RIYADH: Business and chamber leaders said the royal decrees have demonstrated the success of the government, represented by the Council of Economic Affairs to curb state spending and set priorities.
Sami Al-Abaidi, deputy chairman of the Council of Saudi Chambers (CSC), said the royal decrees issued by the King Salman are considered a continuation for the path of construction and development witnessed by the Kingdom in all walks of life.
He said the restoration of financial allowances for civil servants and military personnel was an indication of recovery of the national economy thanks to government policies to ration spending and diversify income sources.
Basil Al-Ghalaini, an economist, said payment of a two-month salary for military personnel of the “Decisive Storm” and “Restoration of Hope” operations came to enhance the leadership’s interest in the lives of its citizens.
The new appointments at local or diplomatic posts came in a professional way to benefit from young energies in all areas that will cope with the technical, administrative and financial advancement witnessed by the world countries, he said.
Saud Al-Mishari, CSC secretary general, said the restoration of financial benefits to employees reflects the success of the government policies and the strength of the national economy to face all challenges.
Amir Al-Husaini, an expert on governance, said the royal decrees, notably the restoration of benefits and payment of a two-month salary, will lead to reduction of financial deficits that may face some members of the society.
This step will pump more money into the national economy and, will enhance capability of the Saudi families in spending in their basic requirements and entertainment, he said.
On the royal decision to dismiss the minister of civil service and his referral to investigation, he said it came as a key indicator for the application of governance in the public sector.
Mohammed Fahad Al-Hamadi, the member of Riyadh Chamber of Commerce and Industry (RCCI), said the economic reforms have begun to materialize, and government revenues are expected to increase.
The restoration of benefits and allowances will have a positive impact on the economy and will support the retail sector, which has dropped by 20 percent recently, he said.
Royal decrees reflect success to curb spending, set priorities: Business leaders
Royal decrees reflect success to curb spending, set priorities: Business leaders
Saudi entrepreneurs present expertise at Misk forum in Riyadh
- Passion alone won’t build a business, says Prepline CEO Essa Behbehani
RIYADH: “If you don’t channel your passion for executing a business, then you simply have a hobby,” Essa Behbehani said at the Misk Global Forum on Tuesday.
The CEO of Prepline, a food and beverage investment and development company, made the statement during the panel discussion “Dream, Do, Dare: The Entrepreneur’s Cookbook,” which discussed core business skills, provided guidance on overcoming common startup challenges, and offered essential advice on scaling enterprises through funding.
“Passion is one of the main elements you need to build a business on, but it is not the main element,” Behbehani said.
He outlined the four key roles in business success, saying: “You are either an investor, manager, developer, or craftsman. Each one needs the other element to succeed.”
HIGHLIGHTS
• The eighth Misk Global Forum, designed to encourage dialogue and exchange of ideas, is showcasing Misk Foundation’s dedication to engaging young minds.
• On Tuesday, Essa Behbehani and Abdullah Al-Saleem discussed core business skills, provided guidance on overcoming common startup challenges, and offered essential advice on scaling enterprises through funding.
Reflecting on the evolution of business fundamentals over two decades, Behbehani noted a significant shift, and added: “Back then, (around) 2003 to 2004, the most important elements in a business were the product, resistance, and community approval.”
Behbehani noted that at that time, entrepreneurs like himself lacked marketing knowledge and did not have modern tools like social media to promote their businesses.
However, today’s business landscape demands different priorities, and he said: “These skill sets that you have need to be transferred into three main elements: You need to have a mindset, speed, and quality of product.
“Mindset nowadays is everything — without a mindset, you can never grow a business.”
He cautioned current entrepreneurs about the limitations of focusing solely on product excellence, asking: “What are you going to do with an amazing product without the right mindset and the right speed to execute it?”
During the same session, Abdullah Al-Saleem, the CEO and co-founder of Mushtari, a platform for business acquisition, shared valuable insights on when and how entrepreneurs should seek guidance for their ventures.
“Every time is the right time to seek help,” Al-Saleem said, highlighting the importance of continuous learning and consultation in business development.
He advocated for a two-pronged approach to seeking advice, distinguishing between general business consultants and industry-specific experts.
He added: “There are two people you have to seek help from: People that know generally about the industry, and people that know specifically about the industry.”
Using the restaurant business as an example, Al-Saleem described how he would consult general business experts for fundamentals like “hiring, culture, (and) cash flow,” while seeking industry-specific guidance for specialized operations.
