CAIRO: The visit by Crown Prince Mohammed bin Salman to Egypt comes as Saudi investment in the country continues to grow, boosted by easing trade restrictions, a weak Egyptian pound and plans for a bridge linking the two countries.
The Egyptian government is pushing to make foreign investment in the country easier to help the economy recover from the tumultuous period that followed the Arab Spring.
Saudi Minister of State Essam bin Saad bin Saeed said last week that the Kingdom is keen to enhance economic relations with Egypt and intends to pump money into new investments in the country.
According to the Egyptian state news agency MENA, Saudi investments in Egypt top those of other Arab countries.
At the Saudi-Egyptian Business Council last month in Cairo, Egyptian Minister of Trade and Industry Tariq Qabeel said the volume of trade exchange between the two countries in 2017 amounted to about $2.1 billion and that the volume of Saudi investments in Egypt exceeded $6 billion — about 11 percent of all foreign investments in Egypt.
President of the General Federation of Egyptian Chambers of Commerce Ahmed Al-Wakil, said the total Saudi investments in Egypt are worth up to $27 billion, which are spread across 2,900 projects in a huge variety of product and service sectors.
The Kingdom is also the second largest in terms of tourism — accounting for millions of dollars a year, according to Egyptian Ministry of Tourism figures.
The UAE and Kuwait have also been big investors in Egypt since Abdel Fattah El-Sisi became president.
The scale of Saudi Arabia’s investment is expected to increase after officials from Egypt and the Kingdom said they wanted to reduce the number of obstacles between the two countries by standardizing rules and making it easier to transport goods and services between the two.
Egypt has also become a more attractive prospect for investors since the central bank liberalized the exchange rate in November 2016 as part of a $12 billion International Monetary Fund reform program. The pound lost half of its value after the float.
The improved investment environment in Egypt means some major Saudi companies are considering establishing more projects in the Egyptian market.
A number of Saudi businessmen view some of the new cities being built in Egypt as strong investment opportunities.
The most important Saudi investments in Egypt are in the service sector, including energy, transport, logistics, health and education.
The Egyptian-Saudi Electricity Exchange Project, a scheme agreed in 2011 to connect the two countries’ power grids, is probably the most important investment to date.
Minister of Electricity and Renewable Energy, Dr. Mohammad Shaker, said in December that work is ongoing on the project but that the electrical connection lines between the two countries are expected to run in early 2021.
The King Salman Bridge project, which Egyptian sources said would be discussed during Prince Mohammed’s visit, will link Sharm El-Sheikh to the Tabuk region of northern Saudi Arabia.
Construction of the 50-kilometer bridge was announced during King Salman’s visit to Egypt in 2016. The bridge will help pilgrims, tourists and expatriate workers to travel easily between the countries and offer a significant improvement in trade between the two countries.
The bridge is also expected to boost energy links. Dr. Jamal Al-Kalioubi, a professor of petroleum and energy engineering, said the bridge would be one of the important ways to secure the oil and gas needs of neighboring Arab countries.
The visit is also expected to boost energy cooperation. The Egyptian government announced on Thursday that it had agreed with Saudi Aramco to supply 500,000 barrels per month of crude oil to the Egyptian refineries for six months from January to June. The Saudi National Oil Company had already provided oil to the Egyptian refineries in November and December 2017 on a trial basis.
During King Salman’s 2016 visit to Egypt, Riyadh agreed to supply Cairo with 700,000 tons of refined oil products per month for five years.
King Salman witnessed the signing of 21 agreements and investment memorandums of understanding between the two countries, most notably for the establishment of a free trade area in northern Sinai, which is the first important economic project linked to the construction of the bridge.
Saudi Arabia’s economic investments in Egypt run deep
Saudi Arabia’s economic investments in Egypt run deep
Saudi Orchestra performance in Tokyo helps ‘bridge cultural boundaries,’ CEO says
TOKYO: Paul Pacifico, CEO of the Saudi Music Commission, who is in Tokyo with the Saudi National Orchestra, says music “bridges cultural boundaries and has a very important part to play in each of the three main pillars of Vision 2030” as it represents a proud nation, a vibrant society and diversified economy.
