Saudi cabinet approves establishing bank of SMEs

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Saudi Arabia’s Council of Ministers held their weekly Cabinet meeting, virtually chaired by King Salman from NEOM, on Tuesday, Feb. 16, 2021. (SPA)
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Saudi Arabia’s Council of Ministers held their weekly Cabinet meeting, virtually chaired by King Salman from NEOM, on Tuesday, Feb. 16, 2021. (SPA)
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Saudi Arabia’s Council of Ministers held their weekly Cabinet meeting, virtually chaired by King Salman from NEOM, on Tuesday, Feb. 16, 2021. (SPA)
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Saudi Arabia’s Council of Ministers held their weekly Cabinet meeting, virtually chaired by King Salman from NEOM, on Tuesday, Feb. 16, 2021. (SPA)
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Updated 17 February 2021
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Saudi cabinet approves establishing bank of SMEs

RIYADH: Saudi Arabia’s Cabinet approved on Tuesday establishing the bank of small and medium enterprises, state news agency (SPA) reported.
“The SMEs Bank brings together all financing solutions under one umbrella to enable the small and medium enterprises sector to access appropriate financing and achieve stability and growth,” the Ministry of Commerce said on Twitter.

The announcement was made during the Saudi Cabinet’s weekly meeting, during which the council of ministers discusses, local, regional and global developments.

During the meeting the council strongly condemned the terrorist attack by the Iranian-backed Houthi terrorist militia that targeted Abha International Airport, as well as its hostilities in Yemen which are undermining the peace process in the war-torn nation.

The cabinet statement also reaffirmed the Kingdom's strong denunciation of the terrorist attacks that targeted Erbil International Airport in Iraq. It stressed Saudi Arabia’s full for the Iraqi state in all measures it takes to combat terrorism.

(with Reuters)


Saudi Arabia condemns remarks by US ambassador to Israel on Middle East, calls for clarification

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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.