Saudi Arabia and Japan sign 15 investment agreements during bilateral forum 

The agreements were signed to drive investment in the sector of metals, marine, petrochemicals, and automotive among others. (MISA)
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Updated 26 December 2022
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Saudi Arabia and Japan sign 15 investment agreements during bilateral forum 

RIYADH: Saudi Arabia and Japan on Monday signed 15 strategic investment agreements spread across various industries during the Saudi Japan Investment Forum held in Riyadh, as both countries look to deepen business ties.  

The agreements were signed to drive investment in the sector of metals, marine, petrochemicals, and automotive among others, with around 99 Japanese companies investing in the Kingdom as both countries want a further boost in their economic relations. 

Speaking during the forum Saudi Minister of Investment Khalid Al-Falih said the two countries have bolstered their relationship with tremendous dedication as the Kingdom targets $3.3 trillion worth of investments with Japan by 2030. 

The minister added that Saudi Arabia will utilize its relationship with the east Asian country to build more than 500,000 electric cars annually by the end of the decade.

Moreover, the Kingdom aims to build five largest marine industry parks in the world in Ras Al-Khair, Al Falih said during the forum. 

He added that the Kingdom aims to become the world’s leading energy nation as the two countries intend to cooperate for a smoother energy transition. 

Al-Falih said Saudi Arabia aims to become a major hub for gaming and e-sports by 2030 with content that can be exported in the region and globally. 

One day before the forum, Saudi Arabia and Japan held a ministerial meeting in Riyadh, the Saudi Press Agency reported. 

Saudi Minister of Energy Prince Abdulaziz bin Salman, and Japan’s Minister of Economy, Trade and Industry Nishimura Yasutoshi, signed a memorandum of cooperation in the circular carbon economy and carbon recycling fields as well as hydrogen, fuel ammonia, and derivatives. 

Both ministers agreed to focus on emissions reduction rather than energy sources through the effective deployment of carbon recycling and a circular carbon economy. 

The dialogue also expressed the two countries’ ambitions to collaborate in the fields of petrochemicals to maximize integration across the value chain, SPA reported. 

The two sides also revealed their intentions to continue to collaborate in the energy sector with a focus on electricity, renewable energy, energy efficiency and innovation. 


Saudi minister highlights strong ties as Kingdom and Egypt sign energy efficiency deal

Updated 51 min 43 sec ago
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Saudi minister highlights strong ties as Kingdom and Egypt sign energy efficiency deal

  • Prince Abdulaziz bin Salman says joint initiatives will enhance regional energy security, sustainability
  • Saudi companies to launch 5 new solar and wind energy projects in Egypt as part of collaboration

CAIRO: Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman, reaffirmed the Kingdom’s commitment to strengthening energy cooperation with Egypt during his address at the Egypt Energy Show on Monday.

The minister was speaking after the signing of an executive plan between Saudi Arabia and Egypt aimed at enhancing cooperation in the field of energy efficiency.

Under the executive plan, both countries will work together to establish a national energy efficiency program in Egypt, which will include drafting regulations and technical standards, capacity building, raising awareness, and fostering the development of energy service companies.

Prince Abdulaziz emphasized the brotherly relationship between Saudi Arabia and Egypt, saying that both nations share a responsibility to lead the transformation of the energy sector and adding that the collaboration aligned with Saudi Vision 2030 and Egypt’s strategic energy transformation goals.

In his address, the minister thanked Egypt’s leadership and its role in fostering robust relations between the two nations, and he highlighted the several major joint energy initiatives announced on Monday as ways of enhancing regional energy security and sustainability.

As part of the collaboration, five new solar and wind energy projects will be launched in Egypt by Saudi companies, boasting a combined capacity of 1.696 gigawatts and an investment of about SR6.2 billion ($1.65 billion). 

The projects will be developed by ACWA Power, Alfanar, FAS, and MOWAH.

Additionally, ACWA Power has signed a power purchase agreement with the Egyptian Electricity Transmission Company for a 2GW wind energy project in South Hurghada.

With an investment of SR8.6 billion, the initiative is set to become the largest wind energy project in Egypt, further advancing the country’s renewable energy ambitions.

The Saudi-Egypt Electricity Interconnection Project was also highlighted as a significant step toward regional cooperation, with a SR6.7 billion investment and the ability to exchange 3,000 MW of electricity between the two nations once completed.


Saudi wealth fund’s SURJ Sports Investment acquires minority stake in DAZN

Updated 17 February 2025
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Saudi wealth fund’s SURJ Sports Investment acquires minority stake in DAZN

RIYADH: SURJ Sports Investment, the sports arm of the Public Investment Fund, has acquired a minority stake in DAZN to broaden broadcasting opportunities and enhance access to both live and on-demand sports content.

