Month: September 2024

The Popular Front for the Liberation of Palestine (PFLP) issued the following statement: “With great pride, the PFLP announces the martyrdom of its heroic leaders: Comrade Martyr Commander Muhammad Abdul Al (Abu Ghazi), member of the Political Bureau and head of the military-security division; Comrade Martyr Commander Imad Awda (Abu Ziyad), member of the military division and its leader in Lebanon; and Comrade Martyr Abdul Rahman Abdul Al.”

The statement added, “The three leaders were martyred at dawn on Monday, September 30, 2024, in a cowardly assassination by Israeli occupation forces in the Cola area of Beirut.”

The PFLP vowed to continue the struggle.

Source: National News Agency – Lebanon

Dr. Yasser Aldhamen, a Saudi researcher and assistant professor at Michigan State University (MSU), has made significant progress in developing potential new cancer drugs using artificial intelligence (AI).

With funding from Atomwise, a pharmaceutical company specializing in AI-driven drug discovery, Aldhamen’s team screened millions of chemical compounds using machine learning algorithms. This process identified 72 promising compounds, two of which demonstrated significant activity in targeting immune proteins that could boost the body’s cancer-fighting response, according to a release from the MSU website.

The research focused on enhancing the function of CD8+ T cells, a type of immune cell crucial for attacking cancer.

By harnessing AI, the researchers were able to dramatically accelerate the drug discovery process. Traditional methods often involve testing thousands of compounds in the laboratory, but AI allowed the team to predict promising compounds based on their potential interactions with target p
roteins.

Aldhamen and his team are now collaborating with pharmaceutical companies to further refine these compounds and explore their potential for clinical trials. The team’s goal is to develop such compounds into new immunetherapies for cancer treatment, ultimately aiming to create sustainable treatments that can improve outcomes for cancer patients.

Source: Saudi Press Agency

The Saudi Ministry of Finance announced today, September 30, 2024, the Pre-Budget Statement for Fiscal Year 2025, which estimates total expenditures will reach SAR 1,285 billion, and total revenues will reach SAR 1,184 billion, recording a deficit of 2.3% of Gross Domestic Product (GDP). The statement noted that the Government will continue increasing strategic transformational spending to achieve economic diversification and sustainable growth.

According to the statement, total revenues for FY 2025 are estimated to reach about SAR 1,184 billion, reaching SAR 1,289 billion in 2027. Total expenditures are estimated to reach SAR 1,285 billion, reaching SAR 1,429 in 2027. The statement confirmed that-in light of economic developments in the Kingdom of Saudi Arabia, and the implementation of a number of financial and economic initiatives, as well as the adoption of fiscal policies that contribute to enhancing the stability and sustainability of the state budget for FY 2025-the 2025 budget is expected to record a
deficit of about 2.3% of GDP.

The statement confirmed that the reported GDP growth rates were supported by the growth of non-oil activities, which contributed to the prosperity of promising sectors such as tourism, entertainment, transportation, logistics, and industry. This growth improved the quality of life, empowered the private sector, and reduced the unemployment rate to its lowest levels in history. This was positively reflected in the expectations of international organizations and credit rating agencies regarding the performance of the Saudi economy. Furthermore, the statement shed light on the most prominent expectations of 2024, including recording a real GDP growth of 0.8% in 2024, supported by the growth of non-oil activities, which is estimated to be 3.7%. In addition, the recent decrease in interest rates is expected to contribute to increasing demand, which may positively impact economic growth. In addition, the initial expectations indicate that the consumer price index (inflation rate) is e
xpected to reach approximately 1.7% by the end of 2024.

The Saudi Minister of Finance, Mohammed Aljadaan, emphasized the Government’s continuous promotion of directed spending on essential services for citizens and residents, and the execution of strategic projects focused on enhancing economic growth and achieving sustainable development. He noted that the Saudi economy is expected to record positive growth rates during 2025 and over the medium-term as a result of the continuation of the reforms, strategies, and projects of Saudi Vision 2030. This will continue to contribute to the diversification of the economic base, enhancing the role of the private sector, and growing promising sectors, which supports increasing business opportunities and creating more jobs. He clarified that the Government adopts a long-term fiscal planning methodology to ensure focus on maintaining strategic transformational spending, which is aimed at achieving economic gains and sustainable growth. Minister Aljadaan mentioned that p
ublic finance is flexible and has the ability to face challenges over the medium- and long-term if needed, while also noting the pivotal role of the Public Investment Fund (PIF) and the National Development Fund (NDF) and its development funds in supporting economic stability.

