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

1 / 2
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)
2 / 2
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
Follow

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.


Virtual, AI-powered Saudi travel companion impresses visitors at travel exhibition in London

SARA was on show in the Visit Saudi pavilion at the World Travel Market, which began on Monday and concluded on Wednesday. (SPA)
Updated 30 min 39 sec ago
Follow

Virtual, AI-powered Saudi travel companion impresses visitors at travel exhibition in London

  • The new app, called SARA, offers users insights and advice about the Kingdom’s tourist attractions in a natural and seamless conversational style

RIYADH: The Saudi Tourism Authority unveiled the beta version of SARA, its new travel companion app for visitors to the Kingdom, at the World Travel Market exhibition in London this week.

It allows users to interact with a digital female guide, powered by AI, who is deeply knowledgeable about Saudi Arabia and offers insights and advice about the country’s tourist destinations, historical landmarks, archaeological sites, cultural diversity, international events, and anything else a visitor might be interested in.

SARA was on show in the Visit Saudi pavilion at the World Travel Market, which began on Monday and concluded on Wednesday. Officials said she interacted directly with attendees, who were captivated by her engaging stories about the Kingdom’s tourist attractions and experiences, and the extensive information she was able to provide.

The app reflects the nation’s progressive approach to smart tourism, they added, and leverages the latest developments in AI so that it can respond to questions, understand visitor needs, and offer personalized information and suggestions in a natural and seamless conversational style.

 


How Saudi Arabia’s wild lotus shrub was brought back from the brink of extinction

Updated 09 November 2024
Follow

How Saudi Arabia’s wild lotus shrub was brought back from the brink of extinction

  • The wild lotus shrub thrives in streams, blooming with small red flowers during the hot summer months
  • Afforestation and land reclamation efforts under the Saudi Green Initiative were key to the plant’s revival

RIYADH: After coming to the brink of extinction, the wild lotus shrub has been rediscovered in Saudi Arabia’s Northern Borders region. This revival is owed in large part to the afforestation and land reclamation efforts of nature reserves and the Saudi Green Initiative.

Protecting and preserving wild areas, along with restoring trees and plants to the environment, such as this annual shrub with its vibrant red flowers, are key components of Saudi Arabia’s sustainable development agenda.

The wild lotus is native to areas stretching from the Eastern Mediterranean to the Arabian Peninsula. It thrives in arid regions and dry shrubland biomes, found in Saudi Arabia, Iraq, Lebanon, Syria, Palestine and the Sinai Peninsula.

Nasser Al-Majlad, president of Aman Environmental Society, told the Saudi Press Agency that the wild lotus shrub has been found thriving in streams in the valleys of the Kingdom’s Northern Borders region.

Locally known as “Hamar Ward” or “Harbith,” the shrub blooms during the hot summer months, producing small, red flowers. Its scientific name is Lotus lanuginosus.

“Wild Lotus, or Hamar Ward, is an herbaceous perennial wild plant, branched, extending vertically to 40 cm or 20 cm, and its leaves are compound with five leaflets and their dimensions are from 1.3 to 0.5 cm,” Obid Aloni, an environmental activist and member of Al-Yusr and Desert Plants Association, told Arab News.

Echinops, an erect branching spiny-leaved herb that is one meter high and has very pale blue flowers in spherical heads. This flower is found in Diriyah and other parts of the central region of Saudi Arabia. (Shutterstock photo)

Herbaceous perennial plants complete their life cycle over a period of more than two years. They have non-woody stems, allowing them to reach their full height and produce flowers year after year.

Aloni, who has specialized in plants and agriculture for 30 years, told Arab News that the wildflower serves as a stunning embellishment in both cultivated and rocky landscapes.

“It is planted usually at the beginning of winter — for those who want to plant it — like spring flowers,” he said, adding that the species had almost reached extinction if not for the efforts of royal reserves in Saudi Arabia.

In addition to the wild lotus shrub, Saudi Arabia’s wilderness is home to a diverse array of flower species — including the Convolvulus buschiricus. Native to Hegra in the Madinah province, this shrubby plant has hairy stems that can grow up to 1 meter in height. It also has pink, scentless flowers measuring 2.5 cm in width.

Retama raetam, a shrubby plant with thin and flexible branches, is found in Hegra in Madinah province. (Shutterstock)

Also found in Hegra is the Retama raetam, a shrubby plant with thin, flexible branches. Its small flowers, measuring one cm in width, are accompanied by simple, narrow leaves that are 10 mm long.

Other Saudi wildflowers include the Lavandula dentata in Asir’s Jabal Soudah, Echinops in Diriyah and Teucrium oliverianum in Tumair, Riyadh province. Teucrium oliverianum, commonly known as "ahneh," is also found in the Imam Turki bin Abdullah Royal Reserve, located in the Kingdom's northern provinces.