Bringing the Saudi National Orchestra to Tokyo, he said, gives people the opportunity “to communicate with our language and it allows everybody to come together and share an experience that allows us to appreciate each other’s cultures and really to be in harmony. And that’s why I think it’s so special that the orchestra is here for the first time.”
The program includes traditional music directed by Saudi Director Reab Ahmed, as well as the Japanese Imperial Court Orchestra “Gagaku.”
“We’re able to show Saudi culture on one of the most prestigious stages in one of the world’s great cultural capitals here at Tokyo Opera City, and we’re doing that with authentic Saudi music, authentic traditional Japanese music with Gagaku,” he said. “But also with that great fusion between the two sets of musicians coming together and doing something really unique and beautiful.”
“The Saudi National Orchestra and choir is really at the vanguard of developing the music landscape in Saudi Arabia as it builds the depth and richness and uniqueness of its beautiful culture, both traditional and modern.”
Pacifico said it was “an honor” to share the stage with the Imperial Orchestra Gagaku performers. “It also shows how our cultures are different and yet similar, the regard for tradition and modernity, the appreciation of music, the sense of formality in public, but warmth and a sense of fun as well in private.”
He hopes that Friday’s performance is not a one-off but becomes the foundation of a rich and long-standing collaboration with “our Japanese friends, the Tokyo College of Music, who we’re collaborating with on this concert.”
“We hope that Saudi artists will start to have opportunities to play on stages here in Tokyo, like the Blue Note and Billboard Live and the Cotton Club, or festivals like Summer Sonic or Fuji Rock. And equally, we’d love to see Japanese artists playing more in Riyadh and all over the Kingdom of Saudi Arabia. Saudi Arabia has a very exciting story to tell.”
Saudi aid agency KSrelief provides medical and food assistance in Yemen
RIYADH: The King Salman Humanitarian Aid and Relief Center (KSrelief) has helped a Yemeni prosthetics center provide medical services to 536 people in October.
The Prosthetics and Rehabilitation Center in Taiz Governorate provided various medical services Yemeni beneficiaries who have lost limbs, the Saudi Press Agency said.
During the project, 1,757 services were provided including measuring, manufacturing, fitting, delivering and maintaining artificial limbs and prosthetics, in addition to rehabilitation and physiotherapy services.
KSRelief also signed a deal with a Yemeni civil-society organization to provide shelter for the neediest families affected by floods and torrents in Hadhramaut.
KSrelief continues humanitarian outreach in Jordan, Afghanistan and Lebanon
- KSrelief provided medical services and distribution of basic needs to individuals
RIYADH: The King Salman Humanitarian Aid and Relief Center (KSrelief) continues its humanitarian activities in Jordan, Afghanistan and Lebanon with the provision of medical services and distribution of basic needs to individuals.
At Jordan’s Zaatri Camp, the Saudi aid agency provided medical services to 2,738 patients during the second week of November. General practitioners treated 657 patients, internists saw 125 patients dealing with diabetes, hypertension and asthma.
The pediatric clinic examined 270 children, while the emergency department attended to 297 patients. Meanwhile, dentists attended to 183 patients
The gynecology clinic served 182 women while ear, nose, and throat doctors clinic treated 57 patients for conditions such as sinusitis, pharyngitis, tonsillitis, and otitis media.
The ophthalmology clinic assisted 51 patients and provided them with medications. The cardiology clinic received 27 patients, and the diagnostic radiology clinic conducted examinations for 25 patients.
Other medical services provided also included laboratory tests, x-rays and vaccinations.
In Afghanistan, 200 shelter kits and 200 tents have been handed out for the benefit of 1,200 individuals as part of a project for returnees from Pakistan to Afghanistan and those affected by flooding.
In Lebanon, KSrelief distributed 530 purchase coupons to orphans and people with disabilities in Akkar region, Beirut, central and western Bekaa and Armoun.
The coupons allow recipients to buy winter clothing of their choice from approved stores.
Saudi GEA chief named most influential personality of last decade at MENA Effie Awards
- Turki Alalshikh’s contribution to Kingdom’s entertainment sector honored
RIYADH: The head of Saudi Arabia’s General Entertainment Authority was named the most influential personality of the last decade at the MENA Effie Awards ceremony in Riyadh, the Saudi Press Agency reported.
