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Global Health Exhibition 2024 Kicks off in Riyadh with SAR50 Billion in Investments

The seventh edition of the Global Health Exhibition kicked off in Riyadh on Monday. (SPA)
The seventh edition of the Global Health Exhibition kicked off in Riyadh on Monday. (SPA)
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Global Health Exhibition 2024 Kicks off in Riyadh with SAR50 Billion in Investments

The seventh edition of the Global Health Exhibition kicked off in Riyadh on Monday. (SPA)
The seventh edition of the Global Health Exhibition kicked off in Riyadh on Monday. (SPA)

The seventh edition of the Global Health Exhibition kicked off in Riyadh on Monday.

Held under the slogan "Invest in Health", the exhibition was held under the auspices of the Ministry of Health, supported by the Health Sector Transformation Program, and organized by Tahaluf, a joint venture between Informa PLC, the Saudi Arabian Federation for Cybersecurity, Programming, and Drones (SAFCSP), and the Event Investment Fund (EIF).

At the opening ceremony, Minister of Health Fahad Al-Jalajel highlighted the significance of health transformation in the sector.

"Our goal is for the Kingdom of Saudi Arabia to serve as a hub for addressing the current and future major global challenges by establishing a unified government approach under Vision 2030, in accordance with the principle of health in all policies," he stressed.

"This will be achieved by fostering the development of procedures that support investment in innovation, constructing a health system that leverages the power of digital solutions and artificial intelligence, developing a local health workforce, and attracting the best talents from around the world," he added.

"These are the motivations that drive us to advance our health transformation with practical steps and concrete actions," he went on to say.

"We are proud that the World Health Organization (WHO) has recognized Saudi Arabia's food products as being free of trans fats, placing the Kingdom at the forefront among countries receiving this recognition," he remarked.

The WHO also announced that the Kingdom, represented by the Saudi Food and Drug Authority (SFDA), is the first country in the region to achieve the fourth maturity level in the regulation of medicines and vaccines, which is the highest level in the organization's classification.

Al-Jalajel also noted the expansion of Saudi Board Programs to 170 health programs, which have now been adopted by 3,000 international practitioners.

He announced the launch of the second generation of Taakkad Centers and the digital twin, which will be part of the Sehhaty application. Additionally, he mentioned that the Seha Virtual Hospital has been registered in the Guinness Book of Records as the largest virtual health hospital in the world, and that several distinguished global medical talents have been granted premium residency opportunities.

The exhibition, which runs through October 21 to 23, announced projects valued at over SAR 50 billion, including several key initiatives. Among the most prominent was the announcement of a SAR 4 billion pharmaceutical manufacturing deal among NUPCO, Novo Nordisk, and Sanofi.

Other major projects included SAR 5 billion expansions at Fakeeh Care Group, the establishment of five primary care centers and two hospitals by Almoosa Health Group valued at SAR 3 billion, the acquisition of Al-Salam and Al-Ahsa hospitals in the Eastern Province by Dallah Health, with a total capacity of 749 beds, and the construction of Dallah Hospital in Riyadh with a capacity of 250 beds and the potential for expansion, valued at SAR 4 billion.

Several agreements and partnerships were signed on the sidelines of the exhibition, including a partnership between the Council of Health Insurance and Alfaisal University, a memorandum of understanding (MoU) between Imam Abdulrahman Bin Faisal University and the National Institute for Health and Care Research, and an MoU between the Ministry of Health, represented by the Agency of Engineering Affairs and Supply, and the National Center for Vegetation Development and Combating Desertification.

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Business

Syrian Central Bank Allows Dealings With Global Electronic Payment Companies

Key benefits include allowing Syrians entering the country to use their international bank cards domestically (X).
Key benefits include allowing Syrians entering the country to use their international bank cards domestically (X).
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Syrian Central Bank Allows Dealings With Global Electronic Payment Companies

Key benefits include allowing Syrians entering the country to use their international bank cards domestically (X).
Key benefits include allowing Syrians entering the country to use their international bank cards domestically (X).

The Central Bank of Syria on Monday issued a decision allowing banks and local electronic payment companies to work with global electronic payment companies such as Visa and Mastercard, in a move seen as a step toward modernizing financial infrastructure and expanding digital inclusion.

Central Bank Governor Abdulkader Husrieh said in a statement the decision marks a strategic shift toward a more advanced digital economy and will help facilitate money transfers and payment transactions for Syrians both inside the country and abroad.

He added that the move opens the door to a new phase in the development of electronic payment systems and strengthens Syria’s integration into the global financial system after years of reliance on limited, traditional tools.

