Bill Clinton: Saudi Crown Prince an inspiring leader and Vision 2030 a bold development plan
RIYADH — Former US President Bill Clinton described Saudi Crown Prince and Prime Minister Mohammed bin Salman as an inspiring leader. "Saudi Arabia has an inspiring leader who has created thousands and even millions of opportunities, for his citizens, to choose from these opportunities as if they were choosing them from a golden plate,' he said while addressing the Real Estate Future Forum in Riyadh.
Clinton called Saudi Vision 2030 as one of the bold development plans in the modern era. 'Saudi citizens, both men and women, should feel grateful and thankful for what this inspiring vision offers here in Saudi Arabia,' he said while emphasizing that Saudi leaders have a great passion to achieve the plans by the year of realizing the vision.
Clinton noted that Saudi Arabia has paid great attention to developing human capital. 'Saudi citizens enjoy a state of loyalty towards their leaders, believing in their ambitious visions to develop the country's economy,' he said.
Earlier on the day, Clinton met with Crown Prince Mohammed bin Salman during which they exchanged friendly talks.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Saudi Gazette
5 hours ago
- Saudi Gazette
Saudi Arabia strongly condemns Israeli decision to fully occupy Gaza
Saudi Gazette report NEOM — The Saudi Cabinet session, chaired by Crown Prince and Prime Minister Mohammed bin Salman in NEOM on Tuesday, strongly condemned the decision of the Israeli occupation authorities to fully occupy the Gaza Strip. The session also slammed Israel's continued perpetration of crimes of starvation, brutal practices, and ethnic cleansing against the Palestinian people. The Council of Ministers stressed that the ongoing failure of the international community and the UN Security Council to halt these attacks and violations undermines the foundations of international order and legitimacy, threatens regional and global peace and security, and portends grave consequences that could encourage genocide and forced displacement. In a statement to the Saudi Press Agency following the session, Minister of Media Salman Al-Dossary said that the Crown Prince briefed the Cabinet on his meeting with King Abdullah II of Jordan. During the meeting, the two leaders reviewed the fraternal relations between their countries and discussed ways to enhance and develop them across various fields, as well as several key issues on the Arab and Islamic fronts, with particular focus on recent developments in Palestine. The Crown Prince also briefed the Cabinet on the content of his phone call with Palestinian President Mahmoud Abbas. During the call, Abbas praised the Kingdom's steadfast support for the Palestinian people and their just cause and its efforts and honorable stances under the leadership of Custodian of the Two Holy Mosques King Salman, saying that this has contributed to the commitment of many countries to recognize the State of Palestine. Al-Dossary said that the Cabinet welcomed Australia's intention to recognize the State of Palestine and New Zealand's consideration of a similar step, commending the growing international consensus in support of implementing the two-state solution and establishing an independent Palestinian state on the 1967 borders, with East Jerusalem as its capital. After reviewing the phone call received by the Crown Prince from President Volodymyr Zelenskyy of Ukraine, the Cabinet reaffirmed Saudi Arabia's commitment to and support for efforts aimed at resolving the Ukrainian crisis, achieving peace, and facilitating dialogue between the parties. The Cabinet welcomed the announcement of the peace agreement between Armenia and Azerbaijan, expressing hope for the beginning of a new phase of understanding, cooperation, and the consolidation of security and stability between the two countries, serving the interests of their peoples and the wider Caucasus region. The Cabinet reviewed the outcome of the Kingdom's participation in the Third UN Conference on Landlocked Developing Countries in Turkmenistan, and emphasized the importance of strengthening international efforts to address regional and global challenges, contribute to global economic stability, and promote sustainable development. On domestic affairs, the Cabinet reviewed the progress of national strategies and programs, their achievements in meeting development goals, and their contributions to improving the performance of the public and private sectors. In this context, the Cabinet commended the tangible progress made by government agencies in the 2025 Digital Experience Maturity Index, reaffirming their commitment to providing the best services to citizens, residents, and visitors, facilitating business, and enhancing the Kingdom's standing in international indicators. The Cabinet approved a memorandum of understanding (MoU) on the establishment of a strategic partnership council between the governments of Saudi Arabia and Singapore and another MoU on environmental protection between the Saudi Ministry of Environment, Water and Agriculture and the Moroccan Ministry of Energy Transition and Sustainable Development. It also endorsed MoU for cooperation in social development between the governments of Saudi Arabia and Malaysia; MoU for cooperation in the logistics sector between the Saudi Ministry of Transport and Logistic Services and the Singaporean Ministry of Trade and Industry, and MoU on the development of trade relations between the Saudi General Authority of Foreign Trade and the Cambodian Ministry of Commerce. The Council approved a joint customs cooperation agreement for the mutual recognition of the Authorized Economic Operator program between the Saudi Zakat, Tax and Customs Authority and the Moroccan Administration of Customs and Indirect Taxes. It endorsed a MoU on developing non-oil exports between the Saudi Export Development Authority and the Export Agency under the Government of Tajikistan, and another MoU for cooperation in the peaceful use of outer space between the Saudi Space Agency and the Korea Aerospace Administration. Regarding amicable settlement of labor disputes, the Cabinet approved extending the working period for one year, starting from Thursday, Safar 20, 1447 AH, corresponding to August 14, 2025. This is pursuant to Paragraph A of Clause First of a previous royal decree, which stipulates that "in a labor lawsuit, it must be submitted to the Labor Office before it is filed before the Labor Court, to take the necessary measures to settle the dispute amicably."The Council also amended certain articles of the organization of the Saudi Bar Association, as stated in the decision.
