Who’s Who: Feras Nasrallah, director-general at Saudi Export-Import Bank

Feras Nasrallah
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Updated 01 June 2024
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Who’s Who: Feras Nasrallah, director-general at Saudi Export-Import Bank

Feras Nasrallah is director-general of business enablement and studies at Saudi Export-Import Bank.

He began his tenure at Saudi Exim in January 2021 as a member of the founding team, contributing to the bank’s establishment and operational setup.

As a senior executive adviser, he played a crucial part in forming strategic partnerships, developing governance frameworks, and launching financial products and services that aligned with market demands and the bank’s strategic goals.

In his current role, Nasrallah leads several functions, including business development, enhancing Saudi Exim’s global presence by managing client relationships, and sourcing new leads with local and international financial institutions, as well as domestic and foreign business entities.

He is also involved in financial restructuring to provide solutions for clients facing financial challenges, economic advisory and market research, and other non-financial services.

Nasrallah is a seasoned financial executive with 13 years of experience spanning project finance, trade finance, and international trade.

His understanding of export-import dynamics and strategic financial management has positioned him as a valuable contributor to advancing economic development and fostering international collaborations.

Nasrallah’s career began at Saudi Industrial Development Fund as an assistant credit analyst. He then moved on to the role of team leader, managing a range of credit portfolios, conducting in-depth loan evaluations, and recommending strategic credit decisions.

As head of the specialized lending division, he leveraged the Saudi fund’s track record and expertise to support credit initiatives for programs related to Saudi Vision 2030.

Nasrallah has extensive experience in project and trade finance, managing credit for SME clients and large-scale infrastructure projects.

He holds a bachelor’s degree in business administration with a focus on finance from Marquette University in the US. He has also completed professional training programs in credit analysis, leadership, and strategic management at institutions such as the London Business School and J.P. Morgan Chase.


EU delegation reviews Saudi efforts to combat extremism

Updated 10 sec ago
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EU delegation reviews Saudi efforts to combat extremism

  • Global Center for Combating Extremist Ideology’s secretary-general, Mansour Al-Shammari, received the delegation and addressed several topics of mutual interest in combating extremism
  • EU members were briefed on the center’s strategy and its efforts to combat extremist ideology as well as mitigate its impact and messages

RIYADH: Members of the EU’s Political and Security Committee, including its chair, Delphine Pronk, paid an official visit to the Global Center for Combating Extremist Ideology in Riyadh.

The center’s secretary-general, Mansour Al-Shammari, received the delegation and addressed several topics of mutual interest in combating extremism.

The EU members were briefed on the center’s strategy and its efforts to combat extremist ideology as well as mitigate its impact and messages, the Saudi Press Agency reported on Tuesday.

They also learned about the community initiatives and international partnerships that promote the principles of tolerance and a culture of moderation.

The meeting was attended by EU Special Representative for the Gulf Luigi Di Maio, European External Action Service Managing Director for the Middle East and North Africa Helene Le Gal, EU Ambassador to Saudi Arabia Christophe Farnaud and Saudi Ambassador to the EU Haifa Al-Jedea.

Earlier, the EU delegation visited the Gulf Cooperation Council’s headquarters in Riyadh and met Secretary-General Jasem Al-Budaiwi to discuss mutual interests and joint efforts to address global challenges.

Topics included regional issues such as Israel, Gaza, Lebanon, Gulf security, Iran, maritime security in the Red Sea, Iraq, Sudan, the Horn of Africa and Russia’s aggression against Ukraine.

The delegation also met Saudi Minister of State for Foreign Affairs and Climate Envoy Adel Al-Jubeir to discuss climate change, environmental cooperation and strengthening joint efforts in these areas. They also reviewed recent foreign policy developments in Europe and the Middle East.


Riyadh exhibition explores palm’s role in ancient cultures

Updated 26 November 2024
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Riyadh exhibition explores palm’s role in ancient cultures

  • Experts discuss challenges and innovations in date farming

RIYADH: The “Palm Tree in Civilizations” pavilion at the International Dates Conference and Exhibition in Riyadh, running until Nov. 28, highlights the historical significance of the palm tree across ancient cultures.

