Prince Fahd bin Mansour Leads Saudi Delegation to G20 YEA 2024 Summit in Brazil

GoiSnia, Prince Fahd bin Mansour bin Nasser bin Abdulaziz is leading the Kingdom’s delegation participating in the G20 Young Entrepreneurs’ Alliance Summit (G20 YEA Summit), which will be held here between June 12 and 14.

The delegation includes repr…

GoiSnia, Prince Fahd bin Mansour bin Nasser bin Abdulaziz is leading the Kingdom's delegation participating in the G20 Young Entrepreneurs' Alliance Summit (G20 YEA Summit), which will be held here between June 12 and 14. The delegation includes representatives of government entities, private sector, and a select group of Saudi entrepreneurs. "This summit represents a golden opportunity to highlight the significant achievements made by the Kingdom in the field of startups, small and medium-sized enterprises, and entrepreneurship," Prince Fahd said in a statement. He noted that the summit enables the exchange of innovative ideas, the establishment of global strategic partnerships, and opens up prospects for investment opportunities in Saudi startups, thus contributing to achieving sustainable economic growth goals. He said that the summit will continue until June 16 and will discuss recommendations to be presented to the leaders of the G20 countries to enhance the business environment for startups. He add ed that the summit encourages global community participation in shaping these policies to ensure representation of the diverse entrepreneurial ecosystems' needs. The summit agenda includes dialogue sessions to exchange ideas and propose solutions, exhibitions, and designated areas for building business relationships and holding bilateral meetings. Prince Fahd emphasized that the G20 YEA Summit provides a vital opportunity for entrepreneurs in the Kingdom to develop their businesses, establish strategic regional and global partnerships, showcase their services, explore expansion into new markets, attract foreign investments, attract global talent, and discover innovative solutions offered by participating startups. At the summit, the Kingdom will present facilities offered to entrepreneurs, and the stimulating regulatory environment that helps small and medium-sized enterprises grow, in line with the Saudi Vision 2030 goals. The advantages offered to entrepreneurs looking to start their projects in the Kin gdom or those seeking to expand or relocate their facilities in the Kingdom will also be presented at the summit. The Kingdom's participation in the summit is part of its continuous efforts to empower entrepreneurs, the main drivers of sustainable economic growth; it reasserts its active role in the international community, through creating opportunities for collaboration with participating delegations and establishing fruitful partnerships. Source: Saudi Press Agency

Canadian Embassy Delegation Visits Jazan Chamber

Jazan, A delegation from the Canadian Embassy in the Kingdom of Saudi Arabia led by the First Secretary at the embassy, on Monday visited the Jazan Chamber, where it met with Chairman of the Chamber Advisor Ahmed Abu Hadi, and Secretary of the Chamber…

Jazan, A delegation from the Canadian Embassy in the Kingdom of Saudi Arabia led by the First Secretary at the embassy, on Monday visited the Jazan Chamber, where it met with Chairman of the Chamber Advisor Ahmed Abu Hadi, and Secretary of the Chamber Dr. Majid Al-Johari. Discussed were topics related to the economy, industry, and agriculture, as well as the many available investment opportunities. Also highlighted was the unique advantage that the Jazan region has for all commercial sectors. Source: Saudi Press Agency

CBB Sukuk Al-Salam Securities oversubscribed 119%

Manama, The Central Bank of Bahrain (CBB) announced that the monthly issue of the Sukuk Al-Salam Islamic securities, has been oversubscribed by 119%.

Subscriptions worth BD 51.120 million were received for the BD 43 million issue, which carries a mat…

Manama, The Central Bank of Bahrain (CBB) announced that the monthly issue of the Sukuk Al-Salam Islamic securities, has been oversubscribed by 119%. Subscriptions worth BD 51.120 million were received for the BD 43 million issue, which carries a maturity of 91 days. The expected return on the issue, which begins on June 12 and matures on September 11, is 5.92% equivalent to the previous issue on May 15. The Sukuk Al-Salam are issued by the CBB on behalf of the Government of the Kingdom of Bahrain. This is issue No.278 (BH0009230317) of the short-term Sukuk Al-Salam series. Source: Bahrain News Agency

Saudi Arabia Records Biggest Gain in Mining Investment Risk Mitigation Globally

Riyadh: Saudi Arabia has been acknowledged for its exceptional mining investment environment in the latest annual assessment of mining investment risks from MineHutte and Mining Journal Intelligence, according to a press release from the Ministry of I…