However, gathering advice, he said, was just the first step. He noted that it was crucial to ensure team involvement in implementing recommendations.
He said: “When I take all these ideas or all these bits of advice, I brainstorm it with the team.”
This collaborative approach ensured that potential solutions were thoroughly evaluated before implementation, he said.
Al-Saleem further emphasized the importance of practical application through trial and error, and he always involved his team in the process.
He added: “They are the engine of the business and without the team, there is no business.”
Saudi Arabia, China, Iran meet to advance Beijing Agreement
- Efforts focus on regional stability, economic collaboration
RIYADH: The second meeting of the Saudi-Chinese-Iranian Joint Tripartite Committee to follow up on the Beijing Agreement was held in Riyadh on Tuesday, the Saudi Press Agency reported.
Saudi Deputy Foreign Minister Waleed bin Abdulkarim Elkhereiji chaired the meeting, with Vice Foreign Minister of China Deng Li and Iran’s Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi present.
The Saudi and Iranian representatives reaffirmed their commitment to fully implementing the Beijing Agreement and strengthening neighborly relations through adherence to the UN Charter, the Charter of the Organization of Islamic Cooperation, and international law, emphasizing respect for sovereignty, independence, and security.
Saudi Arabia and Iran also welcomed China’s ongoing positive role and emphasized the importance of its support in following up on the Beijing Agreement’s implementation. China reiterated its readiness to encourage further steps by both nations to enhance their relationship in various fields.
The three countries praised the progress in Saudi-Iranian relations, highlighting the significance of direct communication at all levels and the opportunities for mutual cooperation amid regional tensions that threatened global and regional security.
They noted the progress in consular services, enabling over 87,000 Iranian pilgrims to perform Hajj and more than 52,000 to perform Umrah securely in 2024.
They also welcomed the first meeting of the Saudi-Iranian Joint Media Committee and the signing of a memorandum of understanding between the Prince Saud Al-Faisal Institute for Diplomatic Studies and Iran’s Institute for Political and International Studies.
Saudi Arabia and Iran expressed their readiness to sign a double taxation avoidance agreement and, along with China, looked forward to expanding economic and political cooperation.
The three nations called for an immediate end to Israeli aggression in Palestine and Lebanon, and condemned violations of Iran’s sovereignty and territorial integrity.
They stressed the need for uninterrupted humanitarian aid to Palestine and Lebanon and warned that continued violence posed serious threats to regional and global security, including maritime safety.
They also reaffirmed their support for a comprehensive political solution in Yemen, in line with internationally recognized principles under UN auspices.
Saudi Arabia foreign minister urges a balanced energy transition at G20 Summit session
- Prince Faisal outlined three pillars for effective energy transition during a discussion at the G20 Summit
RIO DE JANEIRO: Saudi Arabia’s foreign minister highlighted the importance of a balanced, inclusive approach to energy transition while ensuring global energy security and sustainable development at a Group of 20 session on Tuesday, Saudi Press Agency reported.
Prince Faisal was leading the Kingdom’s delegation during a session titled “Sustainable Development and Energy Transition,” SPA added.
Energy security represented a global challenge and an obstacle to development and poverty eradication, the minister said, calling for energy plans that considered each country’s circumstances and development needs.
Prince Faisal outlined three pillars for effective energy transition: Ensuring energy security, maintaining access to affordable energy, and achieving environmental sustainability.
He said that the transition required significant investment and time to maintain market stability while ensuring fairness and inclusivity.
Prince Faisal also highlighted the role of technological innovation in managing emissions and environmental impacts.
He said that Saudi Arabia’s investments in innovative technologies had resulted in one of the world’s lowest emissions intensity rates in oil and gas operations, adding that the Kingdom was also advancing its renewable energy goals, aiming for 50 percent of electricity generation from renewables by 2030.
Prince Faisal added that the Kingdom was also expanding its clean hydrogen production and implementing the circular carbon economy framework to repurpose emissions into valuable products.
During his address, the prince also outlined Saudi Arabia’s commitment to global sustainability through its flagship initiatives, the Saudi Green and Middle East Green programs, which are tailored to the country’s development needs.
He called for enhanced international cooperation to ensure energy transitions were equitable, inclusive and supportive of global development goals.
Prince Faisal expressed Saudi Arabia’s appreciation for Brazil’s leadership of the G20 in 2024 and extended well wishes to South Africa as it assumes the presidency in 2025, SPA reported.
