King Salman denounces Israeli premier’s annexation threat

King Salman spoke to Palestinian President Mahmoud Abbas on the telephone on Thursday. (SPA)
Updated 13 September 2019
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King Salman denounces Israeli premier’s annexation threat

  • It’s a very dangerous escalation against Palestinians, Saudi monarch tells Abbas in a call
  • Abbas expressed his appreciation of the Kingdom’s unwavering support for Palestine and its people

JEDDAH: King Salman reiterated on Thursday Saudi Arabia’s condemnation and categorical rejection of the Israeli prime minister’s stated intention to annex large parts of the occupied West Bank if he is re-elected.

In a phone call with Palestinian President Mahmoud Abbas, King Salman said Benjamin Netanyahu’s declaration is a very dangerous escalation against the Palestinian people, and a flagrant violation of the UN charter and international norms.

The monarch added that Israel’s attempt to impose a fait accompli will not obscure the inalienable rights of the Palestinian people.

Abbas expressed his appreciation for the care and great importance that King Salman attaches to the Palestinian cause. 

The president also hailed the Kingdom’s consistent and firm stance toward Palestine and its people in regional and international summits and forums.

Abbas praised the Saudi call for an emergency meeting of the Organization of Islamic Cooperation at the level of foreign ministers to discuss and confront Netanyahu’s declaration.

Palestine’s Foreign Ministry urged the UN Security Council to impose sanctions on Israel, the occupying power, to dissuade it from carrying out the annexation, and to hold it accountable for its grave breaches of international law.

“The pillars of Israel’s ruling right-wing coalition … are doing their utmost in conspiring to speed up putting forward the issue of annexing the occupied West Bank or large parts of it as a hot topic in the public debate in Israel,” the ministry said in a statement.

It warned of the damage that Israel’s expansion of Jewish-only settlements on Palestinian land is doing to prospects for peace based on a two-state solution.

“When will the (UN) Security Council and the states purporting to care for peace as per the principle of a two-state solution take practical measures to save the peace process and the two-state solution from the clutches of colonial settlement?” the ministry asked.

A spokesman for the UN secretary-general said Netanyahu’s vow would be a “serious violation of international law.” Stephane Dujarric also said the pledge would be “devastating” to the potential for peace with the Palestinians.

Russia warned that the move could sharply increase regional tensions. The Russian Foreign Ministry said it had noted the Arab world’s “strongly negative reaction” to Netanyahu’s announcement.

The Indonesian Foreign Ministry condemned Netanyahu’s plan as “contradicting international law and various UN resolutions, as well as threatening the continuation of the peace process.” The Indonesian government urged OIC countries to collectively respond to what it referred to as “dangerous announcement.”


WWE, Riyadh Season to host Night of Champions in June

Updated 4 sec ago
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WWE, Riyadh Season to host Night of Champions in June

  • Kingdom Arena to hold event on June 27

RIYADH: World Wrestling Entertainment, in collaboration with Riyadh Season, will host the Night of Champions event at the Kingdom Arena, part of the Kingdom’s ongoing commitment to creating international entertainment, the Saudi Press Agency has reported.

The SmackDown show will take place on Friday, June 27.

The event will be exclusively live on Peacock in the US but will also be available on Netflix and other outlets for people in Saudi Arabia.


Saudi Arabia, US explore ways to build next generation of AI

Updated 49 min 59 sec ago
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Saudi Arabia, US explore ways to build next generation of AI

  • Partnerships key, says David Sacks, Silicon Valley veteran
  • Google’s Ruth Porat outlines her firm’s work in Kingdom

RIYADH: Saudi Arabia and US officials discussed ways to further collaborate on artificial intelligence at the Saudi-US Investment Forum here on Tuesday.

The discussions took place during two sessions titled “Pioneering Digital Futures: Joint Leadership in AI and Emerging Technologies,” and “Digital Foundations: Building the Next Generation of AI and Infrastructure.”

In the first session, the speakers were Saudi Minister of Information and Communications Technology Abdullah Alswaha and David Sacks, a Silicon Valley veteran who is helping the administration of President Donald Trump develop the crypto industry.

Sacks said he was impressed, during his tour of some technology companies, that founders and entrepreneurs in Saudi Arabia “are really on the cutting edge of what’s happening with AI.”

“The thing that that I’ve learned in Silicon Valley for the past 25 years is that every successful company in Silicon Valley gets to be that way by creating an ecosystem, and the biggest, the most powerful companies … are the ones that create the biggest ecosystem.”

“In fact, they do that by creating a standard. They want everyone to build on top of them. They create app stores, things like that. In fact, they’re able to build these ecosystems without even having any lawyers involved.

“There’s no need for a contract. You just publish an API (Application Programming Interface) and people will build. And I think in a similar way, the United States needs to encourage the world to build on our text that.

He spoke about how Trump challenged them to be at the forefront of the AI race. “He said, we have to win the AI race. The United States has to win the AI race,” Sacks said.

“And the answer is that we have to build the biggest partner ecosystem. We need our friends like the Kingdom of Saudi Arabia and other strategic partners and allies to want to build on our cap.”

