Financial Sector Conference kicks off Wednesday in Riyadh

It follows last year’s Future Investment Initiative (FII) and the National Industrial Development and Logistics Program events, held at the same venue. (AN photo/Ziyad Alarfaj)
Updated 24 April 2019
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Financial Sector Conference kicks off Wednesday in Riyadh

  • Thousands have signed up for the two-day event including ministers and top policy makers

Thousands of delegates are expected to attend a two-day finance event in Riyadh, which starts on Wednesday under the patronage of King Salman.

The Financial Sector Conference is being held by the Ministry of Finance and Saudi Arabian Monetary Authority (SAMA).

Organizers of the event at the Ritz-Carlton conference hall in Riyadh said informally that some 3,400 attendees had signed up for the two-day showcase of the Kingdom’s financial industry, and that more were registering at an impressive rate.

Delegates include ministers from the finance, economy and strategic ministries, as well as top policymakers from capital markets, investment and insurance industries.

It follows last year’s Future Investment Initiative (FII) and the National Industrial Development and Logistics Program events, held at the same venue.

The event will involve the presence of the Saudi Real Estate Refinance Company (SRC), which is seen as a key to providing more affordable housing in the Kingdom and boosting home  ownership by citizens.

SRC, a subsidiary of Saudi Arabia’s sovereign Public Investment Fund, aims to issue up to SR4 billion ($1.07 billion) of long-term sukuk — or Islamic bonds — this year, its chief executive said on Tuesday.

“Our strategy is clearly to tap the market twice this year,” Fabrice Susini said. “We are really looking at probably issuing something between ... 2 and 4 billion riyals that we may be issuing in two tranches.”

 


47th Saudi relief plane for Gazans arrives in Egypt

The 47th Saudi relief plane carrying medical and shelter supplies for the people of Gaza arrived in Egypt on Wednesday. (SPA)
Updated 5 sec ago
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47th Saudi relief plane for Gazans arrives in Egypt

  • The aid will be transported from Egypt’s Al-Arish International Airport into Gaza
  • Relief is part of the Kingdom’s historic role in supporting Palestinian people in times of crisis

RIYADH: The 47th Saudi relief plane carrying medical and shelter supplies for the people of Gaza arrived in Egypt on Wednesday evening. 

The aid will be transported from Egypt’s Al-Arish International Airport into Gaza. 

The plane was operated by the King Salman Humanitarian Aid and Relief Center in coordination with the Kingdom’s Ministry of Defense, Saudi Press Agency reported. 

The aid is part of the Kingdom’s historic role in supporting Palestinian people in times of crisis, SPA added. 


World’s largest coral restoration project unveiled in the Red Sea

Updated 25 April 2024
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World’s largest coral restoration project unveiled in the Red Sea

  • NEOM nursery will by 2025 produce 400,000 corals annually
  • Aim to restore reefs globally, says KAUST President Tony Chan

Scientists at King Abdullah University of Science and Technology, in collaboration with NEOM, have launched the first nursery of the KAUST Coral Restoration Initiative.

“KCRI is the largest coral restoration project in the world and represents a significant step towards restoring reefs globally with a primary nursery officially in operation and a second facility in development, both in the Red Sea,” according to a statement released on Thursday.

The nursery, built on the coast of NEOM in northwest Saudi Arabia, is set to transform coral restoration efforts with a production capacity of 40,000 corals annually.

Functioning as a pioneering pilot facility, researchers will leverage the project as the blueprint for large-scale coral restoration initiatives, including the world’s largest and most advanced land-based coral nursery.

Located at the same site, this advanced coral nursery will boast a 10-fold larger capacity to nurture 400,000 corals annually. The project is expected to be completed by December 2025.

Home to 25 percent of known marine species despite covering less than 1 percent of the sea floor, coral reefs are the bedrock of numerous marine ecosystems. Experts estimate up to 90 percent of global coral reefs will experience severe heat stress by 2050.

Prof. Tony Chan, president of KAUST, said: “Recent events provide a stark reminder of the global crisis that coral reefs face. Our ambition is, therefore, to pioneer a pathway to upscale from the current labor-intensive restoration efforts to industrial-scale processes required to reverse the current rate of coral reef degradation.”

The initiative aligns with the Saudi Vision 2030 and its efforts to bolster marine conservation, leveraging KAUST’s research into marine ecosystems and serving as a platform to test innovative restoration methods.

