TRIPOLI/BENGHAZI: The Central Bank of Libya on Sunday introduced a new unified exchange rate agreed last month after years of division between rival branches based on opposing sides of the front line.
As part of the change, the Government of National Accord (GNA) in Tripoli suspended a fee on foreign currency transactions that it introduced two years ago to bring the official rate closer to the black market rate.
The Central Bank of Libya board agreed the new rate of 4.8 dinars to the United States dollar last month in its first full meeting for five years after splitting as the country divided between western and eastern factions.
In Tripoli, the black market rate on Sunday was 5 dinars to the dollar after dropping last week toward the new official rate. “We’ll have to wait three or four months to see how things go at commercial banks,” said Amer, a currency dealer.
Black market exchange shops in the east were mostly closed on Sunday waiting for the market to settle.
Malik Al-Fakhri, an electronics dealer in Benghazi, said he had stopped using banks after 2013 because he lost too much money importing at the official rate and turned instead to the black market.
“The most important thing for the trader is stability,” he said.
The new rate is an effective devaluation, meaning the cost of imported goods are likely to rise.
“This decision is a mistake that will harm citizens more than benefiting them and is only to satisfy traders,” said Hathem Al-Barghathi, also in Benghazi.
The moves are part of a wider effort to resolve economic obstacles to peacemaking, encourage implementation of previously agreed reforms and hamper opportunities for corruption.
However, while fighting between the GNA and Khalifa Haftar’s eastern-based Libyan National Army (LNA) mostly stopped in June after the collapse of his assault on Tripoli, diplomatic progress toward a political solution has slowed.
A cease-fire agreed in October in Geneva has been only partly implemented, with troops still occupying frontline positions, a main coastal road still closed and foreign mercenaries remaining in place.
Meanwhile, while the group of Libyans picked by the United Nations to plot a path toward democracy has set elections for the end of this year, they could not agree on a new unified government to oversee the transition period.
Libyans start using new exchange rate
https://arab.news/j9u4t
Libyans start using new exchange rate
- The Central Bank of Libya board agreed the new rate of 4.8 dinars to the US dollar last month in its first full meeting for five years
- The new rate is an effective devaluation, meaning the cost of imported goods are likely to rise
Saudi energy minister, EU official discuss cooperation on clean energy
RIYADH: Saudi Energy Minister Prince Abdulaziz bin Salman on Sunday held talks with EU Energy Commissioner Kadri Simson to discuss prospects for cooperation in the field of clean energy.
The top officials met on the sidelines of the World Economic Forum in the Saudi capital, the Saudi Press Agency reported. They discussed ways to strengthen bilateral ties, boost cooperation for the promotion of green energy and advance the goals of the Paris Agreement and ensure the implementation of the outcomes of the COP28 held in Dubai last year.
The Paris Agreement is an international treaty on climate change that was adopted back in 2015. It was negotiated by 196 parties at COP21 in France and covers climate change mitigation, adaptation, and finance.
They reaffirmed the common goals of Saudi Arabia and the EU and the determination of both parties to accelerate private investment in the renewable energy sector, cooperate on electricity interconnection and the integration of renewables into the electricity grid.
The officials stressed the need to strength the electricity supply infrastructure through demand side management smart grid. They also discussed carbon capture, utilization and storage technology and opportunities for industrial partnerships in those sectors.
They also shared their view on building on the UNFCCC, the Paris Agreement and COP28 outcomes. The officials also discussed a Saudi-EU memorandum of understanding to boost cooperation in the energy sector.
According to SPA report, they were of the view that such an MoU should provide a solid and mutually beneficial basis for orienting and anchoring investment decisions in the energy and clean tech sectors, involve and mobilize stakeholders from the public, private and financial sectors, and lay the foundation for a more sustainable and secure energy future.
The European Commission and Saudi Arabia aim to conclude the MoU in the next few months.
Saudi Arabia to host 28th World Investment Conference in Riyadh
RIYADH: Saudi Arabia is on track to host the 28th World Association of Investment Promotion Agencies’ World Investment Conference from Nov. 25 to 27 in Riyadh.
The forum themed “Future-ready IPAs: Navigating digital disruption and sustainable growth,” will bring together leaders from investment promotion agencies, corporates, multilateral institutions, and other stakeholders to discuss global financial trends and opportunities, according to a statement.
The Kingdom’s selection as a host underscores its position as an international funding hub, according to Saudi Investment Minister Khalid Al-Falih.
