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Gulf Countries assure welfare of Large Indian Diaspora amid Qatar Crisis

International terrorism, violent extremism and religious intolerance pose grave threat not only to regional stability but also to the global peace

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Large Indian Diaspora in Qatar. Wikimedia
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  • Indians, at 6,30,000, comprise the largest expatriate community in gas-rich Qatar
  • 4 countries have cut off diplomatic ties with Qatar on allegations of supporting terrorism
  • India also said that the countries should resolve their differences through dialogue

New Delhi, June 10, 2017: India on Saturday said it is closely monitoring the situation in the Gulf where several countries led by Saudi Arabia have cut off diplomatic ties with Qatar and that the countries have assured continued support for the welfare and well-being of the large Indian diaspora.

India also said that the countries should resolve their differences through dialogue.

We are closely following the emerging situation in the Gulf region in the wake of the recent decision by the Kingdom of Saudi Arabia and some other countries to break diplomatic relations with the State of Qatar, the External Affairs Ministry said in a statement.

We are of the view that all parties should resolve their differences through a process of constructive dialogue and peaceful negotiations based on well-established international principles of mutual respect, sovereignty, and non-interference in the internal affairs of other countries, it said.

On Monday, Saudi Arabia, the United Arab Emirates (UAE), Bahrain and Egypt cut off diplomatic ties with Qatar on allegations of supporting terrorism, including the Muslim Brotherhood. Yemen, Libya, the Maldives and Jordan also took similar steps.

Indians, at 6,30,000, comprise the largest expatriate community in gas-rich Qatar which is by size a small nation.

The statement said India was closely monitoring the situation in the Gulf and was also in regular contact with the regional countries.

Their authorities have assured us continued support for welfare and well-being of the resident Indian communities, it stated.

Indian expatriates in the region are advised to contact the Indian embassy or consulate concerned should they require assistance or advise consequent to the developing situation, it added.

Meanwhile, the Indian Embassy in Doha has also issued an advisory to expatriate Indians in the Gulf country asking to them to remain updated about the developments and not to believe in rumours.

With India having strategic energy interests in the region, Prime Minister Narendra Modi made important bilateral visits over the last three years to Qatar, Saudi Arabia, UAE and Iran.

The ministry statement said India believes that peace and security in the Gulf are of paramount importance for the continued progress and prosperity of the countries in the region.

International terrorism, violent extremism and religious intolerance pose grave threat not only to regional stability but also to the global peace and order and must be confronted by all countries in a coordinated and comprehensive manner, it said.

India has time-tested friendly relations with GCC (Gulf Cooperation Council) countries. With over eight million Indian expatriates living and working in these countries, we have vital stakes in the regional peace and stability. (IANS)

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Saudi Arabia’s Sovereign Fund Invested $1 Billion In An American Electric Car Manufacturer

Saudi Arabia's 33-year-old Crown Prince Mohammed bin Salman has talked about using the PIF to help diversify the economy of the kingdom.

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Derek Jenkins, VP of Design at Lucid Motors, introduces the alpha prototype of the Lucid Air at the 2017 New York International Auto Show in New York City. VOA

Saudi Arabia’s sovereign wealth fund invested $1 billion Monday in an American electric car manufacturer just weeks after Tesla CEO Elon Musk earlier claimed the kingdom would help his own firm go private.

Tesla stock dropped Monday on reaction to the news, the same day that the Saudi fund announced it had taken its first loan, an $11 billion borrowing from global banks as it tries to expand its investments.

The Saudi Public Investment Fund said it would invest the $1 billion in Newark, California-based Lucid Motors.

Lucid Motors
Lucid Motors. Flickr

The investment “will provide the necessary funding to commercially launch Lucid’s first electric vehicle, the Lucid Air, in 2020,” the sovereign wealth fund said in a statement. “The company plans to use the funding to complete engineering development and testing of the Lucid Air, construct its factory in Arizona, enter production for the Lucid Air to begin the global rollout of the company’s retail strategy starting in North America.”

Lucid issued a statement quoting Peter Rawlinson, its chief technology officer, welcoming the investment.

“At Lucid, we will demonstrate the full potential of the electric-connected vehicle in order to push the industry forward,” he said.

The decision comes after Musk on Aug. 7 tweeted that he had “funding secured” to take Tesla private. Investors pushed Tesla’s shares up 11 percent in a day, boosting its valuation by $6 billion.

Lucid Motors
Electric Car

There are multiple reports that the U.S. Securities and Exchange Commission is investigating the disclosure, including asking board members what they knew about Musk’s plans. Experts say regulators likely are investigating if Musk was truthful in the tweet about having the financing set for the deal. Musk later said the Saudi Public Investment Fund would be investing in the firm, something Saudi officials never comment on.

Meanwhile Monday, the sovereign wealth fund known by the acronym PIF said it had taken its first loan, an $11 billion borrowing. It did not say how it would use the money, only describing it as going toward “general corporate purposes.”

Also Read: Electric Cars: The Newest Trend in India

The Las Vegas-based Sovereign Wealth Fund Institute estimates the Saudi fund has holdings of $250 billion. Those include a $3.5 billion stake in the ride-sharing app Uber.

Saudi Arabia’s 33-year-old Crown Prince Mohammed bin Salman has talked about using the PIF to help diversify the economy of the kingdom, which relies almost entirely on money made from its oil sales. (VOA)