Minister of Finance Participates in the Third Meeting of the Twenty Finance Ministers and Central Banks Governors

Riyadh– Minister of Finance, Mr. Muhammad bin Abdullah AlJadaan, and His Excellency the Governor of the Saudi Central Bank, Dr. Fahd bin Abdullah AlMubarak, participated in the third meeting of finance ministers and central bank governors of the G20 under the Indonesian presidency, which was held in Indonesia on July 15, 2022, in the presence of finance ministers and central banks governors from the group’s countries and a number of representatives of the invited countries; in addition to the heads of international and regional organizations.

His Excellency the Minister of Finance, during the first session of the meeting titled “The Global Economy”, touched on the risks surrounding the future of the global economy, then reviewed the required policy responses, and said: “there is no doubt that the future of the global economy is not as positive as it seemed a few months ago; inflationary pressures in many countries are stronger and more sustainable than previously thought. Inflation is being driven by a very complex set of policies that do not take in consideration the “state of the global economy” nor the “stage of development” of countries. So, central banks must tighten monetary policy more quickly than expected.

Regarding the global health agenda that was the focus of the second session of the meeting, His Excellency affirmed that the Kingdom supports the collaborative and multilateral work towards Pandemic Preparedness and Response. His Excellency noted that during the G20 Extraordinary Leaders’ summit in 2020, Leaders committed to safeguarding our future by increasing spending on pandemic preparedness and closing existing gaps.

During the international financial architecture session, His Excellency the Minister of Finance highlighted the critical role that the Poverty Reduction and Growth Trust (PRGT) plays to help address challenges arising from food security. He also addressed the rising debt vulnerabilities, and stressed on the importance of an effective implementation of the “Common Framework for Debt Treatment beyond the DSSI”, as he stated: “The Common Framework has a great potential to serve as the best option for debt treatment given the changing landscape in the international debt architecture”.

In the infrastructure session, His Excellency stressed the importance of building a foundation to enhance the role of private sector investments to build a more sustainable investment environment characterized by transparency and predictability. This helps to take advantage of potential new investments and increases economic productivity. In the international taxes session, His Excellency explained that the agreement to address tax challenges arising from taxes and digitization of the economy is an important step to help address the issue of tax justice, and ensure a more coherent and stable international tax environment.

On his part, in the financial sector issues session, the Governor of the Saudi Central Bank, Dr. Fahad Almubarak, reviewed the Kingdom’s experience in facing the Covid-19 crisis, noting that it followed a targeted political intervention, with its focus on small and medium enterprises and vulnerable families.

He explained that the issue of financial risks resulting from climate change is a multifaceted issue, especially in light of increasing economic uncertainty, offering his support for the development of a common global framework to harmonize approaches to crypto-asset activities. He also affirmed his support for the Presidency’s GPFI work program to move forward with the financial inclusion action plan for 2020, pointing to the need to take advantage of the benefits of digitization to enhance financial inclusion.

He welcomed the ongoing work in the new Data Gaps Initiative noting the importance of taking into account the specific circumstances of each jurisdiction in relation to implementation capabilities given the highly unequal capabilities of the various countries involved, stressing the need for training and human capital development to be at the forefront of the implementation plan.

In the sustainable finance session, the Governor of the Saudi Central Bank expressed the Kingdom’s appreciation for the efforts made by the Indonesian Presidency and the sustainable finance working group to accelerate progress in the actions recommended in the road map, stressing the need for “acting within our authority to support our national climate goals, and that it should be a reminder to us and the group to be more aware of how countries use their existing infrastructure, assets and energy mixes while reducing climate financial risks,” adding, “our joint endeavor in the financing path of the G20 should aim to reduce the fragmentation of the approach to finance sustainability and to provide the necessary flexibility to different national circumstances and to highlight the need for sequencing implementation.”

It is noteworthy that the Kingdom has a major role in supporting the efforts of the G20 to achieve strong, balanced, sustainable and inclusive economic growth. It also supports all efforts aimed at enhancing cooperation between the public and private sectors to invest in various fields.

Source: Saudi Press Agency

HRH Crown Prince Receives Crown Prince of Bahrain At KAIA in Jeddah

Jeddah– Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister of the Kingdom of Bahrain arrived in Jeddah today to attend “Jeddah Security and Development Summit”.

Upon arrival at King Abdulaziz International Airport (KAIA), the Crown Prince of Bahrain was received by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Deputy Prime Minister.

HRH the Crown Prince welcomed the Crown Prince of Bahrain and the accompanying delegation in the Kingdom of Saudi Arabia.

The Crown Prince of Bahrain was also received by Prince Khalid Al-Faisal, Advisor to the Custodian of the Two Holy Mosques and governor of Makkah region.

