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Saudi Economic Developments Challenge Business Councils’ Capacity to Keep Pace

Saudi flags along a commercial street in the capital Riyadh, Saudi Arabia (Asharq Al-Awsat)
Saudi flags along a commercial street in the capital Riyadh, Saudi Arabia (Asharq Al-Awsat)
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Saudi Economic Developments Challenge Business Councils’ Capacity to Keep Pace

Saudi flags along a commercial street in the capital Riyadh, Saudi Arabia (Asharq Al-Awsat)
Saudi flags along a commercial street in the capital Riyadh, Saudi Arabia (Asharq Al-Awsat)

Amidst Saudi Arabia’s push for economic diversification, the localization of emerging industries, the adoption of green energy technologies like ammonia and hydrogen, climate-conscious initiatives, and the integration of artificial intelligence, experts stress the vital importance of business councils affiliated with the Federation of Saudi Chambers to assume a proactive role.

Their task involves not only keeping pace with the ever-evolving modern economic and industrial landscape but also spearheading the necessary adaptations to effectively respond to transformative developments.

Experts stressed the importance of business councils adopting a strategic plan to attract top investments, form successful partnerships, produce high-quality products that can compete globally, and draw on innovative experiences from various fields, especially in aerospace and technology.

“Business councils play a crucial and primary role in fostering economic and trade relations, facilitating investment flows between Saudi Arabia and other countries,” affirmed Shura Council member Fadl al-Buainain.

“Additionally, they enhance mutual cooperation and contribute to translating commercial and investment opportunities into tangible and high-quality partnerships,” he told Asharq Al-Awsat.

“The more business councils receive the support and guidance of leadership, the more effective their role becomes in overall development,” explained Buainain.

“Saudi Arabia is keen on enhancing the role of the private sector through joint business councils, with increasing support in line with the government’s vision to strengthen strategic partnerships with friendly countries.”

“These councils are envisioned as a bridge for development and investment flows, aligning with a comprehensive vision.”

Buainain further highlighted that within the private sector, there are large companies in which the government holds the majority of ownership. As a result, economic decisions intertwine with sovereign developmental decisions, ultimately serving the public interest.

Regarding the new trends that business councils are expected to focus on, Buainain emphasized the importance of exploring opportunities for green economic development.

He highlighted that this is one of the Kingdom’s main objectives, noting that there is a package of initiatives, including financial investments exceeding SAR 700 billion ($186.6 billion).

According to Buainain, this means expanding investments in two main areas: first, enhancing energy sources to ensure supply sustainability and market stability, and second, promoting green economic development that safeguards the environment and human health.

These efforts are directed towards achieving long-term carbon neutrality.

Buainain also highlighted that the completion of the green hydrogen plant project, which is the world’s largest green hydrogen project with a cost of $5 billion, will enable the Kingdom to export clean fuel in the coming years.

He emphasized that diversifying economic sources is the primary goal of Crown Prince Mohammed bin Salman, stating that hydrogen production is a significant part of his strategy.

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Business

Saudi Arabia to Host Energy Convention in May 2024

The Saudi Energy Convention will feature over 250 international speakers and decision-makers. (Asharq Al-Awsat)
The Saudi Energy Convention will feature over 250 international speakers and decision-makers. (Asharq Al-Awsat)
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Saudi Arabia to Host Energy Convention in May 2024

The Saudi Energy Convention will feature over 250 international speakers and decision-makers. (Asharq Al-Awsat)
The Saudi Energy Convention will feature over 250 international speakers and decision-makers. (Asharq Al-Awsat)

Saudi Arabia will be at the forefront of renewable energy, hydrogen, and water advancements as it gears to host the Saudi Energy Convention in May 2024.

The Convention will feature over 250 international speakers leading over 50 conference sessions, providing visitors with essential insights into the latest energy trends and strategies.

The event, organized by dmg events, will be held at the Riyadh International Convention and Exhibition Centre (RICEC) as the Kingdom's first event designed to focus on energy, hydrogen, and water.

