Saudi investment minister: Energy, stability key to future Gulf prosperity

Minister of Investment Khalid Al-Falih at the World Economic Forum. (Screengrab/@MEPSaudi)
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Updated 16 January 2024
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Saudi investment minister: Energy, stability key to future Gulf prosperity

  • ‘The most important thing is political stability, long-sighted vision and consistency,’ Khalid Al-Falih tells WEF
  • Kuwaiti finance minister: Sovereign wealth funds ‘one of the examples of the strength of the GCC countries’

LONDON: The energy transition will be at the core of the Gulf region’s strategy to continue to fuel its growth, Saudi Arabia’s investment minister said on Tuesday at the World Economic Forum in Davos, Switzerland.

“The most important thing is political stability, long-sighted vision and consistency,” Khalid Al-Falih told a panel titled “Gulf Economies: All In.”

He added: “Saudi Arabia is very committed to working with our GCC (Gulf Cooperation Council) partners … and our private sector companies are fully embedded in each and every nation of the GCC as we create value to each other.”

Al-Falih said the region will “transition more to a decarbonized, environmentally suitable mix of energy that will have oil and gas continuing for a long, long time, but of course will bring the green, blue and other forms of energy that’s emerging.

“That’s a huge growth potential for the Kingdom, but I believe it’s going to be done at a regional level.

“We’ve seen Saudi companies invest heavily in the Emirates, in Bahrain, in Kuwait and in Oman as we built this sector of renewable energy and hydrogen.”

Al-Falih also noted the progress being made elsewhere as Gulf economies seek to diversify away from fossil fuels to strengthen their economies.

“The other trend, of course, is digital transition. With everything from cloud computing, AI (artificial intelligence) recently, and all of the capabilities that digitization brings, I think that the region is going to continue to lead in this area,” he said.

“I think connectivity, speed and what have you (are) all big enablers for industries, for logistics, for travel and tourism to come to the Kingdom — and to the region — and take advantage of this digital platform.”

Al-Falih touched upon the Gulf’s location at the crossroads between Europe, Asia and Africa, coupled with its rapidly improving infrastructure, as reasons to remain bullish on GCC prosperity, adding: “We have the infrastructure to allow global value chains to be reengineered.”

Bahrain’s Finance Minister Salman bin Khalifa Al-Khalifa said the GCC’s growth is opening up numerous economic possibilities.

The GCC “is moving towards being a $3 trillion per annum GDP (gross domestic product) economic zone by 2030, and moving towards being a $6 trillion per annum economic zone by 2050. That’s the macro trend at conservative numbers,” he added.

“Saudi Arabia is 50 percent of that GDP and a big driver of that growth, and that growth across the region is being driven by sound policy, by excellent execution, and by making sure that we’re simplifying doing business and having a very rapid decision-making process, and we’re seeing the results in that growth.”

He said Bahrain, like Saudi Arabia and others, is diversifying its income streams and investments as it looks towards its future.

“There are six sectors that we’re focused on, and those six sectors are banking, telecoms and digital services, manufacturing, logistics, oil and gas, and tourism, and we’re putting everything into those sectors,” he added.

“Today in Bahrain, 83 percent of GDP is non-oil, and the largest sector in the economy is banking and finance. 

“What we’ve found is that whenever you simplify procedures, whenever you go in and get government out of the way and allow the private sectors to move at the pace that they want to move … things thrive.”

Al-Khalifa rejected suggestions that the Gulf states could be hampered by competition between each other, saying: “The pie currently is growing so fast that competition isn’t even on the table. Everybody is trying to grow their service sectors, grow their participation, grow their GDP, and there’s a lot of synergistic benefits.”

Kuwait’s Finance Minister Ali Ahmed Al-Kuwari noted the role that sovereign wealth funds have to play in driving growth across the Gulf, calling them “powerhouses” and “one of the examples of the strength of the GCC countries.” 

He said they are vital for the future of Gulf economies as “they’re able to invest and co-invest in the private sector” in areas where investment could perhaps be deemed unattractive in the short-to-medium term to drive growth over lengthier periods.

Al-Kuwari equated this to the various national development strategies of states such as Saudi Arabia and Bahrain, saying this “long view” is key to continued success.

However, he warned that regional insecurity poses a threat to this prosperity, citing the current conflict in Gaza as a cause for concern.


Saudi Interior Ministry confirms ban on transferring or publishing security surveillance camera recordings

Updated 06 January 2025
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Saudi Interior Ministry confirms ban on transferring or publishing security surveillance camera recordings

  • Anyone who violates the rule will be punished with a fine of SR20,000 ($5,327), interior ministry says

RIYADH: Saudi Arabia’s Interior Ministry confirmed that the provisions of the “Use of Security Surveillance Cameras” law prohibit the transfer or publication of security surveillance camera recordings.

Security surveillance camera recordings can only be transferred or published with the approval of the ministry or the Presidency of State Security, based on a judicial order, or at the request of an investigating authority.

The ministry explained that anyone who violates this rule will be punished with a fine of SR20,000 ($5,327).

