$40bn transferred from SAMA's FX reserves to PIF, says Saudi finance minister

Mohammed Al-Jadaan, the Minister of Finance and acting Minister of Economy and Planning. (AFP/File Photo)
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Updated 29 May 2020

$40bn transferred from SAMA's FX reserves to PIF, says Saudi finance minister

  • Transfer to PIF was carried out after an in-depth consultation

LONDON: SAR150 billion ($40 billion) were transferred from the Saudi Arabian Monetary Authority’s foreign exchange reserves to the Kingdom’s Public Investment Fund (PIF) in March and April, Finance Minister Mohammed Al-Jadaan said on Friday.

The government will continue to implement development plans to diversify the economy, increase local content and support private sector growth, Al-Jadaan, who is also acting minister of economy and planning, said in a statement released by the Saudi Press Agency.

This will happen either through the state’s general budget or through the role played by the development funds and the PIF to improve economic performance and enhance the return on the Kingdom’s assets, he added.

The transfer to the PIF was carried out after an in-depth consultation and in consideration of the adequacy of foreign exchange reserves, Al-Jadaan said.

Decisions to gradually reopen economic activities represent a new stage in the face of the coronavirus pandemic and toward a gradual return to normal economic activity, he added.

Al-Jadaan said the government had increased — during the last period through the budget — spending on urgent and necessary requirements to face the coronavirus crisis, and in doing so had significantly strengthened the financial allocations for the health and related services sector.

The decision to restart some sectors had been made with the advice of health professionals and guidelines at every stage of the plan to resume economic activities, he added.

The return of activities to their previous levels largely depends on the level of commitment by all, Al-Jadaan said, adding that the move is in line with economies reopening worldwide.


Saudi Arabia opens world’s largest camel hospital

Qassim Gov. Prince Faisal bin Mishaal, left, during a briefing on the world’s largest camel hospital that he inaugurated in Buraidah on Sunday. (SPA)
Updated 07 July 2020

Saudi Arabia opens world’s largest camel hospital

  • The emir also toured sheds spread over a large area which can accommodate 4,000 riding camels at the same time

Qassim Gov. Prince Faisal bin Mishaal on Sunday inaugurated the world’s biggest camel hospital in Buraidah. The Salam Veterinary Hospital will also have a modern research facility to diagnose diseases related to camels.
The governor said the project worth SR100 million is a national achievement and it will help enhance veterinary facilities in the Kingdom.
Prince Faisal toured the facility’s specialized central laboratories equipped with modern devices to conduct over 160 different types of analyses.
The emir also toured sheds spread over a large area which can accommodate  4,000 riding camels at the same time.
He was briefed on the model for the young camels unit, the ICU, CT scan unit, and the surgical theaters. The hospital is constructed on an area of 70,000 sq. meters.
Among the goals for establishing the hospital is to bring about a shift in embryology and the traditional fertilization process of camels, whose age ranges between 25 to 30 years. At present, they produce seven young camels per season. Additionally, the hospital will contribute to raising the rate of fetal production in camels from 100 fetuses to 700.