Saudi Arabia offers $6 trillion investment opportunities over the next decade: Saudi Crown Prince

Agencies
January 14, 2021

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Riyadh, Jan 14: Saudi Crown Prince Mohammed bin Salman said the kingdom offers investment opportunities worth $6 trillion over the next decade, with new projects representing half of this value, the state news agency reported, citing his speech at the World Economic Forum on Wednesday.

The opportunities are part of the young prince's Vision 2030, aimed at ending the kingdom’s dependence on oil and transforming it into a global investment power.

The prince, known in the West as MbS, plans to create new sectors and develop domestic projects that would create jobs for millions of Saudis, through the Public Investment Fund (PIF), the kingdom's sovereign investment fund that acts as the main vehicle boosting investments at home and abroad.

PIF will finance 85% of these opportunities along with the Saudi private sector, while the remaining financing will come from capital investments from investors in the Gulf and globally, Saudi Press Agency said, quoting the prince's speech.

The PIF is the cornerstone investor in a number of mega projects including a high-tech economic zone dubbed NEOM planned for an area close to the size of Belgium, an entertainment park outside Riyadh called Qiddiya being built on a site 2-1/2 times larger than Disney World, and a luxury tourist resort off the Red Sea coast that will span 50 islands.

This week, Prince Mohammed unveiled plans to build a zero-carbon city at NEOM, with infrastructure costs of $100 billion to $200 billion.

The world’s top oil exporter is expected to borrow tens of billions of dollars this year to fill state coffers hit by lower oil prices and to boost liquidity at the PIF.

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News Network
December 4,2025

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Domestic carrier IndiGo has cancelled over 180 flights from three major airports — Mumbai, Delhi and Bengaluru — on Thursday, December 4, as the airline struggles to secure the required crew to operate its flights in the wake of new flight-duty and rest-period norms for pilots.

While the number of cancellations at Mumbai airport stands at 86 (41 arrivals and 45 departures) for the day, at Bengaluru, 73 flights have been cancelled, including 41 arrivals, according to a PTI report that quoted sources.

"IndiGo cancelled over 180 flights on Thursday at three airports-Mumbai, Delhi and Bengaluru," the source told the news agency.

Besides, it had cancelled as many as 33 flights at Delhi airport for Thursday, the source said, adding, "The number of cancellations is expected to be higher by the end of the day."

The Gurugram-based airline's On-Time Performance (OTP) nosedived to 19.7 per cent at six key airports — Delhi, Mumbai, Chennai, Kolkata, Bengaluru and Hyderabad — on December 3, as it struggled to get the required crew to operate its services, down from almost half of December 2, when it was 35 per cent.

"IndiGo has been facing acute crew shortage since the implementation of the second phase of the FDTL (Flight Duty Time Limitations) norms, leading to cancellations and huge delays in its operations across the airports," a source had told PTI on Wednesday.

Chaos continued at several major airports for the third day on Thursday because of the cancellations.

A spokesperson for the Kempegowda International Airport (KIA) in Bengaluru said that 73 IndiGo flights had been cancelled on Thursday.

At least 150 flights were cancelled and dozens of others delayed on Wednesday, airport sources said, leaving thousands of travellers stranded, according to news agency Reuters.

The Directorate General of Civil Aviation (DGCA) has said it is investigating IndiGo flight disruptions and has asked the airline to submit the reasons for the current situation, as well as its plans to reduce flight cancellations and delays.

It may be mentioned here that the pilots' body, Federation of Indian Pilots (FIP), has alleged that IndiGo, despite getting a two-year preparatory window before the full implementation of new flight duty and rest period norms for cockpit crew, "inexplicably" adopted a "hiring freeze".

The FIP said it has urged the safety regulator, the DGCA, not to approve airlines' seasonal flight schedules unless they have adequate staff to operate their services "safely and reliably" in accordance with the New Flight Duty Time Limitations (FDTL) norms.

In a letter to the DGCA late on Wednesday, the FIP urged the DGCA to consider re-evaluating and reallocating slots to other airlines, which have the capacity to operate them without disruption during the peak holiday and fog season if IndiGo continues to "fail in delivering on its commitments to passengers due to its own avoidable staffing shortages."

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News Network
November 22,2025

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The Israeli regime’s forces have killed two Palestinian children in the Gaza Strip every day since the ceasefire began in early October, UNICEF has warned.

