Egypt Accelerates Steps to Become Regional Hub for Gold Production

FILE PHOTO: An employee sorts gold bars in the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna, Austria, December 15, 2017. REUTERS/Leonhard Foeger
FILE PHOTO: An employee sorts gold bars in the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna, Austria, December 15, 2017. REUTERS/Leonhard Foeger
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Egypt Accelerates Steps to Become Regional Hub for Gold Production

FILE PHOTO: An employee sorts gold bars in the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna, Austria, December 15, 2017. REUTERS/Leonhard Foeger
FILE PHOTO: An employee sorts gold bars in the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna, Austria, December 15, 2017. REUTERS/Leonhard Foeger

The Federation of the Egyptian Chambers of Commerce announced launching the first of its kind 2022 Nebu Expo for the production, manufacture and export of gold jewelry.

The three-day event will kick off on Feb. 19, with the participation of 30 major local gold companies.

On the sidelines of the event, the government will present its strategy to transform into a regional and international hub for the production of gold and goldsmiths.

Chairman of the Federation of Egyptian Chambers of Commerce Ibrahim Elaraby said the locally designed jewelry have been developed to compete with international products in this field.

He issued a press statement, which Asharq Al-Awsat obtained a copy of, noting that launching the first edition of the exhibition marks a new step on the path of partnership between the Egyptian government and the private sector to achieve economic development.

“Over the past two years, the government has taken various steps, in partnership with the private sector, to establish a strong base for the production of raw gold and gold bars on Egyptian soil,” the statement read.

Among these steps are the establishment of an integrated city for the manufacture and trade of gold, the first gold refinery to maximize the added value of gold resources and complete the value chain for gold production by maximizing local content.

Head of the Gold Division at the Chamber of Commerce in Cairo Hany Milad said that the conference that will be held on the sidelines of the exhibition will discuss various issues related to the production of gold jewelry and the development of the internal and export trade system for Egypt’s goldworks.

It will further tackle the legislation that motivates the production of goldsmiths, which would allow Egypt to become a regional hub for gold industry and compete in global markets in one of the global trade’s key sectors.

He pointed out that the seminars will discuss the latest developments in the industry and arts of designing gold jewelry.



LEAP 2026 Concludes with Nearly $15 Billion in Investments, Agreements; 2027 Edition Set for April

LEAP 2026 witnessed global technology and investment momentum that strengthened the Kingdom's position as a leading center for the digital economy and artificial intelligence (AI). (SPA)
LEAP 2026 witnessed global technology and investment momentum that strengthened the Kingdom's position as a leading center for the digital economy and artificial intelligence (AI). (SPA)
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LEAP 2026 Concludes with Nearly $15 Billion in Investments, Agreements; 2027 Edition Set for April

LEAP 2026 witnessed global technology and investment momentum that strengthened the Kingdom's position as a leading center for the digital economy and artificial intelligence (AI). (SPA)
LEAP 2026 witnessed global technology and investment momentum that strengthened the Kingdom's position as a leading center for the digital economy and artificial intelligence (AI). (SPA)

LEAP 2026 concluded its fifth edition on Thursday, organized by the Ministry of Communications and Information Technology (MCIT), the Saudi Federation for Cybersecurity, Programming and Drones, Tahaluf, and the Events Investment Fund under the theme "Into New Worlds."

LEAP 2026 witnessed global technology and investment momentum that strengthened the Kingdom's position as a leading center for the digital economy and artificial intelligence (AI), the Saudi Press Agency reported on Friday.

Over four days at the Riyadh Exhibition and Convention Center in Malham, LEAP 2026 saw announcements, investments, and agreements worth nearly $15 billion, covering AI infrastructure, data centers, cloud computing, technology manufacturing, and venture capital, along with wide-ranging initiatives to develop national capabilities and align them with labor market needs and promising sectors.

The announcements included the establishment and expansion of high-capacity data centers and the development of computing and AI infrastructure. They also included the announcement that the Microsoft Azure cloud region in the Kingdom of Saudi Arabia will become available in November 2026, supporting local data hosting and the growth of cloud services and digital sectors.

Al Moammar Information Systems announced a $1.2 billion investment to expand its data centers and increase their capacity to 192 megawatts, while NHC Innovation announced an $800 million investment to develop Khuzam Digital Valley, with capacity that can be expanded to 65 megawatts by 2033.

Among the major cloud investments, Amazon Web Services (AWS) announced the launch of its first cloud infrastructure region in the Kingdom in December 2026 as part of a planned investment of more than $5.3 billion. AWS also expanded its partnership with HUMAIN to provide up to 50 megawatts of capacity within the first AI zone in the Kingdom by 2028.

