SUBSCRIPTION SATURDAY, JANUARY 16, 2016 RABI ALTHANI 6, 1437 AH No: 16757 Filipino arrested Pakistani clerics Real, Atletico for selling babies block ‘un-Islamic’ hit by one year in Mangaf4 child11 marriage bill transfer48 bans Oman borrows $1 billion to fill gap left by falling crude Min 07º 150 Fils Oil price slump stretches state finances Max 21º DUBAI: The government of Oman has borrowed $1 billion as the Gulf country tries to cope with strains on its finances as oil prices plummet. The sultanate, a small oil exporter, raised funds through a syndicated loan at 120 basis points over the London interbank offered rate (Libor), Nasser Al-Jashmi, under-secre- tary at the ministry of finance, told Reuters on Thursday. Eleven banks took part in the five-year loan. The country has become the latest Gulf government to seek funds from either the international bond or loan market to plug budget deficits opened up by the decline in oil, which has lost three-quarters of its value since June 2014. Qatar closed a $5.5 billion five-year loan earlier this month and Sharjah, one of the United Arab Emirates, has started meeting investors for a potential sukuk this week. Qatar, Saudi Arabia and Kuwait are also expected to make a rare for- ay into the international debt market this year. Oman began seeking a five-year loan in November, offering 110 basis points over Libor. It had to raise that after rating agency Standard & Poor’s downgrad- ed the country’s debt and retained a negative outlook . “The untimely down- grade of Oman by Standard and Poor’s to the brink of investment grade, just after the offering was launched, hurt sentiments towards the deal further,” one of the bankers said. Crowded loan markets towards the end of 2015, with Qatar and several bank and corporate issuers all seeking funds at the same time, added to the pricing pressure. However, Oman priced the loan before oil slumped another 20 percent in the first two weeks of 2016, towards $30 per barrel, and geopolitical tension erupted between Saudi Arabia and Iran. Both could have pushed the borrow- ing rate higher. The 11 banks participating in the loan include Citigroup, Gulf International Bank and Natixis, who were the initial bookrunners for the trans- action. The other banks are National Bank of Abu Dhabi, Societe Generale, Sumitomo Mitsui Financial Group, Bank of Tokyo-Mitsubishi UFJ, JP Morgan, Credit Agricole, Standard Chartered and Europe Arab Bank. Oil’s plunge since 2014 has hit Oman’s finances hard. It swung to a deficit of 3.26 billion rials in the first 10 months of the year from a surplus of 189.6 million rials a year earlier. To bridge the deficit, Oman has begun spending cuts, tax ris- KUWAIT: A six-year-old Kuwaiti recently realized his dream of flying in Ministry of Interior’s opera- es and fuel subsidy reforms. The country has an extended domestic borrowing tion chopper. The child, Hamad Thamer is sick with a chronic disease. Officers responded to his wish program, including regular treasury bill auctions. The borrowing is adding pres- as part of MoI’s duties in community services. The child was so excited and thankful to MoI for mak- sure to the liquidity in the local banking system and forcing the government to ing his wish come true. (See Page 3) raise money abroad. The government has also talked about selling an interna- tional bond, which bankers expect to happen in 2016. — Reuters Mumbai women get first Qatar to raise oil prices DUBAI: Qatar will raise its subsidized sell for 1.15 Qatari riyals ($0.31) a liter, permits to drive tuk-tuks gasoline prices by at least 30 percent, up from 0.85 Qatari riyals ($0.23). That the state fuel company said, the latest means a “regular” gallon of gasoline MUMBAI: Hundreds of women in the Indian city of driven, black-and-yellow tuk-tuks that ply Mumbai’s Gulf country to cut its subsidies as in Qatar would sell for about $1.17. Mumbai have won permits to drive auto-rickshaws, congested streets - will also give priority to women global oil prices have hit a 12-year The average US price for a gallon of or tuk-tuks, through a lottery aimed at encouraging passengers, Navale said. low. The state fuel company Woqod regular gasoline is $1.93, according to more women to take the wheel. At least 467 women Women-only commuter trains and coaches are made the announcement in a Twitter AAA. in the Mumbai metropolitan region and about 100 common in Mumbai and New Delhi because of sexu- post late Thursday, though the state- Qatar, rich in natural gas and oil, more in the western Maharashtra state received the al harassment. Studies have repeatedly shown a link run Qatar News Agency and govern- faces lower revenues as the price of permits this