“We are honored to be welcoming the global investment community to Saudi Arabia. Our strategic location at the crossroads of three continents, coupled with our world-class investment ecosystem and long-term political and economic stability, has seen the Kingdom develop into a global investment hub,” Al-Falih said.
“The World Investment Conference will serve as a platform to showcase our nation’s potential and forge partnerships that will shape the global investment landscape for years to come,” the minister added.
On WAIPA’s behalf, Executive Director and CEO Ismail Ersahin said: “WAIPA is honored that the 28th WAIPA World Investment Conference will be held in Riyadh, a city with a rich history and culture.”
Ersahin added: “With each edition, the WIC reaffirms its status as a guiding force for sustainable and inclusive development.”
He went on to stress how the conference is poised to be an impactful gathering aimed at the future readiness of IPAs.
Since 1995, the annual gathering has provided a forum for stakeholders to exchange insights and best practices and forge partnerships that drive economic development globally.
Human capital a ‘key challenge’ for Kingdom’s tourism sector, says Saudi minister
- Saudi Arabia's tourism sector is 'heading to achieve $80 billion this year' in private investment, Al-Khateeb told a WEF panel
LONDON: Developing human capital is a key challenge for Saudi Arabia’s travel sector, the country’s tourism minister has said on Sunday.
Ahmed Al-Khateeb, speaking during a two-day meeting of the World Economic Forum in Riyadh, discussed the Kingdom’s burgeoning tourism industry, which has boomed over the past half-decade.
To address the human capital challenge, the Saudi leadership has encouraged young people across the Kingdom “to join the sector,” he said.
“We are spending a lot to train (young Saudi talents) and scale them, and involve them in the sector,” he told the “Vacationomics” panel discussion, adding that hiring local experts is essential for delivering better tourism experiences.
“You get the best experience and you know more about other people’s culture and other nations’ cultures when you deal and interact with locals,” he said. “We want to make sure that our guests are served by local people.”
Saudi Arabia has delivered “strong growth in Q1 this year, and we are moving to deliver our 2030 numbers,” the minister said.
The Kingdom’s tourism sector “has come a long way” since the launch of the National Tourism Strategy as part of efforts to diversify the economy, Al-Khateeb said, adding that the industry is “heading to achieve $80 billion this year” in private investment.
Last year, Saudi Arabia attracted about $66 billion in private investment into tourism.
“We doubled the number of visitors coming from outside — 100 million in total … 77 million domestic (and) 27 million international,” he said. “This is double the number that we achieved before we launched our National Tourism Strategy.
“We have the funding. We have a great country. We have everything that the international tourists would like to see and experience.”
Jerry Inzerillo, chief of the Diriyah Gate Development Authority, told the panel: “What the Gulf and its leadership will do in the next 10 years is going to be breathtaking to allow people to come from all over the world.”
With “so much to do in the region,” Inzerillo said he believed the “warmth and hospitality” of the Saudi people is serving as a strong selling point for tourism in the Kingdom.
Though the traditional Gulf tourism market in Saudi Arabia is well developed, European tourism is “now activating” through new business with the Kingdom, he added.
“And as we sign more and more airline deals and… (the) Ministry of Tourism has done a brilliant job in getting bilaterals, you’ll see those numbers grow very exponentially.”
Other panelists included Abdulla Bin Touq Al-Marri, UAE minister of economy; Thiago Alonso de Oliveira, CEO of JHSF Participacoes; and Aireen Omar, president and CEO of RedBeat Capital.
Saudi Green Building Forum set to obtain UNCCD’s permanent observer status
RIYADH: The Saudi Green Building Forum is set to obtain permanent observer status following the submission of a formal request to the UN Convention to Combat Desertification.
Pending a final decision during the 16th session of the Conference of the Parties to be held from Dec. 2-13 in Riyadh, this move underscores the forum’s efforts to enhance its role in sustainable development and combat desertification.
The forum, which has already been temporarily accredited, is involved in the proceedings based on the provisions of paragraph seven of article 22 of the convention and articles six and seven of the internal regulations of the COP, according to a press release.
This initiative is part of a broader strategy to integrate scientific and community-based approaches to environmental management.
Commenting on the development, Faisal Al-Fadl, secretary-general of the Saudi Green Building Forum, said: “We are pleased with the official notification from the UN Secretariat of the receipt of the required documents after a thorough review of the documents submitted for the accreditation of the forum as the first Saudi institution specialized in preparation for obtaining observer status for the Conference of the Parties to the UN Convention to Combat Desertification,” he stated.
