Latest news with #EconomyandPlanning
Daily Tribune
2 days ago
- Business
- Daily Tribune
Bahrain, Saudi hail strong economic cooperation
The Kingdom of Bahrain and Saudi Arabia continue to set a distinguished model of bilateral relations, grounded in solid foundations of cooperation and joint action across diverse sectors. This was affirmed by Finance and National Economy Minister, His Excellency Shaikh Salman bin Khalifa Al Khalifa, during a high-level coordination meeting held via video conference. Shaikh Salman co-chaired the meeting of the Coordination Committee on Economy, Energy, Trade and Industry alongside Saudi Minister of Economy and Planning, H.E. Faisal bin Fadhel Al Ibrahim. The committee is one of five operating under the umbrella of the Saudi-Bahraini Coordination Council. Enduring ties Emphasising the enduring and deeply rooted ties between the two kingdoms, Shaikh Salman lauded the progress of their relationship, which he said continues to grow stronger through the continued support of His Majesty King Hamad bin Isa Al Khalifa and the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud. He also highlighted the pivotal role of the Saudi-Bahraini Coordination Council, co-chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister of Bahrain, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia. The Council, he noted, has become instrumental in advancing strategic partnerships and expanding bilateral cooperation to meet the aspirations of both countries and their citizens. During the meeting, both sides reviewed the latest updates on joint initiatives and key recommendations outlined in the committee's work plan.
Saudi Gazette
4 days ago
- Business
- Saudi Gazette
Saudi Arabia concludes participation in UN High-Level Political Forum 2025 on sustainable development
Saudi Gazette report NEW YORK — Saudi Arabia concluded its participation in the 2025 United Nations High-Level Political Forum on Sustainable Development, which brought together nations to review global efforts and progress toward achieving the Sustainable Development Goals (SDGs) outlined in the 2030 Agenda. The forum ran from July 14 to 23 at the UN headquarters in New York. The Saudi delegation was led by Minister of Economy and Planning Faisal Al-Ibrahim and included representatives from nine government entities: the Ministries of Economy and Planning, Foreign Affairs, Health, Human Resources and Social Development, and Environment, Water and Agriculture; the Saudi Fund for Development; Madinah Development Authority; the National Center for Wildlife; and the Quality of Life Program. In his remarks, Minister Al-Ibrahim highlighted Saudi Arabia's rapid progress on sustainable development indicators within the G20 over the past decade, attributing it to Vision 2030, which he described as a national project born from the aspirations of the leadership and the Saudi people. "Vision 2030 has enabled the Kingdom to become the fastest-progressing G20 country in SDG indicators over the last 10 years," Al-Ibrahim said. "This progress reflects the power of aligning ambition with structured action, strong political will, and effective policies." He also pointed to innovative local initiatives, such as the launch of the Sustainable Development Atlas by Madinah City, which covers all 70 of its neighborhoods and supports evidence-based policy design through comprehensive data mapping and scenario modeling. Saudi Arabia's water sustainability efforts were spotlighted as the Kingdom was recognized by the UN Water Committee for its clear progress on SDG 6 (clean water and sanitation), particularly in integrated water resources management. The Ministry of Environment, Water and Agriculture presented key lessons learned in securing water sustainability in one of the world's most arid regions during a dedicated side event. Additionally, the Ministry of Economy and Planning, in collaboration with the Ministry of Human Resources and Social Development, the Quality of Life Program, and the Madinah Development Authority, organized a side event focusing on cross-sectoral integration, institutional capabilities, and innovation to accelerate progress toward the SDGs. The Saudi Fund for Development (SFD) also participated with an informational pavilion showcasing its contributions to global sustainable development through the financing of projects in health, education, energy, infrastructure, industry, and mining. On the sidelines of the forum, Minister Al-Ibrahim held a series of bilateral meetings with senior officials to explore opportunities for strategic partnerships, economic cooperation, and investment. The High-Level Political Forum is held annually under the auspices of the UN Economic and Social Council and serves as a key platform for tracking SDG progress since its inception in 2012.
Saudi Gazette
28-06-2025
- Business
- Saudi Gazette
SFD signs deal worth over $38 million to enhance infrastructure in Tunisia
Saudi Gazette report TUNIS — Saudi Fund for Development (SFD) Chief Executive Officer Sultan Al-Marshad signed on Saturday a new development loan agreement with Tunisian Minister of Economy and Planning Dr. Samir Abdelhafidh to finance the establishment of an Oasis Hub Project in southern Tunisia. The loan, exceeding $38 million, was signed in the presence of Saudi Ambassador to Tunisia Dr. Abdulaziz Al-Saqr. The agreement reflects the strong bilateral development partnership that has spanned nearly 50 years. The Oasis Hub Project aims to support sustainable rural development through the reclamation of more than 1,000 hectares of agricultural land across various regions of Tunisia. The project includes the drilling and equipping of 22 wells, the expansion of rural villages and their infrastructure, and the construction of over 285 housing units for local beneficiaries. Additionally, the project will enhance the region's infrastructure by building roads, pipelines, and networks for potable and irrigation water, while also supporting the development of educational institutions, agricultural facilities, and cultural, social, and commercial centers. These efforts collectively aim to improve the quality of life and stimulate economic and social growth in Tunisia's southern governorates. The agreement is part of SFD's ongoing efforts to promote sustainable development in Tunisia by financing infrastructure projects that contribute to improving living standards, creating job opportunities, and supporting the achievement of the Sustainable Development Goals (SDGs). Since it began operations in Tunisia in 1975, SFD has financed 32 development projects and programs through concessional loans totaling more than $1.2 billion, in addition to grants provided by Saudi Arabia through SFD, amounting to over $105 million. Meanwhile, Tunisian Prime Minister Sarra Zaafrani Zenzri received Saudi Fund for Development (SFD) Chief Executive Officer Sultan Al-Marshad in Tunis on Saturday. The reception was also attended by Tunisian Minister of Economy and Planning Samir Abdelhafidh, Saudi Ambassador to Tunisia Dr. Abdulaziz Al-Saqr, and other officials. Zenzri and Al-Marshad reviewed ways to strengthen development cooperation between the two countries and highlighted the longstanding bilateral partnership that spans over five decades, particularly in financing key development projects in Tunisia. Al-Marshad also met with Tunisian Minister of Health Dr. Mustapha Ferjani in the presence of the Saudi ambassador. They discussed ongoing health projects funded by SFD and explored opportunities to support the Tunisian health sector. The meetings come as part of Al-Marshad's official visit to Tunisia, during which a development loan agreement worth over $38 million is scheduled to be signed with the Tunisian Ministry of Economy and Planning to support infrastructure projects in the country.