Source: Saudi Press Agency

HRH Crown Prince, U.S. President Hold Official Session of Talks and Chair Expanded Meeting At Al-Salam Palace in Jeddah

Jeddah– His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Deputy Prime Minister, and President Joe Biden of the United States of America held an official talks session at Al-Salam palace in Jeddah today.

HRH Crown Prince and the American President also chaired an expanded meeting for the two sides.

The historical friendship relations between the Kingdom of Saudi Arabia and the United States of America were reviewed, in addition to discussing the aspects of cooperation between the two countries in a number of fields. Ways to confront challenges in the region and the world were also discussed.

The official talks session and the expanded meeting were attended by Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy; Prince Abdulaziz bin Turki Al-Faisal, Minister of Sports; Prince Abdulaziz bin Saud bin Naif bin Abdulaziz, Minister of Interior; Prince Abdullah bin Bandar bin Abdulaziz, Minister of the National Guard; Princess Reema bint Bandar bin Sultan bin Abdulaziz, the Saudi Ambassador to the United States of America (accompanying minister); Prince Faisal bin Farhan bin Abdullah, Minister of Foreign Affairs; Minister of State, Cabinet’s Member and Security Advisor Dr. Musaed bin Mohammed Al-Aiban; Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi and Minister of State for Foreign Affairs, Cabinet’s Member and Envoy for Climate Affairs Adel bin Ahmed Al-Jubeir.

From the U.S. side, they were attended by Secretary of State Antony Blinken; National Security Advisor Jake Sullivan and a number of other officials.

Source: Saudi Press Agency

HRH Crown Prince Receives Iraqi Prime Minister At KAIA in Jeddah

Jeddah– Prime Minister of the Republic of Iraq Mustafa Al-Kadhimi arrived in Jeddah today to attend “Jeddah Security and Development Summit”.

Upon arrival at King Abdulaziz International Airport (KAIA), Al-Kadhimi was received by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Deputy Prime Minister.

HRH the Crown Prince welcomed the Iraqi Prime Minister and the accompanying delegation in the Kingdom of Saudi Arabia.

The Iraqi Prime Minister was also received by Prince Khalid Al-Faisal, Advisor to the Custodian of the Two Holy Mosques and governor of Makkah region, and a number of officials.

Source: Saudi Press Agency

NASA, Russian space agency sign deal to share space station flights – Roscosmos

Moscow– NASA and Russia’s space agency Roscosmos have signed an agreement to integrate flights to the International Space Station, allowing Russian cosmonauts to fly on U.S.-made spacecraft in exchange for American astronauts being able to ride on Russia’s Soyuz, the agencies said Friday, according to Reuters

“The agreement is in the interests of Russia and the United States and will promote the development of cooperation within the framework of the ISS program,” Roscosmos said in a statement, adding it will facilitate the “exploration of outer space for peaceful purposes.” The first integrated flights under the new agreement will come in September, NASA said, with U.S. astronaut Frank Rubio launching to the space station from the Moscow-leased Baikonur Cosmodrome in Kazakhstan alongside two cosmonauts, Sergey Prokopyev and Dmitry Petelin.

In exchange, cosmonaut Anna Kikina will join two U.S. astronauts and a Japanese astronaut on a SpaceX Crew Dragon flight to the orbital laboratory, launching from NASA’s Kennedy Space Center in Florida.

Source: Saudi Press Agency

Jeddah Security and Development Summit/ Saudi-American relations, a historic relationship and a strategic partnership

Jeddah, July 15, 2022, SPA– Saudi- US bilateral relations are built on solid foundations based on respect, cooperation, and common interests, and enjoy a special status on both sides emanating from its history that dated back to 1931, when the journey of exploration and production of oil in the Kingdom started on a commercial basis, and when late King Abdulaziz bin Abdul Rahman Al Saud granted the exploration right to an American company, followed by the signing of a cooperation agreement between the two countries in 1933 that supported this economic aspect which has become a global economic power.

The historic meeting that brought together King Abdulaziz bin Abdulrahman Al Saud and US President Franklin Roosevelt on board the American cruiser (USS Concy) on February 14, 1945, established decades of strategic relations and partnership based on respect and mutual trust between the Kingdom and the United States.

This meeting was the turning point in the transition of the relations between the Kingdom and America to a new stage in various fields. Consequently, the Kingdom worked to harness this development in relations and other international relations to meet its national interests with the rest of the world, including the USA, and to serve the Arab and Islamic causes.

The Kingdom grabbed international attention in general and the USA in particular, driven by its Islamic, political and economic position. The Kingdom’s leading role in the Arab and Islamic worlds, and its strategic location, contribute to strengthening the bilateral relationship with the USA, maintaining the stability, security, and prosperity of the Gulf and the Middle East, and continuing consultations on many regional and global issues of importance for the two countries.