Minister Aljadaan noted that the encouraging forecast for the Saudi economy in 2025 is an extension of the positive developments in its actual performance over recent years. The 2025 Pre-Budget Statement estimates growth in real GDP of 4.6%, which reflects the Kingdom’s commitment to implement its ambitious strategies and achieve sustainable development, which increases investors’ trust and enhances the Saudi economy’s position regionally and globally.

Aljadaan explained that, despite the slowdown in global economic growth and ongoing economic challenges and geopolitical tensions, Saudi Arabia has demonstrated the strength of its fiscal position and the flexibility of its economy in the face of challenges, represented by safe levels o
f government reserves and acceptable levels of public debt, in addition to a flexible spending policy that helps deal with crises that may arise in the future.

Furthermore, the Minister said that the Government is working to continue borrowing, according to the approved annual borrowing plan, to finance the expected budget deficit and to repay the debt principal due in FY 2025. In addition, the Government will be searching for market opportunities to implement financing activities, including alternative government financing. He noted that it is expected that the volume of the public debt portfolio is expected to increase in a deliberate manner to ensure debt sustainability, as a result of the expansion in spending to accelerate the pace of implementing some programs and projects that enable achievement of the goals of Saudi Vision 2030.

The Pre-Budget Statement, which is issued for the seventh consecutive year, is part of the Kingdom’s ongoing efforts to deliver more transparency in public finance and enhan
ce fiscal disclosure. It also reflects the Government’s efforts to complete the implementation of reforms that contributed to strengthening its fiscal position in light of the challenges witnessed in the global economy.

To view the Pre-Budget Statement for the Fiscal Year 2025, you may visit the Ministry of Finance website: www.mof.gov.sa

Source: Saudi Press Agency

The Secretary General of the Arab League, Ahmed Aboul Gheit, has expressed the League’s solidarity with Lebanon and the Lebanese people in the face of the challenging circumstances the country is currently experiencing, urging the international community to support the Lebanese people in confronting Israeli attacks and their repercussions, particularly those that target civilian areas.

In a statement issued by the Arab League today, Aboul Gheit condemned the ongoing series of Israeli attacks on Lebanon, which have resulted in hundreds of casualties and left nearly one million displaced persons.

He emphasized that such violations of the country’s sovereignty could lead to an escalation of the conflict.

Source: Saudi Press Agency

The Saudi Ambassador to Jordan, non-resident Ambassador to the State of Palestine, Naif bin Bandar Al-Sudairi, delivered on Sunday at the embassy to the Prime Minister of the State of Palestine, Dr. Mohammed Mustafa, the monthly financial support for Palestines to contribute to addressing the humanitarian situation in the Gaza Strip and its surroundings.

The Palestinian prime minister stated, “The Kingdom of Saudi Arabia, through this support, reaffirms the diligent efforts made by the Custodian of the Two Holy Mosques and His Royal Highness the Crown Prince to engage with members of the international community to achieve a ceasefire, protect civilians, and allow for increased humanitarian assistance to the Palestinian people.”

He added that it also reflects the Kingdom’s commitment to finding a just and comprehensive solution to the Palestinian case, enabling the Palestinian people to attain all their legitimate rights and establish their independent state with East Jerusalem as its capital.

He emphasized
that the Kingdom places great importance on the Palestinian cause, which is its central and top priority.

He also pointed out that since the beginning of the crisis, the Kingdom has made every possible effort to contain the ongoing situation in Gaza and address the critical humanitarian conditions.

He added that the Kingdom has successfully unified the Arab and Islamic positions regarding this crisis by chairing the ministerial committee assigned by the extraordinary Arab-Islamic Summit, confronting the Israeli aggression on Gaza, and breaking the imposed blockade.

