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Singapore Trade Minister: Saudi Investment Initiatives have Captivated Our Companies

Singapore's Minister of Trade and Industry Lim Hng Kiang attends an interview with Reuters at a hotel in Mexico City, Mexico, June 9, 2016. REUTERS/Henry Romero
Singapore's Minister of Trade and Industry Lim Hng Kiang attends an interview with Reuters at a hotel in Mexico City, Mexico, June 9, 2016. REUTERS/Henry Romero
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Singapore Trade Minister: Saudi Investment Initiatives have Captivated Our Companies

Singapore's Minister of Trade and Industry Lim Hng Kiang attends an interview with Reuters at a hotel in Mexico City, Mexico, June 9, 2016. REUTERS/Henry Romero
Singapore's Minister of Trade and Industry Lim Hng Kiang attends an interview with Reuters at a hotel in Mexico City, Mexico, June 9, 2016. REUTERS/Henry Romero

Singapore Trade Minister Lim Hng Kiang‎ said the initiatives recently announced in Saudi Arabia during the “Future Investment Initiative" Conference have raised the interest of Singaporean companies looking to increase their business activities and investments within the Kingdom and achieve mutual benefit.

“Given the great transformation that Saudi Arabia is seeking, Vision 2030 and the Future Investment Initiative are clear signals that the Kingdom welcomes foreign investment and takes concrete steps to diversify the Saudi economy,” Lim Hng Kiang told Asharq al-Awsat newspaper on the sidelines of the conference.

“These interesting Saudi initiatives are based on the determination to move away from traditional oil dependence and focus on different sectors such as health care, education, facilities management, logistics and exports; areas where Singaporean firms with relevant expertise can contribute to achieve the Kingdom’s plans,” he added.

Asked about relations between Saudi Arabia and Singapore, the trade minister said: “Saudi Arabia and Singapore enjoy strong trade and investment ties, supported by the GCC-Singapore Free Trade Agreement, which entered into force in 2013.”

He went on to say: “Today, Riyadh is one of Singapore’s largest trading partners in the Middle East, where bilateral trade between the two countries exceeded 36 billion riyals (USD 9.6 billion) last year.”

Kiang pointed to the work of major Singaporean companies in the Saudi market, including Changi International Airport, which is working to enhance the efficiency of King Fahd International Airport in Dammam.

He noted that since the beginning of the “Changi” management of Dammam airport, passenger growth has increased significantly each year, stressing that Dammam Airport currently serves 36 airlines, with 65 cities inside and outside the region.

The minister noted that Singapore’s central geostrategic position in South-East Asia makes it a useful starting point for Saudi companies like Aramco and others looking for new opportunities in one of the fastest growing regions in the world. He also said he expected trade and investment to increase between the two sides.

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Business

AROYA Cruises Participates in Arabian Travel Market

The Arabian Travel Market (ATM) will be held in Dubai from May 6 to 9 - SPA
The Arabian Travel Market (ATM) will be held in Dubai from May 6 to 9 - SPA
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AROYA Cruises Participates in Arabian Travel Market

The Arabian Travel Market (ATM) will be held in Dubai from May 6 to 9 - SPA
The Arabian Travel Market (ATM) will be held in Dubai from May 6 to 9 - SPA

AROYA Cruises, the first cruise line of Cruise Saudi, said that it is participating in the Arabian Travel Market (ATM), held in Dubai from May 6 to 9.
Exhibiting at ATM, AROYA Cruises will showcase the newly launched and unique cruise line to the global audience.

According to SPA, the new ship contains 18 decks with 28 restaurants and cafes, 20 entertainment venues, a retail area, and wellness and spa facilities that reflect the Kingdom's rich cultural heritage and distinctive hospitality.
AROYA Cruises will also present its unique offerings and design tailored to Arabian preferences during its participation.
It will sign several strategic memorandums of understanding and participate in panel discussions with industry leaders and trade media.
President of AROYA Cruises Joerg Rudolph said: "We are excited to bring AROYA Cruises to ATM, a crucial event in the trade industry's calendar."

"It is such an exciting time for the business as we launch our first cruise ship to commercial markets, and we look forward to showcasing the exceptional facilities, quality design, and authentic Arabian experiences onboard AROYA Cruises to those at ATM this month."

