PIF Executive: Saudi Women Are Partners in the Kingdom’s Development

A recent meeting of the Board of Directors of the Public Investment Fund (PIF), chaired by Saudi Crown Prince Mohammed bin Salman. In the framework, the PIF Secretary General and the Legal Adviser. (Photo: Asharq Al-Awsat)
A recent meeting of the Board of Directors of the Public Investment Fund (PIF), chaired by Saudi Crown Prince Mohammed bin Salman. In the framework, the PIF Secretary General and the Legal Adviser. (Photo: Asharq Al-Awsat)
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PIF Executive: Saudi Women Are Partners in the Kingdom’s Development

A recent meeting of the Board of Directors of the Public Investment Fund (PIF), chaired by Saudi Crown Prince Mohammed bin Salman. In the framework, the PIF Secretary General and the Legal Adviser. (Photo: Asharq Al-Awsat)
A recent meeting of the Board of Directors of the Public Investment Fund (PIF), chaired by Saudi Crown Prince Mohammed bin Salman. In the framework, the PIF Secretary General and the Legal Adviser. (Photo: Asharq Al-Awsat)

Shihana Alazzaz is one of the most prominent Saudi female figures. Today, she occupies a remarkable position in one of the most vital sectors in the country, as the General Legal Counsel and Secretary General of the Board of Directors of the Public Investment Fund (PIF).

In an interview with Asharq Al-Awsat, Alazzaz talked about women’s empowerment in Saudi Arabia and the qualitative shift brought about by the Kingdom’s Vision 2030.

“Today, the Saudi woman is walking at a steady pace and firm determination behind the Custodian of the Two Holy Mosques, an inspiring Crown Prince and an ambitious vision, after overcoming the challenges of the past, with the acceleration of the development of laws and procedures that guarantee her rights and ensure her participation in both economic and societal progress,” she said.

She encouraged Saudi women to actively engage in the development of their country.

“We must continue the march and work with determination without any delay or retreat, to seize the opportunities and enter the labor market with competence, pioneering spirit and open-mindedness that accepts competition and risk,” she underlined.

Asked about the achievements of Saudi female leaders, Alazzaz stressed that societies flourish with the effectiveness of their members, women and men.

“Undoubtedly, the success of women is positively reflected on the family and the entire community, and is considered one of the foundations for advancement and prosperity. Human civilizations, throughout history, have witnessed the positive and inevitable role of women,” she affirmed.

Underlining the importance of Saudi women’s engagement in the Kingdom’s march towards achieving Vision 2030, Alazzaz called on female leaders and entrepreneurs to consolidate their successes and aim for broader horizons.

“Let us imagine what our societies can achieve by stimulating other aspects of women’s engagement in the labor market, economy, entrepreneurship, science, education and research, in addition to their participation in decision-making, drawing strategies, setting policies, strengthening international relations and diplomacy, and other contributions in which women can have a leadership, effective and positive role,” she stated.

According to the PIF secretary-general, the successes of Saudi women in some areas have surpassed their counterparts from all over the world. She emphasized that their names have emerged in the fields of medicine, engineering, literature and others, adding that some of them have received international patents, awards and certificates of appreciation.

Alazzaz told Asharq Al-Awsat that the qualitative shift brought about by Vision 2030 was based on an important strategic principle: “The human being is the change maker in economic and social development. Accordingly, the vision adopted fundamental principles for empowering women socially and economically, making them an efficient partner in the development of the homeland.”

Asked about her role in PIF, she said: “My work in the Public Investment Fund is a professional and patriotic duty in the first place, and a proof of the confidence of our leaders in the national women cadres and the availability of opportunities based on competence without discrimination.”

“We always strive to achieve more, fulfill the aspirations of our leaders, and efficiently cooperate with every colleague and official,” Alazzaz concluded.



Dollar Hits 2-week Low as Traders Ponder Trump Tariff Plans

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
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Dollar Hits 2-week Low as Traders Ponder Trump Tariff Plans

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo

The dollar touched a fresh two-week low on Wednesday, as a lack of clarity on President Donald Trump's plans for tariffs kept financial markets guessing and left the greenback struggling to regain ground against major currencies. Trump said late on Tuesday that his administration was discussing imposing a 10% tariff on goods imported from China on Feb. 1, the same day that he previously said Mexico and Canada could face levies of around 25%.

He also vowed duties on European imports, without providing further details.

Despite those threats, a lack of specific plans from Trump's first day in office saw the dollar start the week with a 1.2% slide against a basket of major peers. It stabilized on Tuesday, ending flat after an attempted rebound fizzled, with US officials saying any new taxes would be imposed in a measured way. The dollar index, which tracks the currency against six top rivals, touched its lowest since Jan. 6 at 107.75 on Wednesday, paring an earlier rise in the index. It was last down 0.15% at 107.97.

"Tariffs have again grabbed the headlines overnight as Trump commented in the evening that his threat of a new 10% tariff on China was still on the table...," said Deutsche Bank's Jim Reid.

"Trump's comments leave plenty of near-term uncertainty even though the trade investigations from his day 1 executive orders will take some time to play out."

Trump on Monday signed a broad trade memorandum, ordering federal agencies to complete comprehensive reviews of a range of trade issues by April 1. The greenback rose 0.3% to 156 yen, edging up from the one-month low it touched the day before.

INFLATION RISKS The euro fell 0.3% in early trading, before it changed course and rose to $1.0457, its highest since Dec. 30. It was last up 0.07% at $1.0434. Sterling hit a two-week high against the greenback, but was last trading down at $1.2351.

Analysts have said that Trump's policies on immigration, tax and tariffs will likely boost growth but also be inflationary, but the more cautious tariff approach has fuelled some hopes that inflation risks could be more limited, Reuters reported.

Traders expect a quarter-point Fed interest rate cut by July, while another reduction by year-end is considered a coin toss. The Canadian dollar was slightly weaker at 1.4346 per US dollar, following a volatile week that saw it tumble as low as 1.4520 overnight for the first time since March 2020, feeling additional pressure from cooling inflation last month. The Mexican peso gained about 0.3% to 20.547 per dollar. China's yuan held steady at 7.272 per dollar in offshore trading, after pushing to the strongest level since Dec. 11 on Tuesday at 7.2530.

"A 10% tariff on China imports would be far below the 60% rate he mentioned in his campaign," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets.

"On top of this is the general sense that Trump is not pursuing maximalist trade protectionism in his early actions, but appears to be positioning for trade negotiations," Tan said.

"Altogether these suggest that the US dollar could drop further."