RIYADH: The first group to arrive in the Kingdom through the Custodian of the Two Holy Mosques’ Program for Umrah and Visit has performed Umrah rituals in Makkah.

The program’s organizing committees ensured that the visitors enjoyed excellent services, including upon arrival in Madinah where they were warmly welcomed by officials.

According to participants, the program, which is implemented by the Ministry of Islamic Affairs, reflects the Kingdom’s leaders’ dedication to supporting Muslims worldwide.

They expressed gratitude for the opportunity to visit the Grand Mosque in Makkah and perform Umrah, the Saudi Press Agency reported.

The first group included 250 prominent Islamic figures from 12 countries, part of a total of 1,000 Umrah performers from 66 countries. The guests will visit in four groups as part of the program.

The schedule includes visits to the Kiswa Factory of the Holy Kaaba, the Revelation Exhibition, meetings with the imam of the Grand Mosque, and participation in various scientific and cultural programs.

The group arrived in Madinah where they visited the Prophet’s Mosque and toured other historic sites, including the King Fahd Glorious Qur’an Printing Complex, the Battle of Uhud site, Mount Al-Ramah, the Uhud Martyrs’ Cemetery, and the International Fair and Museum of the Prophet's Biography and Islamic Civilization.

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.”