Latest news with #SaudiFundforDevelopment
Leaders
7 hours ago
- Business
- Leaders
Georgian Prime Minister Meets CEO of Saudi Fund for Development
Prime Minister of Georgia, Irakli Kobakhidze, held a meeting with Sultan bin Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development (SFD). As part of his visit, Al-Marshad also met with key Georgian officials, including First Vice Prime Minister and Minister of Economy and Sustainable Development Levan Davitashvili, Minister of Finance Lasha Khutsishvili, and Minister of Infrastructure Revaz Sokhadze. The meetings centered on strengthening development cooperation between Georgia and the SFD. Discussions focused on supporting and financing projects across multiple sectors to drive growth and unlock strategic opportunities within the country. Related Topics : Saudi Arabia's Cultural Development Fund to Showcase Cultural Innovation at Expo 2025 Osaka A Look into the Tasks of Saudi National Development Fund Chambers Federation Discusses Launch of Georgian Bank in Saudi Arabia Saudi Crown Prince receives Georgia's Prime Minister in Riyadh in an official session of talks Short link : Post Views: 1 Related Stories
Biz Bahrain
11-05-2025
- Health
- Biz Bahrain
Arabian Gulf University Signs Contract for the Completion of King Abdullah bin Abdulaziz Medical City Project
His Excellency Dr. Saad bin Saud Al Fuhaid, President of the Arabian Gulf University, and Mr. Mazen Matar, Group CEO of NASS Group, signed the contract to complete the King Abdullah bin Abdulaziz Medical City project, one of the most prominent health and developmental initiatives in the Kingdom of Bahrain and the Gulf Cooperation Council (GCC) countries. The signing ceremony was attended by senior officials from both sides, including His Excellency Dr. Yousif bin Abdullah Bunyan, Minister of Education of Saudi Arabia; His Excellency Dr. Mohammed bin Mubarak Jumaa, Minister of Education and Chairman of the Higher Education Council of Bahrain; and Mr. Sultan bin Abdulrahman Al Murshed, CEO of the Saudi Fund for Development, among others. The project is valued at approximately SAR 0.5 billion. The King Abdullah bin Abdulaziz Medical City project epitomises a key developmental milestone reflecting the deepening of brotherly ties between the Kingdom of Saudi Arabia and the Kingdom of Bahrain. The Government of Saudi Arabia committed SAR 1.2 billion to support the project, while a one-million-square-metre land parcel was generously allocated by His Majesty King Hamad bin Isa Al Khalifa, King of Bahrain. This project serves as an exemplary model of Gulf cooperation in healthcare and academia, aiming to bridge gaps in specialised healthcare services across Bahrain and the Gulf region, thereby fostering integration with education and scientific research. During the signing, Dr. Al Fuhaid expressed his deepest gratitude to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Royal Highness Crown Prince and Prime Minister Prince Mohammed bin Salman bin Abdulaziz Al Saud, wishing them continued health and prosperity. He also extended his appreciation to His Majesty King Hamad bin Isa Al Khalifa, King of the Kingdom of Bahrain, and His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister of the Kingdom of Bahrain, for their unwavering support of this strategic project, which embodies the shared vision between Saudi Arabia and Bahrain. He commended the efforts of the Saudi Fund for Development throughout all phases of implementation. Dr. Al Fuhaid highlighted that this day marks a significant milestone in the development of King Abdullah bin Abdulaziz Medical City, which will serve as a medical and educational landmark enhancing Bahrain's position as a centre of medical innovation and scientific research in the region. He emphasised AGU's commitment to ensuring the project's realization according to the highest international standards, honouring the legacy of the late King Abdullah bin Abdulaziz Al Saud, and supporting the vision of His Majesty King Hamad bin Isa Al Khalifa to elevate Bahrain's healthcare sector. The project exemplifies the close brotherly cooperation between Saudi Arabia and Bahrain. He further stated that upon completion, the project will achieve numerous objectives, including providing healthcare services aligned with the highest global standards. 