RIYADH: The Saudi capital will today host the A-list of global corporate leadership in the most keenly awaited business gathering of the year.
Dozens of the biggest names in global business have arrived in the Kingdom for the Future Investment Initiative (FII), which is being hosted by the Public Investment Fund (PIF) — the body that is spearheading a slew of economic reforms.
The FII is being held under the patronage of King Salman while Crown Prince Mohammed bin Salman is set to welcome some 2,500 delegates today.
IMF chief Christine Lagarde and BlackRock boss Larry Fink are among those attending the event, which is being called the “Saudi Davos” — a reference to the Swiss town that hosts the main World Economic Forum meeting each year.
“We see FII as a unique opportunity for the global community to bring together aspirational thinking around the future of the world economy,” said Pedro Oliveira, Oliver Wyman’s regional managing partner.
Saudi Arabia is undergoing unprecedented economic and social reforms as the Kingdom seeks to reduce reliance on oil and gas revenues while creating thousands of new jobs for a youthful population.
The FII will see “internationally-renowned business leaders and influencers discuss ... how the challenges of the future can be addressed,” said PIF Managing Director Yasir Othman Al-Rumayyan.
Bankers and fund managers in the audience will be especially interested to hear about the planned initial public offering (IPO) of Saudi Aramco, the national oil company.
Aramco CEO Amin Nasser will be among the homegrown business heavyweights at the conference.
On Monday, he quashed market rumors about possible delays to the planned IPO, which could raise $100 billion from investors.
“We have always said that we will be listing in 2018, and to be more specific, in the second half of 2018,” he told CNBC in an interview.
He added: “The IPO is on track. The listing venue will be discussed and shared in due course.”
The Aramco IPO is being seen as a touchstone for wider financial reforms that is drawing interest from the world’s biggest money managers — many of them attending the three-day event in Riyadh.
It has spurred interest from several international banks and rating agencies have set up operations in the kingdom in anticipation of a flood of new deals.
One of them is S&P Global Ratings, a credit ratings agency that assesses the creditworthiness of companies and countries seeking to raise debt.
S&P said on Monday it has opened a branch in Riyadh, making it the first international credit rating agency to be fully licensed to operate in Saudi Arabia.
Companies in Saudi Arabia have typically used bank loans to meet their financing needs, but that is expected to change.
“As Saudi Arabia’s capital markets evolve to match the size of the country’s economy, there is a prime potential for greater debt issuance,” said Meshari Al-Khaled, the newly appointed S&P office head in Riyadh.
Big business comes to Saudi Arabia
Big business comes to Saudi Arabia
Saudi Arabia condemns New Orleans attack
RIYADH: Saudi Arabia condemned and denounced on Wednesday a deadly car ramming in New Orleans, Louisiana, that struck a crowd celebrating New Year’s Eve.
A 42-year-old Texas man crashed a pickup truck into a crowd in the city’s French Quarter before opening fire with a gun, killing at least 10 people and injuring 35, in an early morning attack the FBI said was a potential act of terrorism.
The suspect was fatally shot in an exchange of gunfire with police. Potential homemade bombs were found in the truck and around the French Quarter, the FBI said.
A Daesh flag was also located in the vehicle, the agency added.
A Saudi Foreign Ministry statement expressed the Kingdom’s complete rejection and denunciation of all forms of violence.
It also expressed the Saudi Arabia’s solidarity and sincere condolences to the families of the victims, the American people, and the US government. It also wished the injured a speedy recovery.
Heart of hospitality: Saudi cultural host welcomes world with open arms
- Fathima Alayan’s Saudi home experience part of program for visitors interested in Kingdom’s heritage
- ‘I invite everyone to visit my country and discover our civilization up close,’ she says
MAKKAH: English teacher turned cultural host Fathima Alayan has opened her Riyadh home to tourists to showcase the Kingdom’s rich heritage and hospitality.
Her initiative aligns with the national vision to strengthen cultural identity and showcase it to the world.
With her fluency in English and passion for Saudi heritage, Alayan has created an experience for visitors that blends traditional hospitality with displays of artifacts and clothing and even cookery lessons.
Alayan is part of the Hihome program, which offers visitors the chance to get to know Saudi culture by visiting real homes and farms and eating and cooking with the families.
The program aims to present a positive image of Saudi culture, in line with the Vision 2030 goal of strengthening national identity and preserving heritage.
“I carry the responsibility of showcasing my country’s identity and the culture of the Saudi family to the world by hosting foreign tourists in my modest home, in alignment with the vision of my leader, Crown Prince Mohammed bin Salman,” Alayan told Arab News.
Alayan stands as a role model for spreading the values and ethics of Saudi society and represents Saudi women as active contributors to national initiatives.
For visitors, the experience begins with authentic Saudi coffee and a selection of traditional dates and desserts, such as luqaimat, masabib and hanini. This is followed by a sumptuous lunch or dinner featuring dishes like kabsa, mandi, jareesh, marqouq, each prepared with love and precision.
