Crown prince announces new 5-year strategy for kingdom’s economy

Crown Prince Mohammed bin Salman gave a speech outlining the PIF's strategy for the next five years. (SPA)
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Updated 25 January 2021
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Crown prince announces new 5-year strategy for kingdom’s economy

  • Crown prince pledges 1.8m new jobs
  • PIF to invest $40bn a year until 2025

JEDDAH: Saudi Crown Prince Mohammed bin Salman on Sunday launched a new five-year strategy for the Kingdom’s sovereign wealth fund as Saudi Arabia drives toward achieving its Vision 2030 goal to diversify the economy away from dependence on oil.

The Public Investment Fund (PIF) will pump at least $40 billion a year into the local economy, double its assets to $1.07 trillion, contribute U$320 billion to non-oil GDP and create 1.8 million jobs by 2025, said the crown prince, the fund’s chairman.

“We’ve launched many vital sectors and investment projects in Saudi Arabia and the private sector is a strategic partner for the PIF,” he said.

“The new strategy comes to represent a major pillar in achieving the aspirations of our country and aims to achieve the concept of comprehensive development.”

The 2021-2025 strategy will focus on launching new sectors, empowering the private sector, developing the PIF’s portfolio, achieving effective long-term investments, supporting the localization of sectors and building strategic economic partnerships.

“Our goal is to make our country a pioneer for the new human civilization,” the crown prince said. The PIF would “contribute to supporting development and economic diversification efforts in the Kingdom, in addition to consolidating its position as the preferred global investment partner.”

PIF governor Yasir Al-Rumayyan said: “Over the past four years, PIF has demonstrated its important role in contributing to the Kingdom’s economy, in line with the ambitions of Vision 2030. Up to the end of 2020, we tripled assets under management to nearly $400 billion, created 10 new sectors and generated 331,000 direct and indirect jobs.

“And as part of our strategy, we will continue to drive the economic transformation of Saudi Arabia and enable the private sector. We also partner with innovative, transformative and disruptive companies around the world to consistently serve as an important catalyst for the development of the industries and opportunities of the future.

“Core to our strategy is our focus on funding new human futures by improving quality of life, driving environmental and economic sustainability, and developing new sectors and jobs.”

Meanwhile Fahad Al-Mubarak was appointed governor of the Saudi Central Bank (SAMA) on Sunday, replacing  Ahmed Al-Kholifey, who becomes an adviser at the royal court.


Saudi foreign minister reaffirms support for Palestine at OIC forum in Gambia

Updated 44 min 4 sec ago
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Saudi foreign minister reaffirms support for Palestine at OIC forum in Gambia

  • Prince Faisal also called for restructuring, developing, and reforming the OIC

BANJUL, The Gambia: Saudi Arabia’s Foreign Minister Prince Faisal Bin Farhan reaffirmed on Saturday the Kingdom’s call for an immediate and lasting ceasefire in Gaza, safe humanitarian corridors, and the fulfillment of Palestinians’ legitimate rights, including their right to self-determination and an independent state.

Prince Faisal, who was speciaking at the 15th Islamic Summit Conference in The Gambia, also called for restructuring, developing, and reforming the Organization of Islamic Cooperation (OIC) to tackle regional and international challenges.

Representing Custodian of the Two Holy Mosques King Salman, Prince Faisal led the Saudi delegation at the conference.

During his address, he expressed regret over the failure of the UN Security Council and the international community to halt Israeli attacks on Palestinians.

“The Palestinian cause has remained a priority for the OIC since its inception,” Prince Faisal said

“It is unfortunate to witness the failure of the Security Council and the international community to halt unprecedented Israeli attacks, which have escalated through indiscriminate shelling, destruction of hospitals, schools, shelters, and infrastructure in Gaza, leaving thousands of innocent civilians, including children, women, and the elderly, as victims,” he added.

On the sidelines of the forum, Prince Faisal met with the Iranian and Pakistani foreign ministers, Hossein Amir-Abdollahian and Ishaq Dar respectively, to discuss the situation in Gaza.


