Saudi Presidency of G20 Gives Rise to Global Initiatives

Saudi Presidency of G20 produced dozens of global initiatives in vital areas. (Bashir Saleh)
Saudi Presidency of G20 produced dozens of global initiatives in vital areas. (Bashir Saleh)
TT

Saudi Presidency of G20 Gives Rise to Global Initiatives

Saudi Presidency of G20 produced dozens of global initiatives in vital areas. (Bashir Saleh)
Saudi Presidency of G20 produced dozens of global initiatives in vital areas. (Bashir Saleh)

The 2020 G20 Riyadh summit, held under the Saudi Presidency of the G20, has produced initiatives and created international pathways that contribute to resolving challenges troubling a multitude of vital sectors.

Saudi Arabia’s hosting of G20 activities has given rise to global strategic initiatives. Riyadh served as a platform for launching initiatives in the fields of health, energy, education, technology, trade and development.

Activating such initiatives was a remarkable achievement for the G20. It was made possible through Riyadh’s reinforced cooperation and coordination with counterparts.

G20 countries have committed to empowering people around the world by generating economic opportunities, enhancing the planet’s sustainability and reaping the benefits of technological progress and innovation.

Saudi Arabia's position at the crossroads of the continents of Asia, Africa and Europe contributed to its important role in highlighting the perspective of the Middle East and North Africa region at the G20.

The 2020 G20 Riyadh summit was the first time the international forum holds its activities in an Arab country and the second time in the Middle East. In 2015, the group held its summit in Antalya.

Saudi Arabia’s G20 Presidency was centered around the theme of “Realizing the Opportunities of the 21st Century.” Three main global domains were tackled.

Empowering people through creating conditions that enable all individuals, especially women and youth, to live, work and prosper represented the first main domain.

Preserving the planet by enhancing cooperative efforts in relation to food and water security, climate change, energy and the environment constituted the second.

Lastly, the G20 focused on opening new horizons that are based on bold and long-term strategies for sharing the benefits of innovation and technological advancement.

Riyadh’s success in launching a number of initiatives with global effect was no accident.

The Saudi economy is considered the largest in the region, enabling the Kingdom to play a special role in the G20 as a country. Sharing common issues with developing countries, Saudi Arabia was able to help bridge the gap between regional and global sides.

Thanks to Saudi Arabia’s focus on financial stability and balance in economic growth, Riyadh was able to translate the meetings of world economic leaders into transforming institutional action in a way that changes the world.



Morocco’s Royal Air Maroc Scales Back Flights Due to Fuel Costs

 People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)
People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)
TT

Morocco’s Royal Air Maroc Scales Back Flights Due to Fuel Costs

 People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)
People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)

Morocco's state-owned carrier Royal Air Maroc (RAM) said on Saturday it would temporarily suspend several routes to African and European destinations due to ‌rising jet ‌fuel prices, ‌elevated ⁠operating costs and ⁠weak demand.

Tensions in the Middle East have driven a surge in global jet fuel ⁠prices, putting ‌pressure ‌on carriers and ‌prompting temporary route suspensions.

RAM ‌will pause flights linking Moroccan airports with several African cities ‌of Bangui, Brazzaville, Kinshasa, Douala, Yaounde and ⁠Libreville, ⁠the airline said in a statement.

It will also halt flights to the European destinations of Malaga, Barcelona, Lyon, Bordeaux, Marseille and Brussels.


Official: Iraq Has Not Yet Applied for an IMF Loan

A floating oil export platform in Basra port, Iraq (Reuters)
A floating oil export platform in Basra port, Iraq (Reuters)
TT

Official: Iraq Has Not Yet Applied for an IMF Loan

A floating oil export platform in Basra port, Iraq (Reuters)
A floating oil export platform in Basra port, Iraq (Reuters)

Financial Advisor to the Iraqi Prime Minister Mazhar Mohammed Saleh revealed on Saturday that Iraq has not yet submitted a formal request for a loan from the International Monetary Fund (IMF).

The Iraqi News Agency quoted Saleh as saying that “Iraq enjoys close relations with the IMF, and since 2003, it has concluded more than five agreements, three of which were Stand-by Arrangements, while the other agreements related to emergency support.”

Iran's war has caused significant disruptions in supply chains, especially in the energy sector, which was severely affected by a near-complete closure of the Strait of Hormuz, through which about 20 percent of global oil supplies pass.

Saleh stated that “the Fund has played a significant role in supporting the Iraqi economy over the past 23 years, especially since Iraq is now considered one of the biggest victims of the ongoing war in the region, considering that 85 percent of its oil exports pass through the Strait of Hormuz. This has caused significant harm and international concern, given that Iraq is an important and active member in the stability of the region and world markets.”

He pointed out that there is an Iraqi government team in contact with the IMF, meeting with Fund officials for consultations twice a year.

He clarified that “Iraq signed an agreement with the IMF on July 7, 2016, for a Stand-by Arrangement by providing a significant loan, which played a major role in supporting the general budget,” noting that “signing an agreement with the Fund is a matter decided by the Iraqi government, and this does not prevent consultations between the two parties, as Iraq is a member of this institution responsible for global stability.”

Saleh mentioned that “Iraq will borrow from the International Monetary Fund if the need arises, but there is no formal request from the government yet, and the current need is for the war in the region to stop, and for its geopolitical impacts on oil exports to cease.”

He added that “technical assistance from the IMF is available now, unlike the issue of financing, which requires the approval of a program by the Iraqi government.”

He explained that “the loan itself represents a reform program to support the budget or to achieve social goals, such as supporting the health and education sectors, because it is a human investment that must be subject to conditions defining expenditure directions and commitment to a reform program agreed upon by the Iraqi state and the IMF.”


Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port

Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port
TT

Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port

Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port

The Saudi Ports Authority (Mawani) has added CMA CGM's Ocean Rise Express (OCR) shipping service to Jeddah Islamic Port, aiming to strengthen maritime connectivity between Saudi Arabia and global markets, support the smooth flow of supply chains, and increase the efficiency of port operations.

The OCR service will connect Jeddah to key international ports, including Kobe, Nagoya, and Yokohama in Japan; Xiamen, Yantian, and Nansha in China; Rotterdam in the Netherlands; Hamburg in Germany; and Southampton in the United Kingdom.

The route will utilize vessels with a capacity of up to 10,000 TEUs, according to SPA.

This addition aligns with Mawani’s efforts to enhance Jeddah Islamic Port’s global competitiveness and support international trade.

By enabling access to new markets, the initiative reinforces the Kingdom's position as a global logistics hub in line with the National Transport and Logistics Strategy and Saudi Vision 2030.