DAVOS, Switzerland: Saudi Arabia's finance minister said on Wednesday the kingdom is changing the way it provides assistance to allies, shifting from previously giving direct grants and deposits unconditionally.
The kingdom, the world's top oil exporter and an Arab powerhouse, was encouraging countries in the region to enact economic reforms, Mohammed al-Jadaan said at the World Economic Forum in Davos.
"We used to give direct grants and deposits without strings attached and we are changing that. We are working with multilateral institutions to actually say we need to see reforms," the minister said.
"We are taxing our people, we are expecting also others to do the same, to do their efforts. We want to help but we want you also to do your part."
Saudi Arabia and other Gulf Arab states like the United Arab Emirates and Qatar have increasingly moved towards investing rather than extending direct financial aid.
Earlier this month, Saudi state media reported the kingdom could boost its investments in cash-strapped Pakistan to $10 billion, from $1 billion announced in August, as well as increase the ceiling on deposits into the Pakistan central bank to $5 billion.
In June, Saudi Arabia signed deals worth $7.7 billion with Egypt, including to build a $1.5 billion power plant, and said it intended to lead investments worth $30 billion, helping a long-standing ally that faces a weakening currency and shortage of foreign currency.
The kingdom also set up companies in Egypt, Jordan, Bahrain, Sudan, Iraq and Oman to seek up to $24 billion in investments there.
Jadaan added that Riyadh had early on seen global inflation coming and acted accordingly, helping to keep inflation in the kingdom at an average of about 2.6%.
"The likelihood of next year is that inflation will not be as high," he said.
Asked about Saudi ties with major trade partner China, Jadaan said Riyadh was taking a "wider approach" in which relations with both Beijing and Washington were important as well as building ties with other countries.
"We are looking to enhance our relationship with Europe. We are actually advancing our relationship with Latin America, with Asia," he said.
Saudi finance minister says kingdom changing no-strings aid
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Saudi finance minister says kingdom changing no-strings aid
- Kingdom encouraging countries in the region to enact economic reforms, Mohammed al-Jadaan said at WEF in Davos
- Earlier this month, Saudi state media reported kingdom could boost its investments in cash-strapped Pakistan to $10 billion
Prince Faisal bin Farhan speaks with Swiss foreign minister
- two ministers discussed developments of common interest and efforts made by both countries in those areas
RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan spoke on the phone with his Swiss counterpart Ignazio Cassis on Thursday.
During the call, the two ministers discussed developments of common interest and efforts made by both countries in those areas, Saudi Press Agency reported.
Cassis was in the Kingdom last month to attend the Special Meeting of the World Economic Forum held in Riyadh on April 28 and 29, during which he met with Prince Faisal.
Prince Faisal and Cassis also met earlier in the year in February during UN meetings in Geneva.
Saudi FM discusses preparations for Expo 2030 with BIE chief
- During the meeting, the two officials discussed the Kingdom’s preparations to host Expo 2030 in Riyadh
- “We underlined the importance of careful planning to deliver a transformational World Expo in 2030,” Kerkentzes said
RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan received the Secretary-General of the Bureau International des Expositions Dimitri Kerkentzes in Riyadh on Thursday.
During the meeting, the two officials discussed the Kingdom’s preparations to host Expo 2030 in Riyadh and coordination to ensure that the exhibition would be “exceptional,” Saudi Press Agency reported.
Writing on social media platform X, Kerkentzes said: “We underlined the importance of careful planning to deliver a transformational World Expo in 2030.”
The BIE chief met with Crown Prince Mohammed bin Salman on Wednesday.
World Expo 2030 will be hosted in Riyadh after the Kingdom defeated challenges from South Korea and Italy to host the prestigious event in November 2023.
Female students take top prizes at university’s Engineering Hackathon
- 88 teams from the Eastern Province took part in the event at Imam Abdulrahman bin Faisal University
- Team Al-Farahidi took first place with its Aram project, which aims to help prevent sleepwalking
RIYADH: Teams of female students took the top three prizes at Engineering Hackathon 24, which concluded on Wednesday at Imam Abdulrahman bin Faisal University in Dammam.
