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Oxagon CEO: NEOM Port to Redefine Global Trade

NEOM Port (Asharq Al-Awsat)
NEOM Port (Asharq Al-Awsat)
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Oxagon CEO: NEOM Port to Redefine Global Trade

NEOM Port (Asharq Al-Awsat)
NEOM Port (Asharq Al-Awsat)

Vishal Wanchoo, CEO of Oxagon, highlighted the city as a beacon of innovation and sustainability at the heart of Saudi Arabia’s transformation, saying that the NEOM Port is set to reshape global trade.

Oxagon, a reimagined industrial city within NEOM, offers a clean ecosystem attracting factories of the future, relying entirely on renewable energy to achieve net-zero emissions. Its strategic location on the Red Sea, near global shipping lanes, positions it as a key hub for major markets and urban centers.

Embracing Sustainable Solutions

Discussing Oxagon’s strategic vision, Wanchoo noted that traditional industries often pose environmental and health risks and contribute to climate change. He emphasized the urgency of adopting sustainable solutions, which has prompted sectors to accelerate the transition to clean technologies and green energy.

“Oxagon provides a clean industrial ecosystem that welcomes factories of the future from across the globe. By relying solely on renewable energy, we offer manufacturers a platform to achieve their net-zero goals,” Wanchoo explained.

Strengthening Local Supply Chains

Wanchoo underscored Oxagon’s alignment with Saudi Vision 2030, which prioritizes developing promising industries, enhancing logistics, and bolstering local, regional, and international trade networks.

“Our focus is on developing seven industrial zones, along with vibrant urban areas that stimulate economic growth through retail and hospitality,” Wanchoo stated. He emphasized Oxagon’s role in making Saudi Arabia a regional hub for imports and exports through the advanced NEOM Port on the Red Sea, connecting global trade routes.

He added: “With over 13% of global trade passing through the Suez Canal annually, NEOM Port’s location enhances its significance as a gateway between Europe and Asia.”

Attracting Foreign Investments

Looking ahead, Wanchoo outlined Oxagon’s goal of driving economic diversification, fostering innovation, and attracting foreign investments over the next five years.

“We are actively engaging with major manufacturers to enhance our industrial ecosystem, strengthen local supply chains, and establish Saudi Arabia as a regional and global manufacturing hub,” he said.

Environmental Commitment

Wanchoo highlighted Oxagon’s commitment to sustainable construction methods. The pilot integrated community, Oxagon Hive, exemplifies this by reducing waste, minimizing costs, and ensuring scalability.

He noted that since taking over Duba Port in 2022, Oxagon has made significant strides in transforming it into a sustainable and automated facility.

“We have reused 100% of excavated materials and recycled decommissioned port facilities for new developments,” he said.

Challenges and Opportunities

“Building a new industrial model from scratch is complex, but we prioritize state-of-the-art infrastructure to support advanced, clean manufacturing,” the CEO of Oxagon remarked. He underlined the importance of partnerships with innovative companies and the adoption of cutting-edge technologies like AI and robotics to address global challenges.

Pioneering Green Hydrogen

Oxagon is also home to the world’s largest green hydrogen plant, developed by NEOM Green Hydrogen Company. Scheduled to produce up to 600 metric tons of carbon-free hydrogen daily by 2026, the plant will operate entirely on solar and wind energy. Currently, 60% of the facility’s infrastructure has been completed.

The project relies on NEOM Port for equipment deliveries, including electrolyzers, wind turbines, and hydrogen storage vessels, crucial for the plant’s operation.

Research and Innovation

Oxagon’s innovation hub, Oxagon Innovation Bay, will become operational in 2025, powered by NEOM Energy & Water’s Enowa-Circle central power station. Initial projects include launching a 20 MW electrolyzer to produce 8 tons of hydrogen daily, providing valuable data to optimize the main plant’s performance.

Milestones of 2023 and 2024

Reflecting on recent achievements, Wanchoo highlighted the 2023 launch of the first global accelerator in partnership with McLaren, focusing on supply chain challenges. Seven startups were selected out of 80 applicants, with funding and connections to venture capital provided. Three pilot projects are now underway in NEOM.

In 2024, milestones include opening NEOM Port to investors and advancing seven selected startups from over 100 participants to the final stages of development.

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Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
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Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat

Saudi Minister of Finance Mohammed Aljadaan stressed Sunday that the world economy is going through a “profound transition,” saying emerging markets and developing economies now account for nearly 60 percent of the global Gross Domestic Product (GDP) in purchasing power terms and over 70 percent of global growth.

In his opening remarks at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla, the minister said these economies have become an increasingly important driver of global growth with their share of global economy more than doubling since 2010.

