ROSHN: MARAFY Will Become Trade Hub to Attract Investments in Jeddah

ROSHN announced MARAFY, a mixed-use development located in the north of Jeddah that will accommodate more than 130,000 residents with a manmade canal at its heart – the first of its kind in Saudi Arabia. (PIF)
ROSHN announced MARAFY, a mixed-use development located in the north of Jeddah that will accommodate more than 130,000 residents with a manmade canal at its heart – the first of its kind in Saudi Arabia. (PIF)
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ROSHN: MARAFY Will Become Trade Hub to Attract Investments in Jeddah

ROSHN announced MARAFY, a mixed-use development located in the north of Jeddah that will accommodate more than 130,000 residents with a manmade canal at its heart – the first of its kind in Saudi Arabia. (PIF)
ROSHN announced MARAFY, a mixed-use development located in the north of Jeddah that will accommodate more than 130,000 residents with a manmade canal at its heart – the first of its kind in Saudi Arabia. (PIF)

Real estate developer and Public Investment Fund (PIF) giga-project ROSHN underscored the economic impact of the MARAFY project that will be implemented in Saudi Arabia’s western coastal city of Jeddah.

Executive Director of Marketing and Communications at ROSHN Ghada Alrumayan told Asharq Al-Awsat that MARAFY will become a trade hub that attracts investments to Jeddah.

This will help increase job opportunities and the GDP, she added.

The project reflects an ambitious and young generation, she went on to say. Man is at the heart of every step of the project, starting from its planning phase to the laying of the foundation to its execution and until its completion.

In August, ROSHN announced MARAFY, a mixed-use development located in the north of Jeddah that will accommodate more than 130,000 residents with a manmade canal at its heart – the first of its kind in Saudi Arabia.

MARAFY’s canal, 11 kilometers in length and 100 meters wide, will connect and extend the Obhur Creek. This navigable canal is the first to be built in Saudi Arabia, and will be flanked by multiple districts, including ROSHN’s existing integrated residential development, ALAROUS.

The waterfront community is set to be ROSHN’s first fully mixed-use development. Its districts will be connected to each other and the rest of Jeddah by an intermodal transport system, including water taxis, bus lines, a dedicated Metro Red Line station, and a direct canal link to the King Abdulaziz International Airport.

Tourism destination

Alrumayan stressed that MARAFY will not be just any other destination. Rather, it will become a vibrant trade and tourism hub given its location. She expected that it will attract millions of Hajj pilgrims, who already visit Jeddah city on their journey.

This will enrich life in the city and raise the quality of life there through an integrated modern infrastructure, in line with one of Vision 2030’s goals of transforming Jeddah into one of the world’s top 100 livable cities, she added.

On the importance of MARAFY in developing the real estate sector in Jeddah, she told Asharq Al-Awsat that the project embodies modern life in Saudi Arabia, noting its design that revolves around man and caters to sustainability concepts.

She stressed that MARAFY is the most ambitious project in Saudi Arabia and marks a turning point in ROSHN’s history as the greatest national real estate developer in the Kingdom.

Cultural mark

Residents of ALAROUS will be able to benefit from all the services provided by MARAFY, which will allow them to adopt a new vibrant way of life, she added.

On the design concept of the project, she explained that Jeddah city boasts a rich history that spans centuries. This has left a unique cultural mark on the identity of the city and MARAFY will only complement this image by offering an innovative design that harkens back to this rich history.

The latest modern technologies and construction methods will be used to bring this concept to life, she stated.

This will create an ideal environment for living, work and recreation as MARAFY becomes a bridge between the past, achievements of the present and ambitions of the future, remarked Alrumayan

Alternative transportation

On modes of transportation in MARAFY, she said it will boast numerous options, while focusing on alternative means that reduce the reliance on cars, such as e-scooters and bicycles that will be available in all of ROSHN’s residential developments.

Moreover, she said MARAFY will boast water taxis and ferries that will allow easy transport between its various areas. It will also provide direct route to and from King Abdulaziz International Airport.



Energy Minister Underscores Economic Cooperation between Saudi Arabia, Uzbekistan

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz attends the Third Tashkent International Investment Forum. (SPA)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz attends the Third Tashkent International Investment Forum. (SPA)
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Energy Minister Underscores Economic Cooperation between Saudi Arabia, Uzbekistan

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz attends the Third Tashkent International Investment Forum. (SPA)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz attends the Third Tashkent International Investment Forum. (SPA)

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz underlined on Thursday the economic cooperation between the Kingdom and Uzbekistan.

