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Saudi Industry Investments Exceed $346 Billion

A panel discussion tackled the role of national industry in facing risks, during the Budget 2023 Forum in Riyadh. (Asharq Al-Awsat)
A panel discussion tackled the role of national industry in facing risks, during the Budget 2023 Forum in Riyadh. (Asharq Al-Awsat)
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Saudi Industry Investments Exceed $346 Billion

A panel discussion tackled the role of national industry in facing risks, during the Budget 2023 Forum in Riyadh. (Asharq Al-Awsat)
A panel discussion tackled the role of national industry in facing risks, during the Budget 2023 Forum in Riyadh. (Asharq Al-Awsat)

The value of investments in the Saudi industrial sector amounted to 1.3 trillion riyals ($346.6 billion), with the imminent activation of the Kingdom’s National Strategy for Industry by the beginning of 2023.

Eng. Ahmed Al-Ohali, Governor of the General Authority for Military Industries (GAMI), pointed to the rapid and qualitative growth of military industries in the Kingdom.

Since the formation of the Authority, the total number of establishments reached 156, with an estimated investment volume of 40 billion riyals ($10.6 billion), Al-Ohali said on Monday.

The establishments employ 21,000 people, including Saudis who receive the best training opportunities to enhance knowledge and expertise in this vital sector, he told a panel discussion on the role of national industry in facing risks. The panel was part of the Budget 2023 Forum in Riyadh.

Organized by the Ministry of Finance, the forum concluded its two-day sessions on Monday at the King Abdullah Petroleum Studies and Research Center (KAPSARC), with the participation of senior officials from the public and private sectors.

Deputy Minister of Industry and Mineral Resources Eng. Osama Al-Zamil noted that the value of investments in the industrial sector amounted to 1.3 trillion riyals.

He revealed that the National Strategy would offer more than 800 investment opportunities worth one trillion riyals ($266 billion), in addition to increasing exports of advanced technical products by about six times and creating tens of thousands of jobs.

Al-Zamil added that the sector has succeeded in attracting investments worth more than 21.8 billion riyals, while the number of manpower has doubled to reach 47,125 workers, with a localization rate of more than 42%.

Another session, entitled “The Impact of the Budget on Empowering Women”, touched on the women’s empowerment initiative and the relevant reforms adopted by the government and the private sector to promote the role of women in the Kingdom.

In this context, Dr. Hala Al-Tuwaijri, head of the Saudi Human Rights Commission, stated that the Kingdom has taken a comprehensive reform approach to empower women and increase their participation in the labor market.

She emphasized Saudi Arabia’s commitment to international agreements, including the Convention on the Elimination of all Forms of Discrimination against Women, known as CEDAW.

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Business

Japan Sets $19 Billion Business Target in Central Asia

TOKYO, JAPAN - DECEMBER 20: Japan's Prime Minister Sanae Takaichi, Kazakhstan's President Kassym-Jomart Tokayev, Tajikistan's President Emomali Rahmon, Turkmenistan's President Serdar Berdimuhamedov, Kyrgyzstan's President Sadyr Zhaparov, and Uzbekistan’s President Shavkat Mirziyoyev attend the leaders-level "Central Asia plus Japan" Dialogue (CA+JAD) summit, in Tokyo, Japan, on December 20, 2025. David MAREUIL/Pool via REUTERS
TOKYO, JAPAN - DECEMBER 20: Japan's Prime Minister Sanae Takaichi, Kazakhstan's President Kassym-Jomart Tokayev, Tajikistan's President Emomali Rahmon, Turkmenistan's President Serdar Berdimuhamedov, Kyrgyzstan's President Sadyr Zhaparov, and Uzbekistan’s President Shavkat Mirziyoyev attend the leaders-level "Central Asia plus Japan" Dialogue (CA+JAD) summit, in Tokyo, Japan, on December 20, 2025. David MAREUIL/Pool via REUTERS
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Japan Sets $19 Billion Business Target in Central Asia

TOKYO, JAPAN - DECEMBER 20: Japan's Prime Minister Sanae Takaichi, Kazakhstan's President Kassym-Jomart Tokayev, Tajikistan's President Emomali Rahmon, Turkmenistan's President Serdar Berdimuhamedov, Kyrgyzstan's President Sadyr Zhaparov, and Uzbekistan’s President Shavkat Mirziyoyev attend the leaders-level "Central Asia plus Japan" Dialogue (CA+JAD) summit, in Tokyo, Japan, on December 20, 2025. David MAREUIL/Pool via REUTERS
TOKYO, JAPAN - DECEMBER 20: Japan's Prime Minister Sanae Takaichi, Kazakhstan's President Kassym-Jomart Tokayev, Tajikistan's President Emomali Rahmon, Turkmenistan's President Serdar Berdimuhamedov, Kyrgyzstan's President Sadyr Zhaparov, and Uzbekistan’s President Shavkat Mirziyoyev attend the leaders-level "Central Asia plus Japan" Dialogue (CA+JAD) summit, in Tokyo, Japan, on December 20, 2025. David MAREUIL/Pool via REUTERS

Japan unveiled a five-year goal on Saturday for business projects totalling $19 billion in Central Asia as Tokyo vies for influence in the resource-rich region.

The announcement came after Prime Minister Sanae Takaichi hosted an inaugural summit with the leaders of five Central Asia nations -- Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan -- in Tokyo.

