Saudi Central Bank Governor Leads Delegation at Arab Financial Institutions Meeting

Cairo: Saudi Central Bank (SAMA) Governor Ayman bin Mohammed Al-Sayari led the Saudi delegation at the joint annual meetings of Arab financial institutions, which commenced today in Egypt’s New Administrative Capital.

The event is under the patronage of Egyptian President Abdel-Fattah El-Sisi and includes the participation of Arab ministers of finance and economy, governors of Arab central banks, heads of Arab financial institutions, and representatives from international financing organizations.

The opening session was attended by Egyptian Prime Minister Dr. Mostafa Madbouly and Deputy Saudi Ambassador to Egypt Abdulrahman bin Salem Al-Dahas.

“This year’s meetings take place against the backdrop of regional and international developments, especially the war in Gaza and its economic repercussions on all countries, including Arab nations,” Dr. Madbouly said in a speech on behalf of the Egyptian president.

He highlighted the importance of Arab financial institutions in supporting Arab countries to overc
ome current challenges and resume their development plans to meet the aspirations of their people.

During the session, it was announced that the Egyptian project for the Bahr El-Baqar Wastewater Treatment plant won the Abdlatif Al-Hamad Development prize, presented by the Arab Fund for Economic and Social Development (KFAED), for the best development project in the Arab world.

Source: Saudi Press Agency

NIDLP Participates in VivaTech Exhibition in Paris

Paris, The National Industrial Development and Logistics Program (NIDLP) is participating in the VivaTech exhibition, taking place at the Paris Expo Porte de Versailles, from May 22 to 25, through a special space for entrepreneurs of the Thousand Miles program, to showcase their technical projects, innovative solutions and products, support them to exchange experiences and knowledge with international experts, investors and entrepreneurs, and find qualitative opportunities for their investments, in addition to enhancing the impact of Saudi Vision 2030, and highlighting the competitive advantages of the Kingdom through the development of infrastructure, its technical progress, and the attractiveness of the business environment.

Participation in the exhibition will improve awareness of the roles of NIDLP at the international level, its initiatives and efforts in promoting investments and creating strategic partnerships, which will help attract potential investors and partners and promote the projects emerging
from the Thousand Miles Program.

Partaking in the exhibition will also reflect progress in Saudi vital sectors with promising investment opportunities, such as energy, mining, industry, and logistics services.

The exhibition targets companies, investors, decision-makers in the government and private sectors, owners of emerging projects, researchers, and entrepreneurs in the technology sector.

NIDLP participation in the exhibition aims to strengthen local and international partnerships, attract quality investments, and benefit from technical and innovative opportunities in developing projects in the program’s sectors, which contributes to the diversification of the national economy and coping with the aspirations of Saudi Vision 2030.

Source: Saudi Press Agency

GACA Organizes 1st Arab Forum for Aviation Security

Riyadh, The General Authority of Civil Aviation (GACA) organized the first Arab Forum for Aviation Security today in cooperation with the Arab Civil Aviation Organization, with the attendance of 120 leaders in the aviation sector and CEOs of aviation companies. The forum is being held in parallel with the Future Aviation Forum, organized by GACA under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, at the King Abdulaziz International Conference Center.

In his speech at the forum, GACA’s Executive Vice-President for Aviation Security, Mohammed Al-Fozan, highlighted the Kingdom’s efforts in enhancing cooperation and effective participation between Arab countries in the field of aviation security. He indicated that the forum will address topics that cover many important aspects related to aviation security.

The forum included three sessions: ‘Aviation Security for Advanced Air Mobility Systems,’ ‘Enhancing Innovation in the Field of Aviation Security,’ and ‘Privatiza
tion of Aviation Security Services.’

Source: Saudi Press Agency

SIRC Signs Strategic Agreements, MoUs at Saudi-Japan Vision 2030 Business Forum 2024

Tokyo, The Saudi Investment Recycling Company (SIRC), wholly owned by the Public Investment Fund (PIF), signed a series of agreements and memoranda of understanding (MoUs) during the Saudi-Japan Vision 2030 Business Forum 2024 in Tokyo.

SIRC chief executive Eng. Ziyad bin Mohammed Al-Shiha represented the company. He was accompanied by several executive management members, including technology and innovation division director Eng. Sultan Al-Saif and project finance division director Mona Al-Shehri.

The first agreement was with Mitsubishi Research Institute (MRI) to prepare a detailed study of landfill treatment solutions in the Kingdom of Saudi Arabia. The study will include an assessment of landfills’ technical and economic feasibility and the best solutions for managing them.

