Day: May 29, 2022

GENEVA— Soaring food prices, exacerbated by the war in Ukraine, are pushing poor people to the brink of hunger in Malawi, the United Nations World Food Programme (WFP) has warned.

The WFP said nearly 400,000 Malawians were already food insecure due to floods and droughts and the impact of the COVID-19 pandemic on the southern African nation.

“Malawi’s challenges are now further exacerbated by the effects of the Ukraine crisis,” said WFP spokesperson Tomson Phiri at a UN press briefing in Geneva.

He said half of Malawians lived on less than $2 a day even before food price hikes, which included the cost of bread rocketing by 50 percent.

According to the UN, Malawi has a fragile economy, and with a population of 19 million it has the fourth-highest percentage of people living in extreme poverty in the world.

The disruption of essential cereal supplies after Russia’s invasion of Ukraine on Feb 24 is pushing up fuel, fertilizer, and food prices globally, hitting the most vulnerable populations.

“ In the last three months, interviews with bakery owners revealed that the retail price of a 50-kilogram bag of wheat flour has risen by 42 percent since the onset of the Ukraine crisis,” Phiri said.

He added that Malawi imports all of its petroleum products. Between October 2021 and April 2022, petrol prices rose by 54 percent and diesel by 64 percent.

“ The fuel price increases… triggered an upsurge in food prices. Fertilizer prices are now nearing an all-time high, between 130 to 160 percent higher than in 2020,” he noted. “The price of beans, a very common staple, has increased by 28 percent compared to last year.”

Phiri said the government of Malawi removed value-added tax on some of its commodities from April 1, but prices for items such as cooking oil have increased by more than 300 percent since November 2020.

The autumn period in southern Africa is supposed to be a time of plenty, said the WFP official. “It is just after the main agricultural harvest. But surprisingly, while the average price of grain is typically supposed to drop significantly, in early April – just last month – maize prices rose sharply.”

The WFP helps some 1.5 million people in Malawi every year with various forms of assistance. “As you’d expect, we have been forced to provide reduced assistance to 400,000 people in need of food assistance due to climatic shocks,” the UN official added.

Source: NAM NEWS NETWORK

Aden– King Salman Humanitarian Aid and Relief Center (KSrelief) yesterday concluded its voluntary medical campaign for conducting plastic surgeries to treat burns and deformities in the Yemeni governorate of Aden.

The voluntary medical team, affiliated with KSrelief, since the beginning of the campaign, has seen 335 cases and conducted 78 surgeries that were all successful.

This comes within the relief and humanitarian projects provided by the Kingdom of Saudi Arabia, through KSrelief, to support the medical sector in Yemen.

Source: Saudi Press Agency

Riyadh– The Saudi-Korean Parliamentary Friendship Committee of the Shura Council, headed by Shura Council member and Chairman of the Committee, Major General Ali bin Mohammad Al-Asiri, met here today with Ambassador of the Republic of Korea to the Kingdom of Saudi Arabia Park Joon-yong.

During the meeting, Al-Asiri highlighted the depth of Saudi-Korean relations, pointing out the need for joint work to strengthen and develop them in various fields, especially the parliamentary relationship between the Shura Council and the Korean Parliament.

For his part, the Korean Ambassador praised the Kingdom’s Vision 2030, affirming that HRH the Crown Prince’s visit to Korea opened up prospects for greater joint cooperation between the two countries.

During the meeting, the two sides stressed the importance of activating the role of the Saudi-Korean parliamentary friendship committees of the Shura Council and the Korean Parliament.

Source: Saudi Press Agency

Jeddah– “Jeddah Jungle” is offering extraordinary packages for its visitors to enjoy a set of 12 activities in the garden area, with shows inspired by the desert environment mixed with tropical jungle designs and nature to give the visitor a unique experience.

The park’s activities combine the experience of shooting, zip-lining, karting, jumping rope, slides, paintball, and other activities that mix fun, challenge, and adventure, in addition to the activities of the open play area, the lighted garden, the Jungle Nursery, the elephant area, and the human-friendly Asian elephant, which the visitors can interact with, feed and document their experience for memory. Jeddah Jungle also includes the restaurant area, which is designed in a tropical style, so that the visitor can live in an atmosphere blended between the desert and tropical forests.

Jeddah Jungle also offers a safari experience, and a forest walkway, which enables its visitors to see 1,000 different animals, including rare and wild animals and human-friendly animals, on a distinguished educational and entertaining trip for the Jeddah Season visitors.

