Regional leaders rally for sustainable development goals at Beirut forum

Held under the patronage of Lebanese President Joseph Aoun, the three-day event is organized by the UN Economic and Social Commission for Western Asia, in collaboration with the League of Arab States and other UN agencies. AN photo
Held under the patronage of Lebanese President Joseph Aoun, the three-day event is organized by the UN Economic and Social Commission for Western Asia, in collaboration with the League of Arab States and other UN agencies. AN photo
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Updated 15 April 2025
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Regional leaders rally for sustainable development goals at Beirut forum

Regional leaders rally for sustainable development goals at Beirut forum

RIYADH: Regional leaders and development experts gathered in Beirut for the 2025 Arab Forum for Sustainable Development to assess progress on the UN’s global goals and explore strategies to speed up their implementation.

Held under the patronage of Lebanese President Joseph Aoun, the three-day event—titled “Restoring Hope, Raising Ambition”—is organized by the UN Economic and Social Commission for Western Asia, in collaboration with the League of Arab States and other UN agencies.

The forum focuses on advancing the Sustainable Development Goals across the Arab region, highlighting both achievements and persistent challenges.

As a vital platform ahead of two key global gatherings — the Second World Summit for Social Development in Doha this November and the Fourth International Conference on Financing for Development — the forum helps shape regional priorities around inclusive growth, social equity, and financial inclusion.

Financial inclusion

A central theme of the forum was the urgent need to advance financial inclusion in the Arab region, where approximately 197 million adults — representing 64 percent of the population— remain unbanked, the highest rate globally.

In a panel titled “Advancing Financial Inclusion in the Arab Region,” experts emphasized that true inclusion goes far beyond opening bank accounts—it’s about transforming lives and building economic resilience.

Nasser Al-Kahtani, executive director of the Arab Gulf Program for Development, underscored the need to view financial inclusion as a strategic investment, not just a policy goal.

Sherif Lokman, sub-governor of Egypt’s Central Bank, highlighted the need for national commitment, stating: “Every head of state should look to financial inclusion as something top important. A central bank cannot alone make financial inclusion happen.” He detailed Egypt’s efforts, including training 12,000 bank employees in sign language to better serve people with disabilities.  

Maher Mahrouq, director general of Jordan’s Association of Banks, outlined Jordan’s target to raise financial inclusion to 65 percent by 2028 and reduce the gender gap to 12 percent. 

Meanwhile, Fatma Triki from Tunisia’s Enda Inter-Arabe noted that her country had already achieved 75 percent financial inclusion in 2021.

The UN Special Rapporteur on Disability Rights, Heba Hagrass, called for at least 80 percent inclusion to ensure marginalized groups are not left behind. “One of the main obstacles to full financial inclusion are policies,” she said, urging reforms to dismantle barriers.  




The forum focuses on advancing the Sustainable Development Goals across the Arab region. AN photo

Lebanon’s reform agenda and call for Arab unity  

During a ministerial discussion on the road to the Fourth International Conference on Financing for Development, Lebanon’s Finance Minister Yassine Jaber urged the adoption of a unified Arab strategy to fund sustainable development.

“We need a combined effort between governments and international funders,” he said, as he outlined Lebanon’s reform program aimed at recovery from years of economic crisis.

Speaking to Arab News on the sidelines of the forum, Jaber elaborated on the country’s efforts to rebuild trust in its banking sector after a prolonged financial collapse. He identified the appointment of new leadership at the central bank as a crucial first step in restoring public confidence and promoting financial inclusion.

“During the coming weeks, we’ll be appointing a new vice governor and the new bank control commission, so that the whole team will be there to start preparing for a solution to this banking crisis,” Jaber told Arab News.




Lebanon’s Finance Minister Yassine Jaber urged the adoption of a unified Arab strategy to fund sustainable development. AN photo

He added: “Also, we just passed two laws. One amends the Bank Secrecy Law to allow the Bank Control Commission to have more access. The second law regulates the banking system to ensure banks are healthy, have good capital adequacy, and can operate in a trustworthy way.”