Sacks also criticized what has become known as former US President Joe Biden’s diffusion rule.

This restricted access to mainstream computing applications and set caps on the number of advanced chips that could be exported to most countries.

“Over the past few years, that’s been the opposite of the approach in Washington,” said Sacks.

“The Trump administration just announced that (it) would be rescinding what’s known as the Biden diffusion rule, which was a rule that came out in January.”

Using iPhones as an example, Sacks said that if Trump had created a rule for these products, the technology backing it would not have spread throughout the world.

He said that the diffusion of iPhones was “a very good thing” for the US.

“I think in a similar way, we want our technology to diffuse or to spread. We want people to use it. We want to become the standard.

“And I think that in Washington, that mentality is, I think that sorely lacked over the past few years, but we’re gonna bring it back.”

In the later session CEOs and tech innovators discussed growth in this sector globally, and developments in the Kingdom.

Ruth Porat, president and chief investment officer of Alphabet and Google, outlined her company’s work in Saudi Arabia.

“Google is now building data centers, bringing graphic processing units, tensor processing units, and developing the most advanced version of our AI software Gemini which is now available in 16 Arabic dialects,” said Porat.


Saudi Stock Exchange chair says Vision 2030 has turned Kingdom into ‘reliable, investible destination’

Updated 13 May 2025
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Saudi Stock Exchange chair says Vision 2030 has turned Kingdom into ‘reliable, investible destination’

RIYADH: Saudi Arabia has become a more attractive destination for investment since the Kingdom introduced its ambitious Vision 2030, according to the head of the Saudi Stock Exchange Sarah Al-Suhaimi.

“Eight years into Vision 2030, (it) has turned Saudi Arabia to a reliable and investible destination; this has been proven by numbers and I think this is just the beginning,” Al-Suhaimi said during the Saudi-US Investment Forum on Tuesday.

It had been made possible under the Kingdom’s leadership and by everyone working in the Saudi capital market to “create a market that is globally integrated, open and trustworthy” — from local and international participants alike, she said.

“Particularly, as we are in the Saudi-US investment forum, I would like to mention a few examples of a very old relationship (between both countries).

“One of them, if we talk about capital market infrastructure, our partnership between Nasdaq — an American stock exchange — goes more than 20 years back. And now we’re working together on upgrading those systems.”

Tuesday's session hosted Saudi Stock Exchange Sarah Al-Suhaimi alogside BlackRock CEO Larry Fink (R), and Saudi economist Muhammed Al-Jasser (L). (Supplied)

Al-Suhaimi said that the Saudi Stock Exchange, or Tadawul, was among the world’s largest stock exchanges.

“We have a very advanced stock exchange, which also led us to be one of the tenth largest exchanges in the world.”

The same session also hosted Citigroup CEO Jane Fraser, who said it was “quite remarkable what Saudi Arabia has done” in diversifying its economy — whether in tourism, life sciences, gaming and sports, and AI.

“I think it is so wonderful and but also quite remarkable what the Kingdom has done,” Fraser said.

“This is now mutually a beneficial relationship. Now, this isn’t the US coming in saying to Saudi what the advice is and what to do, this is about trying to support a partner, but equally a partner supporting the US back home as well,” she said.

Meanwhile, BlackRock CEO Larry Fink said tens of trillions of dollars of financial firepower is sitting idle in cash amid trade war worries and uncertainty over the United States economy, whose deficits are beginning to spook investors.

“There is 12 trillion euros sitting in bank accounts in Europe. In the United States, there's $11 trillion sitting in money markets funds. When there is uncertainty, you are going to keep more and more money in cash and that is what we witnessed,” Fink told delegates at the Riyadh forum. 

He also praised Saudi Arabia's Vision 2030 economic transformation program, saying the kingdom was building a diversified economy that had potential to become a 21st century global leader.

(with input from Reuters) 

 


Saudi Arabia sees private sector surge, unemployment at record low, says finance minister

Updated 13 May 2025
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Saudi Arabia sees private sector surge, unemployment at record low, says finance minister

  • Mohammed Al-Jadaan spoke at US-Saudi Investment Forum in Riyadh 

RIYADH: Saudi Arabia’s Finance Minister Mohammed Al-Jadaan said on Tuesday the Kingdom had tackled difficult structural changes at an incredible pace over the past seven years.

Speaking at the US-Saudi Investment Forum in Riyadh, Al-Jadaan said private investment as a percentage of gross domestic product could take decades, but Saudi Arabia was boasting growth in the private sector from 16 to 23 percent.

He added: “Saudi Arabia currently has the lowest unemployment rate in the country’s history with about 3.5 percent, and among the nationals the Kingdom achieved its target for Vision 2030 with the rate being 7 percent.”

Al-Jadaan also said there had been major structural changes regarding women’s empowerment.

He said: “Bringing half of your society to the productive part of the economy is significant and that drives a serious change. Moving from 17 percent of women participating in the workforce to 36 percent is a serious structural change.”

