Search form

You are here

  • Home
  • Riyadh event seeks to unify global efforts to develop human capabilities


Riyadh event seeks to unify global efforts to develop human capabilities

Touted to be the first-ever global cooperative platform designed to unify international efforts and enrich the global dialogue on the challenges and opportunities for developing human capabilities, HCI is being held under the patronage of Saudi Crown Prince Mohammed bin Salman. 
Short Url

https://arab.news/v8zcd

Updated 28 February 2024
Nirmal Narayanan
Follow

Riyadh event seeks to unify global efforts to develop human capabilities

Updated 28 February 2024
Nirmal Narayanan

RIYADH: The Saudi capital is set to host the first edition of the Human Capability Initiative on Feb. 28 and 29, an event seeking to empower and uplift capabilities for all. 

Touted to be the first-ever global cooperative platform designed to unify international efforts and enrich the global dialogue on the challenges and opportunities for developing human capabilities, HCI is being held under the patronage of Saudi Crown Prince Mohammed bin Salman. 

According to the HCI website, the event will explore opportunities in various areas including skill development, the future of work, education, talent, and technology. 

It will also bring together policymakers, thought leaders, investors, and entrepreneurs to catalyze international collaboration and maximize resilience, explore opportunities, and promote innovative policy design and solutions.

Global approach

The event will be held under the theme “Future Readiness,” and it will bring together 6,000 experts and decision-makers from around the world and more than 150 speakers from government, private, and nonprofit entities and national and international think tanks.

Speaking to Arab News, Anton Stepanenko, partner and associate director in Education, Employment, and Welfare for the Boston Consulting Group, said that forums like HCI will act as a cornerstone for identifying and scaling solutions for the benefit of Saudi Arabia and globally. 

“As all nations and all education businesses around the world are now working their way to come to terms with a new reality — extract all the value but avoid the pitfalls of using technology, global conferences such as HCI targeting global and national cooperation become an absolute cornerstone in identifying and scaling solutions for the benefit of Saudi Arabia and all learners in the world,” said Stepanenko. 

He added that HCI will witness various strategies being adopted to maximize international collaboration and engagement among policymakers. 

“On top of tools, old best practices exchange, and collective reflections on trends, risks, and opportunities, a few particular ways to collaborate with the comprehensive engagement of all stakeholders stand out — collective foresight into the future of the economy, work, and learning, design sessions to generate collaborative projects and initiatives, the launch of more permanent vehicles such as think tanks, global memorandums to name a few,” said Stepanenko. 

Prominent speakers

Some of the prominent speakers at the event are Saudi Energy Minister Prince Abdulaziz bin Salman, Investment Minister Khalid Al-Falih, and Minister of Human Resources and Social Development Ahmad bin Sulaiman Al-Rajhi. 

Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef and Minister of Economy and Planning Faisal Alibrahim will also speak at the event. 

Other prominent speakers at the event include Minister of Education Yousef Al-Benyan, who chairs the executive committee of the Human Capability Development Program, Princess Haifa bint Mohammed Al-Saud, the Kingdom’s vice minister of tourism, and Princess Nouf bint Mohammed, CEO of the King Khalid Foundation. 

The event will also feature several noted personalities from diverse sectors who will spearhead dynamic discussions centered around human capability development to prepare individuals for the challenges and opportunities of the future.

“HCI reflects Saudi Arabia’s vital role as a global convener to unleash human capabilities potential to drive progress and prosperity, not just within our borders, but across the globe. We are honored to welcome the world’s leading minds to HCI, bringing together the expertise and ingenuity we need today to drive future readiness,” said Anas Al-Mudaifer, CEO of the HCDP. 

He added: “HCI’s speaker lineup showcases the collective impetus across sectors to contribute to a sustainable global agenda that pioneers solutions for human capability development. Through collaborative dialogue, the insights and collaborations born here will ripple outwards, leaving a lasting impact and helping create a better tomorrow for all.” 

In January, HCI, in a press statement, revealed the names of insight partners for the event. 