Vision 2030 aims to see the Kingdom become one of the most competitive in the world by the end of the decade, with an economy powered by renewable energy, a burgeoning private sector, and thriving small and medium enterprises.

The Kingdom's ongoing socioeconomic reforms have already enabled it to become the fastest-growing G20 economy in 2022, according to the International Monetary Fund (IMF), with overall economic growth reaching 8.7 percent.

The Convention will convene leaders and experts across the energy value chain to accelerate and scale the energy transition.

The event will gather the people and solutions required to build a more resilient, efficient, and eco-conscious energy landscape, covering both the conventional and renewable energy sectors.

Furthermore, the conference will address solutions needed for a more flexible, efficient energy landscape that prioritizes environmental preservation.

Specialized sub-conferences will be dedicated to each energy, water, and hydrogen theme, gathering sector leaders to deliberate on vital opportunities and challenges.

President of dmg events Christopher Hudson said the Saudi Energy Convention will be a new focal point for the global energy industry.

The new event is designed to respond to the great investment and collaboration opportunities as the Kingdom leverages its passion, ambition, and resources to provide the world with a new economic and social strength model, he added.

"We look forward to having the Saudi Energy Convention play a key role in facilitating the partnerships, innovation, and investment in energy, hydrogen, and water that can fast-track Saudi Arabia's ongoing transformation and growth," said Hudson.

The Saudi Energy Convention also includes the Saudi Water Convention and the Saudi Hydrogen Convention, providing a 360-degree view of Saudi Arabia's forward-looking energy diversification and economic development efforts.

All these events will create an integrated platform for Saudi Arabia that addresses the challenges facing the entire energy value chain and the pivotal role of hydrogen and water in the energy transition.

The three conventions will jointly showcase the latest innovative solutions accelerating the global energy transition and support Saudi Arabia's goals of seeing renewable energy meet 50 percent of its energy mix and becoming net zero for carbon emissions by 2060.

The conventions will offer direct access to financiers from key infrastructure and utilities projects within the Kingdom, alongside international investors and decision-makers, facilitating new growth opportunities and commercial partnerships.

Saudi Arabia is among the world's fastest-growing economies, with national development plans paving the way for investment opportunities worth hundreds of billions of dollars.

The Kingdom is witnessing unprecedented growth, aligned with the national strategy anticipated to draw in $90 billion in energy investments and $53 billion in water sector investments to cater to domestic demand.

Additionally, the Kingdom is eyeing investments exceeding $36 billion as part of its national hydrogen strategy, aiming to position Saudi Arabia as the world's premier hydrogen supplier.

Business

Egypt's Ministry of Petroleum Launches Bidding Round for Oil, Gas Exploration in 23 New Blocks

FILE PHOTO: A general view shows light around the site of the Iconic Tower skyscraper in the Central Business District (CBD) in the New Administrative Capital (NAC) east of Cairo, Egypt August 2, 2023. REUTERS/Amr Abdallah Dalsh/File Photo
FILE PHOTO: A general view shows light around the site of the Iconic Tower skyscraper in the Central Business District (CBD) in the New Administrative Capital (NAC) east of Cairo, Egypt August 2, 2023. REUTERS/Amr Abdallah Dalsh/File Photo
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Egypt's Ministry of Petroleum Launches Bidding Round for Oil, Gas Exploration in 23 New Blocks

FILE PHOTO: A general view shows light around the site of the Iconic Tower skyscraper in the Central Business District (CBD) in the New Administrative Capital (NAC) east of Cairo, Egypt August 2, 2023. REUTERS/Amr Abdallah Dalsh/File Photo
FILE PHOTO: A general view shows light around the site of the Iconic Tower skyscraper in the Central Business District (CBD) in the New Administrative Capital (NAC) east of Cairo, Egypt August 2, 2023. REUTERS/Amr Abdallah Dalsh/File Photo

Egypt's Petroleum Ministry launched an international bidding round for exploration in 23 open blocks, with the offer deadline set for Feb. 25, marking a significant expansion in the nation's energy sector.  

