Saudi Arabia prepared to cater to global oil demand

King Salman chairs the weekly Cabinet session at Al-Yamamah Palace in Riyadh on Tuesday. (SPA)
Updated 09 October 2019

Saudi Arabia prepared to cater to global oil demand

  • GCC’s armed forces ready to confront any terrorist threat

RIYADH: King Salman chaired the Cabinet session held at Al-Yamamah Palace in Riyadh on Tuesday, the Saudi Press Agency (SPA) reported. The Cabinet addressed the Kingdom’s assertion during its participation in Russian Energy Week — that it was ready to meet world oil demand following efforts to restore supply capabilities within 72 hours of last month’s oil field attacks.
These efforts strengthened the Kingdom’s position as the most reliable, safe and independent oil exporter.
The king briefed the Cabinet on the results of official talks held with President of the Sudanese Supreme Council Gen. Abdulfattah Al-Burhan and Sudanese Prime Minister Dr. Abdullah Hamdouk.
Media Minister Turki Al-Shabanah, in a statement to SPA, said the Cabinet reviewed reports on the latest regional and international developments.
He highlighted the final statement of the 4th extraordinary meeting of the Gulf Cooperation Council (GCC) Supreme Military Committee, held in Riyadh, to consult on current threats and situations and to achieve greater GCC military coordination.

HIGHLIGHTS

• The Cabinet approved amendments to commercial mortgage system.

• First phase of transport networks in some cities and provinces also approved.

• Reports on latest regional and international developments reviewed.

He stressed the readiness of the GCC’s armed forces to confront any terrorist threat or attack. He condemned assaults on the Kingdom and the violation of GCC member airspace.
He also condemned attacks on oil tankers and threats to maritime navigation.
The Cabinet drew attention to the Saudi Authority for Intellectual Property’s nomination to lead the International Union for the Protection of Industrial Property (Paris Union), and its nomination to be vice president of the International Patent Cooperation Union. The minister said this recognition showed the global standards achieved by the Kingdom in different sectors.
The Cabinet authorized ministries to sign agreements with friendly countries in different sectors.
It approved amendments to the commercial mortgage system, and a first phase of transport networks in some cities and provinces.


Saudi labor minister urges Kingdom to increase economic role of charity sector

Updated 24 January 2020

Saudi labor minister urges Kingdom to increase economic role of charity sector

  • Saudi Minister of Labor and Social Development Ahmad Al-Rajhi said: “Our effort is to increase the share of the non-profit sector in GDP”

RIYADH: Saudi Arabia needed to increase the contribution of the non-profit sector to the Kingdom’s economic and social development, the country’s labor minister told business conference delegates on Thursday.

Moderating a session on the subject during the final day of the Riyadh Economic Forum (REF), Saudi Minister of Labor and Social Development Ahmad Al-Rajhi said: “Our effort is to increase the share of the non-profit sector in GDP.”

Describing the non-profit sector as the third pillar of sustainable economic development, the minister pointed out that in developed countries its average contribution toward GDP had reached 6 percent.

Referring to a REF study on the sector, he noted that it was only during the last decade that the Kingdom had come to realize its important role in economic development, social participation, job creation, and promoting the culture of teamwork.

“The non-profit sector contributes to Saudi Arabia’s GDP by one percent and our effort is to increase the share,” Al-Rajhi told the session’s attendees.

Presenting the REF study, Yousef bin Othman Al-Huzeim, secretary-general of Al-Anoud Charitable Foundation, said: “This sector, together with its substantial developmental roles, has become a criterion for the overall progress of nations and a yardstick of their civilization and humanitarian activity rather than a mere indicator of individuals’ income.”

He added that the sector had a key part to play in helping to realize the Saudi Vision 2030 goal of achieving sustainable development through diversification, and that the aim was to raise its level of contribution to the country’s GDP from 1 percent to 5 percent by 2030.

The study stressed the need to transform the sector from a mere initiative into an institutional entity concerned with social investment and integration, in cooperation with the public and private sectors.

Among its key findings, the study highlighted the requirement to increase the awareness of sector employees and supervising agencies about the development needs of society.

A lack of detailed information on the non-profit sector in the Kingdom was also having a negative effect on the extent of its contribution to economic and social development, the study found.

The media too had failed to give enough coverage to the sector and rules and regulations often stood in the way of any expansion in individual and community partnerships through charities and trusts.

Princess Nouf bint Mohammed Al-Saud, CEO of the King Khalid Foundation (KKF), said women were the most important enablers of the non-profit sector.

Currently, the most prominent development was the system of NGOs and philanthropic associations, and the stimulation of the sector to implement good governance, she added.

The princess urged the lifting of restrictions on money transfers to the non-profit sector and tax exemptions on charities and donations.

The KKF had issued a number of regulations to help the non-profit sector, she said, but there was still a need for the creation of more executive programs in order to realize Vision 2030 goals.

Rajaa bin Manahi Al-Marzouqi, a professor of economics at Prince Saud Al-Faisal Institute for Diplomatic Studies, in Riyadh, said: “If we look at any economy, it consists of three important sectors, which are the government, private, and non-profit sectors. There is a need to develop the non-profit sector in such a way that it sustains in the long run and contributes to socio-economic development.”