Nadhmi Al-Nasr, CEO of NEOM, said: “Through our long-standing partnership with the KAUST, we will also highlight the role of coral reefs, among the most important marine environmental systems, and the value of their preservation for future generations.”


EU relaxes visa rules for Saudi Arabia, Oman, Bahrain

EU Ambassador to Saudi Arabia Christophe Farnaud. (Supplied)
Updated 47 min 5 sec ago
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EU relaxes visa rules for Saudi Arabia, Oman, Bahrain

  • Saudi, Omani, Bahraini nationals now eligible for multiple-entry, 5-year visas
  • ‘An important step for promoting people-to-people contacts,’ says envoy

RIYADH: Travel to Europe will become simpler and easier for Saudi, Omani, and Bahraini nationals following a European Commission decision to relax visa rules.

EU Ambassador to Saudi Arabia Christophe Farnaud told reporters in Riyadh on Thursday that the new Schengen visa rules are “an important step in promoting people-to-people contacts, and facilitating exchanges between the EU and the GCC citizens.”

Under the new rules, a multiple-entry visa will normally be issued for five years to successful applicants, including those applying for the first time.

“The process is the same, but the length of the visa is longer, which allows them to travel to 29 European countries using the same visa valid for five years and multiple entry,” Farnaud said.

He said that it was important to view the visa change against “the backdrop of the strategic relationship between this region and Europe.”

The Schengen area consists of 29 European countries, of which 25 are EU states: Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Germany, Estonia, Greece, Spain, France, Italy, Latvia, Lithuania, Luxembourg, Hungary, Malta, Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden, along with Iceland, Liechtenstein, Norway and Switzerland.

Member states will implement the decision once they have received notifications, Farnaud said.

“As we know, the notification was made on Wednesday, so from now on, the member states can issue these visas, unless there is some technical reason for a country to take a few days,” he said.

“I am very happy to have been able to work on that, and I must say that I received a lot of very positive responses from citizens, from Saudi Arabia, especially. I think it’s really good news,” Farnaud said.

The envoy said that Europe is also working on e-visas, “but it will take some time. I cannot tell you how long exactly because it implies decisions by member states on technical aspects. So, it will happen, but It will take some time.”


Japan, Saudi Arabia invite public to design 70th anniversary celebratory logo

Updated 25 April 2024
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Japan, Saudi Arabia invite public to design 70th anniversary celebratory logo

  • The chosen logo will be used in all events commemorating the 70th anniversary of the two countries
  • Anyone is eligible to apply to create a logo that conveys the strong ties between the Kingdom and Japan

The Japanese Ministry of Foreign Affairs has called for applications to design a logo to mark the 70th anniversary of the establishment of diplomatic relations between Japan and Saudi Arabia in 2025.

The chosen logo will be used in all events commemorating the 70th anniversary of the two countries.

Anyone is eligible to apply to create a logo that conveys the strong ties between the Kingdom and Japan.

The Ministry of Foreign Affairs of Japan, the Japanese embassy in Saudi Arabia, the Japanese consulate-general in Jeddah and the Saudi government will announce the best logo design on their websites and social media accounts.

The deadline for applications is June 10. Applications must be submitted as an email to [email protected].

Each logo design must be no larger than 3 MB in electronic format, with a resolution of 300 dpi or higher, in a file format — JPEG or PDF — that will fit an A4 size when printed.

An explanation of the purpose of the proposed logo mark is required with each submission.

A similar application was announced in 2021, when the UAE and Japan commemorated the 50th anniversary of establishing their diplomatic relationship.

More information on the applications can be found here: The 70th anniversary of the establishment of diplomatic relations between Japan and the Kingdom of Saudi Arabia in 2025 call for designs of the commemorative logo.


Saudi Arabia, Japan officials discuss investment ties

Updated 25 April 2024
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Saudi Arabia, Japan officials discuss investment ties

DUBAI: Saudi Arabia’s Ambassador to Japan Dr. Ghazi Binzagr met with Nobuyori Kodaira, chairman of the Japan Cooperation Center for the Middle East, on Thursday in Tokyo to discuss improving mutual investments.

The two officials highlighted the role that the JCCME plays in supporting Japan’s investments in Saudi Arabia, in sectors including healthcare, industry and entertainment.

The JCCME set up its regional headquarters in Riyadh in the 1990s. It now has an office in Dammam with an investment desk, while a water desk has been opened in Jeddah.

In 2018, the JCCME set up an investment-promotion scheme to fulfil the aims of the Saudi-Japan Vision 2030, within the framework of the Saudi Vision 2030 plan.