The collaboration includes making the ALLAM Arabic-language model available through Amazon Bedrock and providing HUMAIN Fabric through AWS Marketplace, enhancing advanced computing capabilities and enabling various sectors to develop and operate AI solutions on a large scale.

In the creative industries sector, Adobe announced a commitment worth more than $4 billion as part of an expanded partnership with MCIT and HUMAIN. By the end of 2026, the partnership will provide more than 27 million eligible citizens and residents aged 13 or older with Adobe Firefly Standard and Adobe Express Premium features free for 12 months. It also includes developing the first image-generation model using Adobe Firefly Foundry, designed in partnership with HUMAIN to reflect Saudi culture and local context and support the creation of creative content with a Saudi character through Arabic-language prompts.

At the conclusion of its proceedings, LEAP 2026 announced that the sixth edition will be held from April 12 to 15, 2027, to continue building global partnerships, attracting investment, enabling innovation and talent, and strengthening the Kingdom's leading position in the smart age.


Saudi Debt Market Gathers Pace as Sovereign, Bank and Corporate Borrowing Converges

King Abdullah Financial District (KAFD) in Riyadh
King Abdullah Financial District (KAFD) in Riyadh
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Saudi Debt Market Gathers Pace as Sovereign, Bank and Corporate Borrowing Converges

King Abdullah Financial District (KAFD) in Riyadh
King Abdullah Financial District (KAFD) in Riyadh

Saudi Arabia’s debt market is seeing growing activity as the government, banks and companies tap international markets simultaneously, highlighting their widening use of debt instruments to diversify funding sources.

The kingdom is seeking to finance budget needs and investment projects, while Saudi banks and companies are moving to strengthen their capital bases and diversify funding channels.

The latest move came from the Saudi government, which raised $3.25 billion through a two-tranche offering of US dollar-denominated Islamic bonds, or sukuk.

Al Rajhi Bank has also begun offering Tier 2 sukuk for an amount yet to be determined. Arab National Bank, meanwhile, said it had completed a $750 million Additional Tier 1 sukuk offering with an annual yield of 6.5%.

In the corporate sector, Saudi Arabian Mining Co., known as Ma’aden, raised $1 billion through its first international term loan and revolving credit facility.

The simultaneous transactions illustrate the growing importance of the debt market as an alternative to traditional financing, with Saudi issuers benefiting from international demand for dollar-denominated debt despite persistently high global borrowing costs, said Abdullah Al-Mair, assistant professor of economics at King Fahd University of Petroleum and Minerals.

The International Monetary Fund expects Saudi public debt to reach 32.6% of gross domestic product this year, up from 29.8% in 2025, a level that remains low by global standards. The Finance Ministry forecasts the ratio at 33.9%, according to the kingdom’s 2026 budget statement.

The IMF had raised its growth forecasts for the Saudi economy for this year and next, citing its resilience in the face of global challenges, an expected improvement in oil revenue and accelerating growth in non-oil activities that have come to drive the country’s economic transformation.

Strong demand for Saudi debt

The latest sovereign issuance stands out as an indicator of investor appetite for Saudi debt instruments. Orders exceeded $16.5 billion, according to the National Debt Management Center, more than four times the $3.25 billion issue size.

The deal comprised a $1.25 billion five-year tranche and a $2 billion 10-year tranche. The final spreads were set at 70 basis points over US Treasury yields for the first tranche and 80 basis points for the second.

Al-Mair said the strength of demand reflected “a high level of confidence among international investors in the kingdom’s creditworthiness and its ability to meet its financial obligations.”

Orders exceeding four times the issue size “indicate that Saudi Arabia continues to enjoy strong access to global debt markets,” even amid high interest rates and geopolitical tensions, he said.

The kingdom’s ability to price the sukuk at relatively narrow spreads over US Treasury yields “reflects investors’ positive view of Saudi sovereign risk compared with many other emerging markets,” he added.

From government to banks and companies

Debt-market activity is not limited to government financing. Saudi banks are also turning to international markets to issue instruments that bolster their capital bases and provide additional sources of funding.

Arab National Bank said it had completed a $750 million Additional Tier 1 capital sukuk offering with an annual yield of 6.5%. The perpetual sukuk are callable after five years.

Al Rajhi Bank, meanwhile, has begun offering US dollar-denominated social Tier 2 sukuk with a maturity of 10-1/2 years and an option to redeem them after 5-1/4 years. The final size and pricing terms will be determined according to market conditions.

