in “good times and bad times.”

Sudan’s ruling generals and protest leaders reached an agreement on the disputed issue of a new governing body, in a breakthrough power-sharing accord aimed at ending the country’s months-long political crisis.

“The two sides agreed on establishing a sovereign council with a rotating military and civilian (presidency) for a period of three years or little more,” African Union mediator Mohamed El Hacen Lebatt told reporters.

UAE Adopts 122 Economic Activity of 100% Foreign Ownership

(THIS ARTICLE IS COURTESY OF THE SAUDI NEWS AGENCY ASHARQ AL-AWSAT)

 

UAE Adopts 122 Economic Activity of 100% Foreign Ownership

Wednesday, 3 July, 2019 – 11:45
Dubai Cabinet Meeting chaired by Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum (WAM)
Dubai- Asharq Al-Awsat
UAE’s cabinet approved a decision allowing foreign investors in the sectors and economic activities eligible of ownership up to 100 percent in the UAE.

A statement issued by the government said that the decision aims to support the country’s growth environment and reaffirm its position on the global arena as a hub for investment.

The cabinet meeting was chaired by Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, and attended by Deputy Prime Minister and Minister of the Interior Lt. General Sheikh Saif bin Zayed Al Nahyan, and Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour bin Zayed Al Nahyan.

Sheikh Mohammed bin Rashid announced the decision in a tweet on his account, saying: “we approved 100% foreign ownership in 122 economic activities in fields including agriculture, manufacturing, renewable energy, e-commerce, transportation, arts, construction and entertainment.”

The Prime Minister declared that local governments will identify relevant ownership percentages in every activity, indicating that the goal is to stimulate, facilitate and activate business, open and expand new economic sectors, attract new investors and talents, and enhance global competitiveness of the national economy.

“We also approved a benefit-transfer scheme among the country’s pension funds. We want to facilitate procedures for our citizens to move between federal and local sectors and civil and military sectors, and vice versa. We are united to serve one country and one goal.”

As a result, a total of 122 economic activities across 13 sectors were specified to be eligible for up to 100 percent foreign ownership such as renewable energy, space, agriculture, and manufacturing Industry.

The decision provides investors with an opportunity to acquire various shares in a number of economic activities including the production of solar panels, power transformers, green technology, and hybrid power plants, according to WAM.

Areas of foreign ownership also include transport and storage, which allows investors to own projects in the field of e-commerce transport, supply chain, logistics, and cold storage for pharmaceutical products.

Other areas of ownership by foreign investors include hospitality and food services, information and communications, as well as professional, scientific and technical activities, thereby allowing for ownership in laboratories for research and development in biotechnology.

The list also includes administrative services, support services, educational activities, healthcare, art and entertainment, and construction.

In other governmental affairs, the cabinet adopted the restructuring of the Education and Human Resources Council, chaired by Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan.

It also approved the decision to finance the funding of federal universities and colleges based on performance results for the academic year 2018-2019, aiming to increase financial planning efficiency and implementation of the budget.

The cabinet reviewed a number of reports of the Higher Committee to measure compliance with international standards for combating money laundering and combating terrorism financing and corrective actions.

Foreign Direct Investment in Qatar Drops 322%

(THIS ARTICLE IS COURTESY OF THE SAUDI NEWS AGENCY ASHARQ AL-AWSAT)

 

Foreign Direct Investment in Qatar Drops 322%

Monday, 1 July, 2019 – 11:30
A man walks on the corniche in Doha, Qatar. (Reuters)
London – Mutlaq Muneer
Qatar has witnessed a remarkable drop in foreign direct investment in 2018, with the exit of $2.18 billion compared to an inflow of $986 million in 2017. The total drop reached 322 percent.

The Arab Investment & Export Credit Guarantee Corporation (Dhaman) announced a slight decline of 0.34 percent in foreign direct investment to Arab states, reaching $31.2 billion in 2018 compared to $31.3 billion in 2017.

Arab countries declined in the investment attractiveness index for 2019. The Arab world is now fifth among the world’s seven geographical groups.

