Saudi-Thai Roadmap to Boost Partnership in 4 Investment Sectors

High-level public and private participation at the Saudi-Thai Investment Forum (Asharq Al-Awsat)
High-level public and private participation at the Saudi-Thai Investment Forum (Asharq Al-Awsat)
TT

Saudi-Thai Roadmap to Boost Partnership in 4 Investment Sectors

High-level public and private participation at the Saudi-Thai Investment Forum (Asharq Al-Awsat)
High-level public and private participation at the Saudi-Thai Investment Forum (Asharq Al-Awsat)

Saudi Minister of Investment Khalid al-Falih announced that the developed Saudi-Thai road map would be further boosted by the new investments in tourism, healthcare, industry, and manufacturing operations.

The Ministry of Investment in Riyadh organized the Saudi-Thai Investment Forum, with the participation of the Minister of Investment, the Thai Deputy Prime Minister and Foreign Minister Don Pramudwinai, Foreign Minister Prince Faisal bin Farhan bin Abdullah, and Minister of Industry Bandar al-Khorayef.

It also included a wide range of representatives of government agencies, the Federation of Saudi Chambers, and private sector representatives from the two countries.

Connections

Falih said that the Forum aims to advance economic relations between the two countries to broader horizons, as they enjoy vast investment and trade opportunities and significant human and natural resources.

In light of Vision 2030, he noted that Saudi Arabia has developed the business environment by implementing a large package of reforms that exceeded 500 reforms, including enacting regulations and legislation per international best practices.

He called on investors and leading Thai companies to visit the Kingdom and get acquainted with investment opportunities in all sectors, as the Kingdom has a competitive and attractive environment that provides opportunities with rewarding returns for investors.

Falih said the Forum comes as an extension of relations after the meeting of Crown Prince Mohammed bin Salman with the Thai Prime Minister Prayut Chan-ocha earlier this year.

Roadmap

Addressing the Forum in Riyadh, Falih said the two countries' leaderships agreed in advance to establish a clear roadmap, and that the partnerships have promising opportunities according to the Vision 2030, which includes the most extensive economic package in the history of the Saudi economy.

Last year, the Crown Prince revealed ambitious and bold initiatives through the Kingdom's strategy announced by the Crown Prince last year, said the Minister.

He indicated that the Crown Prince announced that the Kingdom would spend more in the coming years than it did during the past 300 years combined.

Saudi Arabia announced $3.5 trillion in its investments.

Tourism and Hospitality

Falih acknowledged that the ambitious Thai plan allows the state to make a qualitative leap to a high level of development and investment by building value-added industries following Thailand's policy of a circular carbon economy.

He pointed out that tourism covers more than 60 percent of Thailand's GDP.

Saudi Arabia is working on expanding tourism and increasing the flow of tourists annually, noting that the goal is to reach 100 million visitors by 2030.

Falih indicated that Thailand had achieved a massive increase in visitors and investment opportunities for partnerships in various fields, including hotels, hospitality, tourism sectors, events, and related services.

Saudi Arabia will work to facilitate investment opportunities for the two countries, including Ad Diriyah.

Automotive Sector

Falih indicated that the automotive industry, services, and production in Thailand are the 11th internationally in the investment sector.

Saudi Arabia is currently the most prominent car market, without a production volume, but this will change, asserted the Minister, announcing that King Abdullah Economic City will launch the first project of a complex for auto parts and manufacturing in the Kingdom.

By 2025, the Kingdom will be manufacturing many electric cars that will be exported suggesting Thailand's participation in the Saudi car market.

Falih noted that there seem to be substantial investment opportunities in the automotive sector for both countries, especially since Thailand's bold plans with its shipping and production station.

He stressed a Saudi intention to work with Thailand to stimulate this sector to establish frameworks in the Kingdom by assembling and manufacturing auto parts.

Green Energy

The Minister indicated that Saudi Arabia is working to boost its energy and oil sectors, adding that the Kingdom is a pioneer in green energy, especially since it adopted a circular carbon economy during its presidency of the G20.

He explained that the Saudi National Transport Strategy aims to stimulate companies to boost the Kingdom's competitiveness, use energy at a lower cost, link it to market requirements, and increase the level of the workforce and raw materials such as chemicals, aluminum, and other materials that are the backbone of the industry.

Comprehensive Transformation

Chairman of the Council of Saudi Chambers of Commerce and Industry Ajlan al-Ajlan stressed that the global economy is facing challenging times that have caused inflation and impacted global supply chains.

Ajlan noted that the situation also affected the overall economic relations between countries, which requires more cooperation between Saudi Arabia and Thailand.

Trade exchange reached $7.1 billion in 2021, a 29 percent increase from the previous year, but it is not commensurate with the available economic capabilities and opportunities.

He stressed the need to increase joint economic activities and boost trade and investment partnerships between the two countries.

The Forum is part of the two sides' efforts to develop relations between them and explores the prospects for investment and trade opportunities in all fields, as it witnessed remarkable participation of the Saudi and Thai investors and pioneering companies.



Saudi Aramco Achieves 70% Local Content Target through iktva Program

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

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
TT

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)
TT

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.