New development program to enhance effectiveness of Saudi financial sector: minister

Saudi Minister of Finance Mohammed Al-Jadaan. (AFP)
Updated 11 May 2018
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New development program to enhance effectiveness of Saudi financial sector: minister

The Council of Economic and Development Affairs (CEDA) has formally approved the Financial Sector Development Program, one of the 12 programs previously announced by CEDA to achieve Vision 2030.
Speaking at the Financial Sector Development forum on Wednesday, Saudi Minister of Finance Mohammed Al-Jadaan said: “The program supports the national economy by developing the financial sector and enhancing its effectiveness. The objective is to increase the financial sector’s size relative to the GDP by 280 percent. The program will create a deep, diversified, digitized and stable financial sector capable of attracting financial technology companies and focusing on financial literacy to bring savings rates in line with leading international rates.”
“The Financial Sector Development Program is built on three pillars: Firstly, enabling financial institutions to support the development of the private sector; secondly, ensuring the formation of an advanced capital market; and thirdly, promoting and enabling financial planning,” he said.


Saudi oil-product aid set to reach Yemen by end of October

The announcement was made by Mohammed bin Saeed Al-Jaber, the Saudi ambassador to Yemen. (SPA)
Updated 18 October 2018
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Saudi oil-product aid set to reach Yemen by end of October

  • Several projects have been implemented in Yemen, including the fully-equipped Seiyun Hospital, which includes five clinics, Al-Jaber said.
  • Al-Jaber said that SRPY had carried out a number of electricity and development projects on Socotra Island

RIYADH: Saudi Arabia is to provide Yemen with oil products to support power and water-treatment plants, with the first shipment set to reach Aden by the end of October.
The announcement was made by Mohammed bin Saeed Al-Jaber, the Saudi ambassador to Yemen, executive director of the Isnad Center for Comprehensive Humanitarian Operations in Yemen and supervisor of the Saudi Reconstruction Program in Yemen, during a meeting at his office in Riyadh with a number of diplomats and researchers concerned with Yemeni affairs.
“Several projects have been implemented in Yemen, including the fully-equipped Seiyun Hospital, which includes five clinics,” said Al-Jaber. “The hospital has been prepared according to the standards deployed at Al-Jawf Hospital.” He also highlighted education, health care and agriculture projects in Al-Mahrah governorate.
Al-Jaber said that SRPY had carried out a number of electricity and development projects on Socotra Island, and that a project to reconstruct the road linking Aden and Sanaa is close to completion and vehicles have begun using parts of it.
“We at SRPY have met with a group of ambassadors from western countries and several activists and researchers concerned with Yemeni affairs and briefed them on the Kingdom’s efforts in supporting humanitarian operations in Yemen,” he said.
“We have also briefed them on the initiatives launched by Saudi Arabia and the Saudi-led coalition to support the humanitarian situation in Yemen and explained to them the projects currently being implemented by SRPY in several Yemeni governorates, including Al-Jawf, Marib, Hadramout, Al-Mahrah, Socotra and Dhala, and the importance of supporting Yemen’s economy.
“Furthermore, we have presented our future vision for supporting the humanitarian and economic situations as well as development and construction in Yemen for the present and the future.”
The Isnad Center gave a presentation during the meeting about its role in providing humanitarian access to all Yemeni governorates. SRPY briefed participants on its projects and efforts in Yemen, including the Seiyun Hospital in Hadramout, King Salman Medical and Educational City, a dialysis center, a project for building schools, a residential project in Al-Mahrah, two power plants in Socotra, a water-supply project in Al-Ghaydah, a national security and counterterrorism project, and a wheat-planting project in Masila.