Business

Saudi Companies Take Part at Saudi National Products Exhibition in Qatar

This file photo taken on Dec. 20, 2019, shows a view of boats moored in front of high-rise buildings in the Qatari capital, Doha. (AFP)
This file photo taken on Dec. 20, 2019, shows a view of boats moored in front of high-rise buildings in the Qatari capital, Doha. (AFP)
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Saudi Companies Take Part at Saudi National Products Exhibition in Qatar

This file photo taken on Dec. 20, 2019, shows a view of boats moored in front of high-rise buildings in the Qatari capital, Doha. (AFP)
This file photo taken on Dec. 20, 2019, shows a view of boats moored in front of high-rise buildings in the Qatari capital, Doha. (AFP)

More than 80 Saudi companies in the industrial, food, health and commercial sectors will participate in the first edition of the Saudi National Products Exhibition, scheduled to take place in the State of Qatar from May 13 to 16.
Several government agencies, including the Ministry of Investment, the Saudi Export Development Authority, and the Federation of Saudi Chambers, will also take part in the exhibition.
The exhibition aims to promote Saudi products, highlight their position in global markets, and connect Saudi exporters with potential buyers and partners, according to SPA.

This will contribute to achieving the Vision 2030 objective of increasing non-oil exports and making the Kingdom a leading industrial country and a global logistics hub.
Various events and activities will be organized on the sidelines of the exhibition to attract visitors and highlight the quality of Saudi industries.

Business

1st European Chamber of Commerce in GCC to Open in Riyadh

The first European Chamber of Commerce in the GCC region, ECCKSA
The first European Chamber of Commerce in the GCC region, ECCKSA
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1st European Chamber of Commerce in GCC to Open in Riyadh

The first European Chamber of Commerce in the GCC region, ECCKSA
The first European Chamber of Commerce in the GCC region, ECCKSA

The first European Chamber of Commerce in the GCC region, ECCKSA, is set to be inaugurated in Saudi Arabia on May 8 to enhance economic and business ties between the Kingdom and the European Union.

The launch event will take place at the Cultural Palace in the Diplomatic Quarter of Riyadh.

ECCKSA’s website says the Chamber is “dedicated to advocating European business interests in Saudi Arabia and vice versa.”

“As a member-driven organization with strong government ties, ECCKSA offers a dynamic business network, opening doors to substantial commercial opportunities.”

“ECCKSA leverages its strong governmental relationships to facilitate market access for member companies, ensuring fair opportunities for both European and Saudi businesses,” it adds.

During the Saudi-EU Investment Forum held in October, Investment Minister Khalid Al-Falih said that the Kingdom’s coordination with the EU has a vital role in Saudi Arabia’s ongoing economic transitions.

Al-Falih emphasized the opportunities for investment and trade cooperation between the Kingdom and Europe.

“I am convinced there is still immense potential for expanding our partnership further, especially in terms of scale, diversity, and quality of our outbound and inbound investments,” he said.

He stated that trade between the two countries reached 80 billion euros ($84.8 billion) in 2022, representing a 30 percent increase over the previous year.

The minister added that over 1,300 European companies have invested in Saudi Arabia.

At the same event, European Commission Executive Vice President Maros Sefcovic said that the EU and Saudi Arabia “share an interest in continuing interactions on multilateral trade policy agendas.”

He said he was pleased that there was an agreement to accelerate the creation of ECCKSA.

Business

S&P Affirms Türkiye’s Successful Economic Plan

People shop at Grand Bazaar in Istanbul, Türkiye, November 4, 2022. REUTERS/Dilara Senkaya
People shop at Grand Bazaar in Istanbul, Türkiye, November 4, 2022. REUTERS/Dilara Senkaya
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S&P Affirms Türkiye’s Successful Economic Plan

People shop at Grand Bazaar in Istanbul, Türkiye, November 4, 2022. REUTERS/Dilara Senkaya
People shop at Grand Bazaar in Istanbul, Türkiye, November 4, 2022. REUTERS/Dilara Senkaya

Credit ratings agency S&P on Friday moved Türkiye’s long-term sovereign rating one notch higher to B+ from B, with a positive outlook, according to a statement late Friday.

The ratings agency then forecasted rising portfolio inflows and narrowing current account deficits over the next two years, alongside declining inflation and dollarization.

“Following local elections in Türkiye, we believe the coordination between monetary, fiscal, and incomes policy is set to improve, amid external rebalancing,” it said.

