Prince Saud : King’s initiative to hike capital of financial institutions will provide $10bn

Updated 30 January 2013
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Prince Saud : King’s initiative to hike capital of financial institutions will provide $10bn

Riyadh: Prince Saud Al-Faisal, Minister of Foreign Affairs, said today that the initiative of the Custodian of the Two Holy Mosques, King Abdullah bin Abdul-Aziz Al Saud at the 3rd Arab Economic and Social Development Summit in Riyadh to increase the capital of Arab financial institutions and joint Arab companies by at least 50% came to provide support for them and enable them to expand their businesses and to strengthen the partnership between the public and private sectors with the commitment of the Kingdom of Saudi Arabia to pay its share of the increase that will be agreed upon.
This came in a statement made by Prince Saud Al-Faisal at the beginning of a joint press conference held today at the conclusion of the Summit at the Ritz Carlton Hotel in Riyadh in the presence of Minister of Finance Dr. Ibrahim bin Abdul-Aziz Al-Assaf and Secretary General of the Arab League, Dr. Nabil Al-Araby.

The statement reads as follows:
In the name of Allah, Most Gracious, Most Merciful.
I would like to welcome you all in the capital of Riyadh.
Praise be to Allah, that the 3rd Arab Economic and Social Development Summit concluded its works. The importance of this session is that it came after the circumstances, events and changes witnessed at the Arab arena over the past two years. These conditions cannot be overlooked in terms of their developmental, economic, and social aspects. Emanating from this, the Summit has been keen that its decisions shall be up to the aspirations of the Arab peoples, which can be achieved, God willing, if there are seriousness and credibility in the application of these decisions.
In the context of advancing the efforts of Arab development and achieving direct and prompt benefits for Arab citizens, the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud has been keen on submitting his initiative to increase the capital of Arab financial institutions, and existing joint Arab companies by not less than 50% to support and enable them to expand their works and strengthen the partnership between the public and private sectors, with the Kingdom’s commitment to pay its share of the increase to be agreed upon.
This initiative will provide more than Ten billion (US) dollars, additional to financial institutions and joint Arab companies to enhance their roles in financing vital projects of Arab Strategic dimensions and national developmental projects to meet the growing needs of the goods and services needed by Arab citizens, and provide them with more job opportunities.


Disappointed fans hail improved performance by Saudi Green Falcons but defeat ends World Cup dream

Updated 21 June 2018
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Disappointed fans hail improved performance by Saudi Green Falcons but defeat ends World Cup dream

  • A fan named Yousif, who watched the match at the General Sports Authority viewing tent, was happy that the game at least was close this time.
  • Saudi Arabia will face off against Egypt, who also lost their opening two group A games against Uruguay and Russia, on June 25.

JEDDAH: Saudi Arabia’s World Cup dreams were shattered after Uruguay beat the Green Falcons 1-0 in the second of the three group-stage matches. Most Saudi fans in Jeddah were much happier with the team’s performance in game two, following the resounding 5-0 defeat by host nation Russia in the opening match on June 14, but still bitterly disappointed by the loss, which means they cannot qualify for the knockout stages.

Yousif, who watched the match at the General Sports Authority viewing tent, was happy that the game at least was close this time. “Although we lost, the performance was much better than the first game with Russia. I hope we win our next match,” he said.

Nasrah, who watched the game with her two sons, said: “I was really disappointed because we played good today and nothing less than a win should have been acceptable. I am also disappointed to see the looks on my boys faces when the game ended as they were hoping for a win.”

Khalid Al-Raghbi said at least it had been a good match to watch. “We played a bit better today,” he added. “I wish we would have won but at least we performed better than our last match against Russia.”

Before the game, Ibrahim Al-Turki had been optimistic about Saudi Arabia’s chances. “We didn’t expect today’s result. I was thinking that Saudi would win by two goals, and Uruguay would score one,” he said.

The result was especially disappointing given the close result and the number of chances the Saudis had to score, said Badr, who added: “I don’t know what to tell you because we are deeply disappointed. At least if we lost with a big defeat I would say we deserved it. We had the potential but we could not score.”

Shadi Al-Ghamdi said he wished the national team’s much improved performance in their second game had been more evident in their first. “I am very proud of the players, I thought they played very well. I just wish they had played like this against Russia," he said.

Safah was less complimentary and said that the Saudi players had let their fans down, adding: “They seemed scared whenever they attempted to score any goals.”

Saudi Arabia will face off against Egypt, who also lost their opening two group A games against Uruguay and Russia, on June 25. It will be the final game in the competition for both sides, with only pride to play for, as they battle it out to see who will finish third in the group and who will be left in bottom spot.