Saudi Gazette
22-05-2025
- Business
- Saudi Gazette
Al-Ibrahim: Saudi Arabia develops smart legislation and digital systems to meet needs of investors
Saudi Gazette report RIYADH — Minister of Economy and Planning Faisal Al-Ibrahim emphasized that Saudi Arabia is now opening its doors to the world and has a roadmap in line with Vision 2030. "The Kingdom has developed smart legislation and digital systems to meet the needs of international investors. There are significant changes not only in the regulations and laws governing investment and business, but also in the way business is conducted, adopting smart systems, digital transformation, and regulations focusing on attracting investment," he said while addressing the Saudi-Spanish Business Forum in Riyadh on Thursday. Al-Ibrahim said that Saudi Arabia is advancing toward global competitiveness and a knowledge-based economy. "Since the launch of Vision 2030, private investments in non-oil sectors have grown by 70 percent, fueled by over 900 economic and structural reforms that have boosted investor confidence and streamlined the business environment. This is in addition to issuing more than 36,000 business licenses," he said noting that there are more than 6,000 companies operating in the Kingdom. Referring to the Saudi – Spanish investment relations, Al-Ibrahim said that there have been investments exceeding $3 billion over three decades, with more than 200 Spanish companies operating in the fields of healthcare, agriculture, real estate, and digital technology. "These numbers reflect the strength and momentum of the growing partnership between the Kingdom and Spain, as Spanish expertise plays a vital role in the Kingdom's transformation," he said, adding that the forum aims to explore new opportunities, strengthen partnerships, and formulate further cooperation, with the goal of creating added value across various sectors. The visiting Spanish Minister of Economy, Trade, and Business Carlos Cuerpo Caballero also addressed the forum, which saw the participation of more than 300 Saudi and Spanish officials and investors. The forum was organized by the Federation of Saudi Chambers of Commerce in collaboration with the Ministry of Economy and Planning and the Ministry of Investment. Earlier on Wednesday, Caballero co-chaired the fourth session of the Saudi-Spanish Joint Commission. The Saudi-Spanish Joint Commission is centered on the shared commitment to fostering a prosperous future partnership, grounded in mutual economic interests and strengthening trade and investment relations between the two countries. Al-Ibrahim andSeveral current and upcoming initiatives were discussed, with a focus on enhancing economic, social, and cultural ties between the Kingdom and Spain. These initiatives highlight the strength of relations and the mutual commitment of both sides to expanding cooperation across various sectors.
Saudi Gazette
21-05-2025
- Automotive
- Saudi Gazette
Alkhorayef: Saudi Arabia rapidly localizing auto industry, becoming re-export hub
Saudi Gazette report DOHA— Minister of Industry and Mineral Resources Bandar Alkhorayef highlighted Saudi Arabia's swift progress in localizing the automotive industry during his participation in a dialogue session at the Qatar Economic Forum in Doha on Wednesday. He emphasized that Saudi Arabia would become a re-export hub with its rapid transformation taking place in the automobile industry. The minister highlighted the Kingdom's emergence as a key player in car re-exports, driven by advancements in infrastructure and logistics services. He also discussed the Kingdom's focus on the future of the electric vehicle industry to achieve the goals of transitioning to clean energy, as per the goals of Vision 2030. Alkhorayef noted that industrial transformation, the adoption of advanced manufacturing technologies, and the deployment of applications from the Fourth Industrial Revolution, including AI and robotics, requires a robust digital infrastructure. He pointed out that the Kingdom has made substantial progress in this area through targeted investments in digital infrastructure and the implementation of regulations and laws to ensure privacy and cybersecurity. He stated that 2024 saw a significant leap in the performance of non-oil exports, with their contribution to GDP rising from 16 percent to 25 percent. This achievement stems from effective government policies, a favorable investment environment, and active engagement from the private sector. Speaking at a dialogue session during the Qatar Economic Forum, Minister of Economy and Planning Faisal Alibrahim underscored the continued efforts to implement reforms aimed at improving the business environment and enhancing investment opportunities in the Kingdom, in line with the objectives of Vision 2030. Alibrahim explained how the Kingdom is restructuring its economy for the long term, transitioning from a consumption-based model to a more complex and productive one, while continuing to attract global capital and talent. The minister emphasized that Vision 2030 is not merely a plan but a transformative journey, underpinned by institutional efficiency and effective decision-making.
