RIYADH: The Saudi G20 presidency concluded a one-day symposium on infrastructure investment in Riyadh.
The symposium was held on the sidelines of the first G20 Infrastructure Working Group (IWG) meeting, which took place on Wednesday and Thursday in the Saudi capital.
The symposium brought together G20 member countries, international organizations, leading international and local asset managers, and institutional investors to discuss solutions to challenges that prevent or limit private investment in infrastructure. It was also attended by relevant Saudi government entities to enrich and reflect local content.
The symposium’s overall objective was to explore a potential partnership between the IWG and asset managers and institutional investors to collectively promote infrastructure investment.
Dr. Fahad Al-Dossari, deputy governor for research and international affairs at the Saudi Arabian Monetary Authority, welcomed speakers and guests at the event.
In his opening remarks, he highlighted the importance of encouraging private sector investment in infrastructure to close the financing gap.
Al-Dossari said the Saudi G20 presidency will foster cooperation with the private sector to increase private investment and enhance the quality of infrastructure spending.
“This symposium will provide an important forum for G20 countries, international organizations, asset managers and institutional investors to put into motion a new collaborative model to continue efforts in promoting infrastructure as an asset class,” he added.
The Global Infrastructure Hub estimates a cumulative infrastructure financing gap of $15 trillion to meet adequate global infrastructure needs between now and 2040.
According to the World Bank, around 1 billion people worldwide live more than 2 km away from a drivable road, almost 1 billion lack access to electricity, and 4 billion lack access to the internet.
Under the Saudi G20 presidency, the IWG will focus on promoting private sector investment in infrastructure and exploring ways to utilize technology to increase efficiency, value delivery and sustainability of infrastructure investment.
G20 event on infrastructure investment concludes in Riyadh
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G20 event on infrastructure investment concludes in Riyadh
Saudi Arabia condemns remarks by US ambassador to Israel on Middle East, calls for clarification
RIYADH: Saudi Arabia has strongly condemned remarks made by the US ambassador to Israel suggesting that Israeli control over the entire Middle East would be acceptable, describing the comments as reckless and a violation of international law.
US envoy to Israel Mike Huckabee said it would be acceptable if Israel took control of the entire Middle East, including the West Bank, on Saturday.
Huckabee suggested that he would not object if Israel were to take most of the Middle East.
In a statement, the Ministry of Foreign Affairs said it “categorically denounced” the comments, rejecting what it described as irresponsible statements that contravene international law, the United Nations Charter and established diplomatic norms.
The ministry said the remarks represented a dangerous precedent, particularly as they came from a US official, and amounted to a disregard for relations between the US and countries across the region.
It warned that such positions carry grave consequences and threaten global peace and security by inciting hostility toward the peoples and states of the Middle East, while undermining the foundations of the international order based on respect for sovereignty and internationally recognised borders.
Saudi Arabia called on the US State Department to clarify its position on the remarks, stressing that the proposal was rejected by peace-loving nations around the world.
The Kingdom reaffirmed its firm opposition to any actions or statements that infringe on the sovereignty, borders or territorial integrity of states, reiterating that a just and comprehensive peace can only be achieved by ending the occupation and implementing a two-state solution.
That solution, the statement said, must include the establishment of an independent Palestinian state along the 1967 borders, with East Jerusalem as its capital.
