RIYADH: Saudi Arabia’s NEOM gigaproject, a futuristic region being built in the desert, is a “generational investment” with a long timeline, the country’s investment minister told Reuters on Monday, adding that foreign investment will pick up pace.
“NEOM was not meant to be a two-year investable opportunity. If anybody expected NEOM to be foreign investment in two, three or five years, then they have gotten (it) wrong — it’s a generational investment,” Minister Khalid Al-Falih said on the sidelines of the World Investment Conference in Riyadh.
“The flywheel is starting and it will gain speed as we go forward, as some of the foundational assets come to the market,” he said.
The world’s top oil exporter has poured hundreds of billions of dollars into development projects through the kingdom’s $925 billion sovereign fund, the Public Investment Fund (PIF), as it undergoes an economic agenda dubbed Vision 2030 to cut dependence on fossil fuels.
NEOM, a Red Sea urban and industrial development nearly the size of Belgium that is meant to eventually house 9 million people, is central to Vision 2030. Saudi Arabia has scaled back some lofty ambitions to prioritize completing elements essential to hosting global sporting events over the next decade as rising costs weigh, sources told Reuters earlier this month. NEOM announced this month its long-time chief executive, Nadhmi Al-Nasr, had stepped down, without giving further details.
Asked what effect the departure would have on investors, the minister said the executive had done “a respectable job” but that “there is a time for everybody to pass on the baton.”
Asked if PIF will continue to do much of the spending on NEOM until more foreign funds come in, Al-Falih said it was not binary.
“I think foreign investors are starting to come to NEOM, they’re starting to channel capital. Some of the projects that the PIF will be doing will be financed through global capital pools, through some alternative and private capital. That’s taking place as we speak,” he said.
“So I urge you not to look at NEOM as being 100 percent PIF and then suddenly there will be a cliff and it will go private.”
Saudi Arabia, which is racing to attract $100 billion in annual foreign direct investment by the turn of the decade — reaching about a quarter of that in 2023 — has recently seen more co-investment deals between state entities and foreign investors.
“It’s always been the intent,” Al-Falih said of foreign inflows alongside state funds.
He noted that foreign investors were at times “still looking, still examining, still sometimes questioning,” but that now there was confidence in the profitability of investment opportunities and that “the risk-return trade-offs are very, very fair and positive to them.”
Saudi Arabia’s NEOM gigaproject a ‘generational investment,’ minister says
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Saudi Arabia’s NEOM gigaproject a ‘generational investment,’ minister says
- The world’s top oil exporter has poured hundreds of billions of dollars into development projects through the kingdom’s $925 billion sovereign fund
Saudi minister of Islamic affairs receives Malaysian counterpart in Jeddah
- Ministers address various topics, especially those concerning Islamic affairs
- Malaysian minister praises Saudi efforts to serve Muslims, holy sites in Makkah and Madinah
JEDDAH: Sheikh Abdullatif bin Abdulaziz Al-Sheikh, the Saudi minister of Islamic affairs, met with his Malaysian counterpart, Dato Muhammad Naeem bin Mukhtar, in his office in Jeddah on Wednesday.
The ministers addressed various topics during the meeting, especially those concerning Islamic affairs, the Saudi Press Agency reported.
They discussed the Kingdom’s role in promoting moderate Islam based on the teachings of the Holy Qur’an and the Sunnah of Prophet Muhammad, SPA added.
Bin Mukhtar praised the Kingdom’s efforts to serve Muslims worldwide and the holy sites in Makkah and Madinah.
He added that the memorandum of understanding between Saudi Arabia and Malaysia significantly benefited the Malaysian Muslim community through Qur’anic programs and the visits of imams to the Two Holy Mosques in the Kingdom.
KSrelief’s 11th aid plane lands at Damascus airport
- KSrelief dispatched dozens of aid trucks and planes after collapse of Assad regime
RIYADH: The 11th Saudi relief plane landed at Damascus International Airport in Syria on Wednesday as part of a humanitarian airlift launched by the King Salman Humanitarian Aid and Relief Centre.
After the collapse of Bashar Assad’s regime early in December, KSrelief has sent dozens of trucks and planes loaded with food, shelter, and medical supplies to meet the urgent basic needs of Syrians.
Experts discuss AI’s role in enhancing pilgrim experiences
- Discussions at Jeddah conference focus on crowd control, personalized services, sustainable solutions
- Tamer Bdran, vice president of NEC Saudi Arabia Ltd., discussed the role of global technical solutions tailored to the unique needs of Hajj and Umrah
JEDDAH: Industry experts gathered to discuss how artificial intelligence can enhance the Hajj and Umrah experience for millions of pilgrims worldwide.