Source: Saudi Press Agency

Riyadh– The proceedings of the Second Version of the “Financial Sector Conference Talks 2” (FSC Talks 2), which laid the groundwork for the Second Edition of the Financial Sector Conference to be held in March 2023, were concluded. FSC Talks 2 was organized by the partners of the Financial Sector Development Program (Ministry of Finance, the Central Bank of Saudi Arabia, and the Capital Market Authority). It was hosted in Riyadh, in conjunction with the launch of the Global Award for Islamic Finance to support the growth of the Islamic Finance industry both locally and globally and to promote the Kingdom’s leadership in this field.

A number of local and international experts, as well as parties interested in Open Banking and Islamic Finance attended the sessions. They discussed the key issues associated with Open banking and Islamic Finance, their role in the development of the digital economy, the achievement of the Saudi Vision 2030 objectives, and the future prospects for Islamic finance.

In his opening speech, the Deputy Governor for Development and Technology at SAMA, Mr. Ziad Alyousef, emphasized the Kingdom’s central role and well-established global position in the Islamic Finance Sector. He stated that these sessions are in line with the advances experienced by the financial sector in the leading countries, and the efforts made by the sector program to launch the Open Banking Program in the Kingdom and achieve the Saudi Vision 2030 objectives.

Alyousef emphasized that the use of renewable technology in financial services and products unquestionably contributes to the creation and development of new business models and practices. This, in turn, serves the ever-evolving market requirements and needs and keeps pace with worldwide changes. He added that the Central Bank seeks to collaborate with the financial sector partners in the Kingdom to build an integrated system for the sector by developing an advanced financial markets and establishing a financially and economically attractive financial sector. This is accomplished by developing the infrastructure required for the open banking based on the international best regulatory standards. Alyousef noted that open banking is anticipated to foster innovation, boost competitiveness, expand financial inclusion, and promote the efficiency of the banking system.

In terms of Islamic Finance, Alyousef stated that the Kingdom is the world’s largest incubator, with about SAR 3 trillion in total assets, accounting for roughly 28% of all Islamic finance assets globally. In order to strengthen and enhance the Kingdom’s global leadership in the Islamic finance industry, the Financial Sector Development Program launched the Islamic Finance Strategy. The program will continue to support the creation of a thriving and prosperous financial sector, which will serve as a key enabler for the realization of the Kingdom’s Vision 2030 objectives.

Alyousef further highlighted the role of the Central Bank in promoting the growth of the sector by drafting legislation, publishing statistics, and hosting specialized workshops, as well as collaborating with the Financial Academy to produce professional certificates to qualify specialized cadres in Islamic finance,

During his closing remarks, Mr. Abdulaziz Alrasheed, Deputy Minister of Finance for Macro-Financial Policies and International Relations and Chairman of the Supervisory Committee of Financial Sector Conference, stated that the Talks provided an opportunity to deepen our understanding of Open Banking and Islamic finance. It presented the phases of open banking development in the Kingdom and its most significant advances and innovations. Furthermore, it shed light on the efforts made by the Financial Sector Development Program to launch the Open Banking Program in the Kingdom, which aims to contribute to achieving the objectives of the Saudi Vision 2030. Among these objectives are expanding the digital economy and allowing financial institutions to enhance private sector growth by encouraging new institutions to provide financial services.

Alrasheed emphasized the importance of the Global Award for Islamic Finance, which was launched by the program, stating that it is a step towards strengthening the Kingdom’s worldwide leadership in the industry and stressing its efforts to become a global Islamic Finance hub by 2030. In the meantime, he invited interested parties and journalists to attend the Award’s press conference, which will be held in the presence of H.E. the Governor of the Saudi Central Bank, Dr. Fahd Al-Mubarak.

The sessions cast light on the concept of Open Banking and its evolution in the Kingdom. Expert economists reviewed the strategic plans adopted to launch open banking services in the Kingdom, advances in the field of open banking and its role in boosting financial services, increasing efficiency in the local market, and attracting investors. This can be accomplished by embracing the global trend and introducing new models and technologies that can enhance and boost the value of banking services. The second session was devoted to discussing the Islamic finance and national aspirations, the role of the public, private and non-profit sectors in achieving growth and stability for SMEs, and the role of regulators in regulating the Islamic Sukuk market in accordance with international best practices and standards in Islamic finance. Future opportunities for the Islamic finance industry and digital transformation in the region, as well as their impact on financial inclusion and support for SMEs, were also discussed. This enabled the creation of a competitive environment that will enhance the future of the Islamic finance industry.

It is worth mentioning that the Financial Sector Conference is the most significant event in the Middle East. It brings together prominent decision-makers, leading financial sector institutions, financiers, and beneficiaries. It also underlines the unique competitive position of the Saudi financial sector both in the Middle East and globally. The conference contributes to introducing the Financial Sector Development Program and its initiatives to achieve the Kingdom’s Vision 2030. The program aims to keep pace with global advances in this sector and achieve paradigm shifts in the field of financial services that are commensurate with the ongoing growth of business and services in the Kingdom of Saudi Arabia.

