Saudi Arabia signs agreement to deposit $2bn in Yemen central bank

1 / 2
2 / 2
Saudi Arabia has affirmed its continuing support for the Yemeni government and determination to assist it to restore security and stability to the country. (SPA)
Updated 17 March 2018
0

Saudi Arabia signs agreement to deposit $2bn in Yemen central bank

JEDDAH: Saudi Arabia signed an agreement on Thursday to deposit $2 billion into the account of Yemen’s central bank, under the instruction of King Salman, the Saudi Press Agency reported.
The agreement was signed by the Kingdom’s Finance Minister Mohammed Al-Jadaan and Yemen’s Central Bank Governor Dr. Mohammed bin Mansour Zammam in Riyadh.
In January 2018, King Salman issued a directive to transfer $2 billion to Yemen’s central bank to “alleviate the suffering” of the Yemeni people.
In remarks following the signing ceremony, Al-Jadaan said that the agreement was a continuation of the Kingdom’s support for the Yemeni people, bringing the total of Saudi deposits at the central bank to $3 billion. 
He said that this would enhance the financial and economic situation of Yemen, especially the Yemeni riyal exchange rate, which would be reflected positively in the living conditions of citizens.
Saudi Arabia has affirmed its continuing support for the Yemeni government and determination to assist it to restore security and stability to the country.
Last month, the King Salman Humanitarian Aid and Relief Center (KSRelief) also signed six agreements with organizations in Riyadh worth $3 million to help Yemenis displaced and injured by Houthi rebel actions.
KSRelief has targeted areas such as Maarib province, Al-Jouf, Imran, Sanaa, and Dimaar for the rehabilitation of child soldiers rescued from the Houthi rebels.
Earlier, Saudi Ambassador to Yemen Mohammed Al-Jabir told Arab News that the assistance provided by the center was not only supplying foods, medicines and clothes to distressed Yemenis. 
There are some 2 million Yemenis working in the Kingdom and they send more than $10 million to their families in Yemen. 
The bailout is expected to boost Yemen’s financial and economic situation while bolstering the Yemeni riyal. As the value of the riyal goes up, the living conditions of Yemeni citizens will improve.
“It’s not a loan, it’s a deposit and the legitimate Yemeni government will not have to pay it back,” a source close to the Saudi government said in January, according to Reuters.
The riyal currently trades at 500 to the dollar, down from about 215 before the war, a serious depreciation for a country that relies heavily on imports of basic foodstuffs.
In 2016 the Yemeni government moved the central bank to its second city Aden from the capital, where the Houthis operate their own rival central bank.


Saudi pilot Yasmeen Al-Maimani’s 1st flight celebrated

Hail International Airport and Nesma Airlines celebrated the first official flight of Saudi pilot Capt. Yasmeen Al-Maimani. (GACA)
Updated 25 June 2019
0

Saudi pilot Yasmeen Al-Maimani’s 1st flight celebrated

  • Yasmeen Al-Maimani has a commercial pilot’s license (CPL) from the US

RIYADH: The Saudi General Authority of Civil Aviation (GACA), represented by the management of Hail International Airport and Nesma Airlines, celebrated the first official flight of Saudi pilot Capt. Yasmeen Al-Maimani, 29, on Sunday.
Al-Maimani made her first official flight between Hail International Airport and Prince Nayef bin Abdul Aziz International Airport in Qassim, becoming the first Saudi woman to fly a commercial aircraft as a co-pilot with Nesma Airlines.
She received the opportunity after the airline advertised vacant positions for co-pilots on its New Pilots Program — 11 were accepted, including Al-Maimani, who has a commercial pilot’s license (CPL) from the US.
Following their acceptance into the program, the pilots underwent a four-stage training regimen at Prince Sultan Aviation Academy in Jeddah, including practice on multi-engine planes with multiple crews.
Ground training using an ATR 72-600 aircraft at Nesma Airlines’ training center in Hail followed, before progressing to simulators in Jakarta and Madrid.