G20 event on infrastructure investment concludes in Riyadh

Family picture of the G20 Infrastructure Working Group (IWG) taken on Dec. 19 at the close of their two-day symposium. (Twitter photo)
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Updated 01 January 2020

G20 event on infrastructure investment concludes in Riyadh

RIYADH: The Saudi G20 presidency concluded a one-day symposium on infrastructure investment in Riyadh.
The symposium was held on the sidelines of the first G20 Infrastructure Working Group (IWG) meeting, which took place on Wednesday and Thursday in the Saudi capital.
The symposium brought together G20 member countries, international organizations, leading international and local asset managers, and institutional investors to discuss solutions to challenges that prevent or limit private investment in infrastructure. It was also attended by relevant Saudi government entities to enrich and reflect local content.
The symposium’s overall objective was to explore a potential partnership between the IWG and asset managers and institutional investors to collectively promote infrastructure investment.
Dr. Fahad Al-Dossari, deputy governor for research and international affairs at the Saudi Arabian Monetary Authority, welcomed speakers and guests at the event.
In his opening remarks, he highlighted the importance of encouraging private sector investment in infrastructure to close the financing gap.
Al-Dossari said the Saudi G20 presidency will foster cooperation with the private sector to increase private investment and enhance the quality of infrastructure spending.
“This symposium will provide an important forum for G20 countries, international organizations, asset managers and institutional investors to put into motion a new collaborative model to continue efforts in promoting infrastructure as an asset class,” he added.
The Global Infrastructure Hub estimates a cumulative infrastructure financing gap of $15 trillion to meet adequate global infrastructure needs between now and 2040.
According to the World Bank, around 1 billion people worldwide live more than 2 km away from a drivable road, almost 1 billion lack access to electricity, and 4 billion lack access to the internet.
Under the Saudi G20 presidency, the IWG will focus on promoting private sector investment in infrastructure and exploring ways to utilize technology to increase efficiency, value delivery and sustainability of infrastructure investment.


‘Absolutely silly’: Saudi FM refutes Amazon’s Bezos phone hacking claims

Updated 33 sec ago

‘Absolutely silly’: Saudi FM refutes Amazon’s Bezos phone hacking claims

  • Foreign minister said claims were "absurd"
  • Prince Faisal's tweet called for an investigation into the claims

DUBAI: The Saudi Arabian embassy in the USA has denied claims the Kingdom was behind the hacking of Amazon.com founder, Jeff Bezos’ phone, describing the accusation as “absurd.”

And speaking at Davos the Saudi Arabian Foreign Minister Prince Faisal bin Farhan Al Saud said: “The idea that the Crown Prince would hack Jeff Bezos’ phone is absolutely silly.”

Reports on Wednesday suggested Bezos’ phone was hacked after receiving a WhatsApp message sent from the personal account of the Crown Prince Mohammed bin Salman.

Describing the claims as “absurd” the tweet also called for an investigation into the claims “so that we can have all the facts out.”