According to a press release acquired by Asharq Al-Awsat, the round includes ten areas in Egypt's Western Desert, two in the Eastern Desert, seven in the Gulf of Suez, and four in the Red Sea.  

Egypt, the most populous Arab country, has sought to position itself as a regional energy hub.  

Minister of Petroleum Tarek el-Molla stated that the new bid includes new areas for exploration and research, employing the latest digital tools and methods.  

It provides a highly advanced marketing window for available petroleum opportunities.  

The new bid considers the diversity of sectors offered in all petroleum regions, said Molla, noting that it introduces a new offering in the Red Sea areas.  

The Red Sea witnessed advanced seismic surveys, resulting in valuable geological data processed according to advanced global standards.  

Egypt continues its efforts to increase its production of petroleum resources and boost the planned investments, enriching the production process and geological databases for petroleum production regions, according to Molla.  

Meanwhile, the ministry announced Monday that the General Petroleum Company added an estimated reserve of approximately 38.3 million barrels of oil equivalent during the fiscal year ending in June.  

A separate press statement noted that the company achieved its highest-ever production rate during the 2022-2023 fiscal year, registering approximately 74,000 barrels per day of oil equivalent.  

The statement also highlighted the Minister's directive during the general assembly of the Cooperation and Egypt Petroleum Companies, urging expansion in providing refueling services for aircraft and ships.  

Additionally, he emphasized the importance of expanding the production of mineral oils and specialized products, including high-quality chemicals and industrial detergents. 

Business

Saudi Arabia Launches Its First National Nuclear Power Plant

Saudi Energy Minister Prince Abdulaziz bin Salman at the IAEA (SPA)
Saudi Energy Minister Prince Abdulaziz bin Salman at the IAEA (SPA)
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Saudi Arabia Launches Its First National Nuclear Power Plant

Saudi Energy Minister Prince Abdulaziz bin Salman at the IAEA (SPA)
Saudi Energy Minister Prince Abdulaziz bin Salman at the IAEA (SPA)

Saudi Arabia is closely cooperating with the International Atomic Energy Agency (IAEA) and is actively working to develop peaceful uses of nuclear energy in various fields, announced Energy Minister Prince Abdulaziz bin Salman.

Prince Abdulaziz announced the Kingdom's support for the 'Rays of Hope' initiative launched by the International Atomic Energy Agency (IAEA), with a contribution amounting to $2.5 million. It aims to save lives and address the burden of cancer by using nuclear techniques.

The Minister addressed the Kingdom's perspective at the 67th General Assembly meeting of IAEA in Vienna. Representatives from the agency's 177 member countries attended the meeting held between September 25th and 29th.

At the onset of his speech, the Minister reaffirmed the Kingdom's commitment to its national nuclear energy policy, emphasizing the utmost standards of transparency, reliability, and top-tier safety measures.

He elaborated that Saudi Arabia believes in the positive contributions of nuclear energy to energy security and its social and economic benefits.

The Kingdom is working to develop peaceful uses for nuclear energy across various fields through close cooperation with IAEA, including the Saudi National Atomic Energy Project and its components, and building the first nuclear energy power plant.

The Minister said that the Kingdom is looking forward to operating a regional cooperation center with the IAEA to develop human capabilities in the areas of preparedness and response to radiological and nuclear emergencies, as well as other regulatory aspects at national, regional, and international levels.

Saudi Arabia emphasizes the importance of concerted international efforts to implement the provisions of the Non-Proliferation Treaty, ensuring its universal adherence, he said, reaffirming the significance of countering nuclear proliferation in the Middle East.

"In this regard, we reaffirm the importance of fully implementing Resolution 1995, which aims to establish a nuclear-weapon-free zone in the Middle East," the Minister said.

Furthermore, he congratulated the IAEA and its member states on the upcoming Nuclear Security Training and Demonstration Centre launch in Seibersdorf, scheduled to be operational in October of this year. Saudi Arabia and other countries collaborated on establishing and funding it.

