RIYADH: The US invested more than SR207 billion ($55 billion) in the Kingdom up until February 2018, according to the Saudi Arabian General Investment Authority (SAGIA).
The number of investing companies reached 373 in fields such as services, industry, real-estate, science, arts, and temporary licenses.
Industrial activity had the biggest share of financing with SR193 billion ($51 billion) distributed on 95 different projects. Service activity was financed with SR13.5 billion ($3 billion) distributed on 245 projects. Trade activity was financed with more than SR300 million ($79 million) distributed on nine projects. Two real-estate projects were financed with SR16 million ($4 million) and 16 temporary licenses’ projects were financed with SR2 million ($0.5 million.)
Sixteen new American companies entered the Saudi market in 2017, with SR382 million ($101 million) invested as SAGIA gave the green light to start activities in the Kingdom. The service sector had the biggest share of these licenses, with 13 licenses and an investment of SR 284 million ($155 million). The industrial sector was granted two licenses of an investment that reached SR97 million ($25 million) and the temporary licenses’ sector was financed with SR500,000 ($133,000).
The Saudi sector is one of the US’s biggest importing markets. In 2016, the Kingdom provided the US market with a number of products including mineral, chemical and organic products, fertilizers, aluminum and plastics. From the US, the Kingdom imported cars and their parts, aerial vehicles and their parts, medical, optical and photographic equipment, machine tools and their parts and electronic devices and their parts.
The numbers are a result of the reforms in the Saudi investment environment, in line with the Kingdom’s Vision 2030, while the reforms are a result of national efforts to promote trade and investment activities in the Kingdom. The executive committee was established to improve and promote performance in the private sector to follow up and implement a number of initiatives contributing to economic growth and providing a stable environment for the private sector, with the participation of relevant governmental, private and international bodies.
The Kingdom of Saudi Arabia and the US have good economic ties that go back many decades and are bound by mutual respect and common interests. These relations were established on Feb. 23, 1930, and consolidated in 1931 when the US first started importing Saudi oil, and when the late King Abdulaziz bin Abdul Rahman granted American companies the right to prospect for oil.
In 1932, the two sides signed the temporary commercial diplomatic agreement that was followed by an oil exploration agreement.
In 1972, the Kingdom imported from the US a number of goods and products with a value of $314 million and exported other goods to the US with a value of $194 million.
In 1974, the Kingdom signed a joint report with the US, to establish a Saudi-American joint committee for economic cooperation to meet the needs of the country (products and expertise) at a time when Saudi Arabia was witnessing a big increase in growth and development projects.
SAGIA: US investment in Saudi Arabia worth over $55bn
SAGIA: US investment in Saudi Arabia worth over $55bn
Saudi official elected vice chair of organization that sets standards for global food trade
- Saudi Food and Drug Authority says selection of Khalid Al-Zahrani by Codex Alimentarius Commission is a ‘milestone’ and ‘testament to our commitment to global food safety
- Al-Zahrani has represented the Kingdom on several international committees, including at the World Trade Organization
RIYADH: Saudi official Khalid Al-Zahrani was chosen on Wednesday to be vice chair of the Codex Alimentarius Commission, which sets the standards for the international food trade that are designed to ensure products are safe and protect consumer health.
Representatives of the Saudi Food and Drug Authority who were present for the vote at the commission’s 47th annual session in Geneva, Switzerland, congratulated Al-Zahrani on his election.
“This is a significant milestone for Saudi Arabia and a testament to our commitment to global food safety and standards,” said Hisham Aljadhey, the authority’s CEO.
“By assuming the role of vice chair of Codex, (Saudi Arabia) aims to further strengthen international collaboration, promote sustainable food practices and ensure the well-being of consumers worldwide.”
Al-Zahrani has served as the Codex chairperson for the Near East region since 2020 and was reelected to the position in 2023.
He also represented Saudi Arabia on several international committees, including the World Trade Organization’s Technical Barriers to Trade, the Gulf Cooperation Council Standardization Organization, and the International Organization for Standardization’s Food Products Committee.
He works closely with the Kingdom’s Food and Drug Authority, which aims to prioritize sustainability and enhance efficiency, inclusiveness and transparency within food systems. The authority was recognized in January by the World Health Organization as one of the first five countries in the world to eliminate the use of industrially produced trans fats in food, alongside Denmark, Lithuania, Poland and Thailand.