Source: Saudi Press Agency

Riyadh– In the presence of HRH Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy, Chairman of the Supervisory Committee of the Oil Sustainability Program (OSP), and H.E. Ahmed AlKhateeb, Minister of Tourism, Secretary General of the Board of Directors of Diriyah Gate Development Authority (DGDA), the Oil Sustainability Program (OSP) signed an MoU with Diriyah Gate Development Authority to promote collaboration in using sustainable polymer materials in the latter’s projects, provide the required technical and logistic support, and collaborate with relevant entities in this field.

The MoU was signed by Eng. Mohammad Hitham AlTayyar, Program Director of OSP, and Mr. Jerry Inzerillo, Chief Executive Officer of Diriyah Gate Development Authority.

This MoU reflects the interdependence and integration of the Saudi Vision 2030 programs, given that OSP and DGDA are outcomes of this vision. The OSP aims to sustain and grow demand on hydrocarbons, whether as a competitive energy source or raw materials used to produce various important products, while maintaining the highest levels of economic and environmental efficiency. Meanwhile, the DGDA is carrying out projects that rely on sustainability principles and environment protection.

It is noteworthy that this MoU aims at building a strategic cooperation between the OSP and DGDA on hydrocarbon-based materials. This includes identifying opportunities that would improve the construction and operation processes in DGDA’s projects and developing plans to assess and implement these opportunities, as well as to develop awareness strategies to highlight common goals. The cooperation also includes providing the required technical information and support for materials evaluation, coordinating between manufacturers, suppliers and relevant entities, and providing the required support when implementing these opportunities.

The Oil Sustainability Program (OSP) was launched in 2020 with the participation of multiple government agencies, research institutions and companies. It works on maximizing the added value of hydrocarbons through developing innovative hydrocarbon-based materials, promoting new and sustainable uses for these materials, such as using polymer-based materials. Furthermore, it supports the localization of the associated supply chain in the Kingdom and explores opportunities to maximize the use of raw materials that use Saudi oil as part of the feedstock value chain both regionally and globally.

Within the framework of the ambitious Saudi Vision 2030, the Diriyah Gate Development Authority (DGDA) was established in 2017 to preserve the history of Diriyah, celebrate its community and develop At-Turaif historic district, which is listed among UNESCO World Heritage sites, to be one of the world’s largest gathering places and a center for Saudi culture and heritage.

The DGDA works on designing, restoring and renovating Diriyah through several ambitious projects, while applying the traditional Najdi architecture principles, for which the cities and villages of the Kingdom’s central region have been known for centuries. Besides focusing on cultural experiences, Diriyah will be providing special services in different areas such as entertainment, education, shopping, dining, hospitality, and residential and work spaces.

Source: Saudi Press Agency

Riyadh– Deputy Finance Minister for International Affairs, Dr. Ryadh M. Alkhareif, participated in the annual meetings of the African Development Bank, which are being conducted under the title: “Achieving Climate Resilience and a Just Energy Transition for Africa” held between 24 to 27 May 2022 in the Republic of Ghana and with the participation of representatives from the Saudi Fund for Development.

During his participation, Alkhareif stressed the importance of intensifying the African Development Bank’s efforts to support the economic diversification of the countries of the African continent, and to promote investment in the human element, especially for youth and women, to maximize the use of natural resources, and to develop uses of technology and digital infrastructure to contribute to opening new markets. He stated that Africa has potentials that make it a key component of the global value chain for food security.

Alkhareif also welcomed the bank’s focus on supporting investments in high-quality infrastructure projects, working on climate adaptation policies that support sustainable growth, and benefiting from the concept of the circular carbon economy launched by the Kingdom during its G20 Presidency.

In light of the high debt risks, Alkhareif stressed the importance of the Bank’s support for the G20 Common Framework initiative to address debt vulnerabilities, which was launched during the Kingdom’s presidency of the Group of Twenty. Alkhareif indicated that Saudi Arabia is open to consider – in principle – ways to utilize the Special Drawing Rights to support the work of the African Development Bank.

On the sidelines of the meetings, Alkhareif met with the President of Ghana, Nana Akufo-Addo, where he congratulated him on Ghana’s success in hosting the annual meetings of the African Development Bank, and emphasized the bilateral relations between the two countries.

A meeting was held with the President of the African Development Bank Group, Dr. Akinwumi Adesina, to discuss ways to enhance cooperation between the Kingdom and the Bank. Several side meetings were also held with a group of African Development Bank governors, during which aspects of cooperation and issues of common interest were discussed.

Source: Saudi Press Agency