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Saudi Arabia, France Discuss Health Sector Opportunities

Saudi Investment Minister Khalid Al-Falih (Asharq Al-Awsat)
Saudi Investment Minister Khalid Al-Falih (Asharq Al-Awsat)
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Saudi Arabia, France Discuss Health Sector Opportunities

Saudi Investment Minister Khalid Al-Falih (Asharq Al-Awsat)
Saudi Investment Minister Khalid Al-Falih (Asharq Al-Awsat)

Riyadh and Paris have discussed medical cooperation and available investment opportunities in the healthcare sector at a meeting of the Saudi-French Business Council on Tuesday.

The meeting was attended by Saudi Investment Minister Khalid Al-Falih and France’s Minister of Foreign Trade Olivier Becht. The heads of the Saudi-French Business Council Mohammed bin Laden and Laurent Germain also attended the meeting.

Moreover, Saudi entrepreneurial companies and representatives of the private sector from both countries also partook in the meeting.

Both sides stressed the importance of the Saudi-French economic and investment relations, and the support they enjoy from the leadership in the two countries.

Cooperation opportunities are available in areas of common interest.

The two sides noted the importance of exploring new investment opportunities, in addition to increasing knowledge of the investment environment in the Kingdom and France.

The roundtable meeting discussed promising investment opportunities, upgrading investment relations between France and Saudi Arabia, and strengthening efforts to develop economic and investment ties between Riyadh and Paris.

This comes especially about developing qualitative investments for leading companies and enabling the private sector to benefit from investment opportunities in both countries.

In other news, Saudi Arabia’s Ministry of Industry and Mineral Resources (MIM), in collaboration with the British Embassy in Riyadh, hosted a joint webinar with British investors to promote investment opportunities in Saudi Arabia.

During the opening of the webinar, the Assistant Deputy for Mining Development, Turki Al Babtain, emphasized that the Ministry is working to ensure an attractive investment ecosystem thanks to the new Saudi Mining Investment Law.

The legislation assures a clear and fair legal framework designed to safeguard investments while leveraging the Kingdom's mineral wealth. Saudi Arabia is said to be home to an estimated $1.3 trillion worth of minerals.

Saudi Arabia’s mining strategy is based on four important pillars: making geological and geophysical data fully accessible, transforming the mining ecosystem into one of the most competitive worldwide, creating integrated value chains, and ensuring that people and the environment are protected.

Al Babtain invited attendees to participate in the Future Minerals Forum in January to learn more about Saudi Arabia’s investment opportunities, including the prominent features and incentives offered by the Kingdom to investors. Attendees to the Future Minerals Forum will join more than 7500 participants, 150 speakers and representatives from more than 75 countries.

The Ministry’s efforts are designed to maximize value-creation for Saudi Arabian communities and local and international investors by developing its mineral sector in order to transform mining into the third pillar of national industry, thereby achieving the goals of Vision 2030 and the National Industry Development and Logistics Program (NIDLP).

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Saudi Arabia Advances Climate Action at 2024 SGI Forum with $60 Million in New Funding

A night view of the Saudi capital, Riyadh. (SPA)
A night view of the Saudi capital, Riyadh. (SPA)
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Saudi Arabia Advances Climate Action at 2024 SGI Forum with $60 Million in New Funding

A night view of the Saudi capital, Riyadh. (SPA)
A night view of the Saudi capital, Riyadh. (SPA)

The fourth edition of the Saudi Green Initiative (SGI) Forum kicked off on Tuesday, coinciding with the 16th session of the United Nations Convention to Combat Desertification (UNCCD COP16) in Riyadh.

Held under the theme "Action is in our Nature," the first day of the 2024 SGI Forum witnessed the announcement of five new initiatives, valued at $60 million (SAR225 million), reinforcing Saudi Arabia's leading role in climate and environment efforts.

With total investment exceeding $188 billion (SAR705 billion), the 86 initiatives activated as part of SGI are delivering tangible progress towards the aims of all three Rio Conventions. The Saudi Green Initiative is a key vehicle to deliver Saudi Arabia's goal to create a greener future for all by reducing emissions, combating desertification and safeguarding natural ecosystems.

The Kingdom is advancing towards net zero by 2060, driven by the Circular Carbon Economy approach. Central to this effort is the Saudi Green Initiative's target to reduce emissions by 278 million tons annually and optimize the domestic energy mix to achieve nearly 50% of electricity generation capacity from renewable sources by 2030.

In line with these goals, Saudi Arabia plans to increase renewable energy capacity to 130 gigawatts (GW) by 2030. Of this capacity, 6.2 GW is already connected to the grid, and 20 GW of projects were launched this year. Currently, 44.2 GW are under development—enough to supply more than 7 million homes with clean electricity.

To achieve the goal of displacing over one million barrels of liquid fuel daily, highly efficient gas-fired power stations with carbon capture readiness will provide a total capacity of 42 GW of electricity generation capacity. Four stations with a capacity of 5.6 GW are already operational, and 9 GW are under construction across five stations. An additional 21 GW has been awarded for construction, and 6 GW is to be tendered in 2025.

Construction is underway on one of the world's largest carbon capture, transport, and storage centers in Jubail, targeting the capture of 9 million tons of carbon dioxide annually by 2027. Additionally, the Saudi Energy Efficiency Program continues to achieve substantial energy savings and contribute to sustainable economic development, reducing approximately 539,000 barrels of oil equivalent daily by the end of 2023—a 9.5% increase compared to 2022.

Moreover, Saudi Arabia has planted over 100 million trees and shrubs since the launch of SGI in 2021, alongside dispersing millions of seeds to expand green coverage further and combat sand encroachment.

The Kingdom has also rehabilitated over 118,000 hectares of degraded land—an area larger than 165,000 FIFA-regulation-sized football fields—advancing the interim goal of rehabilitating 8 million hectares by 2030.

Five new initiatives, led by Ma'aden, Morooj Foundation in partnership with the private sector, and the Tanmiah Food Company, represent a $60 million (SAR225 million) investment to accelerate afforestation efforts. These initiatives aim to plant millions of trees and mangroves, scatter 300 million seeds, rehabilitate degraded land, reduce air pollution, and enhance biodiversity across the Kingdom.

Through its afforestation efforts, Saudi Arabia aims to safeguard current and future generations by providing essential protection against extreme heat. These efforts mark a pivotal step toward the country's long-term goal of growing 10 billion trees, enhancing resilience to desertification and improving the quality of life across the Kingdom.

To date, 18.1% of Saudi Arabia's land and 6.49% of its marine environments—spanning nearly 400,000 km²—are under protection, advancing the Kingdom's target of safeguarding 30% of its land and marine areas by 2030.

Saudi Arabia's conservation efforts also reached a series of historic milestones. Since the launch of the Saudi Green Initiative in 2021, over 7,000 endangered species, including the Arabian oryx, Arabian and sand gazelles, and Nubian ibex, have been rewilded in the Kingdom's nature reserves.

In 2024, four cheetah cubs were born—the first in Saudi Arabia in over 40 years—marking a significant achievement under the National Cheetah Conservation Strategy. Additionally, over 110 endangered red-necked ostrich chicks hatched in wildlife breeding centers in 2024, signaling the success of the species' reintroduction, which went extinct in the wild 100 years ago.

The Ibex Reserve and King Salman Royal Nature Reserve were also added to the International Union for Conservation of Nature (IUCN) Green List, further recognizing Saudi Arabia's progress in implementing effective management and conservation programs.