The study is expected to reduce methane emissions from landfills in the Kingdom by over 220,000 tons annually, equivalent to a carbon credit of over SAR250 million per year. This step is essential in the Kingdom’s efforts to impr
ove the environment and reduce harmful emissions.

The agreements also included a financial advisory contract with Mitsubishi UFJ Financial Group (MUFG) for the comprehensive waste-management solution project in Riyadh, worth over $6 billion. The project aims to recycle and convert waste into energy, which will contribute to strengthening the city’s environmental infrastructure and achieving sustainability goals.

In the same context, SIRC signed an MoU with Hitachi Zosen Inova (HZI) to develop advanced solutions for converting waste into energy. The cooperation will enhance the Kingdom’s ability to benefit from modern technologies in converting waste into sustainable energy resources.

An MoU was also signed for cooperation in the field of converting waste into sustainable fuel and recycling electronic waste with Marubeni Corporation. The agreement, with estimated investments over $2 billion, reflects SIRC’s commitment to developing innovative and sustainable waste-management solutions, including electron
ic waste, which is a growing environmental challenge.

These ambitious steps confirm the commitment of the Saudi Investment Recycling Company (SIRC) to achieving the goals of the Kingdom’s Vision 2030, which aims to diversify the economy and achieve environmental sustainability. They also reflect the fruitful international cooperation and attraction of foreign investment, which enhances the Kingdom’s position as a regional leader in waste management and the circular economy.

Source: Saudi Press Agency

FII Institute Announces the Holding of FII PRIORITY Summit in Rio de Janeiro and the 8th Edition in Riyadh

Riyadh: The Future Investment Initiative (FII) Institute announced its inaugural Latin American FII PRIORITY summit in Brazil. Themed ‘Invest in dignity,’ the summit will take place June 11-13, at the Copacabana Palace in Rio de Janeiro. The FII PRIORITY program is an annual series of summits, reports, and initiatives designed to tackle the world’s biggest challenges and concerns.

The summit Rio de Janeiro will explore how investing in renewable energy, artificial intelligence (AI), entrepreneurship, and social impact can put people, respect, and dignity at the heart of policymaking, and make sure that the dignity of all citizens around the world is protected and prioritized should be a goal for all economic policymakers.

‘Our focus will be on responsible decision-making in investment and economic growth. This summit marks a pivotal moment in shaping a sustainable and technologically advanced future for all,’ said FII Institute chief executive and board member Richard Attias.

FII Institute also announce
d the theme for its upcoming eighth annual FII conference (FII8), scheduled for October 29-31 at the prestigious King Abdulaziz International Conference Centre (KAICC) in Riyadh, Saudi Arabia. Under the captivating theme “Infinite horizons: investing today, shaping tomorrow,’ FII8 will ignite discussions on how investment can serve as a catalyst for a prosperous and sustainable future, pushing the boundaries of what is possible for humanity.

Attias emphasized the significance of the theme, stating that ‘Infinite horizons is not just a theme; it’s a clarion call to expand our collective vision and embrace the limitless prospects of the future. It embodies our commitment to driving conversations that lead to a future where investment knows no bounds and works towards a better tomorrow for all.’

FII8, organized by the FII Institute and founded by PIF, will adopt an innovative format as an exclusive week for FII Institute members, invited delegates, and strategic partners. Discussions at the conference will b
e data-driven, ensuring that insights are grounded in facts and actionable strategies.

Source: Saudi Press Agency

Saudi EXIM Bank Signs Two Cooperation Agreements with Japan’s SMBC and MUFG Banks

Riyadh: On the sidelines of the Saudi-Japan Vision 2030 Business Forum in Tokyo, Saudi EXIM Bank signed two cooperation agreements with SMBC Business Banking and MUFG Bank, fostering cooperation and creating co-financing opportunities to promote non-oil exports in target markets, according to the Saudi EXIM Bank.

According to the statement, the two agreements were signed separately by Eng. Saad bin Abdulaziz Al-Khalab, CEO of Saudi EXIM Bank, along with Mr. Akihiro Fukudom, CEO of SMBC Bank and Hironori Kamizawa, CEO of MUFG Bank.

Commenting on the partnerships, Eng. Saad Al-Khalab stated: “This collaboration with Japanese entities is part of our joint efforts to strengthen economic relations between both countries and achieve the Saudi-Japan Vision 2030. The acceleration of commercial projects between our nations toward broader horizons comes as a result of the strength, advanced economic status, and promising investment opportunities.”

