Saudi Arabia ‘committed to global economic prosperity,’ says Finance Minister Al-Jadaan

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Finance Minister Mohammed Al-Jadaan stresses a point in his keynote address at the opening session of Euromoney Saudi Arabia Conference 2019. (AN photo/Ahmed Fathi)
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Delegates at the 14th edition of the Euromoney Saudi Arabia Conference 2019 in Riyadh on Wednesday. Senior government officials and ministers attended the event. (AN photo/Ahmed Fathi)
Updated 19 September 2019
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Saudi Arabia ‘committed to global economic prosperity,’ says Finance Minister Al-Jadaan

  • Government spending on economic and social development has increased over the past year

RIYADH: Saudi Arabia is committed to working with other nations toward achieving global economic prosperity, Finance Minister Mohammed Al-Jadaan said in his keynote address at the opening of the 14th edition of the Euromoney Saudi Arabia Conference here on Wednesday.

Al-Jadaan also said that the Kingdom’s upcoming presidency of the G20 next year will “consolidate the Kingdom’s international standing and affirm its leadership in supporting the stability of the global economy.”

He added: “Under Saudi Vision 2030 and the Financial Sector Development Program, Saudi Arabia is keeping pace with global developments and achieving qualitative leaps in the field of financial services, in line with business and service development. The growth of talented and active youth, as well as an increase in women’s participation in the labor market, are also important elements toward achieving our goals.”

The minister also welcomed Saudi Arabia’s inclusion in the Financial Action Task Force (FATF), insisting that the Kingdom’s financial sector is “committed to introducing further reforms in order to expand financial services and implement legislation and measures to combat money laundering and the financing of terrorism.”

“Our progress in these areas recently led to the Kingdom’s inclusion in the FATF, taking its place alongside 37 other countries, and it was the first Arab country to (do so),” he added.

Al-Jadaan went on to explain that government spending on economic and social development has increased over the past year.

“The total expenditure growth, in both the operational and capital sectors, reached nearly 16.1 percent in 2018, while the increase in the first half of 2019 reached about 6.3 percent. At the same time, non-oil revenues increased during 2018 by approximately 15.2 percent and the increase continued during the first half of the year by 14.4 percent as a result of the improvement of economic activity and continued implementation of reforms and initiatives aimed at developing revenues and diversifying their sources,” he said.

The budget deficit during the first half of the year amounted to SR5.7 billion ($1.52 billion), compared to SR41.7 billion in the same period in 2018, while the real GDP growth rate in Q1, 2019 was 1.7 percent, compared to 1.4 percent in Q1, 2018, he said. The Kingdom’s non-oil sector grew by 2.1 percent, driven by the private sector’s growth of 2.3 percent, compared to 1.7 percent in the same quarter last year, while FDI inflows increased by 23.8 percent in the first quarter of the current year with increased investment opportunities for the private sector.

The total credit facilities provided by banks and financing companies to SMEs in the first half of 2019 amounted to SR113 billion — an increase of 11.6 percent against the corresponding period last year.

Banking performance also improved, he said, with the total assets and liabilities of commercial banks during Q2, 2019 reaching SR2.4 trillion, an increase of 3 percent — equivalent to SR 69.1 billion — compared to an increase of 0.04 percent in the corresponding quarter of the previous year.

“On the other hand, the demand for investment in domestic and international debt issues increased by more than three times during the first half of the year,” the finance minister said.

He added that the government’s first bond denominated in euros —  issued in July —  was oversubscribed by over four times, adding, “The nominal value of government sukuk was reduced to SR1,000 in order to diversify the investor segment and enhance trading and individual savings.”

The minister concluded by congratulating the Kingdom and Saudi Aramco for reestablishing full-capacity oil production after the recent drone attacks on oil facilities.

“I would like to take this opportunity to congratulate the country, and Aramco in particular, for bringing production back to normal which proves our ability to deal effectively and efficiently with the unprecedented crisis,” he said.

Minister of Commerce and Investment Majid Al-Qassabi also gave a speech, in which he said that the Kingdom is witnessing a qualitative leap in attracting investors, explaining that 259 licenses for foreign investment were granted in 2015, while 792 have been issued so far this year.

