The Kingdom has achieved a milestone with the incorporation of the Red Sea Project as a stand- alone company. Originally, a project launched on July 31, 2017, it is now The Red Sea Development Company (TRSDC). TRSDC has been officially registered as a closed joint-stock company, wholly owned by the Public Investment Fund (PIF).
An International Monetary Fund (IMF) team led by Tim Callen, IMF Mission Chief for Saudi Arabia, held discussions from May 2–14 for the 2018 Article IV Consultation with the Kingdom. Mr. Callen and his team have issued a report upon the conclusion of the discussions that highlighted various findings that project a positive outlook for the Kingdom. The report noted that growth in Saudi Arabia is expected to pick up this year, and continue over the medium-term as reforms take hold. It also noted that good progress is being made in the implementation of the Vision 2030 reform program. Mr.
Through the Presidency of State Security, the Kingdom of Saudi Arabia has designated senior members of the Hizballah leadership by declaring ten names, five of whom belong to members of the Hizballah Shoura Council, which is part of its decision-making body. Specifically, they are: Hassan Nasrallah, Naim Qasim, Muhammad Yazbak, Husayn Khalil, and Ibrahim Amin al-Sayyid. The five other names are associated with supporting the activities of the terrorist organization, and they are: Talal Hamiyah, Ali Youssef Charara, Spectrum Group, Hassan Ebrahimi, and Maher Trading.
The Spokesperson for the Coalition Forces to Support the Legitimacy in Yemen, Colonel Turki Al-Maliki, issued a statement that, at 12:40 pm on Tuesday, May 15, 2018, the Royal Saudi Air Defense Forces (RSADF) have intercepted a ballistic missile launched by the Iranian-backed Houthi militia from within Sa’ada governorate within Yemen aimed towards the Kingdom. The missile launched was headed towards the city of Jizan, deliberately targeting highly populated civilian areas.
An official source at the Ministry of Foreign Affairs has expressed the Kingdom of Saudi Arabia’s strong condemnation and denunciation of the deadly targeting by the Israeli Forces of Occupation of unarmed Palestinians, which has resulted in dozens of deaths and injuries.
As part of achieving Vision 2030 goals, the Council of Economic and Development Affairs (CEDA) launched the Financial Sector Development Program, which is one of 12 executive programs launched by CEDA. The program seeks to further develop the financial sector as a diversified and effective financial services sector, supporting the development of the national economy by stimulating savings, financing, and investing.
Following the announcement of the United States of America’s withdrawal from the JCPOA; an official from the Kingdom of Saudi Arabia’s Ministry of Energy, Industry, and Mineral Resources reassured that the Kingdom remains committed to supporting the stability of oil markets, benefiting producers and consumers alike, and to sustaining growth in the global economy. The Ministry's official added that the Kingdom would work with major producers within and outside of OPEC, as well as, major consumers to mitigate the impact of any potential supply shortages.
The Kingdom of Saudi Arabia supports and welcomes the steps announced by President Donald Trump regarding the United States’ withdrawal from the Iran nuclear deal. The Kingdom also supports reinstating economic sanctions on the Iranian regime, which have been suspended under the nuclear deal.
The Spokesperson for the Coalition to Restore Legitimacy in Yemen, Colonel Turki Al Maliki, issued a statement stressing that the Coalition is following with interest claims that have been circulating in some media outlets that a wedding tent in the area of Bani Qais in the Hajjah province was targeted.
The Iranian backed Houthi militias in Yemen are holding hostage 19 ships, carrying over 200 thousand tons of petroleum byproducts in the anchoring zone outside of the port of Hodeida, which is under the militia’s control. Some of these ships have now been detained for over 26 days, and are prevented from going into the port, despite the port being free of any other ships.