Saudi Press Report

Friday 1443/10/26 - 2022/05/27
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Riyadh, May 27, 2022, SPA -- Saudi newspapers highlighted in their editorials today a number of issues at local, regional and international levels. Among other issues, their front pages carried the following titles: Governor of the Eastern Province inspects an environment-friendly vehicle; Al-Jalajel announces that Saudi Arabia has provided assistance worth $770 million to contain coronavirus; and Dr. Al-Rabeeah says Saudi Arabia has extended foreign assistance amounting to $94 billion to 165 countries of the world.
In its editorial titled "soft money and lending behaviors', Al-Eqtisadiya (the economist) said that all countries of the world are worried about an eminent economic recess more than any time before, citing the US Federal Reserve Council's decision to raise the basic interest rates and its determination to continue the increase gradually until at least end of the year.
The move, which could be described as rare, has forced major central banks around the world to follow suit, the paper said, citing the US dollar pivotal role in the world financial field as among the reasons.
The paper said that financial toughness which followed the 2nd world war could not prevent the appearance of what was called "soft money" which led to the world financail crisis in 2008 with its impacts remained to mar the scene for more than a decade.
It added that concerns about the flare-up of a new financial world crisis is increasing according to experts, particularly at the US arena with shadow banks which are busy looking for solutions to provide soft money will be on top of this crisis.
Such money, despite its importance in enhancing economic growth, most probably goes to less organized sectors, including the real estate sector, largely considered responsible from the 2008 crisis when borrowers failed to settle their dues or even pay installments.
Al-Riyadh newspaper reported in its editorial entitled "thought and beauty", that the inclusive vision of the Kingdom of Saudi Arabia has covered almost all parts development, citing the recent launching of the constructural works of the royal complex for arts the other day, considered the world's most largest city park with an area of 16 million sq.m. including, a threatre, museums, arts academies, folklore displays, public library etc.
Al-Youm newspaper highlighted the same issue in its capacity as complying with the Kingdom vision 2030 under the supervisoin and direct follow up of HRH the Crown Prince aiming to upgrade the quality of life for the residents of the city as well as introduce the Saudi culture to its foreign visitors.
--SPA
11:14 LOCAL TIME 08:14 GMT
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