RIYADH: As part of Saudi Vision 2030’s aim to diversify economic sources, the Kingdom has offered Russian companies the opportunity to set up “strategic partnerships in the industrial sector.”
The state-owned Saudi Industrial Property Authority (MODON), which has set up 35 world-class industrial cities across the Kingdom, revealed the plans for Russian collaboration here on Tuesday.
A statement from MODON, following a meeting with various Russian businessmen at its offices, said that Russian Deputy Minister of Trade and Industry Vasily Osmakov had met with the National Industrial Clusters Development Program and MODON to discuss “the need for continued and increased coordination and cooperation between the Kingdom and Russia in all industrial sectors, especially mining.”
The statement said that Osmakov took the chance to highlight the role that Russian expertise could play in “the creation of integrated and transformational value-added industries that are globally competitive.”
MODON said the Russian minister and his accompanying delegation were briefed on investment opportunities in MODON’s industrial cities, as well as the various benefits that MODON provides to industrialists, such as incubators and ready-built factories, as well as economic advantages and attractive incentives.
The statement said that the authority’s plans to collaborate with Russian companies comes as “a continuation of the trade and investment talks between the Kingdom and Russia, which began in the Russian capital Moscow, during the visit of King Salman to Moscow last October.”
In another statement released to Arab News, Khalid Al-Salem, director general of MODON, explained that the authority has streamlined the period for issuing building permits in industrial cities from three days down to one day, which he claimed would encourage more investors and entrepreneurs to locate their businesses there.
Al-Salem said that MODON’s e-portal has made the process simple, fast, and cost-effective, as well as transparent. The e-portal can be used by investors for land allocation in industrial cities, renewal and transfer of contracts, approval of drawings and more.
Investment in MODON’s 35 industrial cities across the Kingdom had exceeded SR500 billion at the end of last year. There are more than 3,000 factories and over 6,000 industrial, service and logistics entities operating in the cities, with over 528,000 people employed.
Saudi Arabia offers investment opportunities to Russian companies
Saudi Arabia offers investment opportunities to Russian companies
First group of royal guests performs Umrah
- Schedule includes visits to the Kiswa Factory of the Holy Kaaba, the Revelation Exhibition, meetings with the imam of the Grand Mosque
- Group arrived in Madinah where they visited the Prophet’s Mosque and toured other historic sites
RIYADH: The first group to arrive in the Kingdom through the Custodian of the Two Holy Mosques’ Program for Umrah and Visit has performed Umrah rituals in Makkah.
The program’s organizing committees ensured that the visitors enjoyed excellent services, including upon arrival in Madinah where they were warmly welcomed by officials.
According to participants, the program, which is implemented by the Ministry of Islamic Affairs, reflects the Kingdom’s leaders’ dedication to supporting Muslims worldwide.
They expressed gratitude for the opportunity to visit the Grand Mosque in Makkah and perform Umrah, the Saudi Press Agency reported.
The first group included 250 prominent Islamic figures from 12 countries, part of a total of 1,000 Umrah performers from 66 countries. The guests will visit in four groups as part of the program.
The schedule includes visits to the Kiswa Factory of the Holy Kaaba, the Revelation Exhibition, meetings with the imam of the Grand Mosque, and participation in various scientific and cultural programs.
The group arrived in Madinah where they visited the Prophet’s Mosque and toured other historic sites, including the King Fahd Glorious Qur’an Printing Complex, the Battle of Uhud site, Mount Al-Ramah, the Uhud Martyrs’ Cemetery, and the International Fair and Museum of the Prophet's Biography and Islamic Civilization.
EU delegation reviews Saudi efforts to combat extremism
- Global Center for Combating Extremist Ideology’s secretary-general, Mansour Al-Shammari, received the delegation and addressed several topics of mutual interest in combating extremism
- EU members were briefed on the center’s strategy and its efforts to combat extremist ideology as well as mitigate its impact and messages
RIYADH: Members of the EU’s Political and Security Committee, including its chair, Delphine Pronk, paid an official visit to the Global Center for Combating Extremist Ideology in Riyadh.
The center’s secretary-general, Mansour Al-Shammari, received the delegation and addressed several topics of mutual interest in combating extremism.
The EU members were briefed on the center’s strategy and its efforts to combat extremist ideology as well as mitigate its impact and messages, the Saudi Press Agency reported on Tuesday.
They also learned about the community initiatives and international partnerships that promote the principles of tolerance and a culture of moderation.
The meeting was attended by EU Special Representative for the Gulf Luigi Di Maio, European External Action Service Managing Director for the Middle East and North Africa Helene Le Gal, EU Ambassador to Saudi Arabia Christophe Farnaud and Saudi Ambassador to the EU Haifa Al-Jedea.
Earlier, the EU delegation visited the Gulf Cooperation Council’s headquarters in Riyadh and met Secretary-General Jasem Al-Budaiwi to discuss mutual interests and joint efforts to address global challenges.
Topics included regional issues such as Israel, Gaza, Lebanon, Gulf security, Iran, maritime security in the Red Sea, Iraq, Sudan, the Horn of Africa and Russia’s aggression against Ukraine.
The delegation also met Saudi Minister of State for Foreign Affairs and Climate Envoy Adel Al-Jubeir to discuss climate change, environmental cooperation and strengthening joint efforts in these areas. They also reviewed recent foreign policy developments in Europe and the Middle East.
Riyadh exhibition explores palm’s role in ancient cultures
- Experts discuss challenges and innovations in date farming
RIYADH: The “Palm Tree in Civilizations” pavilion at the International Dates Conference and Exhibition in Riyadh, running until Nov. 28, highlights the historical significance of the palm tree across ancient cultures.