The Kingdom hopes this center will serve as a key enabler for the agency in strengthening the capabilities of all member states in many areas of nuclear security.

The Minister voiced the Kingdom's appreciation for the IAEA's role in maintaining neutrality and its outstanding efforts in dealing with non-proliferation issues by maintaining its safeguards and verification responsibilities.

He also expressed the Kingdom's appreciation for the agency's efforts in ensuring that these activities represent important principles and contribute effectively to the development of peaceful uses of nuclear energy.

Prince Abdulaziz affirmed Saudi Arabia's inherent right to benefit from peaceful nuclear technology, including the nuclear fuel cycle, and to benefit from its natural resources of uranium ores commercially under relevant international treaties and agreements.

Saudi Arabia supports the agency to harness nuclear technology for humanity, calling on the International Community to cooperate actively in developing and addressing all attempts at non-peaceful and unsafe uses of nuclear technologies.

Delegates will discuss various issues throughout the week, including the 2022 annual report and 2024 budget, to enhance activities related to nuclear science and technology and its applications.

It also includes the agency's activities in nuclear safety and security and enhancing the effectiveness and efficiency of the agency's assurances.

The International Atomic Energy Agency states that the "Rays of Hope" initiative has started to impact by expanding the scope of access to radiation therapy, medical imaging, and nuclear medicine services in low and middle-income countries.

Business

Saudi Minister of Industry and Mineral Resources Concludes Official Visit to China

Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, chaired the Kingdom’s delegation to China.(SPA)
Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, chaired the Kingdom’s delegation to China.(SPA)
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Saudi Minister of Industry and Mineral Resources Concludes Official Visit to China

Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, chaired the Kingdom’s delegation to China.(SPA)
Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, chaired the Kingdom’s delegation to China.(SPA)

Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, concluded his official visit to China, which lasted for eight days, during which he met with Chinese ministers, officials, and investors, SPA said on Tuesday.

He visited companies and factories in four Chinese cities, chairing the Kingdom’s delegation, which participated as a guest of honor in the conference of China and Arab countries.

During his visit, Al-Khorayef met with the Minister of Industry and Information Technology of the People's Republic of China, Jin Zhuanglong, and discussed with him the ways for enhancing cooperation and partnership between the two countries in the industrial sector, exchanging expertise and technology, and expanding mutual investment opportunities between the two nations.

He also met with the Chinese Minister of Natural Resources, Wang Guanghua, and Li Jinfa, the vice president of China Geological Survey, and discussed with them the opportunities and challenges facing the mining sector and enhancing cooperation to increase growth in the mining and metals industry in the region.

The industry minister also discussed with the President of China Mining Association (CMA), Peng Qiming, and the Director of the China Nonferrous Metals Industry Association, GE Honglin, the efforts to promote economic growth and infrastructure development in the mining sector.

Khalid Al-Salem, the president of the Royal Commission for Jubail and Yanbu, Khaled Al-Mudaifer, the vice minister for mining affairs, and several leaders of the industry and mineral wealth system accompanied the minister of industry and mineral resources during his visit.

The visit aims to discuss many issues of interest to the countries, especially in the industrial and mining sectors, and to expand the horizons of strategic cooperation between the two friendly countries.

Business

Saudi Arabia, IAEA Sign 'Junior Professionals Program Agreement' 

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz and IAEA Director Genera Rafael Grossi during the signing ceremony. (SPA)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz and IAEA Director Genera Rafael Grossi during the signing ceremony. (SPA)
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Saudi Arabia, IAEA Sign 'Junior Professionals Program Agreement' 

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz and IAEA Director Genera Rafael Grossi during the signing ceremony. (SPA)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz and IAEA Director Genera Rafael Grossi during the signing ceremony. (SPA)

Saudi Minister of Energy and Chairman of the Board of Directors of King Abdullah City for Atomic and Renewable Energy (KACARE) Prince Abdulaziz bin Salman bin Abdulaziz signed on Monday the "Junior Professionals Program Agreement" with Director General of the International Atomic Energy Agency (IAEA) Rafael Grossi.

