Addas: Work Underway for Regulations Allowing Foreign Investment in Makkah

Work is underway for developing the transportation system in Makkah and the holy sites - CEO of Saudi Arabia’s Royal Commission for Makkah City and Holy Sites Abdulrahman bin Farouk Addas (PHOTO CREDIT: Ghazi Mahdi)
Work is underway for developing the transportation system in Makkah and the holy sites - CEO of Saudi Arabia’s Royal Commission for Makkah City and Holy Sites Abdulrahman bin Farouk Addas (PHOTO CREDIT: Ghazi Mahdi)
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Addas: Work Underway for Regulations Allowing Foreign Investment in Makkah

Work is underway for developing the transportation system in Makkah and the holy sites - CEO of Saudi Arabia’s Royal Commission for Makkah City and Holy Sites Abdulrahman bin Farouk Addas (PHOTO CREDIT: Ghazi Mahdi)
Work is underway for developing the transportation system in Makkah and the holy sites - CEO of Saudi Arabia’s Royal Commission for Makkah City and Holy Sites Abdulrahman bin Farouk Addas (PHOTO CREDIT: Ghazi Mahdi)

CEO of Saudi Arabia’s Royal Commission for Makkah City and Holy Sites Abdulrahman bin Farouk Addas revealed that the authority has entered the phase of expediting achievements and setting up priorities through speeding up transport sector projects, addressing the situation of slums, providing support to residents, as well as taking care of historical sites, improving public services, and increasing the capacity to receive visitors.

According to Addas, measures carried out by the Commission align with the national plan for transformation, Kingdom Vision 2030.

Speaking to Asharq Al-Awsat, Addas pointed to work that is underway with organizations to allow non-Saudi Muslims to invest in one of Islam’s holiest cities, Makkah.

He noted that the Commission’s current strategy, plans and programs have pillars that are inspired by verses from the Quran.

Addas clarified that the Commission is working to create an environment that enriches the experience of visitors while preserving the city’s social, economic, and cultural diversity. He explained that success in the Commission’s current goal would generate multiple and renewable opportunities for leadership and partnerships.

This will be made possible by Commission’s investment center.

“The center will be a unified destination for forming and supporting partnerships in the projects supervised by the authority by presenting opportunities, clear and transparent regulations and mechanisms,” Addas told Asharq Al-Awsat.

“It reduces the impact of the multiplicity of authorities and references so that there is one supervisory and possible authority that facilitates and stimulates the work of the authority’s partners,” he added.

Transport Sector

Addas referred to the regulation and governance of all that is related to the transport sector in Makkah.

One of the priorities of the Commission’s strategic plan and the “Mobility and Transport Infrastructure” program is to activate an integrated system to manage mobility services.

The system will raise the city’s capacity to receive more pilgrims and help achieve financial and environmental sustainability based on a highly efficient infrastructure that encourages the use of public transportation while maintaining the highest of safety standards.

Therefore, the authority launched “Makkah Transport” to assume the role of supervising all the work and activities of the transport sector in the holy city of Makkah and the holy sites.

The center works to unify the planning of various transportation projects to meet the aspirations of Kingdom Vision 2030 while raising the quality of the sector to secure the finest transportation services for residents and visitors of the holy city.

On February 15, the Commission launched the trial phase of the public transport project under the supervision and management Makkah Transport. Upon completion, the project covers 12 traffic lanes serving the main areas of Makkah.

“The trial operation will start with frequency transportation by the Haramain high-speed railway in the Ar Rusayfah area to the Grand Mosque, back and forth,” revealed Addas.

Slums

“The Commission, since its first day, has worked to mobilize a strategy for a comprehensive solution to slums that covers architecture, social , economic and security aspects,” said Addas, noting that the issue of slums has its own history.

Regarding the social aspect, Addas said that the authority has begun working with responsible authorities to correct the conditions of some residents of these slums, especially those belonging to communities that have sought refuge in the country in earlier times.

The Commission seeks to ensure that the residents of slums are actively integrated into the city.

