UK to help reform Saudi economy

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King Salman holds talks with British Prime Minister Theresa May in Riyadh on Wednesday. (SPA)
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Deputy Crown Prince Mohammed bin Salman receives British Prime Minister Theresa May in Riyadh. (SPA)
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British Prime Minister Theresa May attends a meeting with Rania Nashar, CEO of Samba Financial Group, in Riyadh. (AFP)
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King Salman honors British Prime Minister Theresa May with the Order of King Abdulaziz in Riyadh. (SPA)
Updated 08 June 2017
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UK to help reform Saudi economy

RIYADH: Britain said Wednesday it would help Saudi Arabia to diversify its oil-dependent economy as British Prime Minister Theresa May visited the Kingdom.

A statement from May’s office said the two discussed several issues including security and strengthening business ties.

An earlier statement from May’s office said she would discuss with the monarch “tax and privatization standards to help Saudi Arabia diversify its economy and become less reliant on oil.”

The prime minister “pointed out that security relationships between the two countries had saved many lives in the UK,” her office said.

Britain will also assist Riyadh in “building a reformed Ministry of Defense” and reviewing defense capabilities, the premier’s office said.

May’s visit came as she seeks to secure investment and trade after Britain officially started a two-year countdown to leave the EU.

May and the chief of the London Stock Exchange (LSE) pitched investments in Britain to the head of Saudi Arabia’s sovereign wealth fund.

May and Xavier Rolet presented Yasir Al-Rumayyan of the Saudi Public Investment Fund (PIF) with a “high-level overview of investment opportunities,” according to a spokesman for the prime minister’s office.

The LSE and other top stock exchanges are trying to win a slice of state oil company Saudi Aramco’s initial public offering, expected to be the world’s biggest.

Saudi Arabia plans to transfer Aramco’s shares into the PIF before listing up to 5 percent of the company, making the fund a key player in talks with the exchanges.

The IPO, expected in 2018, could be worth around $100 billion, Saudi officials have said, and will likely involve multiple exchanges.

The PIF is also expanding its profile with major investments abroad, including a pledge of up to $45 billion for the Vision Fund, a global technology fund it is creating with Japan’s SoftBank.

Saudi officials said last year they expect the PIF to expand from $160 billion to about $2 trillion after the Aramco share transfer, which would make it the world’s largest sovereign fund.

The PIF has not yet made any direct investments in British firms, but SoftBank is weighing plans to place its $8 billion stake in British chip designer ARM into the Vision Fund.

Before leaving for home, May said Britain was a firm supporter of Saudi Arabia’s “Vision 2030” which she described as an ambitious reform plan.

“As a world leader across a range of sectors, the UK is well placed to help Saudi Arabia deliver these vital reforms,” she said, according to a statement from her office.

The statement said that senior Cabinet members including Chancellor Philip Hammond, Secretary of State for International Trade Liam Fox and Foreign Secretary Boris Johnson were expected to visit the Kingdom in coming months.

The Permanent Secretary at the Ministry of Defense, Stephen Lovegrove, will also visit the Kingdom next month for discussions on Saudi defense reform, which Britain has pledged to assist, it said.

May’s office said she and King Salman “discussed working together to address the humanitarian situation in Yemen.”

On Tuesday, May held talks with a string of officials including Saudi Crown Prince Mohammed bin Naif and Deputy Crown Prince Mohammed bin Salman.

May also met with Saudi women leaders before wrapping up her two-day visit.

She met with Princess Reema bint Bandar, vice president for women’s affairs at the General Sports Authority.

They discussed bilateral cooperation to enhance and develop social sports culture and the economic output that could be yielded as a result.

Ahead of the meeting, May said on Monday she would announce that the UK will provide support to Saudi Arabia to increase opportunities for men and women to participate in sport.

She also met with the CEO of the Saudi stock exchange, Sarah Al-Suhaimi, and discussed women’s role in the private sector.

The British Council’s Contemporary Collective program will train young Saudi women in arts management, equipping them with the skills necessary to launch and run largescale cultural projects in the Kingdom.

— An earlier version of this article included a AFP photo in which the businesswoman sitting with UK Prime Minister Theresa May was misidentified by AFP news agency. The woman with Theresa May is actually Rania Nashar, CEO of Samba Financial Group, and NOT Sarah Al-Suhaimi, who is CEO of NCB Capital and the chairperson of the Board of Directors of the Saudi Stock Exchange.


