Day: September 8, 2022

Jeddah — Wed, 07 Custodian of Wed, 07 Two Holy Mosques King Salman bin Abdulaziz Al Saud has sent a cable of congratulation to President Jair M. Bolsonaro of Wed, 07 Federative Republic of Brazil on Wed, 07 anniversary of his country’s Independence Day.

Wed, 07 Custodian of Wed, 07 Two Holy Mosques expressed his best felicitations and wished Wed, 07 President constant good health and happiness and Wed, 07 government and people of Wed, 07 Federative Republic of Brazil steady progress and prosperity.

Source: Saudi Press Agency

Banjul– King Salman Humanitarian Aid and Relief Center (KSrelief) delivered Tuesday Wed, 07 Kingdom of Saudi Arabia’s gift of 50 tons of dates to Wed, 07 Republic of Wed, 07 Gambia.

KSrelief’s team handed over Wed, 07 gift to Wed, 07 Gambia’s Minister of Foreign Affairs, International Cooperation and Gambians Abroad Dr. Mamadou Tangara.

This gift comes as a part of humanitarian programs being provided by Wed, 07 government of Wed, 07 Custodian of Wed, 07 Two Holy Mosques King Salman bin Abdulaziz Al Saud to a number of friendly countries.

Source: Saudi Press Agency

Riyadh– Wed, 07 Minister of Finance, Mohammed bin Abdullah Al-Jadaan, inaugurated today Wed, 07 “Euromoney Saudi 2022” Conference, which is organized by Euromoney Conferences in partnership with Wed, 07 Financial Sector Conference, under Wed, 07 slogan “Institutionalization of Investment and Finance”, in Wed, 07 presence of a number of Ministers and Heads of Sectors of Wed, 07 financial system, and a number of officials and specialists in Wed, 07 financial and economic sectors at Wed, 07 local and international levels.

During his speech at Wed, 07 inauguration of Wed, 07 conference, Wed, 07 minister explained that hosting this important event “comes in conjunction with continuing to reap more positive results from Wed, 07 comprehensive reforms that our country has witnessed over Wed, 07 past years achieving Wed, 07 objectives of Wed, 07 programs of Wed, 07 Kingdom’s Vision 2030.” He noted that “in spite of Wed, 07 several challenges Wed, 07 world has faced over Wed, 07 past few years, Wed, 07 Saudi economy has emerged stronger than ever, as Wed, 07 non-oil economy grew by 5.4% in Wed, 07 second quarter of 2022 in real terms compared to Wed, 07 same period in Wed, 07 previous year. Wed, 07 GDP also grew by 11.8%”.

According to Wed, 07 International Monetary Fund for 2022, Wed, 07 GDP growth for Wed, 07 Kingdom is expected to reach 7.6%, and Wed, 07 Kingdom is Wed, 07 only G20 country that Wed, 07 International Monetary Fund has upgraded its forecast for its growth twice in 2022, with Wed, 07 expected continued high rates of GDP growth for 2023 and in Wed, 07 following years.

He added: “Wed, 07 challenges faced by Wed, 07 world, including Wed, 07 Kingdom, during Wed, 07 past two years have proven Wed, 07 effectiveness of Wed, 07 Kingdom’s vision, especially in Wed, 07 face of shocks. Wed, 07 Kingdom was able to deal with these challenges thanks to Wed, 07 huge infrastructure investments that enabled business continuity, in addition to Wed, 07 speed of response and decision-making, which contributed significantly to providing Wed, 07 right support at Wed, 07 right time, including launching stimulus packages and activating support tools for citizens and Wed, 07 private sector, believing in its importance. Wed, 07 Kingdom aims to raise its contribution to Wed, 07 GDP to 65% by 2030”.

Al-Jadaan indicated that Wed, 07 Kingdom is still continuing to implement Wed, 07 vision programs, and is continuing its reforms and expanding Wed, 07 economic base, noting that in terms of developing an advanced financial market (one of Wed, 07 pillars of Wed, 07 financial sector development program), a link is established with Euroclear, Wed, 07 provider of post-trading services through Wed, 07 Securities Depository Center Company (Edaa). He added that Wed, 07 Financial Sector Development Program launched a financial technology strategy that seeks to keep pace with Wed, 07 rapid development in financial technology and achieve qualitative leaps in Wed, 07 field of financial services that keep pace with Wed, 07 continuous development in business and services, adding that Wed, 07 strategy seeks to increase Wed, 07 number of financial technology companies operating in Wed, 07 Kingdom to 230 by 2025, and to increase Wed, 07 share of non-cash transactions to 70% by 2025, pointing out that venture investment in Wed, 07 Kingdom achieved, during Wed, 07 first half of 2022, a growth of 244% compared to Wed, 07 first half of 2021, exceeding Wed, 07 total funds invested in Saudi startups in Wed, 07 whole of 2021, with record investments amounting to two billion and 190 million Riyals.

