Interview: Promoting Investments in Saudi Arabia’s Natural Reserves

The Imam Turki bin Abdullah Reserve is one of six royal reserves in Saudi Arabia, established in 2018 by royal order. (Photo: SPA)
The Imam Turki bin Abdullah Reserve is one of six royal reserves in Saudi Arabia, established in 2018 by royal order. (Photo: SPA)
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Interview: Promoting Investments in Saudi Arabia’s Natural Reserves

The Imam Turki bin Abdullah Reserve is one of six royal reserves in Saudi Arabia, established in 2018 by royal order. (Photo: SPA)
The Imam Turki bin Abdullah Reserve is one of six royal reserves in Saudi Arabia, established in 2018 by royal order. (Photo: SPA)

Eng. Muhammad Alshaalan, CEO of the Imam Turki Bin Abdullah Royal Nature Reserve Development Authority, revealed efforts to engage the private sector in the protected areas, whether through hotels, rural lodges or sustainable hunting reserves.

He disclosed an agreement with the Ministry of Tourism and the Saudi Tourism Authority to attract investments in the sector.

In an interview with Asharq Al-Awsat, Alshaalan said that the Authority was seeking to create jobs for the local community and increase the contribution of small and medium-sized enterprises, in addition to activating eco-tourism in the Kingdom.

Asked about the Imam Turki bin Abdullah Reserve, he said: “It is one of six royal reserves in Saudi Arabia, established in 2018 by royal order. It is located in the northeastern part of the country on an area of 91,000 square kilometers. It has three main goals, mainly the preservation, development and diversification of wildlife.”

He added that around 80,000 to 100,000 people live in villages and deserts within the reserve.

“We seek to create jobs and training for the local community and increase the contribution of small and medium businesses,” he said.

The Authority aims to promote ecotourism in general, Alshaalan emphasized, noting that the reserve was home to beautiful sites, including the historic King Abdulaziz Palace in Linah, the ancient market, and Darb Zubaydah.

“These places attract local and foreign visitors, who are looking to explore historical and environmental areas of this kind,” he stated.

He noted that the Authority has established a center for houbara breeding, with the support and guidance of the Chairman of the Board of Directors, Prince Turki bin Muhammad bin Fahd.

He explained that the main objective was to conduct studies and research on this particular bird, especially the Asian Houbara, and on its reproduction and release in its natural habitats.

According to Alshaalan, the center aspires to create jobs for the local community and is mainly managed by the residents, with the aim to promote the development of the local economy, the use of surplus production for sustainable hunting, the activation of regulated hunting reserves, as well as attracting investors and those interested in the sector.

“The Prince Saud Al-Faisal Wildlife Center was established in the 1980s, followed by Al-Taysiyah Reserve… With the Saudi vision, environmental events have greatly accelerated...” he remarked.

The CEO of the Imam Turki Bin Abdullah Natural Reserve Development Authority noted that the Houbara bird was threatened with extinction, as a result of the destruction of natural habitats and other factors.

He explained: “In the first years, we will start in the center with a capacity of up to 1,000 productive birds; we mainly seek to train and prepare, so that we can take full advantage of this production, and then basically simulate nature, whether in the production process or feed.”

Alshaalan underlined the importance of preserving the genetic sequence and the environmental and natural characteristics of the bird.

Asked about plans to engage the private sector in the investments of the reserve, he said: “We have today a set of paths, whether in hotels, rural lodges, sustainable hunting reserves, or the Zubaydah trail activities and the activation of tourist areas. We have signed an agreement with the Ministry of Tourism and the Saudi Tourism Authority, aimed at attracting investors in the protected areas in general.”



Federal Reserve Cuts Key Interest Rate by a Quarter-point

US Federal Reserve Chair Jerome Powell attends a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, US, November 7, 2024. REUTERS/Annabelle Gordon
US Federal Reserve Chair Jerome Powell attends a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, US, November 7, 2024. REUTERS/Annabelle Gordon
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Federal Reserve Cuts Key Interest Rate by a Quarter-point

US Federal Reserve Chair Jerome Powell attends a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, US, November 7, 2024. REUTERS/Annabelle Gordon
US Federal Reserve Chair Jerome Powell attends a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, US, November 7, 2024. REUTERS/Annabelle Gordon

The Federal Reserve cut its key interest rate Thursday by a quarter-point in response to the steady decline in the once-high inflation that had angered Americans and helped drive Donald Trump’s presidential election victory this week.
The rate cut follows a larger half-point reduction in September, and it reflects the Fed’s renewed focus on supporting the job market as well as fighting inflation, which now barely exceeds the central bank’s 2% target, The Associated Press reported.
Asked at a news conference how Trump's election might affect the Fed's policymaking, Chair Jerome Powell said that "in the near term, the election will have no effects on our (interest rate) decisions.”
But Trump’s election, beyond its economic consequences, has raised the specter of meddling by the White House in the Fed’s policy decisions. Trump has argued that as president, he should have a voice in the central bank’s interest rate decisions. The Fed has long guarded its role as an independent agency able to make difficult decisions about borrowing rates, free from political interference. Yet in his previous term in the White House, Trump publicly attacked Powell after the Fed raised rates to fight inflation, and he may do so again.
Asked whether he would resign if Trump asked him to, Powell, who will have a year left in his second four-year term as Fed chair when Trump takes office, replied simply, “No.”
And Powell said that in his view, Trump could not fire or demote him: It would “not be permitted under the law,” he said.
Thursday’s Fed rate cut reduced its benchmark rate to about 4.6%, down from a four-decade high of 5.3%. The Fed had kept its rate that high for more than a year to fight the worst inflation streak in four decades. Annual inflation has since fallen from a 9.1% peak in mid-2022 to a 3 1/2-year low of 2.4% in September.
When its latest policy meeting ended Thursday, the Fed issued a statement noting that the "unemployment rate has moved up but remains low,” and while inflation has fallen closer to the 2% target level, it “remains somewhat elevated.”
After their rate cut in September — their first such move in more than four years — the policymakers had projected that they would make further quarter-point cuts in November and December and four more next year. But with the economy now mostly solid and Wall Street anticipating faster growth, larger budget deficits and higher inflation under a Trump presidency, further rate cuts may have become less likely. Rate cuts by the Fed typically lead over time to lower borrowing costs for consumers and businesses.
Powell declined to be pinned down Thursday on whether the Fed would proceed with an additional quarter-point rate cut in December or the four rate cuts its policymakers penciled in for 2025.