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Saudi Fund for Development Finances 3 Development Projects in Serbia Worth $205 Million

The agreements cover three projects - SPA
The agreements cover three projects - SPA
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Saudi Fund for Development Finances 3 Development Projects in Serbia Worth $205 Million

The agreements cover three projects - SPA
The agreements cover three projects - SPA

The Saudi Fund for Development (SFD) has signed three development loan agreements with the Republic of Serbia worth $205 million to fund key projects supporting the agriculture, education, and energy sectors, according to an SFD press release issued today.
This partnership, marking the SFD’s first presence in Serbia, is aimed at fostering the country’s long-term socioeconomic growth. The agreements cover three projects: $75 million for the Strengthen Irrigation Infrastructure in Different Areas Project, $65 million for the Construction of the Bio4 Campus in Belgrade Project, and $65 million for the Development of Transmission System Operator (Phase 1) Project, SPA reported.
Deputy Prime Minister and Minister of Finance of Serbia Siniša Mali stated: “We are grateful for the support. The projects for which this money is intended will contribute to the creation of new jobs, strengthening of our economy, and better positioning of the Republic of Serbia in the world scientific community.”
He added: “The agreements will also reinforce the long-term partnership between the Republic of Serbia and the Kingdom of Saudi Arabia and contribute to the implementation and development of important projects in our country.”
CEO of the SFD Sultan Al-Marshad said: “Supporting sustainable development through strategic funding in infrastructure and education is central to our mission.”
According to the release, the SFD is committed to supporting sustainable development globally. As the official development arm of the Kingdom of Saudi Arabia, the SFD has financed more than 800 projects in over 100 countries, with total funding of $20 billion. In 2024, the SFD celebrated 50 years of advancing global development, with recent expansions into 11 new countries, including Serbia.

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Inflation in Saudi Arabia Reaches 1.7% in September amid Rising Housing Costs

Food and beverage prices rose by 0.8% (SPA)
Food and beverage prices rose by 0.8% (SPA)
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Inflation in Saudi Arabia Reaches 1.7% in September amid Rising Housing Costs

Food and beverage prices rose by 0.8% (SPA)
Food and beverage prices rose by 0.8% (SPA)

The inflation rate in Saudi Arabia recorded 1.7% in September on a year-on-year basis, rising from 1.6% in July, with housing rents once again acting as the main driver.

According to data from the General Authority for Statistics (GASTAT) released on Tuesday, housing rents overall increased by 11.2% in September, with apartment rental prices rising by 10%. This contributed to the overall increase in the housing, water, electricity, gas, and other fuel categories, which collectively jumped by 9.3%.

Rising rental prices have been the main driver of inflation in Saudi Arabia for most of this year. This comes as housing prices in the Kingdom are being fueled by limited property supply, alongside population growth and the influx of expatriates seeking housing in the Kingdom.

Food and beverage prices rose by 0.8%, while the restaurant and hotel sector increased by 1.7%, driven by a 1.5% rise in catering services. The education sector also saw a 1.6% increase, primarily due to a 3.8% rise in middle and secondary school tuition fees.

On the other hand, transport prices fell by 3.3%, benefiting from a 4.5% drop in vehicle purchase costs. Home furnishings and equipment prices decreased by 3.7%, influenced by a 7% decline in the prices of furniture and carpets, and a 3.2% drop in clothing and footwear.

On a monthly basis, inflation rose by 0.1%, driven by a 0.6% increase in housing, water, electricity, gas, and other fuel prices. Food and beverage prices increased by 0.3% compared to August, while transport prices fell by 0.4%.