The pavilion explores how date palms supported food and economic sustainability, offering a historical journey through the ages.
It also showcases the palm’s importance in ancient Egypt through carvings and murals depicting its role in daily life and religious rituals, as well as in agriculture, construction, and fertility practices.
Organized by the National Center for Palm and Dates under the theme “World of Dates,” the exhibit also highlights the palm’s significance in Mesopotamia and the Levant, featuring ancient texts like the Code of Hammurabi, which protected palm cultivation, along with carvings illustrating their role in trade and society.
Artifacts from the Dilmun civilization highlighted the reliance of ancient Arab societies on palms for agriculture and trade.
The pavilion also showcases the palm’s symbolic role in the Levant, particularly among the Canaanites and Arameans, with depictions from historical sites like Palmyra emphasizing its importance in religious and artistic traditions.
Saad Alnajim, vice president of the Antiquities and Heritage Association in the Eastern Province, said: “Beyond providing food, medicine, and shade, the palm symbolizes belonging and pride, reflected in its place on Saudi Arabia’s national emblem.”
Abdulaziz Al-Tuwaijri, chairman of the National Committee for Environment, Water and Agriculture, said that dates are central to the Saudi economy, with Vision 2030 aiming to make the Kingdom the world’s largest date exporter.
He added: “Today, the Kingdom is the largest producer and exporter of dates, thanks to the clear vision of the crown prince, whose efforts we are now benefiting from.”
According to the UN Comtrade database, Saudi Arabia exported dates worth over SR1.4 billion ($373 million) to 119 countries by the end of 2023.
The Saudi General Authority for Statistics reported production exceeding 1.9 million tonnes, reflecting a 152.5 percent increase in export value since 2016, solidifying the Kingdom’s position as the world’s largest date exporter.
Meanwhile, a panel of global climate and agriculture experts discussed the impact of climate change on date palm cultivation.
The session focused on challenges such as delayed fruit maturation, reduced yields, pests, and pollution, and explored innovative solutions to address these issues. The panel emphasized the need for international cooperation and sustainable farming practices.
The discussion highlighted global best practices, including improved irrigation and smart agricultural techniques, as well as the importance of farmer education and technical support.
Recommendations included enhancing international collaboration, supporting research on climate-resistant varieties, and promoting awareness for sustainable date palm cultivation.
The exhibition offers a variety of entertainment activities, including folklore shows, regional poetry, and cooking competitions.
It also features a museum that takes visitors on a journey through the history of palm trees and dates over the past 1,000 years.
Additionally, a live cooking area brings together local and international chefs to prepare a variety of date-based dishes.
Saudi Arabia’s NEOM gigaproject a ‘generational investment,’ minister says
- The world’s top oil exporter has poured hundreds of billions of dollars into development projects through the kingdom’s $925 billion sovereign fund
RIYADH: Saudi Arabia’s NEOM gigaproject, a futuristic region being built in the desert, is a “generational investment” with a long timeline, the country’s investment minister told Reuters on Monday, adding that foreign investment will pick up pace.
“NEOM was not meant to be a two-year investable opportunity. If anybody expected NEOM to be foreign investment in two, three or five years, then they have gotten (it) wrong — it’s a generational investment,” Minister Khalid Al-Falih said on the sidelines of the World Investment Conference in Riyadh.
“The flywheel is starting and it will gain speed as we go forward, as some of the foundational assets come to the market,” he said.
The world’s top oil exporter has poured hundreds of billions of dollars into development projects through the kingdom’s $925 billion sovereign fund, the Public Investment Fund (PIF), as it undergoes an economic agenda dubbed Vision 2030 to cut dependence on fossil fuels.
NEOM, a Red Sea urban and industrial development nearly the size of Belgium that is meant to eventually house 9 million people, is central to Vision 2030. Saudi Arabia has scaled back some lofty ambitions to prioritize completing elements essential to hosting global sporting events over the next decade as rising costs weigh, sources told Reuters earlier this month. NEOM announced this month its long-time chief executive, Nadhmi Al-Nasr, had stepped down, without giving further details.
Asked what effect the departure would have on investors, the minister said the executive had done “a respectable job” but that “there is a time for everybody to pass on the baton.”
Asked if PIF will continue to do much of the spending on NEOM until more foreign funds come in, Al-Falih said it was not binary.
“I think foreign investors are starting to come to NEOM, they’re starting to channel capital. Some of the projects that the PIF will be doing will be financed through global capital pools, through some alternative and private capital. That’s taking place as we speak,” he said.
“So I urge you not to look at NEOM as being 100 percent PIF and then suddenly there will be a cliff and it will go private.”
Saudi Arabia, which is racing to attract $100 billion in annual foreign direct investment by the turn of the decade — reaching about a quarter of that in 2023 — has recently seen more co-investment deals between state entities and foreign investors.
“It’s always been the intent,” Al-Falih said of foreign inflows alongside state funds.
He noted that foreign investors were at times “still looking, still examining, still sometimes questioning,” but that now there was confidence in the profitability of investment opportunities and that “the risk-return trade-offs are very, very fair and positive to them.”
Saudi crown prince extends condolences to Kuwaiti counterpart on death of Sheikh Mohammed Abdulaziz Al-Jarrah Al-Sabah
RIYADH: Saudi Crown Prince Mohammed bin Salman sent a cable of condolences to Kuwaiti Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah on the passing of Sheikh Mohammed Abdulaziz Hamoud Al-Jarrah Al-Sabah.
In the cable, the crown prince extended his deepest sympathy to Sheikh Sabah and the family of the deceased.