According to the statement, some of the noted insight partners for the event are Bain & Co., IE Business School, KPMG, Kearney, LinkedIn, Oliver Wyman, and PwC. 

Talking about the theme of the forum “Future Readiness,” Stepanenko said: “Governments tend to be cautious in implementing innovations in the education space, and for a good reason. The best way forward would be to design and test innovative policies in neutral waters, such as global initiatives and projects.” 

He added: “The outcomes of these initiatives will then be appropriately measured, and results will be made available to the HCI stakeholders and participants as potentially recommended courses of action or future international guidelines.” 

Vision 2030 goals 

Organizing an event like HCI is a part of Saudi Arabia’s broader strategy outlined in Vision 2030 to empower the people of the Kingdom with sufficient opportunities for the future. 

The HCDP is one of the Saudi Vision 2030 realization programs dedicated to empowering Saudi citizens and elevating their global competitiveness.

“At the heart of Vision 2030 is a commitment to the nation’s most valuable asset: the people. Recognizing their potential and aspirations, Vision 2030 is dedicated to fostering an environment that nurtures talent, facilitates growth, and empowers everyone,” according to the HCI website. 

Stepanenko noted that forums like HCI will effectively address the intersectionality of skills, future work trends, education systems, talent development, and technology advancements to foster human capability development. 

“A fundamental way to address intersectionality is to involve stakeholders in co-creation sessions — foresight, workshops, and hackathons- and ensure the continuity of initiatives and ideas after the conference. This can be achieved by creating and advancing a global framework of the Future of the Workforce that the Human Capability Initiative can be a launch pad for,” said Stepanenko. 

It was in November 2023 that the Kingdom’s Crown Prince Mohammed bin Salman announced the launch of HCI. 

Following the launch, Al-Benyan said that the event is expected to act as a global cooperative platform that will catalyze international collaboration, enrich global dialogue in human capability development, and contribute to the development of human skills and a prosperous global economy. 

“The conference will discuss challenges facing human capabilities development in light of global changes and the most important skills required in the future global labor market, in addition to the impact of rapid developments in the digital and economic fields on human capabilities,” said Al-Benyan. 

He also added that HCI will address several crucial topics that will help drive new conversations on shaping policy, elevating private-public-third sector partnerships, and catalyzing investments at a global level in developing human capabilities.

Topics: HCI24

Saudi Arabia’s King Abdulaziz International Airport serves 49.1m passengers in 2024

Updated 8 sec ago
Nirmal Narayanan
Follow

Saudi Arabia’s King Abdulaziz International Airport serves 49.1m passengers in 2024

  • Airport’s busiest day ever recorded was on Dec. 31, 2024
  • KAIA handled 47.1 million bags in 2024
Updated 8 sec ago
Nirmal Narayanan

RIYADH: King Abdulaziz International Airport in the Saudi port city of Jeddah served 49.1 million passengers in 2024, representing a 14.1 percent growth compared to the previous year. 

In a statement, Jeddah Airports Co. said that this achievement marks a “historic milestone,” as KAIA handled the highest annual operational figure in the history of airports in the Kingdom in 2024. 

The airport’s busiest day ever recorded was on Dec. 31, 2024, when it served more than 174,600 passengers. 

December also became the busiest month in the airport’s history, with passenger numbers surpassing 4.7 million. 

Strengthening the aviation sector is crucial for Saudi Arabia, as the Kingdom aims to position itself as a global tourism hub by the end of this decade. 

The National Tourism Strategy of Saudi Arabia aims to attract 150 million visitors by 2030 and increase the sector’s contribution to the nation’s gross domestic product from 6 percent to 10 percent.

KAIA also reported a significant increase in total flights last year, which exceeded 278,000, marking an 11 percent increase compared to 2023. 

The press statement added that KAIA also handled 47.1 million bags in 2024, with a 21 percent growth in operational throughput. 

Mazen Johar, CEO of Jeddah Airports attributed this rise in numbers to the KAIA’s accelerated operational growth, enabled by the Kingdom’s leadership and the close oversight of the Ministry of Transport and Logistics. 