Moreover, he noted that this effort has led to the recognition of the State of Palestine by several friendly countries, calling for Palestine to be accepted as a full member of the United Nations.

This support comes as a continuation of the assistance provided by the Kingdom over the past years, amounting to $5.3 billion in humanitarian, relief, and developmental aid to contribute to supporting the Palestinian people.

Source: Saudi Press Agen
cy

Minister of Industry and Mineral Resources Bandar Alkhorayef has participated in a roundtable with major US companies in Los Angeles, and urged them to take advantage of the unique investment opportunities offered by the promising industrial sectors that the Kingdom is focusing on developing.

The roundtable explored the possibility of transferring knowledge and innovation to 12 promising industrial sectors targeted for development and localization by the National Industrial Strategy. These sectors include food, pharmaceuticals, aviation, and automotive industries. Investment opportunities can be found in areas such as automation of industrial facilities, smart industrial solutions, and advanced manufacturing technologies.

The meeting also discussed clean energy solutions in the industrial sector, and the most prominent technologies used for factories infrastructure projects.

Speaking at the meeting, Alkhorayef provided an overview of the development of the Saudi economy in recent years through a series of
reform measures and the roadmap presented by the Saudi Vision 2030, which aims to diversify sources of income, and which contributed to improving the economy’s efficiency, increased its growth rates, and enhanced its global competitiveness.

Alkhorayef stressed that the industry and mineral resources sector offers a range of incentives to investors, from the feasibility study and licensing stage to the production phase. Each investment opportunity is supported by a dedicated manager who assists investors at every stage of the project, providing necessary consultations and guidance on how to obtain government permits and access infrastructure services for the project, he said.

Regarding opportunities in the mining sector, Alkhorayef said that the Kingdom seeks to explore untapped mineral resources whose value stands at some $2.5 trillion. This aligns with the goals of the Saudi Vision 2030, which aims to make the mining sector the third pillar of industry and a vital source of income to the national economy.

H
e urged global mining companies to seize the unique opportunities available in mining at all stages, from exploration to exploitation and processing.

Alkhorayef said the investment environment in Saudi Arabia’s mining sector is stable and attractive, and the legislative framework established by the Mining Investment Law makes it the fastest-growing sector in the world.

Alkhorayef held bilateral meetings with leaders of several California companies, including GlassPoint, a solar power generator company; Plus, which specializes in AI; Albemarle, the largest provider of lithium for electric vehicle batteries in the world; and technology company Qualcomm.

Alkhorayef’s official visit to the US aims at boosting industrial and mining cooperation, ties between the two countries, attracting important investments to the Kingdom, and exploring investment opportunities in promising industrial sectors, with focus on aviation and space.

Source: Saudi Press Agency

Chairman of the Capital Market Authority (CMA) Mohammed bin Abdullah Elkuwaiz highlighted the “impressive progress” of the Saudi financial market, which is the seventh-largest financial market in the world, an achievement that reflects the robust performance of the national economy.

Speaking at a dialogue session titled “Financial Markets as a Catalyst for Growth in Saudi Arabia”, held during the seventh edition of the CEO Forum in Riyadh, Elkuwaiz said that over 50% of the approximately 70 companies recently listed on the Saudi financial market are small and medium-sized enterprises (SMEs).

Organized by the General Authority for Small and Medium Enterprises (Monsha’at), the forum carried the theme “Opportunities to Enhance Business Growth”.

Elkuwaiz stressed that one of the key CMA strategy’s pillars is to boost liquidity and create new opportunities for smaller companies. Monsha’at is also focused on developing a dynamic debt market and advancing the asset management industry, which enables it to compete
globally and attract more investments in the national economy.

“The stock market and financial technology sectors are critical to Saudi Arabia’s ambitions of becoming a leading financial hub in the region,” Elkuwaiz stated, emphasizing the importance of supporting these areas.

He highlighted the current CMA efforts to expand financing channels, including facilitating subscription fund management to ensure efficient and swift handling of public offerings.

While the market has achieved notable milestones, Elkuwaiz acknowledged ongoing challenges.

