Multibillion-dollar deals sealed at Saudi-US CEO Forum

Representatives of companies granted licenses at the Saudi-US CEO Forum. (AN photo by Lulwa Shalhoub)
Updated 21 May 2017
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Multibillion-dollar deals sealed at Saudi-US CEO Forum

RIYADH: The inaugural Saudi-US CEO Forum witnessed the signing of dozens of business agreements on Saturday as part of enhancing the bilateral trade relations between the two countries.
General Electric (GE) announced signing $15 billion in business deals with the Kingdom, which falls within Saudi Arabia’s drive toward economic diversification away from oil, Reuters reported.
The forum, which coincided with US President Donald Trump’s visit to the Kingdom, focused on exchanging ideas and exploring investment opportunities.
Saudi Aramco and Jacobs created a joint venture for social infrastructure program management throughout Saudi Arabia and the region.
“Our joint venture exemplifies the power of bringing together Saudi Aramco and Jacobs as an effective economic catalyst to support the Kingdom’s Vision 2030,” said Steve Demetriou, chairman and CEO of Jacobs.
Honeywell and Saudi Aramco also announced that they have signed a memorandum of understanding (MoU) that advances the In-Kingdom Total Value Add (IKTVA) Program, which drives localization of content. As part of the agreement, Honeywell will undertake commercial efforts to assist Saudi Aramco in achieving the goals of the IKTVA Program by 2021.
Over 50 US companies, 40 Saudi businesses, nine companies from key international markets and nine senior government officials attended the Saudi-US CEO forum at the Four Seasons Hotel
The forum is a testament to the bilateral commercial relationship, Khush Choksy, senior vice president of the US Chamber of Commerce’s Middle East and Turkey Affairs International Division, told Arab News.
“We have 50 of our CEOs representing the largest companies in the US at this Saudi-US summit,” he said.
Choksy added that the political and security relationship is stronger than it has been in recent times.
“I have never seen this much optimism demonstrated by the American business community... It is tremendous progress that the Kingdom has envisaged toward the goals of the Vision 2030 over the past two-to-three years.”
Saudi Energy Minister Khalid Al-Falih disclosed that the relationship in the fields of trade and investment between the Kingdom and the US is part of the close friendship between the two countries, during his speech in the “Ministerial Panel: 21st Century Partnership.”
He pointed out that there are many great opportunities to move the relationship between the two countries to higher levels. “Our slogan in this forum is partnerships for future generations, not only the historical relationship between the two countries but also a transitional phase and a major impact on generations in both countries, Al-Falih said.
Saudi Finance Minister Mohammed Al-Jadaan said that Vision 2030 came in response to a number of challenges facing the Kingdom. “The private sector is one of the important factors in the Kingdom’s Vision 2030 to contribute to the domestic product,” he said.
The ongoing US-Saudi summit and the parallel high-level activities constitute “a historical opportunity to strengthen and deepen the economic and financial relations and the partnership between the two parties,” Mohammed Al-Ardhi, executive chairman of Investcorp, told Arab News.
Investcorp started this work 35 years ago and “we became an established investment bridge that keeps growing and offering investments opportunities on both sides,” Al-Ardhi added.
In her speech on the forum’s ministerial panel, Lubna Olayan, CEO of Olayan Financing Company, said that licenses being issued and joint ventures being signed on Saturday will add to the historic relations.
“We should not lose sight of the fact that defense, oil, investment and finance, education and medicine are all areas where there is a long history of cooperation,” she said.
Trade relations are evident in both established and new sectors. Choksy said that in addition to the Kingdom’s expansion in the petrochemical sector, the mining sector is also developing. “Digitization and new economy, information communication technologies (ICT), as well as health care, defense and security are among the strongest sectors in which Saudi Arabia and the US are cooperative.
The strong political relationship makes a solid basis to resilient bilateral trade relations, Choksy added: “Saudi (Arabia) has experienced economic progress at a tremendous pace in terms of accomplishments. So the political relationship is an enabler. The economic progress is a facilitator in terms of companies being able to engage and do business in the Kingdom. And I think it has come together beautifully.”