“It’s not just about serving food; my family and I also share with them how each dish is prepared, giving them a true glimpse into our culture and way of life,” Alayan said.
The experience includes an introduction to traditional Saudi clothing, which visitors are invited to wear and have their photos taken to commemorate their visit.
“The tourists’ interaction with our traditional clothing and their love for the experience leave a significant impression on their hearts,” Alayan said.
“It confirms to me that my work has a positive impact in enhancing the image of Saudi society globally.”
Speaking about the guests she dreams of hosting in her home, she said: “I hope to have the honor of hosting Crown Prince Mohammed bin Salman, Minister of Tourism Ahmed Al-Khateeb, Minister of Culture Prince Badr bin Farhan Al-Saud and Adviser Turki Al-Sheikh to support this pioneering national project.”
Alayan considers her participation in the Hihome program, via the hihome.sa app, a crucial step toward achieving her ambitions.
Hihome founder and CEO Nourah Al-Sadoun said: “We have nine categories of experiences. These include home and food tours, cooking experiences, heritage arts and crafts and camel rides. Each experience is designed to give visitors a true taste of Saudi life.”
Alayan is among the platform’s standout hosts who has been opening up her home to visitors for more than four years.
“Fathima is a lovely host who embodies the beauty of Saudi culture and traditions,” Al-Sadoun told Arab News.
“She has welcomed many guests into her home, where they have enjoyed not only her hospitality but also her passion for sharing Saudi heritage.”
As a passionate cook, Alayan offers hands-on cooking experiences and ensures that every visitor leaves with beautiful memories of Saudi culture and traditions.
“My message to the world is that Saudi Arabia is not just a country rich in resources but also rich in values, culture and people,” she said. “I invite everyone to visit my country and discover our culture up close.”
Ministry expands Saudi Arabia’s home healthcare services
- The number of people benefiting from home care services has reached more than 58,000 active cases in a year
- Basic home care services include wound and bed-sore treatment, chronic disease follow-ups, home visits, post-operative care, oral and dental health, and intravenous therapy
RIYADH: The Ministry of Health, through health clusters, continues to provide home healthcare services throughout the Kingdom, aiming to improve the quality of living, patient experience, and provide comprehensive treatment solutions.
The ministry said that basic home care services include wound and bed-sore treatment, chronic disease follow-ups, home visits, post-operative care, oral and dental health, and intravenous therapy.
Additionally, new services have been introduced, such as mother and childcare, dialysis, and palliative care.
The number of people benefiting from home care services has reached more than 58,000 active cases in a year, with more than 71,000 total beneficiaries since the service’s launch, the Saudi Press Agency reported on Wednesday.
These services are provided by 244 home healthcare departments, with more than 2,700 specialized staff members.
These efforts align with the Health Sector Transformation Program and Saudi Vision 2030’s goal to enhance access to healthcare services and their quality, thereby addressing community needs.
The ministry said that home healthcare services can be requested through specialized hospital departments or referrals from primary healthcare services, if eligibility criteria are met.
Meanwhile, the Health Sector Transformation Program highlighted major achievements in 2024, including the use of technology to improve health.
The Sehhaty platform set up more than 51 million virtual consultations. Additionally, more than 14 million individuals used the Wasfaty platform, which recorded more then 40 million prescriptions.
The number of health volunteers has passed 632,000 since the platform’s launch, the SPA reported.
Saudi foreign ministry official meets Somalia’s consul general in Jeddah
- Cabdiwali Xirsi Cabdille presented his credentials to Fareed Al-Shehri, director-general of the Ministry of Foreign Affairs’ branch in Makkah
Fareed bin Saad Al-Shehri, director-general of the Ministry of Foreign Affairs’ branch in Makkah, received Cabdiwali Xirsi Cabdille, consul general of Somalia in Jeddah, on Wednesday.
Cabdille presented his credentials to Al-Shehri at the ministry’s offices in Jeddah, and they discussed issues of common interest, the Saudi Press Agency reported.
Meanwhile, Khalid Bawazier, Saudi Arabia’s deputy minister of finance for international relations, met with a delegation from Bahrain’s Ministry of Finance and National Economy in Riyadh, the Foreign Ministry posted on X.
Saudi Arabia executes 6 Iranians for drug trafficking
- Iranian nationals were executed in the Eastern Province after being convicted of smuggling hashish into the Kingdom
- Ministry of Interior said that the government is protecting the security of citizens and residents from the scourge of drugs
RIYADH: Saudi Arabia has executed six Iranians sentenced for drug trafficking, the Saudi Press Agency reported on Wednesday.
The Iranian nationals were executed in the Eastern Province after being convicted of smuggling hashish into the Kingdom.
After being arrested by Saudi security authorities, the smugglers were referred to the competent court. A ruling was issued against them after their guilt was proven and they were sentenced to death. The ruling became final after it was appealed and then upheld by the Supreme Court, and a royal order was issued to enforce the punishment, the SPA said.
The Ministry of Interior said that the government is protecting the security of citizens and residents from the scourge of drugs, and imposing the most severe penalties stipulated by the system on smugglers and dealers.