Saudi Yoga Committee teams up with ministry for community wellness initiative

Updated 04 May 2024
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Saudi Yoga Committee teams up with ministry for community wellness initiative

  • As part of agreement between the committee and Ministry of Human Resources and Social Development, workers will be encouraged to integrate yoga into daily routines
  • Workers in ministry-run care centers and shelters will also get tools to help manage stress, improve focus, and enhance overall levels of physical and mental health

RIYADH: The Saudi Yoga Committee and the Ministry of Human Resources and Social Development on Saturday signed an agreement to collaborate on promoting the benefits of yoga in the community, with the aim of enhancing well-being and presenting the activity as a way to improve quality of life.
Under the agreement, officials said, employees will be encouraged to integrate yoga practices into their daily routines, and workers in ministry-run care centers and shelters will be provided with tools to help them manage stress, improve focus, and enhance overall levels of physical and mental health.
They added that the committee and the ministry are committed to creating harmonious and balanced workplaces that prioritize the holistic well-being of employees and people they work with, in line with the goals of the Saudi Vision 2030 national development plan.
Princess Mishael bint Faisal, the vice chair of the Saudi Yoga Committee, and Huda Al-Haidari, director of the ministry’s social responsibility department in Riyadh region, took part in the signing ceremony for the agreement.
“It’s a very important step for creating equal opportunities for all segments of society and investing in youth human capital, which is considered as one of the goals of Vision 2023,” said Princess Mishael.
“The crown prince said that it is the largest wealth owned by the Kingdom, so investing in it is a renaissance for society and the realization of the vision.”
The collaboration will offer people the chance to participate in a variety of sports and therapeutic yoga techniques and help harness the benefits of sports science to serve society, she added.


Kingdom mourns death of pioneering Saudi poet Prince Badr bin Abdul Mohsen

Updated 04 May 2024
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Kingdom mourns death of pioneering Saudi poet Prince Badr bin Abdul Mohsen

  • The prince, affectionately known as the ‘word engineer’ and an influential figure in contemporary Saudi poetry, died in Paris at the age of 75
  • Saudi and Arab officials and celebrities paid tribute to him and acknowledged his significant contributions to literature and culture

JEDDAH: Saudi Arabia on Saturday mourned the loss of poet and national literary icon Prince Badr bin Abdul Mohsen, who died at the age of 75 in Paris after an illness.

The prince, affectionately known as the “word engineer,” was a legendary figure in contemporary Saudi poetry whose influence in the art form was felt across the country and the wider Gulf region, where his eloquent verses and poignant prose left an indelible mark on the people’s hearts and minds.

A pioneer in the popularization of Saudi poetry among Arab audiences, Prince Badr’s verses were immortalized in songs by many esteemed Arab artists, including Talal Maddah, Mohammed Abdu, Kadim Al-Sahir and Assala. His patriotic words and songs struck a deep chord with Saudis in particular, creating a strong bond between him and the people of his nation.

Saudi and Arab officials and celebrities expressed their sadness upon learning of the prince’s death on Saturday, and acknowledged his significant contributions to literature and culture.

Turki Al-Sheikh, chairperson of Saudi Arabia’s General Entertainment Authority, expressed his condolences to the royal family and the people of the Kingdom, describing the profound sense of loss as being similar to losing a father figure.

“May the soul of Prince Badr bin Abdul Mohsen rest in peace, and may he be granted the highest paradise,” he said. “My heartfelt condolences go out to his esteemed family, his children, and the people of Saudi Arabia.

“While this is indeed a sorrowful moment, feeling the loss akin to losing a father, I can only express gratitude to Allah in every circumstance.”

In a message posted on social media platform X, Saudi Minister of Commerce Majed Al-Qasabi wrote: “Today, our nation mourns the loss of a literary, poetic and cultural icon. May Allah bestow His mercy upon my dear brother, the ‘Word Engineer,’ Prince Badr bin Abdul Mohsen, and grant him the highest place in paradise. He will always hold a special place in my heart.

“I extend my heartfelt condolences to the royal family, his children, and all who loved him. May the Almighty grant them patience and comfort during this difficult time. Indeed, we belong to Allah, and to Him we shall return.”

Ameerah Al-Taweel, a prominent Saudi philanthropist, paid tribute to Prince Badr and his legacy, highlighting in particular his role as a beacon of wisdom and generosity, his invaluable contributions to Saudi culture, and his enduring influence on future generations.