“Al-Zahrani’s election highlights the exceptional quality of Saudi staff at the SFDA and the authority's efforts in food-safety legislation and oversight,” the authority said.
The Codex Alimentarius (Latin for “Food Code”) is a collection of internationally recognized standards, codes of practice, guidelines and other recommendations related to food production, labeling and safety, published by the UN’s Food and Agriculture Organization and the WHO.
Saudi development fund chief meets Congo’s finance minister
CEO of the Saudi Fund for Development Sultan Al-Marshad met Congo’s Minister of Finance Doudou Fumba Likunde, the Saudi Fund said on X on Wednesday.
During the meeting, they reviewed development cooperation between the two sides that began 40 years ago, as well as discussing ways to enhance economic cooperation to develop vital sectors in Congo.
Ambassador of Saudi Arabia to Congo Abdulaziz Al-Badi was present during the meeting.
Saudi Arabia halves desalination costs, boosts efficiency by 80%, official says
- Technological advancements have played a critical role in the Kingdom’s water conservation efforts
RIYADH: Saudi Arabia has improved its desalination efficiency by 80 percent and halved costs by 50 percent in recent years, a top official from the Kingdom has said.
“Our achievements in desalinated water production in the last eight years are equivalent to what was achieved in the previous four decades,” Deputy Minister of Environment, Water and Agriculture Mansour bin Hilal Al-Mushaiti said.
He outlined the accomplishments at the 2025 Budget Forum hosted by the Ministry of Finance in Riyadh, calling the progress a “historic milestone” for the Kingdom, according to the Saudi Press Agency.
Daily desalinated water production has surged to 6 million cubic meters, contributing to a total capacity of 11.3 million cubic meters daily, he added.
The improvement is testament to the Kingdom’s commitment to water security, environmental sustainability and Vision 2030, the deputy minister said.
He highlighted the monumental scale of the Kingdom’s water infrastructure, noting that water production facilities are primarily located along the coasts, requiring water to be transported across thousands of kilometers.
“The water transmission network we have built spans more than 14,000 km — double the length of the Nile River,” he said. “It crosses mountain peaks, valleys and deserts to deliver water to communities across the Kingdom.”
Strategic water storage capacity has also seen a significant boost, rising from 13 million cubic meters in 2016 to more than 25 million cubic meters today.
“This expansion ensures the Kingdom’s resilience in times of crisis, guaranteeing reliable access to water for all regions,” said Al-Mushaiti.
He attributed the achievements to strong government support and private-sector collaboration.
“We have implemented 29 water projects worth SR28 billion ($7.46 billion), of which 30 percent — SR8 billion — is foreign investment,” he said.
Looking forward, Al-Mushaiti announced plans for private sector projects worth SR58 billion.
“We are building a system where public and private sectors work hand-in-hand to achieve national goals,” he said.
Technological advancements have played a critical role in the Kingdom’s water conservation efforts.
Al-Mushaiti said that by using innovation and sustainable practices, the Kingdom is saving more than 9 billion cubic meters of groundwater annually.
“That’s equivalent to the water consumption of the entire Kingdom’s population for three years,” he added.
During the COVID-19 pandemic, the water sector installed 2 million electronic meters, enabling more efficient billing and consumption monitoring.
“These meters send notifications to users when their consumption exceeds normal levels, promoting the principle of ‘responsible consumption’,” Al-Mushaiti said.
Furthermore, water rationalization initiatives in government agencies saved more than 31 million cubic meters of water in 2023 alone.
The ministry’s efforts have also spurred growth in the agricultural sector, which has seen its contribution to gross domestic product rise from SR64 billion in 2016 to SR109 billion in 2023.
“We achieved self-sufficiency rates for many crops that now exceed 100 percent,” Al-Mushaiti said, adding that these gains reflect the success of policies aimed at conserving water resources while boosting productivity.
On the environmental front, Saudi Arabia is making strides with its Saudi Green Initiative.
Al-Mushaiti said that in just three years, the country has planted more than 95 million trees using renewable water and supplementary irrigation.
“This number will surpass 100 million by the end of the year, marking the start of a green era for the Kingdom,” he said.
