Tuesday September 18, 2018
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Saudi Arabia: another name for ‘Jihadi factories’

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Photo source :http://assets.nydailynews.com/

Following is the summary of the views expressed by India’s well known security expert and geo-strategist Brahma Chellaney in his recent post at TheGlobeandMail.com. The link of the article is given below.

  • In the article Chellaney explains that modern day terrorism is derived from Wahhabism. In his words:”The Brussels bombings, as with the Paris terrorist attacks last year, show that jihadi-minded citizens of European Union states can turn into killers by imbibing the insidious ideology of Wahhabism.”
  • He further elaborates on the crucial role Saudi Arabia has played in the rise of Wahhabism. “Since the oil-price boom of the 1970s, Saudi Arabia has spent more than $200-billion on its global jihad project, including funding Wahhabi madrassas, mosques, clerics and books. Wahhabism legitimizes violent jihad with its call for a war on “infidels.”
  • Chellaney argues that the countries like Saudi Arabia are funding Wahhabism. To quote from his article: “The export of Wahhabism by Saudi Arabia, Qatar and some other oil sheikdoms is the source of modern Islamist terror. From Africa to Asia and now Europe, Arabian petrodollars have played a key role in fomenting militant Islamic fundamentalism that targets the West, Israel and India as its enemies.”
  • Chellaney has further stated that because of the resources, like oil, it has control over and the over the  top donations that the Saudi kings make ,the West has turned a blind eye towards them saying “How the Saudi kingdom buys up world leaders is apparent from the Malaysian attorney-general’s recent disclosure that $681-million (U.S.) deposited in Prime Minister Najib Razak’s personal bank account was a “personal donation” from the Saudi royals and that $620-million of it was returned. Saudi Arabia has also given between $10-million and $25-million to the Clinton Foundation.”
  • However of late, world leaders have started  acknowledging the connection of Jihad and Saudi Arabia. Here are a few noteworthy observations.

German Vice-Chancellor Sigmar Gabriel  said : “We must make it clear to the Saudis that the time of looking the other way is over.”

“As U.S. Vice-President Joe Biden said in a 2014 speech at Harvard University, Saudi and other “allies’ policies wound up helping to arm and build allies of al-Qaeda and eventually the terrorist [Islamic State].”

“The late Singaporean leader Lee Kuan Yew correctly said in 2003 that winning the war on terror hinges more on controlling the “queen bees” – the “preachers” of the “deviant form of Islam” – than on simply killing the “worker bees” (terrorists).”

Brahma Chellaney is a geostrategist and author, most recently of Water, Peace, and War.

Link :Theglobeandmail.com

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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)

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