DEALS SIGNED DURING TRUMP VISIT

GE: Announced in partnership with the Kingdom a range of memorandums of understanding (MoU) and projects valued at $15 billion.

Jacobs: MoU to localize design, engineering, procurement, construction and project management services for the oil and gas industry. The value of the MoU is $250 million and will create 300 jobs, with a focus on increasing construction management and engineering services.

Weatherford: MoU to deliver a series of projects related to localizing oil field goods and services. The potential value of the MoU is $2 billion and will create over 900 jobs, as well as support suppliers with $16 million in funding.

McDermott: MoU to deliver projects localizing goods and services along Saudi Aramco’s supply chain. The potential value of the MoU is approximately $2.8 billion and will create up to 2,000 jobs.

Rowan Companies: MoU to deliver projects localizing goods and services along Saudi Aramco’s supply chain. The initial value of the investment is $1.2 billion.

Nabors: MoU to deliver projects localizing goods and services along Saudi Aramco’s supply chain. The value of the MoU is $1.6 billion and will create 1,000 jobs, as well as support suppliers with $6 million in funding.

• Honeywell: MoU to deliver projects localizing goods and services along Saudi Aramco’s supply chain. The value of the MoU is $3.6 billion and will create over 400 jobs, as well as support the development of SMEs, suppliers and partners with $10 million in funding.


Embracing the skies: Riyadh aviation show inspires next generation of pilots

Updated 23 November 2024
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Embracing the skies: Riyadh aviation show inspires next generation of pilots

  • Saudi Hot Air Balloon Federation’s first female pilot wants more women to sign up

RIYADH: The Saudi Hot Air Balloon Federation was among the top organizations at an aviation show that captivated the Kingdom’s capital with stunning aerobatic displays and an impressive lineup of aircraft.

Sand and Fun 2024, which concluded on Saturday at Thumamah Airport, showcased the Kingdom’s wide-ranging aviation sector.

The federation presented a collection of colorful hot air balloons to demonstrate the experience to adults and younger generations as part of the efforts to raise awareness about hot air ballooning and to inspire a new generation of pilots.

Sand and Fun 2024, which concluded on Saturday at Thumamah Airport, showcased the Kingdom’s wide-ranging aviation sector. (AN photo)

Among the pilots was Afrah Al-Harbi, the first female Saudi hot air balloon pilot to graduate from the federation.  

Al-Harbi is on a mission to cultivate a community of female pilots, encouraging women to explore the exhilarating world of hot air ballooning. Her story is an inspiring testament to the opportunities available to women in aviation and the importance of representation in this field.

“At the beginning, I was studying at the university, but the Saudi Hot Air Balloon Federation launched a training program to train balloon pilots,” she told Arab News. “Thank God, I registered, and I was accepted. After that, I started my studies to become a balloon captain. The federation covered the entire mission, which is considered a grant from the federation. I obtained the European EASA license, and then I also obtained the Saudi license from the General Authority of Civil Aviation.”

The five-day event at Thumamah Airport gave visitors the opportunity to meet pilots, learn about the intricacies of ballooning. (Supplied/Aviation Club)

The federation offers structured programs to equip aspiring pilots with both theoretical knowledge and practical skills.  

Hot air balloons first appeared in the Kingdom in AlUla as part of the Winter at Tantora Festival in 2018. This event not only showcased the beauty of ballooning, but also laid the groundwork for the establishment of the federation.

The hot air balloon sport is known and famous worldwide. We need a type of it that people can take part in within the Kingdom, especially for global competitions.

Abdulrahman Al-Wahaibi, Saudi hot air balloon pilot

The organization plays a crucial role in promoting balloon culture and raising awareness of the sport.

