Latest news with #FaisalAlibrahim
Leaders
5 days ago
- Business
- Leaders
Saudi Arabia Boosts Economic Cooperation with Ethiopia, Hungary
Saudi Minister of Economy and Planning Faisal Alibrahim has held significant meetings with ministers from Ethiopia and Hungary to develop economic cooperation, according to the Saudi Press Agency. Held on the sidelines of the High-Level Political Forum, the meetings focused on boosting economic and commercial relation between Saudi Arabia and both Ethiopia and Hungary. Alibrahim has also met with Minister of Planning and Development of the Republic of Ethiopia Fitsum Assefa Adela and discussed commercial and investment relations between both countries. Moreover, he also explored new avenues to elevate the Kingdom's relations with Hungary during his meeting with the Hungarian Minister of Foreign Affairs and Trade Péter Szijjarto. Held from July 4 to 23, the High-level Political Forum on Sustainable Development (HLPF) serves as the main United Nations platform for reviewing and following up on progress toward the 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals (SDGs). Under the auspices of the Economic and Social Council, the event brings together world leaders, ministers, policymakers, and stakeholders to assess efforts, share best practices, as well as foster commitments. Related Topics: Saudi Arabia, Spain Bolster Economic Cooperation Finance Minister Leads Delegation at 122nd GCC Financial, Economic Cooperation Meeting Saudi Arabia, China Boost Economic Cooperation with 24 Deals Short link : Post Views: 9
Arab News
6 days ago
- Business
- Arab News
Pakistan, Saudi Arabia agree to promote investments, expand cooperation in key sectors
ISLAMABAD: Deputy Prime Minister Ishaq Dar met Saudi Arabia's Minister of Economy and Planning, Faisal bin Fadhil Alibrahim, on Wednesday to discuss promoting bilateral investments and expanding cooperation in key economic sectors, Pakistan's foreign ministry said. Pakistan and Saudi Arabia enjoy cordial relations and strong ties in defense, military, tourism and various other sectors. The two countries have eyed closer cooperation in mines and minerals, agriculture, tourism, IT and other sectors in recent years. Islamabad and Riyadh last year signed 34 business-to-business deals worth $2.8 billion amid Islamabad's increasing focus to shore up its foreign reserves and bolster its economic revival with the help of its Gulf allies. Dar, who is in the United States till July 28 to lead 'high-level signature events' under Pakistan's presidency of the UN Security Council, met Alibrahim on the sidelines of the events. 'Discussions focused on expanding cooperation across key sectors, including food security, manufacturing, and mines & minerals,' the Pakistani foreign ministry said. Deputy Prime Minister/Foreign Minister, Senator Ishaq Dar @MIshaqDar50, met with Saudi Minister of Economy and Planning, Faisal Fadhil Al-Ibrahim, on the sidelines of high-level events during Pakistan's Presidency of the UN Security Council. They reaffirmed the fraternal ties… — Ministry of Foreign Affairs - Pakistan (@ForeignOfficePk) July 23, 2025 'They also agreed to advance investments and technical collaboration for mutual benefit of the two nations,' it added. The two reaffirmed brotherly ties between Pakistan and Saudi Arabia and their shared vision for lasting peace, prosperity and regional harmony, the foreign ministry said. Apart from being a key regional ally and close business partner, Saudi Arabia also happens to be the largest source of foreign remittances for Pakistan. These remittances are a lifeline for Pakistan's cash-strapped economy, playing a critical role in stabilizing foreign exchange reserves and supporting balance of payments.
