RIYADH: Leading Japanese bank Mizuho Financial Group, Inc. and state-owned Saudi Arabian Oil Co. (Saudi Aramco) have signed a major agreement for business cooperation with an aim to support Japanese companies investing in the Kingdom. The move will go a long way in expanding ties between the Kingdom and Japan, especially in energy sector.
“With the memorandum of understanding, Mizuho, the sole Japanese bank to have an office in Saudi Arabia, will work more closely with the Kingdom and provide enhanced support to Aramco, which works to transform its business portfolio,” the Tokyo-based financial group said in a press statement, while referring to the visit of Deputy Crown Prince Mohammed bin Salman to Tokyo.
The statement said that “Mizuho will use Aramco’s knowhow and network to introduce Japanese companies, in particular SMEs and middle-marketers which have unique technological advantages, to Aramco and other Saudi companies as their business partners.”
Saudi Arabia is currently promoting the national growth strategy called “Saudi Vision 2030” and Aramco is enhancing its business especially in the fields of renewable energy, privatization and capital markets.
“Under the vision as announced by the deputy crown prince, Saudi Arabia goes full speed to promote privatization of state-owned companies and sophistication and diversification of industries,” the bank said.
It also pointed out that the Middle East North Africa region has large potential with over 600 million population and Saudi Arabia in particular is expected to see rapid growth in near future.
On the other hand, Mitsubishi UFJ Financial Group Inc.’s banking unit and its two biggest Japanese peers plan to endorse a non-binding agreement with Saudi Aramco to expand lending to the state-run firm as it considers an initial public offering. Bank of Tokyo-Mitsubishi UFJ Ltd. President Takashi Oyamada and Sumitomo Mitsui Financial Group Inc. Chairman Masayuki Oku are expected to agree to a memorandum of understanding in Tokyo with executives of the Saudi Aramco, according to reports.
Tokyo-based lenders are seeking to get involved in Aramco’s IPO, according to reports published in a section of Japanese press. Japan’s Trade Ministry has asked the oil company to list its shares on the Tokyo Stock Exchange. MUFG and its rivals are accelerating efforts to grab larger clients abroad like Aramco to counter slowing loan demand and shrinking interest rates at home.
These developments are very important for the energy market and for Saudi-Japan ties as the deputy crown prince wraps up his visit to Japan and China this week, giving the Asian nations an opportunity to deepen energy ties as the Kingdom prepares what could be the biggest IPO ever. Aramco and Japanese government officials plan to discuss a potential Tokyo listing soon.
The banks are eyeing increased business in Saudi Arabia as Aramco diversifies its portfolio into alternative energy and Japanese companies race to provide technology and services. But according to people close to the discussions, the underlying aim of Japan’s financial titans — Mitsubishi UFJ, Sumitomo Mitsui Financial Group and Mizuho Financial — is to negotiate themselves closer to the world’s largest oil exporter and use tighter business ties as a springboard to greater involvement in its planned IPO.
On the other hand, Saudi Aramco and the Japanese government are set to agree on a massive expansion of crude oil storage capacity in Okinawa, used by the state-run firm to store oil, Saudi Aramco CEO Amin H. Nasser said Thursday. In return for providing free storage space, Japan gets a priority claim on the stockpiles in case of an emergency.
“It would be in the best interest for Saudi Aramco and Japan to increase the capacity,” Nasser told reporters in Tokyo. “We are looking at a couple of million (barrels) more than what we have now.”
A senior Japanese government spokesman confirmed the two sides had agreed to expand and extend the current storage deal, though details had not been decided. The deal is set to be signed in October.
Japan treats the crude oil stored at Okinawa as quasi-government oil reserves, counting 50 percent of the barrels stored by Aramco and ADNOC as national crude reserves.
Saudi Aramco has stored crude in Okinawa since February 2011, and has used the facility to supply crude oil to China, Japan and South Korea among others.
The storage pact comes as part of a broad cooperation agreement between Prince Mohammed and Japan’s Prime Minister Shinzo Abe, who met Thursday to discuss the Kingdom’s drive to cut its reliance on crude oil exports among other issues. The two nations also agreed to set up a ministerial forum, called “joint group for Japan Saudi Vision 2030”, to discuss their collaborations.
The collaboration will mainly focus on industry, finance and energy to contribute to Japan’s growth strategy led by Abe as well as the Kingdom’s economic reforms driven by the deputy crown prince.
The first meeting will be held in Riyadh in October. Under the agreement, the Kingdom’s top sovereign wealth fund Public Investment Fund (PIF) and state-owned Japan Bank for International Cooperation (JBIC) and state-backed Innovation Network Corporation of Japan (INCJ) will also consider jointly investing in, and jointly financing, projects.