The discussions took place at the fourth Hajj and Umrah Services Conference and Exhibition in Jeddah, running until Jan. 16.
The event, themed “The Road to the Nusuk,” is hosted by the Ministry of Hajj and Umrah and the Pilgrim Experience Program, featuring over 300 local and international organizations showcasing innovations to improve the pilgrim experience.
The conversation began with an overview of the current state of Hajj and Umrah, with speakers noting that only 5 percent of available technical capabilities have been utilized so far.
Mohammed Al-Hamid, director of the AI Center at the Ministry of Interior, shared in the session “Personalizing Services for the Guests of Allah: Data and Digital Solutions” that the ministry has made significant progress in data and AI infrastructure.
He added that the ministry has played a key role in transforming the Hajj and Umrah experience into a seamless journey driven by technological innovation.
Al-Hamid said that AI can help manage crowds by tracking movements, identifying potential hazards, and making real-time adjustments to traffic flow.
“We are using AI to develop long-term solutions that enhance the sustainability of Hajj services, including managing human density by analyzing crowd flow and predicting congestion, offering multilingual guidance, utilizing big data to anticipate pilgrims' needs, and efficiently distributing human and technical resources,” he added.
Speakers then expressed optimism about how AI could address the urgent need for faster and more effective services.
Abdulaziz Al-Matahami, deputy minister of planning and digital transformation at the Ministry of Hajj and Umrah, said that the ministry first digitized traditional services, then moved to integrate government agencies to offer customized services for each pilgrim and Umrah performer.
He highlighted the new version of the Nusuk app, which provides comprehensive services such as hotel and flight reservations, historical tours, and permits for the Two Holy Mosques.
Al-Matahami also announced the launch of the Nusuk Business platform, aimed at enhancing integration with entrepreneurs to deliver innovative solutions for serving pilgrims.
In another session titled “Advanced Solutions and Technologies for Effective Crowd Management,” Fahad Al-Ghamdi, CEO of human resources at National Security Services Co., explained that the company operates as an integrated security system, offering consulting, risk analysis, and advanced technical solutions, such as mobile command and control centers with cameras supported by AI to analyze data in real time.
Tamer Bdran, vice president of NEC Saudi Arabia Ltd., discussed the role of global technical solutions tailored to the unique needs of Hajj and Umrah.
He said: “Technologies such as facial and fingerprint recognition, along with simulating crowd flow using supercomputing, have improved planning and reduced waiting times at ports and airports.”
Meanwhile, Saudi Ambassador to Spain Princess Haifa Al-Mogrin visited the Ministry of Interior’s pavilion at the conference. She was briefed on the ministry's efforts and initiatives to ensure a safe Hajj experience, including AI-enhanced security systems, digital solutions for crowd management at holy sites, the “No Hajj Without a Permit” campaign, and the Makkah Route initiative.
Saudi FM arrives in Thailand on official visit
RIYADH: Saudi Minister of Foreign Affairs Prince Faisal bin Farhan arrived in Bangkok for an official visit to Thailand on Wednesday.
The prince is set to discuss the relationship between Thailand and Saudi Arabia, leading the Kingdom’s delegation at the inaugural meeting of the Saudi-Thai Coordination Council.
Saudi commission registers 3,202 new heritage sites
- Newly registered sites include 16 in Riyadh, eight in Makkah, one in Qassim, two in the Eastern Province, 3,170 in Asir, two in Hail, one in Najran, and two in Baha
- Commission encouraged citizens and residents to report unregistered heritage sites via the Balagh platform, official social media accounts, or local branches
RIYADH: Saudi Arabia’s Heritage Commission has registered 3,202 new sites in the National Urban Heritage Register, bringing the total to 28,202.
This reflects the richness of Saudi Arabia’s heritage and efforts to document and protect it, the Saudi Press Agency reported on Wednesday.
The newly registered sites include 16 in Riyadh, eight in Makkah, one in Qassim, two in the Eastern Province, 3,170 in Asir, two in Hail, one in Najran, and two in Baha.
This registration follows the promulgation of the Antiquities, Museums and Urban Heritage Law; and a decision by the commission’s board of directors authorizing its CEO to register and protect heritage and archaeological sites.
The commission encouraged citizens and residents to report unregistered heritage sites via the Balagh platform, official social media accounts, or local branches.
