RIYADH: Saudi Arabia is set to have its biggest quality cultural, sports and entertainment city. With the laying of the foundation stone set for 2018, and a phase one launch set for 2022; the mega project — which will be the biggest of its kind in the world — will be built on area of 334 square kilometers, including a major safari area, in Al Qidiya, southwest of Riyadh.
The announcement was made by the Kingdom’s Deputy Crown Prince Mohammed bin Salman, who is also the Chairman of the Board of Directors of the Public Investment Fund which will be the project’s main investor along with a number of local and international counterparts.
Commenting on the announcement, Prince Mohammed said that this city will become “a prominent cultural landmark and an important center for meeting the future generation’s recreational, cultural and social needs in the Kingdom.”
The Deputy Crown Prince explained that this ambitious project comes within the framework of plans to support Vision 2030 by creating quality and distinctive investments within the Kingdom that serve the country and the citizens. It also contributes to diversifying the sources of national income, boosting the Saudi economy and creating more job opportunities for young people.
The Deputy Crown Prince said that the project is an important incentive to attract visitors as the capital of future adventures and will be their first and preferred choice for offering a number of carefully chosen and selected activities, designed with the latest international standards to achieve a healthy and harmonious life, and provide more entertainment, joy and fun. The project is expected to include the entertainment city of Six Flags as one of the main attractions of the project.
Saudi Arabia’s largest cultural, sports and entertainment city announced
Saudi Arabia’s largest cultural, sports and entertainment city announced
Local crops, culture in spotlight at Qatif market
- Aims to spotlight and support distinctive local crops, empower farmers, and showcase Qatif's agricultural wealth
- Market offers visitors a unique experience that combines the richness of local agricultural products with the charm of heritage events
RIYADH: The farmers’ market at Qatif is experiencing a strong turnout of shoppers, farmers, traders, and agricultural companies, according to the Saudi Press Agency.
As a vibrant center of economic and agricultural activity, the event also features a variety of cultural and entertainment programs.
It aims to spotlight and support distinctive local crops, empower farmers, and showcase Qatif's agricultural wealth, the SPA added.
The market offers visitors a unique experience that combines the richness of local agricultural products with the charm of heritage events.
It includes 60 outlets offering fresh fruits, vegetables, honey, dates, dairy products, and other items such as date syrup and organic tomato sauces infused with herbs.
Beekeepers and traditional food producers present local dishes, while farms display 100 percent organic fruits and vegetables, promoting a healthy and sustainable lifestyle.
The market also boasts artisan spaces that showcase a diverse array of industries and hobbies.
Artist and craftsman Hussein Al-Dahim is among the participants, demonstrating his unique talent for blending Arabic calligraphy with beads and crystals.
With more than 45 years of experience, Al-Dahim has contributed to numerous local festivals across the Kingdom, the SPA reported.
Fahd Al-Hamzi, director general of the Ministry of Environment, Water and Agriculture’s branch in the Eastern Province, emphasized that the farmers’ market serves as a marketing model for local agricultural products.
He added that it strengthens the local agricultural sector and enhances national production, aligning with the objectives of Saudi Vision 2030.
Sustainable finance key to driving climate adaptation, panel told
- Kingdom to set new guidelines for green sukuk growth, official tells Manama forum
- Abdullah Al-Moqbel: Sustainable finance is a key driver and the main engine for developing sustainability practices among all economies
MANAMA: The use of environmental sukuk and other debt instruments is surging in the Kingdom, with total issuances exceeding SR8 billion ($2 billion), a Capital Market Authority official has said.
Abdullah Al-Moqbel, director of the authority’s sustainability department, was speaking on Tuesday during a panel discussion titled “Climate Risk and Financial Disclosure: Harmonizing New Frameworks and Implementation” at the Sustainability Forum Middle East in Manama, Bahrain.
He highlighted the critical role of sustainable finance in facilitating the transition toward climate adaptation and sustainable development.
Al-Moqbel added: “Sustainable finance is a key driver and the main engine for developing sustainability practices among all economies. It will be even more critical during the transition phase.”
He also highlighted the importance of collaboration with stakeholders in advancing corporate sustainability strategies.
“In Saudi Arabia, we are working on implementing a corporate sustainability strategy. Within this effort, we have a platform that facilitates multi-sided communication with various partners,” Al-Moqbel said.
Market participants and listed companies are key partners in this process, and their engagement is crucial for enhancing the quality of initiatives, he added.
Ultimately, corporate entities, not regulators, will implement the strategy, Al-Moqbel said.
