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Saudi Crown Prince Launches Investment Fund on Culture, Tourism, Entertainment, Sports

09 December 2022, Saudi Arabia, Riyadh: Saudi Crown Prince and Prime Minister Mohammed bin Salman chairs the first China-Arab summit in Riyadh. (SPA)
09 December 2022, Saudi Arabia, Riyadh: Saudi Crown Prince and Prime Minister Mohammed bin Salman chairs the first China-Arab summit in Riyadh. (SPA)
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Saudi Crown Prince Launches Investment Fund on Culture, Tourism, Entertainment, Sports

09 December 2022, Saudi Arabia, Riyadh: Saudi Crown Prince and Prime Minister Mohammed bin Salman chairs the first China-Arab summit in Riyadh. (SPA)
09 December 2022, Saudi Arabia, Riyadh: Saudi Crown Prince and Prime Minister Mohammed bin Salman chairs the first China-Arab summit in Riyadh. (SPA)

Prince Mohammed bin Salman, Crown Prince and Prime Minister, announced on Tuesday the launch of the Events Investment Fund (EIF) that aims to develop a sustainable infrastructure for the culture, tourism, entertainment and sports sectors across the Kingdom, reported the Saudi Press Agency.

Crown Prince Mohammed will act as chairman of the EIF.

The fund also aims to create strategic partnerships to boost local industry, increase foreign investment and contribute to Vision 2030’s aim of a vibrant society.

EIF will conceptualize, finance and oversee development of more than 35 venues by 2030. The aim of the fund is to position the Kingdom as the global hub in these various event sectors, to provide world-class sustainable infrastructure for the delivery of an ambitious national events calendar and to create sustainable financial returns to support the Kingdom’s economic diversification efforts.

EIF assets include indoor arenas, art galleries, theaters and conference centers, horse-racing tracks, auto racing tracks and other event facilities across the Kingdom, with the aim of delivering its first asset by 2023.

Aligned with the Kingdom’s sustainability agenda, the fund is committed to upholding the highest environmental, social, and governance (ESG) standards. EIF’s strategy is focused on three main pillars, which include enhancing its environment, invigorating societies and maintaining strong governance.

The fund is committed to attracting foreign investment and maintaining financial standards aimed at strengthening its investment portfolio and achieving sustainable growth in both returns and assets. EIF is also contributing to Vision 2030 with respect to diversifying the economy and increasing its share of non-oil GDP, as well as supporting the contribution of the tourism sector to annual GDP, from its current rate of 3 percent to more than 10 percent by 2030.

Additionally, EIF will support the transformation of the Kingdom into a global tourist destination, attracting more than 100 million visitors by 2030 and making it one of the world’s most visited countries. This is aligned with the Kingdom’s Quality of Life Program, which aims to improve the quality of life for individuals and families by developing the necessary sustainable venues.

The fund will focus on developing and increasing direct foreign investment opportunities for a GDP impact of SAR28 billion by 2045. The focus will be on nurturing partnerships between the private and public sectors, securing a supportive environment for strategic partnership in the events industry and increasing the number of job opportunities for citizens.

The Events Investment Fund’s vision is aligned with the National Development Fund’s strategy, launched by Crown Prince Mohammed, and aims to make the fund a pivotal enabler for the economic and social objectives of Vision 2030; overcoming existing development challenges in line with global best practices and stimulating a threefold increase in the private sector's impact on the Kingdom's economy by 2030.

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Business

Türkiye, Canada Agree to Launch Exploratory Talks on Free Trade

Türkiye’s Trade Minister Omer Bolat addresses the audience during a signing ceremony in Istanbul, Türkiye, April 29, 2024. (Reuters)
Türkiye’s Trade Minister Omer Bolat addresses the audience during a signing ceremony in Istanbul, Türkiye, April 29, 2024. (Reuters)
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Türkiye, Canada Agree to Launch Exploratory Talks on Free Trade

Türkiye’s Trade Minister Omer Bolat addresses the audience during a signing ceremony in Istanbul, Türkiye, April 29, 2024. (Reuters)
Türkiye’s Trade Minister Omer Bolat addresses the audience during a signing ceremony in Istanbul, Türkiye, April 29, 2024. (Reuters)

The trade ministers of Türkiye and Canada have agreed to launch exploratory discussions aimed at concluding a free trade agreement, according to a joint ministerial statement on Tuesday.