He participated in the main panel discussion of the Third Tashkent International Investment Forum that was attended by Uzbekistan’s President Shavkat Mirziyoyev.

Prince Abdulaziz highlighted the distinguished relations between Saudi Arabia and Uzbekistan and the keenness of their leadership to develop cooperation in all fields, especially in the energy sector, for the benefit of both countries and their people.

He pointed out that economic cooperation between the two countries represents a model to be followed, especially within the framework of the Uzbekistan-2030 Strategy and Saudi Vision 2030.

These two strategies have similar goals aimed at economic development and diversification and enhancing sustainable development, reflecting a shared commitment to building a prosperous future for both nations, he stated.

Prince Abdulaziz stressed that the relations between the two countries witnessed a significant leap after the meeting between Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of Saudi Arabia, and President Mirziyoyev in Riyadh in 2022.

The minister noted that the energy sector is an important aspect of the growing relations between Saudi Arabia and Uzbekistan, especially in renewable energy.

This is evident in the significant presence of Saudi companies in Uzbekistan, such as ACWA Power, he remarked. He said the investment volume between the two countries in this field has exceeded $14 billion to produce more than 11 gigawatts of electricity from renewable energy.

The minister stressed that Uzbekistan had shown serious commitment to a fair and equitable energy transition, which aligns with the Kingdom's aspirations. The two countries share rational positions regarding energy security and the need to boost and preserve it, while emphasizing their roles in collective efforts to combat climate change.


Saudi EXIM Bank, Qatar Development Bank Sign MoU to Boost Cooperation

Officials are seen at the signing ceremony. (SPA)
Officials are seen at the signing ceremony. (SPA)
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Saudi EXIM Bank, Qatar Development Bank Sign MoU to Boost Cooperation

Officials are seen at the signing ceremony. (SPA)
Officials are seen at the signing ceremony. (SPA)

Saudi Minister of Industry and Mineral Resources and Chairman of the Board of Directors of the EXIM Bank Bandar Ibrahim Alkhorayef held talks with Qatari Minister of Trade and Industry of Qatar Sheikh Mohammed bin Hamad bin Qassim Al Than at the Qatari Ministry of Industry and Trade, reported the Saudi Press Agency on Thursday.

The officials discussed joint efforts to strengthen and develop bilateral relations in the industrial and mining sectors and explored new horizons for cooperation in various fields. They also reviewed industrial development plans in the Gulf countries.

The meeting was attended by Saudi Ambassador to Qatar Prince Mansour bin Khalid bin Farhan, Deputy Minister for Industry Affairs Engineer Khalil bin Ibrahim bin Salamah, and CEO of the Saudi Export-Import Bank Engineer Saad bin Abdulaziz Al-Khalb.

Alkhorayef and Sheikh Mohammed witnessed the signing of a memorandum of understanding (MoU) between the EXIM Bank and Qatar Development Bank.

The MoU aims to boost cooperation in the fields of export and import and explore investment opportunities of common interest.


Mawani Strengthens Saudi-European Connections with Levante Express Service

Mawani launched the Levante Express service by Mediterranean Shipping Company (MSC) at the Jeddah Islamic Port to strengthen connectivity to ports across both northern and southern Europe. (SPA)
Mawani launched the Levante Express service by Mediterranean Shipping Company (MSC) at the Jeddah Islamic Port to strengthen connectivity to ports across both northern and southern Europe. (SPA)
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Mawani Strengthens Saudi-European Connections with Levante Express Service

Mawani launched the Levante Express service by Mediterranean Shipping Company (MSC) at the Jeddah Islamic Port to strengthen connectivity to ports across both northern and southern Europe. (SPA)
Mawani launched the Levante Express service by Mediterranean Shipping Company (MSC) at the Jeddah Islamic Port to strengthen connectivity to ports across both northern and southern Europe. (SPA)