Husrieh said the decision enables banks and local electronic payment providers to broaden their services with more advanced and secure payment solutions for individuals and businesses.

Key benefits include allowing Syrians entering the country to use their international bank cards domestically, enabling wider use of Syrian-issued cards abroad, expanding the adoption of electronic payments, reducing reliance on cash, improving user experience, supporting e-commerce and startups, and enhancing the security and reliability of financial transactions.

The governor added that cooperation with global electronic payment companies will help transfer expertise and modern technologies to the local market, improving the efficiency and competitiveness of the financial sector.

The central bank said it continues to implement a package of reforms aimed at rebuilding financial institutions and strengthening monetary policy tools, alongside upgrading electronic payment systems and expanding the digitalization of banking services, in a bid to restore international financial connectivity and create a more efficient and transparent environment to support economic recovery.

Business

Gold Eases as Inflation Jitters, Iran War Cloud US Rate Outlook

AFP: A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul
AFP: A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul
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Gold Eases as Inflation Jitters, Iran War Cloud US Rate Outlook

AFP: A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul
AFP: A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul

Gold prices nudged lower in thin trade on Monday, weighed down by inflation worries that clouded the US monetary policy outlook, while markets awaited developments in US-Iran peace negotiations.

Spot gold was down 0.5% at $4,588.71 per ounce, as of 0655 GMT. US gold futures for June delivery fell 0.9% to $4,600.60.

Markets in China, Japan and the UK are closed for holidays.

Federal Reserve Chair Jerome Powell closed out eight years as head of the US central bank last Wednesday with interest rates on hold and rising concern about inflation, Reuters reported.

"Gold is still feeling the lingering effects of last week's hawkish Fed messaging, particularly the notable dissenting voices pushing back against further easing," said Tim Waterer, chief market analyst at KCM Trade.

Federal Reserve officials, who dissented against the policy statement last week, said the oil price shock from the Iran war means the US Fed should be clear it can no longer lean towards interest rate cuts, with a rise in borrowing costs possible in the future.

Increasing oil prices could encourage central banks to hold interest rates higher for longer, which would pressure non-yielding assets such as gold.

Oil prices eased but held above $100 a barrel, with the lack of clarity around a potential US-Iran peace deal remaining in focus.

President Donald Trump said the United States would start helping to free ships stranded in the Gulf by the US-Israeli war on Iran from Monday, as a tanker reported being hit by unknown projectiles in the Strait of Hormuz.

Iranian state media reported that Washington conveyed its response to Iran's 14-point proposal via Pakistan, and that Tehran was now reviewing it.

"We see gold largely trading in a $4,400-$5,500 range by year-end. The upper end of that range would require a durable reduction in Middle East tensions and some easing of inflation pressures, while persistent high oil prices would keep the metal toward the lower half of the range," Waterer added.

Spot silver fell 0.6% to $74.91 per ounce, platinum held steady at $1,989, and palladium was down 0.4% at $1,519.78.

Business

Global LNG Exports Fall to Two-Year Low

Maritime tracking data indicates that global LNG shipments decreased to 33 million tons last month (X)
Maritime tracking data indicates that global LNG shipments decreased to 33 million tons last month (X)
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Global LNG Exports Fall to Two-Year Low

Maritime tracking data indicates that global LNG shipments decreased to 33 million tons last month (X)
Maritime tracking data indicates that global LNG shipments decreased to 33 million tons last month (X)

Global exports of liquefied natural gas fell to the lowest in almost two years in April, as the war in the Middle East disrupted flows of the super-chilled fuel through the Strait of Hormuz, Bloomberg reported.

Shipments declined to about 33 million tons, the lowest level since May 2024, according to ship-tracking data compiled by Bloomberg.

The drop came after Qatar — the second-largest exporter last year — halted production following strikes on the world’s biggest plant by Iran in March, with the damage set to take years to repair.

Despite the ceasefire in the war with Iran, the Strait of Hormuz, through which about one-fifth of the world's oil and LNG supplies pass, remains closed. Since the start of the conflict, only one LNG tanker has transited the strait.

Nevertheless, lost volumes have been partially offset by new production elsewhere in the world. According to ship-tracking data compiled by Bloomberg, April shipments were down only 7 percent from the previous year, suggesting that increased output from suppliers, including the United States and Canada, has partially compensated for the reduced volumes from Qatar.

In the United States, the massive Golden Pass LNG terminal shipped its first cargo last month. Qatar also delivered some volumes to Kuwait, which can export them without transiting the Strait.