Saudia achieves the highest punctuality rate

The Kingdom’s national carrier, Saudia, has topped the list of global airlines in departure on-time performance with a punctuality rate of 88.82 percent in 2024, according to new data from the independent aviation tracking site Cirium. 

According to a press statement, Saudia also ranked second globally in arrival on-time performance, achieving a rate of 86.35 percent. 

Over the past 12 months, the airline successfully operated 192,560 flights across its network of over 100 destinations spanning four continents. 

“We are proud to sustain excellence in global operational performance, which aligns with the objectives of the National Transport and Logistics Strategy and the National Aviation Sector Strategy,” said Ibrahim Al-Omar, director general of Saudia Group. 

He added: “This achievement reflects the collective efforts of Saudia Group employees across all business units and highlights the integrated role played by various sectors in ensuring operational efficiency. These efforts are directly tied to enhancing and improving the guest experience.” 

Saudia operates over 530 daily flights, connecting more than 100 destinations across four continents to the Kingdom with a fleet of 144 aircraft.

In the statement, the airline added that it plans to expand its fleet with 130 new aircraft in the coming years, increasing flight frequency and seat capacity to existing destinations while introducing new destinations to its network. 

Topics: Saudi Arabia King Abdulaziz International Airport (KAIA)

Related

Business & Economy
Saudi Arabia’s JEDCO, Tarshid partner to boost energy efficiency at King Abdulaziz Int’l Airport
Business & Economy
Saudi Arabia boosts desalinated water supply to 50% in Vision 2030 push

Saudi Arabia boosts desalinated water supply to 50% in Vision 2030 push

Updated 36 min 29 sec ago
Miguel Hadchity
Follow

Saudi Arabia boosts desalinated water supply to 50% in Vision 2030 push

Updated 36 min 29 sec ago
Miguel Hadchity

RIYADH: Saudi Arabia’s water sector witnessed significant shifts in 2023, with a 31 percent increase in desalinated seawater production, now comprising 50 percent of the country’s distributed water supply, up from 44 percent in 2022, official data showed. 

According to the General Authority for Statistics’ latest Water Accounts report, non-renewable groundwater consumption by the agricultural sector dropped by 7 percent to 9,356 million cubic meters, compared to 10,044 million m³ in 2022. 

This surge reflects the Kingdom’s strategic efforts to bolster sustainable water resources as part of its Vision 2030 agenda, aimed at reducing dependency on non-renewable groundwater.  

In 2023, renewable groundwater abstraction rose to 21 percent of total groundwater use, while non-renewable abstraction fell by 6 percent, aligning with the country’s emphasis on resource preservation. Additionally, water reuse consumption increased by 12 percent to 555 million m³, signaling progress in recycling initiatives. 

Agriculture remained the largest consumer of water, using 12,298 million m³, but its expenditure share accounted for only 0.5 percent of total water costs. Meanwhile, industry dominated water-related expenditures at 61.4 percent, reflecting its significant reliance on distributed water for operations. 

The shift toward desalinated and renewable water sources is pivotal for Saudi Arabia, which faces acute water scarcity challenges. With groundwater resources depleting and the per capita household water consumption declining from 112.8 liters per day in 2022 to 102.1 liters in 2023, the Kingdom’s investments in desalination and reuse technologies underscore its commitment to long-term water security. 

Industrial sectors saw a notable increase in water consumption, with the share of distributed water used by industries rising to 30 percent in 2023 from 22 percent in 2022. This surge mirrors the Kingdom’s push for industrial expansion under Vision 2030, which emphasizes economic diversification. 

Despite these strides, non-renewable groundwater still constitutes 62 percent of the natural water supply, a decline from 68 percent in 2022 but still a dominant figure. The agriculture sector’s significant water use highlights opportunities for adopting more efficient irrigation techniques and exploring crop diversification to enhance sustainability. 

Saudi Arabia’s water strategy is set to play a critical role in achieving its economic and environmental goals. As the Kingdom continues to expand its desalination infrastructure and promote water reuse, it positions itself as a regional leader in tackling water scarcity through innovation and sustainable practices. 

