Saudi oil derivatives grant to spare Yemen $2m a day

Yemen's central bank in Sanaa. (File photo)
Updated 01 November 2018
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Saudi oil derivatives grant to spare Yemen $2m a day

  • The Saudi grant of oil derivatives reached the port of Aden carrying 62,000 tons of diesel, 25,000 tons of diesel oil
  • A total of 8.5 million Yemenis will benefit from the grant

JEDDAH: The governor of the Central Bank of Yemen, Dr. Mohamed Zemam, has said that the granting of Saudi oil derivatives worth $60 million addresses the daily needs of the Yemeni people.

He noted that this move will save about $2 million a day or YR1,400 billion. It will save YR42 billion a month and YR504 billion a year.

“The Saudi grant will fill the deficit in this year’s Yemeni budget at a time where the budget deficit for the first nine months of 2018 reached YR461 billion,” Zemam said. “It will save the state an amount it used to pay for oil derivatives.”

The Saudi grant of oil derivatives reached the port of Aden carrying 62,000 tons of diesel, 25,000 tons of diesel oil. It will be distributed to 10 Yemeni provinces and will help to operate 64 power stations around the clock under the supervision and monitoring of the Yemeni government.

A total of 8.5 million Yemenis will benefit from this grant, Zemam said. 


Muslim World League chief honored for strengthening ties between Islamic world, Russia

Updated 24 July 2019
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Muslim World League chief honored for strengthening ties between Islamic world, Russia

 

MOSCOW: The Institute of Oriental Studies of the Russian Academy of Sciences has awarded the secretary-general of the Muslim World League (MWL), Dr. Mohammad bin Abdul Karim Al-Issa, an honorary doctorate in recognition of his efforts to strengthen the relationship between the Islamic world and Russia.

Prof. Vitaly Naumkin, the director of the institute, who represents one of the most well-known academic institutions in the world over the past 200 years, talked about Al-Issa’s career, noting that he has contributed to the promotion of cultural rapprochement among nations through his visits to countries and his connections with different cultures and religions.

Naumkin said that the principles of moderation adopted by the MWL and its secretary-general contributed to the establishment of security in the world, noting that these principles addressed extremism and violence.

The honorary doctorate was given to Al-Issa for his services in the development of Islamic jurisprudence and improving official and popular relations between Russia and the Islamic world, he said.

The MWL secretary-general said that he was proud to receive the honorary doctorate from an institute that is well-known for its dedication and neutrality.

He also praised the Russian Federation’s care for Arab and Islamic culture and its keenness to communicate with the Muslim world, learn its language and understand its culture.

Al-Issa considered the award to be motivation to work on promoting cultural communication and exchange between the Islamic world and Russia.

He said that the institute has contributed to changing the stereotype of Orientalism in the Muslim world and has encouraged cultural communication between nations and peoples.

The ceremony was attended by representatives of the Russian presidency, the Duma and the Senate, as well as high-ranking diplomats, senior academics of Orientalism, religious leaders and a group of researchers and students.