{"id":93229,"date":"2025-08-24T09:31:10","date_gmt":"2025-08-24T09:31:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/93229\/"},"modified":"2025-08-24T09:31:10","modified_gmt":"2025-08-24T09:31:10","slug":"record-lows-in-saudi-unemployment-drive-vision-2030-goals","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/93229\/","title":{"rendered":"Record lows in Saudi unemployment drive Vision 2030 goals\u00a0"},"content":{"rendered":"


\n\tRIYADH: At a time when the world is getting fragmented due to geopolitical tensions and ongoing wars, Saudi Arabia\u2019s development fund is becoming a beacon of hope, as it continues to provide soft loans and grants for emerging economies.<\/p>\n


\n\tEstablished in 1974 and commenced operations in 1975, the Saudi Fund for Development has financed more than 800 development projects in over 100 countries, with a cumulative value exceeding $21 billion.<\/p>\n


\n\tSFD\u2019s financing spans across multiple sectors, including health, education, and transport, as well as water and energy, with the aim of improving living conditions, enhancing capacity building, and creating job opportunities for millions of people in emerging nations.<\/p>\n


\n\tAs the fund now celebrates its 50th year of operations, SFD\u2019s offerings for developing nations show no signs of slowing down.<\/p>\n


\n\tHere are the highlights of its activities so far this year:<\/p>\n


\n\tWater security project in Somalia<\/p>\n


\n\t\"\"
\n\t
\n\t\tThe signing of the MoU between SFD and\u00a0Somalia. SFD <\/p>\n


\n\tIn January, Sultan Abdulrahman Al-Marshad, CEO of SFD, signed a memorandum of understanding with Bihi Egeh, Somalia\u2019s minister of finance, to provide a $2 million grant from the Kingdom through the fund.<\/p>\n


\n\tThe grant was part of the fifth phase of the Saudi Well Drilling and Rural Development Program in Africa.<\/p>\n


\n\tThe deal aims to enhance access to clean water in Somalia\u2019s rural areas by drilling wells and establishing solar-powered water supply networks.<\/p>\n


\n\t\u201cThis initiative seeks to enhance water and food security, provide safe drinking water, combat water scarcity, and reduce reliance on contaminated water sources in Somalia,\u201d said SFD in a statement at the time.<\/p>\n


\n\tThe program, valued at $330 million, has provided clean drinking water to over 5 million people since its initiation.<\/p>\n


\n\tLaunched in 1982, the Saudi Well Drilling and Rural Development Program has addressed the needs of African nations by funding the construction of more than 10,000 potable water facilities in 20 countries across the continent.<\/p>\n


\n\tPower expansion project in Suriname<\/p>\n


\n\t\"\"
\n\t
\n\t\tSFD CEO Sultan Abdulrahman Al-Marshad signed an agreement with Kermechend Raghoebarsing, minister of finance and planning of Suriname. SFD <\/p>\n


\n\tIn February, SFD signed an agreement to provide its first concessional development loan, worth $20 million, to Suriname to expand the country\u2019s power generation, transmission, and distribution systems.<\/p>\n


\n\tSFD said the project aims to expand the electricity transmission and distribution network in Paramaribo, the capital, and the city of Nickerie, boosting power supply for beneficiaries and improving the efficiency of the South American nation\u2019s electrical grid.<\/p>\n


\n\t\u201cThis agreement represents the beginning of development cooperation between SFD and the Republic of Suriname, underscoring SFD\u2019s 50-year commitment to supporting developing nations in overcoming economic, social, and developmental challenges,\u201d said SFD.<\/p>\n


\n\tTransport and housing solutions in Maldives<\/p>\n


\n\tIn April, the fund signed a second development loan agreement valued at $17 million to support the expansion and development of the Velana International Airport Project in the Maldives, bringing SFD\u2019s total financing for the facility to $217 million.<\/p>\n


\n\tThe fund said that the financing will be used to construct terminal buildings for international and domestic flights, as well as a seaplane terminal.<\/p>\n


\n\t\u201cThe project is designed to increase the airport\u2019s capacity to accommodate up to 7 million passengers annually, enhance operational efficiency, and meet the growing demand for travel and tourism,\u201d said SFD.<\/p>\n