Japan "set a new target of business projects at a total amount of 3 trillion yen in 5 years in Central Asia", a joint statement said after Takaichi wrapped up her meeting with the five leaders.

Like the United States and the European Union, Japan is drawn by the region's enormous, but still mostly unexploited, natural resources in a push to diversify rare earths supplies and reduce dependence on China, AFP reported.

"It is important for Central Asia, blessed with abundant resources and energy sources, to expand its access to international markets," the statement said.

The leaders agreed to promote cooperation that can help the "strengthening of critical minerals supply chains", while also pledging to achieve economic growth and decarbonisation.

They also held separate summits with Russia's Vladimir Putin, China's Xi Jinping and EU chief Ursula von der Leyen this year.

The summit was seen as important for Japan to increase its presence in the region, said Tomohiko Uyama, a professor at Hokkaido University specializing in Central Asian politics.

"Natural resources have become a strong focus, particularly in the past year, because of China's moves involving rare earths," Uyama told AFP on Friday, referring to tight export controls introduced by Beijing this year.

The leaders agreed on Saturday to expand cooperation regarding "Trans-Caspian International Transport Route", a logistics network connecting to Europe without passing through Russia.

Efforts towards "safe, secure, and trustworthy Artificial Intelligence" were also agreed.

Tokyo has long encouraged Japanese businesses to invest in the region, although they remain cautious.

Xi visited Astana in June, and China -- which shares borders with Kazakhstan, Kyrgyzstan and Tajikistan -- has presented itself as a main commercial partner, investing in huge infrastructure projects.

The former Soviet republics still see Moscow as a strategic partner but have been spooked by Russia's invasion of Ukraine.

Other than rare earths, Kazakhstan is the world's largest uranium producer, Uzbekistan has giant gold reserves and Turkmenistan is rich in gas.

Mountainous Kyrgyzstan and Tajikistan are also opening up new mineral deposits.

However, exploiting those reserves remains complicated in the harsh and remote terrains of the impoverished states.

Business

World Bank Approves $700 Million for Pakistan's Economic Stability

A view of traffic circulating amid dense fog in Islamabad, Pakistan, 18 December 2025. EPA/SOHAIL SHAHZAD
A view of traffic circulating amid dense fog in Islamabad, Pakistan, 18 December 2025. EPA/SOHAIL SHAHZAD
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World Bank Approves $700 Million for Pakistan's Economic Stability

A view of traffic circulating amid dense fog in Islamabad, Pakistan, 18 December 2025. EPA/SOHAIL SHAHZAD
A view of traffic circulating amid dense fog in Islamabad, Pakistan, 18 December 2025. EPA/SOHAIL SHAHZAD

The World Bank said on Friday that it has approved $700 million in financing for Pakistan under a multi-year initiative aimed at supporting the country's macroeconomic stability and service delivery.

The funds will be released under the bank's Public Resources for Inclusive Development - Multiphase Programmatic ⁠Approach (PRID-MPA), which could provide up to $1.35 billion in total financing, the lender said. Of this amount, $600 million will go for federal programs and $100 million will ⁠support a provincial program in the southern Sindh province.

The approval follows a $47.9 million World Bank grant in August to improve primary education in Pakistan's most populous Punjab province.

In November, an IMF-World Bank report, uploaded by Pakistan's finance ministry, said Pakistan's fragmented ⁠regulation, opaque budgeting and political capture are curbing investment and weakening revenue. Regional tensions may surface over international financing for Pakistan.

In May, Reuters reported that India would oppose World Bank funding for Pakistan, citing a senior government source in New Delhi.

Business

Oil Set for Second Straight Weekly Decline on Supply Outlook

A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol
A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol
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Oil Set for Second Straight Weekly Decline on Supply Outlook

A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol
A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025. REUTERS/Todd Korol

Oil prices rose on Friday but were poised for a second straight weekly decline as a potential supply glut and prospects of a Russia-Ukraine peace deal limited gains driven by concerns over disruptions from a blockade of Venezuelan tankers.

Brent crude futures were up 52 cents, or 0.87%, at $60.34 a barrel by ‌1357 GMT ‌while US West Texas Intermediate crude ‌rose ⁠51 ​cents, ‌or 0.9%, to $56.66.

On a weekly basis, the Brent and WTI benchmarks were down 1.3% and 1.4% respectively, according to Reuters.

"That we're ⁠staying down at these levels indicates that the market is awash with ‌oil right now," said Ole Hansen, ‍head of commodity strategy at ‍Saxo Bank. "There's enough oil to mitigate any disruptions."

Uncertainty over ‍how the US would enforce President Donald Trump's intent to block sanctioned tankers from entering and leaving Venezuela tempered geopolitical risk premiums, IG analyst Tony Sycamore said.

Venezuela, which pumps about 1% ​of global oil supplies, on Thursday authorised two unsanctioned cargoes to set sail for China, said two ⁠sources familiar with Venezuela's oil export operations.

Optimism over a potential US-led Ukraine peace deal also eased supply risk concerns, Sycamore said.

However, Bank of America analysts said they expect lower oil prices to curb supply, which could stop prices from going into freefall.

Investors also watched developments in Russia's war in Ukraine after Kyiv ramped up attacks on Russia's energy infrastructure. Ukraine struck a "shadow fleet" oil tanker in the Mediterranean Sea with aerial drones for the first time, ‌a Ukrainian official said on Friday.