New era of Saudi-Japan relations
New era of Saudi-Japan relations
Saudi Arabia welcomes US-brokered peace agreement between Rwanda and DR Congo
- Saudi Ministry of Foreign Affairs: Kingdom hopes accord would meet “the hopes and aspirations of two peoples for development and prosperity”
RIYADH: Saudi Arabia has welcomed the signing of a peace agreement between Rwanda and the Democratic Republic of the Congo, in a deal facilitated by the United States with support from Qatar, the Saudi Press Agency reported.
In a statement issued on Saturday, the Saudi Ministry of Foreign Affairs said the Kingdom hoped the accord would meet “the hopes and aspirations of the two peoples for development and prosperity,” and contribute to “regional and international security and peace.”
The ministry also praised “the diplomatic efforts and constructive role played by the United States of America and the State of Qatar in this regard.”
The agreement, finalized on Friday, aims to de-escalate long-running tensions between Rwanda and the DRC, which have intensified in recent years over accusations of mutual support for armed rebel groups operating along their shared border.
The most prominent of these is the M23 militia, which Kinshasa has accused Rwanda of backing — a charge Kigali denies.
Efforts to mediate between the two neighbours have gained urgency amid a worsening humanitarian crisis in eastern DRC, where conflict has displaced more than seven million people.
The US and Qatar have played key roles in recent months in bringing the two sides to the table for talks, culminating in the formal agreement to ease hostilities and commit to renewed dialogue.
Jeddah exhibition gives internet cafes an artistic reboot
- Local artists revive communal, quirky, deeply human qualities of early web era
JEDDAH: Internet cafes in Jeddah were once popular spots with pay-by-the-hour internet access; they have now provided the inspiration for the city’s latest exhibition.
In a collaboration between Kham Space and Estiraha, 17 artists and collectives have had their work on display at “Internet Cafe,” an eight-day exhibition which explored the concept of connection and intimacy in the digital age.
Abeer Sultan, who curated the exhibition alongside Mbarak Madhi and Fai Ahmed, spoke to Arab News about the early process in contemplating the theme.
The idea for the exhibition, which concluded on Saturday, stemmed from an exasperation over incessant scrolling, and the deluge of information that has usurped our daily lives.
HIGHLIGHTS
• The idea for the Jeddah exhibition stemmed from an exasperation over incessant scrolling, and the deluge of information that has usurped our daily lives.
• Some of the works were meant to act as ‘hyperlinks’ to connect ideas, as well as creating a communal space and mimicking the social space of a cafe.
She said: “We wanted to do something that is about us now, and maybe the future as well; not only going back to things for nostalgia or the good old days, as they say.
“Maybe it has something that we can use today, especially now that there’s a movement of people trying to slow down, using dumbified devices throughout the internet.”
Instead of creating a literal internet cafe, the curators focused more on the nuances a cybercafe used to have.
Their approach to the space was categorized into three themes: “Disconnected Understanding, Linked Source,” “In the Shadow of a Doubt, Light My Screen,” and “Whirling Algorithms of a Distant Dream.”
Artist Zahiyah Alraddadi, who usually paints works focusing on the significance of the mundane, took oil to canvas to paint “Closed Eyes Under a Sunny Sky I” and “Familiar Features.”
Her work feels meditative and was intended to slow visitors down as they walked through the space — much like the feel of a buffering screen page.
Some of the works were meant to act as “hyperlinks” to connect ideas, as well as creating a communal space and mimicking the social space of a cafe.
Anhar Salem’s work “After Now” was a curtain imprinted with thumbnails of YouTube videos. The artist conducted a survey asking people between the ages of 18 and 40 to share their YouTube video recommendations, making up a curtain of information overload.
Next to that, Tara O‛Conal’s video installation was a film sequence — but the catch is, nothing really happened. The film continued to load, glitch, and reload, perhaps suggesting commentary on our constant yearning for contact.
“Compared to Anhar’s work, (Tara’s) feels like a pond, in a way, to look at,” Sultan said.
Some works were inspired by computer graphics. Asaad Badawi paid tribute to early programmer culture via telephone-book-inspired art, and his father, who is a programmer.
Studio bin Hattan, which is led by artist Elham Dawsari, displayed “Cultural Override,” derived from her father’s archives from the 1980s. Madhawi Al-Gwaiz paints in a style that echoes digital graphics from the early 2000s.
Others took a more distanced approach. ThirdSpace’s “Untitled Table” was a physical object, but the research behind it was about keyboards that then shifted to Hijazi architecture, drawing on the iconography and architectural languages across the history of the region.
Hayfa Al-Gwaiz’s “Long Distance” was a painted form of facetime video calls. The work explored digital intimacy by showcasing not the callers’ faces, but the ceilings above them — a scene that’s familiar to anyone who has taken up a long-winded video call with a loved one and set down the phone to cater to life’s more immediate demands.
While the exhibition tackled the digital boom personified through cybercafes, it notably avoided artificial intelligence.
Sultan explained: “It is the idea of being fast and efficient, which is what we are resisting with AI … It’s dominating the internet in a weird way, and we wanted a space where people customized things manually, going back to montadayat (domains) where people had to do things by themselves. There’s no template.”
