Riyadh - SAU
Riyadh, April 3, 2018 (AFP) -Saudi King Salman reaffirmed support for Palestinians to US President Donald Trump, state media said Tuesday, after his son and heir apparent said Israel has a "right" to a homeland.
The king "reaffirmed the kingdom's steadfast position towards the Palestinian issue and the legitimate rights of the Palestinian people to an independent state with Jerusalem as its capital," the official Saudi Press Agency said.
The king also emphasised the need to advance the Middle East peace process in a phone call with Trump, which came after Israeli forces killed 17 Palestinians last week during a demonstration on its border with Gaza.
Saudi Arabia and Israel have no formal diplomatic relations, but behind the scenes their ties appear to have improved in recent years against what they see as a common Iranian threat.
Israel's conflict with the Palestinians has long proved an obstacle to a full rapprochement, however, as Riyadh still supports the Palestinian claim to sovereignty.
But Crown Prince Mohammed bin Salman indicated a notable shift in the kingdom's position in an interview published Monday with US news magazine The Atlantic.
The prince was asked by the magazine whether the "Jewish people have a right to a nation-state in at least part of their ancestral homeland?"
"I believe that each people, anywhere, has a right to live in their peaceful nation," said the prince, who is on a three-week US tour.
"I believe the Palestinians and the Israelis have the right to have their own land," he added.
"But we have to have a peace agreement to assure the stability for everyone and to have normal relations."
Since 2002, Saudi Arabia has been the main sponsor of the Arab Peace Initiative, which envisions a two-state solution to the Israeli-Palestinian conflict.
No senior Saudi official is known to have previously accepted that Israel has a right to any land beyond the practical need to secure a lasting deal.
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Saudi king reaffirms support for Palestinians after Israel comments
Saudi king reaffirms support for Palestinians after Israel comments
IMF says its mission will visit Pakistan this month to discuss new loan
- Pakistan last month completed a short-term $3 billion program, which helped stave off sovereign default
- But the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term program
KARACHI: An International Monetary Fund mission is expected to visit Pakistan this month to discuss a new program, the lender said on Sunday ahead of Islamabad beginning its annual budget-making process for the next financial year.
Pakistan last month completed a short-term $3 billion program, which helped stave off sovereign default, but the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term program.
“A mission is expected to visit Pakistan in May to discuss the FY25 budget, policies, and reforms under a potential new program for the welfare of all Pakistanis,” the IMF said in an emailed response to Reuters.
Pakistan’s financial year runs from July to June and its budget for fiscal year 2025, the first by Sharif’s new government, has to be presented before June 30.
The IMF did not specify the dates of the visit, nor the size or duration of the program.
“Accelerating reforms now is more important than the size of the program, which will be guided by the package of reform and balance of payments needs,” the IMF statement said.
Pakistan narrowly averted default last summer, and its $350 billion economy has stabilized after the completion of the last IMF program, with inflation coming down to around 17 percent in April from a record high 38 percent last May.
It is still dealing with a high fiscal shortfall and while it has controlled its external account deficit through import control mechanisms, it has come at the expense of stagnating growth, which is expected to be around 2 percent this year compared to negative growth last year.
Earlier, in an interview with Reuters, Finance Minister Muhammad Aurangzeb said the country hoped to agree the contours of a new IMF loan in May.
Pakistan is expected to seek at least $6 billion and request additional financing from the Fund under the Resilience and Sustainability Trust.
Saudi Arabia sees 30% drop in work injuries
- Saudi minister launches platform for reporting and investigating workplace incidents
RIYADH: Saudi Arabia’s commitment to occupational safety and health has seen the rate of work-related injuries in the Kingdom drop from 416 to 288 injuries per 100,000 workers, over the past few years, marking a notable 30.7 percent decrease.
At the same time, the compliance rate among establishments with occupational safety and health standards has risen to 71.27 percent.
This progress was highlighted by Saudi Minister of Human Resources and Social Development Ahmed Al-Rajhi as he inaugurated the sixth Saudi Global Conference for Occupational Safety and Health in Riyadh on Sunday, signaling a promising future for worker safety in the country.
The forum, which runs until May 7 under the theme “Scanning the Horizon,” covers five main topics: sustainability, corporate safety, technological transformation, cultural awareness, and occupational health.