Jaber also noted the central bank’s plans to implement a gradual approach to returning deposits, prioritizing smaller account holders. “There’s no banking system in the world that can give back all the deposits to all the people at the same time. So we’ll start with the smaller depositors, then move to higher amounts.”

Reflecting on regional economic collaboration, Jaber expressed frustration over long-standing obstacles. Recalling his role in the 1990s as economy minister, he said: “I still remember how hard we worked … and always had obstacles that actually a lot of them still exist. With globalization falling apart, the Arab world has to create its own regional cooperation system.”

He also underscored the significance of Lebanon hosting the Arab Forum for Sustainable Development, despite the country's ongoing challenges. “The important thing is that this is happening here, in spite of everything, we still have this conference happening. We still have ESCWA here. Lebanon is stretching its hand out for cooperation.”

Jaber concluded by noting Lebanon’s plans to participate in the upcoming IMF-World Bank meetings in Washington, signaling its readiness to re-engage with the international financial community.

Challenges and commitments  

The forum also featured remarks from Ahmed Aboul Gheit, secretary-general of the Arab League, who acknowledged that conflict and instability continue to obstruct sustainable development across the region. Yet, he struck an optimistic tone: “Despite these challenges, we see a strong and determined Arab will to transform obstacles into opportunities.”

Echoing this call for resilience, ESCWA Executive Secretary Rola Dashti stressed the need for tangible results over rhetoric. “Hope is not restored through words and promises—it is restored through action, accountability, and justice,” she said.

The Arab Forum for Sustainable Development comes at a critical juncture, as preparations ramp up for the Second World Social Summit in Doha, which will address longstanding gaps in social development. The UN has positioned the summit as an opportunity to “reaffirm our dedication to social progress” and ensure that no one is left behind.

ESCWA’s Annual SDG Review 2025, released during the forum, shed light on persistent inequalities in financial access across the Arab world. The report revealed that only 29 percent of Arab women have access to bank accounts—the lowest rate globally—while just 36 percent of adults use digital payments, compared to a global average of 67 percent.

The review also highlighted Lebanon’s acute banking trust crisis. Despite relatively moderate access to financial services, actual usage drops to just 10 percent, reflecting widespread public mistrust in the financial system.

As the forum’s second day wrapped up, participants emphasized the importance of digital finance, regulatory reform, and stronger regional cooperation to close these gaps. With Lebanon working to restore its financial footing and Arab nations seeking unified solutions, the AFSD has laid the groundwork for meaningful dialogue ahead of November’s global summit.


Saudi Arabia opens three sports facilities to private investment

Saudi Arabia opens three sports facilities to private investment
Updated 19 May 2025
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Saudi Arabia opens three sports facilities to private investment

Saudi Arabia opens three sports facilities to private investment

RIYADH: Saudi Arabia has unveiled a major initiative to open up key sports venues to private sector investment, signaling a significant step forward in the Kingdom’s efforts to transform the industry.

Announced by the Ministry of Sport, the Sports Facilities Investment Project offers private investors access to three of the nation’s premier sports complexes: King Abdullah Sports City and Prince Abdullah Al-Faisal Sports City in Jeddah, and King Abdulaziz Sports City in Makkah.

Under the initiative, a range of five-year renewable contracts will be made available, the Saudi Press Agency reported. These include naming rights, leasing arrangements for non-match day use, and contracts to manage, operate, and maintain the venues.

The move supports Vision 2030, Saudi Arabia’s national strategy to diversify its economy and position the country as a global destination for sports, tourism, and entertainment.

With the 2034 FIFA World Cup on the horizon, the government is stepping up efforts to attract private capital into its burgeoning sports sector.

According to SPA, the initiative is part of “modern operational models that aim to raise facility efficiency, improve service quality, broaden commercial opportunities, and enhance the fan experience.”

Saudi Arabia’s sports industry is currently valued at $8 billion and is projected to grow to $22.4 billion by 2030, fueled by investments in sports clubs, academies, facilities, and equipment.

The government has already identified 20 high-priority investment opportunities within the sector, with a combined potential value of up to $20 billion.