The pavilion explores how date palms supported food and economic sustainability, offering a historical journey through the ages.

It also showcases the palm’s importance in ancient Egypt through carvings and murals depicting its role in daily life and religious rituals, as well as in agriculture, construction, and fertility practices.

Organized by the National Center for Palm and Dates under the theme “World of Dates,” the exhibit also highlights the palm’s significance in Mesopotamia and the Levant, featuring ancient texts like the Code of Hammurabi, which protected palm cultivation, along with carvings illustrating their role in trade and society.

The 'Palm Tree in the Civilization of the Nile Valley' section garnered the attention of many visitors. (Supplied)

Artifacts from the Dilmun civilization highlighted the reliance of ancient Arab societies on palms for agriculture and trade.

The pavilion also showcases the palm’s symbolic role in the Levant, particularly among the Canaanites and Arameans, with depictions from historical sites like Palmyra emphasizing its importance in religious and artistic traditions.

Saad Alnajim, vice president of the Antiquities and Heritage Association in the Eastern Province, said: “Beyond providing food, medicine, and shade, the palm symbolizes belonging and pride, reflected in its place on Saudi Arabia’s national emblem.”

Saad Alnajim, vice president of the Antiquities and Heritage Association in the Eastern Province.

Abdulaziz Al-Tuwaijri, chairman of the National Committee for Environment, Water and Agriculture, said that dates are central to the Saudi economy, with Vision 2030 aiming to make the Kingdom the world’s largest date exporter.

He added: “Today, the Kingdom is the largest producer and exporter of dates, thanks to the clear vision of the crown prince, whose efforts we are now benefiting from.”

According to the UN Comtrade database, Saudi Arabia exported dates worth over SR1.4 billion ($373 million) to 119 countries by the end of 2023.

The Saudi General Authority for Statistics reported production exceeding 1.9 million tonnes, reflecting a 152.5 percent increase in export value since 2016, solidifying the Kingdom’s position as the world’s largest date exporter.

Meanwhile, a panel of global climate and agriculture experts discussed the impact of climate change on date palm cultivation.

The session focused on challenges such as delayed fruit maturation, reduced yields, pests, and pollution, and explored innovative solutions to address these issues. The panel emphasized the need for international cooperation and sustainable farming practices.

Abdulaziz Al-Tuwaijri, chairman of the National Committee for Environment, Water, and Agriculture.

The discussion highlighted global best practices, including improved irrigation and smart agricultural techniques, as well as the importance of farmer education and technical support.

Recommendations included enhancing international collaboration, supporting research on climate-resistant varieties, and promoting awareness for sustainable date palm cultivation.

The exhibition offers a variety of entertainment activities, including folklore shows, regional poetry, and cooking competitions.

It also features a museum that takes visitors on a journey through the history of palm trees and dates over the past 1,000 years.

Additionally, a live cooking area brings together local and international chefs to prepare a variety of date-based dishes.


Saudi Arabia’s NEOM gigaproject a ‘generational investment,’ minister says

Updated 26 November 2024
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Saudi Arabia’s NEOM gigaproject a ‘generational investment,’ minister says

  • The world’s top oil exporter has poured hundreds of billions of dollars into development projects through the kingdom’s $925 billion sovereign fund