The Saudi Ports Authority (Mawani) launched in April the Levante Express service by Mediterranean Shipping Company (MSC) at the Jeddah Islamic Port to strengthen connectivity to ports across both northern and southern Europe.
The new service reflects investors’ confidence in the port's operational efficiency and its ability to handle diverse cargo types and ship sizes, the Saudi Press Agency said.
This aligns with the National Transport and Logistics Strategy (NTLS), which aims to solidify Saudi Arabia's position as a global logistics hub connecting three continents.
The Levante Express offers direct connections from Jeddah Islamic Port to major European ports, including La Spezia and Naples (Italy), Mersin (Türkiye), and Alexandria (Egypt). With regular weekly voyages and a handling capacity of up to 15,000 TEUs, the service promises significant advantages for exporters, importers, and shipping agents.
Mawani's ongoing development efforts further enhance Jeddah Islamic Port's competitive edge and propel it towards its goal of ranking among the top 10 global ports.
The completion of SAR6.6 billion worth of enhancements and upgrades at the Northern Container Terminal this year has significantly boosted operational capabilities, increased handling capacity, and streamlined logistics services.


Cyprus Gives Chevron Another 6 Months to Come up with Timetable on Natural Gas Field Development 

An offshore drilling rig is seen in the waters off Cyprus' coastal city of Limassol, on July 5, 2020 as a sailboat sails in the foreground. (AP)
An offshore drilling rig is seen in the waters off Cyprus' coastal city of Limassol, on July 5, 2020 as a sailboat sails in the foreground. (AP)
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Cyprus Gives Chevron Another 6 Months to Come up with Timetable on Natural Gas Field Development 

An offshore drilling rig is seen in the waters off Cyprus' coastal city of Limassol, on July 5, 2020 as a sailboat sails in the foreground. (AP)
An offshore drilling rig is seen in the waters off Cyprus' coastal city of Limassol, on July 5, 2020 as a sailboat sails in the foreground. (AP)

The Cyprus government has given Chevron another six months to come up with a revised plan to develop a sizeable natural gas deposit off the island nation’s southern coastline after an earlier plan proposed by the US energy company lacked a timetable, an official said Thursday.

Chevron’s development proposal from March 29 for the Aphrodite deposit estimated to hold 4.2 trillion cubic feet of gas “wasn’t considered targeted and was without specific timetables,” the official with knowledge of the matter told The Associated Press. The official spoke on condition of anonymity because he was not authorized to discuss details of the deal.

In a reply letter last Thursday, Cypriot Energy Minister George Papanastasiou asked Chevron for “specific, targeted actions” and a “specific timetable” that would confirm its commitment to developing the gas field.

In January this year, the Cypriot government and Chevron reached a “mutually beneficial” agreement on how to develop the gas field, ending long stalled negotiations on plans to extract the hydrocarbon since its discovery in 2011.

At the time, the Cypriot energy ministry said Chevron affirmed that both sides are in “alignment” regarding the “wider framework of the field’s exploitation.”

Chevron had wanted to send the gas to Egypt through a pipeline, but Cyprus preferred to process it on a floating production facility because it would be more economically beneficial for the island nation and would lend more flexibility to supplying other markets.

On Tuesday, Claudio Descalzi, chief executive officer of the Italian energy company Eni discussed with Cypriot President Nikos Christodoulides ways to expedite development of gas fields that Eni discovered in waters off Cyprus’ southern coast.

A statement said the two men reviewed discoveries that Eni and its partner TotalEnergies of France made in 2022, confirming “the encouraging outcomes of the previous wells.”

Eni, which has had a presence in Cyprus since 2013, operates five offshore areas – or blocks – and has participating interest in another two.


Oil Prices Rebound on Hopes US Will Replenish Strategic Reserve

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)
Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)
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Oil Prices Rebound on Hopes US Will Replenish Strategic Reserve

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)
Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)