The world perceives Saudi-US relations as the main pillar to enhancing the security and economy of the region and the world, given the pivotal role that the two countries play to enhance international peace and security, based on their political, security, and economic status and their membership in the G20.

The historic Saudi-US relations have seen important milestones that are considered a basis for supporting the course of relations between the two countries, including the visit paid by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud in September 2015 to the USA, at the invitation of then-President Barack Obama, President of the United States of America. The White House witnessed a session of talks between the two leaders, during which they discussed the strong relations between the two countries.

In a speech he delivered during the visit, The King stressed the strength of Saudi-American relations, describing them as historical relations.

To complement the distinguished relations between the two countries, and based on the directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister, and Minister of Defense, paid two official visits to the United States of America, in 2016 and 2018.

These visits played a key role in strengthening the strategic relations between Riyadh and Washington, based on the two countries’ common interests in various fields of cooperation.

Politically, the Kingdom and the United States share a compatible vision regarding the importance of deterring Iran’s destabilizing behavior toward the region’s and the world’s security and stability, and the importance of neutralizing the threat of Iran backed-terrorist militias, which makes the continuity of communication and coordination at the highest levels critical in enhancing security and stability.

The two countries believe in the importance of making the Middle East completely free of weapons of mass destruction, a vision which the two countries rely on in their quest for any nuclear agreement with Iran to ensure that it will not be able to produce a nuclear bomb, to avoid an arms race which therefore would undermine the regional and international security and stability.

On the Yemeni issue, the United States supports the Kingdom’s efforts, to reach a comprehensive political solution in Yemen that guarantees and achieves security and stability in Yemen.

The fight against extremism and terrorism is one of the most important aspects of the strategic partnership between the Kingdom and the US. The distinguished bilateral cooperation in this field has contributed to achieving many important gains in defeating terrorist organizations and neutralizing their threat to regional and international security and stability.

The fight against extremism and terrorism is one of the most important aspects of the strategic partnership between the Kingdom and the US. The distinguished bilateral cooperation in this field has contributed to achieving many important gains in defeating terrorist organizations and neutralizing their threat to regional and international security and stability.

The US has welcomed the Kingdom’s efforts to combat climate change, led by the Middle East Green initiative launched by HRH the Crown Prince, where His Royal Highness announced the launch of the first package of environmental initiatives that represent investments worth more than SR700) billion.

Economically, the two countries have strong and fruitful economic ties, with about 742 American companies doing business in Saudi Arabia, in various sectors including manufacturing industries, mining and quarries, wholesale and retail trade, transportation and storage, agriculture and fishing, construction, finance and insurance and many others sectors.

The total US invested in the Kingdom amount to SR 90.6 billion, with more than 21034 American brands available in the Saudi market until 2022

In 2021, the Kingdom’s exports to the United States amounted to SR53.5 billion. The most important national commodities exported to the US included mineral products, organic chemical products, fertilizers, Aluminum, and its products, and inorganic chemical products. Meanwhile, Saudi Arabia’s imports from the US in 2021 amounted to SR60.5 billion. The imports included machinery, machine tools, and their parts, cars and their parts, aerial vehicles and their parts, pharmaceutical products, and medical, optical, and photographic devices.

The US is the Kingdom’s fourth trading partner in terms of trade volume, the second in the value of imports, and the sixth in the value of exports, while the Kingdom ranks 28th as a trading partner for US exports to the rest of the world, and 31st as a trading partner for US imports to the rest of the world in 2021.

The Saudi Vision 2030 programs and major projects provide promising opportunities for US companies, especially in the strategic sectors targeted by the vision, such as mining, petrochemicals, manufacturing, renewable energy, tourism, financial services, health care, and pharmaceuticals.

The Kingdom and the United States enjoy strong cultural and educational relations, as the number of Saudi students on scholarships to the United States stands at 21,035 (2022), who have been sent within the Custodian of the Two Holy Mosques Scholarship Program, through which the number of Saudi scholarship students has exceeded half a million since its launch in 2006.

In terms of tourism, the Kingdom’s initiative to launch tourist visas by the Saudi Ministry of Tourism in 2019 has contributed to attracting US tourists wishing to explore the Kingdom and visit its historical sites and unique tourist areas. The total number of visas issued to US citizens to enter the Kingdom reached (140832) visas.

To strengthen the historical bilateral relations and the distinguished strategic partnership between the two countries, and the common desire to develop them in all fields, hence comes the current visit of President Joseph Biden of the United States of America, to the Kingdom, upon an invitation of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, during which he will meet with the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and HRH Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Deputy Prime Minister.