week, and could be driving their three- between safe transport and women’s economic ment officials did not immediately oil now stands around $30 a barrel, its wheeled vehicles in a couple of months, said empowerment and ability to work and study. India’s comment on the hike. lowest level in 12 years. Oil had sold Rajendra Navale, assistant Regional Transport Officer. transport systems have come under increasing Pictures circulated on social media for roughly $100 a barrel for nearly “This will help create jobs for women and encour- scrutiny after a young woman was fatally gang raped showing price notices taped to gaso- four years until the summer of 2014. age them,” he said. “Abroad, women are even driving on a bus in New Delhi in 2012, a case that led to line pumps in the small, peninsular Already, Bahrain and Oman have taxis. We want to see women here also gain in confi- nationwide protests and forced authorities to tight- country set to host the 2022 World reduced their state gasoline subsidies. dence and earn a living, so we would like more en laws on sex crimes. Delhi was ranked as having Cup. Woqod said prices for “super” The United Arab Emirates and Saudi gasoline would go up to 1.30 Qatari Arabia reduced fuel subsidies last women to apply for these permits.” The auto-rick- among the most dangerous public transport systems riyals ($0.35) a liter from 1 Qatari riyal year. Previously, Qatar has raised sub- shaws - which may be painted pink or peach to dis- for women in a 2014 Thomson Reuters Foundation ($0.27), while “regular” gasoline will sidized fuel prices in 2011. — AP tinguish them from the tens of thousands of male- survey of 16 cities worldwide. — Reuters LOCAL SATURDAY, JANUARY 16, 2016 Kuwaiti students participating in ‘be among the excellent’ program Minister of Infrastructure and Transportation Mansour Elimane Kane pictured with the delegation of outstanding Kuwaiti students. Kuwaiti students visit fascinating ‘Lac Rose’ Kuwait plays vital role in developing Senegal DAKAR: Kuwaiti students, on a current mis- up to 25, 000 tons of salt from it per year, Development in Senegal He said that KFAED’s sponsorship of the sion in the African nation to take part in a pro- using primitive means. The group of students Kuwait played an integral role in pushing Kuwait students’ visit to the country would gram themed “be among the excellent,” have also reached tracks of the “Dakar Paris,” where development in Senegal, said Minister of hopefully inform and educate them on the visited Senegalese tourist landmarks. Among most of the famous rallies in the world are reg- Infrastructure and Transportation Mansour various contributions by the fund. So far, the visited sites was Lake Retba (also known as ularly organized. The rally, launched in the 70s, Elimane Kane in Dakar on Thursday. This state- KFAED offered Senegal around KD 110 million Lac Rose), color of which turns rosy during the involve racers challenging very rugged and ment came during the Minister’s meeting with in loans to fund several development projects summer, due to interaction of the sunlight snaky roads. Auto makers test solidity of their a delegation of outstanding Kuwaiti students in the West African nation. The Senegalese- with tiny living creatures living in the lake. At vehicles in this competition, as it is said. visiting the country. Kane told KUNA that Kuwaiti diplomatic relations dates back to sunset, the lake, five kms in length and 800 Kuwait Fund for Arab Economic Development through Kuwait Fund for Arab Economic 1971 when Senegal opened its embassy in meters in depth, restores its original color. has organized the students’ visit to the nation, Development (KFAED), Senegal had managed Kuwait. The Kuwaiti embassy in Dakar was It is known as a salt mine, for locals extract as an encouragement to top-grade students. to finish several development projects. opened in 1981. — Agencies Dr Malallah re-elected as API director general CAIRO: Kuwaiti Dr Bader Malallah has been re-elected director general of the Arab Planning Institute (API). The first meeting of the API Board of Trustees in Cairo on Thursday agreed that Malallah would stay in his post for a new five-year term (2016-2021). Minister of Social Affairs and Labor and Minister of State for Planning and Development Hind Sabeeh Al- Sabeeh, who is also chairperson of the API Board of Trustees attended the meeting. Al-Sabeeh led the Kuwaiti delegation, including Malallah, and Acting Secretary General of the Secretariat of the Supreme Council for Planning and Development (SCPD) Dr Khaled Al-Mahdi, to the meeting. API Undersecretary, Jordan’s Hussein Al-Talafaha, was also re- elected for a new five-year term, till 2021.