DEVELOPMENT WATCH-

Saudi backs Palestinian Authority with USD 90 mn boost: The Kingdom pledged USD 90 mn in support for the Palestinian Authority as part of an emergency international coalition launched Thursday to provide direct funding and support, the Saudi Gazette reported on Friday. The coalition aims to turn the New York Declaration into a concrete plan, with priorities including a Gaza ceasefire and unifying Palestinian territories.

ICYMI- The UN summit co-chaired by Saudi Arabia and France saw French President Emmanuel Macron formally announce France’s recognition of Palestine on Monday, joining the UK, Canada, Australia, Portugal, Luxembourg, Malta, Monaco, and Andorra. Belgium said it will do the same once Hamas is removed from Gaza and captives are released.

ALSO- The Saudi Fund for Development (SDF) and the Qatar Fund for Development will provide a joint financial support of USD 89 mn to Syria for three months, the SDF said in a statement on Wednesday. The funding — which will go through the UN Development Program — will cover public sector salaries to keep essential services running. This will help maintain basic functions such as education and social protection while also contributing to economic recovery efforts.

ICYMI- The Kingdom granted Syria 1.65 mn barrels of crude oil earlier this month to back the operational and financial stability of Syrian refineries.

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FINANCIAL SERVICES-

The Saudi Central Bank licensed Global Exchange AS Currency Service Limited to operate in the Kingdom’s foreign currency market, it said in a statement on Thursday. This brings the total number of licensed centers to 66.

DEBT WATCH-

Tanmiah Food’s subsidiary Agricultural Development Company increased its revolving murabaha facility with Saudi Awwal Bank to SAR 310 mn from SAR 130 mn, it said in a disclosure to Tadawul on Thursday. The one-year facility — backed by a promissory note — will be used to cover the company’s working capital needs.

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