'This achievement is part of AGU's ongoing efforts to enhance healthcare, medical education, and research, in line with the aspirations of both nations towards comprehensive, sustainable development,' he added. He reaffirmed AGU's dedication to executing this vital project according to top-tier international quality standards, establishing it as a leading Gulf and regional centre for medical services, innovation, and scientific research in health.' Mr. Bashar Samir Nass, Board Member of NASS Group, affirmed that the project will contribute to a transformative leap in healthcare and medical education standards across the Gulf. He stated, 'Work is progressing rapidly to complete all project phases within the scheduled timelines and to the highest quality standards, creating an advanced medical and educational environment with state-of-the-art facilities that will serve Bahrain and the entire Gulf region. This reflects AGU's proud and evolving position as a Gulf university committed to continuous development.' The Medical City is among the largest projects funded through generous humanitarian donations. It has been designed to include an integrated teaching hospital, specialised centres, advanced research facilities, and the implementation of telemedicine, artificial intelligence applications, and digital transformation initiatives to enhance healthcare delivery. The city aims to be an integrated platform combining treatment, training, education, and research. AGU views this project as a pioneering model in innovative healthcare, training, and transformative research. The university aspires for the Medical City to become a leading academic medical centre in the Middle East, featuring a university hospital with 300 beds, a clinical services building, outpatient clinics, and supporting facilities, including parking for 513 vehicles and mechanical services spanning 5,510 square metres. Moreover, the project comprises an integrated suite of 77 outpatient clinics, 15 operating rooms for surgeries and minor procedures, 37 intensive care units, six isolation rooms, and a medical education centre. It will also host specialised clinical research centres dedicated to addressing prevalent health issues in the Gulf, such as diabetes, obesity, cancer, and cardiovascular diseases.
Arab News
23-04-2025
- Business
- Arab News
Pakistan's finance minister seeks faster disbursements under Saudi oil facility in talks with SFD chief
KARACHI: Pakistan's Finance Minister Muhammad Aurangzeb on Tuesday requested expedited disbursements under the Saudi Oil Facility in a meeting with Sultan bin Abdulrahman Al-Murshid, the top official at the Saudi Fund for Development (SFD), on the sidelines of the IMF-World Bank Spring Meetings in Washington. The facility, agreed earlier this year, enables Pakistan to defer up to $1.2 billion in oil import payments, offering critical support to its foreign reserves amid a fragile economic recovery. The SFD, a state-owned Saudi institution, provides concessional loans and grants to developing countries and has been a long-time financier of infrastructure and energy projects in Pakistan. 'The Minister requested expedited disbursements under the Saudi Oil Facility and assured the provision of evidence of oil shipments,' the finance ministry said in a statement issued Wednesday. Aurangzeb noted that Pakistan's macroeconomic outlook had improved, pointing to Moody's recent upgrade of the country's credit rating to B- with a stable outlook. Pakistan and Saudi Arabia signed 27 memorandums of understanding (MoUs) worth $2.2 billion in early October 2024 during the Saudi investment minister's visit to Islamabad. The number and value of these deals increased later that month during Prime Minister Shehbaz Sharif's visit to Riyadh, reaching 34 MoUs with a total projected investment of $2.8 billion. By December, seven of these had been converted into agreements valued at $560 million, with several already under implementation at both the government-to-government (G2G) and business-to-business (B2B) levels. During his meeting with the top SFD official, the Pakistani finance chief recalled his participation in the Al-Ula Conference on Emerging Markets held in Saudi Arabia in February, where he met with senior Saudi officials, including the kingdom's finance minister, to expand economic cooperation. During their conversation, Aurangzeb reviewed the SFD's ongoing development portfolio in Pakistan and expressed satisfaction with the pace of implementation. He also sought the SFD's financial support for the National Highway N-25 infrastructure project.
