Saudi Economist Appointed Visiting Scholar at Stanford University

Dr. Khalid Alsweilem (Asharq Al-Awsat)
Dr. Khalid Alsweilem (Asharq Al-Awsat)
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Saudi Economist Appointed Visiting Scholar at Stanford University

Dr. Khalid Alsweilem (Asharq Al-Awsat)
Dr. Khalid Alsweilem (Asharq Al-Awsat)

The prestigious Stanford University has recently announced appointing a Saudi economist and investment expert as a visiting scholar.

Stanford Center for Sustainable Development and Global Competitiveness (SDGC) and Stanford Long Term Investing (SLTI) said they are pleased to welcome Dr. Khalid Alsweilem, PhD, as a Visiting Scholar to Stanford.

His research focuses on the study of sovereign wealth funds, with a particular focus on Saudi Arabia’s reserve sovereign funds and their links to the real economy, the University wrote on its official website.

His current efforts complement the theoretical work he did at Harvard’s Department of Economics on portfolio theory approach to public finance in Saudi Arabia and its application to his work as Director General of Investment Department and Chief Investment Officer of the Saudi Arabian Monetary Agency (SAMA) during the past 30 years. SAMA is the Kingdom’s Central Bank.

Dr. Alsweilem has published numerous scholarly pieces focused on the connection between sovereign wealth and the “real economy.”

His most recent book, dubbed “Sovereign Wealth Funds in Resource Economies” was co-authored with Malan Rietveld, Fellow at the Center for International Development at Harvard University, and published in 2018 by Columbia University Press.

The San Francisco-based University is one of the world’s most important universities that have been operating for over a decade. It was credited with technical progress, as it started from its laboratories at the Silicon Valley in the 1960s.

Dr. Alsweilem is a former Fellow at the Belfer Center for Science and International Affairs, Harvard Kennedy School of Government.

He was a lead author for three major papers on sovereign funds models and institutions that were published as joint reports by the Belfer Center for Science and International affairs and the Center for International Development at Harvard.

He is currently working at the Massachusetts Institute of Technology’s Golub Center for Finance and Policy (GCFP).



China Stops Short of Africa Debt Relief as Pledges More Cash

People pass by signage for the Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, China, 01 September 2024. (EPA)
People pass by signage for the Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, China, 01 September 2024. (EPA)
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China Stops Short of Africa Debt Relief as Pledges More Cash

People pass by signage for the Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, China, 01 September 2024. (EPA)
People pass by signage for the Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, China, 01 September 2024. (EPA)

China stopped short of providing the debt relief sought by many African countries this week, but pledged 360 billion yuan ($50.7 billion) over three years in credit lines and investments.
The Forum for China-Africa Cooperation (FOCAC) launched in 2000 took on an enhanced role after the 2013 inception of President Xi Jinping's Belt and Road Initiative (BRI), which aims to recreate the ancient Silk Road for the world's second largest economy and biggest bilateral lender to Africa, Reuters said.
"China is moving back on to the front foot in terms of overseas deployment of capital in the emerging markets," said Tellimer's Hasnain Malik, while adding it was not yet at pre-COVID levels.
China has also sought to use FOCAC to counter growing competition in Africa from the United States, the European Union, Japan and others.
In Beijing, diplomats and delegates from around the world mingled in the Great Hall of the People in Tiananmen Square as leaders from more than 50 African countries and Chinese officials led by Xi gathered for a group photo.
The new financial pledge is more than what Beijing promised at the last FOCAC in 2021, but below the $60 billion of 2015 and 2018, which marked the peak of lending to Africa under the Belt and Road Initiative.
During those peak years, Beijing bankrolled the construction of roads, railways and bridges. But a drying up of funds since 2019 has left Africa with stalled construction projects.
The new funds will go towards 30 infrastructure projects to improve trade links, China said, without giving details.
The 54-nation continent of more than 1 billion people has an annual infrastructure funding deficit estimated at $100 billion, and needs transport links to make a new giant pan-African trade bloc (AfCFTA) a reality.
Beijing has in recent years cut funding for such projects as it shifted focus to "small and beautiful" projects, mainly due to its own domestic economic pressures and an increase in debt risks among African countries.
Asked how the new commitments fit into China's current cautious overseas lending strategy, a foreign ministry spokesperson said there was no contradiction.
"The cooperation between China and African countries, including the specific implementation of projects, is discussed and determined by both sides," Mao Ning, a foreign ministry spokesperson told a regular news conference on Friday.
CURRENCY SWAPS
China also said it will launch 30 clean energy projects in Africa, offer co-operation on nuclear technology and tackle a power deficit that has delayed industrialisation efforts.
"The outcomes of the FOCAC summit signal an impetus for green projects and especially for renewable energy installations," said Goolam Ballim, head of research at South Africa's Standard Bank.
China has become a global leader in wind and solar energy, Ballim said, controlling significant supply chains and reducing production costs.
Others were skeptical.
"The issue is not so much about the size of the investments, it's been about the lack of transparency around the terms of the debt," said Trang Nguyen, global head of emerging markets credit strategy at French bank BNP Paribas.
Success was less clear-cut for countries owing a large share of their debt to China, which made no express offer of assistance to those struggling with repayments.
Beijing instead urged other creditors "to participate in the handling and restructuring of African countries' debts under the principle of joint actions and fair burden-sharing".
African leaders hoping to bask in large deals for their countries had to settle for less splashy announcements.
Ethiopia and Mauritius announced new currency swap lines with China's central bank. Kenya said it made progress on talks to reopen the lending taps for key projects like its modern railway to link the region.
Still, there was optimism from some, as they welcomed China's increased commitments to Africa's security, humanitarian challenges and other non-financial affairs.
"After nearly 70 years of hard work, China-Africa relations are at their best in history," Tanzania's President Samia Suluhu said on her X account.