“Today, the 10 emerging economies in the G20 alone account for more than half of the world growth. Yet, they face a more complex and fragmented environment, elevated debt levels, slower trade growth and increasing exposure to geopolitical shocks.”

“Unfortunately, more than half of low income countries are either in or at the risk of debt distress. At the same time global trade growth has slowed at around half of what it was pre the pandemic,” Aljadaan added.

The Finance Minister stressed that the Saudi experience over the past decade has reinforced three lessons that may be relevant to the discussions at the two-day conference, which brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics.

“First, macroeconomic stability is not the enemy of growth. It is actually the foundation,” he said.

“Structural reforms deliver results only when institutions deliver. So there is no point of reforming ... if the institutions are unable to deliver,” he stated.

Finally, he said that “international cooperation matters more, not less, in a fragmented world.”

Business

Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
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Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Sunday that world growth still lacks pre-pandemic levels, expressing concern as she expected more shocks amid high spending and rising debt levels in many countries.

Georgieva spoke at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla.

The two-day conference brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics to deliberate on policies to global stability, prosperity, and multilateral collaboration.

Georgieva said that the conference was launched last year in recognition of the growing role of emerging market economies in a world of sweeping transformations.

“I came out of this gathering .... With a sense of hope for the pragmatic attitude and determination to pursue good policies and build strong institutions,” she said.

Georgieva stressed that “good policies pay off,” and said that growth rates across emerging economies reached four percent this year, exceeding by a large margin those of advanced economies that are around 1.5 percent.

Business

Saudi Arabia’s flynas, Syrian Civil Aviation Authority Partner to Launch 'flynas Syria'

The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
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Saudi Arabia’s flynas, Syrian Civil Aviation Authority Partner to Launch 'flynas Syria'

The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)
The new airline will operate commercial air transport services in accordance with approved regulations and standards (flynas)

Saudi budget carrier flynas has signed an agreement with the Syrian General Authority of Civil Aviation and Air Transport to establish a new commercial airline under the name "flynas Syria," with operations scheduled to begin in the fourth quarter of 2026.

Saturday’s agreement comes within the framework of bilateral cooperation between Saudi Arabia and Syria, as well as the strategic investment agreements between the two countries, coordinated with the Saudi Ministry of Investment and the Syrian General Authority of Civil Aviation and Air Transport.

The new airline will operate commercial air transport services in accordance with approved regulations and standards, meeting the highest safety and aviation security requirements. All licensing and operational procedures will be completed in coordination with the relevant authorities.

The carrier will be established as a joint venture, with 51% ownership held by the Syrian General Authority of Civil Aviation and Air Transport and 49% by flynas.

The new airline will operate flights to several destinations across the Middle East, Africa, and Europe. This expansion aims to bolster air traffic to and from Syria, enhance regional and international connectivity, and meet growing demand for air travel.

"This step is part of our commitment to supporting high-quality cross-border investments. The aviation sector is a key enabler of economic development, and the establishment of 'flynas Syria' serves as a model for constructive investment cooperation,” said Saudi Minister of Investment Khalid Al-Falih.

“This partnership enhances economic integration and market connectivity and supports development goals by advancing air transport infrastructure, ultimately serving the mutual interests of both nations and promoting regional economic stability,” he added.

President of the Syrian General Authority of Civil Aviation and Air Transport Omar Hosari also stated that the establishment of flynas Syria represents a strategic step within a comprehensive national vision aimed at rebuilding and developing Syria's civil aviation sector on modern economic and regulatory foundations.

“This will be achieved while balancing safety requirements, operational sustainability, investment stimulation, and passenger services. The partnership reflects the state's orientation toward smart cooperation models with trusted regional partners, ensuring the transfer of expertise, the development of national capabilities, and the enhancement of Syria's air connectivity with regional and international destinations, in line with global best practices in the air transport industry."

flynas Chairman Ayed Al-Jeaid stated that the company continues to pursue strategies aimed at growth and international expansion, describing the agreement as a historic milestone in the company's journey and a promising investment model in partnership with Syria.

flynas CEO Bander Al-mohanna said the step represents a qualitative leap in the company's strategy and financial performance, highlighting the transfer of the company's low-cost aviation experience to the Syrian market to support regional and international air connectivity.

flynas currently operates 23 weekly flights from Riyadh, Jeddah, and Dammam to Damascus, including two daily direct flights from Riyadh, one daily flight from Jeddah, and two weekly flights from Dammam.

The airline made history on June 5, 2025, by adding the Syrian capital to its network, becoming the first Saudi carrier to resume scheduled flights to Damascus.