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King Salman Approves Allocation of 20Bln Riyals to Confront Rising Costs

Custodian of the Two Holy Mosques King Salman bin Abdulaziz. (SPA)
Custodian of the Two Holy Mosques King Salman bin Abdulaziz. (SPA)
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King Salman Approves Allocation of 20Bln Riyals to Confront Rising Costs

Custodian of the Two Holy Mosques King Salman bin Abdulaziz. (SPA)
Custodian of the Two Holy Mosques King Salman bin Abdulaziz. (SPA)

Custodian of the Two Holy Mosques King Salman bin Abdulaziz approved on Monday the allocation of 20 billion riyals to help confront the impact of rising costs around the globe.

The move stems from his keenness on Saudi citizens and aims to protect neediest families as they cope with rising costs, reported the Saudi Press Agency.

Crown Prince Mohammed bin Salman had earlier on Monday stressed the need to take into account the neediest citizens as they grapple with international developments that resulted in rising costs of some basic necessities.

The Crown Prince made his remarks as he chaired a meeting of the Council of Economic and Development Affairs.

According to King Salman’s approval, 10.5 billion riyals will be allocated as direct cash transfers to social security beneficiaries and the Citizen Account program.

The remaining funds will be dedicated to increasing strategic reserves of basic necessities and ensuring their availability.

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Gulf

Bahrain and Oman Deepen Ties During King Hamad’s Visit to Muscat

Oman’s Sultan Haitham bin Tariq and Bahrain’s King Hamad bin Isa Al Khalifa hold talks in Muscat on Tuesday. (BNA)
Oman’s Sultan Haitham bin Tariq and Bahrain’s King Hamad bin Isa Al Khalifa hold talks in Muscat on Tuesday. (BNA)
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Bahrain and Oman Deepen Ties During King Hamad’s Visit to Muscat

Oman’s Sultan Haitham bin Tariq and Bahrain’s King Hamad bin Isa Al Khalifa hold talks in Muscat on Tuesday. (BNA)
Oman’s Sultan Haitham bin Tariq and Bahrain’s King Hamad bin Isa Al Khalifa hold talks in Muscat on Tuesday. (BNA)

Oman and Bahrain held expanded talks this week aimed at bolstering their strong bilateral relations and widening their partnership.

Oman’s Sultan Haitham bin Tariq received Bahrain’s King Hamad bin Isa Al Khalifa in Muscat on Tuesday to discuss opportunities to develop their economic and investment partnership.

They stressed the importance of encouraging the public and private sectors to diversify their fields to meet the aspirations of their people and countries. They also welcomed the establishment of the Omani-Bahraini Investment Company.

King Hamad was in Oman at the head of a senior delegation on January 14 and 15.

The leaders praised the growth of the historic relations between their countries.

They hailed the success of the Omani-Bahraini business council and its role in boosting bilateral cooperation and execution of joint projects that meet their countries’ aspirations.

King Hamad and Sultan Haitham discussed the work of the Gulf Cooperation Council and its success in boosting collective work. They hoped to deepen cooperation and integration between its countries.

They reviewed regional and international developments, underscoring the importance of resolving crises and disputes through peaceful means and bolstering dialogue and international cooperation.

Oman and Bahrain signed 25 agreements and memoranda of understanding during King Hamad’s visit. They covered double taxation, endowments, zakat, meteorology, the stock market, health, media, scientific and educational cooperation, investment opportunities, food security, agricultural production and development and other issues.