The agreement aims to train and develop young national human resources in various fields related to the technical aspects of the IAEA and beyond, enabling them to acquire expertise in areas that support the UN agency and address international issues discussed on its premises.

The signing ceremony was held on the sidelines of the 67th Regular Session of the IAEA General Conference in the Austrian capital, Vienna.

Business

Saudi-Singaporean Business Forum to Seek Ways to Boost Economic Partnership

Saudi Minister of Commerce Dr. Majid Al-Qasabi. (SPA file photo)
Saudi Minister of Commerce Dr. Majid Al-Qasabi. (SPA file photo)
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Saudi-Singaporean Business Forum to Seek Ways to Boost Economic Partnership

Saudi Minister of Commerce Dr. Majid Al-Qasabi. (SPA file photo)
Saudi Minister of Commerce Dr. Majid Al-Qasabi. (SPA file photo)

Saudi Minister of Commerce Dr. Majid Al-Qasabi headed the Kingdom’s delegation consisting of 36 public and private sectors representatives to Singapore where they will participate in the Saudi-Singapore Business Forum, reported the Saudi Press Agency on Monday.

The forum, which runs through to September 27, will tackle bilateral trade in goods and services and ways to boost economic partnership.

Al-Qasabi met with Singaporean Minister of Education Chan Chun Sing, and Singaporean Minister of Social and Family Development and Minister-in-charge of Muslim Affairs Masagos Zulkifli on Monday to discuss cooperation in education, mostly equipping students with the skills required by future industries, digital literacy, and entrepreneurship.

They discussed the main features of the Singaporean education system, exchanging experience and holding training courses, cooperation between universities and schools, and expanding scholarship programs.

Vice Minister of Commerce and CEO of the National Competitiveness Center Dr. Eman Al-Mutairi and Saudi Ambassador to Singapore Abdullah Al Madhi attended the meeting.

Al-Qasabi also met with Chairman of Singapore Economic Development Board Png Cheong Boon and with Chairman of JTC Corporation Tan Chong Meng to discuss cooperation to stimulate economy, commercial solutions offered to companies, developing industrial zones and business parks, and digitization in manufacturing.

Also discussed was cooperation in the field of service economy and reviewing the best practices and key programs to enhance competitiveness.

Prospects for National Competitiveness Center and the Asia Competitiveness Institute at the Lee Kuan Yew School of Public Policy cooperation in research were also discussed with Vice Dean of the School Francesco Mancini and Director of the Institute Paul Cheung.

Over the next two days, Al-Qasabi will hold meetings with several Singaporean ministers and officials, including Minister for Trade and Industry Gan Kim Yong, Minister for Manpower Tan See Leng, Minister for Communications Josephine Teo, Chairman of Enterprise Singapore Peter Ong, and Chairman of the Board of Directors of the Supply Chain and Logistics Academy Robert Yap.

The Saudi delegation will visit specialized educational institutions, business innovation centers, and the port of Tawas, the world's largest automated port, with the aim of getting familiarized with best practices and quality services in various fields.

It will also participate on Tuesday in the Saudi-Singapore Business Forum, organized by the National Competitiveness Center in cooperation with the Federation of Saudi Chambers and the Singapore Business Federation.

The forum will discuss the progress made in implementing the Kingdom's Vision 2030 since its launch in 2016, opportunities to boost economic partnership, and strengthening cooperation between the two countries in several vital sectors, including logistics, e-commerce, and modern technologies.

The delegation includes several government agencies, including the ministries of commerce, investment, education, health, and industry and mineral resources, the Standards, Metrology and Quality Organization, the Small and Medium Enterprises General Authority (Monshaat), the Saudi Data and AI Authority (SDAIA), the Saudi Business Center, the Saudi Ports Authority (Mawani), the Food and Drug Authority, the National Competitiveness Center, the National E-Learning Center, the Saudi Logistics Academy, the Federation of Saudi Chambers, and officials from Saudi companies.

