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Saudi FDI Balance Records 6.1% Growth in 1st Quarter of 2024

The Saudi capital, Riyadh (Asharq Al-Awsat)
The Saudi capital, Riyadh (Asharq Al-Awsat)
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Saudi FDI Balance Records 6.1% Growth in 1st Quarter of 2024

The Saudi capital, Riyadh (Asharq Al-Awsat)
The Saudi capital, Riyadh (Asharq Al-Awsat)

The foreign direct investment (FDI) balance in Saudi Arabia recorded a growth of 6.1 percent by the end of the first quarter of 2024, compared to the same period last year, highlighting the confidence of foreign investors in the Kingdom’s investment environment.

According to a recent report issued by the Ministry of Investment, FDI flows achieved a growth of 0.6 percent during the first quarter of this year, compared to the same period in 2023.

The report revealed that 2,728 licenses were issued by the Ministry in the second quarter of 2024, on an annual basis, after excluding licenses related to the campaign to combat violators of the Commercial Concealment Law.

Total fixed capital formation achieved a growth of 7.9 percent during the first quarter of 2024, compared to the same period in 2023. This is attributed to the increase in both fixed capital formation of the government and non-government sectors by 17.8 percent and 7.2 percent respectively during the same period.

The report revealed positive growth in the rates of most economic activities in the first quarter of 2024, on an annual basis, as wholesale and retail trade activity, restaurants and hotels achieved the highest growth rate of 5.9 percent, followed by transportation, storage and communications at 5 percent.

Collective, social and personal services, as well as agriculture, forestry and fisheries also saw a growth of 4.5 percent and 4.4 percent, respectively.

The Ministry of Investment, in cooperation with the Thai Investment Board and the Embassy of Thailand in Saudi Arabia, recently organized the Saudi-Thai Investment Forum in Riyadh, in the presence of Minister of Investment Eng. Khaled Al-Falih and Thai Minister of Foreign Affairs Maris Sangiampongsa. A number of officials and CEOs of major companies and representatives of the private sector from both the countries participated in the event.

During the forum, the officials announced the opening of an office for the Thai Investment Council in Riyadh to confirm the strategic partnership, strengthen economic relations between the Kingdom and Thailand, and expand trade exchange.

The event also witnessed the signing of 11 agreements and memorandums of understanding in several fields, including agriculture, food, tourism, infrastructure, and energy.

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Turkmenistan, China Launch Expansion of World’s Second-largest Gas Field

Former Turkmen president Gurbanguly Berdymukhamedov and Chinese Vice Premier Ding Xuexiang applaud during a ceremony launching the fourth of seven planned development phases at Galkynysh gas field, the world's second-largest gas field in the Karakum desert about 400 kilometres (250 miles) east of the capital Ashgabat, on April 17, 2026. (Photo by AFP)
Former Turkmen president Gurbanguly Berdymukhamedov and Chinese Vice Premier Ding Xuexiang applaud during a ceremony launching the fourth of seven planned development phases at Galkynysh gas field, the world's second-largest gas field in the Karakum desert about 400 kilometres (250 miles) east of the capital Ashgabat, on April 17, 2026. (Photo by AFP)
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Turkmenistan, China Launch Expansion of World’s Second-largest Gas Field

Former Turkmen president Gurbanguly Berdymukhamedov and Chinese Vice Premier Ding Xuexiang applaud during a ceremony launching the fourth of seven planned development phases at Galkynysh gas field, the world's second-largest gas field in the Karakum desert about 400 kilometres (250 miles) east of the capital Ashgabat, on April 17, 2026. (Photo by AFP)
Former Turkmen president Gurbanguly Berdymukhamedov and Chinese Vice Premier Ding Xuexiang applaud during a ceremony launching the fourth of seven planned development phases at Galkynysh gas field, the world's second-largest gas field in the Karakum desert about 400 kilometres (250 miles) east of the capital Ashgabat, on April 17, 2026. (Photo by AFP)

Turkmenistan and China broke ground Friday on works to expand production at the giant Galkynysh gas field, strengthening Beijing's already dominant position in the secretive Central Asian nation's energy sector.

The former Soviet republic, which holds the world's fourth-largest gas reserves, has exported nearly all its production to China since 2009, when the Central Asia-China pipeline opened.

