LONDON: As famous for his thrill-seeking lifestyle and publicity stunts as for his vast business empire, Richard Branson has set his sights on the stars as he prepares for liftoff on his first space flight.
Before this weekend’s mission on Virgin Galactic’s SpaceShipTwo Unity, the avowed Star Trek fan attributed his drive and taste for adventure to his mother Eve, who died from Covid in January.
“I’ve always been a dreamer. My mum taught me to never give up and to reach for the stars,” said the London-born 70-year-old.
The Virgin group boss, whose net worth amounts to $5.7 billion according to Forbes magazine, made his initial fortune in the record industry in the 1970s.
He has since launched a string of successful companies in sectors as diverse as railways and mobile phones, as well as Virgin Atlantic airlines.
But there have been plenty of missteps.
His failures include a short-lived attempt at Formula One racing, a stab at the soft drinks market with Virgin Cola, and a wedding company called Virgin Bride, which some said existed only because of the name.
Branson was said to have been a below-average student who suffered from dyslexia, his headmaster at private school in southern England apparently telling him he would either go to prison or become a millionaire.
He set up Virgin Records when he was just 20 and earned his first million pounds three years later, buying his own Caribbean island a few years afterwards.
The record label’s breakthrough came with “Tubular Bells,” a 1973 instrumental album by the British musician Mike Oldfield, which sold millions of copies.
His mother was an air stewardess, so perhaps he was following in the family footsteps when he set up his airline in 1984.
But his business practices and publicity stunts since then have irked many.
In 2006, it emerged Virgin Atlantic and British Airways had engaged in price fixing, though his firm avoided any punishment because they tipped off the authorities.
And last year, he asked the British government for £500 million to help Virgin Atlantic weather the economic fallout of the Covid lockdown, despite having paid no income tax in Britain for more than a decade.
Politicians accused him of “milking the system.”
In 2012, a columnist for The Guardian newspaper compared him to the WikiLeaks founder Julian Assange “in that both believe the world revolves around them.”
Ironic as Branson has tried and failed several times to become the first person to go around the world non-stop in a balloon.
At the age of 28, Branson bought Necker Island, where he has hosted lavish parties and getaways for celebrities and political leaders including former US president Barack Obama and his wife Michelle.
Much of Branson’s publicity over the years has been based around his adventuring, in which he has tackled a number of records in speedboats, balloons and even an amphibious car.
These exploits brought him close to tragedy in 1998 when he and his co-pilot were forced to ditch their balloon in the Pacific Ocean after low pressure forced the craft down.
His efforts in recent years have focused on his space tourism company, founded in 2004 and based in the Mojave desert in California.
Branson, who was knighted in 2000 for his services to entrepreneurship, had hoped to join a commercial flight with Virgin Galactic as early as 2009.
But its timeline has been hit by a series of delays including a tragic crash in 2014 that claimed the life of a test pilot.
“Space is hard — but worth it. We will persevere and move forward together,” he said following the crash.
Space, the final frontier for billionaire Richard Branson
https://arab.news/863r2
Space, the final frontier for billionaire Richard Branson
- Richard Branson dedicates drive to his mother who died of COVID-19
- Branson, who was knighted in 2000 for his services to entrepreneurship, had hoped to join a commercial flight with Virgin Galactic as early as 2009
MODON inks $453m in private sector deals to expand Saudi industrial cities
JEDDAH: Saudi industrial cities are set for further growth as the sector's authority revealed it has signed 23 development contracts with the private sector, valued at over SR1.7 billion ($453 million).
The agreements, announced by the Saudi Authority for Industrial Cities and Technology Zones, or MODON, encompass a wide range of projects aimed at boosting industrial capabilities.
These include the expansion of industrial cities, the construction of ready-made factories, the enhancement of MODON’s safety and security systems, and initiatives aligned with the National Industry Strategy.
Additionally, the projects will address water and irrigation needs, improve water treatment facilities, upgrade electricity services, and expand road networks.
MODON’s latest contracts highlight the growing role of the private sector in supporting Saudi Arabia’s ambitious Vision 2030 goals, which emphasize economic diversification, local production, and the creation of an attractive environment for both domestic and foreign investment.
The projects are expected to enhance the competitiveness of Saudi industrial cities, foster greater investment, and improve operational efficiency for businesses.
The agreements will also contribute to regional development, improve environmental sustainability, and promote vegetation growth, MODON stated in a post on its X account.
The development of these projects is in line with Saudi Arabia’s broader efforts to build a dynamic and innovative economy.
This move follows a previous round of agreements in July, when MODON signed nine contracts valued at SR1 billion to enhance infrastructure and service facilities across various industrial hubs. Key initiatives from that round included the development of infrastructure in Makkah’s and Jeddah’s industrial cities and the installation of 132-kilovolt overhead power lines in Tabuk’s industrial city.
Looking ahead, MODON plans further expansion with projects that will improve electrical services, such as the construction of 115-kV overhead power lines in Hafr Al-Batin’s industrial city. The authority is also focusing on enhancing infrastructure networks for the first and second phases of Dammam’s Third Industrial City.
