Executive Office of Presidents of GCC National Olympic Committee Holds 91st Meeting

Riyadh, Members of the Executive Office of the Presidents of GCC National Olympic Committee held virtually here today the 91st preparatory meeting for the 33rd Meeting of the Presidents of GCC National Olympic Committee.

The meeting discussed several issues of joint interest, mainly following up the implementation of decisions of the Supreme Council issued by Sultan Qaboos and Sheikh Sabah Summit in Al-Ula, Saudi Arabia, in January 2021, as well as the contents of the final statement and declaration, such as completing the international competitiveness requirements, enhancing strategic partnerships and developing joint action mechanisms.

The meeting also reviewed the strategy of developing joint action in sports fields in GCC countries over the 2022-2028 period, which includes several joint programs and projects that are envisioned to enhance GCC joint action.

The members reviewed a report prepared by the Bahraini Olympic Committee about GCC sport conflict resolution, and the recommendations issued by the action teams on discussing aspects of international cooperation in the sport field, where members of the executive office reviewed a report about the third GCC Games, which is scheduled to be held in Kuwait in January 2022, as well as discussing a report prepared by the Secretariat General of GCC about the work of organizational committees for sports.

Source: Saudi Press Agency

Finance Minister: Saudi Arabia’s efforts towards sustainability are on the forefront of Kingdom’s Vision 2030 agenda

Riyadh, Minister of Finance Mohammed bin Abdullah Al-Jadaan stressed that the Kingdom of Saudi Arabia’s efforts towards sustainability have been on the forefront of the Kingdom’s Vision 2030 policy agenda for the past several years, pointing out that the Kingdom did not only tackle the sustainability topic directly, but also indirectly through financial markets.

He added that we believe that the financial sector is a key enabler to support the Kingdom’s efforts towards achieving our sustainability goals.

This came during the Minister’s closing remarks at the Financial Sector Conference Talks, delivered on his behalf by Assistant Minister of Finance for Macro Fiscal Policies & International Relations Abdulaziz bin Mutib Al-Rasheed.

“Today, I speak to you on my capacity as the Chairman of the Financial Sector Development Program (FSDP), one of the Kingdom’s vision realization programs and I am pleased to say that we have reviewed our strategy and commitments to now include sustainability as a core objective while developing our robust financial system.

We have launched an initiative “ESG and Sustainable Finance in the Kingdom of Saudi Arabia” with the aim of providing our financial sector with the necessary tools to enable and broaden the Kingdom’s capabilities in sustainable financing and investing.”, Minister of Finance said.

Minister Al-Jadaan said that this initiative is only the tip of the iceberg under FSDP, our commitments towards sustainable finance are ever growing and this successful conference acts as another key step on our sustainable finance transformation journey. “As all of you may have read or heard, various sustainable finance activities have already started to hit headlines in the Kingdom and internationally”, he added.

Minister of Finance further said: “We have seen the eagerness and commitment of various government organizations to launching Green Bonds. We have also seen publicly listed companies on the Tadawul stock exchange putting ESG in the forefront of their strategies. Examples from the private sector include the Saudi Electric Company issuance of a $US 1.3 billion dual tranche International Green Sukuk which was 4 times subscribed and priced 10 and 15 basis points inside SEC’s yield curve for the 5 and 10 year tranches respectively.”

The Minister went on the say “In the public sector, over a year ago the Kingdom made its ESG-linked financing debut in July 2020 with a deal size worth more than USD 250 Mn for the purchase of public transportation buses. The Kingdom also hired leading knowledge houses and advisory firms to build our ESG framework. In addition, the Public Investment Fund hired 5 advisors for its medium-term capital-raising strategy. Work has also started on the launching of an ESG Index in our local capital market by Tadawul and many more activities in the sustainable finance sphere in the Kingdom. I sincerely welcome you to join our efforts at FSDP, alongside the program’s valuable partners the Ministry of Finance; Saudi Central Bank; Capital Market Authority; National Debt Management Center, in spearheading the development of the sustainable finance ecosystem in the Kingdom of Saudi Arabia.”

Minister Al-Jadaan pointed out that the structuring of Saudi Arabia’s Sustainability Financing Framework is a strategic step in line with the Kingdom’s Vision 2030 direction towards sustainability and ESG commitment. He added that as recently announced, HRH Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense launched the Green Saudi Initiative and Green Middle East Initiative that clearly demonstrate the roadmap to environment preservation. Further details will be announced in due course.

The Minister of Finance said that renewable energy provision is also at the heart of the Giga projects’ energy requirements, efficiency and efficacy driven by technology applications which attract sustainable funding. He added that as an illustration of this, The Red Sea Development Company secures SAR 14.120 billion loan and first ever Riyal-denominated Green Finance credit facility.