During the roundtable meeting, which brought together several mini
sters from both sides, Eng. Saad Al-Khalab reviewed Saudi EXIM Bank’s activities with Japanese financial institutions and commercial companies to enhance economic and trade relations and identify projects of mutual interest.

During the financial sector’s roundtable meeting, Al-Khalab emphasized the critical importance of collaborative efforts between all financial institutions and business sectors. This is to ensure the provision of comprehensive, incentivizing credit solutions that can accelerate the pace of trade and mutual and global investment activities.

The Saudi EXIM Bank aims to empower the Kingdom’s non-oil national economy in accordance with Vision 2030. The bank is focused on enabling Saudi non-oil exports to expand and penetrate global markets by bridging financing gaps and reducing export risks.

Source: Saudi Press Agency

Headed by Minister of Finance, Kingdom’s Delegation Concludes Saudi-Chinese Meetings

Beijing, Headed by the Minister of Finance, Mohammed Aljadaan, the Kingdom’s delegation today concluded its participation in the Saudi-Chinese meetings held May 20-21, 2024, in the Chinese capital, Beijing.

Minister Aljadaan and the Chinese Minister of Finance, Lan Fo’an, co-chaired the third meeting of the Finance Sub-Committee for the High-Level Chinese-Saudi Joint Committee.

During the meeting, Minister Aljadaan stressed that the People’s Republic of China is a major partner in the Kingdom’s economic transformation and noted the enormous potential for innovation and technical cooperation between the Kingdom of Saudi Arabia and China. He said strengthening partnerships in areas such as artificial intelligence, renewable energy, and smart cities pushes economic transformation and can create new avenues for growth and development.

During the meeting, the participants also discussed the macroeconomic situation and related policies and bilateral and multilateral cooperation.

The Vice Minister of Finance
, Abdulmuhsen Alkhalaf, and the Chinese Vice Minister of Finance, Liao Min, co-chaired the Saudi-Chinese Financial and Business Roundtable, hosted by the Chinese Ministry of Finance and organized by the Chinese Investment Corporation.

Vice Minister Alkhalaf stressed the importance of exploring economic and development opportunities between Saudi Arabia and China. He noted that the growing relationship between the two nations is reflected in increased economic and trade cooperation, as the volume of trade between Saudi Arabia and China reached more than $100 billion in 2023.

The Saudi delegation shared a presentation on the Kingdom’s economic development and investment opportunities. The participants also discussed investment and economic cooperation between the two nations in the infrastructure sector.

On the sidelines of the meetings, Minister Aljadaan met with a number of ministers, investors and thought leaders in China to discuss the latest economic and financial developments and topics of common in
terest, in addition to investment opportunities in the Kingdom in light of Saudi Vision 2030.

These meetings sought to establish bilateral cooperation and consolidate the strong relations between the Kingdom of Saudi Arabia and the People’s Republic of China in various fields, to achieve comprehensive economic growth for both nations and for the global economy.

Source: Saudi Press Agency

SAMA Seeks Public Consultation on Updated Rules for Engaging in Debt-Based Crowdfunding

Riyadh: The Saudi Central Bank (SAMA) said in a press release that it seeks public consultation on the draft of the Updated Rules for Engaging in Debt-Based Crowdfunding. In this context, SAMA invites stakeholders and the public for their suggestions and observations by visiting the “Istitlaa” public consultation platform.

This update aligns with SAMA’s ongoing efforts to regulate debt-based crowdfunding institutions and support the financial-technology (FinTech) sector.

The updated rules allow institutional beneficiaries to secure financing appropriate to their size and activity as well as to enhance disclosure requirements.

Suggestions and observations will be received within 30 days from this announcement to assess their relevance in finalizing the draft. The updated rules are available on the public consultation platform hosted by the National Competitiveness Center at:

Source: Saudi Press Agency

Future Aviation Forum Surpasses Expectations, Unveils 102 Agreements Worth SAR75 Billion on Its Second Day

Riyadh: The second day of the Future Aviation Forum 2024, held under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, organized by the General Authority of Civil Aviation (GACA) in Riyadh on May 20-22, witnessed the signing of 102 memoranda of understanding (MoUs), agreements, and deals, with a total value exceeding SAR75 billion.

Thus, the forum exceeded expectations, as the agreements encompassed various sectors of civil aviation, such as aviation services, aircraft purchase orders, cargo and logistics services, advanced air mobility, human resources development, information technology, maintenance, repair, and overhaul.