Arab News
6 hours ago
- Arab News
Saudi Arabia's money supply hits $832bn as time deposits reach 16-year high
RIYADH: Saudi Arabia's money supply rose to a record SR3.12 trillion ($832 billion) in June, marking a 7.63 percent annual increase, driven predominantly by a sharp rise in time and savings deposits. According to data from the Saudi Central Bank, also known as SAMA, these income-generating accounts, now totaling around SR1.1 trillion, represent the highest share of the money supply in 16 years. While demand deposits — non-interest-bearing checking accounts — remain the largest component at 47.93 percent, or SR1.49 trillion, their growth at 5.2 percent year on year has lagged that of savings accounts, which grew 21.71 percent over the same period. Other quasi-monetary instruments, including residents' foreign currency deposits, marginal deposits related to letters of credit, outstanding remittances, and repo placements, account for roughly 9 percent of the money supply. However, this category declined 18.54 percent, dropping to SR280.54 billion. Meanwhile, currency outside banks, although the smallest component at 7.83 percent, increased 6.6 percent to SR244.31 billion. Why are time deposits surging? Global monetary tightening and attractive yields are key factors. After previously peaking at 6 percent, SAMA reduced its repo rate in stages, mirroring that of the US Federal Reserve — first to 5.5 percent in September 2024, then further to 5 percent in December 2024. Despite these cuts, the current rate remains relatively elevated compared to the prolonged low-rate environment of previous years, making fixed-term, interest-bearing accounts more attractive than demand balances. Strong lending growth, particularly in sectors tied to Vision 2030, mortgage financing, and corporate borrowing, has outstripped deposit inflows. As a result, banks face increased funding needs and have ramped up offerings on time deposits to attract liquidity. The 2025 International Monetary Fund Article IV Mission noted that while banks maintain strong solvency at 19.6 percent and a healthy return on assets, liquidity pressures are building, and liquid assets relative to short-term liabilities have declined. In response, banks are expanding liabilities through bonds, syndicated loans, and certificates of deposit. Notably, net foreign assets turned negative in 2024 for the first time since 1993, highlighting rising external borrowing. To address risks, SAMA introduced a 100-basis-point countercyclical capital buffer in May 2025, and the IMF welcomed this step, along with tighter loan-to-value and debt burden measures, plus potential foreign-currency liquidity ratios to bolster financial stability. Market analysts foresee continued strength in time and savings deposits. Alvarez & Marsal's first quarter Banking Pulse reported that deposits rebounded 4 percent quarter on quarter, led by an 8.1 percent increase in time deposits, following a seasonal dip at the end of 2024. Likewise, Fitch Ratings, in its March 2025 forecast, projected lending growth of 12–14 percent, led by corporate demand, to continue outpacing deposit growth. Fitch expects Saudi banks to issue more than $20 billion in debt this year as they shift toward non-deposit funding. This, coupled with the continued dilution of CASA 'current and savings accounts' and competition for funding, may blunt the benefits of lower policy rates on banks' net interest margins.
Argaam
6 hours ago
- Argaam
Saudi Cabinet reviews progress on national plan
Saudi Arabia's Cabinet, chaired by Crown Prince Mohammed bin Salman in NEOM, reviewed progress on national strategies and programs, tracking achievements in development, prosperity and performance across public and private sectors, Saudi Press Agency (SPA) reported. The Cabinet praised government entities for notable gains in the 2025 Digital Government Experience Index, reaffirming their commitment to top-tier services, easier business activity and improving the Kingdom's global rankings. It also approved a memorandum of understanding (MoU) to set up a Strategic Partnership Council with Singapore, and another between Saudi Arabia's Ministry of Transport and Logistics Services and Singapore's Ministry of Trade and Industry for logistics sector cooperation.