This includes anyone who transfers or publishes recordings in violation of the law or damages or vandalizes security surveillance camera systems or recordings.


Saudi artist breaks from signature style with ‘W’ard’ exhibition

Updated 06 January 2025
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Saudi artist breaks from signature style with ‘W’ard’ exhibition

  • Dammam collection running until Jan. 10 features sculpture, video and imagery

DHAHRAN: Visitors are immersing themselves in a vibrant celebration of art as Hussain Alismail unveils his compelling solo exhibition, “W’ard,” at the SASCA Art Gallery in Dammam, Saudi Arabia.

Launched on Dec. 30 last year and running until Jan. 10, the exhibition is a captivating journey through the artist’s evolving vision.

‘Wa’rd’ series by Hussain Alismail showcases a rich blend of experimentation with different materials, colors and artistic techniques. (Supplied)

In the “W’ard” series, Alismail breaks free from his signature style, which often features bold continuous-line drawings in striking shades of black and red.

Instead, the collection showcases a rich blend of experimentation with different materials, colors and artistic techniques.

HIGHLIGHTS

• Primarily focused on drawing and painting, Hussain Alismail’s artworks delve into the intricate complexities of Saudi social dynamics.

• His works are a way to spark everyday conversations, encouraging viewers to think about the small details of human relationships and expressions.

Visitors can expect to encounter an array of fascinating works, from collages that fuse imagery, mixed media pieces with texture, three-dimensional sculptures, to dynamic video installations that spark imagination.

Hussain Alismail creates a new piece while visitors watch at his W’ard exhibition in Dammam. (Supplied)

At the heart of Alismail’s work lies the symbol of the rose, a timeless emblem of unity that surpasses differences, inviting connection among visitors.

He said: “For this exhibition, I selected flowers to represent the unity among Saudis from different regions, reflecting the shared appreciation for Talal Maddah’s songs that gained popularity in the late 1950s and resonated with both youth and older generations.”

This cultural reference runs throughout the exhibition, highlighting the themes in Alismail’s artwork.

For this exhibition, I selected flowers to represent the unity among Saudis from different regions, reflecting the shared appreciation for Talal Maddah’s songs that gained popularity in the late 1950s and resonated with both youth and older generations.

Hussain Alismail, Saudi artist

Through his collection, Alismail creates an artistic experience that celebrates unity in the diversity of humanity.

“I see my artwork as a reflection of who I am, but once it’s out in the world, it belongs to everyone to interpret and connect with however they choose,” he told Arab News.

Alismail is not only a gifted artist, but also a committed scholar, having recently relocated to Melbourne, Australia, to pursue a master’s degree in design innovation and technology at RMIT.

His time in academia, which he describes as research-focused, has significantly influenced his art. “I’ve found these skills super useful for my art in this exhibition and they’ll definitely play a bigger role in my upcoming projects.”

Alismail holds a bachelor’s degree in fine arts in drawing and painting from OCAD University in Toronto, Canada, as well as a bachelor’s degree in creative arts in visual effects and entertainment design from Flinders University in Adelaide, Australia.

His academic background enriches his creative practice, fueling his artistic exploration.

Primarily focused on drawing and painting, Alismail delves into the intricate complexities of Saudi social dynamics.

His works are a way to spark everyday conversations, encouraging viewers to think about the small details of human relationships and expressions.

Beyond canvas and paper, Alismail’s artistic skills include photography, videography and digital graphics, allowing him to create stories that invite exploration.

“Medium serves as a platform for discovery. I constantly challenge myself to go deeper into techniques and artistic presentations,” he said.

For the exhibition, Alismail embraced a variety of innovative mediums. “I played around with 3D design, 3D printing, AI generative imagery and various other hands-on mediums,” he said.

Additionally, he aims to create a vibrant experience, expressing his desire that viewers feel “joyful and leave with a smile on their face.”

Inspired by cultural stories around him, Alismail combines personal and community tales in his art, enhancing the diverse narratives he shares.

With an eye toward revitalizing cultural connections, his work fosters an enriched understanding of our shared human experiences.

“What my audience has seen from me before is different from what I’m creating now, and I know it’ll have even more depth down the line.”

 


Two substations opened by Diriyah Company and Saudi Electricity Company in Riyadh

Updated 06 January 2025
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Two substations opened by Diriyah Company and Saudi Electricity Company in Riyadh

  • The larger substation will support the first phase of Diriyah’s development and will be implemented through Saudi Services for Electro Mechanic Works

RIYADH: Two major electrical substations were launched at the Diriyah megaproject in Riyadh on Monday.

The substations will be operated by the Saudi Electricity Company and will speed up the development of projects in the historical area of Diriyah as well as nearby Wadi Safar.

“Today is very special to us,” Jerry Inzerillo, group CEO of Diriyah Company, told Arab News, before underlining the importance of developing infrastructure to be able to complete projects in time for Riyadh Expo 2030.

