Saudi Arabia, India sign 47 MoUs to bolster investment landscape

Saudi Deputy Minister for Investors Outreach, Badr Al Badr speaks at the India-Saudi Investment Forum in New Delhi, India on September 11, 2023. (AN Photo by Sanjay Kumar)
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Updated 11 September 2023
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Saudi Arabia, India sign 47 MoUs to bolster investment landscape

  • Modi and Saudi Crown Prince Mohammed bin Salman reviewed trade ties in a meeting on Monday
  • Global leaders announced multinational rail and ports deal linking Middle East and South Asia on Saturday

RIYADH: Saudi Arabia and India have signed a bilateral agreement to bolster the investment climate in both countries, said a senior minister at an ongoing investment meet in New Delhi.

Speaking at the India-Saudi Investment Forum in New Delhi, Badr Al-Badr, the deputy minister of investor outreach at the Saudi Ministry of Investment, said: “The Ministry of Investment of Saudi Arabia and Invest India have signed a bilateral agreement to strengthen mutual investment endeavors and have given the comfort zone to investors and traders to do more business.”

The deputy minister further revealed that both nations signed 47 memorandums of understanding, including agreements between private and public sector undertakings.

“Saudi Arabia and India are the right fit for each other. Your demand is our supply, and our demand is your supply as well,” said Al-Badr.

Al-Badr further urged Indian investors and businessmen to invest in the Kingdom.

“You know Saudi Arabia as a long-term global superpower in traditional energy. But you now know that we developed into something much more than that. Our dynamic transformations have been created under the framework of Vision 2030,” said the deputy minister.

He added: “Our Saudi companies are excellent potential partners for you because of their capabilities, capacities, scale, knowledge, financial strength and experience. You will discover that they are great business partners and solution providers.”

Improving trade ties

The deputy minister further said that trade ties between Saudi Arabia and India are growing at a robust rate, with the worth of Indian exports to Saudi Arabia hitting $10.7 billion in 2022, up 85 percent from $5.6 billion in 2018.

Saudi exports to India between 2018 and 2022 have grown by 114 percent. The deputy minister continued it reached $42 billion in 2022 compared to $26 billion in 2018.

“This export growth was achieved during a period of pandemic, energy shocks, geopolitical upheavals, food security challenges, high inflation, environmental challenges and supply chain issues. Despite the challenges, the economy of Saudi Arabia has grown and diversified over the six and half years,” added Al-Badr.

The Indian delegation echoed the sentiment, stating that it felt the time was right to develop the bilateral relationship into an alliance of strength and economic power.

“The time is right, and the time is now. Forever, we knew the strength and power of Saudi Arabia, and you knew what India stood for. So far, we were thinking with our minds, and now, we are thinking with our minds and hearts,” said Invest India CEO Nivruti Rai at the event.

In January, the Saudi Investment Ministry pumped in $1 billion in India’s UPL Ltd. that produces and markets agrochemicals and offers crop protection solutions. The agreement was signed on the sidelines of the World Economic Forum in Davos, Switzerland.

According to industry reports, this large investment is expected to bring specialized agricultural chemicals production within the Kingdom.

The ISIF in New Delhi is seeking to explore investment opportunities across information and communications technology, entrepreneurship, chemicals, energy and advanced manufacturing sectors.

“Several Saudi Arabian companies have already invested in the Indian solar energy sector, and we look forward to collaborating with you in new areas like hydrogen energy,” said Rajesh Kumar Singh, secretary of the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, India.

Better business prospects

The investment prospects are also getting brighter thanks to ambitious economic policies essayed by both governments. For instance, Saudi Arabia has taken radical steps to improve the business environment through its Vision 2030 blueprint.

These initiatives, combined with governance and labor market reform, have made it easier to do business, increased the number of industrial facilities, and raised female participation in the labor force.

“Vision 2030 is hinged on three main pillars; a vibrant society, a thriving economy and an ambitious nation,” said Asaad Al-Jomoai, managing director of the global supply chain resilience initiative at the Saudi Investment Ministry, while addressing the forum.

The event is taking place on the sidelines of the official state visit to India by Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman.

The crown prince also led the Saudi delegation for the G20 leaders’ summit this weekend to seek solutions to the world’s shared challenges.

The India-Saudi Investment Forum follows several events hosted by investment counterparts from countries such as Italy, Japan, Brazil and France.

The forum is part of initiatives designed to attract foreign direct investment to Saudi Arabia in line with its Vision 2030 and the National Investment Strategy, which seeks to unlock $3 trillion in investment opportunities.


