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Saudi Arabia to Transform Makkah, Madinah into Global Islamic Business Hub

The Islamic Chamber of Commerce and Industry and the Makkah and Madinah Chambers forge an alliance to transform the two holy cities into a center for attracting Islamic business activities. (SPA)
The Islamic Chamber of Commerce and Industry and the Makkah and Madinah Chambers forge an alliance to transform the two holy cities into a center for attracting Islamic business activities. (SPA)
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Saudi Arabia to Transform Makkah, Madinah into Global Islamic Business Hub

The Islamic Chamber of Commerce and Industry and the Makkah and Madinah Chambers forge an alliance to transform the two holy cities into a center for attracting Islamic business activities. (SPA)
The Islamic Chamber of Commerce and Industry and the Makkah and Madinah Chambers forge an alliance to transform the two holy cities into a center for attracting Islamic business activities. (SPA)

Saudi Arabia seeks to transform Makkah Al-Mukarramah and Al-Madinah Al-Munawwarah in the west of the Kingdom into a center for financial and business activities in the Islamic world.

Three economic entities are joining forces to turn the two cities into a center for business activities, and a platform for knowledge and creativity related to the Islamic world and practices.

In this context, Saudi Arabia will hold a major event on Wednesday at the Makkah Chamber Center for Exhibitions and Events, where representatives from the 57 countries of the Organization of Islamic Cooperation (OIC) and a number of diplomats will witness the signing of a qualitative partnership agreement between the Chambers of Makkah and Al-Madinah with the Islamic Chamber of Commerce, Industry and Agriculture.

Abdullah Saleh Kamel, chairman of the board of directors for the Makkah Chamber of Commerce, said the agreement aims to provide logistical support on the ground in both holy cities through investment and integrated planning for global events.

He added that the partnership will also benefit business sectors in the holy cities by hosting a number of exhibitions, forums, workshops and dialogues with decision-makers from the Islamic world.

For his part, Munir bin Saad, Chairman of the Board of Directors of the Madinah Chamber, stressed that the partnership between the three chambers of commerce contributes to a cultural, heritage and urban shift for the two holy cities, and achieves the Kingdom’s ambitious Vision 2030.

Youssef Khalawi, Secretary General of the Islamic Chamber of Commerce, Industry and Agriculture, said that the partnership will seek to organize workshops on the new business concepts, and hold meetings and gatherings at the international level, in addition to establishing permanent centers in the two holy cities, issuing specialized economic reports and developing studies.

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US Energy Secretary Says Riyadh and Washington to Sign Civil Nuclear Agreement

US Energy Secretary Chris Wright speaks at the press conference in the Saudi capital Riyadh. Photo: Turki al-Aqaili
US Energy Secretary Chris Wright speaks at the press conference in the Saudi capital Riyadh. Photo: Turki al-Aqaili
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US Energy Secretary Says Riyadh and Washington to Sign Civil Nuclear Agreement

US Energy Secretary Chris Wright speaks at the press conference in the Saudi capital Riyadh. Photo: Turki al-Aqaili
US Energy Secretary Chris Wright speaks at the press conference in the Saudi capital Riyadh. Photo: Turki al-Aqaili

The United States and Saudi Arabia will sign a preliminary agreement on energy cooperation and civilian nuclear technology, US Energy Secretary Chris Wright said on Sunday.

Wright spoke at a press conference in the Saudi capital Riyadh where he arrived from the United Arab Emirates on Saturday as part of a regional tour that will also take him to Qatar.

His visit comes amid world economic turmoil over the tariffs imposed by US President Donald Trump. But Wright said that these tariffs don’t seek to restrict trade, rather they aim for fair and reciprocal trade.

His visit also comes ahead of an expected visit by Trump to the Kingdom, the UAE and Qatar in May to consolidate relations.

The US Energy Secretary told journalists at the Saudi Energy Ministry that Riyadh and Washington were on a "pathway" to reaching an agreement to work together to better develop energy resources and energy infrastructure, in addition to mining cooperation, civilian nuclear technology and energy production.

Wright said further details over a memorandum detailing the energy cooperation between Riyadh and Washington would come later this year.

Saudi Minister of Energy Prince Abdulaziz bin Salman announced last September that the Kingdom is working to develop peaceful uses for nuclear energy across various fields.

In his press conference on Sunday, Wright discussed the meetings he has held in Riyadh. There have “been very wide ranging dialogues for a day and a half now and they're going to continue. We've talked about energy in all aspects of energy. We've talked about mining, critical materials. We've talked about processing in industry. We've talked about climate change. We've talked about human lives and what drives their improvement and how best to achieve those ends,” he said.

On Saturday, Prince Abdulaziz met with Wright at King Abdullah Petroleum Studies and Research Center (KAPSARC) where the US official was briefed on the Center's role in the fields of energy policy research and its transitions, climate change, sustainable transportation, and consultancy services, in addition to the development of models and analytical tools that contribute to finding solutions to current challenges in the energy sector. They also discussed opportunities for cooperation in energy research, exchange of expertise, and strengthening joint research efforts.

Wright said Sunday that he believed “Saudi Arabia will be one of the leading countries in investing in the United States. I think that's a win for the Kingdom here. It's a win for the United States. And for us, most importantly, it's a win for the working class and American citizens to have better job opportunities.”

He added that the “broader objectives” of the US and Saudi Arabia “are prosperity at home and peace abroad.”

Wright also said in response to a question by Asharq Al-Awsat that tariffs are part of Trump's economic agenda.

He said Trump is trying to grow the flow of goods outside the United States into other countries while sustaining imports and engagement with countries from around the world. “So that's a way you could describe this. Fair trade, not restricted trade, just fair trade, reciprocal trade.”

He added that the United States has seen a lot of its intensive industries, particularly energy, move outside of the country and be outsourced somewhere else. “Too many Americans have seen their job opportunities shift overseas.”

“So tariffs are also a way to give a nudge and encourage investment into our country, to make products in our country, to grow economic opportunity and prosperity in America.”