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
https://arab.news/nrare
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
Health campaign promotes quality care in Saudi Arabia
RIYADH: The Ministry of Health has launched a campaign to promote health by enhancing access to and the quality and efficiency of health services and raising awareness of health risks, the Saudi Press Agency reported Monday.
The campaign “A Vibrant, Healthy Nation” introduces a modern healthcare model, offering integrated, individual-centered services aligned with Vision 2030’s goal of fostering a healthy society.
The ministry is committed to “enhancing public health, improving quality of life, and raising the Kingdom’s global healthcare standing.”
The campaign highlights the health transformation initiative’s positive impacts and informs citizens about its main features, aiming to engage all segments of society, SPA reported.
It emphasizes a shift from treating illness to prevention, involving primary care doctors and early detection programs.
Saudi environment ministry launches program to develop green tech
- Scheme seeks new ways to repurpose wastewater, looks at impact of microplastics
RIYADH: The Ministry of Environment, Water and Agriculture has opened applications for a new program to find ways to develop sustainable technologies in Saudi Arabia.
The Sustainable Innovation Fellowship Program aims to find ways to repurpose by-products from water treatment for the benefit of the environment; develop sustainable technologies for recycling membranes used in water treatment; and explore methods to reuse treated wastewater in desert and arid regions.
Supported by the Environment Fund and the Research, Development and Innovation Authority, the fellowship program will also assess the environmental impact of microplastics in water treatment plants, sewage, and wastewater.
In line with Saudi Vision 2030, the Ministry of Environment, Water and Agriculture is also introducing new e-services in accordance with international standards.
Industry meets creativity at Athar festival in Riyadh
- With workshops, discussions, and awards, the festival aims to drive growth in Saudi Arabia’s creative sectors
The second Athar Saudi Festival of Creativity will take place in Riyadh from Nov. 5 to 6.
Hosted by UAE-based Motivate Media Group and communications consultancy TRACCS, the festival will gather over 1,500 professionals and leaders from the creative marketing industry, featuring 100 regional and international speakers.
Ian Fairservice, managing partner and group editor in chief of Motivate Media Group, will chair the event, alongside Vice Chairman Mohammed Al-Ayed, CEO of TRACCS.
Pre-festival activities began on Nov. 3 with the Young Talent Academies, including the Student Creative Academy (in partnership with the Middle East Communications Network), the Student Marketers Academy, the NextGen Creative Academy, and the NextGen Marketers Academy.
These academies, featuring keynote sessions from industry experts, workshops, and a 24-hour hackathon, are open to full-time university students aged 18 to 25 and professionals under 30 in creative communications, marketing, or advertising.
The festival will continue on Tuesday and Wednesday with panel discussions, presentations, and fireside chats focused on redefining and growing the creative landscape in Saudi Arabia, the Middle East, and beyond, covering various sectors such as sports, entertainment, and tourism.
The event will conclude with the Athar Awards ceremony on the evening of Nov. 6.
Notable speakers include Sir Martin Sorrell, founder and executive chairman of S4 Capital PLC; Matt McKie, director of marketing for Manchester United; Waseem Kashan, executive director of marketing at ROSHN Group; Yahya Hamidaddin, vice president of corporate communications at ACWA Power; and Houda Tohme, CEO of Havas Media Middle East.
Sessions and keynotes will explore themes such as purpose-driven marketing, brand growth strategies, artificial intelligence, technology, cross-sector innovation, and unlocking creative potential.
Saudi Arabia and Iraq sign MoU on military cooperation
- Two defense ministers reviewed longstanding relations between their countries, focusing on ways to enhance defense ties
RIYADH: Saudi Defense Minister Prince Khalid bin Salman and his Iraqi counterpart Thabet Al-Abbasi signed a memorandum of understanding on Monday aimed at strengthening cooperation in the military field.
The agreement, signed during a high-level meeting in Riyadh, represents a significant step forward in defense collaboration between the Kingdom and Iraq, Saudi Press Agency reported.
During their discussions, the two ministers reviewed the longstanding relations between their countries, focusing on ways to enhance defense ties.
They emphasized the importance of continued cooperation to foster regional security and stability, particularly amid ongoing regional tensions.
Both ministers discussed recent developments and shared efforts aimed at de-escalating conflicts, prioritizing actions that support peace and security in the region.
The MoU establishes a framework for increased collaboration on military matters, allowing Saudi Arabia and Iraq to address shared security challenges more effectively and pursue mutual goals in defense, SPA added.
Saudi Islamic affairs minister receives Chinese envoy
Saudi Minister of Islamic Affairs, Dawah and Guidance Dr. Abdullatif Al-Asheikh received Chinese Ambassador to the Kingdom Chang Hua in Riyadh on Monday.
During the meeting, they exchanged cordial talks and discussed issues of common interest, particularly those related to Islamic work and promoting moderation and peaceful coexistence, the Saudi Press Agency reported.
Riyadh Gov. Prince Faisal bin Bandar received Ambassador of Iran to the Kingdom Alireza Enayati in Riyadh on Monday. They discussed bilateral relations and other topics of common interest.