Saudi defense minister meets Swedish counterpart

Updated 22 November 2024
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Saudi defense minister meets Swedish counterpart

  • Discussions focused on bolstering cooperation between Saudi Arabia and Sweden

RIYADH: Saudi Arabia’s minister of defense, Prince Khalid bin Salman, met Johan Stuart, minister of state at the Swedish Prime Minister’s office, in Riyadh on Thursday.

They discussed ways in which relations and cooperation between their countries might be enhanced, along with other issues of mutual interest, the Saudi Press Agency reported.

Other Saudi officials present during the discussions included Lt. Gen. Fayyad Al-Ruwaili, chief of the general staff of the Kingdom’s armed forces, and Hisham bin Abdulaziz bin Saif, director general of the defense minister’s office.

The Swedish minister was accompanied by a delegation that included Bjorn Kalvakov, charge d’affaires of the Swedish Embassy in Riyadh, and Sophie Becker, deputy head of the Middle East and North Africa department at Sweden’s Ministry of Foreign Affairs.


Italian food festival highlights nation’s rich taste and culinary flavors

Updated 22 November 2024
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Italian food festival highlights nation’s rich taste and culinary flavors

JEDDAH: The Italian Consulate General in Jeddah hosted on Wednesday night a unique event celebrating the richness and uniqueness of Italian products and flavors on the occasion of the ninth edition of the Week of Italian Cuisine in the World. 

The event is being celebrated all over the globe from Nov. 16-22 by the Italian Ministry of Foreign Affairs and the Italian Ministry of Agriculture as part of their drive to promote the beauty and quality of Italian gastronomy.

Leonardo Costa, the Italian consul general in Jeddah, said: “We are glad to hold this Italian food street festival in the framework of the 9th Week of Italian Cuisine in the World celebrating Italian food culture. The theme for this year’s events is ‘Mediterranean Diet: Traditional Cuisine and Healthy Food,’ which is not a list of healthy food but a lifestyle.”

He added: “All the communities of the Mediterranean Sea share the same idea of hospitality and friendship. All concepts that fully applied to the great generosity and hospitality to the Saudi people and their way of conceiving food.”

Held at Al-Basateen Compound, the Italian Consulate General in Jeddah set up an elaborate street food scene around the pool area, ranging from big local Italian brands from shops, supermarkets, restaurants, cafes, and hotels in Jeddah with the attendance of guests drawn from the diplomatic corps, journalists, Italian expatriates, Saudi guests, the business community, and other selected food enthusiasts.

The festival contained multiple food stalls displayed by the sponsors and participants such as Danub, Lallo restaurant, Assila hotel, Margherita KSA, Montana water by Sharbatly, Ferrero, Loacker, and other brands, where everyone showcased different distinctive Italian delicacies.

Music was also played for the guests by DJ Ahmed Can.

Saudi businessman Mohammed Al-Zahrani — who became fascinated by Italian coffee during his visits to Catanzaro, the capital of the Calabria region in Italy, is the founder of Dell’Oro Store. He told Arab News how he turned his passion into a business.

“I am glad to be part of the ninth Week of Italian Cuisine in the World for the first time, and I am here to promote our coffee,” he added.


Spanish aerobatic pilot Castor Fantoba puts on a spectacular air display in Riyadh

Updated 21 November 2024
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Spanish aerobatic pilot Castor Fantoba puts on a spectacular air display in Riyadh

  • World-class pilot soars high at Sand & Fun event

RIYADH: A Spanish world-class powered aerobatic pilot on Tuesday put on a thrilling aerobatic display filled with loops, rolls, spins, dives and climbs at the Sand & Fun event at Al-Thumamah airport, Riyadh. 

Organized by the Saudi General Aviation, the event runs from Nov. 19-23. 

Castor Fantoba’s performance was one of 10 SkyVentures at Sand & Fun’s series of airshows.

In a sitdown interview with Arab News, Fantoba described how his passion for aviation began and what it takes to become a world-class aerobatic pilot. 

As a child, Fantoba lived in the Spanish region of Navarra, where he watched small planes flying in the sky.

“Every child is looking into the blue ... Near my village there was an older field and eventually there were small planes doing tours and I was always stuck to the glass of the car, looking into the window trying to see if there was something around. I think it was that simple thing that marked my life.”

After secondary school, Fantoba developed a deeper admiration for aviation, which led to him pursuing a career as an engineer. 

Fantoba graduated as an aeronautical engineer and gained his extensive flying experience in areas such as aerial advertising, skywriting, crop-dusting and water-bombing.

He then decided to take a different route and become a pilot, after working for several years in aircraft maintenance. 

Today, Fantoba is an airline captain qualified to fly Boeing 737, 757 and 767s, powered aerobatics in the world-renowned Sukhoi Su-26M and is also a certified flight instructor for ultralight motorized gliders, private pilot licence training, and powered aerobatics.