The UN children’s agency said on Friday that Israeli forces continue to attack Palestinians in Gaza even though the agreement was meant to stop the killing.

“Since 11 October, while the ceasefire has been in effect, at least 67 children have been killed in conflict-related incidents in the Gaza Strip. Dozens more have been injured. That is an average of almost two children killed every day since the ceasefire took effect,” UNICEF spokesperson Ricardo Pires said in Geneva, reminding that each number in the statistics represents a child whose life had ended violently.

“These are not statistics,” he said. “Each child had a story, a family, and a future that was stolen from them.”

Data from Palestinian factions, human rights groups, and government bodies recorded since the US-brokered ceasefire deal went into effect on October 10 show that Israeli forces have carried out numerous attacks, each constituting a separate ceasefire violation.

UNICEF teams say they repeatedly continue to witness heart-wrenching scenes of fearful Palestinian children sleeping outdoors with amputated limbs, while others live as orphans in flooded, makeshift shelters.

“I saw this myself in August. There is no safe place for them. The world cannot normalize their suffering,” Pires said, lamenting that the UN could “do a lot more if the aid that is really needed was entering faster.”

The UNICEF spokesperson warned that with the advent of winter, the risks for hundreds of thousands of displaced children will increase.

He warned, “The stakes are incredibly high” for children as winter acts as a threat multiplier, where children have no heating, no insulation, and few blankets. He said respiratory infections rise.

“Too many children have already paid the highest price,” Pires said. “Too many are still paying it, even under a ceasefire. The world promised them it would stop and that we would protect them.”

“Now we must act like it,” the UNICEF spokesperson added.

Since the Israeli regime launched its genocidal war against Palestinians in Gaza in October 2023, it has killed nearly 70,000 people in the territory, most of them women and children, and injured over 170,000 more, while reducing most of the structures in the enclave to rubble.

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News Network
November 21,2025

Bengaluru, Nov 21: The Karnataka government is facing pressure to overhaul its employment system after a high-level Cabinet sub-committee recommended the complete phase-out of job outsourcing in government offices, boards, and corporations by March 2028. The move is aimed at tackling a systemic issue that has led to the potential violation of constitutional reservation policies and the exploitation of workers.

The Call for Systemic Change

With over three lakh vacant posts currently being filled through private agencies on an outsource, insource, or daily wage basis, the sub-committee highlighted a significant lapse. "As a result, reservations are not being followed as per the Constitution and state laws. It’s an urgent need to take serious steps to change the system. It has been recommended to completely stop the system of outsourcing by March 2028," the panel stated in a document.

The practice of outsourcing involves private companies hiring workers to perform duties for a government agency. Critics argue this model results in lesser salaries, a lack of social security benefits (otherwise available to permanent government employees), and a failure to adhere to the provisions of Articles 14 and 15 of the Constitution, which guarantee equality before the law and prohibit discrimination.

The 'Bidar Model' as a Stop-Gap Solution

To regulate the current mode of employment and reduce worker exploitation until the 2028 deadline, the government plans to establish workers’ services multi-purpose cooperative societies across all districts, following the successful "Bidar Model."

The Bidar District Services of Labour Multi-purpose Cooperative Society Ltd., which operates under the District Commissioner, is cited as a successful example of providing a measure of social security to outsourced staff. Labour Department officials argue this society ensures workers receive their due wages and statutory facilities like ESI (Employees' State Insurance) and PF (Provident Fund), in exchange for a 1% service fee collected from the employees.

legislative push and Priority Insourcing

The recommendations, led by the sub-committee headed by Law and Parliamentary Affairs Minister H K Patil, are set to be discussed at the next Cabinet meeting. The committee has proposed the introduction of the Karnataka Outsourced Employees (Regulation, Placement and Welfare) Bill 2025.

In a move addressing immediate concerns, Labour Minister Santosh Lad, a member of the sub-committee, has reportedly assured that steps will be taken over the next 2-3 years to insource workers in "life-threatening services" on a priority basis. This includes essential personnel like pourakarmikas (sanitation workers), drivers, electrical staff in the Energy Department, and Health Department staff handling contagious diseases. The transition aims to grant these workers the long-term security and benefits they currently lack under the outsourcing system. 

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