Saudi Arabia launches new SR30bn export bank

Energy, Industry and Mineral Resources Minister Khalid Al-Falih
Updated 16 December 2017
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Saudi Arabia launches new SR30bn export bank

DHAHRAN: Energy, Industry and Mineral Resources Minister Khalid Al-Falih announced the launch of a new export bank with SR30 billion ($8 billion) in capital to boost the Kingdom’s exports, the Saudi Press Agency (SPA) reported.
Khalid Al-Falih said SR5 billion was allocated to the new bank as the first capital payment. Stressing the importance of government funding for industrial and mineral projects, he said the capital of the Saudi Industrial Development Fund (SIDF) was increased from SR500 million to SR65 billion this year.
His remarks came at the annual Iktifaa forum organized by Saudi Aramco, in the presence of Eastern Region Gov. Prince Saud bin Naif.
The forum is a platform to examine ways to streamline spending with a view to stimulating industrial and logistical development in the Kingdom and promoting national cadres.
In the next 10 years, Saudi Aramco will spend over SR1 trillion on its capital projects and operational purchases, Al-Falih said.
 


King Salman launches restoration program for Tarif historical district

Updated 10 December 2018
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King Salman launches restoration program for Tarif historical district

JEDDAH: King Salman patronized on Sunday the inaugural ceremony for the restoration of the Tarif historical district in the presence of leaders, presidents, and delegations from Gulf Cooperation Council (GCC) countries.

The program aims at the development of the ancient historical city so as to transform it into an international tourist and cultural hub. It also aims to list it among the world heritage sites.

In a speech delivered during this ceremony, Prince Faisal bin Bandar, Governor of Riyadh region, thanked King Salman for his support of the program, which coincides with the fourth anniversary of the king’s ascension to the throne.