Hosting the 2034 World Cup is expected to further accelerate this growth, with forecasts indicating over 10 million international visitors, 1.5 million new jobs, and an economic boost of $9 billion to $14 billion to the national GDP. The tournament will be staged across 15 stadiums in cities including Riyadh, Jeddah, Alkhobar, Abha, and the futuristic city of NEOM.

Interested investors are encouraged to submit proposals via the government’s “Furas” investment portal during the designated application period.

Officials described the project as a strategic gateway into one of the Kingdom’s most dynamic and fast-growing industries.


PIF convenes 1,000 global executives in Riyadh to shape next phase of governance

PIF convenes 1,000 global executives in Riyadh to shape next phase of governance
Updated 19 May 2025
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PIF convenes 1,000 global executives in Riyadh to shape next phase of governance

PIF convenes 1,000 global executives in Riyadh to shape next phase of governance
  • Discussions centered around redefining board impact in the national transformation
  • The Directors’ Gathering, launched in 2023, is a key pillar of PIF’s corporate excellence agenda

JEDDAH: Saudi Arabia’s Public Investment Fund gathered over 1,000 top executives in Riyadh for its second Directors’ Gathering, unveiling new governance priorities amid rapid portfolio expansion. 

The event, which brought together representatives from approximately 220 portfolio firms — including over 100 established by PIF itself — focused on enhancing board performance, aligning strategic priorities, and promoting cross-sector synergies to deepen collaboration across the fund’s growing portfolio. 

Discussions were centered around redefining board impact in the context of national transformation, strengthening oversight in a changing risk landscape, and navigating new governance challenges posed by artificial intelligence and emerging technologies, according to a press release. 

The event comes as PIF accelerates its dual mandate of advancing Saudi Arabia’s economic diversification and generating long-term global returns. Since its 2015 transformation, the fund has grown into a globally influential investor, managing $941.3 billion in assets in 2024 and playing a key role in Vision 2030. 

Speaking to the delegates, PIF Governor Yasir Al-Rumayyan, highlighted PIF’s vision and that the roles of boards include three main priorities: brainstorming and setting strategy, ensuring the right governance frameworks are in place for management, and monitoring performance, with a view to the ever-changing macro-economic context and evolving innovations. 

“He stressed that this could transform challenges into opportunities to lead, grow and innovate,” the release added. 

Al-Rumayyan also urged directors to view PIF and its 220 companies as a unified ecosystem, emphasizing the importance of leveraging the group’s collective capabilities. He added that collaboration should be considered the primary measure of success. 

The Directors’ Gathering, launched in 2023, is a key pillar of PIF’s corporate excellence agenda and serves as a platform for knowledge exchange and governance development not only within its portfolio but across Saudi Arabia’s business ecosystem. 

PIF was ranked as the world’s second most active sovereign investor by deal value in February, committing $3 billion in global transactions, according to Global SWF, a data platform tracking sovereign wealth fund activity. 

In a fireside chat titled “Aligning the Economic Vision,” Minister of Economy and Planning Faisal Al-Ibrahim, who also sits on the the sovereign wealth fund’s board, said the existence of PIF portfolio companies and the related ecosystem is in itself a form of resilience, according to a post on the fund’s official X account. 

Al-Ibrahim added: “We are transforming our economy and restructuring the Saudi economy to create more engines of growth, more drivers of progress, and a diversified set of growth sources.”   

In another fireside chat titled “Evolving Investment Strategy,” Head of the Global Capital Finance Division and Head of the Investment Strategy and Economic Insights Division at PIF, Fahad Al-Saif, said the fund is responsible for investing in assets that generate maximum economic impact for Saudi Arabia while also maximizing financial returns for the fund. 

“This is done within a robust framework, across duration for us to become a generational fund in the future,” he said in another X post by PIF. 


Closing Bell: Saudi indices close in red at 11,405 

Closing Bell: Saudi indices close in red at 11,405 
Updated 19 May 2025
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Closing Bell: Saudi indices close in red at 11,405 

Closing Bell: Saudi indices close in red at 11,405 
  • Parallel market Nomu dropped 155.91 points to close at 27,499.65
  • MSCI Tadawul Index decreased by 1.62 points to end at 1,454.93

RIYADH: Saudi Arabia’s Tadawul All Share Index decreased on Monday, losing 33.66 points, or 0.29 percent, to close at 11,405.28.     

