Saudi Arabia grants Yemen $1.2bn in economic aid

Boys riding donkeys queue to fill their containers amidst a shortage of water and soaring temperatures in Yemen on July 31, 2023. (AFP)
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Updated 02 August 2023
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Saudi Arabia grants Yemen $1.2bn in economic aid

  • Support stems from the strong ties between Kingdom and Yemen, comes in response to request from Yemeni government to help it address its budget deficit

Saudi authorities on Tuesday announced a $1.2 billion package of aid for Yemen’s internationally recognized government.

It will help boost the country’s struggling economy, pay salaries and improve food security, and reflects the Kingdom’s desire to help achieve security, stability and development in Yemen, the Saudi Press Agency reported.
The economic assistance was provided in response to a request by the Yemeni government for help to address its budget deficit, it added.
Mohammed Al-Jaber, the Saudi ambassador to Yemen, and Salem bin Breik, the Yemeni finance minister attended a signing ceremony for the aid package in Riyadh.
“The aid will contribute to supporting the Yemeni government in covering salaries, wages and operating expenses,” the Yemeni minister said.
“The support will also have a significant impact on ensuring food security in Yemen, and highlights the Kingdom’s permanent support for Yemen.
“The new economic support is an extension of a long series of developmental and economic support provided by the Kingdom for decades, and an important response to addressing the Yemeni government’s budget deficit.”
During the period from 2012 to 2022, Saudi Arabia deposited $4 billion in Yemen’s central bank to help improve the daily lives of the people of Yemen, according to the SPA.
The integrated support from the Kingdom has helped improve the financial and economic situation in the country, it added, mainly through the effect it has had on the exchange rate of the Yemeni riyal, which has helped to improve the lives of Yemeni citizens by stabilizing food prices, improving purchasing power, reducing inflation and increasing expenditure rates.
The Kingdom has played an important role in stimulating economic growth in Yemen by providing grants for fuel derivatives, with the aim of ensuring electricity is provided in all of Yemen’s governorates.
In 2021 and 2022, the total amount of oil derivatives provided was about 1,260,850 tons, with a value of $422 million, which helped ensure more than 70 power stations could continue operating.
Through the Saudi Development and Reconstruction Project for Yemen, the Kingdom has implemented 229 development projects and initiatives in 14 governorates since 2018, covering seven sectors: education, health, energy, transport, water, agriculture, fisheries and government institutions. In addition it has launched projects to improve infrastructure, essential services and the creation of jobs.


Matcha lovers, anime fans flock to Japan Festival in Riyadh

Updated 5 sec ago
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Matcha lovers, anime fans flock to Japan Festival in Riyadh

  • Festival celebrates Japanese technology and products
  • Major car brands demonstrate new models

RIYADH: Thousands of people flocked to the Japan Festival held recently in Riyadh, which attracted businesspeople, matcha tea lovers, anime fans, and car enthusiasts alike.

Organized jointly by the Embassy of Japan, the Japan External Trade Organization, and the Japanese Society in Riyadh, the festival was held at the Saudi capital’s Cultural Palace and hosted around 8,000 visitors over two days.

A JETRO spokesperson told Arab News that more than a few Japanese have been keeping a close eye on Saudi Arabia’s future potential.

“For Japan, Saudi Arabia has been one of the most important trade partners due to two reasons. One is that Saudi Arabia has been the biggest exporter of crude oil to Japan and the other (is that) Saudi Arabia highly evaluates Japanese technologies, in particular transportation equipment,” the spokesperson said.

On Japan-Saudi exports, the JETRO spokesperson noted that Japanese exports to Saudi Arabia totaled $6.36 billion in 2023, up 25.2 percent from the previous year.

Of that total, transportation equipment accounted for 70.2 percent of total exports. Automobiles grew 31.3 percent to $4.25 billion, with passenger cars and buses/trucks growing 32.8 percent and 24.2 percent respectively.

Imports declined $34.78 billion, down 19.2 percent from the previous year. Crude oil and crude oil imports, which account for 95.7 percent of total imports, declined 17.9 percent to $33.3 billion due to lower crude oil prices and production cuts. In 2023, oil imports from Saudi Arabia accounted for 40.4 percent of Japan’s total.

Major car brands like Mitsubishi and Toyota were on display at the event, as well as several technology, beauty, art and recreational brands.

Trading house Itochu, and Kumon, the children’s educational network, were some of the big name brands participating in the event.

