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 wildlife center releases 66 endangered animals in King Khalid Royal Reserve
- 40 rhim gazelles, 10 Arabian oryx, 10 houbara bustards and 6 idmi gazelles released as part of wider initiative to enhance biodiversity and restore ecological balance
- Solar-powered tracking devices fitted to some of the animals to monitor patterns of movement, behaviors and how they adapt to their environment
RIYADH: The National Center for Wildlife has released 66 endangered native animals into the King Khalid Royal Reserve in Al-Thumamah region of northeastern Riyadh.
Forty rhim gazelles, 10 Arabian oryx, 10 houbara bustards and six idmi gazelles were released as part of a wider ongoing initiative, in partnership with the Imam Abdulaziz bin Mohammed Royal Reserve Development Authority, that aims to enhance biodiversity, restore ecological balance, promote sustainability, and support eco-tourism in the reserve, the Saudi Press Agency reported.
“This release is a significant step toward maintaining ecological systems and promoting biodiversity,” said Mohammed Qurban, the CEO of the wildlife center.
The stated aim of organization is to become a global leader in wildlife protection, by focusing on breeding endangered species and reintroducing them into natural ecosystems in line with international conservation standards.
Qurban said the center is dedicated to conducting research on endangered species and monitoring biodiversity in protected areas using advanced technologies that track animal populations and collect data that is critical in efforts to address conservation challenges and opportunities.
Talal Al-Harigi, CEO of the development authority, said solar-powered tracking devices have been fitted to some of the released animals. These will enable researchers to monitor them via satellite to gain valuable insights into their patterns of movement, behaviors and how they adapt to their environment.
The initiative also helps to support efforts to restore ecological balance and increase vegetation cover in the reserve, which essential to help species adapt to natural habitats, he added.
City governor launches $160m first phase of Madinah Gate project
- Development will comprise apartments, hotel, retail units, bus station
MADINAH: Madinah governor Prince Salman bin Sultan bin Abdulaziz on Monday launched the $160 million first phase of the Madinah Gate project.
The mixed-use development will comprise a 325-bedroom DoubleTree by Hilton hotel, 80 shops, 44 restaurants, apartments, recreational facilities and a bus station, the Saudi Press Agency reported.
It will also have a direct connection to the Haramain High-Speed Railway, which links Madinah with Makkah.
Madinah Gate — the first two phases of which will span 37,000 sq. meters — is being developed as a collaboration between Saudi Arabia Railways and developer Knowledge Economic City Co., with support from the city’s authorities.
Amin Shaker, chairman of the development company, said the project — its first in southern Madinah — would help strengthen the city’s status as a global visitor destination.
New partnership set to drive Kingdom’s architecture industry
- Deal will help promote local talent, foster innovation
RIYADH: The Architecture and Design Commission has signed a strategic partnership with contracting firm Nesma & Partners to promote the Kingdom’s architecture and design industry.
The commission’s CEO Sumayah Al-Solaiman and Nesma’s Managing Director Rami Al-Turki on Monday signed a memorandum of understanding to establish a framework for collaboration in professional development and industry innovation.
The partnership aims to prepare a new generation of Saudi professionals to compete on the world stage and reinforce the Kingdom’s position as a regional hub for architecture and design excellence.
“The initiative aims to empower architects and designers to develop their skills and enhance their capabilities, creating an environment that nurtures Saudi talent while fostering innovation and creativity in the sector,” Al-Solaiman said.
It would also help to advance the commission’s mission to forge strategic alliances with industry leaders, she said.
Under the deal, the two sides will cooperate in areas such as industry best practice, knowledge exchange and professional workshops. It will also involve the joint sponsorship of competitions, awards and conferences.
“As a leading Saudi contractor, we are committed to providing training and creating employment opportunities for Saudi architects,” Al-Turki said.
“Our strategic partnership with the commission reflects our values of innovation, excellence and social responsibility.”
The initiative aligns with Saudi Vision 2030’s goals for sector development, focusing on building a sustainable ecosystem for architecture and design professionals.
The commission emphasized its commitment to advancing scientific research and creating an integrated environment that supports the sector’s creative community.
Kuwait’s deputy prime minister visits Saudi National Cybersecurity Authority
- Visit focused on enhancing cooperation between Kingdom and Kuwait in cybersecurity sector
RIYADH: Kuwait’s deputy prime minister visited the National Cybersecurity Authority headquarters in Riyadh on Monday, accompanied by an official delegation, the Saudi Press Agency reported.
Sheikh Fahd bin Yousef Saud Al-Sabah, who is also Minister of Defense and Minister of Interior, was received by Musaed bin Mohammed Al-Aiban, Minister of State, Member of the Council of Ministers, and Chairman of the NCA Board of Directors.
The visit focused on enhancing cooperation between Saudi Arabia and Kuwait in the field of cybersecurity.
Discussions centered on strengthening measures to safeguard cyberspace and protect the vital interests of both nations, SPA added.
Film Commission hosts masterclass with Syrian film veteran in Alkhobar
- Ghassan Massoud shares insights to elevate the next generation of talent in the Kingdom
DHAHRAN: The Ministry of Culture’s Film Commission hosted Syrian actor and filmmaker Ghassan Massoud for a masterclass titled “The Secrets of Acting Art” in Alkhobar over the weekend.
The masterclass, a part of the filmmaker’s program, covered the fundamentals of cinematic and theatrical acting, including academic training and actual practice.
It emphasized the close relationship between acting and the visual arts, music, sociology and psychology.
Reflecting on his training and upbringing, Massoud had praise for the Higher Institute of Dramatic Arts in Damascus, where he studied and later became a professor.
He said Syrian theater and filmmaking drew inspiration from mainstream and alternative sources, including Hollywood and European cinematic traditions.
The masterclass consisted of two question-and-answer sessions. The first round was moderated by scriptwriter and director Abdulaziz Al-Sultan, who guided a discussion on Massoud’s background and his experiences in television and filmmaking.
The second round provided an opportunity for interactions with the audience that included filmmakers from diverse backgrounds, as well as movie enthusiasts.
Massoud shared his thoughts on how actors should approach character development.
“I familiarize myself with the character’s vocation, trade jargon, and tools, as well as their psychological and physical attributes, weaknesses, and illnesses. All these aspects influence the character’s attitude, body language, facial expressions, and overall charisma or presence on set.”
Massoud had praise for the cultural landscape in the Eastern Province. He said he was delighted to have met talented and emerging actors, directors, screenwriters and cinematographers.
The actor has been acclaimed for his performances in several international films including Ridley Scott’s 2005 epic “Kingdom of Heaven,” and “Pirates of the Caribbean: At World’s End.”
He said he has enjoyed visiting the Kingdom and collaborating on various cultural and artistic projects. This involvement includes serving as a jury member at the 2023 Saudi Theater Festival in Riyadh.
He also has a part in the upcoming historical epic “Desert Warrior,” which was shot in NEOM in northeastern Saudi Arabia and is set for release in the new year.
When asked about advice he has for aspiring actors, he told Arab News: “Dream a lot but work more.”
The filmmaker’s program, now in its fourth run, has opened new horizons for amateurs and professionals. It features a training program that encompasses all stages of film production, from initial ideas to marketing and distribution.
The program includes both in-person and virtual workshops with experts, as well as artistic residencies and masterclasses in collaboration with international institutes and universities.
