DAVOS, Switzerland: Saudi Arabia's finance minister said on Wednesday the kingdom is changing the way it provides assistance to allies, shifting from previously giving direct grants and deposits unconditionally.
The kingdom, the world's top oil exporter and an Arab powerhouse, was encouraging countries in the region to enact economic reforms, Mohammed al-Jadaan said at the World Economic Forum in Davos.
"We used to give direct grants and deposits without strings attached and we are changing that. We are working with multilateral institutions to actually say we need to see reforms," the minister said.
"We are taxing our people, we are expecting also others to do the same, to do their efforts. We want to help but we want you also to do your part."
Saudi Arabia and other Gulf Arab states like the United Arab Emirates and Qatar have increasingly moved towards investing rather than extending direct financial aid.
Earlier this month, Saudi state media reported the kingdom could boost its investments in cash-strapped Pakistan to $10 billion, from $1 billion announced in August, as well as increase the ceiling on deposits into the Pakistan central bank to $5 billion.
In June, Saudi Arabia signed deals worth $7.7 billion with Egypt, including to build a $1.5 billion power plant, and said it intended to lead investments worth $30 billion, helping a long-standing ally that faces a weakening currency and shortage of foreign currency.
The kingdom also set up companies in Egypt, Jordan, Bahrain, Sudan, Iraq and Oman to seek up to $24 billion in investments there.
Jadaan added that Riyadh had early on seen global inflation coming and acted accordingly, helping to keep inflation in the kingdom at an average of about 2.6%.
"The likelihood of next year is that inflation will not be as high," he said.
Asked about Saudi ties with major trade partner China, Jadaan said Riyadh was taking a "wider approach" in which relations with both Beijing and Washington were important as well as building ties with other countries.
"We are looking to enhance our relationship with Europe. We are actually advancing our relationship with Latin America, with Asia," he said.
Saudi finance minister says kingdom changing no-strings aid
https://arab.news/nrare
Saudi finance minister says kingdom changing no-strings aid
- Kingdom encouraging countries in the region to enact economic reforms, Mohammed al-Jadaan said at WEF in Davos
- Earlier this month, Saudi state media reported kingdom could boost its investments in cash-strapped Pakistan to $10 billion
Saudi wildlife center releases 140 wild animals into royal reserve
- This milestone reflects significant progress in the management and governance of wildlife across the Kingdom, supporting the goals of the Saudi Green Initiative and aligning with the objectives of Saudi Vision 2030
RIYADH: The National Center for Wildlife released 140 wild animals into the King Salman bin Abdulaziz Royal Reserve as part of ongoing programs to reintroduce endangered species. The initiatives aim to enhance ecological balance and restore biodiversity in natural habitats.
The release, carried out in cooperation with the King Salman bin Abdulaziz Royal Reserve Development Authority, included 30 Arabian oryx, 70 reem gazelles (sand gazelles), and 40 houbara bustards, the SPA reported on Thursday.
The initiative forms part of efforts to reintroduce species to their natural habitats and establish stable, self-sustaining wildlife populations capable of breeding, contributing to improved ecosystem functioning and sustainability.
The NCW continues to implement its strategic plans for wildlife development, with the total number of animals reintroduced through its specialized programs now exceeding 10,000.
This milestone reflects significant progress in the management and governance of wildlife across the Kingdom, supporting the goals of the Saudi Green Initiative and aligning with the objectives of Saudi Vision 2030.