Topics: SaudiVision2030 sustainablility water

Egypt advances nuclear program with permit for spent fuel storage

Updated 05 January 2025
Miguel Hadchity
Follow

Egypt advances nuclear program with permit for spent fuel storage

Updated 05 January 2025
Miguel Hadchity

RIYADH: Egypt’s Nuclear Power Plants Authority has secured a permit to construct a spent atomic fuel storage facility at the El-Dabaa power plant, located approximately 320 km northwest of Cairo.

The NPPA plans to begin the construction of the facility in 2025. This storage solution will provide safe, dry, and scientifically advanced containment for spent nuclear fuel, with the capacity to store waste for up to 100 years, all while adhering to the highest standards of safety and environmental protection.

El-Dabaa, Egypt’s first nuclear power plant and the country’s largest energy project in decades, is being developed in collaboration with Russia’s Rosatom. The plant will house four VVER-1200 reactors, the same type as those in operation at Russia’s Leningrad and Novovoronezh plants, as well as Belarus’s Ostrovets.

In a statement issued by the NPPA, Amjad El-Wakeel, chairman of the authority, highlighted the achievement as a significant milestone in Egypt’s nuclear program. “The authority has successfully secured the permit for the construction of the spent nuclear fuel storage facility at El-Dabaa, aligning with the project’s implementation timeline,” the statement read.

The NPPA formally submitted the permit request to Egypt’s Nuclear and Radiological Regulatory Authority on June 12, 2024, accompanied by comprehensive design and technical documentation reviewed by nuclear specialists.

Following a series of productive technical meetings between NPPA and NRRA experts, the permit was granted during NRRA’s seventh session on Dec. 31, 2024.

The decision came after a successful site inspection by NRRA representatives, who visited the El-Dabaa plant from Dec.1 to 5, 2024, to assess the site’s readiness for construction.

This development highlights Egypt’s commitment to advancing its nuclear energy program in line with both national priorities and international safety standards, the statement further noted.

Located in the Matrouh governorate along the Mediterranean coast, 250 km west of Alexandria, the El-Dabaa site offers numerous strategic advantages, including access to rail and road networks, low seismic activity, and an abundant supply of cooling water.

The El-Dabaa nuclear project, which has been in the planning stages since 1954, received formal approval in 1983 and was publicly announced in 2007. Following approval from the International Atomic Energy Agency in 2010, Egypt finalized agreements with Russia in 2015. Contracts came into effect in December 2017, and construction officially commenced in July 2022.

Topics: nuclear Egypt

Saudi Arabia’s non-oil sector sustains growth in December: PMI survey 

Updated 05 January 2025
Nirmal Narayanan
Follow

Saudi Arabia’s non-oil sector sustains growth in December: PMI survey 

Updated 05 January 2025
Nirmal Narayanan

RIYADH: Saudi Arabia’s non-oil private sector ended 2024 on a strong footing, driven by the fastest sales growth in a year, which pushed the Kingdom’s Purchasing Managers’ Index to 58.4 in December, according to a survey. 

The Riyad Bank Saudi Arabia PMI survey, compiled by S&P Global, showed that total sales volumes in the non-energy sector rose sharply in December, fueling robust increases in business activity and inventories. 

This performance underscores the Kingdom’s ongoing economic diversification under Vision 2030, which aims to reduce reliance on oil and promote sustainable growth. 

“Saudi Arabia’s non-oil private sector ended 2024 on a high note, reflecting the successful strides made under Vision 2030. The Purchasing Managers’ Index recorded 58.4, underscoring the sector’s resilience and expansion,” said Naif Al-Ghaith, chief economist at Riyad Bank. 

However, December’s PMI slightly declined from November’s 17-month high of 59. In October, the PMI stood at 56.9, and it registered 56.3 and 54.8 in September and August, respectively. 

According to S&P Global, any PMI reading above 50 signals growth in the non-oil sector, while readings below 50 indicate contraction. Notably, the Kingdom’s PMI has stayed above the 50 neutral mark continuously since September 2020, affirming the progress of its non-energy sector. 