Saudi development fund chief meets Congo’s finance minister

Updated 27 November 2024
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Saudi development fund chief meets Congo’s finance minister

CEO of the Saudi Fund for Development Sultan Al-Marshad met Congo’s Minister of Finance Doudou Fumba Likunde, the Saudi Fund said on X on Wednesday.

During the meeting, they reviewed development cooperation between the two sides that began 40 years ago, as well as discussing ways to enhance economic cooperation to develop vital sectors in Congo.

Ambassador of Saudi Arabia to Congo Abdulaziz Al-Badi was present during the meeting.


Saudi Arabia halves desalination costs, boosts efficiency by 80%, official says

Updated 27 November 2024
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Saudi Arabia halves desalination costs, boosts efficiency by 80%, official says

  • Technological advancements have played a critical role in the Kingdom’s water conservation efforts

RIYADH: Saudi Arabia has improved its desalination efficiency by 80 percent and halved costs by 50 percent in recent years, a top official from the Kingdom has said.

“Our achievements in desalinated water production in the last eight years are equivalent to what was achieved in the previous four decades,” Deputy Minister of Environment, Water and Agriculture Mansour bin Hilal Al-Mushaiti said.

He outlined the accomplishments at the 2025 Budget Forum hosted by the Ministry of Finance in Riyadh, calling the progress a “historic milestone” for the Kingdom, according to the Saudi Press Agency.

Daily desalinated water production has surged to 6 million cubic meters, contributing to a total capacity of 11.3 million cubic meters daily, he added.

The improvement is testament to the Kingdom’s commitment to water security, environmental sustainability and Vision 2030, the deputy minister said.

He highlighted the monumental scale of the Kingdom’s water infrastructure, noting that water production facilities are primarily located along the coasts, requiring water to be transported across thousands of kilometers.

“The water transmission network we have built spans more than 14,000 km — double the length of the Nile River,” he said. “It crosses mountain peaks, valleys and deserts to deliver water to communities across the Kingdom.”

Strategic water storage capacity has also seen a significant boost, rising from 13 million cubic meters in 2016 to more than 25 million cubic meters today.

“This expansion ensures the Kingdom’s resilience in times of crisis, guaranteeing reliable access to water for all regions,” said Al-Mushaiti.

He attributed the achievements to strong government support and private-sector collaboration.

“We have implemented 29 water projects worth SR28 billion ($7.46 billion), of which 30 percent — SR8 billion — is foreign investment,” he said.

Looking forward, Al-Mushaiti announced plans for private sector projects worth SR58 billion.

“We are building a system where public and private sectors work hand-in-hand to achieve national goals,” he said.

Technological advancements have played a critical role in the Kingdom’s water conservation efforts.

Al-Mushaiti said that by using innovation and sustainable practices, the Kingdom is saving more than 9 billion cubic meters of groundwater annually.

“That’s equivalent to the water consumption of the entire Kingdom’s population for three years,” he added.

During the COVID-19 pandemic, the water sector installed 2 million electronic meters, enabling more efficient billing and consumption monitoring.

“These meters send notifications to users when their consumption exceeds normal levels, promoting the principle of ‘responsible consumption’,” Al-Mushaiti said.

Furthermore, water rationalization initiatives in government agencies saved more than 31 million cubic meters of water in 2023 alone.

The ministry’s efforts have also spurred growth in the agricultural sector, which has seen its contribution to gross domestic product rise from SR64 billion in 2016 to SR109 billion in 2023.

“We achieved self-sufficiency rates for many crops that now exceed 100 percent,” Al-Mushaiti said, adding that these gains reflect the success of policies aimed at conserving water resources while boosting productivity.

On the environmental front, Saudi Arabia is making strides with its Saudi Green Initiative.

Al-Mushaiti said that in just three years, the country has planted more than 95 million trees using renewable water and supplementary irrigation.

“This number will surpass 100 million by the end of the year, marking the start of a green era for the Kingdom,” he said.

The deputy minister also highlighted Saudi Arabia’s leadership in addressing global water challenges.

“Water is the backbone of life and development, and achieving sustainability is one of the greatest global challenges,” he said.

In this regard, Crown Prince Mohammed bin Salman in 2023 announced the establishment of the Global Water Organization, headquartered in Riyadh.

The decision underscores Saudi Arabia’s commitment to advancing water sustainability worldwide, Al-Mushaiti said.

He added that the World Bank has recognized Saudi Arabia’s water system as unique and a model that others should study.