During the inauguration of the 34th annual report on Investment Climate in Arab Countries for the year 2019, Dhaman Director General Abdullah Ahmad Abdullatif Alsabeeh expressed hope that the report would lay foundations to attracting more capital surges to the Arab states.

Speaking from Kuwait, Dhaman explained that the Gulf countries continued to lead the Arab performance followed by the Arab Mashreq countries, which ranked second and the Arab Maghreb, which came third.

The report, which is based on the latest data released by the United Nations Conference on Trade and Development (UNCTAD), said that direct investment inflows to Arab countries accounted for 2.4 percent of global investment that reached $1.297 billion in 2018.

“The UAE, Egypt and Oman received the largest share of investment inflows or 68.5 percent of the total investment inflow to Arab countries,” it said.

According to the report, FDI inflows to the Arab countries rose by 3.4 percent to reach $889.4 billion in 2018, representing 2.8 percent of global investment of $32.3 trillion. It pointed out that the number of new investment projects in Arab countries increased by 56 projects in 2018 to reach 876 new foreign investment projects compared with 2017.

Iranian judo agrees to end decades-long boycott of Israeli athletes

(THIS ARTICLE IS COURTESY OF THE TIMES OF ISRAEL)

 

Iranian judo agrees to end decades-long boycott of Israeli athletes

Historic commitment comes after talks with International Judo Federation over ‘disturbing phenomenon’ of Iranians throwing matches

Uzbekistan's Bekmurod Oltiboev, in white, competes against Iran's Javad Mahjoub during their men's +100 kg judo bronze medal match at the 18th Asian Games in Jakarta, Indonesia, Friday, August 31, 2018. (AP/Dita Alangkara)

Uzbekistan’s Bekmurod Oltiboev, in white, competes against Iran’s Javad Mahjoub during their men’s +100 kg judo bronze medal match at the 18th Asian Games in Jakarta, Indonesia, Friday, August 31, 2018. (AP/Dita Alangkara)

In a historic move, Iranian judo officials have agreed to stop boycotting Israeli athletes on the mat, ending a practice that had drawn criticism against Tehran in the sporting world.

In a letter to the International Judo Federation published Saturday, Iran’s Olympic Committee and local Judo Federation agreed to “fully respect the Olympic Charter and its non-discrimination principle.”

In a statement, the IJF said the letter came after several rounds of talks regarding the “disturbing phenomenon, which involves the sudden ‘injury’ or failure of weigh-in of Iranian athletes,” which it said was related to Iran trying to avoid meeting athletes from certain countries.

Neither Iran nor the IJF specifically mentioned Israel, but Iranian athletes have on several occasions forfeited matches to avoid facing Israelis, who have become increasingly relevant in the sport on the world stage.

Iran’s sports policy is an outgrowth of the country’s official refusal to recognize Israel. Its leaders routinely encourage the demise of the Jewish state and the countries are considered arch foes.

In February, Iranian judoka Saeid Mollaei threw a match at the Paris Grand Slam to avoid facing Israeli Sagi Muki in the next round by feigning an injury, ending his chance at a gold medal. He then recovered to win his bronze medal match, but feigned another injury to avoid standing on the podium with Muki.

According to Israel’s Army Radio, the IJF had threatened to ban Iran from international competitions, including the Olympics, if it did not agree to fight Israelis.

On Saturday, Muki won gold at the Baku Grand Slam, likely securing his place at the 2020 Olympics in Tokyo.

Israel’s Sagi Muki poses on the podium with his gold medal following the men’s under 81 kg weight category competition during the European Judo Championship in the Israeli coastal city of Tel Aviv on April 27, 2018. (AFP PHOTO / JACK GUEZ)

The IJF has in recent years stepped up pressure on Muslim boycotts of Israeli athletes, including refusals to host them or shake hands.

In 2018, the body stripped international competitions from the UAE and Tunisia over their refusal to allow Israelis to compete as Israelis.

The UAE later relented, resulting in the anthem Hatikvah being played in the country for the first time last year after Muki won the gold in the under-81 kg category.