The survey highlighted that cost inflation remained sharp in December due to strong input demand, but an easing of job creation helped to soften salary pressures for businesses. 

Non-oil businesses participating in the PMI survey noted that strong economic conditions, higher client demand, and new marketing campaigns contributed to a significant upturn in new work during the final month of 2024. 

“The non-oil GDP is expected to grow by more than 4 percent in 2024 and 2025, driven by substantial improvements in business conditions. A significant rise in new orders has bolstered this growth, indicating increased market confidence and demand,” said Al-Ghaith.  

He added: “Despite challenges such as sharp cost inflation due to strong input demand, the sector has navigated these pressures effectively. December saw a notable increase in material costs, yet wage costs rose more moderately. This balance was aided by an easing in job creation, which helped soften salary pressures.”  

Saudi Arabia’s non-oil businesses also strengthened their presence in international markets. The survey reported the sharpest increase in new export orders in 17 months, driven by product innovations and strong relationships with international clients. 

Business expectations improved to a nine-month high in December, with firms expressing optimism that robust sales growth would lead to greater activity levels in 2025. 

“With the non-oil GDP anticipated to continue its upward trajectory, the sector is well-positioned to contribute significantly to the Kingdom’s long-term economic goals,” said Al-Ghaith.  

He added: “The focus on improving business conditions, boosting domestic and international demand, and managing inflationary pressures aligns seamlessly with Vision 2030’s objectives, setting the stage for sustained growth and prosperity in the upcoming years.”  

Topics: PMI Saudi S&P Global manufacturing

Related

Business & Economy
Saudi PMI hits 59 in November as non-oil sector grows 
Business & Economy
Saudi PMI reveals strong non-oil sector performance, despite price pressures

Saudi green bond market soars on sustainable financing shift

Updated 05 January 2025
Miguel Hadchity
Follow

Saudi green bond market soars on sustainable financing shift

  • Kingdom’s Green Financing Framework provides a comprehensive roadmap for backing climate-focused initiatives
Updated 05 January 2025
Miguel Hadchity

RIYADH: Saudi Arabia’s green bond market is experiencing dramatic growth, positioning the Kingdom as a major player in sustainable financing as it works to meet the ambitious objectives of Vision 2030.

Green bonds, together with sukuk, have seen a surge in popularity, offering critical funding for eco-friendly projects in areas such as renewable energy, sustainable water management, and waste reduction. 

Launched by the Ministry of Finance in March, Saudi Arabia’s Green Financing Framework provides a comprehensive roadmap for backing climate-focused initiatives, igniting interest from both domestic and foreign investors. 

This foundation underscored the Kingdom’s environmental commitments under initiatives like the Saudi Green Initiative, which aims to combat climate change, reach net-zero emissions by 2060, and drive a national transition toward sustainable practices.

CEO of Middle East and North Africa and Asia Pacific at Saxo Bank, Damian Hitchen highlighted their strategic value in an interview with Arab News: “Green bonds are a critical financial tool for advancing Saudi Arabia’s Vision 2030, especially in reducing oil reliance and promoting renewable energy.”

“They foster a more balanced and resilient economy by funding projects outside the oil sector, such as green infrastructure and renewable energy,” Hitchen explained.

Pioneering projects and government support fuel growth

Vision 2030 has made sustainability a cornerstone of Saudi Arabia’s economic strategy, launching the Saudi Green Initiative and the Circular Carbon Economy framework.

“The key factor responsible for the growth of green bonds is Saudi Arabia’s Vision 2030, which aims to reduce the nation’s dependency on oil and increase reliance on clean energy to protect the environment and diversify its economy,” said Vijay Valecha, chief investment officer at Century Financial. 

He added that “strong government support,” evident from initiatives like the Saudi Green Initiative, offers a framework for sustainable projects and regulatory support for green finance instruments.

Significant achievements include the $8 billion funding for NEOM’s green hydrogen plant — the largest such project in the Middle East. 

