Northern Ireland to Cooperate with Saudi Arabia in Raising Rates of Landfill Diversion, Recycling

Steve Harper, Executive Director of International Business at Invest Northern Ireland. (Asharq Al-Awsat)
Steve Harper, Executive Director of International Business at Invest Northern Ireland. (Asharq Al-Awsat)
TT

Northern Ireland to Cooperate with Saudi Arabia in Raising Rates of Landfill Diversion, Recycling

Steve Harper, Executive Director of International Business at Invest Northern Ireland. (Asharq Al-Awsat)
Steve Harper, Executive Director of International Business at Invest Northern Ireland. (Asharq Al-Awsat)

Ireland underlined its commitment to support the growing technological innovation in Saudi Arabia. Steve Harper, Executive Director of International Business at Invest Northern Ireland, revealed his country’s plans to strengthen cooperation with the Kingdom with the aim to increase landfill diversion and recycling rates at the regional and global levels.

In an interview with Asharq Al-Awsat, Harper said the agency was ready to exchange new experiences in modern technological innovation, financial technology and advanced engineering, in addition to expanding work in the fields of municipal solid waste, energy production from waste, health care, waste management, and cyber security.

He added that Invest Northern Ireland was Northern Ireland’s economic development agency, providing global expertise in a variety of sectors.

“We have been working in Saudi Arabia for more than a decade, and we pay special attention to this relationship, especially in light of the rapid changes that the Kingdom is witnessing and its quest to achieve Saudi Vision 2030, which focuses on promoting economic diversification and growth,” Harper told Asharq Al-Awsat.

He emphasized the great alignment between Saudi Vision 2030 and the agency’s mission, pointing to the presence of many opportunities for Northern Irish companies to engage in the Kingdom’s ongoing transformation.

Harper noted that Northern Ireland companies were working closely with many of the corporations based in the Kingdom, drawing on their expertise in vital Saudi sectors.

Those include life sciences, health, higher education and environmental management, such as construction and demolition waste management, municipal solid waste management, energy production from waste, and modern technological innovations.

In this context, Northern Ireland firms forge partnerships with local companies and sectors in order to build knowledge, apply best practices and innovations, and in general, achieve readiness for future business development, he underlined.

Harper said that Northern Ireland was working closely with its Saudi partners, in healthcare, waste management, education, technology and cyber-security, and other sectors.

“This cooperation has positive effects, not only in increasing the strengths of Northern Ireland’s portfolio of expertise in these sectors, but also on our new and rapidly developing capability in the areas of technological innovation, Fintech and advanced engineering,” he told Asharq Al-Awsat.

Northern Ireland provides support in many sectors and fields in Saudi Arabia, Harper said. For example, it commissioned Averda and Kiverco to design, build and install a waste recycling plant, which will help in the recycling of all construction waste from the Red Sea Project in the Kingdom.

He added that the Northern Ireland economic development agency has recently hosted members of the senior management of the Saudi Investment Recycling Company to present its global expertise in the field of manufacturing dry and wet waste recycling technologies and equipment.

He said in this regard that the Saudi Investment Recycling Company seeks to set an example in this field by developing and operating projects to increase landfill diversion rates and promote recycling at the regional and global levels, driven by Saudi Vision 2030.

He continued: “Our companies support the technological innovation that has begun to emerge strongly in the Kingdom.”

SIM Systems, for example, the largest provider of access control and integrated security management systems in Belfast, is working to provide these systems to King Khalid University Hospital, in addition to a number of major international airports in the region, he continued.

Citing other Northern Ireland companies currently operating in the Kingdom, Harper pointed to CrowdVision, a robotic pedestrian analytics and statistics company, which provides real-time data to help manage crowds and ensure the safety of millions of pilgrims in the holy city of Makkah.

In terms of luxury activities, Ulster Carpets has a proven track record of success in the Middle East region by providing luxury carpets to its customers from prestigious hotels, Harper underlined. The company is currently working in partnership with Jabal Omar Development Company in Saudi Arabia.

These few examples are solid evidence of the Kingdom’s demand for Northern Ireland’s world-class products and expertise, Harper stated.

Asked about cooperation in the field of education and university exchange, he replied that the two largest universities in Northern Ireland – Ulster and Queen’s Belfast - have established a range of partnerships with universities in Saudi Arabia.

For a decade, the University of Ulster has been providing successful nursing programs in Saudi Arabia. As for its experience in the field of tourism and hospitality in particular, it ranks first in the United Kingdom in the field of hospitality, he noted.