Since its establishment in 2001, MODON has overseen the development of 36 industrial cities and is responsible for managing both operational and under-construction industrial lands across the Kingdom.
In the first quarter of 2024, MODON attracted SR3.4 billion in private sector investments, signed 142 new industrial contracts, and registered a total of 6,758 factories.
As part of its commitment to sustainable growth, MODON also planted over 576,000 trees and finalized 335 logistics contracts, underscoring its broader environmental and economic development objectives.
2.25m freelancers in Saudi Arabia join national economy
- The 25— 34 age group is particularly active in freelancing
- 62% of freelancers hold bachelor’s degrees
JEDDAH: Freelancing is emerging as a key contributor to Saudi Arabia’s economy, with over 2.25 million individuals registered on the freelance platform by September.
This growth reflects the rising popularity of flexible work, supported by the Ministry of Human Resources and Social Development’s launch of the “Future Work” company in 2019 to enhance the freelancing ecosystem by promoting modern workstyles, including remote work and flexible-hour freelancing.
The company’s mission is to create more job opportunities, empower Saudi talent, and develop a labor market that complements traditional employment while aligning with global trends, according to the Saudi Press Agency.
Freelancers make a notable contribution to Saudi Arabia’s economy. In 2023, the sector contributed SR72.5 billion ($19 billion) to the gross domestic product, representing 2 percent of the Kingdom’s total output. This highlights its role in diversifying income sources and strengthening the national economy.
The initiative, along with other efforts, has contributed to reducing the Kingdom’s unemployment rates. Saudi Arabia has revised its unemployment target to 5 percent by 2030, down from the previous goal of 7 percent, as part of Vision 2030’s ambitions.
The progress was highlighted by Minister of Human Resources and Social Development Ahmed Al-Rajhi during a panel discussion at the Budget Forum 2024 in November, where he detailed the Kingdom’s strides in improving employment figures. Al-Rajhi said that the unemployment rate among Saudis was 12.8 percent in 2018, and it has recently dropped to 7.1 percent.
The Ministry of Human Resources and Social Development issues freelance certificates to individuals specializing in specific fields, enabling them to work independently in activities approved by the ministry through the official freelance portal.
A recent report from Future Work highlights the sector’s rapid development and its alignment with Vision 2030. The report also emphasizes the diverse nature of freelance activities, with trade and retail leading at 38 percent, followed by industry at 13 percent and business services at 11 percent. The diversity demonstrates the sector’s adaptability to meet various economic needs.
Freelancing accommodates individuals with different educational backgrounds. According to the report, 62 percent of freelancers hold bachelor’s degrees, while 31 percent have high school diplomas or less, and 7 percent possess higher degrees.
Technology plays a pivotal role in the sector’s growth, with digital platforms becoming indispensable for freelancers, especially in fields like technology, information, and finance. These tools enhance productivity and connectivity, fostering sustainability and success in freelance careers.
Geographically, the Riyadh region accounts for the largest share of freelancers at 27 percent, followed by Makkah at 22 percent, and the Eastern Province at 14 percent.
The 25— 34 age group is particularly active in freelancing, reflecting the younger generation’s growing interest in this flexible career path.
The report said that 3.2 million women have expressed interest in joining the freelance market, underscoring the effectiveness of initiatives aimed at enabling women to balance professional and personal commitments.
Government programs like Reef, the Social Development Bank, and the Human Resources Development Fund further support freelancers by fostering an environment conducive to their growth and success, SPA reported.
Saudi Arabia’s food & beverage sales drive $3.14bn in consumer spending
- Restaurants and cafes topped the list with SR1.69 billion in transactions: SAMA data
RIYADH: Saudi Arabia’s consumer spending reached SR11.8 billion ($3.14 billion) in the week of Dec. 15 to Dec. 21, with the food and beverage sectors continuing to lead in sales, official data showed.
Despite a slight overall decline of 8.1 percent from the previous week, key sectors, especially dining and food, showed consistent performance, according to data from the Saudi Central Bank, also known as SAMA.
The restaurants and cafes sector topped the list with SR1.69 billion in transactions, despite a 13.9 percent weekly dip. Food and beverage spending followed closely, settling at SR1.69 billion as well, reflecting a 9 percent decrease. These categories, however, maintained their dominance in consumer expenditure.
The overall decrease in consumer spending is attributed to the timing of salary disbursements, traditionally paid on the 27th of each month, which typically leads to lower spending in the preceding weeks.
Additionally, the winter holiday season, during which many expatriates travel home, further influenced the dip in domestic spending.
Other sectors saw more moderate drops. The value of clothing and footwear transactions fell by 5.2 percent to SR864.15 million, while construction and building materials recorded a small 0.9 percent decline, totaling SR355 million.
The electronics and electric devices sector saw an 8.7 percent weekly decrease in value, while gas stations and health-related sales also experienced declines of 9.4 percent and 7.3 percent, respectively.
