Saudi Arabia sponsors $1bn economic reform in Yemen

The AMF, under the sponsorship of Saudi Arabia, signed a $1 billion agreement with the Yemeni government to revitalize its economy. (SPA)
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Updated 28 November 2022
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Saudi Arabia sponsors $1bn economic reform in Yemen

  • AMF program to improve transparency in banking, financial and private sectors
  • Saudi Arabia has been lead donor to Yemen since 2001

RIYADH: Under the sponsorship of Saudi Arabia, the Arab Monetary Fund has signed a $1 billion agreement with the Yemeni government to revitalize its flagging economy.

The deal, signed in Riyadh, seeks to establish a comprehensive economic, financial and monetary reform program to improve governance and transparency, expand and diversify production and lower unemployment and poverty.

Saudi Minister of Finance Mohammed Al-Jadaan said that the program will develop Yemen’s financial and banking sector, strengthen the role of the private sector and promote long-term economic development. 

The reform priorities for the government include developing public resources, controlling and rationalizing government spending, improving efficiency, and rehabilitating critical infrastructure in electricity, water and transport services. 

Priorities for the financial and banking sectors include developing a supervision system to improve transparency and accountability and bolstering services for small and medium businesses and youths and women in rural areas. It will also seek to boost digitalization and payment method flexibility.

The program says the private sector is a primary driver of sustainable economic growth, and key in paving the way for greater integration into the global economy, the flow of foreign investment, and the strengthening of international partnerships. 

The Yemeni government expressed interest in exploring opportunities for regional and international institutions to collaborate to support Yemeni economic reform. 

The agreement’s sponsorship by Saudi Arabia is an extension of the country's economic support for Yemen. The Kingdom gave the Central Bank of Yemen $1 billion in 2012 and $2 billion in 2018 to cover the import of basic food commodities. 

From 2001 to 2022, Saudi Arabia has led the list of donor countries to Yemen, providing 30 percent of total support.

 


Royal order approves bylaws of King Salman Non-Profit Foundation

Saudi Arabia’s King Salman. (File/SPA)
Updated 19 September 2024
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Royal order approves bylaws of King Salman Non-Profit Foundation

  • The foundation is an extension of the charitable and humanitarian works of the king, SPA said

RIYADH: Saudi Arabia’s king issued a royal order approving the bylaws of the King Salman Non-Profit Foundation, Saudi Press Agency reported on Thursday.

The foundation is an extension of the charitable and humanitarian works of the king, SPA said.

“Investing in people and developing their culture and pride in their identity is a permanent approach that we will always continue,” King Salman wrote on X.

“Because we seek to confront human challenges and sustain the prosperity of societies, we are launching the King Salman Non-Profit Foundation, and we look forward to making a lasting impact on individuals and society,” he added.


KSrelief delivers food aid to Yemen, Sudan 

Updated 19 September 2024
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KSrelief delivers food aid to Yemen, Sudan 

  • The deliveries are part of the 2024 food aid project for affected populations in Yemen and Sudan

RIYADH: Saudi aid agency KSrelief delivered almost 1,400 food aid parcels to thousands of people in Yemen’s Taiz Governorate and Sudan’s Red Sea State, state news agency SPA reported on Thursday.

In the Mawasit District of Taiz, 381 food parcels were delivered, benefiting 2,667 people from 381 of the neediest families affected by flooding.

Sudan’s Red Sea State received 1,000 food parcels for 5,791 people.

The deliveries are part of the 2024 food aid project for affected populations in Yemen and Sudan.

Meanwhile, KSrelief delivered 3,104 cartons of dates to the needy, orphans and people with special needs living in Wadi Al-Ain and Hawra in Yemen’s Hadramout Governorate.


Saudi minister visits Kuwait to pass on Saudi leaders’ condolences after royal’s death

Updated 18 September 2024
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Saudi minister visits Kuwait to pass on Saudi leaders’ condolences after royal’s death

  • Prince Abdulaziz bin Saud conveyed the messages of sympathy to Kuwait’s emir and the country’s prime minister

KUWAIT: Saudi Arabia’s interior minister, Prince Abdulaziz bin Saud visited Kuwait on Wednesday to convey to the country’s emir, Sheikh Meshal Al-Ahmad Al-Sabah, the condolences of King Salman and Crown Prince Mohammed bin Salman following the death last week of Sheikh Bader Nasser Al-Hamoud Al-Jaber Al-Sabah.
Prince Abdulaziz also offered the Saudi leaders’ condolences to Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, the Saudi Press Agency reported.
The officials who welcomed the minister included Kuwait’s deputy prime minister, the minister of defense and the minister of interior.
Sheikh Bader, a member of the Kuwaiti royal family, died on Sept. 10 at the age of 70.


Saudi Arabia and Italy share vision for future

Updated 19 September 2024
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Saudi Arabia and Italy share vision for future

  • Lombardy president highlights similarities between Saudi Arabia and Italy
  • Culture sector offers ‘highway of collaboration’ for countries, says Italian ambassador

RIYADH: Italy and Saudi Arabia share similar visions for the future, according to the president of the Lombardy region.