Oil prices rose on Thursday, rebounding from three days of losses, on expectations the lower levels may prompt the US, the world's biggest crude consumer, to start replenishing its strategic reserve, putting a floor under prices.
Still, prices fell more than 3% on Wednesday to a seven-week after the US Federal Reserve kept interest rates steady, which may curtail economic growth this year and limit oil demand increases, Reuters reported.
Crude was also pressured by an unexpected increase in US crude inventories and signs of an impending Israel-Hamas ceasefire that would ease Middle East supply concerns.
Brent crude futures for July gained 58 cents, or 0.7%, to $84.02 a barrel by 0633 GMT on Thursday. US West Texas Intermediate (WTI) crude for June climbed 53 cents, or 0.7%, to $79.53 a barrel.
"The oil market was supported by speculation that if WTI falls below $79, the US will move to build up its strategic reserves," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.
The US has said it aims to replenish the Strategic Petroleum Reserve (SPR) after a historic sale from the emergency stockpile in 2022 and wants to buy back oil at $79 a barrel or less.
In the Middle East, expectations grew that a ceasefire agreement between Israel and Hamas could be in sight following a renewed push led by Egypt.
Still, Israeli Prime Minister Benjamin Netanyahu has vowed to go ahead with a long-promised assault on the southern Gaza city of Rafah despite the US position and a UN warning that it would lead to "tragedy".
"As the impact of the US crude stock-build and the Fed signaling higher-for-longer rates is close to being fully baked in, attention will turn towards the outcome of the Gaza talks," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
"As long as the latest bout of optimism over a ceasefire sustains, I expect a continued downside bias in crude," Hari added.
The US Energy Information Administration (EIA) said crude inventories rose by 7.3 million barrels to 460.9 million barrels in the week ended April 26, compared with analysts' expectations in a Reuters poll for a 1.1 million-barrel draw.
Crude stocks were at the highest point since June, the EIA said.
The US Federal Reserve held interest rates steady on Wednesday and signaled it is still leaning towards eventual reductions in borrowing costs, but put a red flag on recent disappointing inflation readings.
Any delay in rate cuts could slow economic growth and dampen demand for oil.
Still, continuing supply reductions by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, will support prices.
Analysts at Citi Research expects OPEC+ to hold output cuts through the second half of the year as it meets on June 1.
However, "if prices move to a bull case $90-100+ range, OPEC+ would likely ease cuts, providing a soft ceiling for oil," they said in a note.


Saudi Arabia to Propose Investment Opportunities in Six Mining Locations

Engineers explore a min in Saudi Arabia. (SPA)
Engineers explore a min in Saudi Arabia. (SPA)
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Saudi Arabia to Propose Investment Opportunities in Six Mining Locations

Engineers explore a min in Saudi Arabia. (SPA)
Engineers explore a min in Saudi Arabia. (SPA)

The mining sector in Saudi Arabia is witnessing growth and development with more investment opportunities expected to be proposed in 2024.

Six locations will be the targets of the fifth round of exploration. They include gold, copper and zinc and span an area of 940 square kms.

Assistant Deputy Minister for Mining Enablement at the Ministry of Industry and Mineral Resources Abdulrahman AlBelushi told Asharq Al-Awsat that the ministry has granted over 500 exploration licenses.

Exploration has witnessed a qualitative leap and it is reaching new heights year after year, he added. This has paved the way for the development of new mines.

The development can all be credited to the amendment of the mining investment regulation, he stated.

Saudi Arabia’s mining wealth is estimated at SAR9.6 trillion (USD2.5 trillion), he went on to say.

He underscored the importance of the optimal exploitation of this wealth so that it can become part of national industries and so that its products can help grow industrial cities in target areas such as cars and planes.

On the Arabian Shield region, AlBelushi said the Saudi Geological Survey has carried out extensive work in the area, using various geophysical and geochemical tools.

Work is underway to develop accurate maps of this work, he revealed.

Saudi Arabia boasts massive mineral wealth, and it will be explored through every mean possible, he stressed.

Saudi Arabia has sought to develop the mining sector in recent years. It launched the largest and most modern geological survey in the world, covering an area of 600,000 kms of the Arabian Shield.


Minister of Industry Heads Saudi Delegation to 52nd Meeting of Industrial Cooperation Committee

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef heads the Kingdom’s delegation at the 52nd meeting of the Gulf Cooperation Council's (GCC) Industrial Cooperation Committee in Doha, Qatar. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef heads the Kingdom’s delegation at the 52nd meeting of the Gulf Cooperation Council's (GCC) Industrial Cooperation Committee in Doha, Qatar. (SPA)
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Minister of Industry Heads Saudi Delegation to 52nd Meeting of Industrial Cooperation Committee

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef heads the Kingdom’s delegation at the 52nd meeting of the Gulf Cooperation Council's (GCC) Industrial Cooperation Committee in Doha, Qatar. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef heads the Kingdom’s delegation at the 52nd meeting of the Gulf Cooperation Council's (GCC) Industrial Cooperation Committee in Doha, Qatar. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef headed the Kingdom’s delegation at the 52nd meeting of the Gulf Cooperation Council's (GCC) Industrial Cooperation Committee in Doha, Qatar.