Business

Saudi Crown Prince Launches Soudah Peaks Masterplan

Situated within an extraordinary natural and cultural environment in the Aseer region, the project is a key part of the Public Investment Fund’s efforts to diversify the economy.
Situated within an extraordinary natural and cultural environment in the Aseer region, the project is a key part of the Public Investment Fund’s efforts to diversify the economy.
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Saudi Crown Prince Launches Soudah Peaks Masterplan

Situated within an extraordinary natural and cultural environment in the Aseer region, the project is a key part of the Public Investment Fund’s efforts to diversify the economy.
Situated within an extraordinary natural and cultural environment in the Aseer region, the project is a key part of the Public Investment Fund’s efforts to diversify the economy.

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of Soudah Development, launched on Monday the masterplan to develop Soudah and parts of Rijal Almaa into Soudah Peaks – a luxury mountain tourism destination set 3,015 meters above sea level on Saudi Arabia's highest peak.

Situated within an extraordinary natural and cultural environment in the Aseer region (southwest Saudi Arabia), the project is a key part of the Public Investment Fund’s (PIF) efforts to diversify the economy by expanding vital industries such as tourism, hospitality, and entertainment, and supporting Aseer development strategy.

Crown Prince Mohammed, Chairman of Soudah Development’s Board of Directors, stated that Soudah Peaks represents a new era of luxury mountain tourism by providing an unprecedented living experience while preserving the natural environment, cultural, and heritage richness.

It is strategically aligned with Vision 2030 goals of expanding tourism and entertainment, supporting economic growth, attracting investments, contributing more than SAR29 billion to the Kingdom’s cumulative GDP, and creating thousands of direct and indirect job opportunities.

The Crown Prince said: “The masterplan reaffirms our commitment to global efforts in preserving the environment and natural resources for future generations and aims to contribute to diversifying national income sources and building a strong economy that attracts local and global investments.”

“Soudah Peaks will be a significant addition to the tourism sector in Saudi Arabia and place the Kingdom on the global tourism map, whilst highlighting and celebrating the country’s rich culture and heritage. Visitors will have the opportunity to discover the beauty of Soudah Peaks, explore its rich culture and heritage, and experience the authentic hospitality of the local community. Soudah Peaks will offer unforgettable experiences amidst lush greenery, above the clouds,” he added.

Soudah Peaks aims to offer high-end luxurious hospitality services to over two million visitors throughout the year by 2033. The masterplan is being designed to reflect the local traditional, and architectural styles, and will promote both the cultural and landscape heritage of the region.

The destination will be home to six unique development zones: Tahlal, Sahab, Sabrah, Jareen, Rijal, and Red Rock. Each will offer a range of world-class facilities including hotels, luxury mountain resorts, residential chalets, villas, premium mansion sites, entertainment and commercial attractions, as well as outdoor attractions dedicated to sports, adventure, wellness and culture.

Soudah Development will deliver 2,700 hospitality keys, 1,336 residential units, and 80,000 square meters of commercial space for Soudah Peaks by 2033. The masterplan will be developed over three phases, with 940 hotel keys, 391 residential units, and 32,000 square meters of retail space expected to be completed in 2027, within phase one.

Soudah Peaks is set across more than 627 square kilometers of awe-inspiring nature, with less than 1% of the land being acquired for building, reflecting Soudah Development’s commitment to protecting and preserving the environment, following best-in-class sustainability standards, and contributing to the efforts of the Saudi Green Initiative.

As a closed joint-stock company owned by PIF, Soudah Development aims to develop a unique luxury mountain tourism destination in Saudi Arabia, whilst preserving the natural environment and cultural heritage of the project area spread across Soudah and parts of Rijal Almaa.