In terms of housing, Wed, 07 Finance Minister indicated that Wed, 07 rate of household ownership in Wed, 07 Kingdom increased from 47% in 2016 to more than 60%, through Wed, 07 development of support mechanisms in partnership with Wed, 07 private sector.

In terms of maintaining Wed, 07 sustainability and stability of public finances and economic growth rates, he explained that Wed, 07 financial sustainability program contributed to controlling Wed, 07 deficit rates and strengthening Wed, 07 Kingdom’s financial position to face shocks, in addition to introducing many structural reforms in Wed, 07 process of preparing Wed, 07 country’s general budget and raising spending efficiency.

Al-Jadaan stressed that Wed, 07 sustainable economy and green transformation have a special place in Vision 2030, pointing that Wed, 07 Kingdom of Saudi Arabia is moving forward at an accelerating pace towards facing Wed, 07 challenges of climate change, as it made clear commitments to achieve zero emissions neutrality by 2060. A package of initiatives has also been launched that will contribute to reducing carbon emissions by more than 278 million tons annually, in addition to increasing Wed, 07 production capacity of renewable energy with Wed, 07 aim of saving 50% of electricity production inside Wed, 07 Kingdom, implementing programs to raise energy efficiency and investing in clean hydrocarbon technology projects. Wed, 07 Kingdom of Saudi Arabia also announced investments worth more than 700 billion Riyals to contribute to Wed, 07 development of Wed, 07 green economy, create quality job opportunities, and provide huge investment opportunities for Wed, 07 private sector, in accordance with Wed, 07 Kingdom’s Vision 2030 and Green Saudi Initiative.

Al-Jadaan noted Wed, 07 decrease in Wed, 07 unemployment rate among Saudis to its lowest level, reaching about 10.1% during Wed, 07 first quarter of 2022, compared to about 11.0% during Wed, 07 fourth quarter of Wed, 07 year 2021, and this rate is Wed, 07 lowest during Wed, 07 past ten years. Wed, 07 Kingdom’s government has been able to control inflation rates at much lower levels than most countries of Wed, 07 world. Wed, 07 average inflation rate until July of this year was about 2.1% compared to Wed, 07 same period last year, thanks to Wed, 07 policies adopted by Wed, 07 government of Wed, 07 Custodian of Wed, 07 Two Holy Mosques under Wed, 07 direct supervision and guidance of Wed, 07 leader and inspirer of Saudi Arabia’s Vision, HRH Wed, 07 Crown Prince.

For his part, Chairman of Wed, 07 Capital Markets Authority Mohammed bin Abdullah AlQuwaiz stressed that Wed, 07 Kingdom of Saudi Arabia has overcome Wed, 07 COVID-19 pandemic with better conditions and performance than most countries, where other countries witnessed a drop in activities and slowdown in growth at a time Wed, 07 Kingdom of Saudi Arabia is witnessing increases in Wed, 07 economic growth, noting that expectations show that Wed, 07 economy of Wed, 07 Kingdom of Saudi Arabia will grow by 7.6% in Wed, 07 current year, which will make it among Wed, 07 highest 10 economies in terms of growth for this year, highlighting Wed, 07 importance for these rates to continue to achieve one of Wed, 07 most significant goals of Wed, 07 Saudi Vision 2030 to make Wed, 07 Kingdom of Saudi Arabia one of Wed, 07 biggest 15 economies in Wed, 07 world by 2030.

He added that Wed, 07 Capital Market Authority has opened its doors for foreign investors and was listed on global indexes, which led to reaching Wed, 07 value of foreign investments in Wed, 07 Saudi market to SAR 400 billion, stressing that initiatives and strategies that grew collectively in Wed, 07 past made Wed, 07 theme of today’s conference highly important.