In the middle of the desert, former president Gurbanguly Berdymukhamedov -- who effectively runs the country alongside his son, President Serdar Berdymukhamedov -- formally inaugurated the launch of the fourth of seven planned development phases at Galkynysh.

The ceremony was attended by Chinese Vice Premier Ding Xuexiang, an AFP correspondent saw.

"Turkmen gas is a symbol of happiness -- it is present in every Chinese household," Ding said.

The event featured songs and dances celebrating Turkmen-Chinese friendship, staged with the lavish pomp typical of Turkmenistan's state-sponsored events.

Gurbanguly Berdymukhamedov, officially titled "Hero-Protector" and vested with sweeping powers, presided over the gathering.

Galkynysh, in the Karakum desert about 400 kilometers (250 miles) east of the capital Ashgabat, has been producing gas since 2013 and is the world's second-largest gas field, according to the British consulting firm GaffneyCline.

Expansion works are being carried out by the state-owned China National Petroleum Corporation (CNPC).

On a visit to Ashgabat the day before the ceremony, CNPC chairman Dai Houliang said "the friendship between China and Turkmenistan is as deep as the roots of a tree."

Business

$27 Billion City to be Built East of Cairo

The project covers approximately 2.4 million square meters of land. Asharq Al-Awsat
The project covers approximately 2.4 million square meters of land. Asharq Al-Awsat
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$27 Billion City to be Built East of Cairo

The project covers approximately 2.4 million square meters of land. Asharq Al-Awsat
The project covers approximately 2.4 million square meters of land. Asharq Al-Awsat

Egypt's Talaat Moustafa Group (TMG) will build a new 1.4 trillion Egyptian pound ($27 billion) mixed-use city east of Cairo, CEO and Managing Director Hisham Talaat Moustafa said at a press conference on Saturday.

The project, called The Spine, is to be developed in partnership with ⁠the National Bank ⁠of Egypt, with a paid-up capital of 69 billion Egyptian pounds ($1.3 billion).

The project, to be built as a Special Investment ⁠Zone with TMG's Madinaty, covers approximately 2.4 million square meters of land, combining residential, commercial, hospitality, retail, entertainment, and public green space within a single continuous urban environment.

The investment is equivalent to roughly 1% of Egypt's GDP, according to Moustafa, and is ⁠projected ⁠to generate approximately 818 billion Egyptian pounds in tax revenues for the state budget over time.

The project is expected to create more than 55,000 direct jobs and hundreds of thousands of indirect positions.

Business

Türkiye Says Iran Gas Pipeline Contract Nearing Expiry, No Talks Yet on Extension

Türkiye's Minister of Energy and Natural Resources Alparslan Bayraktar - REUTERS/Umit Bektas
Türkiye's Minister of Energy and Natural Resources Alparslan Bayraktar - REUTERS/Umit Bektas
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Türkiye Says Iran Gas Pipeline Contract Nearing Expiry, No Talks Yet on Extension

Türkiye's Minister of Energy and Natural Resources Alparslan Bayraktar - REUTERS/Umit Bektas
Türkiye's Minister of Energy and Natural Resources Alparslan Bayraktar - REUTERS/Umit Bektas

Türkiye's long-term contract for importing natural gas from Iran is due to expire in the coming months, and the two countries could hold talks on a possible extension, though no negotiations are under way yet, Türkiye's energy minister said on Saturday.

The agreement, due to expire in July, provides for delivery of 9.6 billion cubic metres of gas a year, but actual flows have often fallen short, Reuters reported.

Türkiye imported 7.6 bcm from Iran last year, accounting for 13% of total gas imports. Regulator data show the pipeline last hit the contracted volume in 2022.

"According to our forecast, we might need this gas pipeline or the gas flow from Iran for the security of supply of Türkiye. There is no negotiation right now ongoing. I think they are busy with so many other things. But we might sit and discuss a potential extension," Alparslan Bayraktar told reporters on the sidelines of a diplomacy forum in the southern Turkish province of Antalya.

"But we haven't started a negotiation during the current circumstances in the region," Bayraktar said, referring to the Iran war.

Bayraktar also said Türkiye was seeking to diversify natural gas supplies, including through Russian liquefied natural gas.