RIYADH: Saudi Arabia’s NEOM gigaproject, a futuristic region being built in the desert, is a “generational investment” with a long timeline, the country’s investment minister told Reuters on Monday, adding that foreign investment will pick up pace.
“NEOM was not meant to be a two-year investable opportunity. If anybody expected NEOM to be foreign investment in two, three or five years, then they have gotten (it) wrong — it’s a generational investment,” Minister Khalid Al-Falih said on the sidelines of the World Investment Conference in Riyadh.
“The flywheel is starting and it will gain speed as we go forward, as some of the foundational assets come to the market,” he said.
The world’s top oil exporter has poured hundreds of billions of dollars into development projects through the kingdom’s $925 billion sovereign fund, the Public Investment Fund (PIF), as it undergoes an economic agenda dubbed Vision 2030 to cut dependence on fossil fuels.
NEOM, a Red Sea urban and industrial development nearly the size of Belgium that is meant to eventually house 9 million people, is central to Vision 2030. Saudi Arabia has scaled back some lofty ambitions to prioritize completing elements essential to hosting global sporting events over the next decade as rising costs weigh, sources told Reuters earlier this month. NEOM announced this month its long-time chief executive, Nadhmi Al-Nasr, had stepped down, without giving further details.
Asked what effect the departure would have on investors, the minister said the executive had done “a respectable job” but that “there is a time for everybody to pass on the baton.”
Asked if PIF will continue to do much of the spending on NEOM until more foreign funds come in, Al-Falih said it was not binary.
“I think foreign investors are starting to come to NEOM, they’re starting to channel capital. Some of the projects that the PIF will be doing will be financed through global capital pools, through some alternative and private capital. That’s taking place as we speak,” he said.
“So I urge you not to look at NEOM as being 100 percent PIF and then suddenly there will be a cliff and it will go private.”
Saudi Arabia, which is racing to attract $100 billion in annual foreign direct investment by the turn of the decade — reaching about a quarter of that in 2023 — has recently seen more co-investment deals between state entities and foreign investors.
“It’s always been the intent,” Al-Falih said of foreign inflows alongside state funds.
He noted that foreign investors were at times “still looking, still examining, still sometimes questioning,” but that now there was confidence in the profitability of investment opportunities and that “the risk-return trade-offs are very, very fair and positive to them.”


Saudi crown prince extends condolences to Kuwaiti counterpart on death of Sheikh Mohammed Abdulaziz Al-Jarrah Al-Sabah

Updated 26 November 2024
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Saudi crown prince extends condolences to Kuwaiti counterpart on death of Sheikh Mohammed Abdulaziz Al-Jarrah Al-Sabah

RIYADH: Saudi Crown Prince Mohammed bin Salman sent a cable of condolences to Kuwaiti Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah on the passing of Sheikh Mohammed Abdulaziz Hamoud Al-Jarrah Al-Sabah.
In the cable, the crown prince extended his deepest sympathy to Sheikh Sabah and the family of the deceased.


Saudi tech diplomat meets Iraqi PM to discuss digital cooperation

Updated 25 November 2024
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Saudi tech diplomat meets Iraqi PM to discuss digital cooperation

  • Deemah Al-Yahya, head of the multilateral Digital Cooperation Organization, commended Iraq’s investment in human capital as driver for growth and expansion of digital economy
  • Iraq has been working in recent years to develop a strategy for digital transformation to help support the private and public sectors and grow the economy

RIYADH: Saudi senior tech diplomat Deemah AlYahya, the secretary-general of the multilateral Digital Cooperation Organization, held talks on Monday with Iraq’s prime minister, Mohammed Shia Al-Sudani, about support for Baghdad’s plans to develop its digital business and artificial intelligence sectors.

They discussed Iraq’s strategy for digital transformation, and the need to create and develop a workforce with the tech skills required to help grow the Iraqi economy effectively, the Saudi Press Agency reported.

Though Iraq is not a member of the DCO, an international body that focuses on the digital economy, Al-Sudani said his country is keen to work with the organization to meet the nation’s needs for a skilled workforce in the business sector.

AlYahya commended Iraq for the progress it has already made in terms of investment in the human capital needed to develop the digital skills that are essential to drive growth in a digitized economy.

Iraq has been working in recent years to develop a strategy for digital transformation to help support the private and public sectors and grow the economy. Authorities this month organized the first Digital Space Iraq Forum, which focused on the use of advanced technologies, including AI, to help build a comprehensive digital economy.

The DCO says that since it was founded in November 2020, it has been at the forefront of efforts to curate policies and initiatives to support the digital economy in several countries. Currently, 16 nations are members, including Saudi Arabia, Jordan, Pakistan, Bahrain, Bangladesh and Oman. It also has 39 observer partner organizations.

DCO member states have a collective gross domestic product of $3.5 trillion and serve a combined market of nearly 800 million people, more than 70 percent of whom are under the age of 35.