The statement said ‌Turkish Trade ‌Minister Omer ‌Bolat ⁠and Canada's Minister of ⁠International Trade Maninder Sidhu had met to advance the strong and growing economic partnership between the two countries.

"They ⁠agreed to launch ‌exploratory ‌discussions toward a free trade agreement, ‌a step that ‌reflects the ambition of both countries to unlock the full potential of the ‌commercial partnership," the statement said.

It said they identified ⁠energy ⁠as a promising area for expanded cooperation and agreed to explore opportunities in renewable energy, as well as in nuclear energy, including the potential of Canadian CANDU technology to support Türkiye’s diversification goals.

Business

Saudi Arabia, Russia Ink $1.28 Billion Deals to Boost Key Industries

General view of Riyadh, Saudi Arabia. (SPA)
General view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia, Russia Ink $1.28 Billion Deals to Boost Key Industries

General view of Riyadh, Saudi Arabia. (SPA)
General view of Riyadh, Saudi Arabia. (SPA)

Saudi Arabia and Russia signed 13 strategic agreements and memoranda of understanding on the sidelines of the St. Petersburg International Economic Forum (SPIEF), the Saudi Press Agency reported on Monday.

The agreements were signed in the presence of Saudi Vice Minister of Environment, Water and Agriculture Eng. Mansour Al-Mushaiti, reflecting the two countries’ commitment to strengthening cooperation across key economic and strategic sectors.

The agreements, valued at $1.28 billion (SAR4.8 billion), aim to expand cooperation and strengthen trade and investment exchange between the two countries.

Al-Mushaiti said the Ministry of Environment, Water and Agriculture has worked to attract leading Russian companies specializing in vital and food-related sectors. He noted that the forum witnessed the signing of a package of high-quality agreements and partnerships between government entities and major private-sector companies from both countries.

The agreements support the Kingdom’s efforts to enhance food security, localize advanced biotechnology, and strengthen supply chain sustainability in line with the objectives of Saudi Vision 2030.

He explained that the agreements and memoranda of understanding signed during the Kingdom’s participation as a guest of honor at the forum covered several strategic sectors, including the manufacturing and localization of veterinary vaccine production to support animal health and biosecurity; the development and propagation of broiler breeds to enhance self-sufficiency and the sustainability of domestic production; securing feed inputs and supply chains to support the stability and growth of the livestock sector.

The agreements also focused on expanding exports of Saudi fish products through strategic partnerships for shrimp and fish exports, in cooperation with Russian companies specializing in import and international distribution.

Al-Mushaiti added that the forum also witnessed the signing of agreements to market and export camel milk and its derivatives to Russian and international markets, promote and export Saudi coffee products, and enhance cooperation and exchange in the soft drinks sector.

He stressed that the Kingdom’s participation in SPIEF reflects the importance of the strategic partnership between Saudi Arabia and Russia and provides an opportunity to exchange expertise and explore investment opportunities in the environment, water, and agriculture sectors.

Business

Unlocking the Shield: Saudi Arabia Expands Global Partnerships in Critical Minerals

Spanning Saudi Arabia’s western coast, the Arabian Shield is among the world’s oldest geological formations. (SPA)
Spanning Saudi Arabia’s western coast, the Arabian Shield is among the world’s oldest geological formations. (SPA)
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Unlocking the Shield: Saudi Arabia Expands Global Partnerships in Critical Minerals

Spanning Saudi Arabia’s western coast, the Arabian Shield is among the world’s oldest geological formations. (SPA)
Spanning Saudi Arabia’s western coast, the Arabian Shield is among the world’s oldest geological formations. (SPA)

Long before Saudi Arabia emerged as an energy powerhouse, geological forces beneath the Earth’s surface were quietly enriching deposits of significant value.

Spanning Saudi Arabia’s western coast, the Arabian Shield is among the world’s oldest geological formations. Estimated to have formed between 500 and 900 million years ago through a series of volcanic, tectonic, and continental collisions, this craton preserves a remarkable record of the region’s evolution and hosts a rich concentration of critical minerals.