Stage performances showcased a number of Japanese cultural offerings including a drum performance by the students of the Japanese School in Riyadh, a martial arts demonstration, a tea ceremony, umbrella juggling, live painting, and performances of popular traditional and anime songs.

Guests were able to learn about Japanese tourism, play with traditional toys, learn origami, and try on a Japanese kimono or yukata.

Visitors were also educated on Japanese tourism, and enjoyed traditional Japanese toys, calligraphy and craft workshops.

In the booth area, Japanese industrial products with cutting-edge technology and Japanese cars from major brands were displayed.


Camel organization welcomes Saudi HQ approval

Updated 3 min 45 sec ago
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Camel organization welcomes Saudi HQ approval

RIYADH: The International Camel Organization welcomed the Saudi Cabinet’s decision to approve a headquarters agreement between the Kingdom’s government and the organization.

The decision reflects Saudi Arabia’s ongoing support for the camel sector and its efforts to elevate its role internationally, the Saudi Press Agency reported.

Fahd bin Falah bin Hathleen, chairman of the camel organization, expressed his gratitude for the Cabinet’s decision.

He said: “The organization has worked over the years to develop strategies and policies to promote the global camel economy. These efforts aim to advance rural and desert communities, preserve heritage and culture, foster scientific research, and encourage camel-related sports that attract global interest.

“Additionally, we have organized international events, expanded partnerships with global organizations, and prioritized camel welfare, health, and regulations governing their movement.”

Bin Hathleen said that the Saudi Cabinet’s decision underscores the government’s commitment, under King Salman’s leadership, to strengthening the organization’s role and enhancing international cooperation in the camel sector.

He noted that the decision aligns with Saudi Vision 2030, which aims to foster sustainable development, support key sectors, and boost international collaboration to benefit camel breeders and owners locally, regionally, and globally.

This achievement also supports the Year of the Camel and the International Year of the Camelids 2024 initiatives, which are designed to highlight the untapped potential of the animals, SPA reported.

These initiatives advocate for increased investment, further research, capacity-building, and the adoption of innovative practices and technologies in the camel sector.


3rd Global Conference for Giftedness and Creativity underway in Riyadh

Updated 25 November 2024
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3rd Global Conference for Giftedness and Creativity underway in Riyadh

  • More than 300 talented individuals and local and international speakers from over 50 countries were attending the three-day conference

RIYADH: The third edition of the Global Conference for Giftedness and Creativity opened in Riyadh on Sunday, bringing together a select group of experts and talented individuals in science, technology, and innovation.

More than 300 talented individuals and local and international speakers from over 50 countries were attending the three-day conference, which was inaugurated by Prince Faisal bin Bandar bin Abdulaziz, governor of Riyadh region, the Saudi Press Agency reported.

Organized by the King Abdulaziz and His Companions Foundation for Giftedness and Creativity, also known as "Mawhiba," the conference is being held at the King Abdullah Petroleum Studies and Research Center (KAPSARC) until Tuesday.

Themed "Beyond Creative Minds," the conference aims to showcase the potential of the gifted, develop a comprehensive care system to support them, bolster integration and strategic partnerships, and enhance opportunities for global exchange and cooperation.

An exhibition and various cultural visits are being held on the conference sidelines, the SPA report said.

According to the Mawhiba site, the conference reflects the success achieved in the two previous editions, and "provides an opportunity for partners to contribute to sponsoring the journey of talented people from different countries of the world."

 

 


Saudi-European talks to strengthen cooperation in environmental fields

Updated 25 November 2024
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Saudi-European talks to strengthen cooperation in environmental fields

  • Saudi minister, EU security and political officials discuss reinforcing existing work on coping with climate change

RIYADH: Saudi Minister of State for Foreign Affairs Adel Al-Jubeir met with European officials on Sunday in Riyadh, Saudi Press Agency reported.

Al-Jubeir, who is also the Saudi climate envoy, held talks with Delphine Pronk, chair of the EU Political and Security Committee, and Luigi Di Maio, EU special representative for the Gulf region.

They discussed issues surrounding climate change and environmental cooperation between Saudi Arabia and the EU, as well as ways in which existing cooperation on tackling climate change could be strengthened. They also talked about the recent development in foreign policy in Europe and the Middle East.

Saudi Arabia maintains a strong dialogue with the EU, with both parties sharing views on several foreign policy issues, including the Saudi-led Arab Peace Initiative for the Middle East.

The EU and Saudi Arabia are also linked through trade relations, with the EU becoming the Kingdom’s second main trading partner after the volume of trade exchange between Riyadh and Brussels peaked at $80 billion in 2023.


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.