Riyadh: Saudi Arabia has been acknowledged for its exceptional mining investment environment in the latest annual assessment of mining investment risks from MineHutte and Mining Journal Intelligence, according to a press release from the Ministry of Industry and Mineral Resources. MineHutte, a leading resource for the global mining industry, empowers companies to navigate the complexities of legal and regulatory risks. Its comprehensive database provides access to over 100 mining codes. The recently published World Risk Report 2023, featuring MineHutte Risk Ratings, highlights the Kingdom as a standout best-performing mining jurisdiction, both regionally and globally. Over the past five years, Saudi Arabia's scores have significantly improved in de-risking mining investments, placing it among the top 10 countries with the least legal and financial risks. This achievement follows sweeping sector reforms implemented since the launch of Saudi Arabia's mining and mineral strategy in 2018, aimed at attracting mining and mineral investments. According to the release, this report equips mining companies and investors with "a powerful tool" to compare the investment risks in 121 jurisdictions. It is based on ratings that encompass legal, governance, social, fiscal, and infrastructure categories. Commenting on Saudi Arabia's outstanding ranking in the World Risk Report, Vice Minister for Mining Affairs at the Ministry of Industry and Mineral Resources Khalid Al-Mudaifer stressed that it represents another great reason for investors to consider projects in the Kingdom. 'In line with Vision 2030, the Ministry of Industry and Mineral Resources has been working to establish the mining sector as the third pillar of its industrial economy and believes that it offers a myriad of opportunities for investors,' he said. 'Saudi Arabia represents a unique value proposition in the mining and mineral sector. What we need is for investors to take a long-term view, partnering with us to create local value and lasting development, ' Al-Mudaifer added. Chief Operating Officer and Research Director at MineHutte Emma Beatty commended Saudi Arabia for its impressive legislative reforms in the mining sector, and stressed that the Kingdom stands out both regionally and globally through its successful reform efforts. The country's commitment to becoming a prominent player in the global mining industry and its focus on developing the domestic mining sector are evident in its legislation, she said. These reforms have the potential to attract foreign investment and align with Saudi Arabia's economic vision for the mining sector. Implementing such legislation is "a powerful tool in delivering on the country's economic vision for the mining sector", she said. "A Blueprint for the Region on the Investment Risk Index (IRI), Saudi Arabia recorded the second-biggest global improvement, as it is singled out several times in the report as fast becoming a preferred destination for mining investment thanks to the comprehensive and attractive framework it has created through legislation and accompanying regulations. The largest gain is in the legal section, measuring an investor's risk of losing the economic benefit of a mineral discovery, with a 20-point increase in the past five years," the release read. Consequently, Saudi Arabia is now ranked as a top-tier mining jurisdiction for investment, with respondents to the survey ranking it (perceived overall risk) among the top 20 jurisdictions globally. Assessing its approach to permitting, the report ranked Saudi Arabia as the second highest jurisdiction globally, indicating an efficient permitting process compared to that of many other jurisdictions. Furthermore, the Kingdom's Fiscal Hard Risk score has improved, placing Saudi Arabia among the top 10 countries for fiscal risk mitigation worldwide. Over the past five years, Saudi Arabia has achieved remarkable progress, making it the top performer in terms of gains in the mining sector. The success of its mining strategy reforms has even served as a bluepr int for neighboring countries to enhance their regulatory frameworks and mining industries. With a steadfast commitment to expanding its mining industry, Saudi Arabia is expected to continue improving and attracting increased investments in the sector. Source: Saudi Press Agency

ROSHN Group Signs MoUs with 4 Saudi Banks to Provide Leading Financial Services to Private Sector Partners

Riyadh: ROSHN Group has signed agreements with four major Saudi banks, namely Arab National Bank, Bank Albilad, Bank AlJazira and Riyad Bank, to provide a wide range of financial services, a ROSHN Group press release said.

The memoranda include the p…

Riyadh: ROSHN Group has signed agreements with four major Saudi banks, namely Arab National Bank, Bank Albilad, Bank AlJazira and Riyad Bank, to provide a wide range of financial services, a ROSHN Group press release said. The memoranda include the provision of specialized banking services to ROSHN's sub-developers and contractors, reinforcing the group's commitment to supporting the Kingdom's private sector while achieving operational excellence in its projects. According to the release, as per the agreements, the four banks offer a suite of enhanced banking services to sub-developers and contractors referred by ROSHN, including competitive profit margins and coverage ratios. Services include expedited account opening, credit assessments, and the provision of credit facilities to eligible customers. ROSHN Group Chief Financial Officer Avinash Pangarkar said: "The agreements with Arab National Bank, Bank Albilad, Bank AlJazira and Riyad Bank underline our commitment to empowering the private sector, with b etter financial backing, expedited assessments, and streamlined financial services. Sub-developers and contractors can plan and execute larger and more ambitious projects, contributing to their long-term growth and sustainability. As a key enabler of Vision 2030, we believe these strategic partnerships will enable operational excellence in the speed, scale and delivery of our projects, strengthening ROSHN's support for the private sector and our contribution to the Kingdom's vision of economic diversification and homeownership targets." Source: Saudi Press Agency

GASTAT: Non-oil Activities Grow by 3.4% in Q1 2024

Riyadh: The General Authority for Statistics (GASTAT) released today its GDP and National Accounts First Quarter of 2024 report, where it revealed that real GDP decreased by 1.7% year-on-year. However, seasonally adjusted real GDP grew by 1.4% compare…

Riyadh: The General Authority for Statistics (GASTAT) released today its GDP and National Accounts First Quarter of 2024 report, where it revealed that real GDP decreased by 1.7% year-on-year. However, seasonally adjusted real GDP grew by 1.4% compared to the previous quarter. According to the report, non-oil activities continued their upward trend, expanding by 3.4% year-on-year. Government activities also rose by 2.0% year-on-year. This diversification of the economy is a key pillar of Saudi Arabia's Vision 2030. Non-oil activities now contribute a significant 50% of the GDP. This demonstrates the success of the vision's programs and reforms in fostering a more diverse and resilient economy. Source: Saudi Press Agency