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.


Saudi Arabia's KSRelief distributes assistance to Syrian refugees in Lebanon

KSRelief distributed assistance to Syrian refugees. (SPA/file)
Updated 21 April 2018
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Saudi Arabia's KSRelief distributes assistance to Syrian refugees in Lebanon

  • KSRelief seeks to ensure that the living conditions of Syrian refugees are in accordance with international specifications
  • The center also distributed 3,500 cartons of dates in the villages of Izzala Al-Jumah in Yemen

JEDDAH: The King Salman Humanitarian Aid and Relief Center (KSRelief) distributed humanitarian aid including birth kits, personal bags and baby blankets to Syrian female refugees staying in Osman Hospital and Central Hospital in Kattermaya, Kharoub province of Lebanon on Friday.

This distribution is within the framework of the assistance provided by the center for displaced Syrians and refugees in neighboring countries. 

KSRelief seeks to ensure that the living conditions of Syrian refugees are in accordance with international specifications through various relief programs. 

Earlier, winter blankets, jackets, jumpers, hats and other items were distributed to meet the basic needs of refugee families.

The center also distributed 3,500 cartons of dates in the villages of Izzala Al-Jumah in Al-Mukha directorate in Taiz governorate, benefiting 21,000 people.

In addition, 36 trucks with 469,483 kg of relief, shelter and medicines crossed Al-Wadiaa border on Thursday evening as part of the KSRelief plan to help Yemenis.

Of this total, 26 trucks with 500 food baskets, weighing 375 tons, in addition to 43,173 kg of shelter items, will be heading to Maareb province, and ten trucks carrying 42,221 kg of shelter items and 9.89 tons of medications will go to Aden.

On Thursday, the Bahraini Royal Charity Foundation and the Khalifa bin Zayed Foundation for Humanitarian Affairs signed an MoU for the establishment of the Bahrain Health Center in Aden, Yemen, at a cost of $2 million, in the presence of Ahmed bin Ali Al-Bayez, assistant general supervisor of operations and programs at KSRelief, and a number of officials. SPA, Jeddah