KSA switches to Gregorian calendar

Banks are prepared for the change.
Updated 03 October 2016
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KSA switches to Gregorian calendar

RIYADH: Salaries, allowances and other payments to public servants will now be paid according to the Gregorian calendar in order to be aligned with the country’s fiscal year, according to a recent decision by the Council of Ministers.
On Wednesday the Cabinet agreed to switch from the Hijri calendar for payment of salaries, wages, bonuses and allowances to all civil sector employees.
The decision to switch from the lunar-based Hijri calendar to the solar-based Gregorian calendar was effective Oct. 1 and brought the government sector in line with the payment of wages in the private sector.
The government move evoked a mixed reaction.
Concerns were expressed about the banking network’s ability to cover all cash withdrawals on the first day that salaries are paid. Not only will this be an unprecedented situation in the history of the country, but it will also coincide with the date of deposit of the salaries of private sector employees.
According to the Sabq.org online portal, while concerns have also been raised about the effects on shopping operations on the first day of salary deposits, a financial analyst at Bank Albilad, Turki Fadaak, reassured the public of the reliability and absorptive capacity of the banking system and its ability to deal with the change.
“I do not think that the shift to the Gregorian calendar will have any impact on banking systems and operations,” he said.
He noted that the population of Saudi Arabia is a little over 30 million, a figure that cannot be compared to some developed countries which have populations far beyond that and yet experience no problems.
He said there was a sufficient number of ATMs in the Saudi market and that they would be able to cope with the rush of withdrawals if that happens.
As to whether he believes restricting loan operations to a single day by banks will affect banks’ performance in the 29 days that follow the payment of public and private sector employees, he said: “On the contrary, it will lead to greater efficiency in the use of revenues and standardization.”
Faisal Al-Zahrani, a former public servant who was employed in a ministry, said that this was a new adjustment made by the government in order to rationalize its budgeted expenditures. After the payment of the first month’s salary, payments will automatically be adjusted, he said.
Naif Al-Rasheed, a senior journalist in Riyadh, told Arab News that the new system comes in the context of the government’s rationalization program.
“The move is also seen as a positive gesture to serve the interests of the citizens,” he said.
Reacting to the decision, Mohammed Zeyad, a public relations executive, said the shift to the Gregorian calendar was in response to the decision made by the government earlier this week as part of spending cuts.
He added that some of his friends working in the government sector were concerned that under the new decision, they would lose 11 days of payment.
The Hijri calendar is made up of 12 months of 29 or 30 days, depending on the sighting of the moon. The Hijri year has 354 days, 11 days shorter than the Gregorian year which is made up of 12 months of 30 and 31 days, totaling 365 days in a year.


Saudi crown prince signs raft of cooperation agreements with China

Crown Prince Mohammed bin Salman signs an agreement between the Kingdom and China in Beijing on Friday. (SPA)
Updated 23 February 2019
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Saudi crown prince signs raft of cooperation agreements with China

  • the crown prince headed the Saudi delegation at the third session of the China-Saudi Arabia High-Level Joint Committee

BEIJING: Crown Prince Mohammed bin Salman on Friday met with Chinese Vice Premier Han Zheng to discuss ways of further developing relations between the Kingdom and China.

The meeting took place in the grand surroundings of the Great Hall of the People in the Chinese capital Beijing. After their talks, the crown prince headed the Saudi delegation at the third session of the China-Saudi Arabia High-Level Joint Committee which he co-chaired with Zheng.

Delegates at the meeting discussed moves to strengthen cooperation between the two countries on trade, investment, energy, culture and technology, as well as the coordination of political and security matters. The committee also reviewed plans for greater integration between China’s Belt and Road development strategy and the Saudi Vision 2030 reform program.

After agreeing on the minutes of the meeting, the Saudi royal and Zheng took part in the signing of a range of agreements, memorandums of understanding (MoU), investment projects and bilateral cooperation accords between the Kingdom and China:

The cooperation agreement in maritime transport between the Chinese and Saudi governments, signed by Saudi Minister of Commerce and Investment Majid Al-Qassabi and Chinese Minister of Transport Li Xiaopeng.

MoU between the Kingdom’s Ministry of Energy, Industry and Mineral Resources and the National Development and Reform Commission in China, signed by Saudi Energy Minister Khalid Al-Falih and Ning Jizhe, vice chairman of the National Development and Reform Commission.

MoU between the Chinese Ministry of Commerce and Saudi Ministry of Commerce and Investment to form a working group to facilitate trade, signed by Abdul Rahman Al-Harbi, the Kingdom’s deputy minister of commerce and investment, and Qian Keming, Chinese vice minister of commerce.

Loan agreement between the Saudi Fund for Development (SFD) and the Chinese Ministry of Finance to build and equip three hospitals in Yanbian city in Jilin Province, signed by Saudi Minister of State for Foreign Affairs Adel Al-Jubeir and the Chinese deputy finance minister.

Rehabilitation

Loan agreement between the SFD and Chinese Ministry of Finance to reconstruct and rehabilitate areas affected by earthquakes in Sichuan Province, signed by Al-Jubeir and the Chinese deputy finance minister.

Agreement between the Saudi Ministry of Interior and the Chinese Ministry of Public Security to cooperate in fighting cybercrime, signed Nasser Al-Dawood, undersecretary of the Saudi Ministry of Interior, and China’s deputy minister for public security.

MoU between the Public Investment Fund (PIF) of Saudi Arabia and China’s National Committee for energy to invest in renewable energy, signed by PIF head Yasir Al-Rumayyan, and the committee’s vice chairman.

Minutes of the meeting about cooperating in combating terrorism between the Saudi Presidency of State Security and Chinese Ministry of Public Security, signed by Lt. Gen. Abdullah Al-Qarni, deputy director-general of General Investigation for the Kingdom, and the Chinese minister.

MoU between the Saudi Authority for Intellectual Property and the Chinese National Committee for Intellectual Property Rights, signed by Dr. Abdul Aziz Al-Swailem, the authority’s executive chairman, and committee chairman Xin Xiangyu.

MoU to participate in investing in renewable energy projects, signed by the chairman of ACWA Power, Mohammed Abunayyan, and president of the Silk Road Fund, Wang Yanzhi.

Cooperation agreement for Saudi Aramco to acquire 9 percent of Chinese project Zhejiang Petrochemical, signed by Saudi Aramco CEO Amin Nasser and Xung Wi, mayor of Zhushan.

Agreement between Saudi Aramco with NORINCO Group and Panjin Sincen to develop a fully integrated refining and petrochemical complex, located in the city of Panjin in China’s Liaoning province, signed by Nasser and Tang Yijun, governor of Liaoning province and chairman of NORINCO.