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Saudi Arabia Sponsors Comprehensive Economic Reform in Yemen with $ 1Bln

The AMF, under the sponsorship of Saudi Arabia, signed a $1 billion agreement with the Yemeni government to revitalize its economy. (Saba News Agency)
The AMF, under the sponsorship of Saudi Arabia, signed a $1 billion agreement with the Yemeni government to revitalize its economy. (Saba News Agency)
    Riyadh –Omar al-Badwi – Aden – Mohammed Nasser
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Saudi Arabia Sponsors Comprehensive Economic Reform in Yemen with $ 1Bln

The AMF, under the sponsorship of Saudi Arabia, signed a $1 billion agreement with the Yemeni government to revitalize its economy. (Saba News Agency)
The AMF, under the sponsorship of Saudi Arabia, signed a $1 billion agreement with the Yemeni government to revitalize its economy. (Saba News Agency)

Sponsored by Saudi Arabia, the Arab Monetary Fund (AMF) signed a $1 billion agreement to support Yemen's economic reform program. The new package will help rebuild institutions and strengthen governance and transparency.

Together with the signing of the agreement, the Yemeni rial’s exchange rate in the interim capital, Aden, and other liberated areas witnessed remarkable improvement against foreign currencies, money exchangers told Asharq Al-Awsat.

The agreement was signed in the presence of Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan and Saudi Ambassador to Yemen, Mohammed Al Jaber, who is also the Supervisor General of Saudi Development and Reconstruction Program of Yemen (SDRPY).

The Yemeni finance minister, the central bank governor and the AMF chairman signed the agreement in the headquarters of the Saudi finance ministry in Riyadh.

The program is set to provide support for the Yemeni government's efforts to stabilize the economy from 2022 to 2025.

It aims to establish the foundations of economic, financial, and monetary stability in Yemen.

AMF Director General Chairman of the Board Abdulrahman Al Hamidy valued Saudi Arabia’s support to achieve economic, monetary, and financial stability in the countries of the region and abroad.

Al Hamidy noted that Saudi Arabia’s active membership in the G20 has strengthened the Kingdom’s international role, making it the largest supporter of Arab and regional financial institutions.

According to Al Hamidy, the program also focuses on a package of reforms aimed at strengthening the financial position of the Yemeni government, developing the financial and banking sector, creating an enabling environment to enhance the role of the private sector, and involving it in the process of sustainable economic development.

Salem Saleh Bin Braik, the Yemeni finance minister, reaffirmed that Saudi Arabia’s support for Yemen is longstanding.

Braik pointed out that Saudi Arabia’s support comes at a time when Yemen and its people are in dire need, especially considering the Houthi terrorist group’s insistence on inflicting more hardships on Yemenis.

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Gulf

Attacks from Iraq on East-West Pipeline Draw Strong Condemnations

Saudi Aramco logo. Reuters
Saudi Aramco logo. Reuters
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Attacks from Iraq on East-West Pipeline Draw Strong Condemnations

Saudi Aramco logo. Reuters
Saudi Aramco logo. Reuters

Attacks on a key Saudi oil pipeline launched from Iraqi territory drew on Saturday strong condemnations from many countries and organizations.

The Saudi Foreign Ministry blamed the attacks on the East-West pipeline in the Riyadh and Madinah regions on several drones that came from Iraq and, in a statement, said the Kingdom would not retaliate to give the Iraqi government “an opportunity to take the necessary measures.”

For its part, the Iraqi government strongly condemned the attacks, reiterating its categorical rejection of any aggression that threatens the Kingdom's security, stability, or bilateral relations.

Iraqi Prime Minister and Commander-in-Chief of the Armed Forces Ali Al-Zaidi ordered an immediate investigation to determine the circumstances of the strikes and identify the perpetrators.

In a statement carried by the Iraqi News Agency, Spokesperson for the Commander-in-Chief of the Armed Forces Sabah Al-Numan emphasized that Baghdad will take strict legal action against anyone implicated in the assault, stressing that the state will not tolerate activities that jeopardize Iraq's national security or its ties with brotherly nations.

Al-Numan voiced appreciation for Saudi Arabia's measured response and constructive engagement with Baghdad's efforts to de-escalate tensions, noting that this stance underscores Riyadh's commitment to regional stability and bilateral cooperation.

He reaffirmed that Iraq's territory and airspace will not serve as a launchpad for hostile actions against any state. He reiterated Baghdad's dedication to upholding state sovereignty, good neighborliness, and regional diplomacy, ensuring relations with neighboring nations foster mutual stability rather than conflict.

Also, UAE, Qatar, Bahrain, Jordan, Oman, Egypt, Libya, Syria, Lebanon, Pakistan, OIC, the Arab Parliament, the Gulf Cooperation Council (GCC) and the Muslim World League (MWL) were quick to condemn the attacks.

The separate statements all stressed full solidarity with Saudi Arabia and backed all measures taken by the Kingdom to safeguard its territory. 

 

Gulf

Saudi Foreign Minister Receives Phone Call from British Counterpart

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah in Moscow on July 4, 2025. (Reuters)
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah in Moscow on July 4, 2025. (Reuters)
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Saudi Foreign Minister Receives Phone Call from British Counterpart

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah in Moscow on July 4, 2025. (Reuters)
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah in Moscow on July 4, 2025. (Reuters)

Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah received a phone call on Saturday from Secretary of State for Foreign, Commonwealth and Development Affairs of the United Kingdom Edward Miliband.

During the call, the two sides discussed regional developments.

According to SPA, at the outset, Miliband renewed his country's solidarity with Saudi Arabia following the attacks launched by the Houthi militia, stressing the Kingdom's right to take necessary measures to defend its security and capabilities in accordance with international law.

The two sides also discussed the importance of intensifying joint efforts to ensure the security and freedom of navigation in waterways, contributing to regional security and stability and protecting global trade and supply chains from the repercussions of the current crisis.

Gulf

Saudi Arabia Welcomes Launch of Global Alliance for South-South and Triangular Cooperation

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Arabia Welcomes Launch of Global Alliance for South-South and Triangular Cooperation

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

Saudi Arabia has welcomed the launch of the Global Alliance for South-South and Triangular Cooperation, emphasizing its importance in enhancing integration and reducing duplication of efforts while respecting countries’ national priorities.

In the Kingdom’s speech delivered on the occasion of the United Nations Day for South-South Cooperation, Saudi Permanent Representative to the United Nations Ambassador Dr. Abdulaziz Alwasil said Saudi Vision 2030 aligns with the priorities of South-South cooperation, particularly in economic diversification, digital transformation, innovation, sustainability, youth empowerment, and the private sector, SPA reported.

He noted that the Saudi Fund for Development has contributed to supporting and financing development projects and programs in more than 100 developing countries across various vital sectors, affirming Saudi Arabia’s commitment to continuing to work with member states, the United Nations, and partners to strengthen cooperation and achieve more prosperous, sustainable, and inclusive development.