Minister Al-Jadaan said: “We have also applied innovative sustainable financing techniques to the build environment, where for example we do not pay companies to replace outdated lighting and air conditioning units in our schools, hospitals and government buildings but share a percentage of the energy savings. Also by applying the latest technologies to our desalination developments we are seeing a return of our capex within 20 months due to the improved energy efficiency. We are aware though that much remains to be done, the government is determined to re-double its efforts to deliver on the promises and actions it has announced”.

He concluded “We are committed to working fully with Governments and businesses from around the world to provide a more sustainable economy for ourselves, our future generations and the world at large firmly based on ESG and sustainable based financing”.

Source: Saudi Press Agency

Saudi Press: Saudi Arabia’s Non-Oil Economy Growth Rates Increase from 0.2% in 2016 to 5.4% in H1 2021

Riyadh, Saudi newspapers highlighted in their editorials today a number of issues at local, regional and international arenas.

Al-Eqtisadiah newspaper reported in its editorial that Saudi Arabia’s leadership, under the supervision and follow-up of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, took a decision to shift towards economic diversification, and develop the non-oil sector in order to enable it to play its primary role to economic growth and business sustainability.

This decision was considered as a challenge since the growth rates of the non-oil economy did not exceed 0.2% until 2016. Additionally, there is little hope that the non-oil economy will grow rapidly in light of an economy that fully depends on oil, according to global experiences. Nevertheless, this challenge has become a reality in a short time, and an exciting experience.

In a recent statement, Minister of Finance Mohammed Al-Jadaan said that the growth of the non-oil economy was about 3.3% in 2019, and continued its strong growth until it reached 5.4 % during the first half of 2021.

The newspaper further said that the Saudi experience in supporting the growth of the non-oil economy will remain a subject of study and global attention, as there are many countries in the world facing the same circumstances that Saudi Arabia met in 2015 and the problem of relying on a single source of income. Additionally, these countries aspire to understand and benefit from the Saudi experience in this regard.

According to the Minister of Finance, there are several factors that enabled the Saudi economy to overcome its basic challenges, and even the impacts of the novel Coronavirus (COVID-19) pandemic. The first factor is the modern methods of public financial management and spending control through the electronic financial services platform “Etimad”, which facilitated financial transactions procedures for the public and private sectors. According to the figures, the platform received a total of 623,000 payment orders, worth over SAR 575 billion. Etimad finalized the disbursement procedures for approximately SAR 568 billion, or 98% of the payment orders in less than 15 days. This supported the business of the private sector and boosted confidence in the government, which encouraged investments, and thus contributed positively to the growth rates.

The second factor is the development witnessed by the financial and debt markets, and institutional financing. The total number of companies and funds listed in the Saudi Stock Exchange increased by 7.6% to reach 213 companies, compared to 198 companies in 2017. On the other hand, foreign investors’ ownership in the Saudi financial market increased by 195.9% to reach SAR 208 billion by the end of the year 2020, compared to less than SAR 70 billion in 2017. Additionally, the volume of the local secondary debt market was less than SAR 10 billion in 2019 and then exceeded SAR 70 billion by the end of 2020.

The initiatives to support companies come as a third factor to stimulate the growth of the non-oil sector. The government’s indirect lending initiative for small and medium enterprises (SMEs) helped provide SAR 642 million of financing. This is in addition to supporting bank facilities by more than 50 billion during the COVID-19 crisis.

The newspaper concluded that these three factors contributed to the strong growth of the non-oil sector and fostered other main objectives. They contributed to the creation of the desired economic diversification, and non-oil revenues grew from SAR 166 billion in 2015 to SAR 369 billion in 2020. In addition to all this, the state’s public deficit was reduced from 15.8% in 2015 to 4.5% in 2019, and accordingly, it is expected that the public finances will achieve a balance in 2026, or in a closer date.

Source: Saudi Press Agency

Ministry of Commerce and UNCITRAL review prospects for Saudi trade

Riyadh, Minister of Commerce Dr. Majid Al-Qasabi, who is also Chairman of the Board of Directors of the National Competitiveness Center, headed the Kingdom’s trade delegation to a two-day workshop organized by the United Nations Commission on International Trade Law “UNCITRAL”, which was held in the Austrian capital Vienna, to discuss the Kingdom’s internal and external trade policy.

The workshop, which was held in the presence of the Deputy Minister and CEO of the National Competitiveness Center Dr. Iman Al-Mutairi, and the Assistant Minister of Commerce Badr Al-Hadab, tackles the current status of the Kingdom in domestic and international trade, and the prospects for Saudi trade in the next three years. The workshop represents a cornerstone for strengthening the policy of the trade sector aimed at promoting the new trend to enter new sectors and benefiting from the experience of “UNCITRAL” in enacting foreign trade laws per best practices.