Israeli Culture and Sport Minister Miri Regev and Israel Judo Association President Moshe Ponte with medal winners during the women 52 kg medal ceremony at the Abu Dhabi Grand Slam Judo tournament in Abu Dhabi, United Arab Emirates, Saturday, Oct. 27, 2018. (AP Photo/Kamran Jebreili)

Iran has had a long-time policy of avoiding Israelis in athletic competitions, frequently at the expense of its own competitors. An Iranian swimmer refused to enter the same pool as an Israeli at the Beijing Olympics and in the 2004 Athens Games, an Iranian judoka refused to face an Israeli, resulting in his disqualification.

In February, after Mollaei threw the match in Paris, Iranian athletics chief  Davoud Azarnoush said he hoped “Israel will be wiped out and annihilated before the next Olympic games, and all of us will breathe a sigh of relief,” according to Radio Farda.

A letter from Iranian judo officials to the IJF, published on May 11, 2019. Click to expand. (IJF)

In the letter to the IJF, the Iranian sports officials said they were negotiating with Iran’s parliament “to identify proper legal resolutions,” seemingly in order to rescind the unofficial ban on competing against Israelis.

Iranians athletes have increasingly found themselves caught between domestic officials, who may punish them for competing against Israelis, and international officials, who will punish them if they forfeit matches. In recent years, an increasing number of Iranian athletes and coaches have spoken out against the policy.

The last competition between Iranian and Israeli teams on the international level dates back to a wrestling match in 1983 in Kiev, Ukraine.

The regime in Iran routinely encourages the demise of Israel, and funds, arms and trains terrorist organizations such as Hezbollah in Lebanon and Islamic Jihad in Gaza that avowedly seek the annihilation of the Jewish state. Israel has led international opposition to the 2015 P5+1 powers’ deal with Iran, which was intended to prevent Iran attaining a nuclear weapons arsenal, with Prime Minister Benjamin Netanyahu accusing the Iranians of lying about their nuclear weapons program and successfully lobbying US President Donald Trump to withdraw from the accord.

Times of Israel staff contributed to this report.

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Australian-Lebanese Ordered Released in UAE Airliner Bomb Plot

(THIS ARTICLE IS COURTESY OF THE SAUDI NEWS AGENCY ASHARQ AL-AWSAT)

 

Australian-Lebanese Ordered Released in UAE Airliner Bomb Plot

Saturday, 11 May, 2019 – 10:45
Police walk outside the international terminal as they patrol Sydney Airport. AFP file photo
Asharq Al-Awsat
The lawyer of an Australian-Lebanese dual citizen on trial for an alleged plot to bring down an Emirati passenger plane said Saturday that her client has been ordered released on bail by a Lebanese military court.

Joceline Adib al-Rai, lawyer of Amer Khayat, said the court’s decision was delivered a day earlier. Prosecutors can appeal.

Khayat has rejected the charges.

Lebanese authorities have held Khayat in detention since 2017. They have accused him of planning to blow up an Etihad airline flight that was supposed to travel from Sydney to the United Arab Emirates.

Khaled and Mahmoud, two of Khayyat’s brothers, are on trial in Australia for plotting to blow up the plane with bombs hidden inside a Barbie doll and meat grinder.

Australian authorities say Amer Khayyat had no knowledge of his brothers’ plot.

Khaled’s sentence hearing has been set for July 26. The charges carry a maximum punishment of life in prison. The jury is still deliberating a verdict for Mahmoud.

Another brother was unaware that he was carrying a bomb, disguised as a meat mincer, in his luggage, as he tried to check in at the airport, Australian police have said.

UN Welcomes Saudi, UAE Support for WFP in Yemen

(THIS ARTICLE IS COURTESY OF THE SAUDI NEWS ASHARQ AL-AWSAT)

 

UN Welcomes Saudi, UAE Support for WFP in Yemen

Wednesday, 8 May, 2019 – 09:00
A man carries sacks of grain he received from a distribution center in Bajil, Yemen, December 13, 2018, 2018. (Reuters)
Hodeidah – Asharq Al-Awsat
The United Nations World Food Program (WFP) has welcomed a $240 million contribution from Saudi Arabia and the United Arab Emirates (UAE) to support the food needs of vulnerable people in Yemen during the holy month of Ramadan.