The five-day event at Thumamah Airport gave visitors the opportunity to meet pilots, learn about the intricacies of ballooning. (Supplied/Aviation Club)

“We want to show people that hot air ballooning is not only fun, but also safe,” Al-Harbi said, emphasizing the importance of public perception in the growth of the sport.

Her career has included a visit to the Netherlands, where she underwent extensive training.

“My studies in the Netherlands were quite lengthy, but it was an incredibly enriching experience,” she said. “The training included both theoretical subjects and practical sessions to help us obtain our licenses.”

Abdulrahman Al-Wahaibi, Saudi hot air balloon pilot. (AN photo)

The rigorous training not only prepared Al-Harbi for the technical aspects of flying, but also instilled a deep appreciation of the art of ballooning.

Abdulrahman Al-Wahaibi also spoke about his journey in the world of hot air ballooning, which began was he was a student in Australia.

“I looked at a balloon for the first time in my life and was fascinated by its shape,” he told Arab News. “I had to try the experience, so I did, as a passenger. The experience was beautiful, and I thought we needed this in Saudi Arabia. At that time, Saudi Arabia did not have hot air balloons.”

Among the pilots was Afrah Al-Harbi, the first female Saudi hot air balloon pilot to graduate from the federation. (AN photo)

Al-Wahaibi dedicated himself to bringing the ballooning experience back to Saudi Arabia, sharing it with family, friends, and the community.

This included studying aerospace engineering and breaking records in Australia for the fastest training period. He expressed pride in being part of the first Arab country to take part in international hot air balloon competitions, highlighting the significant strides made by the Saudi Hot Air Balloon Federation.

“The hot air balloon sport is known and famous worldwide,” Al-Wahaibi said. “We need a type of it that people can take part in within the Kingdom, especially for global competitions.”

Sand and Fun 2024, which concluded on Saturday at Thumamah Airport, showcased the Kingdom’s wide-ranging aviation sector. (AN photo)

His vision aligns with the federation’s mission to broaden participation and elevate the sport on an international level.

Based in AlUla, the Saudi Hot Air Balloon Federation plans festivals designed to integrate the natural environment and the grandeur of the historic landmarks of ancient civilizations such as Hegra.

The five-day event at Thumamah Airport gave visitors the opportunity to meet pilots, learn about the intricacies of ballooning, and even experience the thrill of a balloon ride.

With inspiring pilots such as Al-Harbi and Al-Wahaibi at the helm, the outlook for hot air ballooning in the years to come looks as bright as the skies adorned with colorful balloons.

 

 


Saudi ambassador presents credentials to Cypriot president

President of Cyprus Nikos Christodoulides receives Fawaz bin Abdulrahman Al-Shabili in Nicosia. (Supplied)
Updated 23 November 2024
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Saudi ambassador presents credentials to Cypriot president

  • Al-Shabili conveyed the greetings of King Salman and Crown Prince Mohammed bin Salman to the president

NICOSIA: Saudi Ambassador to Cyprus Fawaz bin Abdulrahman Al-Shabili presented his credentials to the President of Cyprus Nikos Christodoulides at a ceremony held at the Presidential Palace in the capital Nicosia, the Saudi Press Agency reported on Saturday.

Al-Shabili conveyed the greetings of King Salman and Crown Prince Mohammed bin Salman to the president, as well as their wishes for steady progress and prosperity for Cyprus.

Meanwhile, Saudi Vice Minister of Commerce and CEO of the National Competitiveness Center Eman bint Habbas Al-Mutairi led a Saudi delegation of government officials and business leaders to the UK to bolster bilateral economic relations.

 


Saudi Arabia to host Qur’an contest in Nepal

More than 400 contestants from various Nepalese states and governorates will participate in the preliminary qualifiers. (SPA)
Updated 23 November 2024
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Saudi Arabia to host Qur’an contest in Nepal

  • The competition is part of Saudi Arabia’s endeavor to disseminate the teachings of the Qur’an among young Muslims around the world

RIYADH: The Ministry of Islamic Affairs, Dawah and Guidance will hold the second Holy Qur’an Memorization Competition in Kathmandu, the capital of Nepal, on Dec. 21-22.