The agency said Turkiye's policymakers are set to persevere with efforts to reduce elevated inflation through a combination of monetary and credit tightening, less generous wage settlements, and gradual fiscal consolidation.

Türkiye has launched a series of steps meant to cool soaring inflation, which could reach around 75% in May when the government ends its plan to provide a monthly reduction on natural gas bills. Ahead of the 2023 parliamentary and presidential elections, the government has promised discounted natural gas bills for households for a year until May 2024.

S&P Global Ratings raised the country's rating outlook to positive in November in a move to recognize Türkiye’s shift to more orthodox economic policies and the central bank's steep rate hikes, made to rein in inflation, which climbed to 69.8 percent year-on-year in April despite raising the policy rate to 50 percent.

Türkiye ranks fourth in global inflation rates, surpassed by Argentina, Syria and Lebanon.

Fitch Ratings upgraded the country’s credit rating earlier this year to B+ while Moody’s raised its outlook to positive at the same time as affirming its B3 ranking.

Mehmet Şimşek, the Turkish treasury and finance minister, earlier cited his expectations for credit upgrades to continue in March following Fitch’s move.

“The positive outlooks of S&P, Fitch and Moody’s foreshadow further rating increases,” Simsek said Saturday in a post on X, formerly Twitter.

“The positive results of our program are reflected in the decisions of credit rating agencies,” he added.

“We are determined to carry the confidence in our country to the highest level with our strengthened program,” the minister also said.

Meanwhile, Burak Daglioglu, head of theTurkish Presidency Investment Office, said Türkiye last year rose to fourth place in Europe in attracting the most international investment projects.

“The $10.6 billion in international direct investment we attracted in 2023 is the most concrete sign of this success,” Daglioglu noted.

Commenting on a report by audit and consulting firm EY on foreign direct investment (FDI) projects in Europe in 2023, Daglioglu said Türkiye has maintained its steady rise in attracting the most international direct investment in Europe in the post-pandemic period.

He said EY found a significant fall from the previous year in FDI projects in Europe for the first time since the pandemic, blamed on factors such as low economic growth, high inflation, rising energy prices, and geopolitical risks.

He said 5,694 investment projects were announced in Europe, down 4% from the previous year.

The number of projects in Europe was 11% below its level in 2019 and 14% below the 2017 peak, according to Daglioglu.

He added that Türkiye ranked seventh in the European league in 2020 and fifth in 2022. “The country rose to fourth among the top 10 countries, attracting 375 international direct investment projects in 2023. With a 17% rise from the previous year, Türkiye also ranked first among the top 10 countries in terms of growth in 2023,” Daglioglu said.

Business

CEO of NEOM Green Hydrogen Co.: Plant Construction Making Significant Progress

CEO of NEOM Green Hydrogen Co. Wesam Al-Ghamdi
CEO of NEOM Green Hydrogen Co. Wesam Al-Ghamdi
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CEO of NEOM Green Hydrogen Co.: Plant Construction Making Significant Progress

CEO of NEOM Green Hydrogen Co. Wesam Al-Ghamdi
CEO of NEOM Green Hydrogen Co. Wesam Al-Ghamdi

The CEO of NEOM Green Hydrogen Co. has announced progress on building the world’s largest hydrogen plant in Saudi Arabia’s NEOM region.

Wesam Al-Ghamdi revealed that the construction of the plant in NEOM’s city of “Oxagon” is advancing significantly.

Speaking to Asharq Al-Awsat, Al-Ghamdi revealed that his company received initial supplies and is now focusing on installation, expecting more deliveries this year.

The CEO reaffirmed that he aims for significant construction progress this year, gearing up for full operations by 2026.

Al-Ghamdi referenced the company’s notable accomplishment in 2023, reaching full financial closure in May of the previous year after securing a total funding of $8.4 billion.

The CEO highlighted the importance of getting started at the NOEM green hydrogen complex. He mentioned that even though it’s in the early stages with support from ACWA Power, Air Products, and NEOM, the funding has helped speed up construction.

He emphasized how this financial backing shows confidence in the project’s economic value and its goal of creating the biggest hydrogen plant globally.

Hydrogen Production

Al-Ghamdi explained that in 2023, the company focused on completing basic construction works to prepare for receiving key supplies at their NEOM site. The first six wind turbines arrived in October at NEOM’s port in “Oxagon,” a city focused on clean industries.