The last piece was by Ahaad Alamoudi, and “Land of Dreams” took a humorous approach to directing audiences to their dreams. As you walked toward the work, in an outdoor area outside the confines of the exhibition space, visitors were met with vinyl boards of the iconic Emirati singer Ahlam.
Sultan said: “The work accentuates the fact that the dream land is a subjective experience or idea, and everyone would have their own imagination of what that is, whether it's Ahlam or something else.”
The “Internet Cafe” was a love letter to a new digital age — one that is sustainable, communal, and deliberately slow.
“This is our way of keeping in touch with other people. An exhibition space is also a space where people meet, even if it’s for a moment, to have these conversations together, which is really important,” Sultan said.
Rooted in earth: Rafha’s mud structures tell a story of sustainability
- The buildings were constructed using indigenous methods and natural materials including mud, stone, wood, and palm fronds
RIYADH: In the heart of northern Saudi Arabia, the mud buildings of Rafha stand as “a vibrant narrative of traditional architecture, reflecting authenticity, creativity, and cultural identity,” the Saudi Press Agency said in an article on Saturday.
These structures tell the story of an ancient past, “embodying traditional architectural ingenuity that connects people to the land.”
Located along one of the Kingdom’s most significant tourist routes, the buildings “integrate cultural heritage with the natural environment,” the SPA wrote, and “serve as living records of generational memory, preserved through architectural details.”
This makes them an appealing destination for anyone interested in history, heritage, and traditional craftsmanship.
FASTFACTS
• The buildings in Rafha were constructed using indigenous methods and natural materials including mud, stone, wood, and palm fronds.
• Local authorities are making efforts to restore and maintain these mud structures, preserving their historical and cultural value.
The buildings were constructed using indigenous methods and natural materials including mud, stone, wood, and palm fronds. Their design responds to the local environment, maintaining balanced indoor temperatures during scorching summers and cooler winters. Most feature an inner courtyard, surrounded by rooms arranged in a circular layout, reflecting a strong sense of community.
These mud buildings illustrate “a deep harmony between humans and their environment,” the SPA wrote, adding that they also “reflect sustainable building principles that long predate modern green architecture.”
Local authorities are making efforts to restore and maintain these mud structures, preserving their historical and cultural value while promoting them as distinct parts of the Saudi tourism landscape.
Malaysia grants Saudi Hajj minister Al-Rabiah 'Hijra Personality of the Year' award
- Tawfiq Al-Rabiah Al-Rabiah was presented with his award by Malaysian King Sultan Ibrahim
KUALA LUMPUR: Saudi Arabia’s Minister of Hajj and Umrah Tawfiq Al-Rabiah received the International Tokoh Ma’al Hijrah 2025 award in Malaysia on Friday, the Saudi Press Agency reported.
Malaysia grants the award — the name of which translates to Person of the Year for Hijrah — annually to an influential Muslim personality to recognize their contributions to Islamic causes.
Al-Rabiah won the award for his efforts in developing systems designed to make Hajj and Umrah run safely and smoothly for pilgrims.
Al-Rabiah was presented with his award by Malaysian King Sultan Ibrahim. Malaysian Prime Minister Anwar Ibrahim and Minister of Religious Affairs Mohammed Naeem bin Mukhtar were present at the ceremony.
The event was held in Kuala Lumpur on the occasion of Hijri New Year.
Muslim World League condemns Israeli attacks on civilians in Gaza, West Bank
- Organization describes actions as part of wider pattern of settler aggression
RIYADH: The Muslim World League on Saturday strongly condemned recent Israeli attacks on civilian shelters and ongoing violence against Palestinians in the Gaza Strip and the West Bank, the Saudi Press Agency reported.
The MWL has described the actions as part of a wider pattern of settler aggression carried out with impunity under the protection of the Israeli occupation forces, the SPA added.
The MWL’s Secretary-General Dr. Mohammed bin Abdulkarim Al-Issa, who also chairs the Organization of Muslim Scholars, denounced in a statement issued by the MWL’s General Secretariat what he called “heinous crimes” committed against unarmed civilians, including recent attacks by settlers on the village of Kafr Malik, east of Ramallah.
He added that the “brutal assaults” were a “blatant violation of all human values as well as international laws and norms.”
He urged the international community to uphold its legal and moral responsibilities and take decisive action against what he described as the occupation government’s ongoing disregard for the rights and dignity of the Palestinian people.
Al-Issa also called for the immediate activation of international mechanisms to halt the violence and ensure accountability for those responsible for what he termed “horrific massacres.”
His comments came after Saudi Arabia’s Foreign Ministry issued a statement on Friday condemning the violence, denouncing “the continued violence perpetrated by Israeli settlers, under the protection of the occupation forces, against Palestinian civilians, including the attacks in the village of Kafr Malik.”
