Day: August 23, 2024

At least 13 people have been killed in extensive flooding that also stranded nearly 4.5 million people in eastern Bangladesh, the government said on Friday. According to dpa, days of heavy rains and a surge of water flowing down from upstream hilly areas caused local rivers to burst their banks, leading to widespread devastation. Kamrul Hasan, a senior official at the Bangladeshi Ministry of Disaster Management and Relief, said 12 out of 64 administrative districts were affected by the flooding, which had killed 13 people as of Friday. He said nearly 4.5 million people have been struck by the high waters. "The situation is gradually improving," Hasan said, referring to the forecast by the Dhaka Met Office that predicted a let-up in rain. The floodwaters have submerged homes, public and private establishments, croplands and roads across vast areas in the east of the country. The rescue and relief operations are being conducted in many places by army troops, members of the navy and coastguard, as wel l as the fire service and volunteers from the Bangladesh Red Crescent Society. Source: Saudi Press Agency

The Saudi Real Estate Refinance Company (SRC), a Public Investment Fund (PIF) company, signed a memorandum of understanding (MoU) in New York City today with King Street Capital Management. The agreement aims to foster cooperation and strategic partnership between the two parties in the real-estate finance sector, under the patronage and in the presence of Minister of Municipalities and Housing and SRC chairman Majed bin Abdullah Al-Hogail, SRC said in a news release. The MoU, signed by SRC chief executive Majeed Fahd Al-Abdul Jabbar and King Street managing partner Brian J. Higgins is part of the minister's official visit to the United States, which aims to explore ways to enhance partnership and cooperation between the two countries in the sectors of urban development, construction, building, finance, and real-estate development. The MoU aims to diversify liquidity sources to support the secondary real-estate finance market's stability, foster economic growth, and attract more foreign investments to th e Saudi market. This would contribute to achieving the housing program targets outlined in the Kingdom's Vision 2030. The memorandum also emphasizes the development of innovative financial instruments, such as the securitization of Sharia-compliant residential real-estate finance portfolios. SRC is working to adapt these instruments to meet the standards of specialized global investors. SRC's Jabbar confirmed that the signing of the MoU with King Street is part of efforts to play a key supporting role in the housing system and the Financial Sector Development Program by providing the necessary liquidity in the real-estate finance market, diversifying financing options for the private sector, and creating a new asset class for investors. These efforts would contribute to achieving the housing program's goal of increasing the homeownership rate among Saudi citizens to 70% by 2030. Additionally, the agreement supports the growth and stability of the Saudi market while attracting both local and international in vestors. King Street's Higgins expressed his pleasure with the partnership and cooperation with the Kingdom of Saudi Arabia in launching the first program of its kind in the Saudi market. He noted that the initiative will contribute to developing local capital markets and creating a suitable structure to attract international investors who seek to enhance their portfolios with high-quality Saudi securities. He also highlighted that the program will benefit homeowners and the banking system, aligning with the goals of the Kingdom's Vision 2030. The SRC, established in 2017 by the Public Investment Fund, is a key government initiative aimed at achieving the housing program targets under the Kingdom's Vision 2030. The company serves as a fundamental pillar in supporting the housing system by injecting liquidity into the residential real-estate finance market, ensuring its continuity and stability. The company also has obtained a license from the Saudi Central Bank to operate in the field of real-estate ref inancing. King Street Capital Management is a global alternatives platform founded in New York in 1995. The firm invests across public and private markets with expertise in credit, restructurings, bankruptcies, rescue financings, corporate and asset-based lending, structured credit, and real estate. Source: Saudi Press Agency

The Royal Commission for Jubail and Yanbu, represented by Jubail Industrial City, took part in the second annual Forum of Latin American Learning Cities, held in Colombia's capital on Tuesday. The forum serves as a regional preparatory meeting for learning cities, preparing for the sixth International Conference on Learning Cities (ICLC 6), scheduled to be hosted by Jubail Industrial City in December. During the forum, Royal Commission in Jubail chief executive Mahmoud Al-Theeb highlighted Saudi Arabia's efforts in enhancing international initiatives aimed at mitigating the impacts of climate change. He also stressed the roles of learning cities in expanding lifelong learning opportunities for all and promoting environmental sustainability. Al-Theeb outlined some of the challenges that learning cities face, which also present opportunities for creativity, innovation, and growth. Al-Theeb emphasized the significance of collaboration in developing prosperous future learning cities through the exchange of expertise and best practices among cities. He also urged enhancing international cooperation in lifelong learning and strategic investment in future generations. Source: Saudi Press Agency

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud sent a cable of condolence and sympathy to the Amir of the State of Kuwait, Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, on the passing of Sheikh Salman Faisal Duaij Al-Salman Al-Sabah. In the cable, the Custodian of the Two Holy Mosques said, "We have been informed of the news of the death of Sheikh Salman Faisal Duaij Al-Salman Al-Sabah, and as we extend to Your Highness and the family of the deceased our deepest and sincere condolences, we pray to Allah Almighty to bestow His mercy on his soul and protect you from any harm." Source: Saudi Press Agency