DID YOUKNOW?

• The lotus flower is a traditional herb used in Chinese medicine for thousands of years.

• The plant’s tea has been promoted as a weight-loss aid and a drink for reducing body lipids.

• Nelumbo nucifera is known for its anti-diabetic and anti-inflammatory properties.

Afforestation and the preservation of natural habitats in the Kingdom have advanced significantly in recent years, driven by environmental protection schemes like the Saudi Green Initiative.

One of the key goals of the SGI is to rehabilitate more than 74 million hectares of land by planting 10 billion trees nationwide, while also restoring the Kingdom’s natural greenery.

Teucrium oliverianum, commonly known as "Ahneh," thrives in Riyadh province as well as in the Kingdom's northern provinces. (SPA)

Through extensive planting efforts, the Saudi government aims to restore vital ecological functions, improve air quality, and, ultimately, reduce the frequency of sandstorms.

Since 2021, more than 49 million trees and shrubs have been planted, and 94,000 hectares of degraded land have been rehabilitated, according to the SGI website.

Saudi Arabia’s commitment to environmental protection extends beyond its borders, making a significant impact at both a regional and global level.

The Kingdom launched the Middle East Green Initiative in 2021 to help mitigate the impact of climate change in the wider region and position Saudi Arabia as a leader in global sustainability efforts.

The MGI also promotes afforestation with the aim of planting some 50 billion trees across the Middle East.

Lavandula dentata, a flower native to Asir that reaches up to 60 centimeters and has leaves with toothed edges and a slightly woolly texture. (Shutterstock)

Also contributing greatly to the restoration of nature in Saudi Arabia is the NEOM giga-project taking shape on the Kingdom’s northwestern coastline. In collaboration with the National Center for Vegetation Cover and Combating Desertification, NEOM has been implementing its own regreening initiative since 2022.

Khaled Al-Abdulqader, the center’s CEO, highlighted in a NEOM report that the regreening initiative will significantly support efforts to protect the environment, in addition to “directly contributing to the objectives of the Saudi Green Initiative.”

Through dedicated afforestation efforts, wildflowers like the wild lotus and other native plants may have the opportunity to grow and thrive, even in some of the most arid regions of the world.

The Kingdom’s commitment to maintaining a healthy environment and balancing its ecosystem is a key goal of its Vision 2030 agenda, aimed at ensuring sustainable development while creating a thriving society.
 

 


Makkah royal commission showcases city’s cultural, tourist offerings at World Travel Market

Updated 08 November 2024
Follow

Makkah royal commission showcases city’s cultural, tourist offerings at World Travel Market

  • Saudi minister of tourism speaks of Kingdom’s investment in sector

LONDON: The Royal Commission for Makkah City and Holy Sites this week showcased key projects that highlight the Saudi city’s rich cultural and historical significance, as part of the Saudi delegation at the World Travel Market 2024 in London.

Major initiatives featured by the RCMC included the Hira Cultural District, the Revelation Exhibition, the Kiswa Factory of the Holy Kaaba, and the Institute of Manuscripts and Revival of Islamic Heritage.

The RCMC pavilion also provided insights into major infrastructure developments, such as Makkah’s public transportation system.

This system, with 12 bus routes covering all neighborhoods, is designed to ensure seamless, reliable travel and improve the quality of life for both residents and visiting pilgrims.

This year’s World Travel Market event, which finished on Thursday, also saw Ahmed Al-Khateeb, the Saudi minister of tourism and chairman of the Saudi Tourism Authority, launch the Kingdom’s participation with the Saudi Land Pavilion.

The pavilion included the Visit Saudi exhibition, organized by the Saudi Tourism Authority for the fourth consecutive year and supported by more than 70 partners in the sector, including destinations, hotels, airlines and travel companies.

Al-Khateeb said: “Saudi Arabia, the fastest-growing tourist destination globally, seeks to solidify its leadership in world tourism, aligning with the Saudi Vision 2030 goals by highlighting unique destinations, new projects, and significant investment opportunities.”

He added: “Saudi Arabia is the largest global investor in the tourism sector.”


Meet Reman Assere, Saudi Arabia’s youngest Arabic calligraphy instructor

Updated 08 November 2024
Follow

Meet Reman Assere, Saudi Arabia’s youngest Arabic calligraphy instructor

  • She became the youngest certified instructor at the age of just 11
  • Assere now tutors students of all ages

MAKKAH: After qualifying at just 11 years old, Reman Assere officially became Saudi Arabia’s youngest calligraphy instructor.