This strategic investment aims to support the growth of Saudi Arabia’s sports sector while bolstering DAZN’s presence in the Middle East and other key markets, according to an official statement released on Monday.

As part of the deal, SURJ and DAZN will launch DAZN MENA, a joint venture designed to elevate sports broadcasting capabilities across Saudi Arabia and surrounding markets.

“This investment is in line with SURJ’s mission to drive fan engagement, boost sports participation, and unlock transformative opportunities, all while positioning the region as a hub for world-class sports,” said Danny Townsend, CEO of SURJ Sports Investment.

The collaboration is set to accelerate the growth of the broader sports sector by enhancing fan engagement and supporting initiatives that encourage sports participation.

“As part of the DAZN MENA joint venture with SURJ, DAZN is committed to expanding sports access and delivering an unparalleled entertainment experience to a global community of passionate fans,” added Shay Segev, CEO of DAZN.

Earlier in January, SURJ entered into a strategic partnership with US-based Enfield Investment Partners. This collaboration is focused on co-investing in global sports properties, including teams, leagues, media rights, and infrastructure. Enfield launched a $4 billion global sports asset fund and will establish a presence in SURJ’s Riyadh offices to support mutual growth and objectives.

Founded in 2023, SURJ Sports Investment is dedicated to international sports investments and advancing Saudi Arabia’s sports ecosystem. Its strategy encompasses investments in broadcasting, digital platforms, grassroots initiatives, and fan engagement.

Through this partnership, DAZN will serve as a key streaming and broadcasting partner for Saudi sports, significantly expanding their reach to a global audience. Operating in over 200 markets, DAZN has built a platform that integrates live sports streaming with interactive digital experiences.

The agreement with SURJ is expected to usher in new broadcasting technologies and further expand the accessibility of sports media in the region.


Saudi Arabia unveils $7.7bn mining investments in Wa’ad Al-Shamal

Updated 17 February 2025
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Saudi Arabia unveils $7.7bn mining investments in Wa’ad Al-Shamal

RIYADH: Saudi Arabia’s mining sector is poised for a major boost with nearly SR29 billion ($7.7 billion) in investments being directed toward the city of Wa’ad Al-Shamal.

Prince Faisal bin Abdulaziz, governor of the Northern Borders region, inaugurated a series of industrial, developmental, and hospitality projects aimed at solidifying the city’s role as a major hub for the Kingdom’s mining industry.

A major highlight of the announcement was the launch of Ma’aden’s Phosphate 3 project, backed by the Shareek program and an investment of SR28 billion.

This initiative is set to increase Saudi Arabia’s phosphate production capacity to 9 million tonnes annually, building upon the existing Phosphate 1 and Phosphate 2 projects, each producing 3 million tonnes. This expansion is expected to bolster the country’s industrial supply chain, generate new investment opportunities, and create employment within the sector.

The governor emphasized that these projects align with Saudi Vision 2030, which aims to expand the mining sector’s contribution to the national economy.

He highlighted that Wa’ad Al-Shamal has transformed into a model for integrated industrial cities, combining major industries, logistics services, and modern residential communities, which enhance its appeal to both local and international investors.

The event was attended by Minister of Industry and Mineral Resources Bandar Alkhorayef, Deputy Minister for Mining Affairs Khalid Al-Mudaifer, and other key officials from both the public and private sectors.

Additionally, the Saudi Authority for Industrial Cities and Technology Zones launched several new industrial, logistical, and service projects, with investments exceeding SR550 million. These projects include infrastructure development in the industrial zone, which spans 4.3 million sq. meters. As part of this initiative, 32 ready-built units have been established, consisting of 20 pre-built factories and 12 support units covering a combined area of 45,000 sq. meters.

Further key developments include a 132 kilovolt, 200 megavolt-amperes power substation, overhead transmission lines, and a 7-km bridge connecting the industrial zone to the international highway. These projects aim to improve logistics and energy reliability, creating an attractive environment for investments, particularly in the phosphate industry.

In addition, the governor inaugurated the expansion of Ma’aden’s residential city in Wa’ad Al-Shamal, adding 96 new residential units. This brings the total number of housing units to 579, supporting industrial and mining sector employees and their families.

To complement the region's infrastructure improvements, the Movenpick Wa’ad Al-Shamal Hotel, developed with an investment exceeding SR500 million, was officially opened. The five-star hotel is designed to cater to the growing accommodation demand from workers, investors, and visitors to the industrial city and Northern Borders region, further enhancing Wa’ad Al-Shamal’s position as an integrated industrial and investment hub.