At the same time, Saudi companies are turning to international financing markets. Ma’aden raised $1 billion through its first international term loan and revolving credit facility in a move aimed at supporting its general needs and diversifying its funding sources.

The concurrent transactions indicate that the debt market is no longer merely a tool for financing the government deficit, but has become a broader channel for meeting the funding needs of financial institutions and companies, allowing them to reach a wider investor base and manage maturities and liquidity sources.

Borrowing rises, but debt costs pose a challenge

The moves come as part of Saudi Arabia’s 2026 borrowing plan, which aims to raise about $57.9 billion. Of that, about $44 billion will finance an expected budget deficit, while roughly $13.9 billion will be used to repay debt maturing during the year.

Al-Mair said continued borrowing would “naturally lead to an increase in public debt,” but noted that Saudi Arabia’s debt-to-GDP ratio did not exceed 33%, a level that, in his view, “remains manageable compared with many major economies.”

Continued government efforts to diversify revenue and manage maturities provide support for debt sustainability, he said, while debt-servicing costs represent the main challenge in the next phase.

“With global bond yields and interest rates remaining relatively high, new issuance and debt refinancing are becoming more expensive than in the years when interest rates were low,” Al-Mair said, warning that interest payments in the budget could rise in the coming years.

Can debt become a driver of growth?

Higher debt does not necessarily create fiscal pressure if it is used to finance investments capable of supporting growth and generating future revenue.

Al-Mair said the kingdom was directing part of its borrowing toward tourism, infrastructure and industrial projects, which could “increase non-oil revenue” and support the economy’s ability to absorb higher debt levels.

For Saudi Arabia, the issue therefore appears to be less about the volume of borrowing alone than about how it is managed, its cost and the economic return generated by its use. While the government continues to finance budget needs and projects through debt markets, banks and companies are using the same channel to strengthen their capital and diversify funding sources.

Al-Mair said demand for Saudi debt instruments at this time underscored their continued appeal to international investors, adding that “public debt is an important component in diversifying financing methods and has a clear impact on economic development.”

As the range of Saudi borrowers in international markets expands, continued demand for their debt instruments and issuers’ ability to maintain competitive funding costs will be key to determining how effectively the debt market can support the investment and spending phase associated with the kingdom’s economic transformation.


Saudi Arabia Targets 18 Water Products in Supply Security, Export Push

Saudi Water Authority President Abdullah Al-Abdulkarim, left, accompanies Environment, Water and Agriculture Minister Abdulrahman Al-Fadley on a tour of the event’s facilities. (Asharq Al-Awsat)
Saudi Water Authority President Abdullah Al-Abdulkarim, left, accompanies Environment, Water and Agriculture Minister Abdulrahman Al-Fadley on a tour of the event’s facilities. (Asharq Al-Awsat)
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Saudi Arabia Targets 18 Water Products in Supply Security, Export Push

Saudi Water Authority President Abdullah Al-Abdulkarim, left, accompanies Environment, Water and Agriculture Minister Abdulrahman Al-Fadley on a tour of the event’s facilities. (Asharq Al-Awsat)
Saudi Water Authority President Abdullah Al-Abdulkarim, left, accompanies Environment, Water and Agriculture Minister Abdulrahman Al-Fadley on a tour of the event’s facilities. (Asharq Al-Awsat)

Saudi Arabia is moving to localize 18 strategic water-sector products in a drive to secure critical supplies, cut reliance on foreign supply chains and build an export-ready industry.

Drawing on decades of operational expertise, the kingdom aims to become a regional hub for developing, manufacturing and exporting water technologies.

Supply security was central to selecting the 18 products, Saudi Water Authority President Abdullah Al-Abdulkarim told Asharq Al-Awsat, saying geopolitical tensions and global shifts had increased the need for stable supply chains and reliable, sustainable services.

Speaking at a news conference in Riyadh on Wednesday on the sidelines of the “Localizing the Water Industry: Knowledge Transfer and Capacity Building” ceremony, Al-Abdulkarim said the authority had worked with relevant government bodies since early 2024 to identify the products.

They include key components used across Saudi Arabia’s water production, transmission and distribution system. The initiative is part of a broader effort to unlock the economic and knowledge-based value the sector has built over decades, he said.

$4 billion domestic market

Saudi Arabia’s market for the 18 products is expected to reach about 15 billion riyals ($4 billion) by 2033, Al-Abdulkarim said. Across the Middle East and North Africa, the market is estimated at around 65 billion riyals ($17.3 billion).

The opportunity could boost the water sector’s contribution to the kingdom’s trade balance, attract new industrial investment and increase local content.