The forum continued its proceedings for the second consecutive day with the participation of over 30 ministers, 77 leaders of civil aviation authorities, CEOs of airlines worldwide, and 7,000 aviation industry experts and leaders from more than 120 countries.

It focused on human capabilities, the future of the sector, collaboration opportunitie
s, civil aviation organization networks, sustainability, innovation, technology, and business opportunities within the sector.

The forum saw the GACA launching the first edition of the Kingdom’s aviation sector report, which highlighted the civil aviation sector’s contribution to the Kingdom’s economy, amounting to $53 billion and providing 958,000 jobs across various regions.

The GACA also hosted the first aviation investment exhibition aimed at facilitating investment in the Saudi aviation sector, with a focus on the advanced air mobility pavilion being among the exhibition’s prominent pavilions.

‘The Future Aviation Forum has achieved remarkable success by bringing together aviation industry leaders and experts from around the world to discuss the future of civil aviation and develop innovative solutions to its key challenges,’ said Minister of Transport and Logistic Services and Chairman of GACA Board of Directors, Saleh bin Nasser Al-Jasser.

He emphasized that the Kingdom is committed to providin
g more opportunities for the private sector, creating thousands of jobs for Saudi citizens, and continuing to attract investments and develop the Kingdom’s aviation capabilities.

Moreover, GACA President Abdulaziz bin Abdullah Al-Duailej said the outcomes of the forum have exceeded all expectations.

‘Over the first and second days, agreements, deals, and partnerships were established that will work towards enhancing the global aviation connectivity. This underscores the international confidence in the Saudi civil aviation system and its capability to take on a leading role in this pivotal sector,’ said Al-Duailej.

On the second day of the forum, the GACA signed numerous agreements for air transport services with countries such as Kiribati, Grenada, Malawi, Romania, Belize, Kiribati, Sao Tome and Principe, Lithuania, El Salvador, Albania, and Uzbekistan.

These agreements added to those signed on the first day, which included countries like Mozambique, Eswatini, Cambodia, and Brunei Darussalam.

The se
cond day’s events commenced with a speech by Advisor at the Royal Court and Supervisor General of the King Salman Humanitarian Aid and Relief Center (KSrelief), Dr. Abdullah bin Abdulaziz Al Rabeeah.

In his speech, Dr. Al Rabeeah highlighted the crucial role of civil aviation in providing humanitarian aid during natural disasters and conflicts.

Dr. Al Rabeeah called for the establishment of a ‘Global Humanitarian Aviation Council’ that brings together the aviation community, humanitarian organizations, and governments to facilitate and protect humanitarian aid transported by air routes. He also emphasized that all programs must be protected under international humanitarian law.

The third edition of the Future Aviation Forum comes at the beginning of a busy week for the civil aviation sector in the Kingdom.

Alongside the forum, Riyadh is hosting several prominent aviation events, including the World Annual General Assembly, Conference and Exhibition (WAGA 2024) of the Airports Council International (AC
I), and the International Civil Aviation Organization’s (ICAO) Facilitation 2024 Global Summit.

The Saudi capital is also hosting the Seventh Meeting of the Directors General of Civil Aviation-Middle East Region, and the meeting of the Regional Organization for the Regional Safety Oversight Organization for the Middle East and North Africa (MENA RSOO).

Additionally, there is the fourth edition of the Saudi Airports Awards Ceremony and the first Security Forum for the Arab Civil Aviation Organization (ACAO).

The Future Aviation Forum concludes on Wednesday with its third day, continuing to present investment empowerment opportunities in the Saudi aviation sector, valued at $100 billion.

The sessions will also delve into discussions on growth, investment, airports, air connectivity, supply chain management, resilience, human capital, and sustainability.

Source: Saudi Press Agency

Minister of Finance Meets Egyptian, Sudanese Officials

HE Minister of Finance, Ali bin Ahmed Al Kuwari, met separately on Wednesday with HE Minister of Finance of the Republic of Sudan, Jibril Ibrahim; HE Minister of Finance of the Arab Republic of Egypt, Dr Mohamed Ahmed Maait; HE Minister of Planning and Economic Development of the Arab Republic of Egypt, Dr Hala El Said.

The meetings came on the sidelines of HE Al Kuwari’s participation in the Annual Joint Meetings of Arab Financial Institutions in Cairo.

The meetings discussed ways to enhance the relations between the State of Qatar and the Republic of Sudan and the Arab Republic of Egypt in the key joint investment and financial areas, along with several topics of mutual interest.

Source: Qatar News Agency