Express Tribune
15-04-2025
- Business
- Express Tribune
Pakistan considers first-time US oil imports to offset tariff burden
Listen to article Pakistan is exploring the option of importing crude oil from the United States for the first time, in an effort to offset a trade imbalance that has resulted in steep US tariffs, according to a government source and a refinery executive familiar with the proposal. The plan is part of a broader strategy ahead of a Pakistani delegation's upcoming visit to Washington to negotiate tariff relief. 'It is under active consideration… but the Prime Minister has to approve it,' the source said. President Donald Trump's administration has imposed a 10% baseline tariff on all imports and higher duties on countries with significant trade surpluses. Pakistan currently faces a 29% tariff due to its $3 billion surplus with the US, although those duties are paused for 90 days following a recent announcement. The refinery executive said Pakistan may consider importing up to $1 billion in US crude, matching its current oil and refined product imports. In 2024, Pakistan imported 137,000 barrels per day of crude oil, primarily from Middle Eastern suppliers such as Saudi Arabia and the UAE, totaling $5.1 billion. The Saudi Fund for Development (SFD) recently extended a $1.2 billion oil financing facility to Pakistan for 2024, and has provided about $6.7 billion in oil support since 2019. The proposal is still in its early stages, and Pakistan's petroleum ministry has not commented. Globally, other energy importers are making similar moves to reduce trade tensions. India's GAIL recently tendered for a stake in a US LNG project, while Japan, South Korea, and Taiwan are eyeing investments in Alaska's LNG infrastructure.
Zawya
11-04-2025
- Business
- Zawya
Foreign Minister Nyanti Lobbies the Kingdom of Saudi Arabia for United Nations Security Council (UNSC) Non-Permanent Seat
Liberia's Minister of Foreign Affairs, Her Excellency Mme. Sara Beysolow Nyanti, on April 9, 2025 paid an official visit to the Kingdom of Saudi Arabia. The purpose of the visit was to strengthen the already cordial relations between Liberia and Saudi Arabia and to explore new opportunities for collaboration across various sectors, including political, economic, and developmental agendas. During her discussions with senior Saudi officials, Foreign Minister Nyanti expressed gratitude for the longstanding and fruitful relationship between the two countries. She specifically highlighted the continued support of Saudi Arabia to Liberia, especially the kingdom's contributions to the Muslim community in Liberia, including the provision of pilgrimage slots. She also commended the Saudi government for its generous donation of US$2 million for renovation works at the Ministry of Foreign Affairs, part of the broader support from the Saudi Fund for Development. Additionally, Foreign Minister Nyanti appreciated the Saudi donation of US$500,000 towards food assistance and 50 metric tons of dates to support Liberia's humanitarian needs. One of the key aspects of Foreign Minister Nyanti's visit was to seek Saudi Arabia's support for Liberia's bid for a non-permanent seat on the United Nations Security Council. She emphasized Liberia's commitment to promoting peace and security at the global level and reiterated the importance of having Saudi Arabia's backing for Liberia's candidacy. Foreign Minister Nyanti also discussed Liberia's development agenda and underscored the need for increased investment from Saudi Arabia, particularly in the sectors of agriculture, infrastructure, and energy. She called for enhanced bilateral cooperation to help accelerate Liberia's development and improve the livelihoods of its people. In her remarks, Foreign Minister Nyanti conveyed a message of solidarity from His Excellency President Joseph Nyumah Boakai, Sr., who remains eager to work closely with the King of Saudi Arabia to further deepen cooperation between the two nations. She affirmed Liberia's commitment to building a mutually beneficial relationship with Saudi Arabia, with a focus on economic, technical, and cultural collaboration. For his part, Deputy Foreign Minister and Acting Foreign Minister of Saudi Arabia, His Excellency Mr. Waleed A. Elkhereiji, praised Liberia for its political maturity, particularly in the peaceful transition of power during and after elections. He described Liberia's political stability as a positive example for the African continent and a model for sustainable development and peace. Deputy Minister Elkhereiji reiterated Saudi Arabia's full support for Liberia's bid for the non-permanent seat on the United Nations Security Council, recognizing the importance of Liberia's role in advancing global peace and security. Addressing Foreign Minister Nyanti's request for further bilateral cooperation, Deputy Minister Elkhereiji assured the Minister of Saudi Arabia's continued commitment to supporting Liberia's development priorities, particularly in agriculture, infrastructure, and electricity. He also stressed the importance of addressing geopolitical issues that could potentially destabilize global peace, which could have ripple effects across Africa. The visit concluded with both parties expressing their shared commitment to strengthening the bilateral ties between the two nations and reaffirming their dedication to the joint pursuit of peace, development, and prosperity for their respective peoples. Distributed by APO Group on behalf of Ministry of Foreign Affairs of Liberia.
