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 Arabia chairs first meeting of Council of Arab Cybersecurity Ministers in Riyadh
- Head of Kingdom’s National Cybersecurity Authority says aim of Saudi proposal to establish council is to safeguard vital regional interests and foster cooperation
- Participants include senior officials and ministers in Arab League states, and the organization’s secretary-general, Ahmed Aboul Gheit
RIYADH: Saudi Arabia, represented by Majid Al-Mazid, governor of the National Cybersecurity Authority, chaired the inaugural session of the Council of Arab Cybersecurity Ministers in Riyadh on Monday.
The participants included senior officials and ministers responsible for cybersecurity in member states of the Arab League, as well as Ahmed Aboul Gheit, the organization’s secretary-general.
In his opening speech, Al-Mazid emphasized the Kingdom’s commitment to enhancing Arab security through collaboration in the cybersecurity sector, the Saudi Press Agency reported.
He added that the Saudi proposal that led to the establishment of the council was rooted in a vision for safeguarding the vital interests of the region and fostering cooperation among Arab nations.
Al-Mazid said cybersecurity is not only a pillar of national security but essential for ensuring prosperity, development and stability across the Arab world.
“The Arab leaders’ support for the establishment of this council is a clear affirmation of the importance of cybersecurity in creating a secure and prosperous future for our countries,” he added.
Al-Mazid thanked King Salman and Crown Prince Mohammed bin Salman for their support and guidance in promoting Arab cooperation and enhancing regional security.
Aboul Gheit underscored the sense of urgency required in efforts to strengthen joint Arab efforts relating to cybersecurity, particularly in the face of evolving global threats and challenges.
He said that collective action will be key to building a resilient and secure cybersecurity framework for the region, expressed confidence that the council will prove to be a vital addition to Arab national security systems, and commended Saudi Arabia for its leadership in launching the initiative.
The council reviewed a number of working papers submitted by member states and made several key decisions during its inaugural session. One of the primary outcomes was the initiation of efforts to develop an Arab Cybersecurity Strategy, with the aim of providing a unified approach to challenges across the region.
The council also approved plans for member states to conduct joint cyber-related exercises, and the operational structure and mechanisms of the council were formalized.
Spanish content creator immerses himself in Saudi lifestyle
- Millions of viewers see another side of Saudi Arabia
- Aims to build bridges and counter stereotypes
RIYADH: Spaniard Gus Franco moved to Saudi Arabia out of curiosity in early 2024 and soon fell in love with its rich culture, documenting his experiences and sharing his adventures with millions of viewers on social media.
Franco spoke to Arab News about how he had searched for accurate information about the Kingdom before his move, only to find media overshadowed by stereotypes.
To his surprise, he found the reality was “completely different” to the stereotypes, which inspired him to create his own content and change the narrative.
“That’s how ‘Gus in Saudi’ was born: a project to showcase the Kingdom through a relatable lens,” he said.
“The results speak for themselves: almost 100 million views and followers from over 60 nationalities and countless messages from people saying they now want to visit or work here.”
The content creator and business consultant says his inspiration comes from things that catch his attention: traditions and places as well as Saudi and international followers who guide him through the city and his content.
Saudi Arabia stands out for its unique blend of tradition and modernity, which coexist in fascinating ways.
Gus Franco, Spanish content creator
“Saudi Arabia stands out for its unique blend of tradition and modernity, which coexist in fascinating ways. The pride in preserving traditions, combined with the excitement of Vision 2030, creates a dynamic and evolving atmosphere.
“My Arab followers have been incredibly supportive. They were the first to encourage me and help me refine my content. Even critiques are constructive and teach me about cultural nuances I hadn’t considered.”
Franco has become so fond of the Kingdom, that he is now writing a book inspired by his travels.
“I’ve grown attached to this country and feel that through my work, I can contribute to its image and progress... I still have many projects I want to develop. For instance, I’ve written a 400-page book about the country, which I’m still refining.”
From a small Spanish town to the bustling city of Riyadh, he said he has always had the urge to explore beyond his surroundings, taking over 100 trips globally to more than 150 cities.
“Living in the UK and Belgium shaped my curiosity about regions I knew less about, especially the Middle East.
“Saudi Arabia stood out for its rich traditions and rapid transformations. Thanks to a government program, I arrived nearly a year ago, and it’s been a journey of discovery and growth ever since.”
Franco says life in the Kingdom feels “both familiar and distinct”, noting the city layout, reminiscent of an American style, is car-centric, with social gatherings happening in specific “plazas” or “stirahas”.
He added: “Weekdays follow a structured rhythm of work, gym, and routine, while weekends come alive with vibrant and comforting activities: whether it’s having dinner at 2 a.m., grabbing coffee at 10 p.m., or heading out for a picnic (kashta) in the desert. These experiences add a unique charm to life in Saudi.”
Franco mentioned the rich history between Spain and Saudi Arabia, highlighting Al-Andalus, the Muslim-ruled area of the Iberian Peninsula, and strong family values.
“Both are peninsulas with cultures shaped by diverse influences. Growing up in southern Spain, I found it easy to relate to the warmth and social connections here...I’ve learned so much about Saudi culture, especially the role of religion and the importance of hospitality.
“Saudis are incredibly humble, generous, and welcoming. Trust and family are central to their lives, much like in Spain.”