Jerry Inzerillo, Group CEO of Diriyah Company, and the CEO of Saudi Electricity Company, Khalid Alghamdi during the launch of the two substations. (Supplied)

Inzerillo further elaborated on how the project requires sustainable development because it will be serving a large number of people.

The housing project “will cater to 100,000 people who will live, work, recreate, and pray with us every day,” the CEO said. “So, you need all-new, smart-city technology that the Kingdom is leading on.”

The larger substation will support the first phase of Diriyah’s development and will be implemented through Saudi Services for Electro Mechanic Works.

HIGHLIGHT

The two substations were designed in line with Diriyah’s traditional Najdi architectural style to preserve the area’s cultural identity.

The second substation, developed by the Saudi Electricity Company through Maetel contracting company, will be one of the main power sources for Wadi Safar.

This will result in a combination of the area’s natural beauty with modern infrastructure, including hospitality assets and sports facilities such as the Royal Diriyah Equestrian and Polo Club, and Wadi Safar golf course.

Also at the event, the acting CEO of SEC, Khalid Al-Ghamdi, expressed his excitement for this significant event and milestone.

“The completion of the bulk substation and the primary substation marks a new era for Diriyah, one that combines advanced infrastructure with our shared vision of creating a sustainable, world-class city,” Al-Ghamdi said.

“We are honored to work with Diriyah Company to bring power solutions that are both reliable and in harmony with Diriyah’s architectural heritage,” he added.

Diriyah is one of Saudi Arabia’s main megaprojects, supported by the Public Investment Fund. The project will eventually have homes for 100,000 people and is aiming to host millions of visits per year by 2030.

The Diriyah project alone contributes $18.6 billion directly to Saudi Arabia’s GDP and will create 178,000 job opportunities, according to the Diriyah Company.

The two substations were designed in line with Diriyah’s traditional Najdi architectural style to preserve the area’s cultural identity.

While the city is a major part of Saudi Arabia’s Vision 2030, it also has historical importance because Diryiah is the birthplace of the Kingdom of Saudi Arabia.

 


Saudi aid agency KSrelief sends humanitarian aid to Syria by road and air

Updated 06 January 2025
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Saudi aid agency KSrelief sends humanitarian aid to Syria by road and air

  • 60 agency trucks deliver food, shelter materials and medical supplies to meet needs of the Syrian people
  • Six planes carrying aid from the Kingdom arrive at Damascus International Airport

RIYADH: Sixty trucks carrying relief supplies from Saudi Arabia crossed the Nasib Border Crossing into Syria on Monday, as part of a humanitarian effort organized by Saudi aid agency KSrelief.

The trucks contained essential supplies including food, shelter materials and medical supplies, the Saudi Press Agency reported.

Also on Monday, six planes planes carrying aid from the Kingdom arrived at Damascus International Airport.

Jordanian authorities said 600 trucks filled with aid have entered Syria through the Jordanian-Syrian Free Zone since the collapse of President Bashar Assad’s regime on Dec. 8. The director general of the zone, Irfan Khasawneh, told the Jordan News Agency that the flow of goods has remained consistent since then.

The shipments are addressing the needs of the Syrian people for essential items such as food supplies, energy equipment and spare parts for machinery, he added.

Trade is flowing smoothly, with transactions completed promptly and without delays, Khasawneh said, and staff at the zone are ready to handle larger volumes of trucks and goods in the days ahead.


Anti-extremism group Etidal helps Telegram remove 160m items of extremist content in 3 years

Updated 06 January 2025
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Anti-extremism group Etidal helps Telegram remove 160m items of extremist content in 3 years

  • Riyadh-based organization says the collaboration has had a significant effect in curbing the spread of extremist propaganda and recruitment efforts
  • Platform thanks Etidal, says partnership has been instrumental in efforts to identify and remove harmful content

RIYADH: The Global Center for Combating Extremist Ideology, also known as Etidal, said on Monday that more than 31 million items of extremist content were removed from messaging service Telegram during the final quarter of 2024.

This brought the total number of such items removed from the platform since the start of their partnership in 2021 to more than 160 million, it added.

Etidal, which is based in Riyadh, said international cooperation is important in efforts to address extremist ideologies and counter the global threat posed by terrorist organizations, and that the collaboration with Telegram has had a significant effect in curbing the spread of extremist propaganda and recruitment efforts.

The platform said it has intensified its efforts to combat extremism since 2022 and expressed its appreciation for the partnership with Etidal, saying it has proved to be instrumental in efforts to identify and remove harmful content.

“There is no place for incitement to violence or terrorist propaganda on Telegram,” it added.

Etidal said it uses advanced technologies to help monitor and analyze extremist content, and detect the deceptive propaganda and tactics used by terrorist organizations in an attempt to evade content removal. It added that its efforts form part of Saudi Arabia’s broader strategy to help safeguard societies through an integrated approach, including targeted media campaigns to raise awareness of the dangers of extremism.

In addition to its partnership with Telegram, Etidal has established strategic collaborations with other international organizations. In 2021, for example, it signed a memorandum of understanding with the UN Counter-Terrorism Center.