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, Qatar to clear Syria’s $15m World Bank debt

Saudi Arabia, Qatar to clear Syria’s $15m World Bank debt
Updated 34 sec ago
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Saudi Arabia, Qatar to clear Syria’s $15m World Bank debt

Saudi Arabia, Qatar to clear Syria’s $15m World Bank debt

RIYADH: Saudi Arabia and Qatar have agreed to jointly pay approximately $15 million to settle Syria’s arrears to the World Bank, a move set to unlock renewed development funding for the war-torn country.

The announcement came during the Syria Roundtable Meeting, held on the sidelines of the International Monetary Fund and World Bank Spring Meetings in Washington from April 21 to 26, according to the Saudi Press Agency.

The settlement will allow Syria to regain access to World Bank resources to support critical sectors and rebuild key institutions, the finance ministries of Saudi Arabia and Qatar said in a joint statement.

“This payment will enable the resumption of the World Bank Group’s support and activities for Syria, after an interruption that lasted for more than fourteen years,” the SPA report stated.

The renewed engagement will also facilitate technical assistance programs focused on capacity building and policy reforms to stimulate long-term economic growth.

Syria’s economy has been devastated by over a decade of civil war, with its gross domestic product contracting by 84 percent between 2010 and 2023, according to World Bank estimates. Inflation has soared, the currency has plummeted, and over 90 percent of Syrians now live below the poverty line.

International sanctions, particularly the US Caesar Syria Civilian Protection Act of 2020, have further isolated Syria from global financial systems, compounding its economic collapse.

Syria’s ties with the World Bank had frayed since the mid-1990s, when debt repayment disputes led to a suspension of support. The prolonged lack of access to international funding severely hampered reconstruction efforts during the conflict.

However, following the ousting of Bashar Al-Assad in December and the formation of a transitional government, Syria has begun re-engaging with the global community.

During the Washington meetings, Saudi Arabia and Qatar urged international and regional financial institutions to swiftly resume and expand their development activities in Syria. They emphasized the need for a collective effort to help the Syrian people achieve a future marked by stability, dignity, and shared regional prosperity.


Saudi Arabia’s non-oil exports surge 113% since Vision 2030 launch

Saudi Arabia’s non-oil exports surge 113% since Vision 2030 launch
Updated 15 min 54 sec ago
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Saudi Arabia’s non-oil exports surge 113% since Vision 2030 launch

Saudi Arabia’s non-oil exports surge 113% since Vision 2030 launch

RIYADH: Saudi Arabia’s non-oil exports have surged 113 percent since the launch of Vision 2030 to reach SR515 billion ($137 billion) in 2024, new figures showed.

This number marks a 13 percent year-on-year rise compared to the previous year, the Saudi Press Agency reported.

The newly released figures fall in line with Saudi Vision 2030’s goal of building a prosperous economy, with non-oil exports positioned as a key driver of long-term, sustainable development.

It also aligns with the Kingdom’s objective to increase the proportion of non-oil exports to 50 percent of the non-oil gross domestic product by 2030.

Abdulrahman Al-Thukair, CEO of the Saudi Export Development Authority, credited the milestone to ongoing efforts to diversify the economy and enhance the competitiveness of Saudi products.

He emphasized the authority’s commitment to supporting businesses through programs focused on training, market access, promotion, and advisory services.

The report highlighted robust growth across all export sectors. Merchandise exports rose 4 percent year on year to SR217 billion, fueled by a 2 percent increase in petrochemical exports and a 9 percent jump in non-petrochemical exports.

Re-exports recorded remarkable growth, reaching SR90 billion in 2024 — a 205 percent surge since 2016. Services exports also hit an all-time high of SR207 billion, representing a 14 percent year-on-year increase and a 220 percent leap compared to the beginning of Vision 2030.

Petrochemical commodity exports accounted for SR149 billion—68 percent of total commodity exports—while non-petrochemical goods, including food, dairy products, minerals, and construction materials, reached SR69 billion, the highest in recent years.

