Who's Who in the Saudi G20

Who's Who in the Saudi G20
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Who's Who in the Saudi G20

Who's Who in the Saudi G20

The G20 Leaders’ Summit kicked off Saturday, bringing together leaders from the world’s leading economies to address global pressing issues.

The G20 Saudi Presidency has demonstrated determined and effective leadership in not only gathering the world leaders but also taking collective action that benefits the world.

The Saudi Presidency is led by His Majesty King Salman bin Abdulaziz Al Saud as the Head of State, with the agenda and direction of the presidency held under his direction, supported by His Royal Highness Crown Prince Mohammed bin Salman Al Saud. Dr. Fahad Toonsi is the Secretary-General for the G20 Saudi Secretariat, tasked with the responsibility of overseeing and supporting the implementation of the G20 Presidency work this year.

The Sherpa Track is led by Dr. Fahad Al-Mubarak, who has been the G20 Saudi Sherpa since 2018. Under this track, ministers of the Kingdom chaired ministerial meetings related to socio-economic issues. The ministers include His Royal Highness Prince Abdulaziz Bin Salman Al Saud, who chaired the Energy Ministerial Meeting, Dr. Tawfiq Al Rabiah for Health, Dr. Majid Al-Qasabi, and Eng. Khaled AlFalih, who led the Trade & Investment Ministers Meeting. The Environment, Agriculture, and Water Ministers Meetings were chaired by Eng. Abdulrahman AlFadley, while Eng. Abdullah Al-Swaha chaired the Digital Economy Ministerial Meeting. Dr. Hamad Alshaikh chaired the education ministerial meeting and Eng. Ahmed Al-Rajhi chaired the one on labor and employment. Ahmad Al-Khatib chaired the meeting for Tourism Ministers, and Mazin Al-Kahmous led the discussions on the first-ever Anti-Corruption Ministerial Meeting under the G20. Her Highness Princess Haifa AlMogrin chaired the Development Working Group.

The Finance Track is led by Mohammed Al-Jadaan, Minister of Finance, and Dr. Ahmed Alkholifey, the Governor of the Saudi Arabian Monetary Agency. With their leadership, the working groups for the finance track focused on economic response to global pandemic including debt relief for developing nations, infrastructure, financial inclusion, economic growth, international financial architecture, and the global economy.



Lebanon Bans Dealing with Hezbollah Financial Entity

A view shows Lebanon's Central Bank building in Beirut, Lebanon April 4, 2025. REUTERS/Mohamed Azakir/File Photo
A view shows Lebanon's Central Bank building in Beirut, Lebanon April 4, 2025. REUTERS/Mohamed Azakir/File Photo
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Lebanon Bans Dealing with Hezbollah Financial Entity

A view shows Lebanon's Central Bank building in Beirut, Lebanon April 4, 2025. REUTERS/Mohamed Azakir/File Photo
A view shows Lebanon's Central Bank building in Beirut, Lebanon April 4, 2025. REUTERS/Mohamed Azakir/File Photo

Lebanon's central bank has banned banks and brokerages from dealing with a Hezbollah-affiliated financial institution, according to a circular, a sign of the group's diminished sway over state affairs since its devastating war with Israel.

Keeping up military pressure on the Iran-backed group, Israel on Tuesday launched some of its heaviest airstrikes since a ceasefire in November, saying it hit training camps and weapons depots in east Lebanon. A security source in Lebanon said 12 people were killed, five of them Hezbollah fighters, Reuters reported.

Hezbollah has faced mounting pressures since the war, including financial ones.

In the circular, dated July 14 and reviewed by Reuters, Banque du Liban prohibited all licensed financial institutions in Lebanon from dealing directly or indirectly with unlicensed entities and listed Hezbollah's Al-Qard Al-Hassan as an example.

The US Department of Treasury imposed sanctions on Al-Qard Al-Hassan in 2007, saying Hezbollah used it as a cover to manage "financial activities and gain access to the international financial system".

Bolstered by its powerful arsenal, Hezbollah had long exercised decisive influence over Lebanese state affairs, but it was unable to impose its will in the formation of a post-war government in February.

Al-Qard Al-Hassan, founded in 1983, describes itself as a charitable organisation which provides loans to people according to Islamic principles that forbid interest. Israel struck some of its branches during its war with Hezbollah last year.

Operating as a not-for-profit organisation under a licence granted by the Lebanese government, it has more than 30 branches, mostly in southern Lebanon and the Bekaa Valley.

SHADOW ECONOMY

A Lebanese official said the central bank move had been in the works for months, and reflected US pressure on Lebanon to take action against Hezbollah's financial wing.

Nassib Ghobril, chief economist at Byblos Bank, said Lebanese banks were already careful to avoid dealing with Al-Qard Al-Hassan because it is under US sanctions.

"The important point is that finally the authorities are addressing the shadow economy in Lebanon, which is the real problem," he said, adding that authorities had long failed to address its "toxic effects".

In June, the European Commission included Lebanon in an updated list of high-risk jurisdictions presenting strategic deficiencies in their national anti-money laundering and countering the financing of terrorism.

Last year, global financial crime watchdog FATF placed Lebanon on its "grey list" of countries under special scrutiny.