The total trading turnover of the benchmark index was SR4.8 billion ($1.2 billion), as 50 stocks advanced and 191 retreated.     

The Kingdom’s parallel market, Nomu, dropped 155.91 points, or 0.56 percent, to close at 27,499.65. This comes as 27 of the listed stocks advanced while 47 retreated.     

The MSCI Tadawul Index also decreased by 1.62 points, or 0.11 percent, to close at 1,454.93.      

TASI’s top performer was Al-Baha Investment and Development Co., which surged by 6.74 percent to reach SR3.96.    

Other top performers included Saudi Printing and Packaging Co., which gained 5.14 percent to close at SR11.86, and the National Co. for Learning and Education, which rose 4.82 percent to SR156.60.  

Fawaz Abdulaziz Alhokair Co. was also among the top performers, increasing 4.40 percent to SR17.54.     

Middle East Specialized Cables Co. saw the steepest decline, with its share price easing 5.83 percent to SR31.50. 

National Gas and Industrialization Co. also saw its stock prices decline 4.71 percent to SR76.80. United Electronics Co. also dropped to SR85.90, a 4.66 percent decrease.    

Alinma Bank announced plans to issue US dollar-denominated sustainable additional Tier 1 capital certificates, following a board resolution passed on May 5, 2025, authorizing the CEO to execute the process. 

The issuance, conducted through a special purpose vehicle, will target eligible investors in Saudi Arabia and abroad. It aims to bolster the bank’s Tier 1 capital and support general banking activities.  

The final size and terms will depend on market conditions, with the transaction subject to regulatory approvals and applicable legal requirements. 

Abu Dhabi Islamic Bank PJSC, Alinma Capital, and Emirates NBD Bank PJSC have been appointed as joint lead managers for the offer. Goldman Sachs International, J.P. Morgan Securities plc, and Standard Chartered Bank will also serve in the same capacity. 

Alinma’s share price dropped 1.97 percent to settle at SR27.40.  

Separately, Saudi Ground Services Co. signed a Shariah-compliant banking facility agreement with Banque Saudi Fransi for up to SR300 million. 

Dated May 15, the flexible credit line allows the company to draw funds as needed to meet working capital requirements. 

The facility is valid through April 30, 2026, with an option to renew for one year, and is secured by a promissory note. 

Saudi Ground Services said the facility aims to boost liquidity, support working capital needs, and back its strategic growth plans. 

SGS saw a 1.03 percent drop in its share price to settle at SR48.20.  


Saudi Arabia’s PIF expands global footprint with new Paris office 

Saudi Arabia’s PIF expands global footprint with new Paris office 
Updated 19 May 2025
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Saudi Arabia’s PIF expands global footprint with new Paris office 

Saudi Arabia’s PIF expands global footprint with new Paris office 
  • PIF invested $84.7 billion across Europe between 2017 and 2024
  • French President Emmanuel Macron and PIF Gov. Yasir Al-Rumayyan will headline the opening ceremony

RIYADH: Saudi Arabia’s sovereign wealth fund is expanding its global presence with a new subsidiary company office in Paris.  

The Paris office marks the Public Investment Fund’s latest effort to deepen ties in Europe, following previous openings in New York, London, Hong Kong, and Beijing, underscoring the fund’s commitment to strengthening its presence in key international markets. 

This comes as PIF invested $84.7 billion across Europe between 2017 and 2024, contributing $52 billion to the continent’s gross domestic product and generating over 254,000 direct and indirect jobs. In France alone, its investments totaled $8.6 billion, adding $4.8 billion to GDP and creating 29,000 jobs. 

“PIF is an active, long-term investor in the world’s most innovative and transformational industries, businesses, and markets. This new office will enable PIF to further strengthen its partnerships in the region,” the fund said in a release. 

French President Emmanuel Macron and PIF Gov. Yasir Al-Rumayyan will headline the opening ceremony of the fund’s Paris office, coinciding with the “Choose France” summit that began on May 19 in the capital. 

