عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia, EU Explore Cooperation in Higher Education

The meeting reviewed cooperation between Saudi Arabia and the European Union in higher education and research. (Asharq Al-Awsat)
The meeting reviewed cooperation between Saudi Arabia and the European Union in higher education and research. (Asharq Al-Awsat)
TT
TT

Saudi Arabia, EU Explore Cooperation in Higher Education

The meeting reviewed cooperation between Saudi Arabia and the European Union in higher education and research. (Asharq Al-Awsat)
The meeting reviewed cooperation between Saudi Arabia and the European Union in higher education and research. (Asharq Al-Awsat)

The Saudi Ministry of Education and the EU Delegation of Erasmus+ program reviewed cooperation in higher education and research, with the participation of European experts and representatives of major universities in the Kingdom.

Funded by the EU, the Erasmus program is the first large-scale international action program to enhance the mobility of higher education students, focusing on lifelong learning to support education, training, youth, and sports in Europe.

Since its inception 35 years ago, over 13 million students have benefited from its programs. It has a budget of $27.9 billion running from 2021-2027.

The opportunities offered by Erasmus+ are now available to the Gulf region, where Saudi universities can establish partnerships with their European counterparts to exchange students and staff.

Speaking at the event, EU Ambassador to Saudi Arabia and Oman Christophe Farnaud said the EU is accelerating international cooperation in the academic field, offering tremendous opportunities for young Saudi students to study and live in Europe.

“Erasmus+ is designed to enhance two-way exchanges and also enable more Europeans to come to study in the Gulf, further bolstering our people-to-people contacts and our bilateral relations,” he added.

In May 2022, the EU announced its strategic partnership with the Gulf, which aims to expand and deepen cooperation between the two sides.

Several proposals between the EU and Saudi Arabia aim to enhance energy, green transformation, climate change, trade, economic diversification, regional stability, global security, and humanitarian and development challenges.

Most Viewed

 
 
Business

Saudi Arabia Provides $500 Million in Financial Support to Yemen

Saudi Arabia Provides $500 Million in Financial Support to Yemen
TT
TT

Saudi Arabia Provides $500 Million in Financial Support to Yemen

Saudi Arabia Provides $500 Million in Financial Support to Yemen

The Kingdom of Saudi Arabia has given new economic support to Yemen, worth $500 million, to strengthen the Yemeni government's budget and bolster the Central Bank of Yemen.
The Saudi support package consists of a $300 million deposit in the Central Bank of Yemen, to improve the economic and financial situation, and $200 million to deal with the Yemeni budget deficit, out of a total pledge of $1.2 billion.
According to SPA, the funding, through the Saudi Development and Reconstruction Program for Yemen (SDRPY), aims to enhance food security, support salaries and wages, cover operating expenses, and help the government implement its economic reform program.
It also seeks to help set the basis for economic, financial, and monetary stability in the Republic of Yemen, strengthen this country’s public finances, enhance the capacity of government institutions, and improve governance and transparency. It also aims to empower the private sector to drive sustainable economic growth and create job opportunities, ultimately placing the national economy on a more sustainable path and driving economic and social development.
Previous Saudi deposits positively impacted the foreign exchange reserves of the Central Bank of Yemen, reduced the exchange rates, and contributed to the growth of the GDP. They also helped lower fuel and diesel prices, as well as the cost of imported food commodities.
Together with previous assistance, including grants and deposits, this aid aims to buttress Yemen's economic stability.
Key contributions of Saudi support include covering imports of essential food commodities (wheat grains, wheat flour, rice, milk, cooking oil, and sugar), strengthening the Central Bank's foreign exchange reserves, stabilizing the local currency, and reducing fuel and diesel prices.
While Saudi grants have positively impacted economic and social development in Yemen, and supported the national economy, they also helped mitigate the economic deterioration by increasing the foreign exchange reserves and boosting confidence in the Central Bank of Yemen.
Moreover, these grants led to greater financial transfers and foreign aid, thus strengthening the balance of income and transfers in Yemen.
The grants effectively stimulated economic growth while lessening inflationary pressures. By enabling the government to cover salaries and wages, they significantly reduced the budget deficit, which, in turn, improved the financial stability of the country and lowered the government's reliance on borrowing to finance its expenditures.
The grants greatly helped improve the performance of critical sectors. In healthcare, it funded essential medicines for chronic diseases and cancer treatment. It also came to the help of education and other vital sectors, and covered the cost of petroleum derivatives for electricity generation.
The Kingdom also significantly contributed to Yemen's economic growth by providing grants for petroleum derivatives. These grants enabled 80 power generation stations to operate in all Yemeni governorates, thus stimulating the Yemeni economy and enhancing the efficiency of vital, productive and service sectors in Yemen.
Through SDRPY, the Kingdom has implemented 263 development projects and initiatives in various Yemeni governorates. These projects serve the Yemeni people in eight crucial sectors: education, health, water, energy, transportation, agriculture and fisheries, capacity building of the Yemeni government, and development programs.