The meeting discussed important industrial matters shared among the GCC nations, reported the Saudi Press Agency on Wednesday.

Participants assessed progress on creating a unified definition and standards for GCC-made products. The meeting stressed the importance of both supporting the GCC's industrial sector and coordinating efforts among member nations to grow their national industries.

The committee explored initiatives proposed by Saudi Arabia to boost the GCC industrial sector, including the GCC Industrial Excellence Award. The initiative aims to boost economic growth and tackle obstacles in the sector.


Abdulaziz bin Salman: Countries Lagging Behind Should Follow Our Approach

The Minister of Energy addressing the audience in a panel discussion on the sidelines of the Golden Jubilee celebrations of the Islamic Development Bank Group. (Asharq Al-Awsat)
The Minister of Energy addressing the audience in a panel discussion on the sidelines of the Golden Jubilee celebrations of the Islamic Development Bank Group. (Asharq Al-Awsat)
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Abdulaziz bin Salman: Countries Lagging Behind Should Follow Our Approach

The Minister of Energy addressing the audience in a panel discussion on the sidelines of the Golden Jubilee celebrations of the Islamic Development Bank Group. (Asharq Al-Awsat)
The Minister of Energy addressing the audience in a panel discussion on the sidelines of the Golden Jubilee celebrations of the Islamic Development Bank Group. (Asharq Al-Awsat)

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz said that the Kingdom ranks second in terms of the lowest intensity of carbon dioxide emissions, and the same place for methane emissions.
“Our issue is not recognizing the existence of the problem of climate change, but rather how to deal with it in a fair and direct manner, taking into account the differences in national circumstances in countries”, said the Minister.
His remarks came Tuesday during a panel discussion entitled, Security, the Future of Energy and Sustainable Development, on the sidelines of the golden jubilee celebrations of the Islamic Development Bank Group.
He added that countries have unanimously agreed to the Paris Climate Agreement, “but the real problem does not lie in the text of the agreement, but rather in the strange interpretation of its content.”
The discussion on climate change must be realistic and logical to enable all parties to cooperate and confront this global issue, Prince Abdulaziz underlined, saying that energy security cannot be sacrificed in favor of climate change, and vice versa, indicating that governments have a moral responsibility to provide the elements of growth for future generations.
The minister stressed that the issue of inequality was the reason for the faltering of climate change negotiations, referring to the Sharm El-Sheikh and Dubai summits, which he said contributed to mending this gap and dealing with climate change with realism.
He pointed to some hypocrisy in the discourse regarding the distribution of responsibilities towards climate change, noting that it is not possible to ask countries such as Indonesia, which suffers from energy scarcity, or Nigeria, Ghana, or Madagascar, to switch to renewable energy, at a time when they are facing difficulties in obtaining electricity.
During his speech, the Saudi minister referred to a recent statistic, which gives OPEC countries a historical responsibility of 4 percent for carbon dioxide emissions, while the United States bears 24 percent, China approximately 22 percent, and the European Union 16 percent.
“So why should we receive lectures about reducing our emissions,” he asked, noting that countries “lagging behind should follow our approach.”

 

 


Riyadh’s Population Rise to 15 Million Helps Shift City towards Independent Economy

A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
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Riyadh’s Population Rise to 15 Million Helps Shift City towards Independent Economy

A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)

Real estate experts said that Riyadh’s goal to increase its population by about 15 million people in 2030 will contribute to its transformation into a city with an independent and sustainable economy.

They added that the Riyadh Season, as well as major projects and government plans will accelerate the realization of the Saudi capital’s objectives by 2030.

According to the official announcement of the Royal Commission for the City of Riyadh, the region aims to reach 15 million people by 2030 thanks to attractive factors and capabilities that further strengthen the Kingdom's efforts to diversify its economic resources.

In remarks to Asharq Al-Awsat, writer and real estate expert Sami Abdulaziz said the latest statistics indicate that the capital is currently home to about 7.5 million people, adding that the average occupancy of residential units reaches seven individuals, thus the number of units required by 2030 is around 350,000.