The Kingdom has “undertaken comprehensive reforms to improve the business sector,” he continued, which has led to an almost 60 percent increase in the number of commercial enterprises registered with the Ministry of Commerce and Investment over the last four years —  meaning there are now 1,027,000 enterprises registered, compared to 650,000 in 2015.

“The Kingdom has worked on a number of tracks — all of which are aimed at creating an environment conducive to foreign investors: Government restructuring, combating bureaucracy, improving procedures, and preparing legislation that will motivate investors,” said the minister.

He noted that Saudi Vision 2030 has created new sectors for investment and given investors an opportunity to enter new areas, including entertainment, tourism, sports, and logistics.

“We are on a continuous journey of development,” he said. “Vision 2030 is the compass by which we are (navigating), setting goals, and directing investments.”

Al-Qassabi stressed the importance of the SME sector, calling it “the first engine of the country” and explaining that the Kingdom has licensed 50 accelerators and 49 incubators to help support it.

Capital Market Authority (CMA) chairman Mohammed El-Kuwaiz said the CMA is continuing to make “huge advancements” and highlighted the importance of new capital markets laws recently approved by the Cabinet.

“These new laws have two priorities, firstly to protect investors through improved mechanisms for compensation, strengthening the independence of judicial committees, increasing the scope of reporting, rewarding those who report violations and strengthening penalties to deter violators, and secondly to enhance the capital market by modifying financial organization through the introduction of a depository center and the creation of new categories including the establishment of a ‘clearing house’ to create a new derivatives market,” El-Kuwaiz said.

He also outlined how judicial procedures in the capital market have been strengthened. “Prosecution processing time to deal with financial disputes has been reduced from 24 to 10 months, with the aim of a further reduction to 6 months,” he said, adding that many other reforms have also been completed, including the automation of judicial processes for claims. “We are also moving toward the introduction of group claims, which will also help to speed up the process,” he explained.

He also mentioned a range of positive indicators contributing to the growth of the capital market: “There has been an increase of 49 percent in investors in close-end funds, an increase in the index of 6 percent compared to 2018 and foreign cash flow in the capital market has reached SR76 billion.”

The opening day of the Euromoney Saudi Arabia Conference highlighted the transformation of financial institutions in the Kingdom, with a focus on how emerging technologies are driving the explosion of FinTech fueled by digitally savvy millennials.

This year also saw the introduction of an Oxford Union-style debate in which Ammar Al-Khudairy, chairman of Samba Financial Group, presented his vision of the future for the traditional banking sector while Ghela Boskovich, founder of FemTechGlobal, spoke on future trends in e-banking.

The conference included three more new initiatives aimed at providing a more interactive experience for visitors. In the Tech Tent, local and international FinTech companies set out their stalls; the Knowledge Hub ran live briefings on Blockchain, big data and machine learning; while the Finance Lab provided a live simulation of global markets for students and attendees.


Saudi FM arrives in Italy to attend G7 ministerial meeting

Updated 24 November 2024
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Saudi FM arrives in Italy to attend G7 ministerial meeting

RIYADH: Saudi foreign minister Prince Faisal bin Farhan arrived in Italy on Sunday to participate in an expanded ministerial meeting of the Group of Seven (G7) countries in Fiuggi, Saudi Press Agency reported. 

The meeting will discuss the current situation in the Middle East, SPA added.

During his stay in Fiuggi, Prince Faisal will hold a number of discussions that will address regional and international issues.


Saudi fund chief receives Tajikistan’s deputy prime minister

Updated 24 November 2024
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Saudi fund chief receives Tajikistan’s deputy prime minister

  • Saudi Ambassador to Tajikistan Walid Al-Rashidan was among the officials in attendance

RIYADH: CEO of the Saudi Fund for Development Sultan Al-Marshad received First Deputy Prime Minister of Tajikistan Hokim Kholiqzoda and his accompanying delegation in Riyadh on Sunday.

During the meeting, the Saudi fund’s development projects were discussed, as well as ways to enhance development cooperation between both sides, the official account wrote on X.

Saudi Ambassador to Tajikistan Walid Al-Rashidan was among the officials in attendance.

Kholiqzoda’s visit included a tour of the Saudi fund’s exhibition center, which showcases the organization’s 50-year journey, including notable development projects and their impacts on the lives of beneficiaries.