Her journey started in fifth grade, sparked by a school activity. She began with basic exercises but, with continuous practice and self-learning through platforms such as YouTube, she steadily refined her skills.

Arabic calligraphy is celebrated for its variety of styles, including Kufic, Naskh, Thuluth, Diwani, and Ruq’ah, each with a unique character and distinct lettering technique. (Supplied)

Her ambitions and her love of the art drove her to undertake professional training in Kufic calligraphy, believed to be the earliest example of a universal style of Arabic calligraphy. Once qualified, she was registered on the Ministry of Culture’s official platform, Al-Khattat.

What truly set her apart and caught people’s attention was her relentless dedication to learning. Even during vacations, she practiced tirelessly, seeking out special events and connecting with other calligraphers.

FASTFACT

Reman Assere’s ambitions and her love of the art drove her to undertake professional training in Kufic calligraphy.

Now aged 15, Assere told Arab News that her professional training was carried out under the guidance Shurooq Al-Harbi. She also highlighted the pivotal role played in her development by Prof. Siraj Al-Omari, whose ongoing support and encouragement were instrumental.

Today, Assere has become proficient in both in writing and teaching Kufic calligraphy and is expanding her expertise to include the Diwani style.

Reman Assere

However, her journey has been far from easy. A lack of calligraphy institutes in her native region of Abha posed considerable challenges and meant she had to rely on online courses or travel to other cities.

It was worth it, however. Her numerous awards include first place in the 2023 Cultural Skills Competition and the Ministry of Education’s National Olympiad for Arabic Calligraphy. She has also demonstrated her talents at prominent events, such as the Layalina Festival in Wadi Al-Dawasir and the Abha Shopping and Entertainment Festival.

Arabic calligraphy is celebrated for its variety of styles, including Kufic, Naskh, Thuluth, Diwani, and Ruq’ah, each with a unique character and distinct lettering technique. (Supplied)

Assere has also led courses at the Holy Mosque Library in Makkah and organized calligraphy workshops in schools.

Today, she is recognized as one of the most influential trainers in Arabic calligraphy, teaching across all age groups. She takes pride in seeing her students compete in calligraphy competitions, a testament to the success of her approach and teaching methods.

Reman Assere has become proficient in both in writing and teaching Kufic calligraphy and is expanding her expertise to include the Diwani style. (Supplied)

Even in an age of rapid technological advancements, Assere is confident that calligraphy’s unique beauty will endure. She believes the future is bright for students and trainees, as the art of calligraphy continues to inspire and cultivate creativity.

She explained how the beauty of Arabic calligraphy is in the balance and harmony of its letters, with fluid lines that interlace. For Assere, Arabic calligraphy not only captures the essence and grace of the Arabic language, but it also allows the writer to convey thoughts and emotions.

Arabic calligraphy is celebrated for its variety of styles, including Kufic, Naskh, Thuluth, Diwani, and Ruq’ah, each with a unique character and distinct lettering technique. Rooted in precise geometric principles, Arabic calligraphy achieves a harmonious visual balance, allowing for flexibility in letter formation, overlapping designs, and intricate decorative motifs.

Assere said: “The beauty of Arabic calligraphy extends beyond writing; it is a visual art that enhances both artworks and decorations. Over time, it has become a cultural symbol that embodies Arab and Islamic identity.”

 

 


Saudi Arabia’s urban planning on display at WUF

Updated 08 November 2024
Follow

Saudi Arabia’s urban planning on display at WUF

  • The pavilion highlighted prominent Saudi infrastructure development initiatives, in line with international quality standards, that meet the needs of residents and visitors of Saudi cities

CAIRO: The Saudi pavilion at the World Urban Forum in Cairo this week hosted a series of workshops and bilateral meetings on the Kingdom’s strategies and projects in comprehensive urban planning.

The Saudi presence also underlined the positive effect of these strategies on achieving sustainable urban development and improving the quality of life in Saudi cities, in line with the goals of Vision 2030.

Through representatives and officials of the Ministry of Municipal and Rural Affairs and more than 30 national entities, the Saudi pavilion showed the Kingdom’s efforts to adopt and expand comprehensive urban planning practices focused on sustainability, and apply the requirement to study environmental impact in municipal and investment projects.

The meetings highlighted the concept of smart municipalities aimed at improving the quality of municipal services in Saudi regions and adopting modern technologies and enhanced municipal regulations for smart city policies, as well as the use of artificial intelligence technologies and data in improving the quality of life.

The pavilion highlighted prominent Saudi infrastructure development initiatives, in line with international quality standards, that meet the needs of residents and visitors of Saudi cities, the Saudi Press Agency reported, in addition to urban landscape development projects and visual distortion treatment projects.