Saudi Arabia unveils SR120bn business support war chest to fight virus pandemic

Arab News
March 21, 2020

Jeddah, Mar 21: Saudi government ministers on Friday announced a war chest of more than SR120 billion ($32 billion) to fight the “unprecedented” health and economic challenges facing the country as a result of the killer coronavirus pandemic.

During a press conference in Riyadh, finance minister and acting minister of economy and planning, Mohammed Al-Jadaan, unveiled a SR70 billion stimulus package to support the private sector, especially small- and medium-sized enterprises (SMEs) and businesses worst-hit by the virus outbreak.

And the Saudi Arabian Monetary Authority (SAMA) has also sidelined SR50 billion to help the Kingdom’s banking sector, financial institutions and SMEs.

Al-Jadaan said the government had introduced tough measures to protect the country’s citizens while immediately putting in place a financial safety net. He added that the Kingdom was moving decisively to address the global COVID-19 disease crisis and cushion the financial and economic impact of the outbreak on the country.

The SR70 billion package of initiatives revealed by the minister will include exemptions and postponement of some government dues to help provide liquidity for private-sector companies.

Minister of Health Dr. Tawfig Al-Rabiah noted the raft of precautionary measures that had been introduced by the Kingdom in cooperation with the private sector and government agencies to combat the spread of the coronavirus, highlighting the important contribution of the data communication services sector.

He reassured the Saudi public that the Kingdom would continue to do whatever was required to tackle the crisis.

“This pandemic has a lot of challenges. It’s difficult to make presumptions at this moment as we’ve seen; many developed countries did not expect the rate of transmission of this virus.

“We see that the reality of the situation is different from what many expected. The virus is still being studied and though we know the means of transmission, it is transmitted at a very fast rate, having spread to many countries faster than expected.

“We see that many countries have not taken the strong precautionary measures from the beginning of the crisis which led to the vast spread of the virus in these countries,” Al-Rabiah said.

He pointed out that social distancing would help slow the spread.

Al-Jadaan said the Saudi government had the financial and economic capacity to deal with the situation. “We have large reserves and large investments, but we do not want to withdraw from the reserves more than what was already announced in the budget. We do not want to liquidate any of the government’s investments so we will borrow.

“We have approval from the government after the finance committee raised its recommendations to increase the proportion of the domestic product borrowing from 30 percent to 50 percent. We do not expect to exceed 50 percent from now until the end of 2022,” he added.

The government would use all the tools available to it to finance the private sector, especially SMEs, and ensure its ongoing stability.

The finance minister said that at this stage it was difficult to predict the economic impact of the pandemic on the private sector, but he emphasized that international coordination, most notably through G20 countries and health organizations, was ongoing.

On recorded cases of the COVID-19 disease in the Kingdom, Al-Rabiah said: “Many of the confirmed cases are without symptoms, this is due to the precautionary measures being considered.

“As soon as a case is confirmed, we contact and examine anyone who was in direct contact with the patient. This epidemiological investigation, is conducted on a large scale to investigate any case that was in contact with the patient.”

Al-Jadaan also announced the formation of a committee made up of the ministers of finance, economy and planning, commerce, and industry and mineral resources, along with the vice chairman of the board of the Saudi National Development Fund, and its governor.

The committee will be responsible for identifying and reviewing incentives, facilities, and other initiatives led by the fund.

Committees had also been established, said Al-Jadaan, to study the impact and repercussions of the coronavirus crisis on all sectors and regions, and look at ways of overcoming them through subsidies or stimulus packages.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
September 16,2020

gaza.JPG

Palestinian resistance fighters in the Gaza Strip have traded strikes with the Israeli military as the signing of contentious normalization treaties between Tel Aviv and two Arab regimes provokes another flare-up in the blockaded territory.

Palestinian Arabic-language Ma’an news agency, citing local sources, reported that Israeli fighter jets and helicopters bombed a training base run by the Hamas resistance movement northwest of Beit Lahiya town early on Wednesday.

Eyewitnesses confirmed that huge explosions were heard in the northern Gaza Strip before the site caught fire.

The sources noted that Israeli warplanes carried out four air raids against the site, while three others were launched by choppers.

Later, Israeli jets targeted another Hamas-run site in an area located between Deir al-Balah city in the central Gaza Strip and Khan Yunis in the southern sector of the Palestinian enclave.

There were no immediate reports of casualties in either attack.

The raids came shortly after Palestinian resistance fighters in the Gaza Strip fired a barrage of rockets into the Israeli-occupied territories.

Reacting to the news of the fresh flareup, Israeli Prime Minister Benjamin Netanyahu said Wednesday that the overnight rocket fire was meant to undermine Israel's deals with Arab states.

"They want to prevent peace, they won't. We will hit everyone who tries to harm us, and we will extend a hand of peace to all who reach out to us to make peace," Netanyahu said in a statement

‘A message of resistance’

Following the Israeli warplanes’ latest bombardment of the enclave, Hamas issued a warning to the Tel Aviv regime.