Multi-billion global AI spending transforming business efficiency, SDAIA official tells Riyadh conference
- Esam bin Abdullah Al-Wagait highlighted these figures during his keynote address at the 9th National Quality Conference
RIYADH: Global spending on artificial intelligence to improve operational efficiency exceeded $120 billion in 2023, with over 72 percent of organizations integrating AI into at least one area of their business, according to data cited by the director of the National Information Center at the Saudi Data and AI Authority.
Esam bin Abdullah Al-Wagait highlighted these figures during his keynote address at the 9th National Quality Conference, held on Tuesday at the Ritz-Carlton Hotel in Riyadh, the Saudi Press Agency reported.
Al-Wagait emphasized the growing role of AI in enhancing leadership capabilities, referencing a study from the 2024 Gartner IT Symposium/Xpo, which found that 97 percent of CEOs believe AI has improved their performance, reduced administrative burdens, and strengthened their ability to lead effectively, SPA added.
Al-Wagait told the conference that AI’s integration across various industries reflected its transformative potential and cited the number of industrial robots deployed in manufacturing operations exceeding 4 million globally in 2023, as reported by the International Federation of Robotics, further underlining AI’s role in operational excellence.
“AI is now a trusted partner for organizational leaders, offering accurate analytics and predictions that enable impactful decision-making,” he said. This trend, he explained, aligned with the concept of AI-augmented leadership, which is reshaping organizational strategies worldwide.
The conference session, themed “Role of Advanced Technologies in Ensuring the Quality of Services and Products,” brought together industry leaders and experts to discuss the role of AI and advanced technologies in improving quality assurance and operational outcomes.
Climate change is a key driver of worldwide hunger, according to IFAD
- IFAD President Alvaro Lario: Food security is intertwined with the current extreme weather events, as it has impacted the world
- Saudi Arabia has contributed over $536 million to IFAD since it started and is among the top 10 donors
BAKU: Climate change is dangerously impacting crops and driving worldwide hunger, according to the head of the International Fund of Agricultural Development.
“Food security is intertwined with the current extreme weather events, as it has impacted the world,” IFAD President Alvaro Lario said in an interview with Arab News on the sidelines of the COP29 UN climate conference in Baku, Azerbaijan.
IFAD reported that in 2023, about 735 million people suffered from hunger caused by climate change.
In addition, unusual rainfalls, according to IFAD, caused a decrease in wheat production and food quality in Europe.
Floods and heat waves caused damage to orange crops in Brazil. In Southern Africa, above-average temperatures led to below-average maize harvests, and in parts of West Africa, erratic rains affected cocoa production and cut output by half.
“We are seeing a lot of the crops are fully being impacted in Brazil, which has been hit by a historic drought, or in Ghana, for example, where there has not been enough rain, cutting the cocoa production by half.”
The IFAD is a UN specialized agency as well as a development finance institution. The organization provides concessional funds and grants to countries and invests in the private sector.
The organization’s key focus is to provide livelihoods and raise income as well as production in low- and middle-income countries.
“Our biggest investments are in the Sub-Saharan region. Fifty-five percent of our funding goes to Sub-Saharan Africa, and up to 60 percent into Africa. But we also operate in the Middle East, Asia, and Latin America. We are currently investing in 90 countries,” said Lario.
The Kingdom of Saudi Arabia is one of the main contributors to IFAD. According to the organization, Saudi Arabia has contributed over $536 million to IFAD since it started and is among the top 10 donors.
In the last 10 years alone, the Kingdom has contributed a total of $96.6 million.
IFAD implemented the first phase of a project to support coffee and mango farmers in the Jazan region.
From 2018 to 2023, the project established 50 model coffee farms and five mango farms in the region, which benefited nearly 30,000 smallholder farmers, according to IFAD.
Furthermore, the project adopted strategic plans through a group of development solutions and pillars that include agricultural sustainability and innovation.
“Small-state islands are among the most vulnerable (to climate change),” said Lario. “We are seeing that sea levels are rising. They are also suffering from hurricanes and long droughts. They suffer from access to potable drinking water.”
Strategies to address the problem and implement adequate solutions have been developed by IFAD according to each country’s climate situation.
“For IFAD, we do have strategies on how we work and how we design our projects. All the strategies are to promote sustainable food systems, also to increase rural non-farm crops, so they can also diversify their income.”
One of the programs the organization is working on is in Belize, in Central America, for heat-tolerant and drought-resistant crops such as maize or beans. Another project involves mixing trees with crops that provide shade to conserve water and combat the rising temperatures in Cuba.
