Category: Business

Jeddah– A Saudi national and a Pakistani expatriate were arrested for having been invloved in smuggling and possessing 5.1 kilograms of Methamphetamine, Official Spokesman of the General Directorate of Narcotics Control (GDNC) disclosed.

In a statement, he said that security follow ups on crimes of smuggling and promoting drugs have resulted in seizing a quantity of drugs in the possession of a resident.

He added that the resident and a citizen were both involved in violating the border security bylaw prior to being referred to appear before Public Prosecution.

Source: Saudi Press Agency

Aden, The seventh shipment of the Saudi oil derivatives grant provided by the Kingdom of Saudi Arabia, represented by the Saudi Development and Reconstruction Program for Yemen (SDRPY), to Yemen has arrived in Aden, with quantities amounting to 60,000 metric tons of diesel, bringing the total amount of oil derivatives supplied to Yemen since the beginning of the grant to 596,000 metric tons; to meet the monthly needs provided by the Yemeni power stations.

The First Undersecretary of Aden Governorate, Mohammed Nasr Al-Shazly, said that the Saudi oil derivatives grant eased the suffering of citizens and supported the electricity sector, especially during the summer, adding that the Kingdom’s support to Yemen is a reflection of the brotherly ties between the two countries, expressing appreciation and gratitude to the Saudi leadership and to SDRPY’s efforts in supporting Yemen in various sectors.

SDRPY office director in Aden, Engineer Ahmed Madkhali, said: “The Saudi oil derivatives grant has had a positive impact on improving the production of electrical power, as well as the improvement of general conditions in various fields, and reduced hours of power outages and its recurrence, which contributed to achieving living and economic stability”.

The oil derivatives grant is part of SDRPY support, which has provided more than 207 development projects and initiatives implemented in various Yemeni governorates to serve the Yemeni citizens in seven key sectors including education, health, water, power, transportation, agriculture and fisheries, and capacity-building of government institutions, in addition to other development programs.

Source: Saudi Press Agency

Baghdad The 23 countries belonging to the “OPEC +” alliance led by Saudi Arabia and Russia announced today, Wednesday, a new slight increase in production, despite the rise in crude prices and geopolitical tensions shaking the markets.

Those countries confirmed in a statement that they would increase their production by 400,000 barrels per day, in March, the same amount as in previous months.

The group, which includes 13 members of the Organization of Petroleum Exporting Countries (OPEC), and its ten allies, within the “OPEC +” agreement, has resisted US pressure to increase production with the aim of reducing prices.

The group’s cautious approach dates back to the spring of 2021, with demand recovering after massive production cuts under Covid-19.

Wednesday’s announcement was not surprising given that the group has strictly followed this approach since it was originally agreed, and even in December, when oil prices plummeted in the wake of the Omicron outbreak.

In January, oil prices reached their highest levels in 7 years, Brent oil recorded $90, and oil prices fluctuated below $90

Source: National Iraqi News Agenc

Riyadh, The “LEAP”, global tech conference hosted by Riyadh, announced today the actual launch of the digital content program “SAUDI IGNITE PROGRAM” with an estimated budget of SAR4.2 billion.

The program aims to regulate and activate the digital content markets in the Kingdom, via facilitating the participation of the private sector in the market through regulations, in addition to conducting integrated governance that catalyzes expansion, encourages innovation, and attracts various investments.

The program launched “36” initiatives, including financing initiatives aimed at financing and establishing investment funds to develop local content to promote growth in the video, audio, games, and digital advertisement sectors, as well as regulatory initiatives to make amendments to legislation and regulations in order to facilitate work systems and protect data, privacy and property rights. The initiatives also included the sector of training.

These initiatives in various sectors will raise the size of the digital content market in the Kingdom to three times by 2030.

Source: Saudi Press Agency

Baghdad Secretary-General of the Council of Ministers, Hamid Al-Ghazi, announced today, Sunday, that the opening of Jamima port with Saudi Arabia is dependent on a single procedure, while indicating that the Council of Ministers approved an agreement to protect the Saudi investor.

Al-Ghazi told the official Iraqi News Agency (INA), “The opening of other border crossings with Saudi Arabia is a matter of discussion between the two sides, and we have Jamima port, whose approvals and procedures have been completed,” noting: “We asked the Saudi side to complete the procedures on their part to start opening this port.”

He added, “After opening Arar port, we faced many problems and obstacles, and they were resolved in coordination between the two parties through the Iraqi Border Ports Authority and the Saudi Ministry of Transport,” noting that ” opening of Jamima land port is near, which is among the papers presented now.”

He stressed that “the level of trade exchange stopped for many years, and after the opening of the Arar port less than a year ago, we reached a trade exchange of 15% between the two countries, and this means moving in the right direction and real growth by developing the economic aspect to reach the level of ambition between the two countries.”

