عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Crown Prince Announces 'King Salman Automotive Cluster' in KAEC

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud. Asharq Al-Awsat
Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud. Asharq Al-Awsat
TT
TT

Saudi Crown Prince Announces 'King Salman Automotive Cluster' in KAEC

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud. Asharq Al-Awsat
Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud. Asharq Al-Awsat

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister, has designated “King Salman Automotive Cluster" as the official name of the cluster for automotive manufacturing activities, located within King Abdullah Economic City (KAEC).
The hub will be a crucial step in Saudi Arabia’s economic diversification and will be an enabler for the automotive sector and sustainable transportation, contributing to raising non-oil GDP and increasing exports. The cluster enhances the automotive sector in Saudi Arabia by accelerating the growth of local capacity in manufacturing and sector-related research and development, and by making supply chains to serve regional and international markets more efficient.
King Salman Automotive Cluster will be a major center for the automotive sector and will have headquarters and factories for local and international companies. Notable companies include Ceer, the first Saudi electric car brand, and Lucid Motors, which opened its first international factory in KAEC in 2023. It will also host several PIF joint projects with global manufacturers, including Hyundai Motor – establishing a highly automated factory for manufacturing cars in Saudi Arabia – and a joint venture agreement with Pirelli to establish a tire factory locally.
The cluster aims to create optimal investment opportunities for the private sector to develop promising sectors in Saudi Arabia. It is expected that the cumulative GDP contribution from companies operating in King Salman Automotive Cluster will reach approximately SAR 92 billion by 2035. The cluster will also contribute to the creation of many direct and indirect jobs, support the local manufacturing sector, and increase Saudi exports to regional and global markets, which will positively impact the national balance of payments.
King Salman Automotive Cluster will leverage the supportive environment and investment incentives provided by KAEC, including its logistical infrastructure, and its proximity to a highly developed port in a vital location for global trade. These factors will provide opportunities for the local private sector and international companies to engage as partners, suppliers, and investors in the automotive sector and its related services.
The new King Salman Automotive Cluster will contribute to achieving Saudi Vision 2030, which aims to diversify the economy and achieve sustainable growth. The cluster will also be a major contributor to fulfilling the aims of the National Industrial Development and Logistics Program, which seeks to position Saudi Arabia as a leading industrial nation and a global logistics center by developing high-growth sectors locally and attracting foreign investment. This is in addition to supporting the objectives of national strategies for industry, transport and logistics.
Automotive and mobility is one of PIF’s strategic investment sectors, highlighted by partnerships with the private sector. PIF’s portfolio has several investments with the aim of enhancing the industry’s infrastructure and developing the sector’s local supply chain capacity. PIF is also contributing to enhancing local expertise and technology through joint ventures with major international manufacturers.

Most Viewed

 
 
Business

Third ‘Mirkaz AlBalad AlAmeen Platform’ to Open in Makkah on Sunday 

A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
TT
TT

Third ‘Mirkaz AlBalad AlAmeen Platform’ to Open in Makkah on Sunday 

A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)

The third edition of the “Mirkaz ABalad AlAmeen”, a leading platform for exchanging opportunities in Makkah, will kick off on Sunday, under the theme “Makkah Inspires the World.”

The platform, organized by the Holy Makkah Municipality, will feature 15 exceptional Ramadan evenings focused on dialogue, knowledge exchange, and cross-sector engagement.

Makkah Mayor Musad Aldaood said the platform redefines development from Makkah, where faith meets inspiration and values are transformed into a comprehensive civilizational experience.

He noted that the initiative reflects the ambitions of Saudi Vision 2030 and showcases Makkah to the world as a living model of creativity, leadership, and innovation.

The upcoming edition will host more than 65 speakers, including executive leaders and decision-makers from across all three sectors, alongside futurists, entrepreneurs, and leading voices in culture and inspiration from artists, writers, media professionals, and innovators.

The program targets 12 key sectors: technology and digital transformation, financial investment, communications and media, real estate development, transport and logistics, banking services, youth and sports, tourism and culture, hospitality and catering, Hajj and Umrah, the third sector, and healthcare.

Business

Saudi Arabia’s Mawani Grants Unified License to Global Shipping Line 

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
TT
TT

Saudi Arabia’s Mawani Grants Unified License to Global Shipping Line 

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)

The Saudi Ports Authority (Mawani) granted on Thursday a unified license to international shipping line Global Shipping Line (PIL), officially recognizing it as an authorized foreign investor to operate maritime agencies in the Kingdom's ports, reported the Saudi Press Agency.

The license is issued in accordance with the regulations outlined in the Maritime Agency Services, reflecting Mawani's commitment to boosting the efficiency of the maritime sector and improving the quality of operational services provided at ports.

It aims to attract global expertise and facilitate knowledge transfer within the Kingdom, aligning with international best practices in the maritime transport industry.

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector.

PIL, which operates from its regional headquarters in Riyadh, manages operations in 29 countries.

The move strengthens the Kingdom's position as a crucial logistics hub, in line with the National Transport and Logistics Strategy, while attracting more international shipping lines. It reinforces Saudi Arabia's role as a key link among three continents.

Business

IMF: Restoring Lebanon's Economic Growth Will Require Comprehensive Reforms

FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo
FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo
TT
TT

IMF: Restoring Lebanon's Economic Growth Will Require Comprehensive Reforms

FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo
FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo

Lebanon's economy has shown resilience despite conflicts in the region, with tourism fueling a bit of a rebound, but restoring growth will require comprehensive reforms, the International Monetary Fund said on Thursday.

IMF spokeswoman Julie Kozack said the global lender remains engaged in complex discussions with Lebanese ‌authorities following their ‌request for an IMF-supported ‌program ⁠in March 2025. The ⁠IMF sent a staff mission to Beirut earlier this month, said Reuters.

The talks have been focused on two big issues, she said, citing the need for banking sector restructuring and a medium-term fiscal ⁠strategy. "The economy has shown resilience ‌despite the impact ‌of conflicts in the region. It has had ‌a bit of a rebound ‌on the back of tourism from the strong diaspora," Kozack said.

"But at the same time, really restoring strong and sustainable growth will ‌require a comprehensive set of reforms to tackle some of the ⁠structural ⁠weaknesses that have really hampered Lebanon's economic performance for many years," she said. Reforms also are needed to attract international support to help Lebanon address its substantial reconstruction needs.

Kozack said Lebanon needs an updated medium-term fiscal framework that includes concrete measures to mobilize additional revenues for much-needed capital spending, as well as a sovereign debt restructuring to restore debt sustainability.