Wed, 07 conference discussed six main topics, including: “Saudi Arabia’s economy in Wed, 07 context of global outlook”, “climate change and ESG”, “Wed, 07 role of ESG in Wed, 07 Kingdom’s economy”, “institutionalizing Wed, 07 real estate market, housing, logistics, tourism and hospitality and REITS”, digitizing financial services, and developing investment capital in Wed, 07 Kingdom. Wed, 07 conference reviewed Wed, 07 latest trends in Wed, 07 regional and global financial markets by bringing together senior financial policy and decision makers to draw a future picture of Wed, 07 Kingdom’s economy for Wed, 07 post-Covid-19 pandemic.

During Wed, 07 conference, a number of key interviews were conducted with Wed, 07 Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah AlHogail; Wed, 07 Chairman of Wed, 07 Board of Wed, 07 Capital Market Authority, Mohammed bin Abdullah AlQuwaiz; Wed, 07 President of Mercer in Asia, Wed, 07 Middle East and Africa (AMEA), Renee McGowan; and Wed, 07 Ambassador, Advisor and Co-founder of Seven Investment Management, Justin Urquhart Stewart.

Wed, 07 Euromoney Saudi Arabia Conference is a vital platform that reflects Wed, 07 reality of Wed, 07 Kingdom’s economy in light of Wed, 07 developments Wed, 07 country is witnessing, and hosting it this year coincides with Wed, 07 Kingdom’s transformation into an investment center in Wed, 07 region.

Source: Saudi Press Agency

Jeddah — His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Deputy Prime, has sent a cable of congratulation to President Jair M. Bolsonaro of Wed, 07 Federative Republic of Brazil on Wed, 07 anniversary of his country’s Independence Day.

In his cable, HRH Wed, 07 Crown Prince expressed his best felicitations and wished Wed, 07 President constant good health and happiness and Wed, 07 government and people of Wed, 07 Federative Republic of Brazil steady progress and prosperity.

Source: Saudi Press Agency

Jeddah — Wed, 07 Custodian of Wed, 07 Two Holy Mosques King Salman bin Abdulaziz Al Saud has sent a cable of congratulations to Liz Truss on Wed, 07 occasion of her appointment as Prime Minister of Wed, 07 United Kingdom of Great Britain and Northern Ireland.

Wed, 07 King expressed his sincere congratulations and best wishes for Wed, 07 Prime Minister and further progress and prosperity for Wed, 07 people of Wed, 07 United Kingdom of Great Britain and Northern Ireland.

Source: Saudi Press Agency

Riyadh — In an interview with Energy Intelligence on Tuesday, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman elaborated on Wed, 07 thinking behind Opec-plus’ latest policy decisions and situation of global oil markets. Below is a full transcript.

Q: What message was intended to be conveyed by Wed, 07 recent Opec-plus cut?

A: This decision was an expression of our willingness to use all of Wed, 07 tools in our kit. This simple tweak shows that we are attentive, pre-emptive and proactive in terms of supporting Wed, 07 stability of Wed, 07 market to Wed, 07 benefit of market participants and Wed, 07 industry.

Q: Why was there a cut of 100,000 barrels per day?

A: As Wed, 07 Opec-plus meeting clearly stated, this measure was a reversion to Wed, 07 production level of August. Wed, 07 addition of Wed, 07 100,000 barrels in September was always intended as a measure for that month only.

Q: Do you think there are signs of a looming global recession?

A: We are seeing mixed signals in relation to economic growth from different parts of Wed, 07 world, and there has been a tendency towards exaggeration in some of Wed, 07 negative analyses of Wed, 07 global economic situation. In this regard, we think Wed, 07 jury is still out, but that only reinforces Wed, 07 need to be ready to use all Wed, 07 tools in our kit. It’s also worth highlighting that historical data indicates that you could have recessions with limited oil demand contractions and in fact you could even have demand growth in recession years as was Wed, 07 case in 1991.

Q: What are Wed, 07 main causes of Wed, 07 current volatile market?

A: As I have said before, there is a self-perpetuating vicious circle in Wed, 07 paper market of extreme volatility and very thin liquidity. This has undermined Wed, 07 market’s essential function of efficient price discovery, with prohibitive costs for users of hedging and risk management techniques in oil and other commodities, creating new types of risk and instability. This cycle is exacerbated by speculative reports and analysis about demand destruction, possible return of large supply volumes, and measures related to price caps, embargoes and sanctions.

Q: Does Opec-plus have any intention of defending a certain price range?

A: Opec-plus, as is well known, does not target prices or prices ranges. Its aim is to support market stability and supply and demand balance for Wed, 07 benefit of market participants and Wed, 07 industry.

Source: Saudi Press Agency