Saudi National Day celebration strengthens sense of belonging to the homeland: CSC

The Council of Saudi Chambers (CSC) said the Saudi National Day celebration strengthens the sense of belonging to the homeland and symbolizes unity and integrity. (SPA)
Updated 22 September 2018
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Saudi National Day celebration strengthens sense of belonging to the homeland: CSC

  • Senior leaders from the CSC expressed their joy on the 88th anniversary of the national day, which they said is a great milestone in the history of the Kingdom.
  • Dr. Sami Al-Obaidy, chairman of the CSC, said that the occasion is a time to remember the great sacrifices made for the nation and the people for the sake of the unity and progress of the Kingdom.

RIYADH: The Council of Saudi Chambers (CSC) said the Saudi National Day celebration strengthens the sense of belonging to the homeland and symbolizes the unity and integrity bringing the people of this beautiful Kingdom together for peace and progress, as it joined the nation in celebrating the 88th National Day.
Expressing their love for the nation the senior leaders from the CSC expressed their joy on the 88th anniversary of the national day, which they said is a great milestone in the history of the Kingdom as well as a marker of progress to come among the most developed and prosperous countries in various walks of life.
Dr. Sami Al-Obaidy, chairman of the CSC, said: “I am honored on behalf of the Saudi business sector to extend my heartfelt congratulations to our leadership and the people on this happy occasion, which brought the country under one banner, the banner of unification in the hands of the founder of our modern Kingdom, King Abdul Aziz.”
Al-Obaidy added that the occasion is a time to remember the great sacrifices made for the nation and the people for the sake of the unity and progress of this country, so that its people will enjoy security and stability with peace and progress.
It is a time to celebrate the great support that the Saudi business sector has received from the wise leadership and all the organs of the state until it has become a key partner in the economic development process, he added.
Muneer bin Saad, deputy chairman of the CSC, on this occasion emphasized that unity, stability and security are important points for the advancement, development and progress of the state and the people.
He pointed out that the private sector is witnessing a steady growth in the size of its economic contribution in order to achieve the aspirations of Vision 2030 as it aims to diversify the economy and sources of income away from dependence on oil.
Abdullah Al-Adeem, deputy chairman of the CSC, said that the national day represents an immortal memory in the conscience of the Saudi people and a celebration that all the people of the country are keen to carry on.
He added that the business sector will spare no effort to follow the aims of Vision 2030 and will actively contribute to social and economic well-being.
Saud Al-Meshari, secretary-general of the CSC, said that the celebration strengthens the sense of belonging to the homeland and the importance of preserving the gains that have been made to this blessed country from its inception until this glorious era led by King Salman.
This year’s celebration coincides with many positive developments taking place in the Kingdom at all levels, especially economic, where the engine of economic development is proceeding at a steady pace in accordance with Saudi Vision of 2030.
On this occasion, he congratulated the wise leadership and the Saudi people and praised the sacrifices made by the security personnel for the safety and security in the homeland.


Saudi Arabia pledges $3bn to Pakistan, defers oil payments

Updated 24 October 2018
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Saudi Arabia pledges $3bn to Pakistan, defers oil payments

  • It was agreed Saudi Arabia will place a deposit of $3 billion for a period of one year as balance of payment support: statement
  • Pakistan is seeking foreign aid to help plug a massive budgetary gap which the Pakistan prime minister has blamed on the mismanagement of the previous administration

RIYADH: Saudi Arabia has pledged $3 billion in support to Pakistan and allowed for deferred oil payments to help stave off a budget crisis.

The deal came as Pakistani Prime Minister Imran Khan attended the opening of the Future Investment Initiative (FII) in Riyadh on Tuesday.

Earlier Khan met with King Salman and Crown Prince Mohammed bin Salman to discuss bilateral issues. It was his second visit to the Kingdom in just over a month.

“It was agreed Saudi Arabia will place a deposit of $3 billion for a period of one year as balance of payment support,” Pakistan’s Foreign Ministry said in a statement.

“It was also agreed that a one-year deferred payment facility for import of oil, up to $3 billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter.”

During his address to the gathering of global business executives, Khan also confirmed that Pakistan was in talks with the International Monetary Fund (IMF) for a new bailout.

Pakistan is seeking foreign aid to help plug a massive budgetary gap which the Pakistan prime minister has blamed on the mismanagement of the previous administration. During his election campaign, the former cricketer vowed to create 10 million jobs and establish an “Islamic welfare state.”

After a consultative visit last month, the IMF had warned that Pakistan needed to quickly secure “significant external financing” to avert a crisis. 

Saudi Arabia and Pakistan have also discussed potential investment in mineral resources in Balochistan, the largest of Pakistan’s four provinces which borders Iran and Afghanistan.

Further discussions were held about a refinery project in Pakistan, the Finance Ministry said in the statement.

Pakistan’s external balance of payments represents one of the biggest challenges facing Khan.

The country’s current account deficit has ballooned as its central bank’s foreign reserves dropped to about $8.1 billion in October.

That was barely enough to meet the country’s sovereign borrowings between now and the end of the year.

The IMF expects Pakistan’s economic growth to slow to about 4 percent in 2019.

Pakistan is seeking to attract increased inward investment to help shore up its finances and Khan used the event as platform to talk about opportunities in sectors such as tourism, minerals, coal and gas exploration.

He also highlighted what he said were the successes of Pakistan in the fight against terrorism, which has brought peace and stability to the country, and pointed to the significance of the China-Pakistan Economic Corridor (CPEC).

China has become an increasingly high-profile investor in Pakistan as Beijing pushes ahead with major projects such as the CPEC.