As Saudi Arabia pushes forward with its ambitious plans for water security, agriculture and environmental sustainability, Al-Mushaiti concluded with optimism: “The journey so far has been remarkable, but the best is yet to come.”


Saudi Geological Survey celebrates excellence in research, innovation

Updated 27 November 2024
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Saudi Geological Survey celebrates excellence in research, innovation

  • Makkah Deputy Gov. Prince Saud bin Mishaal and Minister of Industry and Mineral Resources Bandar Al-Khorayef attended the event
  • CEO Abdullah Al-Shamrani reviewed 25 years of accomplishments, emphasizing the survey’s role in advancing geological sciences

JEDDAH: The Saudi Geological Survey recently celebrated its 25th anniversary with a special event in Jeddah, marking a quarter-century of excellence in geological research and exploration.
Makkah Deputy Gov. Prince Saud bin Mishaal and Minister of Industry and Mineral Resources Bandar Al-Khorayef attended the event.
The event highlighted the survey’s achievements, future initiatives, and contributions to geological research and innovation. Guests shared insights from their experiences with the organization.
CEO Abdullah Al-Shamrani reviewed 25 years of accomplishments, emphasizing the survey’s role in advancing geological sciences, supporting national development, and managing resources sustainably.
He also outlined plans to raise awareness of geological risks via the “Rawasi” platform, preserve Zamzam water sustainability, and complete digital transformation of technical services.
Al-Shamrani affirmed a commitment to advancing technical achievements, implementing projects, and supporting development for a promising future through skilled Saudi cadres.
Al-Khorayef said that since the start of the millennium, the Kingdom had made intensive efforts in mineral resource research and exploration. Led by SGS employees, this had yielded significant discoveries over the past 25 years, impacting the mining sector by boosting investment and developing mineral wealth.
He added that the aim was to position the Kingdom as a global leader in earth sciences and geology through ambitious plans, aligning with its international standing.
These efforts included fully uncovering its mineral wealth, meeting geological needs, building a global earth sciences database, and creating a platform for stakeholders worldwide, the minister said.


Saudi Ministry of Culture to cooperate with King Charles’ school on craft training

Updated 27 November 2024
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Saudi Ministry of Culture to cooperate with King Charles’ school on craft training

  • Kingdom’s initiative will help Saudi artisans to develop skills in design, craftmanship and traditional arts
  • Ministry of Culture’s goal is to ‘regenerate and renew Saudi craft traditions across different regions of the Kingdom’

RIYADH: Saudi Arabia’s Ministry of Culture has signed an agreement with King Charles’ School of Traditional Arts to cooperate in the programs of the Year of Handicrafts 2025 initiative. 

The signing ceremony on Wednesday was attended by Prince Bader bin Farhan, minister of culture, at the Saudi International Handicrafts Week Exhibition (Benan), currently held at the Roshn Front in Riyadh.  

Khaled Omar Azzam, director of the traditional arts school at The King’s Foundation, and Hamed Fayez, deputy minister of culture, also attended the signing of the agreement, which aims to revive and promote handicrafts in Saudi Arabia throughout 2025. 

A series of sessions and trainings will be launched to revive craft production in several Saudi regions through the “Regeneration of the Crafts of Saudi Arabia” comprehensive program, which will start in January 2025. 

The King's Foundation School of Traditional Arts will curate programs, training and initiatives that focus on design and crafts, the Saudi News Agency reported. 

“The primary goal is to regenerate and renew Saudi craft traditions across different regions of the Kingdom,” a Ministry of Culture statement said. 

The King’s Foundation, a British charity established in 1986 by King Charles III when he was Prince of Wales, has been at the forefront of educating traditional arts alongside urban design and traditional architecture. 

The agreement between the Saudi Ministry of Culture and The King’s Foundation school is part of the national culture strategy under the umbrella of Saudi Vision 2030. 

Saudi Arabia aim to help Saudi artisans, through training, to develop their skills in design, craftmanship and traditional arts. 


Saudi Arabia’s King Salman inaugurates Riyadh Metro project

Saudi Arabia’s King Salman inaugurates the Riyadh Metro project on Wednesday. (SPA)
Updated 55 min 54 sec ago
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Saudi Arabia’s King Salman inaugurates Riyadh Metro project

  • Riyadh Metro consists of a network that includes six train lines measuring 176 km and 85 stations, including four main stations
  • The metro will begin to be available for public use from Dec. 1 and will operate daily from 6 a.m. 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.”