The discussions focused on the Kingdom’s benefiting from the long experience of UNCITRAL in drafting commercial regulations and laws, facilitating the flow of trade to global markets, in addition to settling commercial disputes, international contract practices, and prevailing practices of trade legislation, e-commerce, and digital transformation in commercial services to enhance the internal and external trade policy supervised by the Ministry of Commerce and its affiliated agencies, in addition to the National Competitiveness Center, through developing the trade sector, improving the business environment and the Kingdom’s competitiveness locally and globally.

The visit comes in light of the Cabinet’s decision last year to approve a memorandum of cooperation between the Kingdom and the UN to create a legal environment conducive to international trade and investment.

Source: Saudi Press Agency

KSrelief Implements Water and Environmental Sanitation Projects in Hajjah and Saada Governorates, Yemen

Hajjah, King Salman Humanitarian Aid and Relief Center (KSrelief) has implemented the water supply and environmental sanitation projects in a number of districts in Saada and Hajjah governorate in Yemen.

This falls within the various water supply and environmental sanitation projects being provided by the Kingdom of Saudi Arabia, represented by the KSrelief, for the Yemeni people.

Source: Saudi Press Agency

Symposium on Investing Artificial Intelligence for Developing Educational Systems Held

Riyadh, The Arab Bureau of Education for Gulf States (ABEGS) and Regional Center for Educational Planning held a symposium titled “Investing Artificial Intelligence in Developing Educational Systems.”

The symposium, held via Zoom application, discussed the role of artificial intelligence (AI) in enhancing educational outcomes and using it in supporting educational environments and the challenges facing the implementation of AI policies, in addition to reviewing the experiments of some countries in the field.

ABEGS Director General Dr. Abdulrahman Al-Asmi referred to what the world is witnessing through massive employment of innovations of the fourth industrial revolution (AI), which found itself a spot in the heart of works of companies and institutions and all industrial, economic, media, communications fields and all aspects of life, expecting employing AI technologies in educational fields to enhance education and learning, support learning environments, meet the needs of students, administrate educational contents, enhance teacher-student interaction and conduct assessment based on data and information that can increase the level of credibility and stability.

He added that the Bureau is following up the current impacts of AI on education and is pinning hopes to resulting in real and qualitative change in the field of adopting AI technologies in education, where machines will simulate the cognitive functions of man, such as learning, planning, risk prediction, offering preemptive solutions and processing big data faster than man.

In response to this trend, the Bureau has presented a comprehensive project at the level of GCC under the name “the Gulf Observatory for AI in Education” to monitor experiments and practices related to employing AI in education at the regional and international levels, Al-Asmi noted

Source: Saudi Press Agency

Judge Suspends Inquiry into Beirut Port Blast amid Challenges

BEIRUT — The lead judge investigating last year’s massive blast in Beirut’s port suspended his work in the case Monday after a former Cabinet minister demanded his dismissal.

Judge Tarek Bitar, the second judge to lead the complicated and thorny investigation, canceled the questioning of a former military intelligence general, scheduled for Monday. The Court of Appeals now has to decide whether to dismiss him from the case.

Bitar’s removal, if it happens, would likely be the final blow to the inquiry, making it highly unlikely that a third judge would take up the job amid threats by members of the country’s political elite who have closed ranks in their effort to block the investigation.

The development comes amid a growing campaign by Lebanon’s political class against Bitar, who took over the job in February after his predecessor, Fadi Sawwan, was removed following similar legal challenges by senior officials he had accused of negligence that led to the blast.

On August 4, 2020, hundreds of tons of ammonium nitrate, a highly explosive material used in fertilizers that had been improperly stored in the port for years, exploded, killing at least 214 people, injuring more than 6,000 and devastating nearby neighborhoods.

Families of the victims of the explosion have already demanded an international probe, not trusting the Lebanese investigation. Lebanon is known for a culture of impunity that has prevailed for decades, including among the entrenched political elites.

The attempt to remove Bitar angered families of the victims who have been hoping that the judge would reveal who was responsible for bringing the material to the port and storing it in a port warehouse for years, as well as what caused the explosion described as one of the largest non-nuclear explosions in history.

“He was the best hope for Lebanese justice, but they are torpedoing everything,” said Mireille Bazergy Khoury, whose son Elias, 15, was killed by the explosion. She said the repeated lawsuits and challenges to the judge prove that those officials are implicated in the explosion.

“I can’t find the words to capture how sad and frustrated I am. I feel like every time something like this happens, they kill me once again,” Khoury said.