His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, sent a cable of condolence and sympathy to the Amir of the State of Kuwait, Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, on the passing of Sheikh Salman Faisal Duaij Al-Salman Al-Sabah. In the cable, HRH the Crown Prince said, "I have received the news of the death of Sheikh Salman Faisal Duaij Al-Salman Al-Sabah, and I extend to your Highness and the family of the deceased my deepest and most sincere condolences. I pray to Allah Almighty to bestow His mercy on his soul and protect you from any harm, for He is All-Hearing and the Responding One." Source: Saudi Press Agency

Advisor Turki bin Abdulmohsen Al Al-Shikh, the chairman of the General Entertainment Authority (GEA), announced on Thursday the theme of the Kingdom of Saudi Arabia's 94th National Day, which falls on September 23rd each year. The theme "We dream, we achieve," carried over from last year, highlights the significant projects related to the Saudi Vision 2030 and showcases the Kingdom's leading role in various fields. The GEA urged all government and private entities to adopt the approved theme for the 94th National Day. The theme guide -- available at http://nd.gea.gov.sa/ -- contains guidelines for the logo and its usage in different applications, as well as all related events, news, and images to celebrate this cherished occasion. Source: Saudi Press Agency

His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, sent a cable of condolence and sympathy to the Crown Prince of the State of Kuwait, Sheikh Sabah Khaled Al-Hamad Al-Mubarak Al-Sabah, on the passing of Sheikh Salman Faisal Duaij Al-Salman Al-Sabah. In the cable, HRH the Crown Prince said, "We have received the news of the death of Sheikh Salman Faisal Duaij Al-Salman Al-Sabah, and we extend to Your Highness and the family of the deceased our deepest and most sincere condolences, praying to Allah Almighty to bestow His mercy on his soul and protect you from any harm, for He is All-Hearing and the Responding One." Source: Saudi Press Agency

The Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, visited Najran University yesterday. He was received by the university's president, Dr. Abdulrahman Al-Khudairi, and several university employees. During a meeting with male and female students, the minister discussed training programs, the national strategy for the growth of industry and mining, and the diversification of the economy in light of Kingdom Vision 2030. He also highlighted the ministry's efforts to develop the human element in order to achieve the goals of the human capabilities development strategy. The minister pointed out that the kingdom has many advantages, and discoveries of natural and mineral wealth. The minister emphasised that the kingdom's mineral wealth has seen a 90% increase, reaching approximately SAR9 trillion. The mining strategy aims to balance environmental preservation with high positive economic returns. He mentioned the Najran region as an example of a promising region with abundant mineral resources, including gold, silver, and granite. The ministry is collaborating with the university to establish training programs for the private sector, which will help bridge the gap between academia and industry. Source: Saudi Press Agency

King Faisal Street," which embraces the old market of Rafha Governorate, chronicles a period of the governorate's life span of more than seven decades. It dates back to the governorate's establishment along the pipeline that transports crude oil from the Eastern Region to Europe. The street remains a witness to the place's antiquity, the governorate's history, and the flavour that pulsates with the fragrance of the beautiful past. Rafha Municipality has recently implemented remarkable development and innovative rehabilitation projects along King Faisal Street. The effort covered lengthening the street by 1,270 metres and widening it by 21 metres. It also witnessed re-paving, sidewalks, lighting, and improving the median strip with trees and lighting. The renovation process turned the scene to unify the colours of the facades of the old-style shops and unify the shop identification signs as part of its new projects to humanize the governorate and improve the quality of life. As soon as you visit the old s treet, it is as if you have gone back in time to more than 70 years ago. A number of shops on both sides of the street that have taken on the character of the old building appear before visitors as an artistic painting documenting the history of Rafha, which still receives a large turnout of visitors due to its historical status, antiquity and authenticity. Source: Saudi Press Agency

The popular heritage in the Jazan region showcases diverse customs and traditions, forming a legacy and culture that extend across ancient generations. These customs bestow joy and happiness at weddings and revive ancestors' cultural heritage. Weddings in Jazan feature the most famous of these customs and traditions: the "henna night" (bachelorette party), in which the bride's female relatives and neighbours gather in her house days before the wedding ceremony to share the practice of tattooing unique artistic patterns with henna paste. Henna art is a popular women's craft and a distinctive artistic skill that expresses aesthetic taste and significance. It portrays meanings of joy and happiness and revives inherited customs that women always treasure and remember as part of their wedding celebrations. The henna drawing on a bride's hands has different aesthetic forms and can be applied on their shoulders and from their toes to the middle of their legs. The bride's sisters and relatives can also have he nna drawings to celebrate the bride's marriage in a cheerful atmosphere of old folk songs and chants. Source: Saudi Press Agency