As for the economic side, Addas confirmed that the authority is working with government agencies to provide job support to citizens living in slums. This support will be given through the Ministry of Human Resources and with coordination with the private sector.

“There is also cooperation, on the security side, with the competent authorities to ensure that the means are provided to prevent the re-emergence of slums in other areas in Makkah, and if they return, their removal will be immediate,” added Addas.

Motivating Investors

Addas said that partnerships with investors at home and abroad are among the priorities of the Commission’s strategy because they affect and intersect with all other sectors that the authority is working to develop, such as the land and real estate sector, the transportation and transport infrastructure sector, and the utilities and environment sector.

According to Addas, the Commission launched the Investment and Partnerships Program, which adopts a unified strategy aimed at attracting and stimulating capital, and building partnerships with the private sector and the non-profit sector to participate in development by creating promising investment opportunities.

“The authority is working to establish an investment center,” noted Addas, adding that the center would serve as the authority’s executive arm and help develop the city’s investment sector.

Moreover, the center would work to stimulate investment through regulation and empowerment. It would also help in concluding agreements and partnerships related to projects supervised by the Commission.

Addas explained that investors need opportunities.

“We have opportunities and we are working on them,” he affirmed, adding that the Commission has launched some opportunities through its Kidana Development Company.

Kidana Development Company

Fully owned by the Commission, Kidana was founded to serve as the executive in laying out a comprehensive project for developing Makkah’s holy sites.

Kidana is aiming for long-term sustainability when reconstructing and renovating the holy sites. It seeks to increase the number of pilgrims that the holy sites can hold, in line with the country’s Vision 2030 reform plan, and allowing more pilgrims to perform Hajj and Umrah each year.

According to Addas, Kidana is supervising several quality projects worth more than one billion riyals ($266 million). Most of these projects will be completed by the start of this year’s Hajj season.

Foreign Investment

Regarding foreign investment, Addas confirmed that foreign investors have always been very interested in Makkah and Madinah. In the past, there were regulations that limited progress in this aspect, but things are starting to change.

Addas pointed out that work is underway to put in place certain regulations that allow non-Saudi Muslim investors to invest in Makkah, especially in the field of real estate.

SMEs

Addas pointed out that one of the most prominent difficulties facing SMEs in Makkah is the seasonal nature of its markets, which is why the Commission is working to reduce the impact of “seasonality” on the work and growth of institutions and Hajj and Umrah services.

Arrangements are being made for opening the way for tourism from all over the world. This will encourage Muslims to take advantage of the new regulations and help create a permanent market in Makkah, even outside the main Hajj seasons.

Having economic movement throughout the year will reduce the impact on SMEs based in Makkah.

Commission Cadres

Addas notes that one of the most pressing challenges facing any newly formed agency, especially those involved in transformation, is finding passionate and ambitious cadres.

“The Commission has embraced 200 innovators so far since its establishment in June 2018,” noted Addas, adding that they are carrying out their duties to the fullest in a work environment that helps the spirit of creativity, innovation, coordination and alignment with the Commission’s partners wherever they are.



Saudi Aramco Achieves 70% Local Content Target through iktva Program

Saudi Aramco Achieves 70% Local Content Target through iktva Program
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Saudi Aramco Achieves 70% Local Content Target through iktva Program

Saudi Aramco Achieves 70% Local Content Target through iktva Program

Saudi Aramco announced on Wednesday that its supply chain transformation program, iktva (In-Kingdom Total Value Add), has achieved its target of reaching 70% local content.

Building on this milestone, the company said that it plans to increase local content in its goods and services procurement to 75% by 2030.

Since its launch, the iktva program has contributed more than $280 billion to the Kingdom’s gross domestic product, reinforcing its role as a key driver of industrial development, economic diversification, and long-term financial resilience.

Through the localization of goods and services, the program has strengthened the resilience and reliability of Aramco’s supply chains, enhanced operational continuity, reduced supply chain vulnerabilities, and provided protection against global cost inflation - capabilities that proved critical during periods of disruption.