To prepare for his airshows, Fantoba has a precise regimen of physical training and technical training coached by retired pilot and former member of the Soviet and Russian national aerobatic team, Nikolai Nikituk, who is widely recognized as one of the best pilots in the history of aerobatics. 

“He (Nikituk) is the one who is pushing us and modeling us to arrive at that point in which we will compete and try to win.”

During airshows, pilots take turns performing and on some days the wind could work against them. In moments like those, endurance is key, a practice taught by Nikituk.

“If you control your stress, you get focused and you don’t get nervous and lose energy.” 

Aerobatic pilots draw geometrical figures in the sky using a unique composition of sequences. When performing advanced aerial maneuvers, pilots can experience a range of gravitational forces.

Aerobatic pilots are trained to handle these forces by tensing their muscles to maintain blood flow to the brain and avoid blacking out.

Fantoba said dealing with negative Gz force, when pushing a plane over into a dive, took him 10 years of practice to perfect it. 

“After 10 years of training, (previously) I was not able to get the good rotation or transition, but this year I got it so this for me is the most satisfying.”

To avoid problems in equilibrium, prevent dizziness and fade-out, Fantoba said a lot mental focus, physical conditioning, and training are required. 

“You need to do exactly what you are told to do in a sequence. A sequence is composed of about 14 figures that are very complex with rotations in all directions.” 

Fantoba spoke of an experience when he blacked out during a positive Gz flight. “I remember I was beginning a training camp and I was really relaxed during the beginning of the season ... I was not pushing my body … I remember I was going up and then a voice was calling me ‘Castor, do you hear me?’ (on the radio) and I saw all blue and suddenly realized I was flying.”

Pilots begin with 10 points and lose 1 point per 5 degrees of deviation, so precision is vital to a successful airshow. Pilots usually score an average five points, but Fantoba’s attention to detail allowed him to score 8.3 points in the previous World Championship. 

Fantoba encourages individuals to try flying. “With normal health, you can fly ... you have fantastic aircraft here in Saudi Arabia … call them (organizations) and ask them ‘how can I become a pilot?’ It’s easy and you will discover an absolute new world.”

“Aerobatics and generally all air sports, it does not matter if you are a man or woman, it’s based on skill … in aerobatics we do not have separation.”

Fantoba has numerous achievements to his credit. 

He was a runner-up in the 2022 World Team Championship, runner-up in freestyle at the 2019 World Championship; three bronze medals at the 2017 World Cup; double bronze medal in the 2015 World Cup, bronze medal in Classic and Freestyle in the 2016 European Championship, Absolute European Champion 2014, and nine times Absolute Spanish Champion.

He has been officially recognized as a high level athlete by the Higher Sports Council since 2005. He has bagged more than 50 medals in his sporting career, six medals in a single top-category competition (European Aerobatic Championships 2014). He has won 30 FAI (world governing body for air sports) medals, including six golds.


Man arrested for transporting nine border security violators in Jazan

Updated 21 November 2024
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Man arrested for transporting nine border security violators in Jazan

JAZAN: Authorities in Jazan arrested a citizen for transporting nine border security violators of Yemeni and Ethiopian nationalities. Legal procedures were carried out, and the violators were handed over to the authorities before being transferred to the Public Prosecution.

Authorities have warned that anyone who facilitates the entry of border security violators into the Kingdom, transports them, provides them with shelter, or offers any form of assistance or service, will face severe penalties. These include imprisonment of up to 15 years, fines of up to SR1 million ($266,318), confiscation of any vehicles or properties used in the offense, and public defamation.

Meanwhile, while enforcing environmental regulations in the King Abdulaziz Royal Reserve, field patrols of the Special Forces for Environmental Security arrested a man for illegal hunting in a prohibited area. He was found with an air rifle and three trapped wild animals. Legal measures were taken, and he was referred to the authorities for further action.


Ehsan charity empowers non-profit organizations

Updated 21 November 2024
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Ehsan charity empowers non-profit organizations

RIYADH: Workshops arranged by Ehsan, the national platform for charitable work, are helping empower non-profit organizations.

The initiative will ensure leaders keep pace with the governance of charitable work, with sessions aimed at developing methods to plan and implement projects.

The events are part of Ehsan’s efforts to increase the knowledge and develop the work of its non-governmental partner organizations. They align with its vision of maximizing the impact of projects, developing technical solutions, strengthening partnerships and empowering the non-profit sector.

The first workshops were launched in the Hail, Al-Jouf, Central and Asir regions, and Jeddah Governorate. More than 500 non-governmental organizations took part.