“The generous contribution will greatly help Yemenis follow their practices and traditions during this important time,” WFP said in a statement.

“WFP plans to use this contribution to provide millions of families with monthly food rations of flour, pulses, vegetable oil, sugar and salt.”

On the other hand, Humanitarian Coordinator for Yemen Lise Grande said Tuesday that it is a relief that the UN has finally been given the green light to use an existing corridor to gain access to the Red Sea Mills, adding that it is very positive that the parties have taken this step.

“Securing access to the Mills has been a long, difficult and frustrating process,” she said.

Grande also stressed the importance of doing everything possible to ensure that all humanitarian partners have free, unimpeded and immediate access to people who need and deserve assistance.

“Everyone knows we need the food in the Mills. It’s now a race against time to salvage supplies that can feed 3.7 million people for a month,” she added.

The WFP, for its part, announced that a technical team led by it has gained access to the Red Sea Mills on the eastern outskirts of Hodeidah city as part of initial efforts to salvage a stock of 51,000 tons of wheat flour stored at the facility.

The Mills have been inaccessible for the last eight months due to intense fighting.

“The technical team will remain at the site to clean and service the milling equipment in preparation for the milling and eventual distribution of the wheat,” WFP spokesman Herve Verhoosel explained.

“We will need to send more workers and technical experts to the mills in due course and send supplies to the team now working at the site.”

He noted that in order for works to continue, “ongoing safe access to the Mills, which lie close to sensitive frontline areas” is needed.

In March, the WFP distributed food to more than 10.6 million people in Yemen, the largest number ever reached in a single month.

“We are scaling up to support 12 million people in urgent need of food in the coming months. WFP Operations in Yemen are the biggest for WFP in the world,” the spokesperson added.

WFP explained on its official website that its Deputy Executive Director Amir Abdulla traveled to Yemen on a three-day mission.

He first traveled to Aden, where he met with the legitimate government of the country’s premier and other senior officials before heading to Sanaa, where he met UN Special Envoy to Yemen Martin Griffiths and leaders from the Iran-backed Houthi militias, the statement said.

(Persian) Gulf Acquisitions, Mergers Grow by 39 Percent

(THIS ARTICLE IS COURTESY OF THE SAUDI NEWS AGENCY ASHARQ AL-AWSAT)

 

Gulf Acquisitions, Mergers Grow by 39 Percent

Sunday, 28 April, 2019 – 08:45
General view of Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. (Reuters)
London – Mutlaq Muneer
The number of merger and acquisition deals (M&As) in the Gulf Cooperation Council (GCC) grew 39 percent year-on-year during the first quarter of 2019, according to a report released by Kuwait Financial Center (MARKAZ) on Saturday.

The Saudi market topped the Arabian Gulf markets in terms of M&As in Q1-19, in which the sector witnessed Aramco’s 70 percent acquisition of SABIC in a deal worth USD69.1 billion.

In January, the Kuwait Finance House (KFH) said it gave initial approval for the average of stock exchange with AUB Bahrain at a rate of 2.33 shares of AUB’s in return for one share in KFH, added the report.

Abu Dhabi Commercial Bank (ADCB), listed on Abu Dhabi Securities Exchange (ADX), announced last month that its general assembly approved its merger with Union National Bank (UNB).

Italy’s Eni and Austria’s OMV will collectively acquire a 35 percent stake in ADNOC Refining for an estimated USD5.8 billion, whereby ADNOC will retain the remaining 65 percent stake in the company. KKR and BlackRock have acquired a 40 percent stake in ADNOC Oil Pipelines, an entity that will lease ADNOC’s interest in 18 pipelines for 23 years.

GCC acquirers accounted for 60 percent of the total number of transactions during Q1 2019 and 75 percent during Q4 2018. Foreign acquirers accounted for 34 percent of the total number of transactions during Q1 2019 and 17 percent during Q4 2018. Buyer information was not available for 6 percent of the transactions in Q1 2019.