A total of 88 teams of male and female students from the Eastern Province took part in the event, which began on April 27, the Saudi Press Agency reported.
Murad Al-Thubaiti, dean of the university’s College of Engineering, welcomed the high level of participation by students from universities across the province, and said 16 teams were chosen as finalists to present their projects, which covered a variety of specializations.
Team Al-Farahidi took first place with its Aram project, which aims to help prevent sleepwalking. The members were Nada Al-Dosari, Sarah Al-Nami, Manal Al-Tamimi and Nihal Al-Suhaibani.
Second spot went to Al-Khawarizmi, a team comprising Fatima Shuwaiheen, Fatima Al-Baik, Hawraa Al-Suwaiket, Walaa Al-Sulays and Amani Al-Saeedi, who designed a device that helps isolate cardiac signals from background noise.
Team Al-Battani was awarded third place for its system to help surgeons deal with stress. Its members were Hawraa Al-Wael, Dahhouk Al-Sabaa and Zainab Bou Moza.
Al-Thubaiti said activities such as the hackathon are an essential element for the development of students’ personalities and helping them prepare for the future.
Illegal workers in Riyadh region arrested after changing expiry dates on food products
- Seized products included 248,000 chicken stock cubes weighing 8 grams, 4,600 potato chip products, 2,900 soy sauces, and 1,500 pasta sauces
- A laser device used to print new production dates was also seized
RIYADH: Illegal workers at a farm in Riyadh region’s Huraymila governorate were arrested after they were caught by the Saudi Ministry of Commerce changing the expiry dates on products, Saudi Press Agency reported on Thursday.
A 3.00 a.m. raid was carried out in cooperation with Riyadh region police and Huraymila governorate police after expired products that were seized in the possession of expatriates a few hours earlier were traced back to the farm.
Seized products included 248,000 chicken stock cubes weighing 8 grams, 4,600 potato chip products, 2,900 soy sauces, and 1,500 pasta sauces. The products were later destroyed. A laser device used to print new production dates was also seized.
The workers were referred to the competent authorities so that deterrent measures could be taken against them in accordance with the provisions of the anti-commercial fraud law.
The ministry said that violators of the anti-commercial fraud law could be imprisoned for up to three years, fined up to SR 1 million ($266,623), or receive both punishments. They could also be deported, the ministry added.
Saudi Arabia calls for unified Arab efforts to confront environmental challenges
- Minister Abdulrahman Al-Fadli spoke of biodiversity and the Arab region’s natural resources
- Al-Fadli said that the region was capable of utilizing technology and innovation
RIYADH: Saudi Minister of Environment, Water and Agriculture Abdulrahman Al-Fadli has stressed the importance of regional action to combat environmental challenges facing the Middle East and North Africa region and the world, the Saudi Press Agency has reported.
Speaking during the 38th meeting of the Arab Organization for Agricultural Development in Riyadh, the minister spoke of biodiversity, the area’s natural resources and the range of agricultural environments, while stressing the challenges facing the region. He called for a united effort to reduce the impact on the region’s peoples.
Al-Fadli said that the Arab region was capable of utilizing technology and innovation, as well as seizing opportunities to invest in agriculture and improve practices to become more productive, efficient and sustainable in the use of water and natural resources.
He said enhancing trade, regional and international cooperation, and the benefits of international organizations were sources of optimism.
The minister said that the Arab region could take advantage of opportunities in technology, innovation and investment in agriculture by improving practices to make the utilization of water and natural resources more productive, efficient and sustainable.
Ibrahim Al Dukhairi, the director general of the organization, pledged his support for sustainability and agricultural development in the region, along with the development of the Arab landscape and food security.
He pointed out the significance of strategies to launch the necessary initiatives and partnerships to achieve the region’s goals.