Regarding the provision of guarantees to the investor, Al-Ghazi explained that “capitals are looking for guarantees and this is their right, and Iraqi laws such as the investment law are among the best laws in the region that guarantee the rights of local and foreigners, and this is what has been clarified to businessmen,” noting that “there is an agreement that has been approved by the Council of Ministers. The ministers, their vote and approval were sent to the House of Representatives to vote on it, which is to protect the Saudi investor, and we asked the Joint Businessmen Council not to stop or wait.”

He added, “The Iraqi government is capable of protecting the Saudi investor as well as protecting the Iraqi investor, providing him with a safe environment and simplifying the procedures for him, and we made it clear that there is a fatal routine and this is what was inherited from laws and legislation and chaos in the instructions and regulations,” noting that “the availability of real will and desire between the two countries are heading towards developing relations, and economic and commercial work will lead to a development in political work, and this is what we saw from the Iraqi-Saudi Coordination Council to unify positions between the two countries abroad.”

Al-Ghazi indicated that “the government is determined to overcome many obstacles, and I as a national coordinator in coordination with the Saudi side, have overcome many problems, including extortion and threats,” noting that “there are mafias and some weak-minded people who live on blackmail and threats.

Source: National Iraqi News Agency

Riyadh, Minister of Islamic Affairs, Call and Guidance Sheikh Dr. Abdullatif bin Abdulaziz Al Al-Sheikh received here today Ethiopian Minister of Finance Ahmed Shide, Grand Mufti and President of Islamic Affairs Supreme Council in Ethiopia Sheikh Haji Omar Idris and their accompanying delegation.

Sheikh Dr. Abdullatif Al Al-Sheikh commended this visit, which comes within the framework of the strong relations between the two countries.

For his part, the Ethiopian Minister of Finance stressed the depth of the historical relationship between the two countries, praising the great efforts exerted by the Kingdom of Saudi Arabia to serve Islam and peace in the world.

Source: Saudi Press Agency

Riyadh, The Minister of Economy & Planning and Chairman of the Board of Directors of the General Authority for Statistics (GASTAT), Faisal bin Fadhil Alibrahim expressed his appreciation and thanks to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense for their care and patronage of the Kingdom of Saudi Arabia’s upcoming housing and population census.

On the occasion of the issuance of the Royal Approval to commence the census on May 9, 2022 (Shawwal 8, 1443 Hijri), the Minister Faisal Alibrahim stated that “The Saudi census – which GASTAT conducts every ten years is a vital pillar for the planning and policymaking required to achieve our Vision 2030 goals.”

He praised the tremendous support the census operations have received from government agencies, as well as the cooperation from citizens and residents during last year’s pilot census, all of which has contributed significantly in enhancing GASTAT’s readiness to conduct the proper census process this year.

He also encourages all residents to participate in the census as part of their national duty and social responsibility, and to cooperate with field workers in providing their data as accurately as possible. The census results will directly impact policymakers’ abilities to make evidence-based decisions that contribute to better public services and urban planning, as well as enable the private sector and investors to play their part effectively in the Kingdom’s economic development.

Alibrahim emphasized GASTAT’s commitment to the highest standards of privacy and confidentiality when it comes to the collected census data. The Authority’s bylaws strictly prohibit any disclosure of citizens’ and residents’ data and private information (such as ID numbers, names or residency information).

He also highlighted this census’s most prominent enhancements, including developing work procedures based on international best practices used in G20 countries and member countries of the Organization for Economic Cooperation and Development (OECD). Case in point, this will be the first census to make use of satellite imagery to ensure a more comprehensive coverage of the country’s regions and provinces that underwent incredible development since the last census in 2010.

Another new procedure aided by modern technology is the fact that citizens and residents have the option to fill out the census on their own via GASTAT’s website. Nevertheless, data collection and enumeration will still be available through field employers to ensure the widest coverage of all segments of the society.

Moreover, he shared that GASTAT has worked hand in hand with the Kingdom’s security authorities to employ their best practices in census operations, such as implementing secure background checks on all field enumerators and staff. Alibrahim asks everyone to cooperate with these workers, stressing that they are Saudi citizens performing an official government initiative and are enabled with all the support and protections they need to accomplish their tasks.

As with all public activities, the Minister affirms GASTAT’s coordination and planning with the Ministry of Health to ensure that census workers always adhere to the proper precautionary measures to limit the spread of the Covid-19 virus, including fully-vaccinated field staff that are wearing masks and maintaining social distancing during household visits.

Address canvassing will commence today, January 26, and is considered an essential step towards an accurate and effective census. Field staff will begin cataloguing all inhabited and uninhabited housing units within the Kingdom and placing smart census stickers. Each sticker will have a unique QR code that will link the housing unit with its respective head of the household.