Attilio Fontana and his delegation expressed confidence in the potential for stronger cooperation during their visit to Saudi Arabia on Tuesday.

They aimed to explore new opportunities with Saudi officials and engage with Italian companies at the Interior Design and Furniture Exhibition in Riyadh on Tuesday.

“I believe that between Italy and Saudi Arabia, it’s possible to work very heavily together. And I think that we can engage,” Fontana told Arab News.

“The important thing … in Italy and in Saudi Arabia, is a view of the future, a vision of the future that is very similar. So, on this object, we can work together.”

Highlighting the significance of Italian participation at the exhibition in Riyadh, Fontana said: “You know, I believe that it’s very important for our entrepreneurs to know this merchant (Saudi Arabia) and to have the possibility to come here and to export because your country is very similar to our region.”

Ambassador of Italy to Saudi Arabia Carlo Baldocci also attended the exhibition.

“Italy is the second (largest) number of exposures in the firm, which means that there is a huge potentiality for stronger collaboration,” he said. “It looks very interesting and very promising; a lot of new companies are coming from Italy.”

“A big group of companies was also present last year in the past editions and the fact that Italians are increasing their numbers means it is very significant to us,” the ambassador said.

Baldocci underlined the importance of Fontana’s visit to Riyadh for Saudi-Italian cooperation: “It is very important; Lombardia is a model, a significant model also for Italy and Europe.

“We can establish strong collaboration in many fields, bilateral on both sides, so there would be advantages for the Italian side and Saudi side; it’s a win-win situation.”

Asked about sectors for growing partnerships between Saudi Arabia and Italy, he said: “I see many areas of technology, from high technology to fashion, design, automotive.

“On the cultural field, there is a highway of collaboration between Lombardia in Italy and Saudi Arabia, and in many other sectors too,” he said.

The president of Lombardia and the ambassador of Italy toured the exhibition areas and met Italian company representatives during the exhibition.

Among the more than 78 Italian companies present at the exhibition were Chairs and More, AMG, ArcaHorn, MIDJ, Vigano, Zanetto, and many others.

Discussing the many Italian companies showcased at the exhibition, Romano Baruzzi, director of the Riyadh office of the Italian Trade Agency, said: “All of the sectors are represented.”

Baruzzi said that while many Italian companies were already active in the Saudi market and had established local partnerships, several were still seeking to explore new avenues for growth in their collaborations.

“It’s a good opportunity if you consider that this is the fourth edition in terms of growth and the presence of companies; it’s a very big number,” he said.

Baruzzi said that some of the feedback he had received from Italian companies indicated that they were aware of the continuing expansion of Riyadh.

“I think we can offer very good opportunities for the Italian companies here,” he said.

Fontana, along with his delegation, will hold multiple sideline meetings with Saudi officials in culture, fashion, technology and innovation during the visit to the Kingdom.

The INDEX exhibition, focusing on interior design, takes place from Sept. 17-19 at the Riyadh Front Exhibition Center, welcoming local and international participants to showcase the latest innovations in design.


Saudi Development and Reconstruction Program for Yemen rehabilitates 650 homes in Aden

Updated 18 September 2024
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Saudi Development and Reconstruction Program for Yemen rehabilitates 650 homes in Aden

  • “Decent Housing” project contributes to building the capacity of workers in the housing, construction and building sectors
  • The first of its kind in the housing sector in Yemen, the project aims to provide suitable living conditions for families

RIYADH: The Saudi Development and Reconstruction Program for Yemen’s “Decent Housing” project has benefited nearly 900 families by rehabilitating 650 housing units in Aden’s Al-Mualla and Khor Maksar districts.
A tripartite partnership between SDRPY, Alwaleed Philanthropies and the UN Human Settlements Program (UN-Habitat), the project has also contributed to building the capacity of workers in the housing, construction and building sectors, the Saudi Press Agency reported on Wednesday.
A ceremony was held at SDRPY’s Riyadh-based headquarters to celebrate the conclusion of the project, which aims to improve the living conditions of families in Yemen’s Aden governorate.
Alwaleed Philanthropies’ Secretary-General Princess Lamia bint Majed Al-Saud, Supervisor-General of the Program Mohammed bin Saeed Al-Jaber, and Minister of Public Works and Roads Salem Al-Abboudi attended the celebration.
Minister of Planning and International Cooperation Dr. Waed Badhib, UN-Habitat’s Chief of Staff Dr. Irfaan Ali, and Regional Representative Rania Headeya participated via video link.
The Decent Housing project, the first of its kind in the housing sector in Yemen, aims to provide suitable living conditions for Yemeni families. It also offers thousands of job opportunities and hundreds of training opportunities, deepening the impact of such projects that contribute to sustainable development.
SDRPY has implemented development projects and initiatives in essential and vital sectors, including education, health, water, energy, transportation, agriculture and fisheries, and the development and support of the Yemeni government’s capabilities, across 14 Yemeni governorates.