Saudi Arabia, Japan, Launch Initiative to Cooperate in Clean Energy

Prince Mohammed bin Salman, Crown Prince and Prime Minister, receives Japanese Prime Minister Fumio Kishida in Jeddah. (SPA)
Prince Mohammed bin Salman, Crown Prince and Prime Minister, receives Japanese Prime Minister Fumio Kishida in Jeddah. (SPA)
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Saudi Arabia, Japan, Launch Initiative to Cooperate in Clean Energy

Prince Mohammed bin Salman, Crown Prince and Prime Minister, receives Japanese Prime Minister Fumio Kishida in Jeddah. (SPA)
Prince Mohammed bin Salman, Crown Prince and Prime Minister, receives Japanese Prime Minister Fumio Kishida in Jeddah. (SPA)

Saudi Arabia and Japan announced the establishment of the Manar initiative for cooperation in the field of clean energy.

The initiative seeks to align the aspirations of both countries in the field of clean energy and foster sustainable advanced materials, as well as ensure the flexibility and security of supply chains.

Saudi Arabia and Japan signed 26 agreements in several fields, on the sidelines of the visit of Japanese Prime Minister Fumio Kishida to the Kingdom.

A joint statement issued at the conclusion of the visit reiterated the Kingdom’s ambitions to reduce carbon emissions and reach zero neutrality, benefiting from its strategic location on the global energy routes.

The statement also highlighted Japan’s endeavor to achieve zero neutrality, as a world leader in clean energy technology solutions.

The Manar initiative aims to highlight the leadership of Saudi Arabia and Japan in clean energy projects and sustainable advanced materials, in addition to ensuring the flexibility of supply chains. This initiative will reinforce Saudi Arabia's ongoing efforts to become a hub for clean energy, mineral resources, and energy component supply chains.

The initiative features a range of projects that drive the transition to clean energy, focusing on areas such as hydrogen and ammonia technologies, synthetic fuels, circular carbon economy and carbon recycling, direct air carbon (DAC) capture, and critical minerals essential for achieving resilience.

The two sides have affirmed their cooperation in promoting clean energy supply chains and mineral resources, by joining capabilities and common aspirations, and strengthening cooperation between companies and entities in both countries, to contribute to the expansion of the clean energy market, reduce costs and increase the flexibility of supply chains.



PIF Launches Al Waha, First Saudi-Owned Duty-Free Retailer

PIF Launches Al Waha, First Saudi-Owned Duty-Free Retailer
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PIF Launches Al Waha, First Saudi-Owned Duty-Free Retailer

PIF Launches Al Waha, First Saudi-Owned Duty-Free Retailer

The Public Investment Fund (PIF) announced on Monday the establishment of Al Waha Duty-Free Company (Al Waha), a travel retailer and the first Saudi-owned duty-free operator.

Al Waha, a wholly owned PIF company, will become a leader in travel retail and secure a greater share of passenger spending for the Saudi economy, said PIF in a statement.

Al Waha will develop luxury retail outlets in select locations across the Kingdom and feature a variety of merchandise including unique, high-quality Saudi products. The company will operate its airport outlets on a duty-free basis, and will explore additional travel retail opportunities at land border crossings and seaports, as well as channels such as inflight shopping.

Head of Consumer Goods and Retail in MENA Investments at PIF Majed Al-Assaf said: “By establishing Al Waha as a national travel retail champion, PIF intends to grow the Saudi travel retail industry and further support its ambitions for the tourism sector in Saudi Arabia.”

“Al Waha will offer a distinctive traveler experience across Saudi travel retail touch points through diverse product offerings, a duty-free operation and a superior digital customer journey,” he added.

There is considerable potential for Saudi Arabia to gain a larger share of travel retail spending in the future, and the continued increase in visitors coming to the country - as well as global events being hosted locally - offer new opportunities to generate sustainable travel retail revenues, he remarked.

PIF is unlocking the capabilities of strategic sectors to diversify the Saudi economy, stressed the statement.