Meanwhile, the minister said the Kingdom’s target of 100 million tourists by 2030 had been achieved two years ago, and added: “When you have a leadership that sets a clear vision and mobilizes the nation behind it, the people of Saudi Arabia then own it and see that this is their vision, their country and their transformation.”

US Secretary of the Treasury Scott Bessent said the US prioritized its relationship with Saudi Arabia.

He added: “President Trump’s economic agenda focuses on three parts: trade, tax bills and deregulation.”

Bessent said the US was working to rebalance its economy with the focus on manufacturing, and hoped China would shift to a consumer economy.

Saudi Arabia’s Minister of Investment Khalid Al-Falih welcomed attendees at the event and thanked the Kingdom’s leadership for hosting the event. 

“We are here to realize the intentions of Crown Prince Mohammed bin Salman to broaden Saudi Arabia’s investment and trade in the amount of $600 billion,” he said.


Trump’s Saudi visit pivotal for ‘global peace, security’: Princess Reema

Updated 13 May 2025
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Trump’s Saudi visit pivotal for ‘global peace, security’: Princess Reema

  • Partnership ‘critical’ amid global challenges, says ambassador
  • Greater Saudi-US investments will be key outcome of the trip

RIYADH: US President Donald Trump’s visit to Saudi Arabia this week is key to global stability and prosperity, the Kingdom’s ambassador to the US wrote in the Washington Times.

Princess Reema bint Bandar highlighted the enduring relationship between Saudi Arabia and the US as the president arrives in the Kingdom on Tuesday, his first state visit during his second stint in the White House.

“It is a moment pivotal for global peace, security and prosperity,” Princess Reema wrote in the Washington Times on May 12. “Today, as the world navigates new challenges and conflicts, that partnership is more critical than ever.”

Princess Reema, who presented her credentials to Trump in 2019 when assuming her role as ambassador, said the two nations’ alliance was “not just history; it is a reimagined future.”

Just before his last visit, Saudi Arabia had embarked on major national reforms, under Saudi Vision 2030, which included widespread economic, cultural and social changes, Princess Reema stated.

She added that nearly eight years after he made the Kingdom his first state visit, Trump would “step off Air Force One to find the Vision becoming a reality.”

“As we proudly open our doors to Mr. Trump and his delegation, we look to highlight the tremendous journey our nation has undertaken and the new heights our relationship with the U.S. has reached, now including sectors such as manufacturing, technology, cybersecurity and even space exploration.”

She highlighted the progress the Kingdom has made including the non-oil economy now contributing 50 percent to the country’s real gross domestic product, “marking a historic milestone.”

In addition, Saudi women make up nearly 40 percent of the nation’s workforce, “with many in leadership positions, enjoying the same rights as men, including equal pay.

“Young Saudis are experiencing a renaissance in arts, entertainment, sports and science, all while preserving our proud cultural heritage. This is a new Saudi Arabia, open to the world, and we invite Americans to look more closely.”

A key gathering on Tuesday is the Saudi-US Investment Forum, an invitation-only event at Riyadh’s Ritz-Carlton hotel.

It has been reported that business leaders including Elon Musk, Mark Zuckerberg and Larry Fink will attend.

Arab News’ sources reveal that about 15 Saudi ministers and top-level officials will be present, as well as the CEOs of some of the Kingdom’s biggest companies and giga-projects, in addition to hundreds of business leaders from both countries.

Princess Reema stated: “The Saudi Arabia that Mr. Trump will visit is investing billions of dollars in fostering new economic sectors such as tourism, artificial intelligence, clean energy, culture and sports.

“It is a dynamic society where youths are pioneering the future and women are at the forefront of the Vision,” the ambassador stated.

Princess Reema added that sustainable partnership begins with reciprocity, as outlined by Crown Prince Mohammed bin Salman.

“The crown prince’s pledge of investing $600 billion in the United States over the next four years promises mutual prosperity that aligns with our diversification goals under Vision 2030 and Mr. Trump’s goals for economic growth.”

At the World Economic Forum in Davos in January, Trump hinted at even greater ambitions. He said he would ask the crown prince to raise the investment target to $1 trillion, describing it as a natural extension of a robust and trusted partnership.

Saudi Arabia’s Economy Minister Faisal Alibrahim confirmed at the forum that the $600 billion pledge encompassed both government-led procurement and private-sector investment in key areas including defense, energy, infrastructure and technology.

In 2017, the countries signed several investment agreements worth about $400 billion.

The crown prince said in 2018 that part of the “armaments will be manufactured in Saudi Arabia, so it will create jobs in America and Saudi Arabia, good trade, good benefits for both countries and also good economic growth. Plus, it will help our security”.

Princess Reema stated that the two nations’ collaboration has been important for dealing with global crises.

Amid an increasingly volatile geopolitical landscape, leadership and alliances are more vital than ever, she wrote.

“Almost every major global challenge is being addressed with urgency through collaboration and a strong Saudi-U.S. alliance.

“From conflicts in Ukraine and the Gaza Strip to stability in Syria and Sudan, Saudi Arabia is playing a critical role in addressing the world’s most pressing challenges.

“Partnership with the United States is essential to success.”