Saudi Arabia was once one of the world’s largest water consumers. Today, it has become an experienced operator with advanced technical expertise built through managing one of the most complex water systems in the world, Al-Abdulkarim said.

That expertise is no longer limited to running the system. It is now helping drive the development of equipment and technology.

The sector is developing advanced tools and indicators to track equipment performance and improve efficiency. Each machine is monitored against as many as 17 indicators daily, allowing operators to identify improvements early and raise operational efficiency.

The 18 products are also closely tied to other industrial and service sectors through their inputs and requirements. Localizing them could therefore support national economic growth and deepen domestic value chains, Al-Abdulkarim said.

Developing the next generation

“Saudi Arabia was the largest water consumer and has now become an expert operator. It then became a source of expertise for manufacturers of the system’s various components, bringing us to a new stage in which we become a partner in developing the next generation of technologies,” Al-Abdulkarim said.

The kingdom is now entering a new phase of supply-chain localization, targeting a 90% domestic supply reliability rate for key components.

The goal is to strengthen the sector’s ability to withstand geopolitical and global disruptions while making the national water system more resilient and sustainable.

The integrated approach could transform Saudi Arabia from a consumer of water technology into a regional platform for its development, manufacture and export, expanding the sector’s economic impact and strengthening the kingdom’s presence in regional and global markets.

Localization is not solely about meeting the sector’s current needs, Al-Abdulkarim said. It is also intended to build an industrial and knowledge base capable of innovation, product development and exports.

That would position the water sector as a driver of economic growth, income diversification and Saudi competitiveness in water technology.

Seven factories planned

Marking the shift from identifying opportunities to delivering projects, the Saudi Water Authority announced that six investment opportunities had entered the industrial implementation phase, including five new opportunities.

The announcement came during a ceremony attended by ministers, senior government officials, ambassadors and chief executives.

Three industrial localization agreements were signed and two factories inaugurated. The agreements provide for seven factories, with total investment across the six opportunities reaching 2.8 billion riyals ($746.6 million).

The projects move the localization program from presenting opportunities to building domestic industrial and technical capacity.

The initiative is being carried out with the Local Content and Government Procurement Authority, which oversees the contracting mechanism for industrial localization and knowledge transfer, and with support from the industry and mineral resources and investment sectors.

It seeks to turn the water sector’s purchasing power into a manufacturing and investment engine by matching project requirements and future demand with domestic production opportunities.

This gives investors and international manufacturers greater visibility over the scale of demand, encouraging them to transfer knowledge and technology and establish production in Saudi Arabia.

The kingdom already has at least 70% of the production inputs required for the targeted components.

Its water-sector supplier base has expanded from 739 companies in 2022 to 3,441 in 2026. Local content rose from 45% in 2020 to 68.27% in the first half of this year.

Those gains strengthen Saudi Arabia’s position as an industrial base capable of rapid growth and regional and international expansion.

Specialized jobs

Localization will go beyond transferring production lines. It will include research and development, technology and knowledge transfer, and the skills needed to operate these industries and improve their products.

The agreements require Saudi nationals to account for at least 70% of workers in specialized positions, linking industrial investment directly to the development of national engineering and technical talent.

Products being localized through the contracting mechanism for industrial localization and knowledge transfer include reverse-osmosis membranes, antiscalants and membrane-cleaning chemicals.

The Saudi Water Authority has also worked to meet its localization targets for energy-recovery devices, high-pressure pumps, distributed control systems and supervisory control and data acquisition systems, known as SCADA.

Together, they will form an interconnected industrial and technological chain supporting water production and facility operations.

Several of the components can also be used in energy, mining, agriculture and food processing, extending the impact of localization across multiple value chains.

Global manufacturers

The projects underscore Saudi Arabia’s growing place on the global water-technology manufacturing map and the reach of its strategic partnerships.

They include four Italmatch Chemicals factories across Wa’ad Al-Shamal, Jubail and Jeddah. The Wa’ad Al-Shamal facilities will form the company’s largest industrial complex outside Italy. All four factories are scheduled to begin production in 2028.

The projects also include Torishima’s high-pressure pump factory in Jeddah and Energy Recovery’s energy-recovery device factory in Dammam — the company’s only manufacturing facility outside the United States.

Alfanar will operate a distributed control systems factory in Riyadh, bringing the total number of factories linked to the opportunities now under implementation to seven.

From the first quarter of 2027, Energy Recovery’s Saudi factory is expected to supply about one-third of the company’s customers worldwide.

Spread across several regions of the kingdom, the projects are expected to strengthen value-chain integration and increase the export potential of Saudi-made products.