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 arts and culture association hosts captivating ‘Ready for Display’ show
- Exhibition showcases impressive collection of works from 47 artists, reflecting rich diversity of styles and artistic approaches
DAMMAM: The Saudi Arabian Society for Arts and Culture in Dammam began cultural programs with the seventh “Ready for Display” exhibition, showcasing works from 47 artists, including participants from Saudi Arabia, Egypt, Syria, the Philippines, India and Pakistan.
The exhibition aims to highlight a range of artistic styles, techniques and approaches while reflecting the beauty and essence of the local environment.
Running from Nov. 1 to Nov. 10, the show provides an important platform for local and resident artists.
Each artist brings their individual approach to the canvas, with some embracing abstraction while others focus on realistic representations.
Their works captured a variety of subjects, including people, places, animals and shapes, highlighting the rich diversity of artistic expression and individual creativity.
Artists display various mediums, with some using stretched canvas while others experiment with materials such as wood panels and clay, adding distinctive textures and dimensions.
This blend of techniques and media invites viewers to recognize the interconnectedness of art and cultural identity worldwide.
Visitors can appreciate how elements from the land and sea bring life to the displayed artworks’ color palettes and artistic designs.
The still-life drawings also showcase the artists’ attention to detail and innovative creative abilities.
Yousef Al-Harbi, director of the association’s branch in Dammam, said that such exhibitions helped visitors to “gain a deeper understanding of their history and identity,” fostering a sense of pride.
The event has drawn significant interest, with the selection committee receiving 167 submissions from 98 artists, ultimately selecting 47 artworks for display, each representing different schools of thought and techniques in the art world.
In addition, the exhibition featured interactive events, including a workshop on acrylic painting on Nov. 2 and a live painting session on Nov. 3.
Al-Harbi highlighted the association’s broader impact, saying: “In the past four months, we have delivered 38 training workshops, held eight art exhibitions and presented 21 theatrical performances,” aiming to establish the Eastern Province as a center of artistic creativity.
The association is dedicated to nurturing local talent in harmony with Saudi Arabia’s Vision 2030, focusing on cultural identity and sustainable development.
Indonesian-Saudi ties to grow under new government, ambassador says
- Abdulaziz Ahmad highlights Jakarta’s commitment to Middle East peace, new trade ties with the Kingdom
RIYADH: Indonesia’s “alliance” with Saudi Arabia will continue to grow under new president Prabowo Subianto, Jakarta’s ambassador to the Kingdom has told Arab News.
Speaking at a diplomatic reception to celebrate 79 years of independence and longstanding Indonesian-Saudi Arabia ties, Abdulaziz Ahmad highlighted the importance of the growing bilateral relationship, reflecting on recent milestones achieved by both countries.
“Last October, during the historic visit of Indonesia’s former president Joko Widodo, we signed four crucial memorandums of understanding — on the Supreme Coordination Council, halal products, sports and youth cooperation, and technical standards,” he said.
“These agreements are paving the way for a stronger, mutually beneficial alliance that supports both our countries’ development goals.”
The ambassador praised the peaceful transition in Indonesia’s government under President Subianto last month.
He expressed confidence in the future of Indonesian-Saudi relations: “With this new administration, the ties between Indonesia and Saudi Arabia will continue to grow, fostering deeper economic and cultural cooperation.”
Reflecting on the steady growth in trade between the two countries, the ambassador highlighted the significance of Indonesia’s increasing export footprint in Saudi Arabia.
“In 2023, trade between our countries surged to $6.15 billion, marking a 10.81 percent rise since 2019. By August this year, our trade had grown by an impressive 17.32 percent compared to the same period last year,” he said.
“This momentum speaks to the strength of our partnership and the quality of Indonesian exports, particularly in non-oil sectors like palm oil, processed foods and agriculture, which are increasingly meeting the needs of Saudi consumers. Our collaboration emphasizes sustainability and community-based production, aligning well with Saudi Arabia’s Vision 2030.”
He added that Indonesia is committed to peace in the Middle East, strongly condemning the Israeli aggression in Gaza and advocating for humanitarian access and support for Palestinians, in line with international law and UN resolutions.
Ahmad concluded his remarks by extending Indonesia’s appreciation to King Salman and Crown Prince Mohammed bin Salman for their support of Indonesians living in Saudi Arabia, and for the enduring friendship between both countries.
The Indonesian Embassy hosted the reception at the Cultural Palace in Riyadh’s Diplomatic Quarter.
About 500 distinguished guests attended, including diplomats, Saudi officials and business leaders, highlighting the rich cultural heritage of Indonesia and its growing ties with the Kingdom.
The evening featured cultural presentations, including a remo dance from East Java, the harmonious sounds of a Central Javanese gamelan and captivating performances by Indonesian vocalists.
Guests enjoyed a showcase of batik textiles from across Indonesia’s archipelago and were served an array of traditional Indonesian dishes.
Undersecretary for the Riyadh Region Dr. Faisal Al-Sudairi joined the Indonesian ambassador in commemorating the special occasion as a guest of honor.