She said the families will try to legally challenge the obstruction attempts. “They killed my son, my daughter was injured, my home was destroyed, my life is in ruins.”

Bitar in July announced his intention to go after senior Lebanese officials and summoned for questioning then-outgoing Prime Minister Hassan Diab, three former Cabinet ministers and top security officials.

None showed up for questioning; the parliament failed to lift immunity of those summoned — a necessary step before any prosecution. Diab’s office and then-interior minister, Mohamed Fehmi, declined to let Bitar question the heads of two security agencies.

On Friday, former Interior Minister Nouhad Machnouk, who was also implicated in the probe, filed a motion to dismiss the judge.

Source: Voice of America

Saudi Arabia Conducts over 28 Million COVID-19 Tests Since First Reported Case

Riyadh, The Kingdom of Saudi Arabia’s health sectors conducted 28,553,941 novel Coronavirus (COVID-19) laboratory tests, using Polymerase Chain Reaction (PCR) test technology, since the first COVID-19 infection was recorded to date.

The Ministry of Health (MoH) stated that the COVID-19 testing capacity in the Kingdom of Saudi Arabia exceeds 130,000 tests per day, noting that 90% of the results are issued within less than 18 hours, while 99% of the results are issued within less than 24 hours. This contributes to placing Saudi Arabia among the top countries in the world regarding providing this advanced type of tests in a short time and high quality.

The ministry said that the number of COVID-19 test laboratories approved by the Public Health Authority is 48 laboratories in the government sector and 75 laboratories in the private sector. The number of laboratories affiliated to MoH is 25 laboratories, with a capacity of 80,000 tests per day.

The Kingdom of Saudi Arabia is one of the first countries in the world to provide COVID-19 laboratory testing. The Saudi government has prepared and equipped the National Health Laboratory. MoH also inaugurated a number of laboratories and specialized units in all regions, which contributed to improving services and preventing the spread of COVID-19.

Source: Saudi Press Agency

Russia Records 22,236 COVID-19 Cases in Past 24 Hours

Moscow, Russia recorded 22,236 new COVID-19 cases in the last 24 hours, bringing the cumulative total to 7,443,149, the federal response center said on Monday according to Sputnik.

The response center reported 779 new deaths linked to the coronavirus, taking the country’s death toll to 204,679.

Source: Saudi Press Agency

Magnitude-5.8 Earthquake Strikes Port City on Greek Island of Crete

Athens, A magnitude-5.8 earthquake struck the port city of Iraklion on the Greek island of Crete early on Monday, dpa reported.

Many people fled from buildings into the streets, as seen on images broadcast on television.

The epicentre was some 20 kilometres south-east of the city, according to the Athens Geodynamic Institute.

The quake was felt on the entire island as well as others like Santorini, a popular holiday destination just north of Crete.

Witnesses spoke of damaged houses. Initially, no casualties or fatalities were reported.

Source: Saudi Press Agency

Second International Contracting Conference and Exhibition 2021 Kicks Off

Riyadh, The Minister of Municipal and Rural Affairs and Housing Majid bin Abdullah Al-Hogail inaugurated the launch of the second virtual international contracting conference and exhibition, organized by the Saudi Contractors Authority (SCA), which is taking place from 26-28 September.

The three-day conference aims to be a platform for contracting sector for exchange experiences and create opportunities for huge projects through scientific lectures, research seminars, and global events.

More than 32 local and international speakers are participating in the conference’s work and sessions.

Package of electronic services were also launched for individuals, medium and small companies, as well as project owners, on the platform; https://muqawil.org

Source: Saudi Press Agency

Saudi Culinary Arts Commission signs MoU with global food movement Slow Food

Riyadh, Saudi Culinary Arts Commission signed a MoU with Slow Food to support and advance the various culinary sectors in the Kingdom.

The signing ceremony took place in the city of Polenzo, Italy, where the Commission was represented by its CEO Mayada Badr, while Slow Food was represented by its Secretary-General Paolo di Croce.

The MoU identifies a range of areas for cooperation between the two organizations including the development of regional professional networks and the establishment of pilot food workshops using Slow Food methodologies, whose design and installation will be guided by the expertise of international food businesses. There will also be training programs for Saudi chefs, broader training opportunities around Slow Food concepts, and specialist seminars developed to share the expertise and knowledge of the Slow Food movement.

One element of the MoU looks at including Saudi farmers’ markets in the global Slow Food Earth Market list.

Additionally, up to 60 Saudi food items will be registered in the Slow Food catalog, the Ark of Taste, which aims to preserve endangered ingredients and products.

The Slow Food agreement builds on other international partnerships forged in 2021 by the Culinary Arts Commission, including household recognized Le Cordon Bleu cooking school.

Source: Saudi Press Agency