Saudi Arabia Launches Development Initiative in Africa Worth over $1 Billion

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, at the Saudi-African Summit in Riyadh on Friday. (SPA)
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, at the Saudi-African Summit in Riyadh on Friday. (SPA)
TT

Saudi Arabia Launches Development Initiative in Africa Worth over $1 Billion

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, at the Saudi-African Summit in Riyadh on Friday. (SPA)
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, at the Saudi-African Summit in Riyadh on Friday. (SPA)

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, deputizing for Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, inaugurated the Saudi-African Summit in Riyadh on Friday.

“The Kingdom of Saudi Arabia and African countries are keen to enhance cooperation in a way that contributes to establishing security and peace in the region and the whole world,” said Crown Prince Mohammed in opening the summit.

“We condemn the military aggression witnessed in Gaza Strip, the targeting of civilians, and the continued violation of international humanitarian law by the Israeli occupying authority. We stress the need to stop this war and forced displacement, as well as to create conditions for the return of stability and for achieving peace,” he urged.

“The Kingdom and African countries support all efforts aimed at achieving security and stability. In this regard, we welcome the resumption of the Jeddah talks, with representatives of the two sides of the crisis in Sudan, and hope that the language of dialogue will be the basis for preserving the unity of Sudan, and the security of its people and assets,” he added.

“Saudi Arabia has provided more than $45 billion to support development and humanitarian projects in 54 African countries. The King Salman Humanitarian Aid and Relief Center (KSrelief) aid has reached more than $450 million in 46 African countries. We are determined to develop cooperation and partnership with African countries and expand areas of trade and integration,” he stressed.

“In this regard, we are pleased to announce the launch of the Custodian of the Two Holy Mosques' Development Initiative in Africa by inaugurating development projects and programs worth over $1 billion in countries of the continent over a period of ten years. We also look forward to making new Saudi investments, worth more than $25 billion, in various sectors, financing $10 billion in exports and providing $5 billion in additional development financing to Africa until 2030,” revealed the Crown Prince.

Moreover, he said the Kingdom will increase the number of embassies in Africa to more than 40.

In recognition of Africa's role, the Kingdom of Saudi Arabia was among the first nations to publicly endorse the African Union's bid for permanent membership in the Group of Twenty (G20), he remarked.

“The Kingdom is keen to support innovative solutions to address African debt, as it sought during its presidency of the G20 in 2020 to launch initiatives to suspend debt service payments during the pandemic for low-income countries, and the Common Framework for Debt Treatments initiative in many African,” he continued.

“Saudi Arabia supports sustainable development and recognizes every country's right to utilize their resources and capacities. We reaffirm our commitment to ensuring the security and durability of energy supplies, benefiting from all energy sources, developing clean fuel solutions, and providing food to over 750 million Africans,” he added.

“We aim to host Expo 2030 in Riyadh, to present an unprecedented version in the history of this exhibition that may contribute to projecting a better future for humanity. We look forward to your participation in highlighting the important role of Africa, its human and natural resources, growth opportunities, and future potential,” he stated.

The official Saudi delegation at the event included Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz, Minister of State and Member of the Cabinet Prince Turki bin Mohammed bin Fahd bin Abdulaziz, Minister of Interior Prince Abdulaziz bin Saud bin Naif bin Abdulaziz, Minister of the National Guard Prince Abdullah bin Bandar bin Abdulaziz, Minister of Defense Prince Khalid bin Salman bin Abdulaziz, Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah, and Minister of State, Member of the Cabinet and National Security Advisor Dr. Musaed bin Mohammed Al-Aiban.



Dammam Airports Company Wins Six International ACI Accreditations in Istanbul

King Fahd International Airport also secured accreditation for health and safety compliance - SPA
King Fahd International Airport also secured accreditation for health and safety compliance - SPA
TT

Dammam Airports Company Wins Six International ACI Accreditations in Istanbul

King Fahd International Airport also secured accreditation for health and safety compliance - SPA
King Fahd International Airport also secured accreditation for health and safety compliance - SPA

Dammam Airports Company achieved a significant milestone by receiving six international accreditations in accessibility, health and safety, and customer experience from Airports Council International (ACI) during the 2026 ACI World Airport Experience Summit in Istanbul.

Under accessibility benchmarks, King Fahd, Al-Ahsa, and Al Qaisumah international airports each earned level 1 accessibility accreditation, underscoring the operator's commitment to inclusive infrastructure and services for all traveler categories, SPA reported.

King Fahd International Airport also secured accreditation for health and safety compliance, verifying its operational readiness and adherence to global protective standards.

In customer experience, both Al-Ahsa and Al Qaisumah international airports received level 1 customer experience accreditation, highlighting ongoing upgrades to passenger journey touchpoints and overall service quality.