Al-Rajhi, who is also the chairman of the National Council for Occupational Safety and Health, highlighted the remarkable progress Saudi Arabia has made in the OSH sector in recent years.
He attributed this success to the collaborative programs and initiatives launched in conjunction with Saudi Vision 2030, aimed at creating a vibrant society and building a diverse and sustainable economy.
Al-Rajhi noted that through the national policy on occupational safety and health, the Kingdom aims to strengthen and develop the OSH sector, promote and protect workers across various workplaces at the national level, in line with local regulations and international treaties and agreements, and implement the best global practices suitable for the labor market.
The minister launched the official website of the National Council for Occupational Safety and Health, and mentioned the e-training platform for OSH, as well as the platform for reporting and investigating work-related accidents, injuries, and occupational diseases.
Al-Rajhi praised the council for its dedicated efforts and the collaborative contributions of various sectors within the council and the broader OSH system.
The achievements in the OSH sector were bolstered by the enactment of several pieces of legislation aimed at raising awareness of occupational safety and health issues, notably through the strategic implementation of the national occupational safety and health program, the Saudi Press Agency reported.
Key legislative measures include the issuance of administrative regulations related to OSH and the development of a comprehensive national policy in collaboration with the International Labor Organization and all stakeholders. This policy, endorsed by the Council of Ministers, ensures its integrity and reliability, with careful monitoring and follow-up on implementation, according to the SPA.
Al-Rajhi inaugurated the exhibition accompanying the conference and toured various partner pavilions, sponsors, and participating entities. Among these were the pavilions of the General Organization for Social Insurance and Saudi Aramco.
Saudi banks and capital market poised to drive Vision 2030 objectives: S&P Global
RIYADH: Saudi banks and the capital market are poised to make substantial contributions alongside the Public Investment Fund in achieving the objectives of Vision 2030, stated a report by S&P Global.
The latest analysis by the global rating agency underscores that their involvement in the Kingdom’s economic diversification endeavors will enhance leverage in both the Saudi private sector and the broader economy.
The report, citing public sources, indicated that the Saudi government’s transformation program aimed at enhancing the country’s economic, social, and cultural diversification will necessitate approximately $1 trillion in investments over several years.
“Part of this sum will come directly from the government and the Public Investment Fund, but S&P Global Ratings also expect banks and capital markets to contribute a significant amount,” stated the US-based agency in the report.
It added: “This will inevitably increase leverage in the Saudi private sector and the broader economy, albeit from low levels. The pace and extent of the increase in leverage in the corporate sector remain uncertain.”
As per the report, Saudi Arabia’s banking sector maintains a robust position, characterized by strong asset-quality indicators and overall capitalization.
The credit rating agency further anticipates that the banks’ sound profitability and conservative dividend payouts will persist, thereby bolstering their capitalization over the next one-to-two years.
S&P Global highlighted the expansion of the capital market in the Kingdom, noting that from January to May 2024, 13 private companies have announced potential listings on Saudi Arabia’s main market and parallel market.
The analysis projected that Saudi Arabia will experience a real gross domestic product growth of 2.2 percent in 2024 and 5 percent in 2025, with the non-oil private sector emerging as a key contributor to this expansion.
Earlier this month, S&P Global, in another report, noted that banks in Saudi Arabia are expected to pursue alternative funding options to manage the rapid expansion in lending.
The agency said that this pursuit of external funding could potentially impact the credit quality of Saudi Arabia’s banking sector.
“The ongoing financing needs of the Vision 2030 economic initiative and relatively sluggish deposits growth, is likely to incentivize banks to seek alternative sources of funding, including external funding,” said S&P Global.
SAL launches fulfillment services to transform Saudi logistics landscape
SAL, Saudi Arabia’s leading logistics and supply chain solutions provider, has announced the launch of its Fulfillment Business Unit, a one-stop-shop solution aimed at revolutionizing the logistics and supply chain industry in the Kingdom.
SAL’s fulfillment services represent a comprehensive commitment to meet the growing requirements and accelerated needs in the Saudi logistics sector. By successfully providing an integrated approach that combines air cargo handling and logistics solutions, SAL’s new service will enhance operational efficiency and increase reliability.
