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Saudi Arabia to Invest Insurance Authority Funds to Ensure Sustainability

The new authority will regulate the insurance sector in the Kingdom. (Asharq Al-Awsat)
The new authority will regulate the insurance sector in the Kingdom. (Asharq Al-Awsat)
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Saudi Arabia to Invest Insurance Authority Funds to Ensure Sustainability

The new authority will regulate the insurance sector in the Kingdom. (Asharq Al-Awsat)
The new authority will regulate the insurance sector in the Kingdom. (Asharq Al-Awsat)

The Saudi government has granted both the Minister of Finance and the Chairman of the Board of Directors of the Insurance Authority the power to set the appropriate mechanisms to invest the funds of the new entity.

Earlier this month, the Saudi Cabinet, chaired by Crown Prince Mohammed bin Salman, approved the establishment of the Insurance Authority, within an endeavor to foster robust and competitive insurance entities within the Kingdom.

Finance Minister Mohammed Al-Jadaan described this measure as pivotal within the developmental blueprint of the financial sector, a component of the Vision 2030 program designed to boost the role of the insurance sector in the Kingdom.

According to information made available to Asharq Al-Awsat, the Council of Ministers decided to form a committee that includes representatives from the Central Bank and the ministries of finance, human resources, social development and health, as well as the Financial Sector Development Program (FSDP) and the Council of Health Insurance.

The committee is concerned with transferring properties, documents, financial allocations and initiatives related to the insurance sector from the Central Bank to the new body.

The Saudi Cabinet has called on the Health Insurance Council, when studying its draft organization, to take into account that its roles include implementing compulsory health insurance, identifying those covered by compulsory coverage, approving and qualifying health service providers, and operating the Nphies platform.

The Insurance Authority shall coordinate with the Central Bank when exercising the powers and tasks stipulated in its organization and the regulations related to the insurance sector, which have an impact on the monetary conditions and the stability of the financial sector.

The establishment of an independent unified entity concerned with regulating insurance in the Kingdom is expected to enhance the efficiency of this sector, raise its contribution to the non-oil domestic product, and keep pace with developments in the insurance industry around the world.

The Authority will complete the process of the Saudi Central Bank in developing the insurance sector, by providing the appropriate environment to create strong entities capable of competition and growth, supporting the stability of the insurance sector in particular, and the national economy in general, and protecting the interests of beneficiaries and policyholders.

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Saudi Arabia to Host World Economic Forum Global Collaboration and Growth Meeting in April

The Kingdom of Saudi Arabia will host the World Economic Forum (WEF) Global Collaboration and Growth Meeting on April 22-23, 2026 - SPA
The Kingdom of Saudi Arabia will host the World Economic Forum (WEF) Global Collaboration and Growth Meeting on April 22-23, 2026 - SPA
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Saudi Arabia to Host World Economic Forum Global Collaboration and Growth Meeting in April

The Kingdom of Saudi Arabia will host the World Economic Forum (WEF) Global Collaboration and Growth Meeting on April 22-23, 2026 - SPA
The Kingdom of Saudi Arabia will host the World Economic Forum (WEF) Global Collaboration and Growth Meeting on April 22-23, 2026 - SPA

The Kingdom of Saudi Arabia will host the World Economic Forum (WEF) Global Collaboration and Growth Meeting: "Building Common Ground and Reviving Growth" in Jeddah on April 22-23, 2026.

The announcement came during the closing day of the 56th Annual Meeting of the forum in Davos, Switzerland.

Minister of Economy and Planning Faisal Alibrahim confirmed the details of the regular high-level WEF meeting, announced at the 2025 WEF annual meeting, SPA reported.

In his closing remarks at the forum, the minister stressed the need for sustained dialogue to accelerate global growth, calling on participants to engage actively in the World Economic Forum's Global Collaboration and Growth meeting, set to take place in Jeddah in April.

He noted that the meeting will build on the momentum generated by the World Economic Forum's Special Meeting hosted by Riyadh in 2024, affirming that the Kingdom has emerged as a global capital of pragmatism and consequential decision-making.