The deputy minister also highlighted Saudi Arabia’s leadership in addressing global water challenges.
“Water is the backbone of life and development, and achieving sustainability is one of the greatest global challenges,” he said.
In this regard, Crown Prince Mohammed bin Salman in 2023 announced the establishment of the Global Water Organization, headquartered in Riyadh.
The decision underscores Saudi Arabia’s commitment to advancing water sustainability worldwide, Al-Mushaiti said.
He added that the World Bank has recognized Saudi Arabia’s water system as unique and a model that others should study.
As Saudi Arabia pushes forward with its ambitious plans for water security, agriculture and environmental sustainability, Al-Mushaiti concluded with optimism: “The journey so far has been remarkable, but the best is yet to come.”
Saudi Geological Survey celebrates excellence in research, innovation
- Makkah Deputy Gov. Prince Saud bin Mishaal and Minister of Industry and Mineral Resources Bandar Al-Khorayef attended the event
- CEO Abdullah Al-Shamrani reviewed 25 years of accomplishments, emphasizing the survey’s role in advancing geological sciences
JEDDAH: The Saudi Geological Survey recently celebrated its 25th anniversary with a special event in Jeddah, marking a quarter-century of excellence in geological research and exploration.
Makkah Deputy Gov. Prince Saud bin Mishaal and Minister of Industry and Mineral Resources Bandar Al-Khorayef attended the event.
The event highlighted the survey’s achievements, future initiatives, and contributions to geological research and innovation. Guests shared insights from their experiences with the organization.
CEO Abdullah Al-Shamrani reviewed 25 years of accomplishments, emphasizing the survey’s role in advancing geological sciences, supporting national development, and managing resources sustainably.
He also outlined plans to raise awareness of geological risks via the “Rawasi” platform, preserve Zamzam water sustainability, and complete digital transformation of technical services.
Al-Shamrani affirmed a commitment to advancing technical achievements, implementing projects, and supporting development for a promising future through skilled Saudi cadres.
Al-Khorayef said that since the start of the millennium, the Kingdom had made intensive efforts in mineral resource research and exploration. Led by SGS employees, this had yielded significant discoveries over the past 25 years, impacting the mining sector by boosting investment and developing mineral wealth.
He added that the aim was to position the Kingdom as a global leader in earth sciences and geology through ambitious plans, aligning with its international standing.
These efforts included fully uncovering its mineral wealth, meeting geological needs, building a global earth sciences database, and creating a platform for stakeholders worldwide, the minister said.
Saudi Ministry of Culture to cooperate with King Charles’ school on craft training
- Kingdom’s initiative will help Saudi artisans to develop skills in design, craftmanship and traditional arts
- Ministry of Culture’s goal is to ‘regenerate and renew Saudi craft traditions across different regions of the Kingdom’
RIYADH: Saudi Arabia’s Ministry of Culture has signed an agreement with King Charles’ School of Traditional Arts to cooperate in the programs of the Year of Handicrafts 2025 initiative.
The signing ceremony on Wednesday was attended by Prince Bader bin Farhan, minister of culture, at the Saudi International Handicrafts Week Exhibition (Benan), currently held at the Roshn Front in Riyadh.
Khaled Omar Azzam, director of the traditional arts school at The King’s Foundation, and Hamed Fayez, deputy minister of culture, also attended the signing of the agreement, which aims to revive and promote handicrafts in Saudi Arabia throughout 2025.
A series of sessions and trainings will be launched to revive craft production in several Saudi regions through the “Regeneration of the Crafts of Saudi Arabia” comprehensive program, which will start in January 2025.
The King's Foundation School of Traditional Arts will curate programs, training and initiatives that focus on design and crafts, the Saudi News Agency reported.
“The primary goal is to regenerate and renew Saudi craft traditions across different regions of the Kingdom,” a Ministry of Culture statement said.
The King’s Foundation, a British charity established in 1986 by King Charles III when he was Prince of Wales, has been at the forefront of educating traditional arts alongside urban design and traditional architecture.
The agreement between the Saudi Ministry of Culture and The King’s Foundation school is part of the national culture strategy under the umbrella of Saudi Vision 2030.
Saudi Arabia aim to help Saudi artisans, through training, to develop their skills in design, craftmanship and traditional arts.
