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Saudi Arabia Opens Middle East’s Largest Water Desalination Membrane Plant

Prince Saud bin Nayef bin Abdulaziz inaugurates the project at a ceremony in the Eastern Province (Asharq Al-Awsat)
Prince Saud bin Nayef bin Abdulaziz inaugurates the project at a ceremony in the Eastern Province (Asharq Al-Awsat)
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Saudi Arabia Opens Middle East’s Largest Water Desalination Membrane Plant

Prince Saud bin Nayef bin Abdulaziz inaugurates the project at a ceremony in the Eastern Province (Asharq Al-Awsat)
Prince Saud bin Nayef bin Abdulaziz inaugurates the project at a ceremony in the Eastern Province (Asharq Al-Awsat)

Eastern Province Governor Prince Saud bin Nayef bin Abdulaziz on Wednesday inaugurated the Toray Membrane Middle East Factory in Dammam’s Third Industrial City, the largest facility for water desalination membrane technologies in the Middle East.

The ceremony was attended by the Minister of Environment, Water and Agriculture Eng.Abdulrahman Alfadley , President of the Saudi Water Authority (SWA) Eng. Abdullah bin Ibrahim Al-Abdulkarim, CEO of the Local Content and Government Procurement Authority Abdulrahman bin Abdullah Al-Samari, and several senior officials from the public and private sectors.

Prince Saud said the launch of the new factory reflects the government’s strong commitment to localizing advanced industries and strengthening Saudi Arabia’s presence in high-tech sectors.

He added that the project marks a key step toward achieving industrial self-sufficiency and transferring advanced knowledge and technologies to national talent.

He noted that the water and industrial sectors continue to receive substantial attention from the government of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Crown Prince and Prime Minister Mohammed bin Salman, through enabling high-value investments and fostering an environment conducive to innovation.

The governor said the Eastern Province, with its advanced infrastructure and strong industrial base, will remain a key driver in achieving Saudi Arabia’s economic and industrial development goals under Vision 2030.

The new factory is a joint venture between Abunayyan Holding and Japan’s Toray Industries, with an investment exceeding 1 billion riyals.

It is Toray’s second plant of its kind outside Japan and has a production capacity of 300,000 membranes annually. The facility will provide more than 175 jobs for Saudis, with a localization rate of 70 %, targeted to reach a minimum of 75 %.

The plant is expected to position the Kingdom as a regional hub for membrane and desalination technologies through six integrated production lines that meet local and Gulf market demand, enhance the competitiveness of national industries, and strengthen Saudi Arabia’s standing as a global source for advanced water technologies.

The project aims to localize the production of reverse osmosis membranes used in water desalination, transfer advanced technologies to support Saudi Arabia’s water and industrial security, and help achieve the objectives of Vision 2030.

It also seeks to boost local content and improve the efficiency of national supply chains by localizing 72 % of manufacturing inputs, cutting supply times by 53 %, and reducing energy consumption by 4 to 5 %. The project is expected to improve the trade balance by more than 135 million riyals annually and contribute around 1.14 billion riyals to the national economy over eight years.

SWA President Al-Abdulkarim said the project represents a leading example of integration between the water and industrial sectors in achieving economic and water sustainability goals.

He added that the factory is a cornerstone in localizing advanced desalination technologies and enhancing the Kingdom’s capacity to lead the global water sector through innovation and development of supporting industries.

For his part, Al-Samari said the factory’s inauguration follows an agreement to localize the reverse osmosis membrane industry signed between his authority, the Saudi Water Authority, and Toray Membrane Middle East.

He noted that the factory is one of the key projects contributing to raising local content in the water and industrial sectors, with a production capacity of 300,000 membranes annually covering all manufacturing stages.

Khaled Abunayyan, Chairman of Toray Membrane Middle East, affirmed the company’s commitment to knowledge transfer and developing local talent through a dedicated research and development unit in cooperation with the Research and Development Center for Advanced Technologies.

The unit aims to design the next generation of membranes that improve energy efficiency, enhance environmental resilience, and extend product lifespan.

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Business

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)
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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.

Business

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)
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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.

Business

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)
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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.