Saudi Press

Saudi Arabia and the world
Sunday, Dec 15, 2024

GCC Unites on Sovereign Funds; Saudi Arabia Deepens Ties with Ethiopia Amid Regional Challenges

GCC Unity and Strategic Partnerships Propel Regional Development Amidst Ongoing Conflict
At the 45th GCC Summit in Kuwait City, leaders announced the creation of committees focusing on sovereign funds and financial investigations, showcasing a unified stance on the Palestinian cause amidst regional turmoil. This collective effort highlights the commitment of Saudi Arabia, Qatar, UAE, Oman, and Kuwait to bolster regional development and solidarity.

In related diplomatic endeavors, Saudi Arabia and Ethiopia are enhancing their ties through high-level discussions in Riyadh, aiming to strengthen bilateral cooperation. With the support of the newly established Saudi-Ethiopian Business Council, both nations are keen on fostering trade and investment opportunities.

As these regional alliances evolve, the US faces challenges in mediating a ceasefire in Gaza, even as Arab leaders convene in Cairo to seek solutions. The conflict continues with recent Israeli strikes in Lebanon, but there remains hope for progress in hostage negotiations.

Domestically, Saudi Arabia is also making strides in economic reforms by signing a memorandum to expand its mortgage market under Vision 2030. This initiative will boost the real estate sector and facilitate the creation of mortgage-backed securities to support the country's housing program.

Meanwhile, France's President Macron is set to visit Saudi Arabia, underscoring the strengthening relationship aimed at supporting Vision 2030. This visit, showcasing the personal rapport between Macron and Crown Prince Mohammed bin Salman, emphasizes their shared objectives for strategic partnership and economic transformation.

In tandem, Riyadh celebrates the launch of its metro system, marking a new era of sustainable transit that promises ease and convenience. The metro aims to alleviate traffic in the capital and provides affordable travel options, further supporting the nation's forward-looking ambitions.
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