The growing awareness of environmental issues and the measures taken by the government to transition to a low-carbon future highlight the potential for green bonds.

Vijay Valecha, chief investment officer at Century Financial

Saxo Bank’s Hitchen noted that the Kingdom’s commitment to green bonds could set a regional precedent, adding: “Saudi Arabia is emerging as a key player in the GCC’s (Gulf Cooperation Council’s) green bond market, spurred by Vision 2030 and the Saudi Green Initiative, which prioritize renewable energy and carbon emission reductions.” 

Meanwhile, Century Financial’s Valecha saw that Saudi Arabia is rapidly catching up as a key player in this market, citing NEOM’s green hydrogen plant as “a significant development.”

Investor confidence in green bonds surges

Saudi Arabia’s sovereign wealth organization, the Public Investment Fund, first issued a green bond in 2022, underscoring its commitment by allocating billions of dollars toward green infrastructure, renewable energy, and sustainable water projects. 

Hitchen saw this as creating a ripple effect in the market.

“Investor appetite for green bonds in Saudi Arabia has grown substantially, with institutional and retail investors increasingly drawn to sustainable finance. A notable shift in demand has emerged as environmental, social, and governance factors gain importance in investment strategies,” he said.

Valecha confirmed this rising demand, noting that “the investor appetite for green bonds in Saudi Arabia, particularly from institutional investors, is significant and is surging rapidly.”

He added: “This is evident from recent green bond issuance by the Public Investment Fund, which raised $8.5 billion.”

Valecha anticipated that as the government continues to promote financial literacy and awareness around sustainable investing, retail participation will also rise, “particularly as more individuals understand the tangible benefits of green bonds.”

This growth in demand comes as PIF plans to direct an additional $19.4 billion toward green projects, reflecting confidence in the stability and potential of Saudi Arabia’s green bond market. 

“The growing awareness of environmental issues and the measures taken by the government to transition to a low-carbon future highlight the potential for green bonds,” Valecha added.

Driving economic diversification and long-term sustainability

The rapid growth of green bonds is not only drawing in substantial investments but also supporting Saudi Arabia’s economic diversification, promoting eco-friendly industries and generating new market opportunities. 

Hitchen said: “Green bonds contribute to long-term economic stability and resilience by funding these non-oil sectors. They are pivotal for renewable energy goals, financing projects like solar and wind power to help the Kingdom achieve up to 130 gigawatts of renewable energy by 2030.”

Valecha echoed the transformative impact of these investments, asserting that green bonds are key to “providing the necessary funding to support large-scale solar and wind power projects, thus reducing reliance on fossil fuels and transitioning the Saudi economy toward a low-carbon future.” 

This shift not only benefits the environment but also creates jobs and opens avenues for sustainable urban development, green transportation, and water conservation.

As the Kingdom’s financial markets continue to embrace green bonds, the regulatory framework and investor confidence have solidified, laying the groundwork for sustainable growth. 

Hitchen called for further steps to maintain this momentum, stressing the importance of “strengthening government support and establishing robust transparency standards to give investors confidence that their funds are driving genuine sustainability.” 

Valecha agreed, suggesting that a comprehensive green finance ecosystem is essential.

“The government should further strengthen the rules and regulations to boost investor confidence and attract more capital,” he said, adding: “A domestic green finance ecosystem, including ESG reporting standards and clearer tax incentives, can go a long way in supporting the demand for green bonds.”

Topics: green bonds Saudi Arabia sustainable financing

Related

Business & Economy
Saudi Arabia’s PIF raises $3bn with debut green bonds
Business & Economy
Saudi Arabia and UAE responsible for 90% of region’s green bond market: AMF chairman

Latest updates

Syrian foreign minister in Doha to meet senior Qatari officials
Over 4,000 participate in annual marathon event in Pakistan’s Karachi city
Indian forces clash with Maoist rebels, five dead
OIC body, Pakistani university launch fellowship program for Bangladeshi students and scholars
Pakistani province orders arrest of suspects involved in shooting at Kurram aid convoy

Search form

Print Edition
Read pdf version Subscribe now
© 2025 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.