 


World’s first International Conference on Conjoined Twins kicks off in Riyadh

Updated 24 November 2024
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World’s first International Conference on Conjoined Twins kicks off in Riyadh

  • Top World Health Organization official commends Saudi Arabia’s efforts in the field

RIYADH: The inaugural International Conference on Conjoined Twins kicked off in Riyadh on Sunday. 

The event unites leading medical experts, humanitarian organizations, and families from around the globe to share vital insights, discuss innovative separation techniques, and forge collaborative pathways in the pursuit of improved lives for conjoined twins. 

Riyadh Gov. Prince Faisal bin Bandar delivered a speech on behalf of King Salman celebrating the achievements of the Saudi Conjoined Twins Program, which has become a global leader in the field.

“Since 1990, 143 cases of twins from 26 countries have been reviewed by my dear colleagues, who have successfully separated a total of 61 pairs of twins to date,” he said. 

Prince Faisal added that it is the only program globally specializing in separating conjoined twins, making it one of the largest humanitarian medical programs in the world. 

He also highlighted a recent milestone: the UN General Assembly is considering an initiative by Saudi Arabia to designate Nov. 24 as the annual World Conjoined Twins Day.

In a video address, Dr. Tedros Adhanom Ghebreyesus, director general of the World Health Organization, congratulated Saudi Arabia on its leadership in organizing the conference.

“I commend Saudi Arabia for its leadership in organizing this important World Conjoined Twins Day Conference,” he said. 

This recognition would honor the medical and humanitarian efforts in this field and highlight the challenges faced by conjoined twins and their families. 

Ghebreyesus praised the initiative as a model for global collaboration in rare and complex medical cases. 

“The conference provides critical insights, from surgical innovations to long-term strategies, shaping rare initiatives. A broader platform and registry for congenital anomalies would benefit low and middle-income countries,” he said.

A keynote address was delivered by Dr. Abdullah Al-Rabeeah, advisor to the Royal Court and supervisor-general of Saudi aid agency KSrelief.

As the head of the multidisciplinary team for the Saudi Conjoined Twins Program, Al-Rabeeah provided insights into the occurrence and challenges associated with conjoined twins.

The history of conjoined twin separation reveals both the challenges and progress in medical science. 

“The first successful separation was by Johannes Fatio back in 1689 by using a constricting band for a set of Omphalopagus twins or those sharing liver and gastrointestinal organs,” he said.

With a 0.5 percent incidence rate, this early success involved “presumably, a small joining in the skin, probably a little bit of the liver,” said Al-Rabeeah. 

He added that a major breakthrough came in 1957 with the first successful separation of Craniopagus, or twins sharing one brain. 

Al-Rabeeah said that the epidemiology shows distinct patterns: “In Western countries, it’s been estimated that we get one conjoined twins in every 50 to 200,000 births.” 

He added that, however, it is more prevalent in Southeast Asia and Africa, “presumably because identical twinning and twinning is (found) more in dark-skinned people in Africa and also in Southeast Asia, increasing the incidence.”

The survival statistics, Al-Rabeeah reported, entail that “60 percent of conjoined twins are stillborn, and those who live 40 percent of them will die in the first few days of life, and 70 percent of those who would survive will be females.”

He emphasized that the reasons behind this regional disparity remain unknown and require further research.

Throughout the conference, leading medical professionals presented their expertise on various aspects of caring for and separating conjoined twins. Topics included embryology, multidisciplinary team-building, antenatal care, and labor management. 

Dr. Nadia Al-Ghilan, from the maternal-fetal medicine department at King Abdulaziz Medical City, gave a presentation titled “Caring for Conjoined Twins: A Prenatal Journey,” describing the complex process of managing pregnancies involving conjoined twins.  

She said that caring for conjoined twins is a complex and delicate process as it requires meticulous prenatal planning and a dedicated medical team.

Al-Ghilan said that “this journey is filled with unique challenges, ethical considerations, and the utmost care to ensure the best possible outcomes for the twins and their family.” 

Early diagnosis, she stressed, is critical for effective prenatal referral, counseling, and planning for delivery and postnatal care.  

Al-Ghilan also underscored the importance of genetic testing in understanding the chromosomal health of conjoined twins. 

“Techniques like amniocentesis and chorionic villus sampling can help identify genetic abnormalities, providing valuable information for developing treatment strategies.”

