Saudi Arabia, Kuwait and UAE approve $2.5bn aid package for Jordan at emergency Gulf summit

1 / 5
Saudi King Salman (left) meeting with Jordan's King Abdullah II (center), UAE Prime Minister Sheikh Mohammed bin Rashid (right) and Kuwaiti Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah (back toward the camera) at the Safa Palace in Makkah early Monday. (SPA)
2 / 5
Clockwise from left: Kuwaiti Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, Saudi King Salman, Jordan's King Abdullah II and UAE Prime Minister Sheikh Mohammed bin Rashid (back toward the camera). (SPA)
3 / 5
Left to right: UAE Prime Minister Sheikh Mohammed bin Rashid, Kuwaiti Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, Saudi King Salman and Jordan's King Abdullah II during a meeting at the Safa Palace in Makkah early Monday. (SPA)
4 / 5
Jordan's King Abdullah II, Saudi Crown Prince Mohammed bin Salman and Kuwaiti Foreign Minister Sabah Al Khalid Al Sabah listen as King Salman speaks at the close of the Makkah Summit early Monday. (SPA)
5 / 5
Aftermath of the summit. (SPA)
Updated 11 June 2018
0

Saudi Arabia, Kuwait and UAE approve $2.5bn aid package for Jordan at emergency Gulf summit

  • The package will include a deposit in the Jordanian central bank, World Bank guarantees, budgetary support over five years and financing for development projects.
  • King Salman called the meeting to muster support for ally Jordan, which had been rocked by mass protests against price rises and a proposed tax hike in recent days.

JEDDAH: Saudi Arabia, Kuwait and the United Arab Emirates agreed on Monday to provide an economic aid package worth $2.5 billion for Jordan, which is facing an economic crisis following anti-austerity protests.

The package, announced at a summit of the four nations in the holy city of Makkah, will include a deposit in the Jordanian central bank, World Bank guarantees, budgetary support over five years and financing for development projects, said a summit communique carried by the Saudi Press Agency.

The summit, called by Saudi King Salman, was attended by Jordan’s King Abdullah II along with UAE's Prime Minister Sheikh Mohammed bin Rashid Al-Maktoum and Kuwaiti Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah.

King Salman called the meeting to garner support for ally Jordan, which had been rocked by mass protests against price rises and a proposed tax hike in recent days.

The statement noted that funding for Jordan's economic crisis comes from contributory funds for development projects in the Kingdom.

Following the meeting, King Abdullah II offered his gratitude to King Salman, Kuwait and the UAE for their support. Jordan is struggling to curb its debt after securing a $723 million loan from the International Monetary Fund (IMF) in 2016.

Austerity measures tied to the loan have seen prices of basic necessities rise across the Kingdom of Jordan — 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.

(With AFP and Reuters)


Sakani program to add 11,000 homes in Jeddah

The Housing Ministry has deals with two real-estate companies. (Reuters/File)
Updated 18 October 2018
0

Sakani program to add 11,000 homes in Jeddah

  • The first project, Rawabi Hijaz, is on private-sector land and will includes 9,502 units
  • The Ministry stressed its keenness to work with qualified developers to add to housing stock

JEDDAH: The Saudi Ministry of Housing has signed agreements with two real-estate development companies to add more than 11,000 homes in Jeddah for the Sakani program. The deals were signed on October 15 during an event announcing the program’s 10th batch of beneficiaries.
The first project, Rawabi Hijaz, is on private-sector land and will includes 9,502 units, while the second, Jeddah airport housing, is on land owned by the Ministry and will includes 2,203 units.
The agreements were signed in the presence of Minister of Housing Majid bin Abdullah Al-Hugail, National Housing Company CEO Mohammed bin Saleh Al-Bati, and officials from the ministry and the Real Estate Development Fund. They follow previous agreements signed by the Ministry of Housing with a number of developers to build housing in various regions of the Kingdom. Sixty projects providing more than 90,000 diverse homes, with prices ranging from SR250,000 to SR750,000 have already been launched.
The Ministry stressed its keenness to work with qualified developers to add to housing stock and support supply in the sector, to encourage competition between companies to meet the needs of citizens in a way that suits local markets and ensures the provision of continued maintenance services for the residential units.
“The real-estate developers with whom we signed contribute along with the Ministry to the service of citizens in order to provide a suitable residential environment on the levels of prices and specifications, while presenting the beneficiaries with the guarantees needed,” the Ministry said.
“These projects will be completed and handed over to the beneficiaries within a period not exceeding three years. These housing projects are integrated in terms of services and public facilities. They include mosques, public parks and green areas as well as government buildings.”