• April 26, 2024

Day: November 10, 2022

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SALIC Acquires 9.2% in LT Foods

Riyadh-- The Saudi Agricultural and Livestock Investment Company (SALIC), a wholly-owned subsidiary of the Public Investment Fund (PIF) has announced on Thursday November 10th, 2022 the acquisition of 9.2% stake in LT Foods Limited, a leading Indian based basmati rice processing company via primary and secondary offering for a total consideration of circa. 209 million SAR, a transaction that is in line with SALIC’s directives to invest in targeted food commodities within the Kingdom’s food security strategy.

SALIC explained that expanding the scope of international investments is one of its strategic goals to achieve national food security targets, and this transaction aims to build a solid long-term strategic partnership with LT Foods following SALIC’s successful acquisition of 30% stake in Daawat, one of LT Foods major rice processing subsidiary in India.

LT Foods Limited is a 70-year-old Consumer Food Company, listed on the National Stock Exchange of India since December 2006 delivering the finest quality rice and rice-based food brands in more than 60 countries. The Company recorded a consolidated revenue of around 715 million USD during 2021. Its flagship brands ‘Daawat’ and ‘Royal’ enjoy leading positions in India and USA respectively

Source: Saudi Press Agency

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Minister of Economy and Planning at Misk Global Forum Praises Role of Youth in Saudi Arabia’s Transformation March

Riyadh-- Minister of Economy and Planning, Faisal Al-Ibrahim has participated in the sessions of Misk Global Forum 2022, in its 6th edition in Riyadh, under the theme "Generation of Change", which was organized by Mohammed bin Salman Foundation “Misk”.

Minister Al-Ibrahim talked as a speaker in a panel discussion entitled "A Generation Remaking the World", in which he reviewed the most important practical experiences and inspiring ideas that contribute to raising the level of knowledge, honing skills and empowering competencies to bring about change and contribute positively to the transformation march in the Kingdom of Saudi Arabia.

In his participation, he pointed out to the challenges facing young people in light of the current global changes, asserting the importance of the role of leaders in developing the skills to provide solutions for the younger generation, and guiding them on how to take the right decisions, as they are a national wealth and future makers.

The Minister of Economy also affirmed the Kingdom's commitment to investing in young people and helping them to unleash their potential and build a more diversified and sustainable economy for all.

The participation of the Ministry of Economy and Planning in this year’s edition of Misk Global Forum came under the name “Vision Partner”, with the aim of uniting efforts in youth development, developing national competencies and investing them to bring about change, and working to create a solid economy capable of overcoming challenges and keeping pace with global changes, and contributing to strengthening the Kingdom’s position as a global influential power in its human and economic resources.

It is worth mentioning that the forum’s agenda included a number of dialogue sessions, presented by a group of leaders and influencers from all over the world in various fields, to talk about common targets and the value system that ensures overcoming barriers and developing effective dialogue among different generations in an endeavor to formulate an effective dialogue that leads towards transformation and maximizes the impact of youth in society and the world.

Source: Saudi Press Agency

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Acting Media Minister Inaugurates Exhibition Accompanying Works of 22nd Arab Radio and Television Festival in Riyadh

Riyadh-- Acting Minister of Media Dr. Majid bin Abdullah Al-Qasabi inaugurated here today the exhibition accompanying the works of the 22nd Arab Radio and Television Festival under the theme "Media in a Shaping World", during the period 10-12 November, in Riyadh.

30 countries are participating in the exhibition, including United States of America, France, China, Germany, South Korea, Italy and Switzerland.

The exhibition is attended by more than 15,000 participants, 1,000 media professionals from different countries of the world, and 200 production companies, representing the most important regional and international media organizations and bodies.

Source: Saudi Press Agency

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“INTOSAI” General Assembly Meeting Kicks off, with the Kingdom’s Participation

Rio-- Around 800 members and affiliates of International Organization of Supreme Audit Institutions (INTOSAI) from more than 198 nations are attending the 24th INTOSAI General Assembly, which began today in Rio de Janeiro, Brazil. The Kingdom is represented by the General Auditing Bureau (GAB) Dr. Hussam bin Abdulmohsen Al-Anqari, second vice-president of INTOSAI and chair of the Organization's Policies, Financial and Administrative Affairs Committee, led the delegation representing the Kingdom.

The General Assembly approved the organization's three-year budget and debated various items on the agenda, including INTOSAI's strategic plan for 2023–2028.

The General Assembly discussed several topics on the meetings’ agenda including the 2023-2028 strategic plan of INTOSAI, approving the organization’s three-year budget, taking the necessary measures to develop and review international standards for the Fundamental Principles of Financial Audit (ISSAI), electing members of the board of directors and heads of the organization’s basic committees, in addition to discussing several reports including the Secretary-General’s report on the organization and the sustainable development goals.

Dr. Al-Anqari presented a report to the organization's members on the Policies, Financial and Administrative Affairs Committee, which is chaired by the General Audit Bureau, reviewing the organization's strategic plan's implementation status and the prompt completion of all of the plan's priority objectives.

Source: Saudi Press Agency

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Dr. Abdullah Al Rabeeah Meets with FAO Director-General

Riyadh-- The Adviser at the Royal Court and Supervisor General of King Salman Humanitarian Aid and Relief Center (KSRelief) Dr. Abdullah bin Abdulaziz Al Rabeeah met here today with the Director-General of the Food and Agriculture Organization of the United Nations (FAO), Qu Dongyu.

During the meeting, they discussed matters of common concern related to the humanitarian and relief field, especially in the sectors of food security, nutrition and early recovery.

FAO's Director-General praised the great humanitarian efforts made by the Kingdom of Saudi Arabia through KSRelief in various countries of the world, stressing that the center's work contributed to alleviating the suffering of many in need, especially as it targeted vital and important sectors in human life.

Source: Saudi Press Agency

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KSrelief Continues Providing Health Care Services to Syrian Refugees and Host Community in Lebanon

Beirut-- King Salman Humanitarian Aid and Relief Center (KSrelief) has continued implementing the third phase of its project to enhance healthcare services for Syrian refugees and the host community in Baalbek, Lebanon.

During October, Arsal Medical Center provided 14,087 services to 7,149 patients, of which 41% were males and 59% were females, while the percentage of refugees was 65% and residents 35%.

This comes as the Kingdom of Saudi Arabia, represented by the KSrelief, is keen to provide humanitarian aid to the needy and Syrian refugees to alleviate their suffering as a result of the humanitarian crisis they are undergoing.

Source: Saudi Press Agency

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