Jeddah a legendary city, says Makkah Gov. Prince Khaled

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Updated 20 December 2012

Jeddah a legendary city, says Makkah Gov. Prince Khaled

Makkah Gov. Prince Khaled Al-Faisal inaugurated the new corniche project in the north of Jeddah late Tuesday. Minister of Municipal and Rural Affairs Prince Mansour bin Miteb and other dignitaries attended the ceremony.
“Following this project will be one that will extend from the north of Al-Nawras Square with the length of 9 km,” said Jeddah Mayor Hani Abu Ras, adding that designs and sketches are already done.
The mayor explained that his office made sure that the project is implemented in stages so that the whole seafront would not be invisible to residents and visitors.
The newly renovated corniche area stretches from the Border Guards headquarters in the south to Al-Nawras Square — a distance of 4 km. It covers an area of more than 320,000 sq. meters that include playgrounds for children, parking lots, green spaces and a pedestrian lane, as well as aesthetic sites and fountains on the beach.
The mayor pointed out that a complete infrastructure was provided, as well as Internet coverage and an integrated audio system, stressing at the same time that the implementation of the project took into consideration the appropriate facilities for people with special needs.
Prince Khaled highlighted the tremendous progress achieved by Jeddah despite the negligence of some officials. “It’s a legendary city that spreads happiness among its residents,” he said.
He thanked Municipal and Rural Affairs Minister Prince Mansour bin Miteb and the mayor for implementing the project that would help Jeddah families enjoy their evenings and weekends in a better way.
Speaking at the ceremony, Prince Mansour said the government had implemented a large number of projects in the city in recent years including new overpasses and underpasses at a cost of more than SR 2.5 billion. “It includes nine cleaning contracts and a large marine recreation facility,” the minister said.
Prince Khaled and other dignitaries later watched a documentary on Jeddah’s progress over the past years.
Implemented by the Jeddah mayoralty, the project won the Big Project Middle East Award this year. Jeddah is the first city in the Kingdom to receive the Big Project ME award.
The award was presented by Raz Islam, publishing director of CPI, and was accepted by Mayor Aburas during a colorful ceremony in Dubai.
The Big Project Middle East Award is the official award given by Big Project Middle East Magazine, which recognizes companies and individuals that have contributed to both the construction and sustainability industries across the GCC. Big Project Middle East is published by CPI, one of the region’s largest publishers.
Commenting on the award, Aburas said: “On behalf of the residents of Jeddah, we are delighted to receive this award with the recent inauguration of this substantial waterfront project whereby 4.5 km were completed out of 13 km of waterfront. This project is very important for the city of Jeddah, since it is a coastal city. The waterfront is now a destination and a landmark for Jeddah residents and visitors.” The mayor added: “Our team is an innovative, solution-oriented group of experts in the areas of civil engineering who were dedicated to this project’s success.”
Aburas said his organization considered the award as a big honor. “We seek solutions that fit and best serve the needs of Jeddah residents and visitors. Accepting this recognition in Civil Development from Big Project Middle East is a true honor.”

Saudi Arabia pledges $3bn to Pakistan, defers oil payments

Updated 24 October 2018

Saudi Arabia pledges $3bn to Pakistan, defers oil payments

  • It was agreed Saudi Arabia will place a deposit of $3 billion for a period of one year as balance of payment support: statement
  • Pakistan is seeking foreign aid to help plug a massive budgetary gap which the Pakistan prime minister has blamed on the mismanagement of the previous administration

RIYADH: Saudi Arabia has pledged $3 billion in support to Pakistan and allowed for deferred oil payments to help stave off a budget crisis.

The deal came as Pakistani Prime Minister Imran Khan attended the opening of the Future Investment Initiative (FII) in Riyadh on Tuesday.

Earlier Khan met with King Salman and Crown Prince Mohammed bin Salman to discuss bilateral issues. It was his second visit to the Kingdom in just over a month.

“It was agreed Saudi Arabia will place a deposit of $3 billion for a period of one year as balance of payment support,” Pakistan’s Foreign Ministry said in a statement.

“It was also agreed that a one-year deferred payment facility for import of oil, up to $3 billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter.”

During his address to the gathering of global business executives, Khan also confirmed that Pakistan was in talks with the International Monetary Fund (IMF) for a new bailout.

Pakistan is seeking foreign aid to help plug a massive budgetary gap which the Pakistan prime minister has blamed on the mismanagement of the previous administration. During his election campaign, the former cricketer vowed to create 10 million jobs and establish an “Islamic welfare state.”

After a consultative visit last month, the IMF had warned that Pakistan needed to quickly secure “significant external financing” to avert a crisis. 

Saudi Arabia and Pakistan have also discussed potential investment in mineral resources in Balochistan, the largest of Pakistan’s four provinces which borders Iran and Afghanistan.

Further discussions were held about a refinery project in Pakistan, the Finance Ministry said in the statement.

Pakistan’s external balance of payments represents one of the biggest challenges facing Khan.

The country’s current account deficit has ballooned as its central bank’s foreign reserves dropped to about $8.1 billion in October.

That was barely enough to meet the country’s sovereign borrowings between now and the end of the year.

The IMF expects Pakistan’s economic growth to slow to about 4 percent in 2019.

Pakistan is seeking to attract increased inward investment to help shore up its finances and Khan used the event as platform to talk about opportunities in sectors such as tourism, minerals, coal and gas exploration.

He also highlighted what he said were the successes of Pakistan in the fight against terrorism, which has brought peace and stability to the country, and pointed to the significance of the China-Pakistan Economic Corridor (CPEC).

China has become an increasingly high-profile investor in Pakistan as Beijing pushes ahead with major projects such as the CPEC.