“Today, we bid farewell to our prince and trailblazer of words, Prince Badr bin Abdul Mohsen,” she said. “May patience and solace comfort his children, family and all who cherished him. In this transient life, we leave behind our deeds and the essence of our character.

“Prince Badr not only enriched our culture but also imparted invaluable lessons in nobility, humility and generosity to future generations. Although many of us never met him, we held him dear as a father and brother.

“His departure evokes the sorrow of losing a close relative, for his noble character leaves an indelible mark. The grief is profound, especially for those who were privileged to know him personally.”

Renowned Emirati singer Ahlam expressed her sense of sorrow, and said she prayed for peace for the prince’s soul and strength for his loved ones during this difficult time.

Prince Badr was born on April 2, 1949, and his journey as a poet and cultural figure began at a young age. He studied in Saudi Arabia, Egypt, the UK and the US as he took his early steps on the path to becoming a significant figure in Arab literature.

As president of the Saudi Society for Culture and Arts, he played a crucial role in fostering artistic expression and influencing the development of poetry organizations in the Kingdom. In recognition of his outstanding contributions in the field, King Salman honored Prince Badr with the prestigious King Abdulaziz Medal in 2019.

Soon after, the Kingdom’s Literature, Publishing and Translation Commission announced plans to collect and publish his complete literary works to commemorate his enduring legacy and celebrate the profound impact he had on the Saudi creative movement during a five-decade career.


Green cover in Imam Turki Royal Reserve grows to 8.5%

Updated 04 May 2024
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Green cover in Imam Turki Royal Reserve grows to 8.5%

RIYADH: Green cover in the Imam Turki bin Abdullah Royal Nature Reserve has grown to 8.5 percent, the reserve’s development authority has said, according to the Saudi Press Agency.

Covering an area of 91,000 sq. km, the reserve is located in the northeastern part of the Kingdom. It is a popular destination for visitors, particularly people interested in eco-tourism, bird watching, hiking and similar activities.

Based on research and field studies, the authority said that the reserve has experienced significant plant growth since last spring, driven by improved air quality and reduced severity of dust storms in several central regions of the Kingdom.

The reserve has planted more than 600,000 trees through desert forestation projects, in line with the national targets of the Saudi Green Initiative, which aims to plant more than 600 million trees by 2030, the SPA reported.

The reserve authority’s efforts focus on protecting wildlife, restoring environmental balance and reviving vegetation cover. The rate of green cover across the reserve has grown from 1.4 percent in 2018 to the 8.5 percent recorded this year.

More than 180 plant species from 38 plant families have been identified in the Imam Turki bin Abdullah Royal Nature Reserve, representing 7.5 percent of the total plant species in the Kingdom, according to the SPA.

The reserve also offers cultural experiences, allowing visitors to interact with the local Bedouin communities, learn about their traditional way of life and enjoy authentic cuisine.

It is one of six royal reserves in Saudi Arabia, established in 2018 by royal order. Within the reserve, there are villages and deserts where about 80,000 to 100,000 people reside.


Saudi authorities arrest 19,662 illegals in one week

Updated 04 May 2024
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Saudi authorities arrest 19,662 illegals in one week

RIYADH: Saudi authorities arrested 19,662 people in one week for breaching residency, work and border security regulations, the Saudi Press Agency reported on Saturday.

According to an official report, a total of 12,436 people were arrested for violations of residency laws, while 4,464 were held over illegal border crossing attempts, and a further 2,762 for labor-related issues.

The report showed that among the 1,233 people arrested for trying to enter the Kingdom illegally, 65 percent were Ethiopian, 31 percent Yemeni, and 4 percent were of other nationalities.

A further 96 people were caught trying to cross into neighboring countries, and nine were held for involvement in transporting and harboring violators.

The Saudi Ministry of Interior said that anyone found to be facilitating illegal entry to the Kingdom, including providing transportation and shelter, could face imprisonment for a maximum of 15 years, a fine of up to SR1 million ($260,000), as well as confiscation of vehicles and property.

Suspected violations can be reported on the toll-free number 911 in the Makkah and Riyadh regions, and 999 or 996 in other regions of the Kingdom.