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Saudi to give US$3.25 billion aid to Yemen
Source: BI-ME with AFP , Author: Posted by BI-ME staff
Posted: Wed May 23, 2012 12:30 pm

SAUDI ARABIA. Saudi Arabia will give its impoverished neighbour Yemen aid worth US$3.25 billion, Saudi Foreign Minister Prince Saud al-Faisal told a meeting in Riyadh on Wednesday.

"To ensure Yemen's security and stability, the kingdom will provide US$3.25 billion to support development projects there which will be agreed upon with the Yemeni side," he said at the opening of the Friends of Yemen meeting.

Yemeni Prime Minister Mohammed Basindawa urged at the meeting for aid for his country which was rocked by an uprising last year that forced former strongman Ali Abdullah Saleh to step down in February.

"The hope is in the political and economic support needed to overcome the transitional period and put an end to the budget deficit," Basindawa said. "We seek your help, don't fail us."

Seven aid groups on Wednesday warned Western diplomats that Yemen was on the brink of a "catastrophic food crisis" and urged them to bolster efforts to salvage the situation.

"Yemen is on the brink of a catastrophic food crisis," the seven agencies which include Oxfam, CARE and Save the Children, said in a joint statement released ahead of Wednesday's meeting.

At least 10 million people, some 44 percent of the population, do not get "enough food to eat", the aid agencies said, adding that one in three children was "severely malnourished."

Yemen is expected to ask donors for about $10 billion in urgent aid at the one-day meeting.

Twenty-seven countries, including the six oil-rich Gulf Cooperation Council states, the United States and Britain, as well as international organisations, are attending the meeting.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: February 12, 2016
INTERNATIONAL. A Syria in which the regime and IS, rather than other rebel groups, are the only real domestic players turns Bashar al-Assad into a pivotal cog in the fight against jihadism. That is something Saudi Arabia cannot allow to happen. To turn the tide, it needs a United States that is engaged and willing to do its bit.
date:Posted: February 11, 2016
INTERNATIONAL. "Although we anticipate some strain on Gulf banks' funding and liquidity this year, good asset quality and strong capitalization remain positive factors."
date:Posted: February 10, 2016
UAE. Low oil prices will constrain the amount of funding available to Gulf sovereigns and banks to support the region's substantial infrastructure bill in coming years; S&P projects a gap as large as $270 billion through 2019 between capital spending for projects and project contracts awarded.
INTERNATIONAL. A Syria in which the regime and IS, rather than other rebel groups, are the only real domestic players turns Bashar al-Assad into a pivotal cog in the fight against jihadism. That is something Saudi Arabia cannot allow to happen. To turn the tide, it needs a United States that is engaged and willing to do its bit.
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