Fertilizer exports saw notable expansion, with volumes rising 5 percent year-on-year and values increasing more than fivefold since 2016.

A major driver behind the rise in re-exports was the booming trade in mobile phones, which more than doubled to SR25 billion in 2024. The integrated logistics zone at King Khalid International Airport also contributed to supply chain efficiencies, further boosting re-export activities.

Machinery, automated devices, transportation equipment, and related parts made up 84 percent of re-exports, while re-exports of aircraft parts climbed from SR1.6 billion in 2022 to over SR2 billion in 2024.

Saudi Arabia’s export network now spans over 180 countries, with 37 nations setting new import records in 2024. Key markets include the UAE, Bahrain, Iraq, Oman, Algeria, Spain, France, Poland, Libya, and Syria. Other countries such as Indonesia, Thailand, Morocco, Pakistan, Nigeria, Germany, Greece, and Bulgaria also recorded unprecedented import levels.

The Kingdom’s services sector, particularly travel and tourism, played a pivotal role in export growth. Services exports reached a record SR207 billion, driven largely by a 270 percent increase in the travel and tourism sector since 2016. Saudi Arabia hosted around 30 million international tourists in 2024, resulting in a 150 percent rise in travel exports compared to 2019, which now account for 74 percent of all service exports.

Tourism revenues surged by 148 percent compared to pre-pandemic levels, while international tourist arrivals rose 69 percent. Saudi Arabia also topped the G20 in tourism growth, recording a 73 percent increase during the first seven months of 2024 compared to the same period in 2019.

The transportation sector contributed 12 percent to total services exports, with a 5 percent annual growth rate.


Saudi Arabia proposes lower bank guarantee requirements for finance licenses 

Saudi Arabia proposes lower bank guarantee requirements for finance licenses 
Updated 36 min 10 sec ago
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Saudi Arabia proposes lower bank guarantee requirements for finance licenses 

Saudi Arabia proposes lower bank guarantee requirements for finance licenses 

RIYADH: Saudi Arabia is considering steps to lower the bank guarantee requirements for financial companies seeking licenses, part of efforts to bolster the Kingdom’s financial sector. 

In a statement, the Saudi Central Bank, known as SAMA, said it has launched a public consultation on a draft update to the Finance Companies Control Law through the National Competitiveness Center’s “Istitlaa” platform. The draft proposes regulatory changes aimed at supporting sector growth and stability. 

The draft update highlights SAMA’s ongoing efforts to support the financial sector’s stability and growth by increasing the aggregate financing amount offered by a company. 

“The update includes easing the requirements for companies applying for licenses by reducing the bank guarantees required to submit licensing applications,” said SAMA.  

It added: “The update also includes a revision of relevant provisions stipulated by related parties and outlines cases of expiration of licenses granted to finance companies.”  

Under the draft, the minimum bank guarantee would be cut to 20 percent of the minimum required capital, compared to the current requirement of 100 percent, according to the regulatory proposal reviewed by Arab News.  

This change is designed to enable finance companies to provide more liquidity and raise their contribution to Saudi Arabia’s gross domestic product. 

The draft also introduces clearer criteria for approving new activities by finance companies, requiring applicants to demonstrate adequate risk management frameworks, sufficient financial resources, and compliance with governance standards.  

It defines specific cases where licenses can be revoked, including prolonged inactivity or violation of regulatory obligations. 

The public comment period will be open for 30 days, after which SAMA will assess feedback before finalizing the new regulations. 

Strengthening the financial sector is a key priority under Saudi Arabia’s Vision 2030. 

As part of this effort, the Kingdom launched the Financial Sector Development Program to transform its stock exchange into a strong, internationally competitive investment platform. 

In 2018, Saudi Arabia also introduced the Fintech Saudi initiative, helping the Kingdom emerge as a leading fintech hub in the Middle East by fostering innovation and expanding digital payments. 