He stressed his company’s confidence in scaling up green hydrogen production at the lowest cost possible by 2026. Saudi Arabia aims to lead globally in hydrogen production and exports, aligning with green initiatives. The target is to produce 4 million tons of clean hydrogen annually by 2030.

Saudi Arabia Leading in Green Hydrogen

Al-Ghamdi predicted that Saudi Arabia will take the lead in producing green hydrogen soon, tapping into its vast experience and natural resources like wind and solar power.

He stressed that the NEOM green hydrogen project aims to play a big role in achieving this ambitious goal.

Once operational, the plant is expected to churn out 600 tons of carbon-free hydrogen daily by 2026, enough to power around 20,000 hydrogen buses.

It also plans to produce 1.2 million tons of green ammonia yearly for global export. The company will have a special pier for shipping the hydrogen as ammonia directly from its site.

Al-Ghamdi highlighted the project’s importance, saying it aligns with the goals of Saudi Arabia’s national transformation plan, Vision 2030, and will help remove carbon from major sectors like transportation and heavy industries.

NEOM Green Hydrogen Project Leads in Full Funding

Al-Ghamdi highlighted that while many green hydrogen projects globally are still in early planning, the NEOM one stands out as the only project fully funded. This achievement came through an exclusive deal with Air Products to buy all their green hydrogen output for export over three decades.

Al-Ghamdi noted that the emerging green hydrogen sector offers significant global opportunities. NEOM Green Hydrogen aims to showcase these opportunities by proving the economic feasibility of large-scale green hydrogen production and its potential for extensive growth.

Clean hydrogen is increasingly seen as a key solution to combat climate change. As countries strive for carbon neutrality, clean hydrogen is expected to play a vital role in speeding up the transition to cleaner energy and industries, providing the only viable way to remove carbon on a large scale.

NEOM Green Hydrogen Plant Aims to Offset 5 Million Tons of CO2 Annually

Al-Ghamdi affirmed that the plant, upon full operation by 2026, aims to offset up to 5 million tons of carbon dioxide annually.

Clean hydrogen is seen as crucial in addressing emissions from industries heavily reliant on it, such as transportation and heavy machinery.

The CEO emphasized its potential for remote areas where continuous operation is vital, like around-the-clock trucking.

Moreover, Al-Ghamdi highlighted that hydrogen combustion solely produces water vapor, making it a carbon-free end product. In addition to its environmental benefits, the NEOM green hydrogen plant aims to foster international collaboration and invest in clean energy technology.

Business

Saudi Arabia, Japan Discuss Expansion of Investment Opportunities in Digital Field

Saudi Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha met on Saturday in Jeddah with the Japanese Minister for Digital Transformation, Taro Kono. SPA
Saudi Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha met on Saturday in Jeddah with the Japanese Minister for Digital Transformation, Taro Kono. SPA
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Saudi Arabia, Japan Discuss Expansion of Investment Opportunities in Digital Field

Saudi Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha met on Saturday in Jeddah with the Japanese Minister for Digital Transformation, Taro Kono. SPA
Saudi Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha met on Saturday in Jeddah with the Japanese Minister for Digital Transformation, Taro Kono. SPA

Saudi Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha met on Saturday in Jeddah with the Japanese Minister for Digital Transformation, Taro Kono, and his accompanying delegation.

Al-Swaha discussed with the Japanese Minister the expansion of investment opportunities in the digital field between the two countries to support the growth of the digital economy and innovation.

They also reviewed achievements in several digital projects and joint initiatives within the Saudi and Japanese Vision 2030, accelerating the adoption of modern technologies in digital government services.

Additionally, they discussed localizing research and development centers and fostering partnerships between the two friendly nations to develop capabilities and build an economy based on technology and innovation.

Business

Egypt Rents Floating Liquefied Gas Unit to Support Energy Security

Camel riders are seen at the foot of Khafre Pyramid in Giza, south of the Egyptian capital. (AFP)
Camel riders are seen at the foot of Khafre Pyramid in Giza, south of the Egyptian capital. (AFP)
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Egypt Rents Floating Liquefied Gas Unit to Support Energy Security

Camel riders are seen at the foot of Khafre Pyramid in Giza, south of the Egyptian capital. (AFP)
Camel riders are seen at the foot of Khafre Pyramid in Giza, south of the Egyptian capital. (AFP)

The Egyptian Ministry of Petroleum announced on Thursday that the country’s Natural Gas Holding Company (EGAS) has concluded an agreement with Norway’s Hoegh LNG to rent the Hoegh Galleon floating unit for liquefied natural gas (LNG).

