Kuwait calls for new balanced world order at NAM summit
FM: Failure to find solution to Palestinian cause threatens peace
Zain KSA net income for first 9 months of 2019 reaches a record $102 million
RIYADH: Zain Saudi Arabia (Zain KSA) announced impressive financial results for key indicators for the nine months and third quarter ended Sept 30, 2019, where the company served 7.7 million customers. For the first nine months of 2019, Zain KSA generated revenues of SAR 6.16 billion ($1.64 billion), up 12.3 percent compared to the same period in 2018, while EBITDA for the period increased by 49 percent to SAR 2.85 billion ($761 million), reflecting an EBITDA margin of 46 percent. Net income for the nine months soared to reach an unprecedented SAR 380 million ($102 million), reflecting a significant improvement on the net loss of SAR 67 million ($18 million) reported in the same period of 2018, highlighting an improvement of circa SAR 447 million ($119 million).
For the three months to Sept 30, 2019 (Q3), Zain KSA recorded revenues of SAR 2 billion ($536 million), a 3 percent increase on Q3 2018. EBITDA for the period reached SAR 949 million ($253 million), reflecting a 47 percent EBITDA margin, up 31 percent on Q3 2018. Net income for Q3 2019 amounted to SAR 121 million ($32 million), reflecting a significant improvement on the net income of SAR 48 million ($13 million) reported for Q3 2018.
Commenting on Q3 2019 results, Bader Al-Kharafi, Zain Vice-Chairman and Group CEO, and Zain KSA Vice-Chairman said, “The impressive operational performance in reporting five consecutive quarters of profit clearly demonstrates the success of the company’s digital growth strategy that has placed the company in a much stronger financial position and also seen its market capitalization more than double over the last 12 months.” (See Page 11) BAKU: The Representative of HH the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, addressing the 18th Summit of the Non-Aligned Movement (NAM) yesterday, urged for creating a new and balanced world order and re-called for resolving crises in Arab countries, namely Syria, Palestine, Yemen and Libya. Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah, also Kuwait’s Deputy Prime Minister and Foreign Minister, began his speech by expressing gratitude to the Azeri president for the warm hospitality and noticeable efforts for ensuring success of the summit. He also thanked Venezuela for chairing the movement in the past three years.
Sheikh Sabah Al-Khaled stated that the need has been mounting for the movement to contribute and cooperate for creating a more balanced and interactive world order. “Our states have sought to establish a system based on solid foundations for mutual coordination that may enable us to circumvent problems on the basis of the principles and goals of the Bandung (Indonesia) conference,” he said. NAM’s Bandung convention was held in April 1955, grouping leaders of Asian and African countries vowing cooperation at various levels. It was held in line with an approach by developing nations to establish a global alliance independent from eastern and western powers.
Inability of the international community to find a viable and comprehensive solution to the Palestinian cause is threatening peace and security in the region now more than ever, Sheikh Sabah Al-Khaled warned. Unilateral policies and measures that have been undertaken by Israel, the occupation-based power, for altering realities in the occupied territories are illegal and illegitimate breaches and are also blatant violations of the relevant international resolutions and references, Sheikh Sabah Al-Khaled said, affirming that any solution that falls short of the aspirations and ambitions of the Palestinian people will not be successful.
On Syria, Sheikh Sabah Al-Khaled has affirmed Kuwait’s belief that there is not “military solution” to the aggravating crisis there. “Peaceful solution is the sole option for reaching a settlement, otherwise the hardships and infighting will continue,” he added. Sheikh Sabah Al-Khaled renewed Kuwait’s full support for the UN efforts aimed at reaching a political settlement to the Syrian crisis on the basis of the Security
Council Resolution 2254. He praised recent formation of the “constitutional committee”, hoping that it would hold the first meeting in Geneva on October 30, while stressing on the territorial sanctity and unity of the Syrian territories, rejecting any attack on these lands.
For the sake of bolstering security and stability in the Middle East region and partaking in efforts for reinforcing international peace and security, Kuwait had hosted the UN-sponsored inter-Yemeni consultations for 100 days, hoping to seek implementation of the Stockholm accord and aspiring to re-host another round of negotiations designed to end with a final settlement to the Yemeni crisis according to the agreed upon three references, he said.
Regarding Libya, Kuwait renews its support for the UN envoy in his efforts namely his bid to group the stakeholders at a convention to be held in Berlin at the end of this month. In conclusion, Kuwait renews its support and commitment to NAM’s principles and goals, collective coordination to meet member aspirations of the member states’ peoples for bolstering security and stability and attaining the aspired global prosperity.
The NAM event was held under the slogan ‘Upholding the Bandung Principles to ensure concerted and adequate response to the challenges of contemporary world.’ The Kuwait’s delegation consists of Kuwaiti Ambassador to Azerbaijan Saud Al-Roumi, Deputy Assistant Minister for the Affairs of Sheikh Sabah AlKhaled’s Office Ambassador Saleh Al-Lougani and other officials from the Kuwaiti foreign ministry. — KUNA