Saudi Arabia Contributes More than $87 Billion in International Aid to Combat Poverty

Saudi Minister of Economy and Planning during his speech at the 2023 SDG Summit (Asharq Al-Awsat)
Saudi Minister of Economy and Planning during his speech at the 2023 SDG Summit (Asharq Al-Awsat)
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Saudi Arabia Contributes More than $87 Billion in International Aid to Combat Poverty

Saudi Minister of Economy and Planning during his speech at the 2023 SDG Summit (Asharq Al-Awsat)
Saudi Minister of Economy and Planning during his speech at the 2023 SDG Summit (Asharq Al-Awsat)

Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim has announced that Saudi Vision 2030 was highly consistent with the UN Sustainable Development Goals (SDG), revealing that the Kingdom contributed more than $87 billion in international aid to combat poverty and advance development.

The minister was speaking during his participation in the 2023 SDG Summit, in New York.

This year’s SDG Summit is the second since the adoption of the 2030 Agenda in 2015, and aims to accelerate progress towards achieving the 17 sustainable development goals within the 2030 Agenda for Sustainable Development.

Al-Ibrahim stressed that Saudi Arabia has become an international investment power, and plays an important role in mobilizing resources to achieve sustainable growth.

Highlighting the recently launched Global Water Organization, the minister said: “It is a monumental step that champions international innovation and it is a call to action for nations worldwide to come together.”

In this context, the minister said that the Kingdom has contributed more than $87 billion in international aid to combat poverty and advance development.

He added that the National Transformation Program, one of the Vision 2030 initiatives, led by Saudi Crown Prince Mohammed bin Salman, was strongly consistent with the UN goals of sustainable development.

Leaders of the UN member-states, as well as ministers, and representatives of international organizations, the private sector and civil society participated in the summit, which is chaired by the President of the United Nations General Assembly.

Meanwhile, Al-Ibrahim met with the Swedish Minister of International Cooperation and Foreign Trade, Johan Forssell, with whom he discussed bilateral economic and investment relations, and a number of issues of common interest, including the need to intensify international cooperation to accelerate the implementation of the SDGs.



Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
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Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo

Oil prices trimmed earlier gains on Wednesday as the dollar strengthened but continued to find support from a tightening of supplies from Russia and other OPEC members and a drop in US crude stocks.

Brent crude was up 21 cents, or 0.27%, at $77.26 a barrel at 1424 GMT. US West Texas Intermediate crude climbed 27 cents, or 0.36%, to $74.52.

Both benchmarks had risen more than 1% earlier in the session, but pared gains on a strengthening US dollar.

"Crude oil took a minor tumble in response to a strengthening dollar following news reports that Trump is considering declaring a national economic emergency to provide legal ground for universal tariffs," added Ole Hansen, analyst at Saxo Bank.

A stronger dollar makes oil more expensive for holders of other currencies.

"The drop (in oil prices) seems to be driven by a general shift in risk sentiment with European equity markets falling and the USD getting stronger," said UBS analyst Giovanni Staunovo.

Oil output from the Organization of the Petroleum Exporting Countries fell in December after two months of increases, a Reuters survey showed.

In Russia, oil output averaged 8.971 million barrels a day in December, below the country's target, Bloomberg reported citing the energy ministry.

US crude oil stocks fell last week while fuel inventories rose, market sources said, citing American Petroleum Institute figures on Tuesday.

Despite the unexpected draw in crude stocks, the significant rise in product inventories was putting those prices under pressure, PVM analyst Tamas Varga said.

Analysts expect oil prices to be on average down this year from 2024 due in part to production increases from non-OPEC countries.

"We are holding to our forecast for Brent crude to average $76/bbl in 2025, down from an average of $80/bbl in 2024," BMI, a division of Fitch Group, said in a client note.