In a statement, the ministry said the unit will be rented for storage and regasification “to secure additional needs for domestic consumption during the summer.”

Hoegh LNG said the unit would be leased for an interim period from June 2024 to February 2026 and deployed in Ain Sokhna on the Red Sea. The aim of the agreement was “to support energy security in Egypt”, the company said in a statement.

Egypt is expected to increase LNG imports during the summer months to meet high demand that caused a wave of power outages last summer, which shocked Egyptians who had been used to a decade of reliable power supplies by the gas producer.

Sources told Reuters that the government bought at least two LNG cargoes in April and is expected to purchase up to 20 over the spring and summer to prepare for increasing power demand.

Returning to imports would reverse the most populous Arab country’s position as a natural gas exporter in recent years, Reuters reported.

Egypt, which faces a growing demand for gas from its population of about 106 million people, is seeking to become a regional gas supplier, but has not made other major discoveries than the giant Zohr field in 2015.

Figures released by the Joint Organizations Data Initiative (JODI) showed that in 2023, total natural gas production in Egypt decreased by 11.5 percent on an annual basis to reach about 59.29 billion cubic meters, the lowest production level since 2017.

Business

Saudi Arabia's ACWA Power Signs $4.85 Bln Deal for Central Asia's Largest Wind Farm

Officials are seen at the signing ceremony in Tashkent. (Asharq Al-Awsat)
Officials are seen at the signing ceremony in Tashkent. (Asharq Al-Awsat)
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Saudi Arabia's ACWA Power Signs $4.85 Bln Deal for Central Asia's Largest Wind Farm

Officials are seen at the signing ceremony in Tashkent. (Asharq Al-Awsat)
Officials are seen at the signing ceremony in Tashkent. (Asharq Al-Awsat)

Saudi Arabia’s ACWA Power signed a Power Purchase Agreement (PPA) with the National Electric Grid of Uzbekistan for Central Asia’s largest wind farm -- the Aral 5GW Wind Independent Power Producer (IPP) project in the Karakalpakstan region.

The agreement was signed on the sidelines of the Tashkent International Investment Forum held under the patronage of Uzbek President Shavkat Mirziyoyev.

It was signed in the presence of Uzbek Prime Minister Abdulla Aripov and Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud during a ceremony inaugurating two of ACWA Power’s ongoing projects in the country: the 1.5GW Sirdarya CCGT plant and the first 100MW phase of the Riverside solar plant in the Tashkent region.

Mirziyoyev also attended the ceremony.

As ACWA Power’s 15th project in Uzbekistan, Aral Wind IPP solidifies the company’s strong commitment to providing the renewable energy needed to meet the Central Asian country’s ambitious aims to have 40% of its energy mix provided by renewables by 2030.

Uzbekistan is ACWA Power’s largest market after its home country of Saudi Arabia, and this latest project brings its total investment in the country to $13.9 billion.

Founder and Chairman of the Board of ACWA Power Mohammad Abunayyan said: “This historic project will provide clean power to approximately 4.5 million houses in Uzbekistan, a country which is propelling its energy transition thanks to its ambitious and decisive leadership.”

“We are proud to collaborate with Uzbekistan’s government to export our low-carbon expertise beyond the borders of Saudi Arabia, improving the lives of millions in a country with whom we are honored to share close ties,” he added.

The Aral Wind IPP will be deployed in five phases. This flagship initiative will generate approximately 18,500 GWh of clean electricity annually, displacing 247 billion tons of CO2 over its lifetime and providing power to around four million homes, thus marking a pivotal step in Uzbekistan's green energy transition.

It is projected to create hundreds of direct and indirect jobs and stimulate local industry by localizing services and supplies.

ACWA Power is the world’s largest private water desalination company and a leader in energy transition and first mover into green hydrogen.

Its total portfolio in Uzbekistan now comprises 11.6GW of power, of which 10.1GW is renewable, as well as the country’s first green hydrogen project with a capacity of 3,000 tons per year, the first phase of which was inaugurated in November 2023.

