EU pledges $46.4bn for MENA renewables, borders, and migration
Updated 17 July 2025
MOHAMMED AL-KINANI
JEDDAH: Renewable energy, border security, and migration pathways in the Middle East and North Africa will receive €42.5 billion ($46.4 billion) from the EU from 2028, it has been announced.
This doubled financial commitment, under a new funding instrument, aims to enhance stability and cooperation in the region.
Speaking during a press conference in Brussels on July 17, EU Commissioner for Democracy and Demography Dubravka Suica said the increased budget reflects the bloc’s strategic shift toward deeper cooperation with countries in region.
“This is a strong financial toolbox, with which we will invest in stability, security and prosperity, through mutually beneficial partnerships with our Southern neighbors in the Middle East, North Africa and the Gulf,” she said, emphasizing that the Mediterranean is not only a region of challenges but also one of opportunities.
Suica further noted that the EU will support partner countries in addressing the underlying causes of socio-economic fragility, which she said are central to political instability and radicalization.
She added that the bloc will also confront the challenges of the green transition by investing in renewable energy projects, benefiting citizens on both sides of the Mediterranean.
“These increased funds will enable us to respond more effectively to an increasingly volatile geopolitical context right at our doorstep,” the commissioner said.
She stressed that the stability and prosperity of the Mediterranean are directly linked to Europe’s own.
“Their safety is our safety. Their success is our shared success. Their protection of borders is also ours.”
Suica described the Multiannual Financial Framework as an instrument that will strengthen the union, both internally and internationally.
“This new framework enables us to better protect our interest on a global stage and protect our values and interests in an increasingly complex geopolitical context,” she concluded.
Saudi National Development Fund sees 45 agreements worth $1.6bn at Momentum 2025
Updated 42 min 12 sec ago
SPA
RIYADH: Saudi Arabia’s National Development Fund and its affiliates signed 45 agreements with a total value of SR6 billion ($1.59 billion), with several local and international partners at the conclusion of the Momentum 2025 development finance conference.
The event, held from Dec. 9 to 11 at the King Abdulaziz International Conference Center in Riyadh, was organized by the NDF under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al Saud, crown prince, prime minister, and chairman of the NDF board of directors.
The new agreements seek to accelerate the pace of investment, empower the private sector, and unlock new opportunities in priority sectors including small and medium sized enterprises, tourism, and sustainable development.
On the institutional level, the fund signed two strategic agreements with two leading global partners in technology and professional services, aiming to enable artificial intelligence, data, and digital solutions within the development finance ecosystem.
The two memorandum of understandings aim to enhance the institutional capabilities of the fund, encourage innovation in products and services, and improve the efficiency and overall impact of development financing in the Kingdom.
The NDF signed a memorandum of understanding through the National Infrastructure Fund aimed at unifying the efforts of the development system to support small enterprises by cooperating on designing a developmental financing model for SMEs.
The Saudi SME Bank signed 19 cooperation agreements and MoUs with a value exceeding SR3 billion, to support the developmental finance system and enhance integration between public and private sector entities.
The Tourism Development Fund concluded 6 agreements with entities from both the government and private sectors, strengthening its partnerships with an impact exceeding SR4 billion. These aim to enhance financing solutions through the “Tourism Enablement Programs” offered by the fund to micro, small, and medium enterprises.
The Cultural Development Fund signed five credit facility agreements within the framework of the “Cultural Financing” program, with a total value exceeding SR63 million, to finance numerous cultural projects.
As part of its efforts to support human capital development, the Human Resources Development Fund concluded 3 agreements aimed at supporting and enabling 2,191 male and female job seekers in multiple sectors, with a value exceeding SR324 million.
The Saudi Industrial Development Fund signed a cooperation agreement with the Saudi Railways Co. to identify cooperation opportunities in enabling the industrial sector, including the railway sector, and supporting investors in localizing goods and services to increase local content.
The Saudi Fund for Development signed five developmental memoranda of understanding with Imam Mohammad Ibn Saud Islamic University, the Islamic Military Counter Terrorism Coalition, and the Middle East Green Initiative, as well as the Saudi Agricultural and Livestock Investment Co., and the Arab Urban Development Institute.
The Investment Events Fund signed a partnership agreement with entertainment firm Legends Global to enhance the events sector by leveraging international expertise in organizing major global events.
The agreements and MoUs signed during the Momentum 2025 conference represent a significant step in the Kingdom’s efforts to build a diverse, inclusive, and sustainable economy.
These partnerships contribute to bridging financing gaps, mitigating risks for strategic projects, and achieving long-term value for Saudi citizens, companies, and communities. Furthermore, they advance global sustainable development goals by aligning public and private capital with national priorities in infrastructure, SMEs, and green growth.
Dialogue sessions embody development transformation message
The conference agenda included over 35 sessions addressing sustainable investment, climate adaptation, and the role of development finance institutions in expanding economic opportunities. It also featured an exhibition with participation from more than 20 public and private sector entities.
Over 100 speakers from more than 100 countries participated to discuss ways to develop financing for development efforts, tackle emerging global challenges, and accelerate national and international priorities.
The confernce saw many dialogue sessions and discussions. SPA
The conference concluded with a session titled “The Role of Development Finance Institutions: Enabling Development by Enhancing Financial Capabilities,” which brought together the Governor of the NDF, Stephen Groff, and the CEOs of various development funds and banks.
The session discussions focused on enhancing joint coordination, improving investment readiness, and expanding developmental impact across multiple sectors including tourism, infrastructure, and SMEs.
During the roundtable discussion, participants reviewed the pivotal role led by the Fund and its development ecosystem across various sectors and their role in supporting the economic transformation of the Kingdom.
Groff explained that the strength of this ecosystem lies in the diversity of the funds and the integration of their mandates, adding that achieving the targets of Saudi Vision 2030 requires flexibility in resource allocation and the ability to adapt to national development priorities.
In support of expanding the presence of international companies in the Kingdom and enhancing the competitiveness of the financial sector, the Minister of Investment, Khalid Al-Falih, presented the regional headquarters license to HSBC Bank on the sidelines of the conference, a step that reflects growing confidence in and the attractiveness of the Saudi market to global financial institutions.
To enrich the development sector, the Digital Cooperation Organization launched, on the sidelines of the conference, the Digital Economy Trends 2026 report. The report predicted that the global digital economy will grow by 9.5 percent next year, three times faster than global economic growth.