Aramco President and CEO Amin Nasser expressed pride in the scale of transformation achieved through iktva and its positive impact on the Kingdom’s economy, noting that the announcement represents a major milestone in the program’s journey and reflects a significant leap in Saudi Arabia’s industrial development, fully aligned with the Kingdom’s national vision.

“iktva is a core pillar of Aramco’s strategy to build a competitive national industrial ecosystem that supports the energy sector while enabling broader economic growth and creating thousands of job opportunities for Saudi nationals,” he stressed.

By localizing supply chains, the program ensures operational reliability and mitigates disruptions that may affect global supply chains, he added, noting that its cumulative impact over a decade demonstrates the sustained value it continues to generate.

Over the past decade, iktva has emerged as a leading example of supply-chain-driven economic transformation, converting Aramco’s project spending into domestic economic multipliers that have created jobs, improved productivity, stimulated exports, and strengthened supply chain resilience.

The program has identified more than 200 localization opportunities across 12 key sectors, representing an annual market value of $28 billion. These opportunities have translated into tangible investment outcomes, catalyzing more than 350 investments from 35 countries in new manufacturing facilities within the Kingdom, supported by approximately $9 billion in capital. These investments have enabled the local manufacture of 47 strategic products in Saudi Arabia for the first time.

iktva has also contributed to the creation of more than 200,000 direct and indirect jobs across the Kingdom, further strengthening the local industrial base and national capabilities. To support continued growth, the program organized eight regional supplier forums worldwide in 2025, in addition to its biennial forum. These events helped connect global investors, manufacturers, and suppliers with localization opportunities in Saudi Arabia.


AirAsia X Unveils Kuala Lumpur-Bahrain-London Route

FILE PHOTO: Planes from AirAsia are seen on the tarmac of Kuala Lumpur International Airport Terminal 2 (KLIA2) in Sepang, Malaysia, February 26, 2024. REUTERS/Hasnoor Hussain/File Photo
FILE PHOTO: Planes from AirAsia are seen on the tarmac of Kuala Lumpur International Airport Terminal 2 (KLIA2) in Sepang, Malaysia, February 26, 2024. REUTERS/Hasnoor Hussain/File Photo
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AirAsia X Unveils Kuala Lumpur-Bahrain-London Route

FILE PHOTO: Planes from AirAsia are seen on the tarmac of Kuala Lumpur International Airport Terminal 2 (KLIA2) in Sepang, Malaysia, February 26, 2024. REUTERS/Hasnoor Hussain/File Photo
FILE PHOTO: Planes from AirAsia are seen on the tarmac of Kuala Lumpur International Airport Terminal 2 (KLIA2) in Sepang, Malaysia, February 26, 2024. REUTERS/Hasnoor Hussain/File Photo

Malaysian budget carrier AirAsia X on Wednesday unveiled plans to resume flights from Kuala Lumpur to London via a new hub in Bahrain, using the extended range of narrow-body jets to stitch fresh routes alongside established carriers.

The service, due to start in June, would make Bahrain AirAsia X's first hub outside Asia, placing it within reach of busy markets in Southeast Asia, the Middle East and Europe.

It also marks a ‌return to ‌the British capital more than a decade after the airline suspended ‌non-stop ⁠flights from Kuala Lumpur ⁠and retired its Airbus A340 jets.

Co-founder Tony Fernandes said Bahrain could become a regional gateway for underserved secondary cities across Asia, Africa and Europe.

"While ... of course London is a very emotional destination for many people in Southeast Asia, the real aim is to have a bunch of A321s flying maybe 15 times a day to Bahrain," he told Reuters in an interview.

"From Bahrain, you connect to Africa and Europe with a big emphasis ⁠on creating connectivity that doesn't exist."

The move follows Asia's ‌largest low-cost carrier completing its acquisition of the short-haul ‌aviation business from parent Capital A, bringing the group's seven airlines under one umbrella.

