An energy authority has said measures have to be put in place to address the Kingdom's rising oil and electricity.
“The Kingdom consumes a third of its oil production. Domestic demand for electricity in the Kingdom is one of the highest in the world. This will lead to an economic and environmental catastrophe if we don’t address the issue soon,” said Abdulhadi bin Mohammad Almuraih, executive director of the National Solar Energy Systems.
The economic impact lies in the gradual reduction of the Kingdom’s petrol exports because of increased local demand, especially with the increasing demand for water desalination, he said during a meeting.
The impact on the Kingdom’s treasury will be polarized within 10 years, in addition to the negative impact it will bear on the stability of the global market because of potential low oil supplies.
King Abdullah City for Atomic and Renewable Energy (KACARE) was established in 2010 to conduct major changes in energy strategies in the Kingdom, decrease total dependence on oil and begin partial transformations toward alternative energy sources such as nuclear, solar and wind energy.
“KACARE completed laying out the legal, organizational and economic basis for launching alternative energy projects in cooperation and coordination with government authorities like the Ministries of Finance and Petrol, Electricity and Cogeneration Regulatory Authority (ECRA), King Abdulaziz City, ARAMCO Saudi Arabia, Saudi Electric Company and other entities,” he said.
“Everyone is awaiting the activation of the legislations that will lead to new industries in the Kingdom through direct investments that exceed SR 400 billion over the next 20 years,” he added.
This will activate the local economy and create thousands of jobs for Saudi nationals, in addition to avoiding total dependency on oil for domestic consumption.
Those present discussed the importance of rationalizing water and electricity consumption and activating building codes by using scientifically approved methods, which include high-quality insulation, since studies show that there is a 30-percent rate of wasted energy in the Kingdom.
Committee member discussed obstacles that curb the use of solar energy and ways to overcome these obstacles, like government incentives and attracting an ambitious cadre to get acquainted with this technology and spread it in the market.
The committee chairman pointed to the importance of intensifying educational campaigns about alternative energy through state-supported seminars and exhibitions.
KACARE completes basis for alternative energy projects
KACARE completes basis for alternative energy projects
Riyadh fintech forum ‘a turning point’ in Swiss-Saudi partnership
RIYADH: The Switzerland Embassy in coordination with the Saudi Ministry of Investment and Fintech Saudi organized the first Saudi-Swiss Fintech Forum in Riyadh.
Swiss and Saudi experts took part in the event on Nov. 25-26 under the theme “Connecting Leaders across Borders.”
The forum provided a platform for the exchange of ideas and the rethinking of traditional financial models.
Switzerland is an established financial hub and Saudi Arabia has the largest financial services industry in the Middle East.
Swiss Ambassador to Saudi Arabia, Yasmine Chatila Zwahlen, said the forum marked a turning point in the development of the partnership between Switzerland and Saudi Arabia.
Nezar Al-Haidar, CEO of Fintech Saudi, said the collaboration between Fintech Saudi and its Swiss counterparts creates opportunities for knowledge sharing, and paves the way for access to new markets.
The leaders are working to make Saudi Arabia a global fintech hub, and this collaboration deepens the ties between our ecosystems, he added.
Arab News met Saudi and Swiss experts at the forum, who discussed finance, market opportunities and the importance of Swiss expertise in Saudi Arabia’s fintech development.
Yazeed Al-Shamsi, co-founder and CEO of Ejari, said: “Our perception of Swiss cooperation is positive. Fintech is the sector that has received the most funding in Saudi Arabia in the last three or four years. There is still room for growth.”
Al-Shamsi said that the banking and insurance sectors contribute significantly to gross domestic product, and there are still opportunities in wealth management, investment, financing, and alternative financing.
Abdulmajeed Al-Askar, CEO of MoneyMoon, told Arab News that Saudi companies see Swiss-Saudi cooperation as a chance to bridge two diverse but complementary markets.
Switzerland has a long history of financial expertise, while Saudi Arabia is becoming a hub of entrepreneurial energy and digital adoption.
This collaboration is about building long-term partnerships that enable both sides to innovate and scale faster, Al-Askar said.
Saudi Arabia has many talented financial leaders and professionals, he added.
“By combining expertise with a forward-thinking approach, we can create an ecosystem that sets new benchmarks. Saudi Arabian leaders can design solutions tailored to the population’s needs. With new talent, we are creating an entirely new financial paradigm for the region.”
Eva Selamlar, head of the Swiss Financial Innovation Office, said that Swiss companies can contribute their expertise to help Saudi Vision 2030.
Andreas Iten, CEO of Tinety, said: “There are many opportunities in this market. The regulatory framework is favorable, so Swiss companies should look at it because there are great opportunities and a big need for digital solutions.”
The forum explored the opportunity for Switzerland and the Kingdom to advance their ambitions in the financial technology sector, in line with Vision 2030.
Saudi Arabia sends 25th relief plane to Lebanon
RIYADH: Saudi Arabia’s 26th relief aircraft loaded with humanitarian aid including food, medical supplies and shelter equipment arrived at Beirut-Rafic Hariri International Airport on Thursday, state news agency SPA reported.
The plane, operated by King Salman Humanitarian Aid and Relief Center, departed King Khalid International Airport in Riyadh earlier in the day as part of a continuing effort to transport hundreds of tonnes of medical supplies and food aid for Lebanese families displaced by the conflict.
A earlier statement from the Saudi aid agency KSrelief said the aid deliveries showed that the Kingdom was “standing with needy and affected countries … in the face of crises and difficulties.”