Queen’s University Belfast, in turn, has established close relationships with the higher education sector in the Kingdom, including a partnership with the University of Jeddah in a range of disciplines at the graduate and research levels, Harper told Asharq Al-Awsat.

He added that the university was working with the Saudi ministries of Health and Interior to train and develop the healthcare workforce, including doctors, dentists, and nurses.

More than 150 students from the Kingdom are currently enrolled in many undergraduate, graduate and research programs, including at the Center for Secure Information Technologies at Queen’s University Belfast, Harper remarked.

All of the above is the best example of the support provided by Invest Northern Ireland and Northern Ireland as a whole to the Kingdom in achieving Saudi Vision 2030, he stressed.



Al-Rumayyan: PIF Investments in Local Content Exceed $157 Billion

Yasir Al-Rumayyan speaks to the audience in the opening speech of the Public Investment Fund Private Sector Forum (Asharq Al-Awsat)
Yasir Al-Rumayyan speaks to the audience in the opening speech of the Public Investment Fund Private Sector Forum (Asharq Al-Awsat)
TT

Al-Rumayyan: PIF Investments in Local Content Exceed $157 Billion

Yasir Al-Rumayyan speaks to the audience in the opening speech of the Public Investment Fund Private Sector Forum (Asharq Al-Awsat)
Yasir Al-Rumayyan speaks to the audience in the opening speech of the Public Investment Fund Private Sector Forum (Asharq Al-Awsat)

Yasir Al-Rumayyan, governor of Saudi Arabia’s Public Investment Fund (PIF), announced that spending by the sovereign fund’s programs, initiatives, and companies on local content reached 591 billion riyals ($157 billion) between 2020 and 2024.

He added that the fund’s private sector platform has created more than 190 investment opportunities worth over 40 billion riyals ($10 billion).

Speaking at the opening of the PIF Private Sector Forum on Monday in Riyadh, Al-Rumayyan said the fund is working closely with the private sector to deepen the impact of previous achievements and build an integrated economic system that drives sustainable growth through a comprehensive investment cycle methodology.

He described the forum as the largest platform of its kind for seizing partnership and collaboration opportunities with the private sector, highlighting the fund’s success in turning discussions into tangible projects.

Since 2023, the forum has attracted 25,000 participants from both public and private sectors and has witnessed the signing of over 140 agreements worth more than 15 billion riyals, he pointed out.

Al-Rumayyan emphasized that the meeting comes at a pivotal stage of the Kingdom’s economy, where competitiveness will reach higher levels, sectors and value chains will mature, and ambitions will be raised.

PIF Private Sector Forum aims to support the fund’s strategic initiative to engage the private sector, showcase commercial opportunities across PIF and its portfolio companies, highlight potential prospects for investors and suppliers, and enhance cooperation to strengthen the local economy.


Pakistan’s Finance Minister to Asharq Al-Awsat: We Draw Inspiration from Saudi Arabia

The Pakistani Finance Minister during his meeting with Saudi Minister of Economy and Planning Faisal Alibrahim on the sidelines of the AlUla Conference (SPA)
The Pakistani Finance Minister during his meeting with Saudi Minister of Economy and Planning Faisal Alibrahim on the sidelines of the AlUla Conference (SPA)
TT

Pakistan’s Finance Minister to Asharq Al-Awsat: We Draw Inspiration from Saudi Arabia

The Pakistani Finance Minister during his meeting with Saudi Minister of Economy and Planning Faisal Alibrahim on the sidelines of the AlUla Conference (SPA)
The Pakistani Finance Minister during his meeting with Saudi Minister of Economy and Planning Faisal Alibrahim on the sidelines of the AlUla Conference (SPA)

Pakistani Finance Minister Muhammad Aurangzeb discussed the future of his country, which has frequently experienced a boom-and-bust cycle, saying Pakistan has relied on International Monetary Fund (IMF) programs due to the absence of structural reforms.

In an interview with Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Aurangzeb acknowledged that Pakistan has relied on IMF programs 24 times not as a coincidence, but rather as a result of the absence of structural reforms and follow-up.

He stressed the government has decided to "double its efforts" to stay on the reform path, no matter the challenges, affirming that Islamabad not only has a reform roadmap, but also draws inspiration from "Saudi Vision 2030" as a unique model of discipline and turning plans into reality.