The event will also draw senior officials and leading business figures, underscoring the strategic significance of PIF’s investment in France.

The 8th edition of the “Choose France” summit, held at the Palace of Versailles, is expected to secure €20 billion ($22.47 billion) in commitments across key sectors such as defense, energy, and industry, surpassing last year’s €15 billion, according to Reuters.

Ahead of the 2025 summit, €17 billion in projects were already pledged, including a €6.4 billion data center investment by US logistics firm Prologis and €1 billion from fintech Revolut for expansion.  

Other major announcements are expected from Amazon, UAE’s MGX, and rare earth firm Less Common Metals, alongside a €100 million drone factory by Portugal’s Tekever, Reuters reported. 

The PIF Tower in the King Abdullah Financial District in Riyadh stands as the tallest building. International High-Rise Award 2022/23

According to UN Trade and Development, France retained its top spot in 2024 for the sixth consecutive year, attracting 1,025 projects despite a 14 percent decline. It remained ahead of the UK with 853 projects and Germany with 608. France captured 19 percent of all foreign investment into Europe, slightly above its 18.7 percent share in 2019 — highlighting its continued appeal to investors despite global economic uncertainty.

“The addition of Paris also aligns with PIF’s strategy to drive global economies and lead the economic transformation of Saudi Arabia,” the fund added in the release. 

Since 2017, PIF has backed around 220 portfolio companies and supported the creation of 103 new firms, contributing to global economic activity and employment. The fund has generated over 1.1 million jobs worldwide and maintains a focus on forming strategic partnerships with innovative players across sectors.  

In February, the PIF ranked as the world’s second most active sovereign investor by deal value, committing $3 billion in global transactions.  

Global SWF, a data platform tracking activity in the sector, reported that the Kingdom’s PIF emerged as the most active sovereign wealth fund, completing three overseas deals through its portfolio companies. 


Egypt achieves 3.9% growth in first half of fiscal year, prime minister says

Egypt achieves 3.9% growth in first half of fiscal year, prime minister says
Updated 19 May 2025
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Egypt achieves 3.9% growth in first half of fiscal year, prime minister says

Egypt achieves 3.9% growth in first half of fiscal year, prime minister says
  • Comments came after Mostafa Madbouly held a meeting with IMF deputy managing director
  • Central Bank of Egypt expects the annual inflation rate to slow down during 2025 and 2026

RIYADH: Egypt has achieved real growth of 3.9 percent in the first half of the current fiscal year, signaling positive resilience of the economy, Prime Minister Mostafa Madbouly revealed.

In media statements following a meeting with the Deputy Managing Director of the International Monetary Fund Nigel Clarke, Madbouly noted that private sector investment rose by 80 percent, while foreign direct investment increased by approximately 17 percent during the period from July to December.

He also clarified that Egypt’s fiscal year runs from July 1 to June 30 of the following year.

The figures align with global credit rating agency Moody’s decision in February to affirm the North African country’s Caa1 long-term foreign and local currency ratings with a positive outlook, citing improved debt service prospects, stronger foreign exchange reserves and lower borrowing costs following the Egyptian pound’s devaluation and flotation.

Egypt’s Prime Minister Mostafa Madbouly said the country is witnessing a downward trend in debt. Egyptian Cabinet/Facebook 

According to the newly released statement, Madbouly said: “The Egyptian economy has proven its resilience and ability to absorb the very significant external shocks that Egypt, like other countries around the world, has been exposed to in the recent period.”

He added: “This was confirmed by the IMF’s certification that Egypt is proceeding at a steady pace on the path of economic reform.”

The prime minister further noted that non-oil exports also witnessed a growth of approximately 33 percent during the first nine months of the year.

He highlighted that these indicators have supported strong growth in key productive sectors, such as industry, communications and information technology, tourism, and others, helping to boost investor confidence in the Egyptian economy.

“Furthermore, we have witnessed a decline in unemployment rates to less than 7 percent, which is the lowest rate witnessed in Egypt today throughout history,” Madbouly said.

