Emir of Kuwait arrives in Saudi Arabia for first official visit

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Updated 31 January 2024
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Emir of Kuwait arrives in Saudi Arabia for first official visit

Emir of Kuwait arrives in Saudi Arabia for first official visit
  • Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah welcomed by Saudi crown prince 
  • Visit is expected to strengthen bilateral ties and foster cooperation 

RIYADH: Kuwait’s Emir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah arrived in Riyadh on a state visit to the Kingdom on Tuesday.

He was received by Saudi Crown Prince Mohammed bin Salman and an official reception ceremony was held at the Saudi Royal Court in the capital. 

The Saudi Ministry of Foreign Affairs posted a message on social media platform X welcoming the emir to the Kingdom, referring to it as his “second home.”

Later, the emir was received by King Salman at the Erqa Royal Palace and the two leaders reviewed the close relations between their countries. The emir was also awarded the Order of King Abdulaziz.

The Kingdom’s crown prince also held a discussion session with the emir during which bilateral relations were reviewed, and opportunities to develop them in various fields were discussed. Views on the latest regional and international developments were also exchanged. 




SaudiArabia’s King Salman receives Kuwait’s Emir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah on Tuesday. (SPA)

Sheikh Meshal became emir in December after the death of his predecessor Sheikh Nawaf Al-Ahmad Al-Sabah.




On behalf of King Salman, Crown Prince Mohammed bin Salman awards the Emir of Kuwait with the Order of King Abdulaziz. (SPA)

Crown Prince Mohammed bin Salman bid the emir farewell as he left Riyadh on Tuesday evening.

Emir Of Kuwait In Riyadh
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Saudi FM receives Turkish counterpart in Riyadh

Saudi FM receives Turkish counterpart in Riyadh
Updated 8 sec ago
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Saudi FM receives Turkish counterpart in Riyadh

Saudi FM receives Turkish counterpart in Riyadh

RIYADH: Saudi Foreign Minister Faisal bin Farhan received his Turkish counterpart Hakan Fidan in Riyadh on Tuesday for talks on bilateral relations and regional issues of common interest, according to Saudi-owned Al-Arabiya television.

 

 


Saudi Arabia opens Makkah and Madinah to foreign investments

Saudi Arabia opens Makkah and Madinah to foreign investments
Updated 28 January 2025
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Saudi Arabia opens Makkah and Madinah to foreign investments

Saudi Arabia opens Makkah and Madinah to foreign investments
  • Move aims to boost the capital market’s competitiveness and align with the Kingdom’s Vision 2030 economic diversification objectives
  • While non-Saudis allowed to purchase properties in Kingdom, there are restrictions, in the holy cities ownership is generally limited to Saudis

RIYADH: Foreigners can now invest in Saudi-listed companies owning real estate in Makkah and Madinah, following a landmark decision by the Saudi Capital Market Authority.

Effective immediately, the move aims to boost the capital market’s competitiveness and align with the Kingdom’s Vision 2030 economic diversification objectives, the CMA announced in a press release. 

While non-Saudis are allowed to purchase properties in the Kingdom, there are specific restrictions, and in the holy cities ownership is generally limited to Saudi nationals — although foreigners are allowed to lease properties there. 

Under the new guidelines, foreign investments are limited to shares or convertible debt instruments of listed companies. Total non-Saudi ownership, including individuals and legal entities, is capped at 49 percent of a company’s shares.

However, strategic foreign investors are prohibited from holding stakes in these companies. 

The move comes amid reforms across the region, with most neighboring countries allowing foreigners to own properties, primarily in free zones or designated areas under certain restrictions. 

“Through this announcement, the Capital Market Authority aims to stimulate investment, enhance the attractiveness and efficiency of the capital market, and strengthen its regional and international competitiveness while supporting the local economy,” said the CMA. 

The changes are also designed to stimulate foreign direct investment in the Kingdom’s capital market, as well as bolster its regional and international competitiveness. 

“This includes attracting foreign capital and providing the necessary liquidity for current and future projects in Makkah and Madinah through the investment products available in the Saudi market, positioning it as a key funding source for these distinctive developmental projects,” added the CMA. 

Strengthening the real estate sector and attracting more FDI into the Kingdom is one of the key goals outlined under the Vision 2030 program, as Saudi Arabia aims to reduce its dependence on crude revenues and diversify its economy. 

