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Saudi Housing Ministry Signs 3 Agreements at FII 2018

The Saudi Housing Ministry signs three deal during FII 2018. (SPA)
The Saudi Housing Ministry signs three deal during FII 2018. (SPA)
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Saudi Housing Ministry Signs 3 Agreements at FII 2018

The Saudi Housing Ministry signs three deal during FII 2018. (SPA)
The Saudi Housing Ministry signs three deal during FII 2018. (SPA)

The Saudi Ministry of Housing announced Thursday that the Eskan Program signed two agreements and a memorandum of understanding aiming at attracting more investments in the housing and construction sectors, reported the Saudi Press Agency. The deals were signed on the sidelines of the Future Investment Initiative (FII) 2018, held in Riyadh.

Through these agreements, the Kingdom aims to bring the best international technologies and further alliances with the best specialized companies in the field. The investments are:

- A Memorandum of cooperation between US-based Katerra and the Eskan Program to introduce modern and rapid construction methods to Saudi Arabia. The deal aims to build 50,000 housing units annually and six to eight plants specialized in modern construction technologies, in addition to creation of 15,000 jobs.

- A Memorandum of residential real estate development on the Al Asfar project, worth USD 2.7 billion. Signed between the PowerChina International Group, the Ministry of Housing and National Housing Company, it will see the construction of 17,000 housing units over the next six years. The project is expected to provide 4,000 jobs in the housing sector.

- A Memorandum of residential real estate development on the Telal Alghoroob project between the Sakani program, Alameriah and Sany (a Saudi – Chinese Partnership). This investment amounts to USD1.2 billion to build three housing projects with 9,500 housing units in Dammam and Jeddah.

Dr. Majed bin Abdullah Al-Hogail, Minister of Housing, said that these agreements will contribute to provide housing units with high quality and suitable prices, in addition to a creation of more than 15,000 jobs for the citizens through localization of these technologies in the Kingdom and building specialized plants.

The Kingdom’s investment attraction and promotion strategy is accelerating under the INVEST SAUDI initiative, in line with the objectives of Vision 2030. It seeks to support and build awareness of the significant opportunities that Saudi Arabia offers to international, regional and local investors, led by the Saudi Arabian General Investment Authority (SAGIA) in collaboration with partners across government.

Under INVEST SAUDI, FDI growth in the first half of 2018 expanded 90 percent compared to the same period last year, with the number of licenses nearly doubling by end of the third quarter.

Ash Bhardwaj Sales, Program Management, Software Development, Katerra said: “This strategic partnership will introduce modern and rapid construction methods to Saudi Arabia. We expect that there will be a high demand for these technologies in line with the government’s approach to adopt sustainable and energy-saving systems.”

Wu Wenhao, Branch General Manager and Vice-President of PowerChina International Group Ltd, said: “We are excited by the increased housing demand in the Kingdom of Saudi Arabia and the clear plan by the Ministry of Housing and Sakani Program to meet this demand in the Kingdom.”

Hejing Gao, General Manager of Sany-Alameriah, said: “The high demand for housing in Saudi Arabia and the government’s direction to initiate partnerships with the private sector and stimulate foreign investment have created an attractive environment for investment in this sector.”

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Business

Saudi Investment Minister Inaugurates Lenovo Regional HQ in Riyadh

Al-Saif said Lenovo’s decision to establish its regional headquarters in the Kingdom reflects the strength of the Saudi economy. SPA
Al-Saif said Lenovo’s decision to establish its regional headquarters in the Kingdom reflects the strength of the Saudi economy. SPA
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Saudi Investment Minister Inaugurates Lenovo Regional HQ in Riyadh

Al-Saif said Lenovo’s decision to establish its regional headquarters in the Kingdom reflects the strength of the Saudi economy. SPA
Al-Saif said Lenovo’s decision to establish its regional headquarters in the Kingdom reflects the strength of the Saudi economy. SPA

Saudi Minister of Investment Fahad Al-Saif inaugurated on Sunday Lenovo’s regional headquarters for the Middle East, Türkiye, and Africa in Riyadh, marking a significant step in the Kingdom’s efforts to strengthen its position as a regional hub for global companies in line with the objectives of Saudi Vision 2030.

Al-Saif stated that Lenovo’s decision to establish its regional headquarters in the Kingdom reflects the strength of the Saudi economy, the attractiveness of its investment environment, and the pace of its economic transformation.

He noted that the move highlights the success of the regional headquarters program in attracting leading global companies and enabling them to manage and expand their operations from Saudi Arabia.

He added that Lenovo’s investments in Saudi Arabia include developing research and development programs, enhancing local skills, and establishing a manufacturing platform with an annual production capacity of approximately eight million units, contributing to the creation of high-quality jobs and supporting the localization of technology and industry.

Al-Saif emphasized that such partnerships with global companies strengthen the Kingdom’s position in global technology value chains, support the growth of national industry, accelerate knowledge transfer and human capital development, and provide a platform for international firms to expand and innovate in one of the region’s fastest-growing markets.

Business

Rapid Recovery of Oil Facilities Reinforces Saudi Arabia’s Reliability as a Global Energy Supplier

Two Aramco employees at one of the company's facilities (Aramco)
Two Aramco employees at one of the company's facilities (Aramco)
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Rapid Recovery of Oil Facilities Reinforces Saudi Arabia’s Reliability as a Global Energy Supplier

Two Aramco employees at one of the company's facilities (Aramco)
Two Aramco employees at one of the company's facilities (Aramco)

Saudi Arabia demonstrated exceptional readiness and a rapid response in containing the fallout from the recent attacks on some of its oil facilities, restoring operations in record time. It swiftly repaired damage and brought production systems back online with high efficiency.