The event, which was held on Thursday as part of this year’s Riyadh Season calendar, honored Turki Alalshikh’s contribution to the Kingdom’s entertainment sector and its emergence as a global hub for world-class events, the SPA added.
Alalshikh thanked Saudi Arabia’s leadership for their support in his acceptance speech, attributing the achievement to the “collaborative efforts of the nation’s people.”
He added that the recognition was a nod to the Kingdom’s growing global stature in the entertainment sector.
The 15th year of the MENA Effie Awards, which were hosted in Saudi Arabia for the first time, celebrated innovation and excellence in the marketing and advertising sectors across the Middle East and North Africa.
This latest accolade followed Alalshikh’s recent distinction as one of the 50 most influential figures in the world of boxing and mixed martial arts, awarded by the British online newspaper The Independent earlier this year.
Under Alalshikh’s leadership, the GEA has transformed the Kingdom’s entertainment sector, with Riyadh Season becoming a flagship event attracting millions of visitors each year.
Gaming community in Saudi Arabia catches them all with Pokemon Go
- Maan Al-Qurashi, one of the community leaders at Pokemon Go Saudi, told Arab News that the game holds a special place in his heart because he has played different versions for more than 20 years
RIYADH: The official launch of Pokemon Go in Saudi Arabia has brought together a community of gamers who have embraced their inner child while competing and connecting in a world of nostalgic adventure.
Pokemon Go is an augmented reality game that creates an immersive experience of a world where human beings co-exist with colorful creatures with otherworldly superpowers, known as Pokemon.
The game, launched internationally in 2016, uses GPS to track movement and invites players to travel to real-world locations to catch Pokemon and battle with others.
A local gaming group, “Pokemon Go Saudi,” has created a lively community with members from Riyadh and the Eastern Province who have a shared love of the game.
Maan Al-Qurashi, one of the community leaders at Pokemon Go Saudi, told Arab News that the game holds a special place in his heart because he has played different versions for more than 20 years.
“Pokemon accompanied me in all stages of my life, from childhood to teenager, and still is a part of my daily life after marriage. Hopefully, I will pass down the same passion to my kids.”
HIGHLIGHT
Pokemon Go is an augmented reality game that creates an immersive experience of a world where human beings co-exist with colorful creatures with otherworldly superpowers, known as Pokemon.
Al-Qurashi said Pokemon Go Saudi began with 10 members in 2017, after the international launch of the game.
Today, the community comprises a diverse group of 500 members from all age groups who have made lasting friendships with their Pokemon partners. As a team, they go on adventures, train to improve their skills, and battle in friendly competitions.
Al-Qurashi said that it is more than a game. It is a community that fosters growth and friendship.
“Multiple in-person activities and relationships have been linked to Pokemon Go. For example, the daily routine is not only going to work and staying with family, it includes playing Pokemon Go even if it’s for a few minutes during the day or an hour or so.”
Last week, more than 5,000 Pokemon Go fans gathered at Boulevard City to celebrate the official launch of the Saudi application. Omar Tellez, vice president at Niantic, said that the event was the largest Pokemon Go event of its kind in the region to date.
“Seeing the joy of the thousands of attendees, of all ages, has been such a delight. The success of today’s event is a testament to the popularity of Pokemon Go here in the Kingdom. The community has really responded.”
Fans from more than 20 countries around the globe registered at the event.
“It’s been incredible to see them unite to catch some of their favorite Pokemon and enjoy their time together in person. That’s what our game is all about.
“We have loved seeing their passion and excitement firsthand – whether through cheering on their teams during the PvP battles, or celebrating that iconic button-press moment — or join forces to catch Mewtwo as the legendary Pokemon took over the Boulevard Screens. The atmosphere was truly something special,” Tellez said.
Saudi Arabia is experiencing incredible growth in gaming with more than 67 percent of the population — more than 23.5 million people — being passionate gamers, Tellez said.
“We are excited to welcome many of them into our global trainers community, and we know this event is just the start of our adventure together as we create new experiences and ways for them to connect here in KSA.”
Today, more than 100 million people play Pokemon Go every year in more than 150 countries and regions, making for more than a billion downloads. Trainers have walked more than 8 billion kilometers collectively while playing the game.