\n\tThe project is also expected to prepare the facility for future expansion to handle up to 15 million passengers per year, contributing to the economic growth and global connectivity of the South Asian nation.<\/p>\n


\n\tAl-Marshad participated in the groundbreaking ceremony for the Affordable Housing Project in the Maldives.<\/p>\n


\n\tThe project is being financed through a $25 million concessional development loan from SFD.<\/p>\n


\n\tIt aims to provide more than 400 fully integrated housing units, benefitting over 2,700 individuals, and includes the development of essential infrastructure and services to ensure suitable and sustainable living conditions.<\/p>\n


\n\tIt also seeks to enhance resilience against natural disasters such as cyclones and flooding, while promoting economic and social development within local communities.<\/p>\n


\n\tSince 1978, SFD has provided 17 development loans to the Maldives, financing 14 key projects and programs with a total value exceeding $488 million.<\/p>\n


\n\tThese projects span critical sectors such as transportation, water and sanitation, health, and infrastructure.<\/p>\n


\n\tRenewable energy loan to Solomon Islands<\/p>\n


\n\t\"\"
\n\t
\n\t\tSFD CEO Sultan Abdulrahman Al-Marshad signed a development loan agreement with the\u00a0Solomon Islands\u2019\u00a0Minister of Finance and Treasury Manasseh Sogavare. SFD <\/p>\n


\n\tIn April, SFD signed its first-ever development loan agreement with the Solomon Islands, valued at $10 million, to finance a renewable energy project.<\/p>\n


\n\tThe fund will help the construction of solar power plants with a total capacity of 35.5 megawatts, integrated with hourly energy storage systems to bolster the Pacific nation\u2019s energy infrastructure.<\/p>\n


\n\t\u201cThis initiative is designed to reduce reliance on conventional energy sources, support environmental sustainability, and advance the UN Sustainable Development Goals, while contributing to economic and social progress across the region,\u201d said SFD.<\/p>\n


\n\tThis first-ever loan agreement also marked the beginning of development cooperation between SFD and the Solomon Islands, underscoring the fund\u2019s growing role in supporting small island developing states to combat developmental, economic, and environmental challenges.<\/p>\n


\n\tMultiple development projects in Tunisia<\/p>\n


\n\tIn March, SFD successfully handed over 330 residential units under its social housing development project in the Ben Arous governorate in Tunisia.<\/p>\n


\n\tThe initial phase of the project, supported by concessional financing from the SFD, valued at $150 million, aims to deliver 4,715 social housing units, spanning several governorates in the North African country.<\/p>\n


\n\tIn June, SFD also signed a new development loan agreement worth $38 million to finance the establishment of an Oasis Hub Project in southern Tunisia.<\/p>\n


\n\tThe project aims to support sustainable rural development through the reclamation of more than 1,000 hectares of agricultural land across various regions of the country.<\/p>\n


\n\tIt also includes the drilling and equipping of 22 wells, the expansion of rural villages and their infrastructure, and the construction of over 285 housing units for local beneficiaries.<\/p>\n


\n\t\u201cThe project will enhance the region\u2019s infrastructure by building roads, pipelines, and networks for potable and irrigation water, while also supporting the development of educational institutions, agricultural facilities, and cultural, social, and commercial centers,\u201d said SFD.<\/p>\n


\n\t\u201cThese efforts collectively aim to improve the quality of life and stimulate economic and social growth in Tunisia\u2019s southern governorates,\u201d it added.<\/p>\n


\n\tSince the inception of its operations in Tunisia in 1975, SFD has financed 32 development projects and programs, through concessional loans totaling more than $1.2 billion.<\/p>\n


\n\tTunisia has also received grants from Saudi Arabia through SFD, amounting to over $102 million.<\/p>\n","protected":false},"excerpt":{"rendered":" RIYADH: At a time when the world is getting fragmented due to geopolitical tensions and ongoing wars,…\n","protected":false},"author":2,"featured_media":93230,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[45,49,48,46],"class_list":["post-93229","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-ca","tag-canada","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/93229","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=93229"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/93229\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/93230"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=93229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=93229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=93229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}