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Saudi Arabia to Adopt Strategy to Stimulate Development, Innovation and Research

The Sustainable Partnership Conference was launched on Wednesday in Riyadh, in the presence of Saudi ministers. (Asharq Al-Awsat)
The Sustainable Partnership Conference was launched on Wednesday in Riyadh, in the presence of Saudi ministers. (Asharq Al-Awsat)
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Saudi Arabia to Adopt Strategy to Stimulate Development, Innovation and Research

The Sustainable Partnership Conference was launched on Wednesday in Riyadh, in the presence of Saudi ministers. (Asharq Al-Awsat)
The Sustainable Partnership Conference was launched on Wednesday in Riyadh, in the presence of Saudi ministers. (Asharq Al-Awsat)

Senior Saudi government officials revealed serious trends towards activating development, innovation and research within the framework of the country’s transformation plan, disclosing the imminent completion of a strategy dedicated to research and development.

The Ministry of Education launched on Wednesday in Riyadh, the first dialogue conference, entitled “Integration and Sustainable Partnerships, which underlined the possibility of developing the research and innovation system in Saudi universities to contribute to the Kingdom’s investments and economy.

The speakers, including ministers and officials, called for the importance of integration between various sectors, by linking the research and innovation system in universities with the private sector to help achieve the goals of the Kingdom’s Vision 2030.

In this context, Saudi Minister of Investment Eng. Khalid Al-Falih disclosed the imminent completion of an integrated strategy for research and development in the Kingdom.

He added that public spending on universities in research and development must be commensurate with the capabilities of universities, which gives them a great responsibility to gain government’s confidence.

Al-Falih underlined the need to transform research minds in Saudi universities into an investment value, pointing to the importance of investing in research, development and innovation, to further boost the overall economy.

For his part, Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef stated that the innovation strategy would support the domestic product and increase the Kingdom’s exports.

A budget will be allocated for research and development in all government agencies, he revealed, pointing to important elements that encourage the Kingdom to have ambitions goals.

Al-Khorayef noted that restructuring the research, development and innovation system and achieving harmony between all sectors contributed to enhancing opportunities and strengthening economic returns. In this regard, he stressed the importance of linking research and innovation with industry, energy, military and technical industries.

Minister of Economy and Planning Faisal Al-Ibrahim stated that the ministry was keen to achieve the sustainable development goals, and was in charge of coordinating efforts in the public and private sectors, to achieve the goals of Vision 2030.

Minister of Education Youssef Al-Bunyan affirmed that Saudi Arabia has valuable opportunities to compete in the global market.

“We have promising opportunities for training and employing young people, to create an innovative generation,” he told the conference.

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Peru’s FM: Negotiations Underway with Saudi Arabia to Sign Bilateral Agreements by Year-End

Peru’s Foreign Minister, Elmer Schialer Salcedo (Asharq Al-Awsat)
Peru’s Foreign Minister, Elmer Schialer Salcedo (Asharq Al-Awsat)
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Peru’s FM: Negotiations Underway with Saudi Arabia to Sign Bilateral Agreements by Year-End

Peru’s Foreign Minister, Elmer Schialer Salcedo (Asharq Al-Awsat)
Peru’s Foreign Minister, Elmer Schialer Salcedo (Asharq Al-Awsat)

Peru’s Foreign Minister, Elmer Schialer Salcedo, revealed during his official visit to Riyadh that negotiations are progressing with Saudi Arabia to conclude several bilateral agreements before the end of 2025.

The agreements include among others a general cooperation accord and a civil aviation agreement.

In an interview with Asharq Al-Awsat, Salcedo noted that his visit is part of a broader Gulf tour aimed at paving the way for a multilateral agreement with the Gulf Cooperation Council (GCC).

The Peruvian foreign minister emphasized that while relations between Peru and Saudi Arabia are strong on political, diplomatic, cultural, and tourism fronts, there is significant untapped potential in the commercial and economic realms. He expressed his intent to further deepen these ties by encouraging investment and trade between the public and private sectors of both countries.

The year 2026 will mark the 40th anniversary of the establishment of diplomatic relations between Peru and Saudi Arabia, a milestone the Peruvian minister said would underscore the importance of reinforcing the partnership.

Peru and Saudi Arabia maintain close coordination in political and diplomatic matters, as well as bilateral business, tourism, and cultural engagement.

Salcedo told Asharq Al-Awsat that he hopes to expand this cooperation into energy, investment, mining, technology, and digital governance. He highlighted sectors such as oil, gas, renewable energy, telecommunications, and water desalination as areas with strong investment potential. He also reaffirmed Peru’s commitment to providing equal treatment to foreign investors, a message aimed at encouraging greater Saudi involvement in the Peruvian economy.

On the private sector level, Salcedo stressed the need for direct links between Peruvian and Saudi businesses, noting that many Peruvian products currently reach the Saudi market through third countries. Eliminating intermediaries would reduce costs and create more competitive opportunities for producers and consumers in both countries.

The minister also commended Saudi Arabia’s recent reforms to its investment laws, particularly the provisions allowing full foreign ownership, and said they present important opportunities for Peruvian businesses.

Highlighting growing economic ties, Salcedo pointed to Saudi Aramco’s recent expansion into South America.

In March 2025, Aramco acquired Primax, a major fuel distributor operating in Peru, Colombia, and Ecuador, in a deal valued at $3.5 billion.

He also noted Aramco’s increased indirect stake of 17.2% in the Peru LNG project, further integrating the company into South America’s liquefied natural gas market.

Salcedo pointed to the strategic role of Peru’s newly built Chancay Port, which he said would revolutionize logistics between South America and Asia. With automated facilities and a projected total investment of $3.6 billion across three phases, the port is expected to enhance Peru’s connectivity with Asian markets and improve regional trade efficiency.

Looking ahead, the official said Peru could contribute significantly to Saudi Arabia’s Vision 2030 goals. He highlighted his country’s rich mineral resources, including copper, lithium, and rare earth elements, as key assets for Saudi investment.