by admin | May 25, 2021 | Muslim World
Cairo : Saudi Arabia has transferred $60 million to the Palestinian Finance Ministry, Saudi Ambassador to Egypt Osama bin Ahmed al-Nugali announced on Wednesday.
Nugali said in a statement that the amount, transferred by the Saudi Development Fund (SDF), represents the Kingdom’s monthly contribution to support the Palestinian Authority’s budget for November and December 2018 and January 2019.
He explained that this contribution comes within Saudi Arabia’s permanent support for the Palestinian cause at all political, economic and humanitarian levels.
—UNAOIC
by admin | May 25, 2021 | Muslim World
Riyadh : Saudi Arabia has expressed regret about the decision by the European Commission (EC) to place the Kingdom on a blacklist of 23 non-EU countries and territories accused of posing a high risk of money laundering and financing terrorism, despite the efforts being made by the Kingdom to combat such crimes.
“The Kingdom finds it regrettable that it was included in the proposed list of ‘high-risk’ countries for money laundering and terrorist financing that was issued by the European Commission on Feb. 13, 2019,” Saudi authorities said in a statement released by the Saudi Press Agency (SPA).
“This comes despite the Kingdom’s ratification of many laws and procedures relating to combating money laundering and terrorist financing, to reduce the risks associated with such crimes,” said the statement.
It added that the Kingdom reaffirms its strong commitment to the joint global efforts to combat money-laundering and the financing of terrorism, as part of which it works with international partners and allies.
“Saudi Arabia, who is a key partner in the international coalition against Daesh, has been leading a group, along with the United States and Italy, to fight the financing of the group,” the statement continued.
“The Saudi Mutual Evaluation Report, published by Financial Action Task Force (FATF) in September 2018, praised Saudi Arabia’s commitment to the group’s recommendations. The FATF report stated that the Kingdom’s preventive measures against money laundering and terrorist financing are strong and robust.”
The Kingdom has a legal framework and coordinated procedures in place for the swift implementation of targeted financial sanctions imposed by the United Nations, it added.
Saudi Finance Minister Mohammed Al-Jadaan said: “Saudi Arabia’s commitment to combating money laundering and the financing of terrorism is a strategic priority and we will continue to develop and improve our regulatory and legislative frameworks to achieve this goal.”
“The announcement by the European Commission that the Kingdom will be included in the proposed list of high-risk countries for money laundering and terrorist financing will have to pass the voting stage in the European Parliament before it becomes effective,” he said.
The minister invited EC officials and members of the European Parliament to visit Riyadh to learn about the Kingdom’s ongoing efforts and initiatives to combat money-laundering and the financing of terrorism at local, regional and international levels. He also stressed that the Kingdom looks forward to a constructive dialogue with its partners in the EU to help strengthen and support efforts to combat the flow of ‘dirty money’.
—AB/UNA-OIC
by admin | May 25, 2021 | Business, Economy, Investing, Markets, News, SMEs
New Delhi : The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the signing of three Memorandums of Understanding (MoUs) with Saudi Arabia for strengthening cooperation in the fields of tourism, customs and investment.
The MoU would facilitate sharing information and expertise in tourism development, hotels, resorts and tourist accommodation facilities, tourism data and statistics, events and other tourism activities.
Saudi Arabia is one of the potential tourist markets for India from Middle East.
Another MoU is on establishing a mechanism for making investment in infrastructure in India, according to an official release.
The MoU will be a step forward in engaging with the institutions of Saudi Arabia to attract a potential investment into the infrastructure sector in the country.
It will lead to boosting infrastructure development in the country, creation of more jobs, growth of ancillary industries/ sectors which will lead to growth in GDP and overall economic prosperity.
The third MoU pertains to cooperation and mutual assistance in customs matters, said the release.
The Agreement will help in making available reliable, quick and cost-effective information and intelligence for the prevention and investigation of customs offences and apprehending of customs offenders.
The MoUs between the two countries are likely to be signed during the Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud’s visit to India next week.
—IANS
by admin | May 25, 2021 | Muslim World
Rabigh : Saudi Crown Prince Mohammed bin Salman, deputy premier and minister of defense, on Monday inaugurated King Abdullah Port during his visit to King Abdullah Economic City (KAEC).
A speech ceremony was held on the occasion highlighting the official opening of King Abdullah Port as the kingdom and region’s first port developed, managed and operated by the private sector.
The speeches were followed by a short film about the port and a ceremony announcing the agreements signed by the port with several parties. Then, the crown prince inaugurated the port.
King Abdullah Port was established on the basis of an ambitious vision that the Kingdom of Saudi Arabia needs a world-class port capable of receiving modern vessels and absorbing increasing imported goods.
The port has established partnerships with shipping companies, banks and international companies operating port operations, in addition to investments that exceeded 13 billion riyals.
The state, represented by the Economic Cities Authority, is responsible for overseeing, organizing and coordinating all government agencies involved in King Abdullah Port activities to ensure the smooth flow of work at the port – one of the latest mega infrastructure projects in the Middle East – and a tangible example of the success of the partnership between the state and the private sector.
—AB/UNA-OIC
by admin | May 25, 2021 | Markets, Muslim World, Technology
Riyadh : Saudi Arabia on Tuesday announced the launch of its first satellite for communications from the French Guiana Space Centre, Saudi Press Agency reported.
Khaled bin Abdulaziz Al-Falih, minister of Energy, Industry and Mineral Resources, said the launch aims at localising strategic technologies and enabling Saudi young people to work with state-of-the-art technologies in the field of satellite development and manufacturing, Xinhua reported.
The satellite SGS-1 aims to employ advanced Ka-band capabilities to enable space communications at ultra-fast speeds, and will offer multiple applications including broadband telecommunications and secure communications for remote and disaster-stricken areas.
—IANS
