Thursday October 18, 2018

Iran Pilgrims to participate in this year’s Hajj: Saudi Arabia

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Hajj in Saudi Arabia. Image Source: Wikimedia
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Riyadh, March 17, 2017: Iranian pilgrims, after an absence last year during tensions between the regional rivals, will participate in this year’s annual Hajj, Saudi Arabia on Friday said.

“The ministry of hajj and the Iranian organization have completed all the necessary measures to ensure Iranian pilgrims perform hajj 1438 according to the procedures followed by all Muslim countries,” the official Saudi Press Agency said, referring to this year in the Islamic calendar.

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For the first time in nearly three decades, Iran’s pilgrims — which would have numbered about 60,000 — did not attend the Hajj in 2016 after the two countries failed to agree on security and logistics.

Riyadh and Tehran have no diplomatic relations, and tensions remain as Sunni-majority Saudi Arabia repeatedly accuses Iran of fuelling regional conflicts by supporting armed Shia movements in Syria, Iraq, Yemen and Bahrain.

But the Saudi Hajj ministry said that the kingdom, the birthplace of Islam, welcomes “all pilgrims from all the different nationalities and backgrounds”.

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Custodian of Islam’s holiest sites in Mecca and Medina, Saudi Arabia organises the annual Hajj, one of the five pillars of Islam which every able-bodied Muslim who can afford to is obliged to undertake at least once in a lifetime.

Iran boycotted the Hajj for three years between 1988 and 1990 after clashes between Iranian pilgrims and Saudi police in 1987 left around 400 people dead.

Diplomatic ties were restored in 1991, but relations have deteriorated once again in recent years, particularly over the countries’ support for opposing sides in the Syria and Yemen wars.

In January last year, relations were severed again after Iranian demonstrators torched Saudi Arabia’s embassy and a consulate following Saudi Arabia’s execution of a Shia figure along with 47 “terrorists”. (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.

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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.

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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)