Deputy Managing Director of the International Monetary Fund Nigel Clarke said Egypt has made tangible and clear progress regarding its macroeconomic reform program. Egyptian Cabinet/Facebook 

He also explained that inflation rates and indicators in Egypt have declined significantly, noting that last month saw inflation rates fall to 13.9 percent, compared to more than 37 percent during the same period last year.

According to the Prime Minister, the country is also witnessing a downward trend in debt. Madbouly pointed out that the general budget deficit has also decreased over the past 10 months to 6.5 percent, compared to 6.7 percent.

He noted that the Egyptian state aims to reduce debt to approximately 85 percent of gross domestic product by the end of June, compared to 96 percent in June 2023.

The prime minister went on to affirm the state’s commitment to continuing its path of economic reform and exerting maximum efforts, thanking the IMF and its task force.

Madbouly highlighted the successful completion of four previous reviews under the current program and noted that the fifth review is now underway, in coordination with the fund’s task force.

Governor of the Central Bank of Egypt Hassan Abdalla, Prime Minister Mostafa Madbouly, and Deputy Managing Director of the International Monetary Fund Nigel Clarke. Egyptian Cabinet/Facebook 

The IMF’s Clarke emphasized that Egypt has made tangible and clear progress regarding its macroeconomic reform program.

“This is an Egyptian program that has resulted in a strong decline in inflation and unemployment rates, while foreign exchange reserves have increased, along with the availability and abundance of foreign currencies. This is no longer a problem as it was before,” he said, adding: “We have also witnessed a steady increase in GDP growth rates, as the Egyptian economy continues on its path toward stability.” 

The deputy managing director of the IMF went on to say that these significant positive results achieved by the Egyptian economic reform program were due to the bold decisions and actions of the government.

He noted that these reforms include the transition to a flexible exchange rate system, the adoption of a monetary policy based on economic stability, and the intensive efforts being made to mobilize domestic revenues to ensure a sustainable and stable fiscal policy.

In the same context, Clarke shed light on how the progress in Egypt’s economic reform program also includes the social dimension and provides support to the neediest groups.

Egypt’s Prime Minister Madbouly said private sector investment rose by 80 percent, while foreign direct investment increased by approximately 17 percent during the period from July to December. Egyptian Cabinet/Facebook 

“I welcome these reforms that have led to these positive results,” he said, calling for continued implementation of the economic reform program.
The official also addressed the increase in the percentage of financing provided to the private sector and the growth in the private sector’s share of GDP, stressing that all of this was a direct response to the improvement and stability witnessed in the macroeconomic environment.

Clarke further justified that a rapid transition to a more sustainable economic standard requires a model in which the private sector leads growth and economic activity.

“This is already the current path, and we are moving forward together to accelerate it, reducing the state’s role in economic activity, making room for the private sector, and promoting equal opportunities for various economic sectors,” he said.

The IMF’s deputy managing director added: “This will enhance economic dynamism and attract both local and international investment. It will also lead to further progress and prosperity for the Egyptian economy, and, most importantly, it will lead to a more sustainable economic model.”

Deputy Managing Director of the International Monetary Fund Nigel Clarke expressed his optimism that the Egyptian economy would achieve positive results in the future. Egyptian Cabinet/Facebook 

During his speech, Clarke also addressed the economic shocks that have become a defining feature of today’s global landscape, emphasizing that the region’s most critical issue is its economic resilience in the face of these disruptions.

Toward the end of his talk, the deputy managing director expressed the IMF’s appreciation for the long-standing partnership with Egypt, a key member of the fund. He stressed that the IMF continues to support Egypt in completing the implementation of bold economic reforms, which will contribute to achieving positive outcomes for the country and its people.

The Central Bank of Egypt expects the annual inflation rate to slow down during 2025 and 2026 compared to the sharp decline witnessed in the first quarter of this year, according to the bank’s monetary policy report.

‎The newly released report reveals that the Central Bank of Egypt expects an inflation rate of 14 percent to 15 percent on average in 2025 and 10 percent to 12.5 percent ​​in 2026. The bank has attributed the slowdown in the annual rate of inflation decline in 2025 and 2026 to the relatively slow decline in non-food inflation.

‎The entity also expects inflation to stabilize around its current levels until the first half of 2026 before resuming its downward path, the report noted.