“Stimulating liquidity, increasing available offerings, and expanding the investor base are key areas we are working on,” he noted.

The seventh CEO Forum attracted prominent international and local speakers, experts, and entrepreneurs.

Held under the patronage of Minister of Commerce and Monsha’at Chairman of the Board Majid Al-Kassabi, the forum aims to achieve strategic goals by enabling rapidly growing enterprises to stay informed about the latest innovations
and developments that contribute to the growth and development of SMEs in the Kingdom.

Source: Saudi Press Agency

King Abdullah bin Abdulaziz Al Saud Biography Documentation Center is showcasing historical photographs at the Riyadh International Book Fair, which is organized by the Literature, Publishing, and Translation Commission under the theme “Riyadh Reads”.

The event, held at King Saud University until October 5, aims to promote the center’s activities and display its offerings to the public. The center’s booth presents a collection of materials documenting the life of King Abdullah bin Abdulaziz, providing valuable resources for researchers and those interested in his legacy.

The center offers scientific and artistic support and access to an extensive digital library filled with rare documents and images related to his life.

Since its establishment, the center has been a reliable historical reference concerning the life of King Abdullah. Through its scientific approach and electronic documentation, recordings, archiving, and publishing, it strives to be the leading source of information and studies related to t
he King, and to maintain high standards of credibility and scientific methodology in archival and research fields.

Source: Saudi Press Agency

To mark the International Translation Day, observed on September 30, the King Abdulaziz Public Library highlighted its extensive translation endeavors, and its commitment to facilitating the transfer of knowledge, and giving readers, researchers and scholars access to the latest in the field.

The library is at the forefront of translating historical, literary, scientific, and cultural texts from and into Arabic. It translated material on Saudi, Arab, and Islamic culture into multiple languages, and is instrumental to disseminating the national perspective globally, in line with the Kingdom’s dedication to modernize, as outlined in the Saudi Vision 2030 goals.

The library has translated over 100 books from languages like English, French, German, Russian, Hindi, Spanish, Japanese, and Chinese, covering Saudi history, Arab and Islamic culture, and literary, scientific, and artistic works.

The library launched the King Abdullah bin Abdulaziz International Award for Translation, which has gained global recognit
ion. This annual award promotes cross-cultural communication and highlights Arab cultural achievements.

Furthermore, the Prince Muhammad bin Salman Award for Cultural Cooperation with China, based at the same library, promotes cultural development, consistent with Vision 2030. The award seeks to strengthen ties between the two nations, promote exchange of culture and knowledge, and promote Arabic language, literature and art in China.

Through collaborations with Peking University, the library facilitates the translation of literary, historical, and scientific works in Arabic and Chinese. It fosters cultural exchange and knowledge sharing through events like seminars, competitions, workshops, and language training courses.

Dedicated to cultural and educational endeavors at both Arab and global level, King Abdulaziz Public Library is forging cultural connections that echo the goals of Vision 2030, aiming to highlight Saudi cultural heritage and global achievements.

Source: Saudi Press Agency

Under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, Imam Muhammad Ibn Saud Islamic University (IMSIU) is set to hold the “Third International Conference on the History of King Abdulaziz” on January 28-29, 2025.

The conference, titled “The Economy in the Reign of King Abdulaziz: Empowerment, Development, and Sustainability”, will be held in the Conference Hall on the university campus.

IMSIU President Prof. Dr. Ahmed Al Ameri expressed appreciation for the generous sponsorship of the conference which will delve into King Abdulaziz’s thought on economy, examine the economic policies and systems during his reign, and show the role of the Saudi economy under King Abdulaziz’s rule in achieving sustainable development. It will also explore the values and factors that ensured the effectiveness of the Saudi economy.

According to Al Ameri, the third edition will bring together a distinguished group of scholars and researchers from all over the world, and will feature activiti
es, discussion panels, and workshops focusing on aspects such as the sources of Saudi economy, addressing economic crises, modern approaches to the study of history, development, and economics, and the establishment of governmental and private economic institutions.

The conference will be accompanied by an exhibition and various enriching initiatives.

Source: Saudi Press Agency