Fernandes, also CEO ‌of Capital A, stressed the importance of the Airbus A321XLR, an extra-long-range narrow-body aircraft ‌he said would let the airline replicate its Asian low-cost model on intercontinental routes.

"That aircraft enables me to start thinking we can do what we did in Asia to Europe and Africa," he said, citing potential secondary routes such as Penang to Cologne or Prague.

AirAsia plans to ‌redeploy its larger A330s to longer routes while building up the Bahrain hub, with possible African destinations including the Maghreb region, Egypt, ⁠Morocco, Tanzania and Kenya. ⁠A Bangkok-to-Europe route is also under consideration.

Fernandes played down direct competition with Gulf carriers such as Emirates and Qatar Airways, positioning AirAsia X as a budget option aimed at a different market.

"I'm all about stimulating a new market," he said. "We've got into our little playground (of) 3 billion people, most of them have not been to Europe."


Von der Leyen: EU Must 'Tear Down Barriers' to Become 'Global Giant'

(FILES) European Commission President Ursula von der Leyen delivers a speech in Brussels, on January 22, 2026. (Photo by NICOLAS TUCAT / AFP)
(FILES) European Commission President Ursula von der Leyen delivers a speech in Brussels, on January 22, 2026. (Photo by NICOLAS TUCAT / AFP)
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Von der Leyen: EU Must 'Tear Down Barriers' to Become 'Global Giant'

(FILES) European Commission President Ursula von der Leyen delivers a speech in Brussels, on January 22, 2026. (Photo by NICOLAS TUCAT / AFP)
(FILES) European Commission President Ursula von der Leyen delivers a speech in Brussels, on January 22, 2026. (Photo by NICOLAS TUCAT / AFP)

The EU must "tear down the barriers" that prevent it from becoming a truly global economic giant, European Commission chief Ursula von der Leyen said Wednesday, ahead of leaders' talks on making the 27-nation bloc more competitive.

"Our companies need capital right now. So let's get it done this year," the commission president told EU lawmakers as she outlined key steps to bridging the gap with China and the United States.

"We have to make progress one way or the other to tear down the barriers that prevent us from being a true global giant," she said, calling the current system "fragmentation on steroids."

Reviving the moribund EU economy has taken on greater urgency in the face of geopolitical shocks, from US President Donald Trump's threats and tariffs upending the global trading to his push to seize Greenland from Denmark.

AFP said that Von der Leyen delivered her message before heading with EU leaders including France's Emmanuel Macron and Germany's Friedrich Merz to a gathering of industry executives in Antwerp, held on the eve of a summit on bolstering the bloc's economy.

A key issue identified by the EU is the fact that European companies face difficulties accessing capital to scale up, unlike their American counterparts.

To tackle this, Plan A would be to advance together as 27 states, von der Leyen said, but if they cannot reach agreement, the EU should consider "enhanced cooperation" between those countries that want to.

Von der Leyen said Europe should ramp up its competitiveness by "stepping up production" on the continent and "by expanding our network of reliable partners", pointing to the importance of signing trade agreements.

After recent deals with South American bloc Mercosur and India, she said more were on their way -- with Australia, Thailand, the Philippines and the United Arab Emirates.

One of the biggest -- and most debated -- proposals for boosting the EU's economy is to favor European firms over foreign rivals in "strategic" fields, which von der Leyen supports.

"In strategic sectors, European preference is a necessary instrument... that will contribute to strengthen Europe's own production base," she said -- while cautioning against a "one-size-fits-all" approach.

France has been spearheading the push, but some EU nations like Sweden are wary of veering into protectionism and warn Brussels against going too far.

The EU executive will also next month propose the 28th regime, also known as "EU Inc", a voluntary set of rules for businesses that would apply across the European Union and would not be linked to any particular country.

Brussels argues this would make it easier for companies to work across the EU, since the fragmented market is often blamed for why the economy is not better.

The commission is also engaged in a massive effort to cut red tape for firms, which complain EU rules make it harder to do business -- drawing accusations from critics that Brussels is watering down key legislation on climate in particular.