Meanwhile, Alya Al-Omran, head of capital markets supervision at the Central Bank of Bahrain, shared her country’s approach to sustainability in the financial sector.
“We have issued our ESG module, and the way we introduced this new module to our licensees and listed companies is by mandating them,” she said.
Al-Omran said that the adoption of the rules in Bahrain is mandatory.
“Maybe it is a very new way of introducing such rules, as it is a relatively new concept here, but we chose to do it this way to kindly force companies to adopt sustainability and integrate it into their operations,” Al-Omran added.
Mohammad Essa, head of the corporate governance section at the Securities and Commodities Authority in the UAE, discussed the emirates’ efforts to promote green bonds and sustainable finance.
Essa said that the UAE issued regulations in 2023 regarding green and sustainability-related bonds.
“To support this initiative, we have also exempted companies planning to list these bonds or sukuk on the financial market from the registration fees imposed by the authority.”
This initiative could increase the number of bonds and sukuk listed on the local financial market, he added.
“As of the latest figures at the end of 2023, we reached $14 billion in green bonds and sukuk issued by the authority. Of course, this number has increased currently,” said Essa.
While progress in Saudi Arabia, Bahrain and the UAE is evident, Al-Moqbel acknowledged the global disparity in sustainable finance adoption.
“Although green issuance worldwide has surpassed $850 billion, it represents just 3 percent of total conventional bond issuances,” he said.
Despite this, the compound annual growth rate for green financial products is double that of conventional bonds, underscoring the promising future of such instruments, Al-Moqbel added.
Recognizing this potential, the Kingdom’s Capital Market Authority is taking proactive regulatory steps to support and expand the market for sustainable finance in the Kingdom.
“We are currently drafting guidelines for issuing green, social and sustainability-linked sukuk and debt instruments in the Saudi market,” Al-Moqbel said.
These guidelines, expected to be voluntary, aim to help companies comply with disclosure requirements and align with international principles, such as those set by the International Capital Market Association.
The overarching goal is to increase the issuance of these financial products in local and regional markets, said Al-Moqbel.
He also addressed the need to raise awareness among local and regional investors.
“Most of the demand for these products currently comes from international investors. Raising awareness is essential to trigger interest from local and regional investors,” he said.
Saudi Arabia unveils design of region’s first luxury train
RIYADH: Saudi Arabia Railways and Italian hospitality company Arsenale have unveiled the final designs of the Dream of the Desert train, the first five-star luxury train in the Middle East.
According to the Saudi Press Agency, this announcement marks a significant milestone in executing the agreement signed last year between Saudi Arabia Railways and Arsenale.
Inspired by the desert landscape and traditional Saudi architecture, the interiors feature refined craftsmanship, earthy tones, luxurious textiles, and intricate decorative details, SPA reported.
Architectural elements and motifs from iconic Saudi landmarks — including Hegra and Hail — are elegantly incorporated into the train’s design, offering passengers a journey that is both visually stunning and culturally enriching.
The train consists of 14 carriages housing 34 luxury suites, providing an exclusive and intimate experience for travelers, according to a press release.
Departing from Riyadh, the train will traverse the Northern Railway network, allowing guests to explore some of Saudi Arabia’s most breathtaking heritage and natural sites.
In collaboration with the Ministry of Culture, the train will feature curated cultural programs, enabling passengers to experience Saudi traditions in an immersive and engaging way.
Additionally, the Saudi Tourism Authority and the Development Authorities Support Center are designing unique tourism itineraries that integrate seamlessly with the train journey, offering guests an unparalleled insight into Saudi heritage.
Saudi Minister of Transport and Logistic Services and Chairman of Saudi Arabia Railways Saleh Al-Jasser said: “The Dream of the Desert train is a testament to our commitment to this vision, delivering innovative solutions that elevate both the transport and tourism sectors.
“This project reflects the Kingdom’s ambitious drive to develop world-class infrastructure while offering unparalleled travel experiences that reinforce Saudi Arabia’s status as a premier global tourism destination.”
Saudi Arabia Railways CEO Bashar Al-Malik said: “At SAR, we believe our role extends beyond operating a railway network — we are actively attracting global investments to introduce advanced transport solutions that support economic growth and regional connectivity.
“The Dream of the Desert train is a prime example of this commitment, demonstrating how collaboration between private and public sector entities can create groundbreaking experiences in luxury transport.
“With this project, we are setting a new benchmark for service excellence, merging comfort and sophistication to position Saudi Arabia among the world’s leading luxury rail travel destinations.”
