Saudi businesswoman lauds Kingdom-Japan cooperation ‘changing the world’

Mashael Abdullah bin Al-Saedan, founder and chairwoman of AL SAEDAN BT, made the comments in Fukushima. (Arab News Japan)
Short Url
Updated 17 July 2023
Follow

Saudi businesswoman lauds Kingdom-Japan cooperation ‘changing the world’

  • New construction technology being developed is a global innovation, says Mashael Abdullah bin Al-Saedan
  • Sector critical to several industries, says founder and chair of AL SAEDAN BT

TOKYO: The Kingdom’s cooperation with Japan to develop new technology for the construction industry is “changing the world,” according to a leading Saudi businesswoman.

Mashael Abdullah bin Al-Saedan, founder and chairwoman of AL SAEDAN BT, made the comments in Fukushima at the weekend while participating in the opening of a joint-venture project to provide affordable housing in Saudi Arabia.

“I really think this Saudi-Japanese partnership in the construction and building sector is changing the world,” she said. “This sector drives the economic cycle because it drives more than 200 industries, so it has had a very strong economic impact globally, especially after the corona (COVID-19) crisis.”

She said the world needs technologies that reduce costs, raise productivity, maintain high quality and lead to long-term investment.

“These technologies are developed for the first time in the world in partnership between Saudi Arabia and Japan, and they are exported from Saudi Arabia to the world, including 3D printing materials and the standardization of mass production products,” she explained.

Bin Al-Saedan said that Crown Prince Mohammed bin Salman had in 2017 expressed his desire to see Saudi Arabia “built with robots.” “Today we have translated the dreams of his highness into reality. What I mean is we have made this transformation which is changing the world, and it will be completed within the 2030 Vision in record time. The use of modern technologies makes this possible.”

She added: “So the messages I would like to focus on is Japan is the place of modern technology and Saudi Arabia is the hub of technology because His Highness MBS declared that we will be the Silicon Valley of the world. Today, we are the hub of technology and we are transferring knowledge from Japan to Saudi Arabia and integrating with it by developing this knowledge more and more and exporting it together with wealth and raw materials produced locally.”

Bin Al-Saedan said that Saudi Arabia not only has oil, but also natural raw materials, while Japan has the know-how and relevant patents. “So, we integrate and change the world through integration,” she said. “We can change the world together because we are building the world hand in hand and making life better for humanity.”

She said the innovations underway has resulted also in Saudi 3D printing costs being 50 percent less than those found in other parts of the world.

“That is what we want to focus on and these are the first steps to change the world in the construction sector,” said Bin Al-Saedan, who sees these developments as part of a new industrial revolution.

“Each time a revolution transformed some sector and made it more cost effective and less in terms of the price. Now, the fourth revolution and the fifth revolution talk is all about fast technology, actually miniaturization and functionalization of materials and artificial intelligence machine learning.”

“The construction sector is different and our resources in Saudi Arabia are not only based on oil, as his highness the crown prince said, but even our sand. We are utilizing our mining and our resources, which is even higher quality compared with the world’s, and the prices are competitive as we are integrating it into the technology of Japan and that will transform the construction sector.”

Saudi Arabia is also seeking to use robots that can carry heavy weights and walk distances of up to 100 kilometers, and wants to use 3D printers to manufacture drones.

“This is the crown prince’s dream and the dream for Saudi Arabia — to make Saudi Arabia develop and to build with robots. So, I think Japan is the best partner for Saudi Arabia for both this project and many others because (the) Japanese have the most important culture and people. When they commit to something, they do it. And that is what we need today.”

This article originally appeared on Arab News Japan


Saudi Arabia, Italy to deepen partnership in multiple fields, including aerospace, security

Updated 16 October 2024
Follow

Saudi Arabia, Italy to deepen partnership in multiple fields, including aerospace, security

  • Visit to Leonardo highlights Kingdom’s dedication to enhancing its aviation industry and harnessing global expertise
  • Saudi minister of industry and mineral resources also took part in the ComoLake 2024 Conference

JEDDAH: Saudi-Italian ties in aerospace, defense, and security are set to strengthen as officials from both nations discuss expanding their long-standing partnership in these sectors.

During a meeting held on Oct. 16 in Milan, Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and Stefano Pontecorvo, chairman of Leonardo, an Italian multinational company specializing in aerospace, defense, and security, discussed localizing the manufacturing of helicopter components in Saudi Arabia, including aircraft structures, propellers, fins, and electronic flight systems.

Leonardo has maintained a significant presence in the Kingdom for over 50 years, offering various platforms, systems, and services. 

The partnership aligns with Saudi Vision 2030, which seeks to cultivate a strong and diversified economy, with its aviation sector expected to contribute SR11.4 billion ($3.04 billion) to the country’s gross domestic product by 2030.