As part of broader efforts to advance the mining sector, Alkhorayef, along with the deputy minister for mining affairs and other officials, visited several industrial and developmental projects in Wa’ad Al-Shamal and the Northern Borders region.

The tour included a visit to the Scientific Excellence School in Arar, where the minister reviewed modern training laboratories and met with students and faculty. Established through a partnership between Ma’aden and the Ministry of Education with an investment of approximately SR180 million, the initiative seeks to promote scientific education and develop expertise in STEM fields.

The minister also toured the Saudi Technical Institute for Mining in Arar, which has trained over 1,081 students, including 52 female graduates, in a range of specializations such as underground and surface mining, mining operations, and mechanical and electrical maintenance. Equipped with advanced mining simulation and training facilities, the institute plays a pivotal role in workforce localization and preparing Saudi talent for the mining industry.

The tour also included a visit to the Hazm Al-Jalamid mine, one of the Kingdom’s key phosphate mining sites, producing more than 11 million tonnes of phosphate ore annually.

The Northern Borders region is home to extensive mineral resources valued at approximately SR4.669 trillion.

It is a major source of phosphate, a critical element in global food security due to its role in agricultural fertilizer production. The region also contains high-quality deposits of coal, dolomite, limestone, and silica sand. It currently holds five phosphate ore reserve sites and 29 active mining licenses, including 15 for building materials and 14 for mineral extraction.


Big 5 Construct forum fuels Saudi Arabia’s $1.7tn projects’ pipeline 

Updated 17 February 2025
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Big 5 Construct forum fuels Saudi Arabia’s $1.7tn projects’ pipeline 

  • Two-week event showcases industry-leading discussions, strategic deals and innovative technologies, showcases key innovations
  • Masdar signs partnership with Public Investment Fund; PIF acquires a 30% stake in Masdar

RIYADH: Big 5 Construct Saudi 2025 returned for its 13th edition in a groundbreaking two-week format, running from Feb. 15— 18 and 24— 27 at the Roshn Front in Riyadh.

The expansion aligns with the Kingdom’s construction boom, driven by Vision 2030 and a $1.7 trillion pipeline of mega and giga-projects. 

The event was inaugurated by Mohammed Abdulaziz Al-Ajlan, chairman of the Saudi Contractors Authority, with the new two-week format designed to meet the increasing market demand and sector-specific growth opportunities within the Kingdom’s construction industry.

In its first week, Big 5 Construct Saudi hosted the 5th edition of the International Contracting Conference, organized by the SCA and dmg events, bringing together senior government officials, industry leaders and experts to discuss the future of construction in the Kingdom

In his keynote speech at the ICC, Al-Ajlan said the event “serves as an important platform for thought leadership and strategic discussions” that will shape the future of the construction industry as Saudi Arabia accelerates toward its Vision 2030 goals. 

He added: “As a testament to the Kingdom’s leadership in construction excellence, Big 5 Construct Saudi complements our mission at the SCA to empower stakeholders, drive sustainability, and champion advancements that will propel the sector to new heights.”

Industry leaders participated in discussions on advancing sustainability and environmental, social and governance goals in Saudi Arabia. Sinan Rasheed, director of sustainability at New Murabba, highlighted the critical role of transparency and accountability through robust ESG reporting and compliance frameworks.

In its first week, the forum welcomed professionals from across the industry to explore innovations in the foundational stages of construction, spanning structural development, materials and engineering solutions, with co-located events including Heavy Saudi Arabia, Totally Concrete Saudi Arabia, and HVAC R Saudi Arabia.

“As we opened the doors to this year’s Big 5 Construct Saudi, construction industry professionals are gathering to explore key sectors such as heavy construction, concrete, HVAC, MEP technologies and building materials in the first week of the event, ” said Matt Denton, president at dmg events.

“The expanded two-week format not only enhances the attendee experience but also ensures that professionals can find the tools and technologies they need, representing every segment of the construction value chain. The first week specifically focuses on products and solutions for projects in the foundation to ground-up stages, aligning perfectly with the Kingdom’s growing construction demands,” he added.

On the sidelines of Big 5 Construct Saudi, Masdar signed a partnership with the Public Investment Fund, not long after PIF acquired a 30 percent stake in the building and construction materials company by subscribing to new shares via a capital increase.

According to Masdar, the strategic partnership strengthens the company’s position in the sector and drives growth to contribute to Vision 2030.