The visit comes to confirm the strength and depth of the strategic relationship between the Kingdom and the US, the importance of coordination between the two countries to face common challenges at the regional and international levels, and the US administration’s keenness to strengthen the strategic partnership with the Kingdom, and an affirmation of the Kingdom’s leading role in spreading security and stability in the region.

The visit also confirms that the divergence of views between the Kingdom of Saudi Arabia and the US on some issues does not stand in the way of developing strategic relations, which contributes to bringing the two countries closer together.

It also reflects the success of the Kingdom’s foreign policies, whose rules were set by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and HRH the Crown Prince, which gave the Kingdom an important and influential role in shaping the course of regional and global events.

The visit of the US President to the Kingdom is important as it comes as part of his first visit to the Middle East, during which a Saudi-American summit and a Gulf-American summit will be held with the participation of Iraq, Egypt, and Jordan. This reflects the Kingdom’s position and its pivotal role in the security and stability of the region, and the keenness of the two sides’ leaderships to boost the joint strategic partnership.

From this standpoint, a Saudi-American summit and a Gulf-American summit will be held with the participation of Iraq, Egypt, and Jordan. To support and enhance continuous cooperation and coordination efforts between partners in light of the current regional and international developments.

The convening of this joint summit upon an invitation of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, emphasizes the Kingdom’s pioneering role, its Arab, Islamic and international weight and standing, and its global economic value, and based on its regional and international responsibility, and its pivotal role in the security and stability of the region.

The joint summit aims to confirm the historical partnership between these countries, the importance of close cooperation and common visions regarding various issues in the region, deepening cooperation in different fields, and the importance of developing ways of cooperation and integration among the countries participating in the summit, and building joint projects that contribute to achieving sustainable development in the region, collectively addressing environmental challenges and confronting climate change, including the Saudi Green Initiative and the Middle East Green Initiative announced by HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense, and the development of renewable energy sources, and highlighting the electrical interconnection agreements between the GCC countries and Iraq.

Source: Saudi Press Agency

National Teams Taking Part in Arab Soccer Cup U20 Start to Arrive in Abha

Abha, Saudi Arabia, July 14, 2022, SPA — National teams taking part in Arab Soccer Cup Championship U20, organized by the Arab Football Federation and hosted by the Saudi Football Federation, which is scheduled to be held from July 20 through August 6, 2022, started to arrive in Abha, Saudi Arabia, venue of the finals.

Iraqi team was the first of arrivees last Tuesday, joining the Saudi host team which is already camping there. Sudanese and Libyan teams arrived this evening while the teams of Morocco, Palestine and Mauritania are scheduled to reach this resort city on Sunday. On Monday, teams of Egypt, Oman, Jordan and UAE are set to be in Abha while the Tunisian team lands on July 20, the opening of the event, organizers said.

Source: Saudi Press Agency

Saudi national team for mathematics collects six international prizes in the International Mathematics Olympiad in Norway

Riyadh — Represented by King Abdulaziz and his Companions Foundation for the Giftedness and Creativity (Mawhiba) and the Ministry of Education, the Saudi national team for Mathematics has collected six international prizes, two silver and four bronze, in the International Mathematics Olympiad 2022 held in Norway from July 6 – 16, it was reported here today.

The Saudi team is making its debut in the 170-time contest in which 589 female and male students from 106 countries took part this time.

The achievement pushed the Kingdom of Saudi Arabia 16 places up to the 22nd rank this year.

The Acting Secretary General of Mawhiba Dr. Amal Al-Hazzaa forwarded congratulations to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and HRH the Crown Prince on this scientific achievement.

Source: Saudi Press Agency

First group of Sudanese pilgrims who completed Hajj left Jeddah port heading for Sawaken by sea

Jeddah, July 14, 2022, SPA — Passports officials at Jeddah Islamic port have completed the procedures of the departure of the first sea voyage scheduled to take back pilgrims coming from Sudan.

Accordingly, the pilgrims boarded the vessel taking them from Jeddah to the Sudanese port of Sawaken on the western coast of the Red Sea after having performed this year’s Hajj easily and comfortably.

Source: Saudi Press Agency

More than 40,000 pilgrims flock to Madinah before leaving for their countries

Al-Madinah Al-Munawarah, Saudi Arabia, July 15, 2022, SPA– As many as 40387 pilgrims have arrived in Al-Madinah Al-Munawarah, Prophet Mohammed’s city, after having performed Hajj ritual in Makkah and the sacred shrines this year with ease and safety, official statistics said.

According of official figures, 918 have used Al-Haramain express to reach Islam’s second holiest city and 2562 were received at land pilgrims center. As of pilgrims still enjoying their visit to the Prophet until yesterday, the statistics said they amount to 37524 from different nationalities.

Source: Saudi Press Agency