The Kingdom’s success in restoring full crude throughput via the East–West pipeline, returning the Manifa facility to full operating capacity, and countering attempts to disrupt critical infrastructure underscores its technical and professional capabilities.

This was achieved through a highly professional emergency response system that thwarted attempts to cut off a key artery of global energy supply.

Saudi Arabia’s Ministry of Energy announced on Sunday the full restoration of crude throughput via the East–West pipeline to approximately 7 million barrels per day, along with the return of the Manifa facility to its full operating capacity of around 300,000 barrels per day. This came just days after assessing damage from the attacks. Efforts are still ongoing to restore the full production capacity of the Khurais field, estimated at 300,000 barrels per day.

The East–West pipeline (Petroline) stretches 1,200 kilometers from Abqaiq in the east to Yanbu on the Red Sea coast and serves as a primary alternative route for crude exports in light of the closure of the Strait of Hormuz.

The Kingdom activated an emergency plan to increase exports via this pipeline to the Red Sea amid the effective closure of the strait due to ongoing regional conflict, which has constrained a major export route for Gulf producers. As a result, oil tankers were rerouted to Yanbu port to load shipments, providing a critical supply artery for global markets.

Yanbu Commercial Port, one of Saudi Arabia's important seaports in the current period (Ports)

Operational Flexibility and a Global Safety Valve

The operational flexibility demonstrated by Saudi Aramco and the broader energy system reflects a qualitative shift, underscoring the Kingdom’s ability to protect its assets through advanced engineering and technical infrastructure capable of rapid recovery.

This response extended beyond the technical dimension, reaffirming Saudi Arabia’s firm commitment to ensuring the stability of oil supplies and strengthening its position as a reliable supplier capable of managing crises with high efficiency.

The swift restoration of operations also sends a reassuring signal to global markets that Saudi energy security remains a stabilizing force for the international economy, regardless of the severity of threats. It reinforces the Kingdom’s leadership role in supporting global stability and the reliability of its supplies under the most challenging geopolitical conditions.

In remarks to Asharq Al-Awsat, energy expert and former adviser to the Saudi oil minister, Dr. Mohammad Al-Sabban, said the Kingdom has, for decades, particularly since the 1970s, proven itself a dependable source of global oil supplies under all circumstances.

He noted that Saudi Aramco’s response reflects a high level of efficiency and preparedness, successfully addressing the impact of attacks that disrupted around 300,000 barrels per day in production, in addition to damage affecting the East–West pipeline.

He added that the company was able within a short period to restore affected refined products, repair faults, and resume operations efficiently, highlighting the Kingdom’s strong resilience and Aramco’s accumulated expertise in crisis management and navigating global market fluctuations.

Al-Sabban said restoring throughput to around 7 million barrels per day via the East–West pipeline, as announced by the Ministry of Energy, sends a clear reassurance to global markets regarding the stability of Saudi supplies.

He stressed that these developments confirm Saudi Arabia’s ability to remain a reliable energy supplier, particularly amid ongoing geopolitical challenges in the Gulf region, including tensions surrounding the Strait of Hormuz.

The East–West pipeline, built in the last century, has become a strategic and vital corridor for Saudi oil exports to global markets.

Business

Russia Ready to Supply Gas to the EU if it Has a Surplus

Kremlin spokesman Dmitry Peskov looks on as Russia's President Vladimir Putin (not pictured) and Togo's President of the Council of Ministers Faure Gnassingbe (not pictured) meet at the Kremlin in Moscow, Russia November 19, 2025. REUTERS/Ramil Sitdikov/Pool/File Photo
Kremlin spokesman Dmitry Peskov looks on as Russia's President Vladimir Putin (not pictured) and Togo's President of the Council of Ministers Faure Gnassingbe (not pictured) meet at the Kremlin in Moscow, Russia November 19, 2025. REUTERS/Ramil Sitdikov/Pool/File Photo
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Russia Ready to Supply Gas to the EU if it Has a Surplus

Kremlin spokesman Dmitry Peskov looks on as Russia's President Vladimir Putin (not pictured) and Togo's President of the Council of Ministers Faure Gnassingbe (not pictured) meet at the Kremlin in Moscow, Russia November 19, 2025. REUTERS/Ramil Sitdikov/Pool/File Photo
Kremlin spokesman Dmitry Peskov looks on as Russia's President Vladimir Putin (not pictured) and Togo's President of the Council of Ministers Faure Gnassingbe (not pictured) meet at the Kremlin in Moscow, Russia November 19, 2025. REUTERS/Ramil Sitdikov/Pool/File Photo

Russia is ready to continue supplying gas to the European Union if there are volumes remaining after supplies to alternative markets, Russian state news agency TASS reported on Sunday.

"There is plenty of it for now. But alternative markets are very voracious, there are a great many requests for supplies," Kremlin spokesman Dmitry Peskov was quoted as saying, Reuters reported.

However, Europe will find a way to buy gas even if Russia does not supply it, Peskov said.

"There are so many gas liquefaction plants, both in Europe and in the Middle East, that this process, this spot market, functions like a living organism," Peskov added.