The Kingdom aims to attract $100 billion in FDI by the end of this decade, and the government body has been implementing various initiatives and reforms to enhance the attractiveness of the capital market.

Some of these efforts include allowing foreign residents to directly invest in the stock market, enabling non-Saudi investors to access the market through swap agreements, and permitting qualified foreign capital institutions to invest in listed securities. 

The CMA has also allowed foreign strategic investors to acquire strategic stakes in listed companies and directly invest in debt instruments. 

In 2021, the CMA also allowed non-Saudis to subscribe to real estate funds investing within the boundaries of Makkah and Madinah, which played a crucial role in increasing the attractiveness of the capital market to both regional and international investors. 

The share prices of real estate companies listed on Saudi Arabia’s stock exchange surged following the CMA’s announcement. 

Knowledge Economic City saw its share price rise by 9.89 percent to close at SR16.66 ($4.44). 

Jabal Omar Development Co.’s share price also increased by 10 percent to SR25.85, while Makkah Construction and Development Co.’s stock price climbed 9.84 percent to close at SR106. 


From Genoa to Jeddah: Italian vessel docks to grand welcome

From Genoa to Jeddah: Italian vessel docks to grand welcome
Updated 27 January 2025
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From Genoa to Jeddah: Italian vessel docks to grand welcome

From Genoa to Jeddah: Italian vessel docks to grand welcome
  • The 33rd stop of Amerigo Vespucci’s world tour brings Italian charm and heritage to Saudi Arabia
  • Italian Minister of Defense Guido Crosetto: We are very proud of this ship, and we are happy to share our journey with our Saudi friends

JEDDAH: The Amerigo Vespucci, a historic training ship of the Italian Navy, docked at the Jeddah Yacht Club and Marina on Monday morning, where it will be open to the public until Jan. 30.

The ship is on the 33rd stage of its two-year world tour, which began on July 1, 2023, from the Port of Genoa, Italy, traversing five continents, 30 counties and 35 ports before its return to the Mediterranean.

The ship is named in honor of Amerigo Vespucci, the Italian explorer from the late 15th and early 16th centuries. Vespucci was among the first to understand that the lands Christopher Columbus reached in 1492 were not part of Asia but rather a separate continent, which was later named America in his honor by the German cartographer Martin Waldseemuller in 1507.

The inaugural ceremony of the Villaggio Italy in Jeddah, which also kicked off visits on board the 93-year-old ship, took place in the presence of Saudi Assistant Minister of Defense Talal bin Abdullah Al-Otaibi, as well as Italian Minister of Defense Guido Crosetto and Chief of Staff of the Navy Adm. Enrico Credendino.

Also present at the ceremony were Ambassador of Italy to Saudi Arabia Carlo Baldocci; Minister of Tourism Daniela Santanche; Minister for Disabilities Alessandra Locatelli; Deputy Minister for Enterprise and Made in Italy Valentino Valentini; Undersecretary of State for Defense Matteo Perego di Cremnago; Undersecretary of State for Defense Isabella Rauti; and Consul General of Italy in Jeddah Leonardo Costa.

Marking the latest stop on the ship’s world tour, Crosetto said: “This is not an easy ship because it did not rely on modern technology but relied on human skills.

“We are very proud of this ship, and we are happy to share our journey with our Saudi friends.”

He paid tribute to the long friendship between the Saudi and Italian people: “This is a testament (to) the growing relationship between the two countries, the growing ties in the fields of politics and diplomacy, economics, security and defense, culture, science, sports and much more.”

Al-Otaibi welcomed the Amerigo Vespucci to Jeddah and expressed Saudi Arabia’s appreciation for this gesture, acknowledging the significance of the event in promoting peace, security, and cooperation.

He noted that the arrival of the ship underscores the commitment of both nations to expanding their naval partnership and reflects a broader effort to enhance diplomatic and military ties.

Speaking to Arab News, Costa said: “The Amerigo Vespucci’s visit to Jeddah reflects the enduring friendship between our nations. We are honored to share Italy’s naval legacy with the people of Saudi Arabia.

“It is not only that we are sharing the arrival of the Amerigo Vespucci ship but we (are) also sharing our culture, art, music, food and history at the Italian Village, which will be open to (the) public starting Tuesday,” he added. “Therefore, I encourage everyone to take advantage of this unique chance to step aboard one of the world’s most iconic ships.”

