DAVOS, Switzerland: Saudi Arabia's finance minister said on Wednesday the kingdom is changing the way it provides assistance to allies, shifting from previously giving direct grants and deposits unconditionally.
The kingdom, the world's top oil exporter and an Arab powerhouse, was encouraging countries in the region to enact economic reforms, Mohammed al-Jadaan said at the World Economic Forum in Davos.
"We used to give direct grants and deposits without strings attached and we are changing that. We are working with multilateral institutions to actually say we need to see reforms," the minister said.
"We are taxing our people, we are expecting also others to do the same, to do their efforts. We want to help but we want you also to do your part."
Saudi Arabia and other Gulf Arab states like the United Arab Emirates and Qatar have increasingly moved towards investing rather than extending direct financial aid.
Earlier this month, Saudi state media reported the kingdom could boost its investments in cash-strapped Pakistan to $10 billion, from $1 billion announced in August, as well as increase the ceiling on deposits into the Pakistan central bank to $5 billion.
In June, Saudi Arabia signed deals worth $7.7 billion with Egypt, including to build a $1.5 billion power plant, and said it intended to lead investments worth $30 billion, helping a long-standing ally that faces a weakening currency and shortage of foreign currency.
The kingdom also set up companies in Egypt, Jordan, Bahrain, Sudan, Iraq and Oman to seek up to $24 billion in investments there.
Jadaan added that Riyadh had early on seen global inflation coming and acted accordingly, helping to keep inflation in the kingdom at an average of about 2.6%.
"The likelihood of next year is that inflation will not be as high," he said.
Asked about Saudi ties with major trade partner China, Jadaan said Riyadh was taking a "wider approach" in which relations with both Beijing and Washington were important as well as building ties with other countries.
"We are looking to enhance our relationship with Europe. We are actually advancing our relationship with Latin America, with Asia," he said.
Saudi finance minister says kingdom changing no-strings aid
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Saudi finance minister says kingdom changing no-strings aid
- Kingdom encouraging countries in the region to enact economic reforms, Mohammed al-Jadaan said at WEF in Davos
- Earlier this month, Saudi state media reported kingdom could boost its investments in cash-strapped Pakistan to $10 billion
Archaeologists find ancient urban development in Baha
- Excavations reveal advanced architecture, artifacts from more than 1,000 years ago
RIYADH: Saudi Arabia’s Heritage Commission has completed the third season of the archaeological excavation project at the Al-Ma’mala site in the Baha region, continuing efforts to document the Kingdom’s heritage.
The excavations uncovered evidence of urban development more than a millennium old, shedding light on the historical aspects of archaeological sites in the Kingdom.
Excavators found granite stone walls, some with mud bricks and gypsum plaster, reflecting advanced building techniques, the Saudi Press Agency reported on Tuesday.
The walls, standing 50-120 cm high and 50-80 cm wide, demonstrate the era’s architectural skill.
The dig revealed two well-preserved residential complexes. The first has three rooms, four storage areas, five basins and two hearths. The second features three rooms, two storage spaces, four basins, a hearth, a clay oven and two supporting pillars.
These structures highlight the community’s efficient spatial organization and versatile building design, the SPA added.
The excavation uncovered 230 pottery pieces, both glazed and unglazed, featuring distinctive geometric patterns.
The team also found 48 stone artifacts, 26 colored glass pieces in green and gray, 35 metal implements and 17 stone tools, including pestles, grinders and millstone fragments used in crushing raw materials.
These findings suggest a thriving commercial and industrial center, the SPA reported.
Al-Ma’malah’s strategic location, 13 km east of Al-Aqiq and 45 km from Baha, was key to its historical significance. The site lies near the ancient Darb Al-Feel (Elephant Road) trade route, which connected southern Arabia to northern regions in pre-Islamic times, making it economically important.
This route later became a major pilgrimage path during the Islamic era, leading to the growth of villages and cities along its path.