Each of the GCC acquirers seemed to have a different appetite with regards to M&A transactions during Q1 2019.

Kuwaiti acquirers preferred investing in their home country. Saudi acquirers mostly invested in their home country and equally between other GCC countries and outside the GCC. UAE acquirers mostly invested outside the GCC and within their home country. Bahraini acquirers only invested outside the GCC. Qatari and Omani acquirers each engaged in one acquisition in their respective countries.

Q1 2019 witnessed a 70 percent increase in the number of completed transactions by foreign buyers compared to Q1 2018. In comparison to Q4 2018, the number of such transactions grew by 89 percent.

UAE targets represented 71 percent of the closed transactions by foreign acquirers during Q1 2019, while Saudi Arabia and Kuwait represented 23 percent and 6 percent respectively of the transactions during the same period. Bahraini, Omani and Qatari targets did not attract any foreign buyers during Q1 2019.

As per MARKAZ’s report, the industrial, financial and consumer sectors in the GCC accounted for 62 percent of M&As in the region during the first three months of 2019.

The media, insurance, telecommunication services and aviation sectors each accounted for 2 percent of the total closed transactions during Q1 2019, collectively amounting to 8 percent of the transactions during the period.

There was a total of 14 announced transactions in the pipeline during Q1 2019, representing a 27 percent increase in the number of announced transactions compared to Q4 2018.

UAE and Saudi Arabia collectively accounted for 79 percent of the announced transactions during Q1 2019. Oman and Qatar made up 21 percent of the announced transactions.

Women to Get Equal Representation in UAE’s FNC as per President’s Directives

(THIS ARTICLE IS COURTESY OF THE SAUDI NEWS AGENCY ASHARQ AL-AWSAT)

 

Women to Get Equal Representation in UAE’s FNC as per President’s Directives

Sunday, 9 December, 2018 – 10:30
UAE President Sheikh Khalifa bin Zayed Al Nahyan among members of the Federal National Council (FNC) (WAM)
Abu Dhabi – Asharq Al Awsat
Women’s representation in UAE’s Federal National Council (FNC) will be increased to 50 percent in the coming parliamentary term, as per the directives of President Sheikh Khalifa bin Zayed Al Nahyan. In a step reflecting the country’s future approach aimed at achieving full empowerment of Emirati women and emphasises their pioneering and effective role in all vital sectors of the UAE.

The President’s directives include doubling the current percentage of women’s representation in the Council from 22.5 percent to 50 percent in the coming parliamentary term, aiming to place UAE in top positions worldwide in terms of representation of women in parliament, reported Emirati News Agency (WAM).

This will enable the UAE women to achieve, in a record time, what has been achieved by their international counterparts in decades.

The National Council is comprised of 40 members, and the number of women will increase from nine to twenty next year. The Council discusses general issues such as bills and government budgets.

Vice President and Ruler of Dubai, Sheikh Mohammed bin Rashid, voiced his support for the plans to further improve gender parity in government.

He noted that this “is a great leap forwards in cementing the legislative and parliamentary role of women in our nation’s development.”

“Women are half of our society: they should be represented as such,” said Sheikh Mohammed in a tweet.

Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, Sheikh Mohamed bin Zayed, congratulated Emirati women on the decision.

“We congratulate the Emirati women on raising their representation in the Federal National Council. This is an additional step to enhance their role and contribution to national decision-making,” he asserted.

The Crown Prince described women as the partners and supporters in the process of building and development as well as “a role model in giving and excellence.” He added that women proved effective in various work fields, wishing them all the success.

Half of the Council’s members are elected by electoral bodies whose members are nominated by the rulers of the various emirates, while the other half is appointed.

Elections for a new set of FNC members will be held next year. Currently, there are nine women members, representing 20 per cent of the 40 available seats.

Current chairperson and speaker of the FNC is Amal al-Qubaisi, who became the first woman leader of a national assembly in the UAE and Arab world three years ago. Qubaisi was also the first woman elected to the FNC in 2006

Linda Tauhid

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