Alkhorayef’s visit to Leonardo highlights Saudi Arabia’s dedication to enhancing its aviation industry and harnessing global expertise to achieve its economic objectives, according to the Saudi Press Agency.

By localizing helicopter component manufacturing, the Kingdom aims to create jobs, transfer technology, and develop a domestic supply chain for the aviation industry. 

The initiative is part of a broader effort to strengthen the nation’s capabilities in maintenance, repair, and overhaul services and in producing spare parts for engines, drones, and navigation systems.

Alkhorayef, who commenced a three-day visit to Italy on Oct.14, also met Attilio Fontana, president of the Lombardy region of Italy, to explore the possibility of greater industrial cooperation with a focus on the pharmaceuticals, vaccines, and electric vehicles industries.

The two officials underscored the importance of reinforcing ties, particularly in the industrial and mining sectors, by capitalizing on the robust Saudi-Italian relationship and the engagement of the private sector.

Alkhorayef emphasized the diversification objectives of Vision 2030 and outlined investment opportunities in key sectors, highlighting the competitive advantages available to foreign investors, such as advanced infrastructure and supportive government initiatives.

The Saudi minister also took part in the ComoLake 2024 Conference, which is being held from Oct. 15 to 18 at the International Exhibition and Congress Center of Villa Erba in Cernobbio, on Lake Como.

In a post on his X account following his involvement in the event, Alkhorayef said: “During my participation in the ComoLake Conference in Italy, I emphasized the significant progress the Kingdom has made in its transformational journey within the industrial and mining sectors.”

He added: “This progress, particularly in digital transformation and advanced manufacturing technologies, has opened new horizons for growth and development across various sectors.”

In his speech, the minister said that Saudi Arabia is committed to enhancing global cooperation in the sector and building effective and close partnerships with international industrial organizations to achieve a more balanced and sustainable future.

“The future and advancement of industry worldwide require fruitful international cooperation. Therefore, the Kingdom is keen on partnering with relevant international entities to share knowledge, technology, and expertise to drive innovation, create job opportunities, and build a more sustainable future for all,” he said.

He explained that the country is undergoing an economic transformation journey, with its ambitious plan for 2030, which serves as a roadmap for diversifying sources of national income.

He said that the topics of the ComoLake 2024 align with several objectives of this vision, particularly those related to innovation, sustainability, and global collaboration.

The minister also said that the Kingdom’s National Industrial Strategy includes targets for adopting applications and technologies of the Fourth Industrial Revolution, focusing on integrating artificial intelligence, automation, and data analytics to enhance efficiency, productivity, and sustainability in the industrial sector.

The strategy, he added, also aims to adopt smart manufacturing technologies to develop the Saudi industry and establish new standards for sustainable industrial practices, reported SPA.

He pointed out that artificial intelligence plays a crucial role in automating industrial facilities in Saudi Arabia, transforming them into smart ones.

The minister said that the mining sector is another key pillar of the Kingdom’s economic transformation, adding that Vision 2030 aims for this sector to serve as a source for diversifying the economy’s income, given that the country possesses abundant reserves of critical minerals, such as gold, phosphate, and rare earth elements, which are vital for the energy transition.

Alkhorayef underscored that the country is keen on achieving sustainability in the industrial sector by relying on clean energy solutions and integrating renewable energy sources into industrial operations to meet the Kingdom’s goal of reaching net-zero emissions by 2060.

He added that Saudi Arabia seeks to contribute to the global transition toward green industries and establish a more sustainable model for industrial growth.

He concluded by inviting participants at the event to attend the International Mining Conference 2025, which will be held in Riyadh in January. The gathering represents an important opportunity for establishing effective partnerships in the mining sector, exploring the quality opportunities it offers, and discussing the latest innovative technologies in operations, with a focus on sustainability solutions.

This year’s edition of the ComoLake gathering featured 150 speakers from 14 countries, including representatives from governments and industrial institutions worldwide. It is designed to foster discussions on current and future digital policies, serving as a platform for institutions, businesses, and universities to engage with and explore the new paradigms of economic growth in Italy and the Euro-Mediterranean region within a multipolar global context.


Closing Bell: TASI climbs 37.04 points to close at 12,038

Updated 16 October 2024
Follow

Closing Bell: TASI climbs 37.04 points to close at 12,038

RIYADH: Saudi Arabia’s Tadawul All Share Index increased on Wednesday, gaining 37.04 points, or 0.31 percent, to close at 12,038.67.

The total trading turnover of the benchmark index was SR7.27 billion ($1.93 billion), with 129 of the listed stocks advancing and 97 declining. 

The Kingdom’s parallel market Nomu increased 59.16 points, or 0.23 percent, to close at 25,978.50.