The Heritage Commission continues to conduct extensive surveys and excavations across Saudi Arabia using advanced survey techniques and field methods. These efforts aim to document and preserve the Kingdom’s history while raising public awareness of its cultural heritage.
Riyadh’s royal institute launches craft initiative
RIYADH: The Royal Institute of Traditional Arts will launch the Wrth Community initiative on Saturday, marking the beginning of its year-long celebration of the “Year of Handicrafts” in 2025.
The initiative will feature a series of meetings, dialogues with leading figures in the field and educational workshops, all held at the institute’s headquarters in Riyadh, the Saudi Press Agency reported.
It seeks to revitalize and modernize traditional handicrafts by incorporating contemporary design and technologies, foster collaboration among institutions and the local community, and highlight the crucial role of traditional arts in preserving cultural identity.
The initiative will also help individuals to use these arts in innovative ways through specialized training, the SPA added.
It covers a diverse range of areas — education, handicrafts and entrepreneurship — and features dialogue sessions, providing a platform for skill development, experience exchange and fostering creativity and innovation.
KSrelief steps up aid projects in Yemen, Gaza
RIYADH: KSrelief has signed an agreement with a civil society organization to implement the water and sanitation project in Yemen’s Hajjah governorate, benefiting 30,422 people with $1.1 million in funding.
The project includes drilling and rehabilitating solar-powered wells, installing pumping networks, building and restoring tanks, and setting up water desalination plants.
The project will also facilitate the transportation and distribution of water by trucks, the Saudi Press Agency reported.
Ahmed Al-Baiz, assistant supervisor general of operations and programs at KSrelief, signed the deal in Riyadh.
Meanwhile, Saudi aid convoys carrying 4,494 shelter kits arrived in northern Gaza to support residents and displaced families, the SPA reported.
The kits include blankets, mattresses, cooking utensils and water containers to help families cope with the harsh conditions.
The Saudi Center for Culture and Heritage, KSrelief’s executive partner in Gaza, will begin immediate distribution to alleviate suffering amid severe cold and the ongoing siege.
Saudi defense minister meets UAE leader in Abu Dhabi
DUBAI: Saudi defense minister Prince Khalid bin Salman Al-Saud has met on Tuesday UAE President Sheikh Mohamed bin Zayed in Abu Dhabi.
The Saudi minister wrote on his personal account on X, “I had the honor to convey the greetings of our leadership, and we reviewed the fraternal relations between our two brotherly countries, and discussed regional and international developments as well as issues of common interest.”
Museums Commission appeals for applicants in virtual reality competition
- Invitation to place spotlight on Kingdom’s cultural heritage
RIYADH: The Kingdom’s Museums Commission has appealed for applicants for its virtual reality competition, an innovative initiative aimed at enhancing education and promoting technological advancement in the sector, the Saudi Press Agency reported.
The competition, which opened on Dec. 6, invites young people to create immersive and interactive educational experiences that utilize virtual reality to spotlight Saudi Arabia’s cultural heritage and help transform the role of museums in society, the SPA added.
The competition targets a diverse range of participants, including students and graduates specializing in information technology, computer science, digital design, and fine arts.
Developers and programmers with an interest in virtual reality, as well as artists and designers keen to blend technology with art, have also been encouraged to apply.
The initiative also welcomes culture enthusiasts with a technological background who want to explore VR applications in museums, as well as storytellers with a passion for narrating the history and civilization of their cities or regions.
Successful participants will undergo a four-month training program designed to develop their skills in virtual reality design and programming.
The competition will unfold in four stages: the selection of trainees, VR training and development, the creation of interactive educational experiences, and the evaluation and judging of entries.
Winners will be celebrated through regional ceremonies held across the Kingdom.
The Museums Commission said its ambition was to inspire future generations and foster a deeper appreciation for cultural heritage through the initiative. By integrating cutting-edge technology and storytelling, the competition aims to reimagine museums as dynamic platforms for learning and engagement, it added.
Registration for the competition can be made on the official Museums Commission website and its social media channels.