Business

Fitch Revises Egypt’s Outlook to Positive on Reduced External Financing Risks

A visitor takes photos of the city from the Salaheddin Citadel in Cairo on May 2, 2024. (AFP)
A visitor takes photos of the city from the Salaheddin Citadel in Cairo on May 2, 2024. (AFP)
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Fitch Revises Egypt’s Outlook to Positive on Reduced External Financing Risks

A visitor takes photos of the city from the Salaheddin Citadel in Cairo on May 2, 2024. (AFP)
A visitor takes photos of the city from the Salaheddin Citadel in Cairo on May 2, 2024. (AFP)

Global ratings agency Fitch revised Egypt's outlook to positive from stable on Friday.

The agency affirmed Egypt's rating at "B-", citing reduced external financing risks and stronger foreign direct investment.

In March, the International Monetary Fund approved an expanded financial support of $8 billion for the North African country.

The IMF's loan program with Egypt should help the country gradually reduce its debt burden, an IMF official said last month.

In February, the country also secured a $35 billion real estate investment from the United Arab Emirates to develop its Mediterranean coast stretch.

Foreign investors have poured billions of dollars into Egyptian treasury bills since the country announced the IMF loan program. After the investment in the country's foreign portfolio and the support from UAE, Egypt's net foreign assets deficit shrank by $17.8 billion in March.

Fitch says that initial steps to contain off-budget spending should help to reduce public debt sustainability risks.

The country straddles North Africa and West Asia and has been grappling with an ongoing economic crisis linked to persistent foreign currency shortages. In the fourth quarter, its foreign debt climbed by $3.5 billion to $168.0 billion.

"Exchange rate flexibility will be more durable partly reflects its close monitoring under Egypt's IMF EFF, which runs to late 2026," said Fitch in a statement.

Moody's revised its outlook on Egypt to "positive" in early March while affirming its ratings due to the high government debt ratio and weaker debt affordability compared to its peers.

Business

Saudi Red Sea Authority, NEOM Sign MoU to Improve Visitor Experience

The MoU, signed by SRSA Acting CEO Mohammed Al-Nasser and NEOM CEO Nadhmi Al-Nasr, reflects SRSA's commitment to encouraging and attracting investment in coastal tourism activities. SPA
The MoU, signed by SRSA Acting CEO Mohammed Al-Nasser and NEOM CEO Nadhmi Al-Nasr, reflects SRSA's commitment to encouraging and attracting investment in coastal tourism activities. SPA
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Saudi Red Sea Authority, NEOM Sign MoU to Improve Visitor Experience

The MoU, signed by SRSA Acting CEO Mohammed Al-Nasser and NEOM CEO Nadhmi Al-Nasr, reflects SRSA's commitment to encouraging and attracting investment in coastal tourism activities. SPA
The MoU, signed by SRSA Acting CEO Mohammed Al-Nasser and NEOM CEO Nadhmi Al-Nasr, reflects SRSA's commitment to encouraging and attracting investment in coastal tourism activities. SPA

Saudi Red Sea Authority (SRSA) has signed a memorandum of understanding (MoU) with NEOM to collaborate on developing legislation, regulations, and technology in marine tourism.
The partnership will promote the sharing of expertise and enable the implementation and activation of joint initiatives. The aim is to enhance research, deliver innovation, and improve the visitor experience for tourists in Saudi Arabia's existing, emerging, and future Red Sea coastal destinations.
The MoU, signed by SRSA Acting CEO Mohammed Al-Nasser and NEOM CEO Nadhmi Al-Nasr, reflects SRSA's commitment to encouraging and attracting investment in coastal tourism activities. It also assists small and medium enterprises, including administrative, technical, and advisory support.
Through this partnership, SRSA aims to integrate with relevant entities from the public, private, and third sectors to achieve the goals of Saudi Vision 2030, which is to activate the role of coastal tourism as one of the promising and valuable sectors of the national economy.
The agreement specified several areas of cooperation, such as supporting opportunities available to investors in coastal tourism and water activities, as well as planning and implementing other joint initiatives as agreed upon by the two parties.
The MoU reflects SRSA's efforts to expand its strategic partnerships and explore best practices to regulate navigational and marine tourism activities, all while ensuring sustainability and care for the environment.