Source: Saudi Press Agency

Riyadh, The CEO of the Saudi Broadcasting Authority (SBA), Mohammed Al-Harthy received here today the Director of the Iraqi Media Network, Dr. Nabil Jassim.

During the meeting, they discussed a number of issues of common interest, especially in the field of media, in addition to cooperation in the fields of news exchange and training between the two countries.

Source: Saudi Press Agency

Manama, Industry, Commerce and Tourism Minister Zayed bin Rashid Al Zayani received Iraqi Chargé d’Affairs Muayyad Omar Abdulrahman.

The meeting discussed topics of common interest.

The minister praised the progress witnessed in Bahraini-Iraqi relations at various levels and wished the chargé d’affairs continued success in his duties.

The chargé d’affairs praised the ministry’s efforts towards strengthening bilateral cooperation and wished the two countries further development and prosperity.

Source: Bahrain News Agency

Washington, The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated three Hizballah-linked financial facilitators and their Lebanon-based travel company. Specifically, OFAC designated Adel Diab, Ali Mohamad Daoun, Jihad Salem Alame, and their company, Dar Al Salam for Travel & Tourism. This action comes at a time in which the Lebanese economy faces an unprecedented crisis and Hizballah, as part of Lebanon’s government, is blocking economic reforms and inhibiting much needed change for the Lebanese people.

In a statement issued today, the U.S. Department affirmed that Hizballah claims that it supports the Lebanese people, but just like other corrupt actors in Lebanon that the U.S. Department of Treasury has designated, Hizballah continues to profit from insulated business ventures and backdoor political deals, amassing wealth that the Lebanese people never see.

“Hizballah’s widespread network of financial facilitators has helped the group exploit Lebanon’s financial resources and survive the current economic crisis through businessmen like those designated today. The designations of the individuals and entity demonstrate the U.S. Department of Treasury’s ongoing efforts targeting Hizballah’s continued attempts to exploit the global financial sector and evade sanctions,” the statement added.

Source: Saudi Press Agency

Riyadh, The IHS Markit index has expected the Saudi economy to record the highest growth levels among the G-20 countries at 11.1% during the last quarter of 2021, a wide gap of about 4.5% from its nearest competitor: Italy. The achievement reflects the efficiency of the economic reforms taken by the Kingdom since the launch of its Vision 2030.

These positive figures come in light of the unlimited support and direct supervision His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister, who is also Chairman of the Council of Economic Affairs and Development, extends to the Vision 2030 programs, demonstrating the strength and efficiency of the economic reforms undertaken by the Kingdom since 2016. This had a great impact on overcoming the consequences of the Covid 19 pandemic with minimal damage despite sharp declines of oil prices, as the levels of growth of the Saudi economy come at a time when many countries, including major economies, are still struggling to overcome the repercussions imposed by the pandemic, which are no less than the effects of World War II.

The Saudi GDP growth rate reached 7% in the third quarter of 2021, the highest annual growth rate since 2012, reflecting the Kingdom’s economic potentials for rapid recovery from the effects of the pandemic and the resumption of economic activities, and benefiting from the exceptional efforts adopted by the Saudi government while tackling the challenges of the pandemic and the stimulus measures provided for the national economy.

The Covid-19 pandemic left a significant economic impact on various vital sectors, especially the employment sector. Nevertheless, the results achieved by the Saudi economy were in contrast to that wave, as the pace of Saudi employment in the private sector hit its highest quarterly level ever, according to administrative records, reaching 90,000 during the fourth quarter of 2021.

As a result of the effectiveness of the Kingdom’s government policies in creating jobs for Saudis in the private sector, the number of Saudi workers in the private sector exceeded, for the first time ever, 1.9 million in December 2021. Meanwhile, the rate of women’s participation in the labor market continued to accelerate, bypassing the 2030 target as it reached 34.1% in the third quarter of 2021, due to the progress of the Kingdom’s social and economic reforms.

As a culmination of the Kingdom’s efforts to diversify the economy and reduce dependence on oil, the value of Saudi non-oil exports amounted to SR195 billion by the end of the third quarter of 2021, an increase of 33% compared to the previous year, at a time when the Kingdom was one of the best performing global economies during the pandemic where the decline in the GDP was very limited, with the Kingdom ranking sixth among the G20 countries when taking into consideration the non-oil activities as a determinant of economic performance in the Kingdom.

Observers and economic analysts expect the Saudi economy to continue to prosper, citing the budget surpluses for the first time since 2014, in addition to the expansion in the implementation of ambitious transformation plans and programs beyond 2022.

This economic boom and diversification of the economy will be achieved through several elements that will contribute to pumping more than SR12 trillion by 2030.

Source: Saudi Press Agency