Saudi Arabia hosts four-nation meeting over Jordan crisis

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King Abdullah II of Jordan and his Crown Prince arrive in Jeddah ahead of Arab summit in Makkkah, Saudi Arabia. (SPA)
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King Abdullah II of Jordan and his Crown Prince arrive in Jeddah ahead of Arab summit in Makkkah, Saudi Arabia. (SPA)
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UAE Prime Minister Sheikh Mohammed bin Rashid Al-Maktoum arrives in Saudi Arabia to participate in the Makkah Summit to support Jordan. (SPA)
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UAE Prime Minister Sheikh Mohammed bin Rashid Al-Maktoum arrives in Saudi Arabia to participate in the Makkah Summit to support Jordan. (SPA)
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Emir of Kuwait Sheikh Sabah Al-Ahmad arrives in Jeddah to participate in the Makkah Summit to support Jordan. (SPA)
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Emir of Kuwait Sheikh Sabah Al-Ahmad arrives in Jeddah to participate in the Makkah Summit to support Jordan. (SPA)
Updated 11 June 2018
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Saudi Arabia hosts four-nation meeting over Jordan crisis

RIYADH: Jordan's King Abdullah II arrived in Saudi Arabia on Sunday for a crucial four-nation meeting focused on supporting Amman to tackle an economic crisis in the wake of anti-austerity protests.
He landed in the Red Sea city of Jeddah ahead of his meeting later Sunday with leaders of Saudi Arabia, the United Arab Emirates and Kuwait, the official Saudi Press Agency said.

UAE Prime Minister Sheikh Mohammed bin Rashid Al-Maktoum and the Emir of Kuwait Sheikh Sabah Al-Ahmad arrived in Saudi Arabia shortly after to participate in the Makkah Summit.
Mass protests against price rises and a proposed tax hike have rocked Jordan in recent days as the government pushes austerity measures to slash the country's debt in the face of an economic crisis.
Saudi King Salman had called the rulers of the three other nations to set up the meeting in the holy city of Makkah, with speculation that an aid package could be announced.
European Union foreign policy chief Federica Mogherini on Sunday announced Sunday 20 million euros ($23.5 million) in aid for Jordan.
Cash-strapped Jordan, a close US ally that relies heavily on donors, is struggling to curb its debt after securing a $723-million loan from the International Monetary Fund in 2016.
Austerity measures tied to the loan have seen prices of basic necessities rise across the kingdom -- culminating in a week of angry protests over tax proposals that forced prime minister Hani Mulki to resign.
The authorities on Thursday announced they were withdrawing the unpopular legislation, but still face a mammoth task to balance popular demands with the need to reduce the public debt burden.
Jordan blames its economic woes on instability rocking the region and the burden of hosting hundreds of thousands of refugees from war-torn Syria, complaining it has not received enough international support.
The World Bank says Jordan has "weak growth prospects" this year, while 18.5 percent of the working age population is unemployed.
Saudi Arabia and the United States are two of the major donors providing vital economic assistance to Jordan.


Mexican delegation visits Saudi Arabia to promote trade and discuss investment

The Mexican ambassador further declared that his country, like Saudi Arabia, is one of the top 20 economies in the world and is eager to strengthen mechanisms of collaboration in different areas. (SPA)
Updated 17 November 2018
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Mexican delegation visits Saudi Arabia to promote trade and discuss investment

  • The visiting team expressed their desire to benefit from and contribute to the projects presented by the Kingdom’s Vision 2030

RIYADH: A trade delegation from Mexico called on the Saudi business community to strengthen trade partnerships with their counterparts in Mexico and participate in promising opportunities and investment projects in various areas, especially in the construction and infrastructure sectors.
“A delegation from the National Bank for Services and Public Works (BANOBRAS), the most important development bank in Mexico, visited Saudi Arabia to promote investment opportunities that will bring the countries closer together,” Mexican Ambassador Alfredo Miranda told Arab News on Friday.
Miranda accompanied Alejandro Blasco, head of investor relations at BANOBRAS, and Luis Ampudia, deputy head of investor relations, during the meeting at the Council of Saudi Chambers (CSC).
The Saudi delegation was made up of CSC Secretary-General Saud Al-Meshari; Vice Chairman and Managing Director of the Saudi Fund for Development Khalid S. Alkhudairy; and head of stakeholder management of the Public Investment Fund (PIF) Saad A. Alkroud.
During the meetings, the Mexican delegation shared the opportunities available in Mexico for identifying possible public-private partnerships and financing social infrastructure projects, and they discussed the potential of investment opportunities in Mexico as part of the PIF’s international diversified pool, said the envoy.
The visiting team expressed their desire to benefit from and contribute to the projects presented by the Kingdom’s Vision 2030.
The Mexican ambassador further declared that his country, like Saudi Arabia, is one of the top 20 economies in the world and is eager to strengthen mechanisms of collaboration in different areas, taking into account that Mexico’s GDP is $1.1 trillion, has a population of 129 million inhabitants, an inflation rate of 4 percent and very low unemployment of just 4 percent.
“I am sure both countries will continue to work together in order to have more Mexicans in Saudi Arabia and more Saudis in Mexico,” said Ambassador Miranda.