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FII: Ministers Call for Further Diversification of Income Sources

Delegates attend the a debate during the fourth edition of the Future Investment Initiative (FII) conference in Riyadh's on January 27, 2021. (Photo by FAYEZ NURELDINE / AFP)
Delegates attend the a debate during the fourth edition of the Future Investment Initiative (FII) conference in Riyadh's on January 27, 2021. (Photo by FAYEZ NURELDINE / AFP)
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FII: Ministers Call for Further Diversification of Income Sources

Delegates attend the a debate during the fourth edition of the Future Investment Initiative (FII) conference in Riyadh's on January 27, 2021. (Photo by FAYEZ NURELDINE / AFP)
Delegates attend the a debate during the fourth edition of the Future Investment Initiative (FII) conference in Riyadh's on January 27, 2021. (Photo by FAYEZ NURELDINE / AFP)

Ministers of finance, who took part in the Future Investment Initiative (FII) Forum held in Riyadh on Wednesday, stressed the importance of further diversifying income sources, especially in new sectors, during the post-pandemic period.

These sectors include renewable energy, waste treatment, water and modern technology.

They highlighted the importance of ending dependence on oil revenues in plans to bolster the growth of economies.

Saudi Finance Minister Mohammed al-Jadaan said the Kingdom has begun achieving its 2030 Vision’s objective.

He affirmed that it has successfully passed the coronavirus test with its new regulations and laws that contributed to mitigating the effects of the COVID-19 disease.

Diversifying sources of income is a profitable option for the Kingdom, the minister noted, saying it is currently planning to invest in technology, renewable energy, waste treatment, and other significant sectors.

“Opportunities provided in Saudi Arabia are tremendous,” he said, adding that the youth will be able to invest in future sectors and face the next challenges.

“The Kingdom has raised the spending limit on water, waste treatment and other sectors in 2021, given the importance of these activities, in addition to debt and stock market reforms.”

Bahrain’s Minister of Finance and National Economy Sheikh Salman bin Khalifa said 85 percent of his country’s GDP comes from non-oil revenues.

The Kingdom targeted reducing dependence on oil revenues, he said, noting that it succeeded by reaching less than 20 percent.

Former White House Special Envoy to the Middle East Jason Greenblatt, for his part, said Saudi Arabia and other regional countries have managed to overcome the effects of the pandemic through other initiatives and programs.

Thomas Barack, founder and CEO of Colony Capital, stressed the importance of “diversifying sources of income to maintain economic growth in the Gulf States and the region in general.”

Having 75 percent of the youth population in Saudi Arabia stimulates the development of sectors and future economic activities for future generations, he noted.

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Saudi Arabia, Kazakhstan Agree to Establish Coordination Council

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz receives Kazakhstan’s Foreign Minister Yermek Kosherbayev in Riyadh. (SPA)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz receives Kazakhstan’s Foreign Minister Yermek Kosherbayev in Riyadh. (SPA)
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Saudi Arabia, Kazakhstan Agree to Establish Coordination Council

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz receives Kazakhstan’s Foreign Minister Yermek Kosherbayev in Riyadh. (SPA)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz receives Kazakhstan’s Foreign Minister Yermek Kosherbayev in Riyadh. (SPA)

Saudi Arabia and Kazakhstan agreed to establish a Saudi-Kazakh Coordination Council, reported the Saudi Press Agency on Tuesday.

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz received in Riyadh Kazakhstan’s Foreign Minister Yermek Kosherbayev. Saudi FM Prince Faisal bin Farhan bin Abdullah and Minister of Energy of Kazakhstan Yerlan Akkenzhenov also attended the meeting.

The talks tackled the establishment of the coordination council, which will be chaired by the Saudi minister of energy and Kazakhstan’s foreign minister. The council reflects the two countries’ commitment to strengthening cooperation and expanding their bilateral partnership.

Prince Abdulaziz and Kosherbayev signed an agreement on the establishment of the council, which aims to boost coordination and consultation between the two countries and develop frameworks for cooperation across various sectors of mutual interest, elevating bilateral relations to broader levels.

Prince Abdulaziz and Kosherbayev discussed relations between their countries and ways to develop them further, especially in the energy field. They tackled opportunities for cooperation and investment in renewable energy and energy storage systems and discussed oil market developments.

Business

Saudi-Qatari Partnership Paves Way for Logistics Corridors to Boost Regional Trade Efficiency 

The MoU was signed by Mawani President Eng. Suliman Almazroua and CEO of Qatar Ports Management Company Captain Abdullah Mohammed Al-Khanji. (QNA)
The MoU was signed by Mawani President Eng. Suliman Almazroua and CEO of Qatar Ports Management Company Captain Abdullah Mohammed Al-Khanji. (QNA)
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Saudi-Qatari Partnership Paves Way for Logistics Corridors to Boost Regional Trade Efficiency 

The MoU was signed by Mawani President Eng. Suliman Almazroua and CEO of Qatar Ports Management Company Captain Abdullah Mohammed Al-Khanji. (QNA)
The MoU was signed by Mawani President Eng. Suliman Almazroua and CEO of Qatar Ports Management Company Captain Abdullah Mohammed Al-Khanji. (QNA)

The Saudi Ports Authority (Mawani) and Qatar Ports Management Company signed on Tuesday a memorandum of understanding (MoU) aimed at boosting maritime and logistics cooperation between the two sides.