Revolution of Numbers

Aurangzeb reviewed the dramatic transformation in macroeconomic indicators. After foreign exchange reserves covered only two weeks of imports, current policies have succeeded in raising them to two and a half months.

He also pointed out to the government's success in curbing inflation, which has fallen from a peak of 38 percent to 10.5 percent, while reducing the fiscal deficit to 5 percent after being around 8 percent.

Aurangzeb commented on the "financial stability" principle put forward by his Saudi counterpart, Mohammed Aljadaan, considering it the cornerstone that enabled Pakistan to regain its lost fiscal space.

He explained that the success in achieving primary surpluses and reducing the deficit was not merely academic figures, but rather transformed into solid "financial buffers" that saved the country.

The minister cited the vast difference in dealing with disasters. While Islamabad had to launch an urgent international appeal for assistance during the 2022 floods, the "fiscal space" and buffers it recently built enabled it to deal with wider climate disasters by relying on its own resources, without having to search "haphazardly" for urgent external aid, proving that macroeconomic stability is the first shield to protect economic sovereignty.

Privatization and Breaking the Stalemate of State-Owned Enterprises

Aurangzeb affirmed that the Pakistani Prime Minister adopts a clear vision that "the private sector is what leads the state."

He revealed the handover of 24 government institutions to the privatization committee, noting that the successful privatization of Pakistan International Airlines in December provided a "momentum" for the privatization of other firms.

Aurangzeb also revealed radical reforms in the tax system to raise it from 10 percent to 12 percent of GDP, with the adoption of a customs tariff system that reduces local protection to make Pakistani industry more competitive globally, in parallel with reducing the size of the federal government.

Partnership with Riyadh

As for the relationship with Saudi Arabia, Aurangzeb outlined the features of a historic transformation, stressing that Pakistan wants to move from "aid and loans" to "trade and investment."

He expressed his great admiration for "Vision 2030," not only as an ambition, but as a model that achieved its targets ahead of schedule.

He revealed a formal Pakistani request to benefit from Saudi "technical knowledge and administrative expertise" in implementing economic transformations, stressing that his country's need for this executive discipline and the Kingdom's ability to manage major transformations is no less important than the need for direct financing, to ensure the building of a resilient economy led by exports, not debts.


Oil Drops 1% as US, Iran Pledge to Continue Talks

The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)
The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)
TT

Oil Drops 1% as US, Iran Pledge to Continue Talks

The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)
The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)

Oil prices fell 1% on Monday as immediate fears of a conflict in the Middle East eased after the US and Iran pledged to continue talks about Tehran's nuclear program over the weekend, calming investors anxious about supply disruptions.

Brent crude futures fell 67 cents, or 1%, to $67.38 a barrel on Monday by 0444 GMT, while US West Texas Intermediate crude was at $62.94 a barrel, down 61 cents, or 1%.

"With more talks on the horizon the immediate ‌fear of supply disruptions ‌in the Middle East has eased ‌quite ⁠a bit," IG ‌market analyst Tony Sycamore said.

Iran and the US pledged to continue the indirect nuclear talks following what both sides described as positive discussions on Friday in Oman despite differences. That allayed fears that failure to reach a deal might nudge the Middle East closer to war, as the US has positioned more military forces in the area.

Investors are also worried about possible disruptions to supply ⁠from Iran and other regional producers as exports equal to about a fifth of the world's ‌total oil consumption pass through the Strait of ‍Hormuz between Oman and Iran.

Both ‍benchmarks fell more than 2% last week on the easing tensions, their ‍first decline in seven weeks.

However, Iran's foreign minister said on Saturday Tehran will strike US bases in the Middle East if it is attacked by US forces, showing the threat of conflict is still alive.

"Volatility remains elevated as conflicting rhetoric persists. Any negative headlines could quickly reignite risk premiums in oil prices this week," said Priyanka Sachdeva, senior market analyst at ⁠Phillip Nova.

Investors are also continuing to grapple with efforts to curb Russian income from its oil exports for its war in Ukraine. The European Commission on Friday proposed a sweeping ban on any services that support Russia's seaborne crude oil exports.

Refiners in India, once the biggest buyer of Russia's seaborne crude, are avoiding purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, which could help New Delhi seal a trade pact with Washington.

"Oil markets will remain sensitive to how broadly this pivot away from Russian crude unfolds, whether ‌India’s reduced purchases persist beyond April, and how quickly alternative flows can be brought online," Sachdeva said.