Today, the ancient landscape is home to some of the world’s most in-demand natural resources, further positioning the Kingdom as a rare-earth pioneer, the Saudi Press Agency reported on Monday.

Since the launch of Vision 2030, the importance of critical minerals has become a strategic priority, with the mining sector, led by Minister of Industry and Mineral Resources Bandar Alkhorayef, recognized as the third pillar of the Kingdom’s national economy. As Saudi Arabia accelerates efforts to expand renewable energy, advanced manufacturing, and digital infrastructure, critical minerals are becoming central to the nation’s industrial development and global competitiveness.

Although small in volume, rare earth elements—a group of 17 metallic elements—are indispensable components of Saudi Arabia’s $2.5 trillion mineral endowment and of modern technologies such as electric vehicles, wind turbine, aircraft systems, and data centers.

Therefore, as demand for advanced technology continues to rise, securing a consistent supply of critical minerals has become a global imperative for countries transitioning to clean energy and AI deployment. International attention is shifting beyond access to resources alone toward the development of a resilient, integrated value chain encompassing mining, processing, refining, and advanced manufacturing.

As a result, the Kingdom is uniquely positioned to benefit from this transformation, with substantial mineral discoveries reinforcing Saudi Arabia’s emergence as a premier hub for mining investments and multilateral cooperation.

This week, Alkhorayef concluded a high-level diplomatic visit to the Russian Federation, a country renowned for its vast reserves of critical minerals, including nickel, cobalt, platinum group metals, and rare earth elements.

For a century, Saudi Arabia and Russia have maintained warm bilateral relations, and the Minister’s attendance at the St. Petersburg International Economic Forum (SPIEF) this week follows a memorandum of understanding (MoU) signed between the two countries on the sidelines of the 2024 Future Minerals Forum in Riyadh.

The agreement aims to deepen collaboration across the critical-minerals value chain, while underscoring their shared commitment to joint exploration, technology exchange, and investment in mineral processing and advanced manufacturing.

Saudi Arabia’s visits to Russia over the past few years subsequently reaffirm the Kingdom’s intent to build enduring international partnerships. The country’s efforts to engage in high-level dialogue also highlight Saudi Arabia’s resolve to secure its own supply chains while equally contributing to the stability and growth of global markets.

In November 2025, the industry minister announced the value of rare earth element discoveries had reached $100 billion - an increase of 90% since 2018. He also revealed that studies conducted by the Saudi Geological Survey identified two advanced-stage exploration areas containing an estimated 644 million tons of resources, with an average grade of 0.3% total rare earth oxides.

Four additional locations have also been targeted for further evaluation, increasing the estimated resource from 364 million to 714 million tons, with concentrations up to 1.66%.

One of the most significant discoveries lies beneath the Jabal Sayyid and Jabal Quraiyah geological sites. Considered two of the world’s most auspicious mining prospects, the underground mines are located within a highly lucrative mineral belt valued at approximately $51.3 billion.

However, the Kingdom’s ambitions extend far beyond extraction. Recognizing that the greatest economic value is often generated further along the supply chain, the country is actively pursuing a blueprint to develop an integrated critical minerals ecosystem. The roadmap aims to expand Saudi Arabia’s capabilities in mining, separation, refining, and advanced manufacturing, enhancing economic value within the Kingdom while supporting global supply chain resilience.

Underpinning this strategy is a growing network of international partnerships and cooperation agreements aimed at advancing critical minerals value chains, attracting investment, facilitating technology transfer, and supporting the development of processing and manufacturing capabilities. These efforts are complemented by ongoing discussions with global industry leaders to establish processing and separation facilities that leverage both domestic and international feedstock.

By transforming the country’s mineral wealth into a catalyst for economic leadership, technological innovation, and supply chain security, Saudi Arabia is positioning itself as a key player in the global energy transition. Much like the vast Arabian Shield, these ambitions are rooted in ancient foundations that now drive a bold, forward-looking vision.

Saudi Arabia is not just shaping its own future — it is helping build the resilient supply chains needed to support global growth and development for decades to come.