With a vision to transform the logistics landscape, SAL’s fulfillment services are designed as a one-stop-shop solution. Leveraging its strong foothold as a leading logistics company with an expansive logistics network, SAL aims to address the growing demand for integrated fulfillment services in the Saudi market.
The heart of SAL’s Fulfillment Business Unit lies in its holistic approach, combining a comprehensive suite of value-added services with expertise in cold chain logistics and robust digital enablement. By seamlessly integrating fulfillment and logistics solutions, SAL today is offering an integrated service that extends from the first mile to the last.
SAL’s fulfillment centers will offer an advanced warehouse management system, which serves as the backbone of its digital strategy, providing customers with real-time access to operational data and metrics. This digital platform enables users to place orders, track their progress, and generate customized reports, enhancing operational transparency and efficiency.
As part of its expansion strategy, SAL is investing in the establishment of a growing network of fulfillment centers in key locations across the Kingdom. With targeted facilities in Riyadh, Jeddah port and Dammam port, SAL’s state-of-the-art warehouses serve a variety of industries, ranging from perishable goods to pharmaceuticals and high-value materials.
“Our fulfillment services represent our solid commitment to delivering unparalleled logistics solutions,” said Faisal Albedah, CEO of SAL. “With our extensive network, cutting-edge technologies and a dedicated team, we are well-positioned to meet the evolving needs of our customers and drive growth in the Saudi logistics sector.”
Philippines seeks to position itself as top tourism destination at Arabian Travel Market
- Philippines has recorded 10 percent increase in visitors arriving from Gulf countries this year
- The country wants to become a preferred destination in Asia and the world
MANILA: The Philippines is working to attract more visitors from the Middle East and position itself as a preferred destination for international travelers, its tourism stakeholders said ahead of the Arabian Travel Market in Dubai.
More than 2,300 exhibitors and delegates from over 165 countries are joining the annual Arabian Travel Market, which this year will take place from May 6 to 9 at the Dubai World Trade Center.
In the Philippines, known for its white sandy beaches, diving spots and diverse culture, tourism is a key sector, contributing nearly 13 percent, or about $44 billion, to its gross domestic product in 2019.
The Department of Tourism will be leading the Philippine delegation in Dubai, as officials set their eyes on promoting the country’s best tourism to the international market.
“We look forward to these opportunities to share the Filipino story to the rest of the world … and to reinforce the Philippines’ position as a preferred destination and top-of-mind choice for travelers,” Secretary of Tourism Christina Garcia Frasco said in a statement.
With its participation at the Arabian Travel Market, the Philippines hopes to sustain the momentum from increased tourist arrivals from the Middle East, she added.
The Philippine tourism industry will not only promote their strengths, such as their tropical and natural attractions, but also diverse offerings in gastronomy and culture, as well as the Filipino tourism workers, “who serve as our best asset for their distinct hospitality and warmth,” Frasco said.
The Philippines has welcomed more 2 million international travelers since the beginning of the year, according to data from the tourism department. This includes a 10 percent increase in visitors arriving from Gulf countries, especially Saudi Arabia and the UAE, which has been among the Philippine government’s key emerging-market targets.
“There’s been a remarkable surge in outbound tourism from the Middle East, particularly from Gulf Cooperation Council countries … We see a growing appetite for international travel among GCC citizens and we see this trend continuing to rise in the coming years,” said Maria Margarita Montemayor Nograles, chief operating officer of the Tourism Promotions Board.
“This is one of the major reasons why we are doubling down on our efforts to maintain and enhance our presence in the Middle East. With our continued participation at the ATM, we aim to position the Philippines as a top-of-mind destination in Asia.”
Tourists from the Middle East are growing more important for some Filipino tourism operators, and represent a significant segment of their clientele, said Manih Karay, president of CTPH Tour.
“To appeal to tourists from Arab countries and promote the Philippines, we highlight the country’s natural beauty, rich cultural heritage, and warm hospitality … Their interest in exploring new destinations and cultural experiences aligns well with our commitment to providing inclusive and diverse travel services,” Karay told Arab News.
Arab tourists also contribute to the growth of the Philippines’ tourism industry, Karay said, adding that they foster cultural exchange and economic development.
“Their visits not only enrich our travel experiences but also promote mutual understanding and appreciation among different cultures,” she said.