After 19 months on board the Amerigo Vespucci, Capt. Giuseppe Lai, commander of the ship, told Arab News that it has been a challenging journey: “We are so proud to reach our 33rd stage here in Jeddah for the first time.

“We are very proud to show the value and history of Italy, but at the same (time), we are pleased to learn more about other cultures and know other people.”

He noted that the ship is scheduled to complete the tour on June 10.

Following stops in Los Angeles, Tokyo, Darwin, Singapore, Mumbai, Doha, Oman and Abu Dhabi, the Villaggio Italia will be hosted, together with the Amerigo Vespucci, at the Jeddah Yacht Club and Marina.

Villaggio Italia is an international exposition showcasing Italy’s finest products and industries, reinforcing the country’s values and promoting its culture globally.

As part of its Jeddah stopover on an ongoing world tour, the 1930-built ship is hosting a series of engaging events including a painting competition, film screenings, and a concert by the Italian Air Force band.

On-board visits will be available from 2:30 p.m. to 5:30 p.m. on Tuesday and Wednesday, as well as a morning slot from 9:30 a.m. to 12:30 p.m. on Wednesday.


Umrah guests praise Kingdom’s rich heritage

Umrah guests praise Kingdom’s rich heritage
Updated 27 January 2025
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Umrah guests praise Kingdom’s rich heritage

Umrah guests praise Kingdom’s rich heritage
  • Sheikh Khadem Mbaki, a preacher from Senegal, expressed his joy at witnessing Madinah’s rich cultural and historical heritage
  • Ali Coulibaly from Mali said that the Kingdom is a global religious and cultural destination

RIYADH: Guests of the Custodian of the Two Holy Mosques Program for Umrah and Visit praised Saudi Arabia’s development and progress across various fields.

They commended efforts to preserve religious sites and historical monuments, highlighting a rich cultural heritage spanning thousands of years, the Saudi Press Agency reported.

During their tour of religious sites and monuments in Madinah, part of a program organized by the Ministry of Islamic Affairs, they expressed gratitude to the Kingdom for hosting them.

Sheikh Khadem Mbaki, a preacher from Senegal, expressed his joy at witnessing Madinah’s rich cultural and historical heritage.

He highlighted how the sites reflect various aspects of Islamic civilization, and praised the Kingdom’s dedication to preserving these important landmarks.

Mbaki also acknowledged the Kingdom’s efforts to ensure the well-being of visitors and Umrah performers from around the world.

Ali Coulibaly from Mali said that the Kingdom is a global religious and cultural destination due to its many historical monuments and archaeological sites in regions like AlUla and NEOM.

He also noted the rapid development of infrastructure projects, which enhance the Kingdom’s ability to welcome tourists and visitors and provide year-round access to these historical and cultural sites.

Mohammed Abdo Abu Yaali from Morocco praised the cultural and historical richness he experienced during his visit to Madinah’s historical sites.

He appreciated the in-depth explanations about the significance of these sites as well as their connection to Islamic history and the life of the Prophet.

Amin Baddad from Algeria expressed his heartfelt thanks to the Saudi leadership for hosting him to visit Madinah and perform Umrah.

He shared the beautiful memories created during his visit and prayed to Allah to reward those responsible for the program for their efforts.


Riyadh governor receives newly appointed ambassador of Zimbabwe

Riyadh governor receives newly appointed ambassador of Zimbabwe
Updated 27 January 2025
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Riyadh governor receives newly appointed ambassador of Zimbabwe

Riyadh governor receives newly appointed ambassador of Zimbabwe
  • Prince Faisal wished the ambassador success in his new duties

RIYADH: Riyadh Gov. Prince Faisal bin Bandar received the newly appointed ambassador of Zimbabwe to the Kingdom, Jonathan Wutawunashe, in Riyadh on Monday.

During the meeting, Prince Faisal wished the ambassador success in his new duties. The two sides also discussed issues of common interest, the Saudi Press Agency reported.

Meanwhile, Hail Gov. Prince Abdulaziz bin Saad bin Abdulaziz held cordial talks with Ambassador of Sudan to the Kingdom Dafallah Al-Haj Ali Othman in Hail on Monday.