Business

Saudi Private Sector Prepares for GCC-Türkiye Forum

Saudi-Turkish investment forum that was recently held in Jeddah (Asharq Al-Awsat)
Saudi-Turkish investment forum that was recently held in Jeddah (Asharq Al-Awsat)
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Saudi Private Sector Prepares for GCC-Türkiye Forum

Saudi-Turkish investment forum that was recently held in Jeddah (Asharq Al-Awsat)
Saudi-Turkish investment forum that was recently held in Jeddah (Asharq Al-Awsat)

The Saudi private sector is preparing to participate in the GCC-Türkiye Economic Forum held in Istanbul between November 11 and 13.

According to released information, the Federation of Saudi Chambers informed all commercial chambers about the Forum, which aims to strengthen economic cooperation between the Gulf Cooperation Council (GCC) countries and Türkiye, and increase trade value.

The Statistical Center for the Gulf Cooperation Council (GCC-Stat) indicated that trade between GCC countries and Türkiye reached $22 billion in 2021.

Trade between Saudi Arabia and Türkiye also increased to $6.5 billion in 2022, up from $3.7 billion in 2021.

The Turkish Minister of Trade, Omer Bolat, announced that trade between Saudi Arabia and Türkiye reached $3.4 billion during the first half of 2023.

The Gulf-Turkish economy highlights several areas: trade, investment, energy, infrastructure, industry, transport, logistics services, tourism, agriculture, and food.

- Businessmen

Many officials, Gulf businessmen, and their Turkish counterparts are expected to participate in the Forum.

GCC Secretary-General Jasem Albudaiwi is scheduled to speak at the Forum.

The Turkish government has recently increased its efforts to strengthen economic relations with Gulf countries, especially Saudi Arabia.

Turkish President Recep Tayyip Erdogan visited Saudi Arabia in July, describing the Kingdom as one of the region's most important countries, with a special place in trade, investments, and contracting services.

More than 200 businessmen and investors accompanied Erdogan's visit, highlighting the Saudi market's importance and economic relations between the two nations.

- Engaging the Private Sector

The Saudi-Turkish Business Council held a meeting in Jeddah on the sidelines of Erdogan's visit.

Speaking at the meeting's onset, Saudi Minister of Investment Khaled al-Falih emphasized Riyadh's keenness to engage the local and foreign private sectors, primarily Turkish entities.

Falih indicated that Vision 2030 established a new phase in all aspects of life in the Kingdom and fostered an excellent economic environment for promising investments.

"One of the most prominent features of the Vision is the keenness to involve the Saudi and foreign private sectors, including the Turkish private sector," he said, explaining that the National Investment Strategy was aimed at enabling diversified investments with a total estimated volume of $3.3 trillion by 2030.

The Turkish Trade Minister emphasized the necessity to enhance bilateral investment and trade, noting the strong bilateral ties.

He noted that the free trade agreement would serve the two sides' interests: "Türkiye and the Kingdom are two countries that have sufficient energy to strengthen relations and work to develop all cultural, commercial, and industrial sectors."

- Red Sea Project

Bolat revealed that Saudi Arabia's investments in his country exceeded $2 billion, which he said confirmed "the confidence of our Saudi brothers in Türkiye."

Saudi Minister of Industry and Mineral Resources Bandar al-Khorayef visited Ankara last August and participated in a Turkish-Saudi roundtable where he expressed his country's confidence in Turkish investors.

Khorayef hoped Turkish investors would take advantage of the investment opportunities in Saudi Arabia.

Last March, Saudi Arabia agreed to deposit $5 billion into Türkiye's central bank through its Saudi Fund for Development.

The decision demonstrates the Kingdom's commitment to supporting Türkiye's efforts to strengthen its economy following the devastating earthquake that hit Türkiye and Syria last February.

Business

Egypt Locally Manufactures Salt Separators to Develop Oil Refineries

Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla and heads of government oil companies during the meeting. (Asharq Al-Awsat)
Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla and heads of government oil companies during the meeting. (Asharq Al-Awsat)
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Egypt Locally Manufactures Salt Separators to Develop Oil Refineries

Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla and heads of government oil companies during the meeting. (Asharq Al-Awsat)
Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla and heads of government oil companies during the meeting. (Asharq Al-Awsat)

Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla has revealed that his country is intensifying efforts to increase reliance on local components in the development of oil refineries.

