RIYADH: Saudi Arabia’s wealth extends beyond its oil and gas reserves, with its human capital as its most valuable asset, according to the country’s minister of industry and mineral resources.

Speaking at the Future Minerals Forum in Riyadh, Bandar Alkhorayef emphasized the Kingdom’s commitment to developing its citizens as part of Vision 2030, describing human capital as “the most important asset that we have in this country”. 

During the forum, the minister also announced the inauguration of the Young Mining Professionals Association, a collaboration between the ministry and Saudi mining company Ma’aden, to further empower young talent in the sector. 

“Our Vision 2030 is very keen to ensure that everything we do, from an economic or sector development, is touching our people,” said Alkhorayef. 

“It is designed in a way that impacts people, people’s development, people’s opportunity for investment, entrepreneurs, but also job opportunities, quality job opportunities,” the minister said. 

He added: “I’m happy that our mining sector is very serious about ensuring that at the core part of what we are doing in our strategy, addressing how much impact we can bring to our people and especially to the youth of Saudi Arabia.” 

In a separate panel, Muhammad Al-Saggaf, president of King Fahd University of Petroleum and Minerals, echoed the minister’s sentiments, underscoring the critical role of talent in driving the Kingdom’s economic diversification. 

“In very simple terms, the mandate of KFUPM is to help expand the economy of Saudi Arabia. That is the mandate. We want to do our part that is to push forward an expansion of the base of the economy of the Kingdom,” he said. 

“What do you need to create new sectors?” Al-Saggaf asked. “You need two things: you need investment, and you need talent, and many times, strategists and planners focus a lot on investment, getting FDI (foreign direct investment) agreements, and so on. But talent is, as important, if not even more important, than the investment. And without it, you cannot actually achieve sector development in the way that the Kingdom and Vision 2030 wants.” 

He further explained the connection between investment and talent, describing it as “multiplicative” rather than additive. 

“If it were additive, you could make up for talent by adding investment, but that is not the case. In fact, the relationship between them is multiplicative. It is talent that amplifies and enables and allows the investment to achieve its goals, and without that talent, you will be multiplying by zero and you will be achieving nothing.” 

Al-Saggaf outlined three types of talent emerging from academic institutions. “The first type is the economy-burdening talent,” he said. 

“Those graduates who are unable to have the skills needed for today’s or tomorrow’s economy, and then they become a burden on the economy. They have to be re-skilled, or they take on menial jobs for which they spend years and they don’t need that training, if not, they become disgruntled because they are poor and unemployed and so on,” he added. 

“The second type, which is the largest type, is the economy-maintaining talent. Those are all the engineers and all the physicians, all the professors or the bankers or the lawyers who strive to maintain the progress of the current economy because the current economy has to continue to evolve and survive. And they are the largest portion of any economy this type, and they are essential and needed,” he explained. 

“But the most important type, as far as we are concerned. Our niche is type three. That’s the economy-creating talent. Those are the few who are going to go on to create the future jobs and create the future sectors,” he said. 

Al-Saggaf emphasized that KFUPM focuses on nurturing this talent. “This is why we tell all our students, and we have a number of our students in the audience today — when they get into KFUPM, you are not here to learn to get a job. If you get into KFUPM, it’s a very tough school to get into, you are implicitly guaranteed a job — that is not the objective. You are not here to learn to get a job. You are here to learn to create a job.” 

He also highlighted the university’s achievements in fostering diversity in engineering education. “KFUPM has the highest enrollment of females in engineering anywhere in the world with 50 percent, as opposed to 10-15 percent in global universities,” he said. 

RIYADH: Al-Habtoor Group is moving forward with plans to reopen its five-story mall in Beirut and relaunch the Habtoorland amusement park in Jamhour, contingent on Lebanon’s government delivering the promised security and stability measures.

In an interview with Arab News, AHG Chairman Khalaf Al-Habtoor emphasized that restoring the mall and amusement park remains a key priority for the group. However, these initiatives depend entirely on the assurances of safety and governance from Lebanon’s new leadership.

“We have a different management now overseeing the mall. They are waiting only for the implementation of plans by the president and the prime minister. I fully believe in the president, even though we haven’t met, and I believe in the prime minister,” Al-Habtoor stated.

On Jan. 9, Lebanon elected former army commander Joseph Aoun president, and on Jan. 13, appointed Nawaf Salam, the chief judge of the International Court of Justice, prime minister.

Al-Habtoor expressed his belief that the newly installed leaders possess the potential to unite the country and initiate the critical reforms needed for Lebanon’s economic revival.

Despite Lebanon’s long-standing political instability, including the devastating Beirut Port explosion, AHG has kept its facilities operational, ensuring that its employees retained their jobs throughout turbulent times.

“We don’t close our hotels. Even when we closed (temporarily), we didn’t terminate anyone. During the war, even after the port explosion, we did not release any of our employees. We paid them their salaries because they are part of us, like a family, like partners with us,” Al-Habtoor explained.

He further highlighted the group’s long-standing commitment to Lebanon, emphasizing its role in creating jobs and fostering local development. “We have been working for a very long time in Lebanon, and we created a lot of projects to create jobs for our people there, for our families—I call them. The Lebanese are part of us.”

While acknowledging the political challenges facing the country, the AHG chairman expressed optimism about Lebanon’s future under its new leadership, stressing the importance of public support for the government’s agenda. 

“If the Lebanese people want Lebanon to compete with successful countries, they have to support the president and the prime minister. Lebanon needs a lot of work, renovation, and fixing,” he noted. 

Al-Habtoor pointed to security as the linchpin for any future investments in Lebanon. “Nobody will invest a penny unless there is 100 percent safety and security in the country,” he asserted.

The AHG chairman said if the new president and prime minister manage to establish their authority within the next three months, he will personally return to Lebanon to oversee the group’s projects.

Although AHG has explored new ventures, including the establishment of a production studio, political instability had previously delayed such plans. 

Al-Habtoor reaffirmed his commitment to reconsidering these opportunities once Lebanon’s security situation stabilizes: “I will definitely reconsider, but the country’s shift to safety and security remains priority No. 1.”

The UAE-based businessman also stressed the necessity of clean, well-vetted leadership for Lebanon’s Cabinet. “They should not let any person from another country be involved,” he emphasized.

Despite these challenges, Al-Habtoor expressed hope for Lebanon’s revival under its new leadership, reflecting confidence in their sincerity and commitment to reform. 

“I have hope from these people. I believe in these genuine leaders and their honesty. If they deliver what they promised, I will be there, with my feet on the ground,” he said.

Reflecting on his personal connection to Lebanon, Al-Habtoor shared fond memories of time spent in the country. “My family and I spent a lot of time in Lebanon. We have our house in Jamhour, and we invested in many things. I have a lot of friends there. I miss them, and they miss me,” he said.

Looking ahead, AHG is also set to expand internationally, with the upcoming launch of the 200-key Al-Habtoor Palace luxury hotel in Budapest, scheduled for Feb. 3. The company is also pursuing ongoing projects in Dubai, which Al-Habtoor referred to as “the jewel of the world.”

He added that in Dubai, everyone can sleep and relax, fully assured of their safety and security. “This is what we need in Lebanon,” Al-Habtoor concluded.