Faisal Majid Al-Muhaidib, CEO of Masdar, told Arab News: “We are a leading building material company, active in 29 cities in Saudi Arabia with 105 branches. Last week we announced that PIF has invested 30 percent in Masdar shares. So today they are our partners. This is a very big leap for Masdar.”

Al-Muhaidib said PIF has invested in the company as it seeks to localize the supply chain within Saudi Arabia, enhance the customer experience while shopping for building materials, and accelerate growth within the sector in the Kingdom.

He said: “We strongly believe that today we are living in the golden age of the construction industry in Saudi Arabia. We have wise leadership, a clear vision and a very supportive government. Saudi Arabia has always been a place of stability within the region. We are very much optimistic about the future.”

The CEO said in 2024 the building material sector size was around SR380 billion ($101.32 billion), and it is expected to reach SR500 billion by 2030.

“With works in progress for several mega projects, major sporting events and oil and gas there, we see many sectors open within Saudi Arabia for the building and construction material,” Al-Muhaidib said.

Abdulmajid Al-Rashoudi, governor of the SCA, described the construction sector as standing “at the heart of the Kingdom’s Vision 2030”.

He added: “At the SCA, we are committed to building an ecosystem that drives innovation, strengthens local capabilities, and attracts global expertise. 

“Our ongoing partnership with Big 5 Construct Saudi, the largest construction event in Saudi Arabia, is a testament to this vision. 

“It provides a world-class platform that connects public and private sector leaders and industry experts, showcases cutting-edge solutions, and accelerates knowledge exchange, thus playing a significant role in building a future-ready construction sector.”

Over 2,000 exhibitors from more than 60 countries are expected at Big 5 Construct Saudi across the two weeks, showcasing the latest products, services, systems and solutions.

As part of the EcoTrail feature on the opening day, one of the exhibitors, Dewalt, demonstrated its battery-powered tools that reduce carbon emissions by up to 60 percent.

Another exhibitor, LumiCon by Brickeye, presented real-time Internet of Things-based concrete strength monitoring which eliminates excess material waste and improves efficiency.


UAE, Ukraine sign comprehensive economic partnership deal

Updated 17 February 2025
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UAE, Ukraine sign comprehensive economic partnership deal

JEDDAH: The UAE and Ukraine have signed a Comprehensive Economic Partnership Agreement, removing customs duties on 99 percent of Emirati goods and 97 percent of Ukrainian exports to boost trade and investment. 

The agreement aims to unlock new trade and investment opportunities, fostering deeper economic ties between the countries, reported the Emirates News Agency. 

The signing ceremony was attended by UAE President Sheikh Mohamed bin Zayed Al-Nahyan and Ukrainian President Volodymyr Zelenskyy, marking a major step in enhancing bilateral economic cooperation. 

This follows the UAE’s signing of CEPAs since 2021 with countries like India, Indonesia, Turkiye, Israel, Malaysia, Jordan, and Morocco to boost trade, attract investments, and protect exports and intellectual property. 

The UAE president emphasized the strategic importance of the CEPA, highlighting its role in boosting bilateral trade and advancing both nations' economic ambitions. He expressed confidence that the agreement would strengthen economic relations and contribute to sustainable development. 

Zelenskyy echoed these sentiments, emphasizing that the agreement would benefit both Ukraine and the UAE, expanding economic cooperation and providing new opportunities for growth. 

The CEPA agreement was signed in a formal ceremony at Qasr Al-Shati by UAE Minister of State for Foreign Trade Thani bin Ahmed Al-Zeyoudi and Ukraine’s First Deputy Prime Minister and Minister of Economy Yulia Svyrydenko. 

The deal is projected to contribute $369 million to the UAE’s gross domestic product and $874 million to Ukraine’s by 2031. It is also expected to accelerate Ukraine’s economic recovery and create new opportunities in sectors such as infrastructure, heavy industry, and aviation, as well as aerospace, and information technology, according to WAM. 

The deal was signed after the two countries expressed their intent to negotiate a CEPA in December 2022, following over $3 billion in trade and investment commitments made during Zelenskyy’s visit to the UAE in February 2021.

Bilateral trade between the UAE and Ukraine totaled $372.4 million in 2024, down from $385.8 million in 2023. Joint foreign direct investment reached $360 million by 2022, covering sectors like logistics, infrastructure, tourism, and advanced technology. 

The CEPA aligns with the UAE’s broader strategy to expand its global trade partnerships and increase investment across various sectors. The country aims to grow its non-oil trade to 4 trillion dirhams ($1.1 trillion) by 2031, with international trade playing a central role in its economic vision.