The agreement will contribute to the development of the ports sector, raising operational efficiency, and supporting regional and international trade flows.

The MoU was signed by Mawani President Eng. Suliman Almazroua and CEO of Qatar Ports Management Company Captain Abdullah Mohammed Al-Khanji. Qatari Ambassador to Saudi Arabia Bandar bin Mohammed Al Attiyah attended the signing ceremony.

The agreement reflects Saudi Arabia and Qatar’s commitment to building effective partnerships, exchanging expertise, establishing an organized framework for cooperation management, and developing joint investment opportunities in line with Saudi Vision 2030 and Qatar National Vision 2030.

The MoU outlines eight key areas of cooperation, including the exchange of best practices in port management and operations, and the study of opportunities for direct maritime and land connectivity between the ports of both countries to enhance trade flow efficiency.

It includes collaboration in logistics services, exploring the establishment of joint maritime corridors serving bilateral and regional trade, and assessing the feasibility of creating shared regional distribution centers.

In the fields of digital transformation and artificial intelligence, the two sides agreed to deepen cooperation on developing smart systems, data governance, and the unified maritime window, thereby boosting operational efficiency and keeping pace with technological advancements in the maritime sector.

The MoU places strong emphasis on maritime safety and environmental protection, including exchanging expertise in combating marine pollution and emergency response; developing joint maritime emergency plans; establishing an emergency communication line between the two countries; and cooperating to ensure compliance with international conventions, conduct joint exercises, and develop risk monitoring systems.

The cooperation also covers human capital development through joint training programs and field-exchange of expertise, as well as academic and research collaboration in maritime transport and logistics.

In terms of joint investment, both sides will study local and global investment opportunities in ports and related services and coordinate with the private sector to support these initiatives.

The MoU further includes cooperation in cruise tourism through enhanced maritime connectivity and joint promotion of Gulf cruise routes, as well as international and regional representation by coordinating positions in international maritime organizations and supporting joint initiatives, notably “Green Ports” and “Safe Sea Corridors.”

The agreement reflects the commitment of Mawani and Qatar Ports Management Company to advancing the ports sector and boosting its role as a key driver of trade and economic growth, contributing to Gulf integration and enhancing regional competitiveness in maritime and marine services.

Business

Golden Halal Logo Launched at Makkah Halal Forum  

The Makkah Halal Forum 2026 was held from February 14 to 16. (SPA)
The Makkah Halal Forum 2026 was held from February 14 to 16. (SPA)
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Golden Halal Logo Launched at Makkah Halal Forum  

The Makkah Halal Forum 2026 was held from February 14 to 16. (SPA)
The Makkah Halal Forum 2026 was held from February 14 to 16. (SPA)

The Makkah Halal Forum 2026, which concluded on Monday, marked a pivotal milestone in the development of Saudi Arabia's halal industry, ushering in a new phase of structured institutional action.

This shift moves the sector beyond theoretical discourse toward a fully integrated implementation framework. It cements the Kingdom’s global leadership in halal and boosts the credibility of Saudi products in international markets.

The forum that began on February 14 witnessed the launch of a package of strategic enablers reflecting the maturity of the Saudi experience in the sector. Chief among them was the introduction of the Halal Academy as a specialized knowledge and training arm dedicated to building professional expertise and raising standards across the entire value chain.

The event also saw the unveiling of the Golden Halal logo, a high-level accreditation mark designed to provide global markets with a unified benchmark of trust, underscoring the Kingdom’s commitment to the highest standards of quality and compliance.

These initiatives signal a strategic shift that goes beyond the traditional concept of religious oversight. Instead, they frame halal as a comprehensive industrial and economic system that integrates Sharia compliance with high quality standards, advanced governance, and digital traceability. The approach is expected to boost the competitiveness of Saudi exports and facilitate their entry into global markets.

National success stories highlight the tangible impact of this transformation. CEO and founder of Roya Factory for Food Products Rasha Al Sanea noted that Saudi accreditation has evolved into a comprehensive quality certification that provides companies with a clear competitive edge abroad.

She noted that obtaining certification involves a rigorous process, including assessments of facility safety, manufacturing quality, and compliance with global standards ahead of final audits. These measures strengthen product reliability and boost readiness for international expansion.

The presence of international delegations and trade missions in Makkah on the sidelines of the forum helped accelerate expansion opportunities and open direct export channels to several markets, she added.

Pairing the Saudi Made logo with accredited halal marks, foremost among them the Golden Halal logo, enhances global consumer confidence and gives Saudi products a strong presence across diverse cultures and markets, she stressed.