G20 event on infrastructure investment concludes in Riyadh

Family picture of the G20 Infrastructure Working Group (IWG) taken on Dec. 19 at the close of their two-day symposium. (Twitter photo)
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Updated 01 January 2020

G20 event on infrastructure investment concludes in Riyadh

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.


GCC citizens temporarily suspended from entering Saudi Arabia’s Makkah, Madinah

Updated 33 min 50 sec ago

GCC citizens temporarily suspended from entering Saudi Arabia’s Makkah, Madinah

  • The decision was made in light of the rising number of coronavirus cases in some GCC countries
  • Suspension for individuals seeking to perform Umrah pilgrimage in Makkah or visit the Prophet’s Mosque

RIYADH: Citizens of Gulf Cooperation Council (GCC) countries have been temporarily banned from entering Saudi Arabia’s holy cities Makkah and Madinah, the Kingdom’s foreign ministry said in a statement on Friday.
The decision was made in light of the rising number of coronavirus cases in some GCC countries like Kuwait and Bahrain, which have 45 and 36 reported cases respectively.
GCC citizens who have been in Saudi Arabia for 14 continuous days and have not displayed symptoms of coronavirus are exempt from the ban, and can obtain a permit from the Ministry of Hajj and Umrah’s website should they wish to perform Umrah and visit the Prophet’s mosque in Madinah.
On Thursday, the Kingdom temporarily suspended entry for individuals seeking to perform the Umrah pilgrimage in Makkah or visit the Prophet’s Mosque in Madinah, as well as tourists traveling from countries where coronavirus poses a risk as determined by the Kingdom’s health authorities.
These countries include China, Italy, Japan, South Korea and Kazakhstan.