MSCI Tadawul Index also increased by 3.53 points, or 0.23 percent, to reach 1,507.09.

The best-performing stock of the day was Eastern Province Cement Co., whose share price surged 10 percent to SR37.40.  

The second top performer was Abdullah Al Othaim Markets Co., with its share price soaring by 8.51 percent to SR1.50.  

Other top gainers include East Pipes Integrated Co. for Industry and Riyadh Cement Co., as their share prices increased by 6 percent and 5.43 percent to SR166 and SR29.1.

The worst performer was Al-Baha Investment and Development Co., whose share price dropped by 9.37 percent to SR0.29.   

The second poor performer of the day was Alamar Foods Co., which saw its share price decrease by 2.55 percent to SR80.10.

Other worst performers included Almarai Co. and Arab Sea Information System Co., whose share prices shed by 2.55 percent and 2.30 percent, respectively.

On the parallel market Nomu, First Avenue for Real Estate Development Co., was the top gainer, with its share price surging by 30 percent to SR7.80.

The increase came as the firm disclosed its financial results for the first six months of 2024.

The company’s net profit increased by 21.95 percent to SR31 million, up from SR25.4 million in the same period last year.

The firm said in a bourse filing that the increase was due to the rise in profit margin from revenues received from commissions, development for others, and rentals, in addition to the increase in fair value of some investment properties.

Ladun Investment Co. was the major loser on Nomu, as the company’s share price slipped by 6.44 percent to SR3.63.  


Saudi-Egypt trade surges 35.16% in H1 2024 

Updated 16 October 2024
Follow

Saudi-Egypt trade surges 35.16% in H1 2024 

RIYADH: Trade between Saudi Arabia and Egypt saw an annual surge of 35.16 percent in the first half of 2024, according to the General Authority of Statistics. 

The increase was driven by a 73.44 percent jump in the Kingdom’s imports from the north African country, totaling $4.18 billion. 

Meanwhile, Saudi exports to Egypt rose 11.38 percent to $4.21 billion, resulting in a trade surplus of $30 million. 

Non-oil exports accounted for 27.08 percent of Saudi shipments to Egypt, down slightly from 31.7 percent a year earlier. Plastics and rubber products dominated this category, representing 53 percent of the total. 

On the import side, mineral products made up 64 percent of goods coming into the Kingdom from Egypt, reflecting the trade focus on industrial and raw materials.  

The growing trade relationship between Saudi Arabia and Egypt underscores the strengthening economic ties and broader regional efforts to foster cooperation in a post-oil era. 

During talks in Cairo on Oct. 15, Saudi Crown Prince Mohammed bin Salman and Egyptian President Abdel Fattah El-Sisi agreed to enhance trade and investment cooperation, signing an agreement to promote and protect mutual investments. They also established a supreme coordination council to deepen bilateral collaboration. 

Saudi Arabia is actively pursuing a transformative economic vision aimed at reducing its dependence on oil revenues, a strategy embedded in its Vision 2030 initiative. 

This ambitious plan seeks to diversify the Kingdom’s economy by bolstering non-oil exports and forging stronger trade ties with regional allies, including Egypt. 

Saudi Arabia has made significant strides in enhancing its investment climate, focusing on creating a robust framework that attracts foreign investors. 

As a result, countries such as Egypt have shown increased interest in investing in the Kingdom, recognizing growth potential in sectors such as technology, tourism, and renewable energy. 

In the second quarter of 2024, Saudi Arabia’s Ministry of Investment issued 789 licenses to Egyptian firms — a 71 percent increase compared to the same period in 2023 — making Egypt the top recipient of investment licenses. 

In an interview with Al-Ekhbariya, Chairman of the Saudi-Egyptian Business Council Bandar Al-Amiri highlighted upcoming projects, including tourism and real estate developments in Egypt worth over $5 billion, alongside various agricultural initiatives and advancements in the nutrition and pharmaceutical sectors. 

He underscored the significance of knowledge exchange to improve food and pharmaceutical production in both countries, addressing the needs of each nation. 

Additionally, Al-Amiri outlined plans to establish Egyptian factories and companies in Saudi Arabia, which, in collaboration with firms in the  Kingdom, would enhance and facilitate entry into neighboring markets. 

The crown prince’s last official visit to Egypt was in 2022, signaling Saudi Arabia’s shift from providing direct financial aid to focusing on investments in its allies.


Global Future Councils meeting in Dubai focuses on AI, environment and governance issues

Updated 16 October 2024
Follow

Global Future Councils meeting in Dubai focuses on AI, environment and governance issues

  • The annual meeting is organised by World Economic Forum and UAE government and runs until Thursday
  • WEF chairman Klaus Schwab underlines importance of staying ‘hopeful about the future’

DUBAI: The 2024 Annual Meeting of the Global Future Councils began in Dubai on Wednesday, bringing together 500 delegates and experts to discuss issues related to artificial intelligence, the environment and governance.