"The occupation (Israel) will pay the price for any aggression against our people or resistance sites and the response will be direct," said the resistance group in a statement.

"We will increase and expand our response to the extent that the occupation persists in its aggression," Hamas added on Wednesday.

The Palestinian rockets triggered sirens in the cities of Ashkelon and Ashdod, potentially sending hundreds of thousands of Israelis rushing to bomb shelters just as Netanyahu was signing agreements at the White House with Emirati Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan and Bahrain’s Foreign Minister Abdullatif al-Zayani.

Two people were reportedly injured and several more treated for shock after a rocket slammed into a street in Ashdod, according to Israeli media.

Palestinians, who seek an independent state in the occupied West Bank and Gaza, view the US-brokered deals as a betrayal of their cause.

Mohammad al-Hindi, a senior official with the Gaza-based Islamic Jihad resistance movement, said “the Gaza rockets are a message that this great vanity of the United States and Israel will be shattered by the Palestinians and that the final word is for those in the right.”

Hamas also said in a statement that the Palestinian nation “insists on continuing its struggle until it secures the return of all of its rights.”

Palestinian President Mahmoud Abbas also protested the normalization deals with Israel, stating they will not foster peace in the Middle East as long as the United States and the Israeli regime do not recognize the rights of the Palestinian nation to establish an independent and sovereign state based on the 1967 borders with East Jerusalem al-Quds as its capital.

The Gaza Strip has been under an Israeli land, air and sea blockade since June 2007, after Hamas, which has vowed to resist Israeli occupation, won the elections and rose to power in the enclave.

Since imposing the siege, Israel has also waged three wholesale wars against Gaza, killing and wounding thousands of Palestinians in each.

The crippling blockade has caused a sharp decline in the standard of living as well as unprecedented levels of unemployment and unrelenting poverty in the strip.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
September 12,2020

air.jpg

Tel Aviv, Sep 12: Israel has planned to halt international flights as part of a full nationwide shutdown starting next week due to an increase in the Covid-19 morbidity rate, the media reported.

In a report Hebrew-language news website “Ynet” on Friday, a senior official in the Ministry of Health was quoted as saying that “the closure means that there is no entry to Israel and no exit”, reports Xinhua news agency

Israel Airports Authority (IAA) spokesman Ofer Lefler told Xinhua that the IAA is not currently preparing for halting flights, as since the country’s pandemic outbreak in late February, Ben Gurion Airport has not been totally closed.

He added that the IAA will address the issue and update only after receiving an order from the government.

Israel officially resumed international flights on August 16 and declared that travellers from 30 countries were not required to enter 14-day quarantine.

On Thursday night, the Prime Minister’s Office and Health Ministry announced in a statement that the Corona Cabinet had decided to impose the full closure due to morbidity rise.

The start date of the closure will be decided by the government at its meeting on Sunday.

It will be the first in a three-stage plan aimed to lower the morbidity data.

The closure is supposed to include the upcoming period of Jewish holidays, between the Jewish New Year’s Eve on September 18 and October 10.

According to the statement, the second and third stages will take effect only after the morbidity rate decreases.

Comments

Harsh Kumar
 - 
Saturday, 12 Sep 2020

I am from india I have a valid visa of uae now i want to came back in uae pl send the link where i can fill the form for approval

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
September 16,2020

saudi-hme.jpg

Tbilisi, Sept 16: The United Nations World Tourism Organization (UNWTO) has approved the setting up of a regional office in Riyadh to support the growth of the Middle East’s tourism sector as it recovers from the coronavirus pandemic.

Minister of Tourism Ahmed Al-Khateeb said the UNWTO’s Executive Council members have approved the move to establish the office during a session in Georgia. The office will cover 13 countries within the region, and will serve as a platform to build long-term growth in the travel and tourism sector of the Middle East.

“International cooperation and the role of the UNWTO are more important than ever. I am therefore very excited that Saudi Arabia will become home to the first ever UNWTO Regional Office, which aims to support growth at a national and regional level,” Al-Khateeb said.

“In Saudi Arabia, we are very aware of the transformative power of tourism on the economy and people. We may still be a young destination, but tourism is at the forefront of Saudi Arabia’s vision for the future,” he added.

Recently, Al-Khateeb revealed that the Council of Ministers has given the Ministry of Tourism the go ahead to open a regional office of the United Nations World Tourism Organization (UNWTO) in Riyadh as well as to establish a global academy for tourism training.

Al-Khateeb pointed out that the ministry, in cooperation with UNWTO, would work to lay the foundations and standards that enable the proposed academy to be among the best tourism academies in the world.

It is noteworthy that that the UNWTO secretary general praised the Saudi Summer season during a recent visit to the Kingdom during which he toured a number of Saudi summer destinations. Al-Khateeb hoped that the Kingdom, together with UNWTO, would launch a set of initiatives to develop the tourism sector in the region.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.