Saudi finance minister heads Saudi delegation at OPEC development fund meeting

Saudi Arabia is the largest stakeholder in the OPEC fund, which was established in 1976. (SPA)
Updated 21 July 2019

Saudi finance minister heads Saudi delegation at OPEC development fund meeting

RIYADH: Finance Minister Mohammed Al-Jadaan headed the Saudi delegation that participated in the annual ministerial meeting of the OPEC Fund for International Development (OFID) in Vienna on Thursday.

The meeting agenda included discussion of OFID’s annual report for last year, approval of financial statements for the fiscal year 2018, the lending program to be granted by the fund in 2020, and OFID’s new strategy for financial sustainability.

OFID Director General Dr. Abdulhamid Al-Khalifa said: “OFID’s vision is to be a relevant, agile and efficient development finance institution that can deliver maximum development impact to its partner countries, while becoming self-sustainable in financing its operations.”

Saudi Arabia is the largest stakeholder in the fund, which was established in 1976 with the aim of promoting cooperation among member states to help poor countries increase their economic and social growth.

OFID provides concessional financing in the form of loans to support infrastructure and social projects, and to enhance productivity by focusing on projects that meet developing countries’ basic needs such as food, energy, health care and education. 

It also contributes to the provision of financing for private sector projects and trade finance. 


Saudi Arabia ranks 6th globally in Young Universities Index

Updated 20 November 2019

Saudi Arabia ranks 6th globally in Young Universities Index

  • Established in 2009, KAUST is a graduate research university devoted to finding solutions for some of the world’s most pressing scientific and technological challenges in the areas of food, water, energy and the environment

JEDDAH: King Abdullah University of Science and Technology (KAUST) has ranked sixth in the world, and first in the Middle East and North Africa, in the Young Universities Index.
Published by Nature, the internationally renowned scientific research journal, the index lists the top 175 universities established over the past 50 years.
“We’re delighted with this result, especially during our 10th year. It attests to the quality of our faculty and the impact that their publications have had globally,” said KAUST President Dr. Tony Chan.
“We’re gratified by this recognition, and proud that we’re achieving this part of our mission in a short 10 years.”
The report praised the quality of KAUST’s research, and said the university has produced exceptional applied research outputs.
The report added that KAUST contributes a greater proportion of total research outputs than any other young university in the Middle East.
“KAUST has a truly unique research environment, enabling it to achieve such outstanding results as a young university,” said Donal Bradley, vice president for research at KAUST.
“Our international, unencumbered, pioneering and extremely focused approach allows us to continue to push the boundaries of knowledge, while acting as a catalyst for social and economic prosperity in Saudi Arabia and the world.”

FASTFACT

• The Young Universities Index lists the top 175 universities established over the last 50 years.

• The report by Nature, praised the quality of KAUST’s research, and said the university has produced exceptional applied research outputs.

The index is a database of author affiliations and institutional relationships. It tracks contributions to research articles published in 82 high-quality natural science journals, chosen by an independent group of researchers.
Established in 2009, KAUST is a graduate research university devoted to finding solutions for some of the world’s most pressing scientific and technological challenges in the areas of food, water, energy and the environment.
With 19 research areas related to these themes and state-of-the-art labs, KAUST has created a collaborative and interdisciplinary problem-solving environment that has resulted in over 11,000 published papers to date.