President of WEF Børge Brende highlighted the forum's deepening engagement with the Kingdom. He said: "We are pleased to return to Saudi Arabia in 2026 to carry forward the conversations started at our annual meeting, creating space for leaders to work together, build trust, and ensure dialogue leads to meaningful collaboration and action."

The announcement of the Kingdom's hosting of the World Economic Forum Global Collaboration and Growth Meeting comes as a continuation of the significant success achieved at the forum's special meeting hosted by Riyadh in April 2024, reinforcing Saudi Arabia's position as a reliable international partner in promoting economic stability and enhancing cooperation between developed and developing economies to confront shared global challenges.

Business

First SDRPY Oil Derivatives Grant Arrives in Yemen's Socotra

The shipment is part of a newly announced SAR1.9 billion economic support package comprising 28 development projects - SPA
The shipment is part of a newly announced SAR1.9 billion economic support package comprising 28 development projects - SPA
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First SDRPY Oil Derivatives Grant Arrives in Yemen's Socotra

The shipment is part of a newly announced SAR1.9 billion economic support package comprising 28 development projects - SPA
The shipment is part of a newly announced SAR1.9 billion economic support package comprising 28 development projects - SPA

The first shipment of the Oil Derivatives Grant from the Saudi Development and Reconstruction Program for Yemen (SDRPY) arrived in Socotra on Friday.

The shipment will be providing fuel for electricity stations in Hadibu, Qalansiyah, Muri, and Alamah and eventually serving over 70 power plants across all Yemeni governorates.

The shipment is part of a newly announced SAR1.9 billion economic support package comprising 28 development projects.

According to SPA, under an agreement with the Yemeni Ministry of Electricity and Energy, SDRPY is providing 339 million liters of diesel and fuel oil valued at $81.2 million, purchased through the Yemeni petroleum company PetroMasila.

This initiative aims to stabilize the electricity sector and support vital infrastructure, including hospitals, schools, and airports, while stimulating economic growth.

The current grant follows previous Saudi fuel support totaling $180 million in 2018, $422 million in 2021, and $200 million in 2022.

Business

EU to Suspend 93 billion Euro Retaliatory Trade Package against US for 6 Months

A container ship is seen at the loading terminal "Altenwerder" in the port of Hamburg, Germany, February 17, 2025. REUTERS/Fabian Bimmer
A container ship is seen at the loading terminal "Altenwerder" in the port of Hamburg, Germany, February 17, 2025. REUTERS/Fabian Bimmer
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EU to Suspend 93 billion Euro Retaliatory Trade Package against US for 6 Months

A container ship is seen at the loading terminal "Altenwerder" in the port of Hamburg, Germany, February 17, 2025. REUTERS/Fabian Bimmer
A container ship is seen at the loading terminal "Altenwerder" in the port of Hamburg, Germany, February 17, 2025. REUTERS/Fabian Bimmer

The European Commission said on Friday it would propose suspending for another six months an EU package ​of retaliatory trade measures against the US worth 93 billion euros ($109.19 billion) that would otherwise kick in on February 7.

The package, prepared in the first half of last year when the European Union was negotiating ‌a trade deal ‌with the United States, ‌was ⁠put ​on ‌hold for six months when Brussels and Washington agreed on a joint statement on trade in August 2025.

US President Donald Trump's threat last week to impose new tariffs on eight European countries ⁠over Washington's push to acquire Greenland had made ‌the retaliatory package a ‍handy tool for the ‍EU to use had Trump followed ‍through on his threat.

"With the removal of the tariff threat by the US we can now return to the important ​business of implementing the joint EU-US statement," Commission spokesman Olof Gill said, Reuters reported.

The ⁠Commission will soon make a proposal "to roll over our suspended countermeasures, which are set to expire on February 7," Gill said, adding the measures would be suspended for a further six months.

"Just to make absolutely clear -- the measures would remain suspended, but if we need them at any point in ‌the future, they can be unsuspended," Gill said.