The Ministry of Housing alone will provide about 300,000 housing units until the target date, he remarked, noting that developers, contracting companies, and investors in the sector will secure the remaining amount, which will contribute to increasing the availability real estate units, therefore leading to price stability.

Abdulaziz pointed to the importance of studying the rest of the market factors, including the number of units required during the next five years, their locations, the construction costs, the public facilities and services needed, the size of the private sector’s participation and others.

He also expected the Riyadh Season and the city’s major projects to become a major contributor to achieving the capital’s goal of reaching 15 million residents in 2030.

Real estate expert Eng. Ahmed Al-Faqih highlighted Riyadh’s status as one of the most developed cities in the Middle East, in addition to the great progress the city is witnessing simultaneously with Vision 2030.

Achieving the target of 15 million residents would transform Riyadh into a city with an independent economy, he added.


Saudi Arabia’s Review of Vision 2030 Proves its Awareness of Global Changes

Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF) Dr. Jihad Azour. (Photo: Daniel Acker/Bloomberg)
Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF) Dr. Jihad Azour. (Photo: Daniel Acker/Bloomberg)
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Saudi Arabia’s Review of Vision 2030 Proves its Awareness of Global Changes

Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF) Dr. Jihad Azour. (Photo: Daniel Acker/Bloomberg)
Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF) Dr. Jihad Azour. (Photo: Daniel Acker/Bloomberg)

Saudi Finance Minister Mohammed Al-Jadaan said the Kingdom will adapt to the current economic and geopolitical challenges and will work to review Vision 2030 to transform its economy based on the current circumstances by reducing the size of some projects and accelerating the pace of others.

Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF) Dr. Jihad Azour praised this direction, saying Saudi Arabia was aware of the rapid global changes and must keep pace with them by reviewing its vision.

He underlined the importance of structural reforms that constitute the largest part of the economic transformation process, pointing out that a number of required reforms would facilitate the integration of the entire Gulf Cooperation Council countries.

The annual report of Vision 2030, issued on the anniversary of its launch on April 25, 2016, showed that 87 percent of the goals of this ambitious plan were completed, or on the right track. However, the growing challenges necessitate some adjustments, as announced by Al-Jadaan during the special meeting of the World Economic Forum, which was held in Riyadh.

Azour participated on Tuesday in a panel discussion, “Expectations for the Economies of the Middle East and North Africa... Policies to Overcome Challenges and Harness Opportunities,” organized by the Think Research and Advisory, which is affiliated with the Saudi Research and Media Group.

He said the transformation journey in Saudi Arabia went through three stages: formulating the vision, ensuring the success of implementation, and adapting the strategy to changes and priorities.

“This is what is happening today. Saudi Arabia is aware that there are global changes taking place rapidly, and it must keep pace with them by amending its vision... In addition, Saudi Arabia is focusing on addressing weak points, identifying successful elements, and ensuring the ability to withstand in the face of economic shocks... Moving quickly is an element of success,” the IMF regional director stated.

The IMF had reduced its expectations for the growth of the Saudi economy to 2.6 percent this year from its previous forecast in January of 2.7 percent. In return, it raised its expectations for growth in 2025 to 6 percent, compared to 5.5 percent in the January forecast.

Azour noted that over the past years, the Saudi economy has become more internationally connected, as its membership in the G20 has allowed it to come under the spotlight, and for reforms to be accelerated to make the economy more productive and competitive, through diversification of revenues.

“There is no doubt that there are a number of required reforms that would encourage the entire Gulf Cooperation Council countries to better integrate... It is possible to accelerate this integration by thinking again about the single market, so that the entire GCC countries become more competitive, in a world where competition is now more difficult due to geopolitical developments,” according to Azour.

He went on to say that structural reforms enabled the GCC countries to manage shocks effectively, which demonstrated their strength during the Covid-19 pandemic.

On a different note, Azour said foreign direct investment has witnessed a decline in the past decade in the region, including within the GCC, adding that negative risks affected countries with high levels of debt.

“It is important for countries in the Middle East and North Africa region to reduce their debts to alleviate the effects of inflation,” he underlined.

Azour explained: “The shipping crisis through the Red Sea constitutes a shock, but if measured, the cost of shipping across the MENA region is still relatively low... What is more difficult to measure is the possibility of predicting what will happen to the Suez Canal, through which a third of the world’s shopping containers pass, which reflects its importance at the global level.”