SAMA has played a critical role in these initiatives, implementing progressive regulations, including a regulatory sandbox for supervised testing of advanced technologies and specialized licenses for fintech businesses. 


Closing Bell: Saudi main index slips to close at 11,756

Closing Bell: Saudi main index slips to close at 11,756
Updated 27 April 2025
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Closing Bell: Saudi main index slips to close at 11,756

Closing Bell: Saudi main index slips to close at 11,756

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 8.18 points, or 0.07 percent, to close at 11,756.21. 

The total trading turnover of the benchmark index was SR4.27 billion ($1.13 million), as 154 of the stocks advanced and 86 retreated.   

The Kingdom’s parallel market, Nomu, also lost 28.57 points, or 0.10 percent, to close at 28,570.03. This comes as 41stocks advanced while 48 retreated.   

The MSCI Tadawul Index lost 3.03 points, or 0.20 percent, to close at 1,497.68.    

The best-performing stock of the day was Al-Baha Investment and Development Co., whose share price surged 9.94 percent to SR3.87.  

Other top performers included Saudi Reinsurance Co., whose share price rose 9.83 percent to SR48.05, as well as Anaam International Holding Group, whose share price surged 9.33 percent to SR18.74.

Mobile Telecommunication Co. Saudi Arabia recorded the most significant drop, falling 4.15 percent to SR12.46.

Arabian Internet and Communications Services Co. also saw its stock prices fall 3.66 percent to SR300.

Derayah Financial Co. also saw its stock prices decline 2.91 percent to SR30.05.

On the announcements front, SABIC Agri-Nutrients Co. announced its interim condensed consolidated financial results for the period ending on March 31. 

According to a Tadawul statement, the firm reported a net profit of SR985 million in the first quarter of 2025, reflecting a 17.12 percent surge compared to the same quarter in 2024. 

This increase is mainly due to a 22 percent rise in sales, an increase in the share of results from an associate and a joint venture; yet, it was limited by a jump in the cost of goods sold mainly due to the increase in primarily feedstock costs.

SABIC Agri-Nutrients Co. ended the session at SR105.40, down 0.58 percent.

Bank Albilad has also announced its interim condensed consolidated financial results for the first three months of 2025.

A bourse filing revealed that the company reported a net profit of SR700.4 million in the period ending March 31, up 8.9 percent compared to the corresponding quarter a year earlier. This rise in net profit is primarily attributed to an increase in net income from investing and financing assets, net exchange income, and net fee and commission income.

Bank Albilad ended the session at SR29.40, up 0.51 percent.

Saudi Awwal Bank has also announced its interim financial results for the period ending on March 31. According to a Tadawul statement, the firm reported a net profit of SR2.13 billion in the first quarter of 2025, reflecting a 4.5 percent rise compared to the same quarter in 2024. This increase is mainly linked to a rise in total operating income. This was partially offset by an increase in net provision for expected credit losses, and total operating expenses.

Saudi Awwal Bank ended the session at SR35.90, up 0.28 percent.

Arab National Bank announces its interim financial results for the first three months of 2025. A bourse filing revealed that the company reported a net profit of SR1.3 billion in the period ending March 3, up 5.5 percent compared to the corresponding quarter a year earlier.

Arab National Bank ended the session at SR22.32, down 1.35 percent.

Saudi Tadawul Group Holding Co.  announced its interim financial results for the period ending on March 31. According to a Tadawul statement, the firm reported a net profit of SR120.5 million in the first quarter of 2025, reflecting a 40.19 percent drop compared to the same quarter in 2024. This decrease is mainly linked to a decline in operating revenues, a rise in operating expenditures, and a drop in earnings per share, as well as a reduction in gross profit coupled with a drop in operational profit.

Saudi Tadawul Group Holding Co. ended the session at SR194.00, down 1.63 percent.

Saudi Telecom Co. has announced that it will distribute SR2.74 million in interim dividends to the shareholders for the first quarter of 2025.

