JEDDAH: Saudi Arabia signed an agreement on Thursday to deposit $2 billion into the account of Yemen’s central bank, under the instruction of King Salman, the Saudi Press Agency reported.
The agreement was signed by the Kingdom’s Finance Minister Mohammed Al-Jadaan and Yemen’s Central Bank Governor Dr. Mohammed bin Mansour Zammam in Riyadh.
In January 2018, King Salman issued a directive to transfer $2 billion to Yemen’s central bank to “alleviate the suffering” of the Yemeni people.
In remarks following the signing ceremony, Al-Jadaan said that the agreement was a continuation of the Kingdom’s support for the Yemeni people, bringing the total of Saudi deposits at the central bank to $3 billion.
He said that this would enhance the financial and economic situation of Yemen, especially the Yemeni riyal exchange rate, which would be reflected positively in the living conditions of citizens.
Saudi Arabia has affirmed its continuing support for the Yemeni government and determination to assist it to restore security and stability to the country.
Last month, the King Salman Humanitarian Aid and Relief Center (KSRelief) also signed six agreements with organizations in Riyadh worth $3 million to help Yemenis displaced and injured by Houthi rebel actions.
KSRelief has targeted areas such as Maarib province, Al-Jouf, Imran, Sanaa, and Dimaar for the rehabilitation of child soldiers rescued from the Houthi rebels.
Earlier, Saudi Ambassador to Yemen Mohammed Al-Jabir told Arab News that the assistance provided by the center was not only supplying foods, medicines and clothes to distressed Yemenis.
There are some 2 million Yemenis working in the Kingdom and they send more than $10 million to their families in Yemen.
The bailout is expected to boost Yemen’s financial and economic situation while bolstering the Yemeni riyal. As the value of the riyal goes up, the living conditions of Yemeni citizens will improve.
“It’s not a loan, it’s a deposit and the legitimate Yemeni government will not have to pay it back,” a source close to the Saudi government said in January, according to Reuters.
The riyal currently trades at 500 to the dollar, down from about 215 before the war, a serious depreciation for a country that relies heavily on imports of basic foodstuffs.
In 2016 the Yemeni government moved the central bank to its second city Aden from the capital, where the Houthis operate their own rival central bank.
Saudi Arabia signs agreement to deposit $2bn in Yemen central bank
Saudi Arabia signs agreement to deposit $2bn in Yemen central bank
Saudi Justice Ministry to host training conference
RIYADH: The Saudi Ministry of Justice is to hold the International Conference of Judicial Training in Riyadh from May 6-7.
The Judicial Training Center hosts the event which will see the participation of several international training institutes, centers, and experts in the field of judicial and legal training. The objective is to facilitate the exchange of experiences and deliberations on contemporary trends in the era of digital transformation.
Called “The Future of Judicial Training in the Era of Digital Transformation,” the event will delve into the prospects of training in the future. It will explore paths for enhancing training content; strategies for harnessing modern technology; artificial intelligence in judicial training; and effective methodologies for measuring the training’s impact.
Saudi energy minister attends Tashkent International Investment Forum
TASHKENT: Saudi Minister of Energy Prince Abdulaziz bin Salman on Thursday participated in the primary dialogue session at the third Tashkent International Investment Forum.
In the presence of the president of Uzbekistan Shavkat Mirziyoyev, the energy minister highlighted the distinguished relations between the two nations, emphasizing the leadership’s strong commitment to enhancing and expanding cooperation across all sectors, particularly energy.
The partnership aims to benefit both countries and their citizens.
Who’s Who: Ali Alhasan, CEO and founder of NanoPalm
- Alhasan co-developed deep tech to leverage large language models for biotech discovery
- He was granted the Outstanding Researcher Award from the International Institute for Nanotechnology in 2012
Ali Alhasan is CEO and founder of the company NanoPalm. He holds a Ph.D. in nanomedicine, with expertise in nano-drug delivery and gene therapy and five years of experience in executive management.
In his role as CEO, Alhasan formulates the strategic and business plans for accelerating therapy translation globally and trains talents in deep tech, nanotech, and gene editing tech.
Alhasan co-developed deep tech to leverage large language models for biotech discovery. He also co-invented Nanopalm’s biorobots for the delivery of gene editing primers and helped discover four nanomedicines for four different genetic diseases.
He is also an associate professor at King Abdulaziz City for Science and Technology and an adjunct professor at Alfaisal University, establishing collaboration agreements between the two.
As associate professor, he is the principal researcher for development and innovation in nanomedicine and the fourth industrial revolution.
In his role as adjunct professor, Alhasan teaches nanomedicine and mentors postgraduate and undergraduate students. He also co-established the Cancer Nanoscience Program.
Previously, Alhasan served in executive leadership roles at KACST as deputy at the Joint Centers of Excellence Program (2021), deputy of the Life Science and Environment Research Institute (2020), director of the Center of Excellence for Biomedicine (2020), and director of Strategic Initiatives (2016).
Alhasan was a post-doctoral scholar at the University of California in 2015 and received his Ph.D. in the Interdepartmental Biological Sciences Program from Northwestern University in 2013.
In 2008, he received a master’s degree in biotechnology also from Northwestern University, while in 2001, he received his bachelor’s degree in medical technology from King Abdulaziz University.
Alhasan was granted the Leader of the Year award from the Ministry of Communication and Information Technology in 2024. In 2018, he received the Outstanding Investigator Award from KACST.
He was granted the Outstanding Researcher Award from the International Institute for Nanotechnology in 2012.
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.