Petrojet company manufactures some of the main components that are installed in the production units in refineries such as salt separators, he added.

El-Molla stressed the significance of refineries in the country, specifically Alexandria which represents around 40 percent of the oil refineries across the country.

He made his remarks as he chaired through videoconference a meeting for several state-owned oil companies such as Alexandria Petroleum Company, Amreya Petroleum Refining Company, Egyptian Petrochemical Company, and Petroleum Pipelines Co.

Minister of Local Development Hisham Amna and the Minister of Trade and Industry, Ahmed Samir, were also present.

El-Molla remarked that investments continue to be pumped to develop the national petroleum transportation network, which boosts Egypt’s role as a regional hub for energy trade. This role must go in parallel with a modern, safe, and strong network of high efficiency to transport oil products, he said.

Chairman of the Board of Directors of Petroleum Pipelines Co. Fathi Mansour stated that the firm started the implementation of new transportation lines to transport oil and the expansion of two storage terminals with an investment value exceeding EGP6 billion.

Mansour added that new lines would extend over 600 km with an investment value surpassing EGP11 billion.

Business

Key Speakers to take Part in Saudi Arabia's First World Tourism Day

An event at Boulevard Riyadh City in the Saudi capital (Asharq Al-Awsat)
An event at Boulevard Riyadh City in the Saudi capital (Asharq Al-Awsat)
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Key Speakers to take Part in Saudi Arabia's First World Tourism Day

An event at Boulevard Riyadh City in the Saudi capital (Asharq Al-Awsat)
An event at Boulevard Riyadh City in the Saudi capital (Asharq Al-Awsat)

More than 500 government officials, industry leaders, and experts from 120 countries are set to attend the World Tourism Day (WTD), which will be held in Riyadh for the first time.

According to the recent UNWTO Barometer Report, the Middle East reported the best results in January 2023, with arrivals 20 percent above pre-pandemic levels.

The region continues to be the only one to exceed 2019 levels, with Saudi witnessing extraordinary growth exceeding 58 percent.

The organizing committee for the WTD announced on Sunday that the exceptional participation reflects the significance of this occasion.

- Green investment

WTD 2023, on September 27 and 28, will be held under the theme "Tourism and Green Investments."

The event aims to foster global collaboration to examine investment opportunities and strengthen the resilience of the tourism industry, steering the sector towards an investment-led and sustainably focused future.

On the evening of the first day, a gala dinner will be hosted in Saudi Arabia's UNESCO heritage site, Diriyah, to celebrate WTD 2023.

A WTD 2024 handover session will be conducted between Saudi Arabia and Georgia ahead of Tbilisi's hosting of the event next year.

Hosting this significant event in the heart of Riyadh bolsters the city's global standing and leadership across various sectors, including the international tourism industry.

The UN Secretary-General, Antonio Guterres, stated on World Tourism Day: "We recognize the vital need for green investments to build a tourism sector that delivers for people and planet. Governments and businesses must invest in sustainable and resilient tourism practices."

- Participating officials

The Kingdom was elected Chair of the Executive Council of the United Nations World Tourism Organization (UNWTO) for 2023 and hosted the World Travel and Tourism Council's Global Summit in Riyadh last year.

Riyadh also houses the regional office of the World Tourism Organization in the Middle East.

WTD2023 will have a high-level speaker line-up, showcasing the collective movement across the industry to celebrate the sector's successes while exploring solutions to its most pressing challenges.

Key speakers include, among others, Saudi Tourism Minister Ahmed al-Khateeb, Investment Minister Khalid al-Falih, WTO Sec-Gen Zurab Pololikashvili, and South Africa's Tourism Minister Patricia de Lille.

Notably, Saudi Crown Prince Mohammed bin Salman bin Abdulaziz recently discussed developments in the Saudi tourism sector during a TV interview with Fox News, revealing that the sector's contribution to the GDP has increased from three to seven percent.