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G7 Finance Leaders to Call on Israel to Maintain Palestinian Bank Links

German Finance Minister Christian Lindner, United States Secretary of the Treasury Janet Yellen, Bank of Canada Governor Tiff Macklem, Canada's Minister of Finance Chrystia Freeland, Italy's Economy Minister Giancarlo Giorgetti, Bank of Italy Governor Fabio Panetta, Japan's Finance Minister Shunichi Suzuki, Bank of Japan Governor Kazuo Ueda, France's Minister for Economy and Finances Bruno Le Maire, Eurogroup President Paschal Donohoe, Bank of France Governor Francois Villeroy de Galhau, European Central Bank (ECB) President Christine Lagarde, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, President of Germany's Federal Reserve Bundesbank Joachim Nagel, World Bank President Ajay Banga, attend a family photo session at the G7 Finance Ministers and Central Bank Governors' meeting in Stresa, Italy, May 24, 2024. REUTERS/Massimo Pinca/File Photo Purchase Licensing Rights
German Finance Minister Christian Lindner, United States Secretary of the Treasury Janet Yellen, Bank of Canada Governor Tiff Macklem, Canada's Minister of Finance Chrystia Freeland, Italy's Economy Minister Giancarlo Giorgetti, Bank of Italy Governor Fabio Panetta, Japan's Finance Minister Shunichi Suzuki, Bank of Japan Governor Kazuo Ueda, France's Minister for Economy and Finances Bruno Le Maire, Eurogroup President Paschal Donohoe, Bank of France Governor Francois Villeroy de Galhau, European Central Bank (ECB) President Christine Lagarde, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, President of Germany's Federal Reserve Bundesbank Joachim Nagel, World Bank President Ajay Banga, attend a family photo session at the G7 Finance Ministers and Central Bank Governors' meeting in Stresa, Italy, May 24, 2024. REUTERS/Massimo Pinca/File Photo Purchase Licensing Rights
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G7 Finance Leaders to Call on Israel to Maintain Palestinian Bank Links

German Finance Minister Christian Lindner, United States Secretary of the Treasury Janet Yellen, Bank of Canada Governor Tiff Macklem, Canada's Minister of Finance Chrystia Freeland, Italy's Economy Minister Giancarlo Giorgetti, Bank of Italy Governor Fabio Panetta, Japan's Finance Minister Shunichi Suzuki, Bank of Japan Governor Kazuo Ueda, France's Minister for Economy and Finances Bruno Le Maire, Eurogroup President Paschal Donohoe, Bank of France Governor Francois Villeroy de Galhau, European Central Bank (ECB) President Christine Lagarde, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, President of Germany's Federal Reserve Bundesbank Joachim Nagel, World Bank President Ajay Banga, attend a family photo session at the G7 Finance Ministers and Central Bank Governors' meeting in Stresa, Italy, May 24, 2024. REUTERS/Massimo Pinca/File Photo Purchase Licensing Rights
German Finance Minister Christian Lindner, United States Secretary of the Treasury Janet Yellen, Bank of Canada Governor Tiff Macklem, Canada's Minister of Finance Chrystia Freeland, Italy's Economy Minister Giancarlo Giorgetti, Bank of Italy Governor Fabio Panetta, Japan's Finance Minister Shunichi Suzuki, Bank of Japan Governor Kazuo Ueda, France's Minister for Economy and Finances Bruno Le Maire, Eurogroup President Paschal Donohoe, Bank of France Governor Francois Villeroy de Galhau, European Central Bank (ECB) President Christine Lagarde, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, President of Germany's Federal Reserve Bundesbank Joachim Nagel, World Bank President Ajay Banga, attend a family photo session at the G7 Finance Ministers and Central Bank Governors' meeting in Stresa, Italy, May 24, 2024. REUTERS/Massimo Pinca/File Photo Purchase Licensing Rights

G7 finance leaders will call on Israel to maintain correspondent banking links between Israeli and Palestinian banks to allow vital transactions, trade and services to continue, according to a draft joint statement seen by Reuters on Saturday.

The statement, to be released at the end of a Group of Seven finance ministers and central bank governors' meeting in northern Italy, also calls for Israel "to release withheld clearance revenues to the Palestinian Authority, in view of its urgent fiscal needs"

"We call on Israel to take the necessary measures to ensure that correspondent banking services between Israeli and Palestinian banks remain in place, so that vital financial transactions and critical trade and services continue," the draft statement said, Reuters reported.

The G7 finance leaders also called for the removal or relaxation of other measures "that have negatively impacted commerce to avoid further exacerbating the economic situation in the West Bank."

The statement echoes a warning on Thursday from U.S. Treasury Secretary Janet Yellen, who said the failure to renew a soon-to-expire banking waiver would cut off a critical lifeline for the Palestinian territories amid a devastating conflict in Gaza.

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ROSHN Group, Saudi Tourism Ministry Sign Memorandum of Collaboration

ROSHN and the ministry will discuss potential tourism investments and sector-specific opportunities. SPA
ROSHN and the ministry will discuss potential tourism investments and sector-specific opportunities. SPA
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ROSHN Group, Saudi Tourism Ministry Sign Memorandum of Collaboration

ROSHN and the ministry will discuss potential tourism investments and sector-specific opportunities. SPA
ROSHN and the ministry will discuss potential tourism investments and sector-specific opportunities. SPA

ROSHN Group, a Public Investment Fund-owned company, has signed a Memorandum of Collaboration with the Saudi Ministry of Tourism that will support the realization of the Kingdom’s National Tourism Strategy and the achievement of targets, including welcoming 150 million tourists and generating one million tourism-related jobs by 2030.

The partnership between ROSHN, a major player in Saudi Arabia’s property development sector, and the Ministry will advance the Kingdom’s tourism industry through collaborative efforts in developing tourism destinations, sharing data, insights, and knowledge, and rolling out training programs for young Saudis for different career opportunities in the industry.

ROSHN and the ministry will discuss potential tourism investments and sector-specific opportunities.

“ROSHN is a leading player nationally in developing destinations and communities, and we are looking forward to working with ROSHN to collaborate on how we can best support the Kingdom’s tourism aspirations as spelt out by the National Tourism Strategy,” said Mahmoud Abdulhadi, Deputy Minister of Tourism Destinations Enablement.

The collaboration includes a comprehensive framework to support the development of tourism capabilities and infrastructure across Saudi Arabia, promoting quality of life for both Saudi nationals and visitors from abroad. ROSHN’s current development portfolio includes retail and entertainment to complement its community living for its current and future residents.

“With a portfolio that includes communities and destinations throughout the Kingdom, ROSHN is already playing a role in promoting Saudi Arabia as a preferred place to visit,” explained Yassen Kattan, Head of Strategy and Corporate Affairs, ROSHN Group. “Our collaboration with the Ministry of Tourism underscores our dedication to pursuing developments that create memorable experiences for all, with a focus on quality of life and entertainment as we look to contribute to Saudi Vision 2030.”