Organized in partnership with the UAE government, the event was opened by Klaus Schwab, chairman of the World Economic Forum, who emphasized the need for humanity to rethink its relationship with nature and to stay hopeful about the future.

“We moved from an agricultural to an industrial world, and now we are at the intelligent age. To have a better future we must believe in one and we must design it,” Schwab said, arguing that the abandonment of hope for a better world is one of the biggest dangers to mankind. 

Schwab said that technology is not inherently a threat but emphasized that global cooperation is essential in setting boundaries, particularly around AI, to address the challenges facing the world.

The meeting, which runs until Thursday, brings together government officials, futurists and experts from public, private, academic and international sectors in 80 countries. The discussions aim to strengthen cooperation and tackle societal challenges.

More than 500 delegates will engage in 30 councils to address opportunities and challenges in five key areas: technology and AI; environment and climate change; governance; economics and finance; and society.

Mohammad Abdullah Al Gergawi, the UAE’s minister of cabinet affairs, echoed Schwab’s optimism, noting that a better future must be built on hope and an understanding of the past.

“We cannot have a better future without understanding the past,” Gergawi said. “We find ourselves surrounded by rapid changes today and some of our convictions under scrutiny.

“We thought as the world becomes more interconnected, conflicts and military confrontations would diminish. We also thought some global institutions were unshakable but they are also under scrutiny. Instead we have increased societal divisions.”

Gergawi stressed that adaptability is key for governments to navigate these shifts. 

“Sustainability and economy can thrive and can be linked to environmental protection. There is no constant in life, governments must remain open to new ideas at the heart of their strategies. Those who master adaptability will master the future,” he said.

The WEF’s Global Future Councils is a network designed to address global challenges through transformative ideas. Its 30 councils, composed of experts from business, government, academia and civil society, aim to generate insights to help address critical global issues.

For the first time, the event features significant private sector participation, with 70 top CEOs from leading global companies offering insights on the future of their respective industries.

The ideas generated at this year’s meeting will contribute to the WEF’s broader mission of fostering cross-sector partnerships to tackle complex global challenges. These discussions will also help shape the agenda for the 2025 annual meeting in Davos and the year-round work of the forum’s 10 centers.

In his speech, Gergawi also addressed the conflicts affecting the Middle East, stressing the importance of moving forward rather than remaining trapped by the region’s past challenges.

“We live in an era where civilizations can change within a few years. The role of governments is to get our society, our education and health sectors ready for the future. We cannot move away and move on from the past that creates conflicts fast enough.” 


Saudi residential transaction values surge 25% in Q3: Knight Frank

Updated 16 October 2024
Follow

Saudi residential transaction values surge 25% in Q3: Knight Frank

RIYADH: Residential transaction values in Saudi Arabia surged 25 percent year on year in the third quarter of 2024, totaling SR35.4 billion ($9.4 billion), a new report showed. 

According to Knight Frank, the volume of deals also increased by 12 percent, reaching 45,924 deals, highlighting strong demand in the Kingdom’s housing market. 

Riyadh led this growth with a 16 percent increase in sale numbers and a 41 percent rise in transaction values compared to the same period of 2023. The city’s strong performance underscores its position as a central hub for real estate activity in the country. 

This comes as Saudi Arabia’s Vision 2030 aims to boost homeownership to 70 percent by 2030, driving extensive residential development. 

Many of these projects are undertaken by ROSHN, a $20 billion initiative from the Public Investment Fund aimed at delivering over 200,000 homes across the Kingdom. 

“With a current supply of 3.5 million units across the Kingdom’s five major cities, we forecast the residential supply to reach nearly 3.7 million units by the end of 2026,” stated Knight Frank. 

This anticipated increase aligns with the Kingdom’s broader urban development goals and Vision 2030 initiatives aimed at meeting housing demand driven by population growth and economic reforms.

Further supporting the market’s momentum, the report highlighted that Saudi banks issued SR55.7 billion in residential mortgage loans during the first eight months of the year, marking a 3 percent increase from the previous year. 

This growth in mortgage lending signals steady demand for homeownership and real estate investment. 

This follows a continued increase in demand over the last several quarters, as the Kingdom experiences growth in both local and expatriate populations amid efforts to attract investment and advance diversification projects. 

In a separate report in September, Jones Lang LaSalle noted that mortgage contracts in Saudi Arabia reached 24,482 in the second quarter of the year, reflecting a 12 percent year-on-year increase. 

The total value of these agreements amounted to SR18 billion, marking an 8 percent rise compared to the same period last year. 

The report emphasized that the growth in mortgage activity highlights sustained demand for residential properties and aligns with the government’s efforts to promote homeownership among citizens.