The recognitions demonstrate Dammam Airports Company's strategic alignment with global aviation best practices across its network, bolstering operational efficiency, safety, and regional connectivity in Eastern Region.


US Diesel Prices Hit New High amid Iran War Disruption

Crude oil, gasoline, and diesel storage tanks at the Kinder Morgan terminal in Los Angeles (Reuters)
Crude oil, gasoline, and diesel storage tanks at the Kinder Morgan terminal in Los Angeles (Reuters)
TT

US Diesel Prices Hit New High amid Iran War Disruption

Crude oil, gasoline, and diesel storage tanks at the Kinder Morgan terminal in Los Angeles (Reuters)
Crude oil, gasoline, and diesel storage tanks at the Kinder Morgan terminal in Los Angeles (Reuters)

The price of diesel -- the vital fuel used for road hauling, agriculture and construction -- hit a new record in the United States on Friday, the AAA motorists' association said amid disruption from the US war with Iran.

The price is now $5.85 a gallon, up from $3.71 a year ago, the AAA said.

Because diesel is used for many freight and delivery networks, higher diesel prices mean higher transportation costs for a long list of everyday goods.

This could add to Republicans’ political challenges ahead of November’s midterm elections, with voters already sour on President Donald Trump’s management of the economy. AP-NORC polling this summer showed two out of three U.S. adults disapproved of how Trump is handling the economy.

More expensive fuel is increasing bills for businesses across sectors — some of which have already passed on costs to consumers in the form of added fees on online orders and packages in the mail. And shoppers may see more and more sticker shock trickle down to store shelves.

One of the most immediate strains is being felt in the grocery aisle, particularly with produce, meat and other perishable foods that need to be hauled in and restocked frequently — or even harvested using diesel-powered farm equipment. It can take time for all of those costs to trickle down.

Still, experts warn that price hikes could mount the longer diesel remains expensive. A range of other products are also transported by diesel trucks, trains and boats, including clothing, cosmetics, furniture and more.

The price for regular gasoline has also been going up, although not as fast as the price of diesel. The average price was $4.15 a gallon, compared with $3.20 at this time last year, according to AAA, which says gas has never been above $4 a gallon on Labor Day. Prices for regular gasoline, however, are far from the record of $5.02 a gallon set in June 2022.


FAO: World Food Prices at Highest Since 2022 as Supply Risks Mount

A vendor loads coconuts into a cart to transport them by tricycle in Quezon City, Metro Manila, Philippines, 04 September 2026. EPA/ROLEX DELA PENA
A vendor loads coconuts into a cart to transport them by tricycle in Quezon City, Metro Manila, Philippines, 04 September 2026. EPA/ROLEX DELA PENA
TT

FAO: World Food Prices at Highest Since 2022 as Supply Risks Mount

A vendor loads coconuts into a cart to transport them by tricycle in Quezon City, Metro Manila, Philippines, 04 September 2026. EPA/ROLEX DELA PENA
A vendor loads coconuts into a cart to transport them by tricycle in Quezon City, Metro Manila, Philippines, 04 September 2026. EPA/ROLEX DELA PENA

World food prices rose in August to their highest since late 2022, as adverse weather and war disruption in the Gulf and Black Sea heightened concern over supply of staples, the United Nations' Food and Agriculture Organization said on Friday.

Extreme heat and drought in Europe, the threat of a severe El Nino weather pattern and trade upheaval caused by the Ukraine and Iran wars have unsettled agricultural markets, pushing grain prices to three-year highs and sugar to a one-year ⁠peak.

The FAO Food ⁠Price Index, which tracks monthly changes in a basket of internationally traded food commodities, averaged 133.3 points in August, up from July's revised reading of 130.8.

That was the highest score since November 2022, though nearly 17% below a record peak from March 2022, ⁠after Russia's full-scale invasion of Ukraine.

"August’s increase in global food prices is a warning that the risk premium is returning to food markets: climate shocks, geopolitical tensions and disrupted trade logistics are converging to tighten supply expectations," FAO Chief Economist Maximo Torero said in a statement, according to Reuters.

The FAO's price benchmarks for cereals, vegetable oils, sugar, meat and dairy all rose in August.

The extreme weather in Europe affected prospects for the maize and sugar beet ⁠harvests ⁠as well as livestock output, while the anticipated El Nino phenomenon fueled concerns for vegetable oil and sugar output, it said.

Escalating attacks in the Black Sea have curtailed grain shipments from Russia and Ukraine in their 4-1/2-year-old war, while the US-Iran conflict was still straining flows of fertilizer for crops.

In a separate report, the agency cut its 2026 global cereal production forecast by 3.4 million metric tons from July to 2.980 billion tons, now 2.0% below 2025, though still the second-largest harvest on record.