Saudi finance minister heads Saudi delegation at OPEC development fund meeting

Saudi Arabia is the largest stakeholder in the OPEC fund, which was established in 1976. (SPA)
Updated 21 July 2019

Saudi finance minister heads Saudi delegation at OPEC development fund meeting

RIYADH: Finance Minister Mohammed Al-Jadaan headed the Saudi delegation that participated in the annual ministerial meeting of the OPEC Fund for International Development (OFID) in Vienna on Thursday.

The meeting agenda included discussion of OFID’s annual report for last year, approval of financial statements for the fiscal year 2018, the lending program to be granted by the fund in 2020, and OFID’s new strategy for financial sustainability.

OFID Director General Dr. Abdulhamid Al-Khalifa said: “OFID’s vision is to be a relevant, agile and efficient development finance institution that can deliver maximum development impact to its partner countries, while becoming self-sustainable in financing its operations.”

Saudi Arabia is the largest stakeholder in the fund, which was established in 1976 with the aim of promoting cooperation among member states to help poor countries increase their economic and social growth.

OFID provides concessional financing in the form of loans to support infrastructure and social projects, and to enhance productivity by focusing on projects that meet developing countries’ basic needs such as food, energy, health care and education. 

It also contributes to the provision of financing for private sector projects and trade finance. 


350,000 books to feature at Jeddah fair

Updated 14 November 2019

350,000 books to feature at Jeddah fair

JEDDAH: Hundreds of authors from around the world are preparing to take part in a prestigious Saudi book festival.

The Jeddah International Book Fair, to be staged in South Obhur from Dec. 11 to 21, will feature more than 350,000 volumes to cater to all reading tastes.

Now in its fifth edition, the cultural event, run under the patronage of Makkah Gov. Prince Khaled Al-Faisal, will see the participation of 400 Saudi, Arab and international publishing houses from 40 different countries.

Jeddah Gov. Prince Mishaal bin Majed, who is head of the fair’s supreme committee, has been coordinating the organization of the event which will include book-signing sessions by 200 authors.

The exhibition, occupying 30,000 square meters, is one of the biggest specialized expos in the Kingdom, and aims to promote reading and the cultural environment.

The fair will also include a program of seminars, lectures and indoor and outdoor theater productions, along with documentary films for families and children, and workshops in visual arts, photography and Arabic calligraphy.

The Jeddah fair is supported by Minister of Culture Prince Badr bin Abdullah bin Farhan Al-Saud, who believes it reflects the city’s culture and traditions, along with backing from Minister of Media Turki Al-Shabanah. SPA Jeddah