“The efforts of local communities play a significant role in enhancing the sustainable development goals for people, plants, and prosperity through advocating for human experiences based on scientific rules and community health and well-being for healthy, fair, and resilient communities and cities, sufficient consumption and production, climate action in removing harmful carbon, and reducing the temperature to 1.5 degrees Celsius, addressing desertification, and managing natural resources and water,” he added.
The UN Secretariat confirmed the receipt of all necessary documents for the forum’s accreditation as an observer, encouraging further participation in the convention’s activities.
“After a thorough review of the documents submitted by your institution, we encourage you to continue participating in the implementation of the UN Convention to Combat Desertification and keep the secretariat informed of the activities,” the letter stated.
The Saudi Green Building Forum’s potential new status as a permanent observer at the UN Convention will enable it to contribute more effectively to global efforts against desertification, leveraging cooperation between developed and developing nations, particularly in sustainable land management and environmental restoration.
‘Two-state solution,’ investing in crisis resilience hold key to Mideast future, says Saudi minister
‘Two-state solution,’ investing in crisis resilience hold key to Mideast future, says Saudi minister
- Vision of regional development, prosperity ‘complicated by tensions,’ Adel Al-Jubeir tells WEF special meeting
RIYADH: The key to getting the Middle East region back on track toward development and prosperity is ending the Gaza conflict, the Saudi minister of state for foreign affairs said on Sunday.
Adel Al-Jubeir, who was speaking at the World Economic Forum Special Meeting being held in Riyadh, said the Israel-Hamas conflict raging in the enclave only served to “undercut” any attempts to integrate the region and “unleash its potential.”
He added that, considering its young population, abundant natural resources and strategic geographical location, the Middle East had all the ingredients to be a successful region.
The goal of policymakers in Saudi Arabia and beyond was to ensure these elements benefitted everyone and better linked the Middle East region with the rest of the world, Al-Jubeir said.
However, he said that this vision was “complicated by tensions” affecting the Middle East, and it was important to put an end to these in order to “focus on the things that matter” to developing its prosperity.
“(With the situation in Gaza), our number one priority is to stop the fighting,” he said. “Our second priority is to ensure enough humanitarian assistance goes into the Gaza Strip so that we avoid starvation, disease, and we take care of the people there,” he added.
“In the long term, we need to find a way to end this conflict (for good), and the only way we end it is by having a two-state solution, so we need to chart a clear, time-bound irreversible path to a Palestinian state.
“Saudi Arabia has said in terms of normalization (with Israel), this would be a part of that. The Arab world has had a position with regard to the Arab Peace Initiative, the US and the rest of the world supports this, so we need to make sure we stop the fighting, increase assistance and come up with a pathway to that Palestinian state,” he added.
When pressed by the panel moderator, CNN’s Becky Anderson, on whether a two-state solution would be possible with Benjamin Netanyahu and his right-wing government in charge in Israel, Al-Jubeir said it was in “everyone’s interest” to end the conflict.
“I’m not a mind reader or a psychiatrist; it’s not what I was educated in or my profession,” he said. “But what I can tell you is the interests of everybody in the region requires putting an end to this conflict, the potential that can be unleashed is tremendous, with good will, seriousness and foresight we should be able to get the ball over the goal line,” he added.
Mohamad Al-Ississ, Jordanian finance minister, also said the region had lurched from crisis to crisis over several decades, and told the WEF panel: “The one certain thing anybody can be certain of is that uncertainty is here to stay.”
He said the role of policymakers in the Middle East should be investing and developing sectors that allowed the region’s economies to absorb and ride out the shock and impact that crises can have.
“The top priority is (determining) how to invest in enhancing your buffers, so that you can increase your resilience for when ‘black swan’ events, which have become the norm, unfold,” he said.
Ahmed Galal Ismail, CEO of UAE’s Majid Al-Futtaim Holding, agreed. He said that while peace and stability were “obviously indispensable to economic growth,” if the region just waited for it to happen, it could be “waiting for a long time.”
He cited an example of intra-Arab trading being at its highest-ever level, but added it was “anaemic” compared with other global blocs.
“We need to act. From a private sector perspective, we see opportunities independent from geopolitics and from the cruelty we see in parts of the region, so it is very important the actors in the sector are pragmatic, take the lead, and start what is needed to drive that economic integration.”