Jewelry sales recorded a 14.4 percent drop in transaction volumes, with a slight 3.9 percent decrease in value. Miscellaneous goods and services saw a 9.1 percent reduction in sales, totaling SR1.4 billion.
Regional breakdown
Regionally, Riyadh remained the largest market with a POS value of SR4.2 billion, although this represented a 6 percent decrease compared to the previous week.
Jeddah saw a 7.5 percent drop to SR1.6 billion, while Dammam recorded a slight 3.6 percent decline to SR617.5 million.
Among smaller cities, Hail experienced the largest decrease, with spending down 14.8 percent to SR169.6 million, and a 12.2 percent reduction in transaction volumes. Makkah recorded a 4.4 percent decline in value, settling at SR502.8 million, while Tabuk saw a 12.8 percent decrease in transaction value to SR210.4 million.
Despite the seasonal slowdown, the food and beverage sectors continue to drive the market, maintaining a steady pace as consumer behavior shifts with the winter season.
Saudi Arabia leverages project management to achieve Vision 2030 milestones
RIYADH: In Saudi Arabia’s pursuit of the ambitious goals set out in Vision 2030, project management has emerged as a key enabler, ensuring that planning aligns seamlessly with execution to achieve transformative outcomes.
This vital discipline is playing a crucial role in turning visionary ideas into reality, as highlighted during a prominent forum held on Tuesday.
The event emphasized the central role of project management in realizing Vision 2030, a comprehensive framework launched in 2016 by Crown Prince Mohammed bin Salman.
The vision aims to diversify the economy and reduce the Kingdom’s dependence on oil. Currently, over 5,000 projects, valued at $5 trillion, are underway, signaling Saudi Arabia's substantial progress in reshaping both its economic and social landscapes.
“Project management is the bridge where vision meets ambition, converting plans into tangible results,” said Badr Burshaid, chairman of the Global Project Management Forum.
He also pointed to the Kingdom's significant investment in human capital, particularly through initiatives such as the Human Capability Development Program, which has placed Saudi Arabia among the top 10 nations globally in equipping professionals with essential business skills.
The forum highlighted the importance of strategic execution in driving economic transformation.
Badr Al-Dulami, deputy minister of transport and logistics services for roads affairs, described project management as the “pulse of transformation,” underscoring its role in fostering competitiveness and innovation.
“This summit is not just an event but a platform for uniting expertise and driving collaboration,” Al-Dulami said.
During the forum, excellence awards were presented to pioneering projects that exemplify Vision 2030’s focus on innovation, sustainability, and impactful outcomes.
Al-Dulami noted that these awards serve as an invitation to explore new horizons of creativity while staying aligned with national objectives.
Saudi Arabia’s success under Vision 2030 is evident across several key sectors. With 87 percent of initiatives either completed or on track, the Kingdom has made significant strides in improving its business environment, generating employment, and advancing major projects like NEOM and the Red Sea Project.
These achievements not only demonstrate Saudi Arabia’s strategic capabilities but also highlight its leadership in executing large-scale initiatives.
In closing, Burshaid urged participants to harness the insights and momentum gained from the forum to ensure continued progress.
“The seeds planted today will grow into achievements that inspire future generations,” he said, encouraging stakeholders to prioritize innovation and collaboration as Saudi Arabia moves forward.
With project management at the heart of Vision 2030, Saudi Arabia is setting a global benchmark for strategic execution and sustainable development, solidifying its role as a leader in transformative growth.
Egypt and Jordan discuss collaborations in natural gas
- Two parties explored ways to exploit shared expertise and resources
- It aligns with both countries’ national security and sustainable development strategies
RIYADH: Cooperation in energy and natural gas between Egypt and Jordan is set to grow as the North African country’s Minister of Petroleum and Mineral Resources Karim Badawi met with the Jordanian Minister of Energy and Mineral Resources, Saleh Kharabsheh.
The talks at the Ministry of Energy and Mineral Resources in Amman revolved primarily around diversifying energy sources and propelling natural gas projects, the Jordanian news agency Petra reported.
This aligns with both countries’ national security and sustainable development strategies.
During the meeting, the two parties explored ways to exploit shared expertise and resources to implement future projects that are projected to yield positive economic returns and further strengthen regional cooperation.
The meeting came during Badawi’s visit to Jordan, during which he assessed the plans and operations of the Jordanian-Egyptian Fajr Co. in developing the natural gas infrastructure in Jordan.
The visit underlined the strategic importance of the 500-kilometer main gas network stretching from southern to northern Jordan.
Badawi also evaluated the progress in enhancing the network’s capacity and related facilities during his stay.
The Egyptian minister reviewed the current and upcoming projects by Egyptian petroleum sector companies planned for implementation in Jordan.
He highlighted the importance of accelerating these initiatives to maximize the economic and environmental benefits of natural gas use across various sectors in Jordan.
Badawi’s visit to Jordan underscores the strong ties and fruitful collaboration between the two nations.