The conference not only serves as a platform for scientific exchange but also fosters dialogue on building global partnerships to support conjoined twins and their families, particularly in low and middle income countries. The conference emphasized the importance of comprehensive care, from prenatal counseling to post-separation rehabilitation. 

For over 30 years, the Saudi Conjoined Twins Program has stood as a beacon of hope for families worldwide. The inaugural International Conference on Conjoined Twins is set to continue this legacy, inspiring further advancements in the care and treatment of conjoined twins globally. 


Doctor describes difficulties in separating twins joined at the skull

Baby girls Rital and Ritag Gaboura, two craniopagus twins, lie on a bed at Great Ormond Street Hospital in London.
Updated 24 November 2024
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Doctor describes difficulties in separating twins joined at the skull

  • “Conjoined twins are rare, as has been said, but ‘cranomalies’ are extremely rare,” Dr. Felice D’Arco said

RIYADH: A London-based medical expert at a conference in Riyadh revealed the difficulties in separating a rare form of conjoined twins in which the patients are joined at the skull.

Dr. Felice D’Arco, consultant pediatric neurologist at Great Ormond Street Hospital in London, spoke during the International Conference on Conjoined Twins on Sunday about the condition, which occurs in about one of every 2.5 million births worldwide.

“Conjoined twins are rare, as has been said, but ‘cranomalies’ are extremely rare,” he said.

For radiologists, this means there are no standardized CT and MRI scanning protocols in place for such complex cases, and very few recent cases from which to learn.

“We have protocols for everything, epilepsy, tumors, neurogenetic disorders, this is not the case for craniopagus twins because of their rarity,” D’Arco said.

Medical teams must be set in place, and there must be two of everything; two anesthetic teams, two sets of MRI monitoring, etc., the whole hospital staff is involved in what is considered as an operation taking place on two patients simultaneously, D’Arco explained.

While there is a need to standardize procedures, Dr. D’Arco acknowledged that every set of twins is unique.

“As a radiologist, you need to have the flexibility to change your protocol as needed.”

Therefore, he said, it is best to start with a series of questions relating to different critical parts of the body.

One potential issue is the bones. A dual source CT scan can inform radiologists which parts of the skull of each patient is infused, or “missing,” in the other.

Another problem is the relationship between the brains. D’Arco said that small breaches connecting the two brains, identified by 3D sequencing, present a risk that surgery will cause damage.

Considering the possible ethical and medical complications that could come up in cases in which one of the twins is at risk of dying, he said: “Sometimes you need to ask, can we separate without jeopardizing the lives of the children? These cases are complicated, baffling, and confusing.”


Riyadh Music Week to spotlight Saudi talent, creativity

Saudi Arabia’s Music Commission is poised to launch the inaugural Riyadh Music Week, running from Dec. 5 to 14 in the capital.
Updated 24 November 2024
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Riyadh Music Week to spotlight Saudi talent, creativity

  • Event will include global summits, local performances, awards and cultural displays 

RIYADH: Saudi Arabia's Music Commission, in collaboration with MDLBeast and the Saudi Research and Media Group, is poised to launch the inaugural Riyadh Music Week, running from Dec. 5 to 14 at various venues in the Saudi capital.

The event will spotlight the Kingdom’s growing music sector, highlighting its creative and commercial evolution. It will also serve as a platform for dialogue with international stakeholders on music policy and development.

Among the highlights is the Global Music Makers Summit, a premier gathering of industry leaders and policymakers from around the world.

The event will also celebrate Saudi traditional music, with small venues in Riyadh hosting performances to show off local musicians’ diversity and talent.

The week will also host the Music Cities Convention and Awards, which will be held in the Middle East for the first time.

Riyadh Music Week will include panel discussions, seminars and workshops led by industry experts, covering the latest global music trends.

The program incorporates key events from Riyadh’s music calendar, such as XP Music Futures, SoundStorm, and the inaugural Billboard Arabia Music Awards.

The week provides a unique platform for local and international collaboration, celebrating Saudi Arabia’s rich musical heritage and dynamic contemporary scene.

By supporting emerging and established artists, Riyadh Music Week underscores the Kingdom’s commitment to nurturing talent and growing its music industry.

The Saudi Music Commission, established in February 2020, leads this transformation, focusing on equal access to education, empowering talent and boosting the local economy.

Its efforts aim to enhance the Kingdom’s global musical identity while building world-class infrastructure and creating new industry opportunities.