According to a Tadawul statement, the total number of shares eligible for dividends amounted to 4.98 billion, with the dividend per share standing at SR0.55. The statement also revealed that the dividend percentage to the share par value stood at 5.5 percent.

Saudi Telecom Co. ended the session at SR48.00, up 0.21 percent.


Oman projects 3.4% economic growth for 2025, outpacing global peers

Oman projects 3.4% economic growth for 2025, outpacing global peers
Updated 27 April 2025
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Oman projects 3.4% economic growth for 2025, outpacing global peers

Oman projects 3.4% economic growth for 2025, outpacing global peers

JEDDAH: Oman expects its economy to grow by 3.4 percent in 2025, surpassing the performance of many global peers, a senior official announced at the Sultanate’s first International Investment Forum in Muscat.

Speaking at the Advantage Oman Forum on April 27 at the St. Regis Al-Mouj Muscat Resort, Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al-Yousef emphasized the event’s significance. He stated that the anticipated growth "reflects the resilience of Oman’s economy and the confidence it has earned in global markets," according to the Oman News Agency.

Al-Yousef highlighted the increasing momentum across Oman’s economic and investment sectors. “Foreign direct investment in Oman surged by 16.2 percent in the third quarter of 2024 compared to the same period in 2023. Moreover, Oman’s credit rating has been upgraded to ‘BBB-‘ with a stable outlook by S&P Global Ratings,” he added, as per ONA.

According to the Gulf state’s Foreign Ministry, the gross domestic product at constant prices grew by 1.9 percent by the end of the third quarter of 2024, reaching 28.15 billion Omani rials ($73.2 billion) at market prices, compared to 27.63 billion rials in the same period the previous year.

Preliminary data released by the National Centre for Statistics and Information in December showed that the value added by oil activities fell by 2.8 percent, totaling 8.88 billion rials by the end of the third quarter of 2024, down from 9.13 billion rials a year earlier. Oil activities accounted for 31.6 percent of GDP.

Al-Yousef also pointed to Oman’s monetary strength, saying: “The Omani rial is ranked the third strongest currency in the world in 2025. These developments underscore Oman’s strong economic fundamentals and our potential for impact-oriented investors.”

Describing the forum as a "strategic platform," he noted it gathered leading figures from across a range of industries and emphasized that Oman’s growth is bolstered by positive international indicators.

The two-day forum was inaugurated by Sayyid Shihab bin Tariq Al-Said, Deputy Prime Minister for Defense Affairs. Organized by the Ministry of Commerce, Industry and Investment Promotion, the event attracted more than 250 officials, decision-makers, and investors from regional and international markets, underscoring Oman’s emergence as an investment destination.

The first day of the conference featured five key sessions. The opening session, titled “The Shape of Things to Come,” examined megatrends expected to reshape the future of business and governance, with speakers stressing the importance of innovation and sustainability as competitive advantages. The second session, “Risky Business,” discussed strategies to promote a culture of calculated risk-taking, psychological safety, and advanced risk assessment frameworks.

In the third session, “A Defining Moment,” speakers addressed corporate responsibility in tackling climate change and biodiversity loss, advocating for the adoption of circular economies and green technologies, while emphasizing the critical role of public-private partnerships. The fourth session, “Beyond the Comfort of Certainty,” focused on balancing risk and reward in navigating uncertainty for organizational success. The final session, “Have You Heard the One About?” explored how leaders can use purposeful storytelling to reposition countries globally, attract strategic tourism and investment, and build soft power through culture, identity, and vision.

During the forum, Al-Said toured the accompanying exhibition, which showcased the participation of government entities and private sector organizations.

The second day of the event is set to feature panel discussions with key decision-makers, open forums for investor engagement, the signing of new investment agreements, and specialized roundtables addressing sectors such as tourism, logistics, mining, food security, renewable energy, and information technology, according to ONA.