عربي English Türkçe اردو فارسى
Logo
Latest News
Business

$15 Billion in Contracts Estimated at AFED 2018

A part of AFED 2018 exhibition. (SPA)
A part of AFED 2018 exhibition. (SPA)
TT
20
TT

$15 Billion in Contracts Estimated at AFED 2018

A part of AFED 2018 exhibition. (SPA)
A part of AFED 2018 exhibition. (SPA)

The Armed Forces Exhibition for Diversity of Requirements and Capabilities (AFED 2018) registered around 57,600 manufacturing orders in Saudi Arabia, while the contracts amounted to more than $15 billion.

The exhibition, organized by the Saudi Ministry of Defense at its fourth session in Riyadh, was a platform for boosting local manufacturing. More than 120,000 visitors attended the event, which concluded on Sunday.

AFED 2018 focused on localization of local content by presenting 80,000 manufacturing opportunities to investors, with the participation of civil and military officials in Saudi Arabia and abroad.

About 68 international and 130 local companies participated in the exhibition, including research institutions at the King Abdulaziz City for Science and Technology and Prince Sultan Advanced Research Institute.

The exhibition witnessed the signing of an agreement on the localization of military technology.

CEO of Middle East Propulsion Company Ltd, Abdullah al-Omari said it was signed with General Electric and the Saudi Air Force for the assembly and maintenance of new F15-S and F15-SA aircraft, Apache engines, and the Black Hawk T700 for more than $330 million.

He revealed that this agreement will generate revenues worth $693 million in the upcoming five years.

In addition, KACST offered a package of military and security projects that have been relocated to Saudi Arabia, such as a laser-guided short-range rocket powered by a solid fuel engine, as well as a short-range ballistic missile with a solid fuel engine.

The King Abdulaziz City also presented Custodian of the Two Holy Mosques King Salman bin Abdulaziz’s initiative to desalinate water using solar energy in al-Khafji province to produce 60,000 cubic meters of desalinated water per day.

The Ministry of National Guard showcased at AFED four modern vehicles that were assembled locally at Ministry facilities. This led to the creation of 294 manufacturing opportunities and contributed to the support of local manufacturing and achieving Vision 2030.

Most Viewed

 
Business

Azerbaijan Proposes Joint Investment Fund with Saudi Arabia to Strengthen Economic Partnership

Key agreements were signed during the 8th session of the Saudi-Azerbaijani Joint Committee. (Asharq Al-Awsat)
Key agreements were signed during the 8th session of the Saudi-Azerbaijani Joint Committee. (Asharq Al-Awsat)
TT
20
TT

Azerbaijan Proposes Joint Investment Fund with Saudi Arabia to Strengthen Economic Partnership

Key agreements were signed during the 8th session of the Saudi-Azerbaijani Joint Committee. (Asharq Al-Awsat)
Key agreements were signed during the 8th session of the Saudi-Azerbaijani Joint Committee. (Asharq Al-Awsat)

In a significant step toward deepening economic and strategic ties, Azerbaijan is working to transform its growing partnership with Saudi Arabia into tangible investment initiatives.

At the forefront of this effort is a proposal to establish a joint sovereign investment fund that would support priority sectors in both countries and finance joint ventures in third markets. The plan, revealed by Azerbaijani Ambassador to Saudi Arabia Shahin Abdullayev in an interview with Asharq Al-Awsat, reflects Baku’s intention to build on the momentum of recent high-level engagements and turn bilateral cooperation into long-term, shared economic value.

The proposed fund comes in the wake of the 8th Saudi-Azerbaijani Joint Government Committee meeting held in Riyadh in April, co-chaired by Saudi Investment Minister Khalid Al-Falih and Azerbaijani Deputy Prime Minister Samir Sharifov.

The talks resulted in several memorandums of understanding covering energy, transport, logistics, and water, as well as endorsement of recommendations from the 6th Saudi-Azerbaijani Business Council.

Abdullayev highlighted the rapid growth in ties between Baku and Riyadh across multiple sectors, especially energy, investment, tourism, and culture. He praised Saudi-based ACWA Power for its role as a leading investor in Azerbaijan’s renewable energy sector.

In 2024, both countries signed a joint executive program during COP29 in Baku, aimed at strengthening cooperation in renewable energy development and transfer. The agreement was signed in the presence of Saudi Energy Minister Prince Abdulaziz bin Salman and Azerbaijani President Ilham Aliyev. It includes large-scale wind power projects with a combined capacity of 2.5 gigawatts, along with battery-based energy storage systems.

The ambassador noted that Azerbaijani Economy Minister Mikayil Jabbarov proposed the creation of a joint sovereign wealth fund during a visit to Riyadh in December 2024. The fund would target priority sectors outlined in both countries’ economic agendas and invest in third countries as well.

Abdullayev underscored the importance of finalizing an investment protection agreement between the two nations, along with offering incentives to encourage Saudi investors to explore opportunities in Azerbaijan’s free economic zones. Areas of cooperation under discussion include oil, renewables, industry, tourism, infrastructure, agriculture, livestock, and mining.

Tourism is another bright spot in the growing partnership. More than 100,000 Saudi tourists visited Azerbaijan in 2024, up over 31% from the previous year. The ambassador expects further growth through the development of joint tourism programs, sustainable tourism initiatives, and shared exhibitions and events.

On the strategic level, Abdullayev emphasized the importance of Azerbaijan’s oil policy, initiated by former President Heydar Aliyev, as a foundation for national development. That strategy has enabled Azerbaijan to invest in key sectors such as infrastructure, education, and healthcare, positioning the country as one of the region’s most advanced economies.

Azerbaijan also plays a vital regional role in energy security through its major pipeline projects, including the Baku-Tbilisi-Ceyhan oil pipeline and the TANAP and TAP natural gas lines, which serve European markets.

The ambassador highlighted Baku’s successful bid to host COP29 as a sign of Azerbaijan’s growing global presence. The conference resulted in a pledge urging developed nations to allocate $300 billion annually by 2035 to help developing countries mitigate climate change impacts.

He also praised Saudi Arabia’s humanitarian support, particularly through the King Salman Humanitarian Aid and Relief Center, which signed a demining agreement in January 2024 to assist in clearing liberated areas in Azerbaijan, a step that has helped accelerate reconstruction and enable safe civilian return to their homes.