More than 400 contestants from various Nepalese states and governorates will participate in the preliminary qualifiers, the Saudi Press Agency reported on Saturday.

The competition is part of Saudi Arabia’s endeavor to disseminate the teachings of the Qur’an among young Muslims around the world.

The closing ceremony, which will include the presentation of awards to the winners, will be held on Dec. 23 and will be attended by officials from various centers and schools across Nepal.

 


Busy bees: Asir’s local markets abuzz over Sidr honey season

Updated 23 November 2024
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Busy bees: Asir’s local markets abuzz over Sidr honey season

  • Unique taste, aroma make it popular locally, internationally

RIYADH: The Asir region is currently in the midst of the Sidr honey season, with local markets flooded with high-quality honey produced from the nectar of Sidr trees.

The recent heavy rainfall in the region has led to a prolific flowering of Sidr trees, providing ideal conditions for bees to produce abundant and flavorful honey, the Saudi Press Agency reported.

Sidr honey, which is renowned for its health benefits, is particularly prized for its antioxidant properties and ability to strengthen the immune system.

The unique taste and aroma of the honey have made it a sought-after commodity, both locally and internationally, the SPA reported.

Beekeepers in Tihama Asir have been busy harvesting the golden nectar, with prices ranging from SR350 to SR500 ($93-133) per kg.

The region’s diverse ecosystem, characterized by its fertile valleys and abundant flora, provides an optimal environment for beekeeping.

The Ministry of Environment, Water and Agriculture is actively supporting the development of the beekeeping industry. Initiatives such as the beekeeping and honey production development initiative improve practices, protect bee populations, and enhance the quality of honey.

By promoting sustainable beekeeping and preserving the natural habitats of bees, the Kingdom seeks to strengthen its position as a leading producer of high-quality honey while contributing to the global market.


Saudi Reef Forum to focus on rural sustainability

Updated 23 November 2024
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Saudi Reef Forum to focus on rural sustainability

  • Al-Ahsa event to promote communities’ role in economic growth

RIYADH: The Ministry of Environment, Water and Agriculture will host the 1st International Forum for Saudi Reef in Al-Ahsa from Dec. 16-18, aiming to strengthen rural communities, and promote their role in driving sustainable development.

Maha Aldhahi, head of the forum’s executive committee, said: “The forum is pivotal in advancing rural development, aligning with the UN Sustainable Development Goals and Saudi Vision 2030. It will support rural communities, while contributing to global efforts and research on sustainable agriculture.”

Aldhahi said that the forum will unite regional and international experts to address the challenge of rural-to-urban migration, a widespread issue. To counter this, the forum will propose practical solutions to ensure rural areas remain economically viable, vibrant, and sustainable.

Additionally, it will explore innovations in agriculture and rural development, fostering economic growth and social cohesion through job creation and investment promotion, she added.

Aldhahi said that the forum builds on the Saudi Reef Program, recognized by the UN Food and Agriculture Organization as the world’s largest development initiative of its kind.

The program has supported over 77,000 agricultural projects, achieved a self-sufficiency rate exceeding 65 percent in vital sectors, and provided upskilling and career opportunities for rural communities.

Ghassan Bakri, secretary-general of the Saudi Reef Program, said: “The program is a model of sustainable growth, addressing food security and job creation while preserving cultural heritage. By hosting this forum, we aim to attract global partnerships and exchange cutting-edge solutions for rural empowerment.”

Bakri added that the forum will feature dynamic discussions on key topics, including sustainable agricultural practices, rural entrepreneurship, and the role of modern technology in agriculture.

The three-day event will also include an exhibition showcasing unique rural practices, handicrafts, and the work of local farmers, artisans, and entrepreneurs. It will highlight how traditional techniques integrate with modern innovations to create sustainable livelihoods.