Arab News
21-07-2025
- Business
- Arab News
Madinah presents SDG progress at UN in New York
RIYADH: The Madinah Region Development Authority participated in the main session of the High-Level Political Forum on Sustainable Development at the UN headquarters in New York, the Saudi Press Agency reported on Monday. In the session, titled 'Transformation from the Ground Up: Acting at Local Level,' the authority highlighted Madinah's pioneering role and the Kingdom's leadership in localizing the Sustainable Development Goals. Abdulrahman Ibrahim, the authority's chief data and innovation officer, said Madinah had become a model for international best practices. Key initiatives include the 2023 Madinah City Voluntary Local Review — the first in the Kingdom and second in the Arab region; the 2024 State of Sustainable Development Report for Madinah Region — the first Voluntary Subnational Review in the Arab region; and the launch of the Atlas of Sustainable Development in Madinah City Neighborhoods, a global first for precise, neighborhood-level SDG assessment. The session also reviewed successful local and regional approaches to accelerating sustainable SDG solutions, discussing key enablers and opportunities to expand local action. The authority's participation, part of the Saudi delegation led by Minister of Economy and Planning Faisal Alibrahim, underscores the Kingdom's commitment to sustainable development aligned with Vision 2030. The UN forum, running through to July 23, also featured dialogue sessions on global frameworks for resilient urban development and strategies to create value for cities through data-driven trends.
Arab News
16-07-2025
- Business
- Arab News
Madinah mayor to present SDG progress at UN
MADINAH: Madinah Region Development Authority is participating in the UN High-Level Political Forum on Sustainable Development in New York under the theme 'Advancing sustainable, inclusive, science- and evidence-based solutions for the 2030 Agenda and its SDGs.' The forum, running until July 23, brings together UN member states to review progress on the 2030 Sustainable Development Goals, the Saudi Press Agency reported. The authority's participation is part of the Kingdom's delegation, led by Minister of Economy and Planning Faisal Alibrahim. This year's participation reflects the Kingdom's alignment of Vision 2030 principles with the global SDGs framework and highlights Madinah's role in localizing the SDGs and adopting the Quality of Life Index initiative. Fahad Albulihshi, Madinah mayor and CEO of the authority, will deliver the Kingdom's address at the Local and Regional Governments Forum during the UN event. His speech will focus on Madinah's role in localizing SDGs and the Kingdom's commitment to advancing SDG efforts at the local level, aligned with Vision 2030 goals. On the sidelines, the mayor will hold bilateral meetings with representatives of local and regional governments to discuss cooperation on the UN 2030 Agenda. Discussions will also address governance, inclusive services, and local investment in supporting SDG progress regionally.
Asharq Al-Awsat
24-06-2025
- Business
- Asharq Al-Awsat
Saudi Arabia's Non-Oil Industrial Sector Grows 5.3% in 2024
Saudi Arabia's non-oil industrial sector recorded a strong 5.3% growth in 2024, underlining the Kingdom's ongoing progress in diversifying its economy in line with the Vision 2030 agenda. The latest figures from the General Authority for Statistics (GASTAT) reveal that this growth was largely driven by manufacturing, utilities, and infrastructure development. Despite the robust performance of the non-oil sector, overall industrial production declined by 2.3% compared to 2023. This contraction was mainly due to a 5.2% drop in oil-related activities, following the Kingdom's adherence to OPEC+ oil production cuts. As a result, mining and quarrying shrunk by 6.8%. Manufacturing expanded by 4.7% year-on-year, with food production up 6.2% and chemical manufacturing, including refined petroleum products, rising by 2.8%. These gains reflect increasing industrial capacity and rising demand in both domestic and export markets. Other areas of growth included utilities and public services. Electricity, gas, steam, and air conditioning activities grew by 3.5%, while water supply, sewage, and waste management services posted a 1.6% increase. Minister of Economy and Planning Faisal Alibrahim recently stated that non-oil activities now account for 53% of the Kingdom's real GDP, compared to significantly lower levels before the launch of Vision 2030. He also noted a 70% increase in private investment in non-oil sectors over the same period. The Kingdom's non-oil exports reached SAR 515 billion (approximately $137 billion) in 2024, marking a 13% rise over 2023 and a 113% increase since 2016. Export growth spanned petrochemical and non-petrochemical products, with merchandise exports alone totaling SAR 217 billion. According to a recent World Bank report, Saudi Arabia's economy grew by 1.8% in 2024, up from 0.3% in 2023. While oil-sector output fell 3%, the non-oil economy expanded by 3.7%, cushioning the broader economy from energy market volatility. The World Bank forecasts continued growth, projecting a 2.8% increase in 2025 and an average of 4.6% annually through 2026 and 2027.