In Spain, coffee is almost sacred, he added. “My brother and I can go through two or three coffee pots a day. In Saudi Arabia, coffee holds a similarly significant role, which made me feel at home instantly.”
During his time in the Kingdom, Franco said he learned about Saudi culture and the Arabic language organically through interacting with locals.
“I’ve never taken formal lessons, but now I can read, write, and have a vocabulary of over 1,000 words, even if my Arabic is still broken. Words like khalas, inshallah, alhamdulillah, and bismillah are part of daily vocabulary. They represent not just the language but also the deeper values I’ve come to appreciate.
“I still laugh when I think about the comments about being ‘heavy-blooded’ (dam thaqil) or ‘light-blooded’ (dam khafif). At first, I didn’t understand, but now I know it means whether you’re funny or not. It’s been a fun way to learn and connect with the humor here. Alhamdulillah!”
He said reactions to his content creation have been mostly positive, but not everyone fully understands the balance he tries to maintain between social media and real life.
“I know that sometimes it has bothered people close to me. It’s something I’ve learned to handle it better. Also, my mother’s opinion matters deeply to me. She’s always supported me and reminded me to stay grounded and take breaks when needed, which has been invaluable as I navigate this journey.
“Anyway, with my return home for holidays, I’m sure they’ll have plenty of questions about Saudi Arabia, Arabic, and my content. It will be fun to see their reactions!”
Although Franco’s time in the Kingdom may come to an end since his contract is ending soon, he is currently evaluating the options on the table.
“If I stay, I want to take my projects to the next level, increasing their impact and contributing even more to the country. If I leave, I’d like to remain connected to Saudi Arabia in some way.
“This country has become a part of me: culturally, professionally and emotionally. Vision 2030 is marked on my calendar, and I hope to be a part of its story.”
Franco said he would like to be remembered as someone who embraced Saudi culture wholeheartedly, built bridges between the Kingdom and the rest of the world, and showcased its warmth and social connections.
“I’d like to think of myself as a part of Saudi’s ongoing journey.”
Kuwait’s communication minister receives GCC secretary general
- Discussions between the officials focused mainly on the upcoming Gulf meetings in Kuwait
KUWAIT CITY: The GCC’s Secretary-General Jasem Albudaiwi was received by Kuwait’s Minister of State for Communication Affairs Omar Saud Al-Omar in Kuwait on Monday.
Discussions between the officials focused mainly on the upcoming Gulf meetings in Kuwait for the ministerial committees on digital government, postal services, and communications, the Saudi Press Agency reported.
They also explored ways to enhance GCC cooperation in these fields, and reviewed the digital transformation efforts of member states to achieve the council’s vision and objectives.
KSrelief to host 4th Riyadh International Humanitarian Forum in February 2025
- Themed “Navigating the Future of Humanitarian Response,” the forum will coincide with KSrelief’s 10th anniversary
RIYADH: The King Salman Humanitarian Aid and Relief Center will host the fourth Riyadh International Humanitarian Forum on Feb. 24-25 next year, under the patronage of King Salman, the Saudi Press Agency reported on Monday.
Themed “Navigating the Future of Humanitarian Response,” the forum will coincide with KSrelief’s 10th anniversary and is being organized in partnership with UN humanitarian agencies.
It will bring together global leaders, donors, humanitarian workers, and experts to address pressing challenges in humanitarian aid.
The event will also feature high-level panel discussions with renowned researchers and specialists from Saudi Arabia and around the world.
Topics will include the role of humanitarian diplomacy in mitigating conflicts and disasters, strategies for effective delivery of aid and relief supplies, and addressing displacement amid escalating conflicts and natural disasters, SPA added.
KSrelief, Saudi Arabia’s humanitarian arm, continues to play a pivotal role in addressing crises and supporting vulnerable communities worldwide, and the forum underscores its commitment to fostering dialogue and innovation in the humanitarian sector.
The previous edition of the forum in 2023 concluded with recommendations to minimize funding gaps in relief aid and leverage science and innovation for quicker response and improved coordination in humanitarian efforts.
Muslim World League chief meets Pope Francis in Vatican City
- During his visit to Italy, Al-Issa received an honorary fellowship in post-doctoral law studies from the University of Bologna
RIYADH: Dr. Mohammed bin Abdulkarim Al-Issa, secretary-general of the Muslim World League, met Pope Francis, the leader of the Catholic Church, in the Vatican to discuss mutual cooperation and shared interests.
During his visit to Italy, Al-Issa received an honorary fellowship in post-doctoral law studies from the University of Bologna.
The ceremony was attended by the university’s president, the law faculty’s dean, academics, and religious leaders from both Islamic and Catholic communities.
The honor recognized Al-Issa’s efforts in advancing the goals of the UN Charter, promoting peace, reducing cultural tensions, and fostering mutual understanding and collaboration among communities.
The MWL chief emphasized that the reasons for awarding him the post-doctoral fellowship in law from one of the most prestigious Western universities “reflect our Islamic values, which we must clarify to everyone.”
As part of his visit, Al-Issa launched the Islamic Studies and Arabic Language Award at the Catholic University of Milan.
The event was attended by high-level Vatican officials, marking the launch of a groundbreaking initiative to promote the teaching of the Arabic language and Islamic studies in Europe.
Islamic leaders described the award as a long-awaited step on an influential platform within Christian communities. The award includes categories that clarify Islamic concepts and promote the beauty and importance of the Arabic language.