CEO of Arsenale Group Paolo Barletta said: “This project is more than just a luxury train; it is a fully immersive experience that blends refined design, world-class hospitality, and rich cultural traditions.
“We are proud of this achievement and look forward to welcoming our first guests on board. Dream of the Desert is expected to begin operations by the end of Q3 2026, with booking details and exclusive packages to be announced soon on the official website.”
Saudi pavilion draws crowds at Cairo book fair
RIYADH: Saudi Arabia’s pavilion at the 56th Cairo International Book Fair has attracted significant visitor numbers since opening on Jan. 23.
The Ministry of Islamic Affairs’ corner at the pavilion is showcasing its efforts to serve Muslims in line with Vision 2030, the Saudi Press Agency reported.
A highlight of the corner is the daily distribution of hundreds of copies of the Holy Qur’an, printed in various sizes by the King Fahd complex in Madinah.
Visitors have been captivated by interactive displays detailing advanced Qur’an printing technologies, reflecting the Kingdom’s dedication to preserving and spreading the Holy Qur’an globally, the SPA reported.
The ministry’s corner also features rare historical Islamic manuscripts, highlighting works of jurists, linguists and scholars.
A 3D virtual Hajj and Umrah app offers a step-by-step guide to sacred rituals, while digital services like the Rushd and Correct Quotation apps enhance the visitor experience.
Many attendees have praised the ministry’s efforts, expressing gratitude for Saudi Arabia’s commitment to supporting Muslims, according to the SPA.
The fair, organized by the Egyptian General Book Organization, is hosting 1,345 publishers from 80 countries. It runs until Feb. 5.
Mideast, North Africa region ‘among world’s best’ for renewable energy, says UN official as climate forum opens
- Solar energy a major source, Mahmoud Mohieldin tells Arab News
- More private sector support needed to fund sustainability projects
RIYADH: The Middle East North Africa region is “among the world’s best locations for renewable energy,” a UN climate official told Arab News recently, ahead of a Bahrain climate conference that opened today.
Mahmoud Mohieldin, the UN special envoy for financing the 2030 sustainable development agenda, shared his insights on the MENA region, financing climate and regional energy resilience.
The third annual Sustainability Forum Middle East takes place on Jan. 28 and 29.
Held under the patronage of Mohamed Bin Daina, Bahrain’s minister of oil and environment and special envoy for climate affairs, the SFME is supported by the Supreme Council for Environment.
The two-day event is expected to attract over 400 senior business leaders and sustainability experts from the region and beyond. The forum features more than 50 speakers from the MENA region, Europe, the UK, US and Brazil.
“The region is among the world’s best locations for renewable energy, and MENA countries are becoming increasingly prominent players in that sphere.”
“Between 2013 and 2023, the Middle East region quadrupled its share of solar energy generation, and it is currently home to record low levelized costs of electricity for solar PV (photovoltaic power),” he said.
While acknowledging the region’s unique strengths, Mohieldin also highlighted challenges posed by geopolitical tensions and strained economic conditions.
He stressed the importance of exploring mechanisms including carbon markets and debt swaps.
“Egypt’s launch of its first regulated voluntary carbon market is a significant step toward achieving economic and environmental sustainability,” he noted.
Commenting on the forum, Mohieldin said: “Events like the Sustainability Forum Middle East are essential to building on the momentum generated by successive COPs (Conference of the Parties) in the region and driving further action.”
On the topic of public-private collaboration, Mohieldin said: “The private sector enjoys significant financial resources that can be directed toward sustainability. Almost half of climate finance provided worldwide between 2011 and 2020 came from the private sector.”
Mohieldin also highlighted the transformative potential of technology and innovation in addressing climate challenges.
“Innovation is what made renewables today ubiquitously cheaper than any other energy source. Solar panel costs, for example, have fallen by around 20 percent for every doubling of global cumulative capacity,” he said.
Mohieldin pointed to the rapid advancements in artificial intelligence as a double-edged sword, offering tools for predictive modeling and climate risk assessment while also raising concerns about the “AI divide,” which could disadvantage developing countries.
When asked about his expectations for this year’s forum, Mohieldin outlined several key areas of focus, including hydrogen, water security, and Carbon Border Adjustment Mechanisms.
“The imminent implementation of CBAM will have notable consequences on critical industries in the region. Discussions at the forum should focus on synthesizing policy solutions to mitigate risks while using CBAM as an opportunity to nurture domestic or regional carbon markets,” he said.
Mohieldin also called for a greater emphasis on turning the region into a contributor to advanced technologies, rather than just a user, to strengthen its role in global sustainability.
