KACST pavilion in spotlight at global economic forum

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Saudi participants in the St. Petersburg International Economic Forum 2019 (SPIEF). (Supplied photo)
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The King Abdul Aziz City for Science and Technology (KACST) delegation to the St. Petersburg International Economic Forum 2019 (SPIEF). (Supplied photo)
Updated 09 June 2019

KACST pavilion in spotlight at global economic forum

RIYADH: The King Abdul Aziz City for Science and Technology (KACST) finished its participation at the St. Petersburg International Economic Forum 2019 (SPIEF), held with the participation of 40 states at the city’s Expoforum Convention and Exhibition Center, under the title “Creating a Sustainable Development Agenda.”

Through its pavilion, KACST exhibited its capabilities in fields such as reverse engineering and 3D scanners. It also highlighted the capacities of KACST in the field of digital fabrication, office support in protecting intellectual property through documentation, licensing and patenting, and the city’s Bader program, which works on supporting and developing startup businesses focusing on technology in the Kingdom.

Dr. Anas Al-Fares, KACST vice president, spoke about how the city has sought to collaborate with international academic entities to establish centers of excellence that support technology and establish partnerships with the private and public sectors to develop and promote innovation.

SPIEF, held in Russia since 1997, is an annual event on economics and business that brings together leaders from the world’s economic powers to discuss political, social and monetary issues. SPA Riyadh


Lebanon central bank reassures foreign investors about deposits

Updated 25 January 2020

Lebanon central bank reassures foreign investors about deposits

  • Khalaf Ahmad Al-Habtoor asked if there was any risk to dollar deposits
  • The heavily indebted country’s crisis has shaken confidence in banks

BEIRUT: Lebanon’s central bank said on Saturday there would be no “haircut” on deposits at banks due to the country’s financial crisis, responding to concerns voiced by a UAE businessman about risks to foreign investments there.

Emirati Khalaf Ahmad Al-Habtoor, founder of the Al-Habtoor Group that has two hotels in Beirut, posted a video of himself on his official Twitter account asking Lebanon’s central bank governor if there was any risk to dollar deposits of foreign investors and whether there could be any such haircut.

“The declared policy of the Central Bank of Lebanon is not to bankrupt any bank thus preserving the depositors. Also the law in Lebanon doesn’t allow haircut,” the Banque Du Liban (BDL) said in a Twitter post addressed to Al-Habtoor, from Governor Riad Salameh.

“BDL is providing the liquidity needed by banks in both Lebanese pound and dollars, but under one condition that the dollars lent by BDL won’t be transferred abroad.”

“All funds received by Lebanese banks from abroad after November 17th are free to be transferred out,” it added on its official Twitter account.

The heavily indebted country’s crisis has shaken confidence in banks and raised concerns over its ability to repay one of the world’s highest levels of public debt.

Seeking to prevent capital flight as hard currency inflows slowed and anti-government protests erupted, banks have been imposing informal controls on access to cash and transfers abroad since last October.

A new government was formed this week, and its main task is to tackle the dire financial crisis that has seen the Lebanese pound weaken against the dollar.

Al-Habtoor had asked Salameh for clarity for Arab investors concerned about the crisis and those thinking of transferring funds to Lebanon to try to “help the brotherly Lebanese.”