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Riyadh to Host Saudi Rail Conference and Exhibition on November 20-21

The conference aligns with SAR's efforts to achieve the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030 by attracting and localizing cutting-edge railway technologies. (Saudi Arabia Railways)
The conference aligns with SAR's efforts to achieve the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030 by attracting and localizing cutting-edge railway technologies. (Saudi Arabia Railways)
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Riyadh to Host Saudi Rail Conference and Exhibition on November 20-21

The conference aligns with SAR's efforts to achieve the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030 by attracting and localizing cutting-edge railway technologies. (Saudi Arabia Railways)
The conference aligns with SAR's efforts to achieve the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030 by attracting and localizing cutting-edge railway technologies. (Saudi Arabia Railways)

Riyadh is slated to host the inaugural edition of the Saudi Rail Conference and Exhibition on November 20-21, under the patronage of Minister of Transport and Logistic Services and Chairman of Saudi Arabia Railways (SAR) Saleh Al-Jasser.

The event will highlight the advancements and innovations in the railway sector and gather insights from local and international perspectives.

Al-Jasser emphasized that the event aligns with the transformative developments taking place in the Kingdom's transportation and logistics sector, particularly in the railway industry, and highlighted the substantial support provided by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, to the sector.

Al-Jasser underscored the pivotal role railways play in driving the Kingdom's economic and social development by facilitating the movement of people and goods, helping to boost trade and tourism, serving Hajj and Umrah pilgrims, and contributing to reducing emissions by decreasing the number of daily car and truck trips.

He reiterated the Kingdom's commitment to advancing railway infrastructure, enhancing rail network efficiency, and improving user services.

Several national railway projects are underway as part of the Kingdom's strategic vision to strengthen its position as a leading global logistics hub, he went on to say.

SAR CEO Dr. Bashar AlMalik said that by hosting this event, Saudi Arabia reinforces its leading position in the transport and logistics sector, and positions itself as a global hub for railway operators.

The conference, one of the largest events of its kind in the Middle East and North Africa region, will be attended by a large number of industry experts. Over 200 local and international speakers will engage in panel discussions focused on cutting-edge innovations and solutions in the railway sector.

It will feature more than 200 exhibitors, offering a crucial platform for networking and exchange of knowledge among key industry stakeholders.

The conference aligns with SAR's efforts to achieve the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030 by attracting and localizing cutting-edge railway technologies, solidifying the Kingdom's position as a global logistics hub that collaborates with both domestic and international stakeholders.

SAR's network has expanded to include three intercity lines: the North Railway, the East Railway, and the Haramain High-Speed Railway, inaugurated by the Custodian of the Two Holy Mosques in 2018.

The network also encompasses key urban lines, including the Mashaer Train (serving pilgrims), the Riyadh Metro, the King Abdulaziz International Airport Railway in Jeddah, and the Princess Noura University Railway. In total, the railway network spans over 5,500 kilometers, demonstrating the Kingdom's commitment to building a comprehensive and interconnected transportation system.

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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.