Japanese envoy bids farewell, reflects on Saudi Arabia’s transformation, cultural legacy
RIYADH: As he prepares to leave Saudi Arabia, Japan’s ambassador to the Kingdom, Iwai Fumio, affectionately known as “Abu Kuji” among his Saudi friends, reflects on the sweeping transformations he witnessed during his tenure.
“Saudi Arabia feels like a second home,” he said.
“The connection I feel to this country and its people is truly unique,” Iwai added.
Under the ambitious Vision 2030 framework, he observed the Kingdom evolving at an unprecedented pace, blending progress with the preservation of its cultural legacy.
“Vision 2030 isn’t just about change — it’s a complete reimagining of what Saudi Arabia can be,” he said, emphasizing how the initiative reshaped the Kingdom’s economy and expanded its influence.
As Saudi Arabia emerged as a regional hub, attracting investment and establishing global partnerships, the ambassador noted the Kingdom’s growing role on the world stage.
From the bustling streets of Riyadh to the awe-inspiring landscapes of AlUla and the towering peaks of Asir, he has seen firsthand the beauty and spirit of a nation embracing change while honoring its heritage.
“Each place tells a story of resilience and pride,” he said, noting how the Kingdom’s diverse regions reflect the harmony of tradition and progress.
Iwai spoke with deep appreciation of the hospitality he encountered throughout his time in Saudi Arabia. “The warmth here is unmatched,” he said, recalling how Saudis welcomed him not just as a diplomat but as part of their extended community.
The title “Abu Kuji” itself, bestowed upon him by his Saudi friends, symbolizes a personal connection and affection that goes beyond formal diplomacy.
“There is a sincerity here, a tradition of openness and generosity that is incredibly touching,” he remarked. “It’s rare to find such genuine warmth in the world.”
The ambassador also praised the Arab News Japanese edition, a key initiative fostering closer ties between Saudi Arabia and Japan.
He acknowledged the publication’s vital role in promoting mutual understanding, enabling Japanese readers to appreciate the breadth and depth of Saudi Arabia’s transformation.
“Arab News Japan has allowed people back home to witness this journey of growth and ambition,” he said. “It has been instrumental in bridging our cultures and deepening the friendship between our nations.”
Reflecting on his years in Saudi Arabia, he expressed admiration for the rapid advancements in technology, infrastructure and economic diversification under Vision 2030.
From newly developed hotels and infrastructure projects to the ease of new digital visa services, he noted the strides the Kingdom has made to attract international businesses and tourists alike.
“These developments show Saudi Arabia’s readiness to welcome the world,” he said.
The ambassador highlighted how Japan, with its experience and technological expertise, is well positioned to collaborate with Saudi Arabia on these fronts.
Yet beyond the visible changes, it is the people and their shared pride in tradition that left the most indelible mark on him. From experiencing the energy of Saudi cities to the tranquil beauty of its historical sites, the ambassador described his journey through the Kingdom as transformative on a personal level.
“It’s not just the landscapes or the cities,” he said, “but the people, their warmth, their traditions — these are the true treasures of Saudi Arabia.”
As he bid farewell, Iwai voiced optimism for a future of strengthened collaboration, particularly in fields such as energy, technology, and cultural exchange, where Japan’s expertise aligns with Saudi Arabia’s goals under Vision 2030.
He leaves with a sense of gratitude and hope, confident that the friendship between Saudi Arabia and Japan will continue to deepen.
Reflecting on his next chapter, the ambassador shared his excitement for his upcoming assignment in Egypt, a country he believes will offer new opportunities to deepen Japan’s ties in the region.
“Each country has its unique story and path, and I am grateful for the opportunity to carry forward the spirit of partnership I’ve cherished here in Saudi Arabia,” he said.
“Saudi Arabia will always hold a special place in my heart,” he added, “for the incredible transformations I witnessed, but most of all, for the friendships and warmth of its people, who welcomed me like family.”
Saudi foreign minister meets with French president’s MENA advisor
- Discussions focused on the strong relations between their two nations and explored ways in which these could be further enhanced
RIYADH: Saudi Arabia’s Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah met with the French president’s advisor for the Middle East and North Africa region, Anne-Claire Legendre, this week.
Discussions focused on the strong relations between their two nations and explored ways in which these could be further enhanced, reported Saudi Press Agency.
They also reviewed regional issues, with a particular focus on Gaza and Lebanon and ongoing efforts to address the issues there.
KSrelief chief, Palestinian education minister discuss university research partnership
- KSrelief implement sanitation project in Yemen’s Marib governorate
RIYADH: The advisor to the Royal Court and supervisor general of the Kingdom’s aid agency, KSrelief, met with the Palestinian education minister this week to discuss cooperation on educational projects and programs for schools and universities.
Dr Abdullah Al-Rabeeah and Amjad Barham also talked about ways in which research collaboration between Saudi and Palestinian higher education institutes could be enhanced, reported Saudi Press Agency.
The Palestinian minister also expressed his gratitude to the Saudi government for the Kingdom’s ongoing support for his people.
Meanwhile, KSrelief has implemented a project to improve sanitation services for internally displaced persons and the host community in Yemen’s Marib governorate, in partnership with the UN International Organization for Migration.
The project entails the construction of 200 new latrines and rehabilitation of 600 sewage pits and will directly benefit 47,598 individuals facing tough living conditions.
