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

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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
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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.


Jeddah Season provides seasonal employment for young Saudis

Updated 18 June 2019
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Jeddah Season provides seasonal employment for young Saudis

JEDDAH: The Jeddah Season festival has provided a wide range of seasonal employment opportunities for young Saudi men and women, helping them gain experience and prepare them to enter the job market.

More than 5,000 young Saudis are working around the clock, each in his or her field, to manage the festival’s activities.

The festival aims to highlight development opportunities in Saudi Arabia, introduce the Kingdom as one of the most popular tourist destinations in the world, support the government’s efforts to empower Saudi youths, support local small and medium enterprises, develop Jeddah’s tourism sector and provide volunteer opportunities.

Jeddah Season, which began on June 8 and runs until July 18, has attracted thousands of visitors of all ages through its 150 local and international events and activities.

It is being held at five sites: King Abdullah Sports City, Al-Hamra Corniche, the Jeddah Waterfront, Obhur and Historic Jeddah (Al-Balad), which is a UNESCO World Heritage Site.

Jeddah Season offers a wide range of tourism, entertainment and cultural events and activities, and sheds light on the city’s status as the Kingdom’s tourism capital. Most of its events are being held for the first time in Saudi Arabia.

Jeddah Season is in line with the Vision 2030 reform plan, which aims to advance the welfare of Saudi society, diversify local development opportunities, improve the Kingdom’s contribution to arts and culture, and create job opportunities for Saudi youths.