Saudi foreign minister arrives in Kuwait for ministerial meeting for Gulf Supreme Council
KUWAIT: Saudi foreign minister Faisal bin Farhan arrived in Kuwait on Thursday ahead of the ministerial meeting for the Supreme Council of the Cooperation Council for Arab States of the Gulf.
The preparatory ministerial meeting is set to discuss the agenda of the 45th session of the Supreme Council of the Cooperation Council for the Arab States of the Gulf which is scheduled for next Sunday in Kuwait City. Leaders from all over the Gulf will attend the meeting.
The minister was welcomed by his counterpart Abdullah Al-Yahya.
Saudi Arabia’s King Salman inaugurates Riyadh Metro project
- Riyadh Metro network includes six train lines measuring 176 km and 85 stations
- Metro will be open to public from Dec. 1, operate daily from 6am to midnight
RIYADH: Saudi Arabia’s King Salman inaugurated the Riyadh Metro project on Wednesday, Saudi Press Agency reported.
The project is considered the backbone of the public transport network in Riyadh, SPA said.
King Salman watched an introductory film about the project, which is distinguished by its exceptional design and technical specifications.
The Riyadh Metro consists of a network that includes six train lines measuring 176 km and 85 stations, including four main stations.
“The Riyadh Public Transport Project, which spans metro and bus networks, is the culmination of concerted efforts made by King Salman and the outcome of his visionary leadership while serving as the Chairman of the High Commission for the Development of Arriyadh, the predecessor of the Royal Commission for Riyadh City,” Crown Prince Mohammed bin Salman said.
The Public Transport Project in Riyadh City was launched based on various studies prepared by the High Commission for the Development of Arriyadh.
The studies considered the current and future needs of the public transport sector in the capital and identified the best solutions and options for establishing a sustainable public transport system that is compatible with the city and its characteristics.
The metro will begin to be available for public use from Dec. 1 and will operate daily from 6 a.m. to midnight.
The lines will open over the next two months in stages — with the blue, yellow and purple lines opening on Dec. 1, the red and green lines opening on Dec. 15, and the orange line opening on Jan. 5, 2025.
Following the announcement, Saudi Minister of Tourism Ahmed Al-Khateeb posted on X: “Under the patronage of the Custodian of the Two Holy Mosques, may Allah protect him, the #RiyadhMetro project was inaugurated — reflecting the leadership’s commitment during this prosperous era to enhancing Riyadh’s infrastructure and raising the quality of life in the city.
“This aligns with the goals of #SaudiVision2030, further establishing the city’s position as a tourist destination that attracts visitors from around the world.”
Abeer Al-Shehri, a Riyadh-based lawyer, told Arab News that the new metro would cut the time she spent in traffic and the number of postponed appointments.
“As a lawyer, my profession involves fieldwork at courts, the Public Prosecution and police stations. Sometimes I have to attend sessions at the office while also having two important appointments to attend,” she said.
“With the traffic, there’s not enough time for both, so I’m forced to postpone one. Additionally, client meetings at the company’s office often take place around noon, and it’s well known that at that time, it’s impossible to reach the location within an hour without being late.
“This forces me to leave at least an hour earlier. The metro will significantly improve the time wasted in traffic, and as a lawyer, it will allow me to commute back and forth to the office in record time.”
Riyadh resident Faisal Suliman Al-Anzy told Arab News that he was “happy and excited” about Wednesday’s announcement.
He plans to use the metro “for visiting friends, (especially at) the weekend when there are traffic jams everywhere.”
Saudi official elected vice chair of organization that sets standards for global food trade
- Saudi Food and Drug Authority says selection of Khalid Al-Zahrani by Codex Alimentarius Commission is a ‘milestone’ and ‘testament to our commitment to global food safety
- Al-Zahrani has represented the Kingdom on several international committees, including at the World Trade Organization
RIYADH: Saudi official Khalid Al-Zahrani was chosen on Wednesday to be vice chair of the Codex Alimentarius Commission, which sets the standards for the international food trade that are designed to ensure products are safe and protect consumer health.
Representatives of the Saudi Food and Drug Authority who were present for the vote at the commission’s 47th annual session in Geneva, Switzerland, congratulated Al-Zahrani on his election.
“This is a significant milestone for Saudi Arabia and a testament to our commitment to global food safety and standards,” said Hisham Aljadhey, the authority’s CEO.
“By assuming the role of vice chair of Codex, (Saudi Arabia) aims to further strengthen international collaboration, promote sustainable food practices and ensure the well-being of consumers worldwide.”
Al-Zahrani has served as the Codex chairperson for the Near East region since 2020 and was reelected to the position in 2023.
He also represented Saudi Arabia on several international committees, including the World Trade Organization’s Technical Barriers to Trade, the Gulf Cooperation Council Standardization Organization, and the International Organization for Standardization’s Food Products Committee.
He works closely with the Kingdom’s Food and Drug Authority, which aims to prioritize sustainability and enhance efficiency, inclusiveness and transparency within food systems. The authority was recognized in January by the World Health Organization as one of the first five countries in the world to eliminate the use of industrially produced trans fats in food, alongside Denmark, Lithuania, Poland and Thailand.
“Al-Zahrani’s election highlights the exceptional quality of Saudi staff at the SFDA and the authority's efforts in food-safety legislation and oversight,” the authority said.
The Codex Alimentarius (Latin for “Food Code”) is a collection of internationally recognized standards, codes of practice, guidelines and other recommendations related to food production, labeling and safety, published by the UN’s Food and Agriculture Organization and the WHO.
