Initiative will help over 90 gifted students from across Saudi Arabia
Amani bint Mohammed Al-Shawi, CEO of Academy 32 at KACST, highlighted the program’s pivotal role in nurturing young talents
Updated 01 July 2024
Arab News
RIYADH: The King Abdulaziz City for Science and Technology launched on Monday the 2024 Generation Research and Innovation Enrichment Program.
This initiative, organized by the organization’s Academy 32 in collaboration with the King Abdulaziz and His Companions Foundation for Giftedness and Creativity, also known as Mawhiba, will help over 90 gifted students from across Saudi Arabia cultivate their skills.
In her opening remarks, Amani bint Mohammed Al-Shawi, CEO of Academy 32 at KACST, highlighted the program’s pivotal role in nurturing young talents and preparing them for local, regional, and international competitions.
She cited the outstanding achievements of last year’s participants, who won nine awards at the International Science and Engineering Fair in the US, 13 medals and special awards at the International Invention, Innovation and Technology Exhibition in Malaysia, and 25 special awards and eight grand prizes at the National Olympiad for Scientific Creativity.
Biban 24 sees deals worth over $4.79bn on opening day
Updated 2 min 48 sec ago
Reem Walid
RIYADH: On the first day of Biban 24, a total of 17 agreements and memoranda of understanding were signed, alongside the launch of financial initiatives valued at more than SR18 billion ($4.79 billion).
These deals and financing portfolios were finalized during the Riyadh event, organized by the General Authority for Small and Medium Enterprises under the theme “A Global Destination for Opportunities.”
The forum aims to empower small and medium enterprises and entrepreneurs by enhancing their access to financial support, ultimately fostering growth in this vital sector of the national economy, as reported by the Saudi Press Agency.
Monsha’at secured cooperation agreements with several leading local financial institutions, including Riyad Bank, which committed to a financing portfolio worth SR3 billion; Al-Rajhi Bank, with SR2.9 billion; and Bank Albilad, offering SR2.85 billion. Additional agreements were signed with Bank AlJazira (SR1 billion), Alinma Bank (SR800 million), Banque Saudi Fransi (SR700 million), and Abdul Latif Jameel Co. (SR25 million).
These efforts align with Monsha’at’s ongoing mission to strengthen the growth and competitiveness of SMEs by partnering with key players from various sectors, both locally and internationally.
The overarching goal is to create a conducive environment for growth and build a leading society.
As of 2023, SMEs in Saudi Arabia accounted for 28.7 percent of the country’s total gross domestic product, reflecting an 8.7 percent increase from previous figures, though still falling short of the Vision 2030 target of 35 percent, according to data from Statista.
In the realm of financing and expanding support for projects, several other announcements were made on the first day. The Saudi National Bank unveiled a financing portfolio of SR3 billion, while Saudi Awwal Bank reported SR1 billion. The Arab National Bank also announced a SR1.1 billion financing portfolio, along with the launch of an e-commerce financing product worth SR500 million.
Additionally, the Small and Medium Enterprises Bank revealed that it would allocate SR1 billion to finance SMEs in the fourth quarter of 2024. This funding will be distributed through approved financing models in collaboration with various partner institutions. The bank also introduced a dedicated financing program for SMEs in the education sector, developed in partnership with the Ministry of Education and commercial banks.
Dubai Design Week returns with brand new fair: Dubai Editions
As large-scale architectural and design installations take over the Gulf metropolis, the inaugural Dubai Editions is set to offer a mix of art, design and prints to appeal to the city’s changing demographics
Updated 6 min 16 sec ago
Rebecca Anne Proctor
DUBAI: Until Nov. 10, visitors to Dubai Design District can relish in riveting large-scale design installations, exhibitions and fairs dedicated to high-end and collectible design objects from the Gulf, wider Middle East and international markets.
The annual event, now in its 10th year, will present over 500 designers, professionals and brands from various creative industries, transforming the bustling UAE metropolis into a global hub for design and art.
Numerous returning elements include Abwab, an annual commission showcasing talents from across Southwest Asia and North Africa, dedicated this year to the theme of vernacular architecture and regenerative design processes through the utilization of local materials, climate-responsive techniques and community-centered designs.
Abwab this year will feature three regional practices that will present their work in pavilions across the Dubai Design District. These include “Present/Absent Mudhif” by Ola Saad Znad from Iraq, portraying the Marsh Arabs’ architectural heritage in Iraq using reeds and ancient Sumerian techniques; “ReRoot” by Jordanian-Palestinian Dima Al Srouri, Andy Cartier from France, Rosa Hamalainen from Finland and Palestinian-Lebanese Dahlia Hamati exploring emergency housing solutions through an ecological lens using palm waste and mycelium; and “Material Witnesses and Narrating Lifeforms” by Miriam Hillawi Abraham from Ethiopia, which draws inspiration from coral stone found in early settlements on the East African coast.
Other notable returning platforms include workshops in the Maker’s Space and the weekend Marketplace, offering one-of-a-kind handcrafted objects and cuisine.
In a dedicated section within the 10th edition of Downtown Design will be the new fair titled Dubai Editions. Featured are over 50 galleries, design studios and collectives from the region and internationally presenting editioned artworks, collectible design objects and furniture and editioned prints.
The new fair reflects the changing demographic of Dubai, Pablo del Val, artistic director of Art Dubai, told Arab News.
“The fair is extremely exciting because it represents the shifts taking place in the city,” said Del Val. “There are many new generations of people that have recently moved to Dubai that have different collecting needs.
“People are beginning to buy properties that are arranged in new ways with different needs,” he added.
Participants include Dubai and New York-based Leila Heller; renowned Lebanese carpetmaker Iwan Maktabi, which opened its new flagship showroom in Dubai’s Jumeirah 3 featuring the first-ever global shop-in-shop for Italian contemporary rug company, cc tapis; Dastan from Tehran; Comptoir de Mines Galerie from Marrakech; Studio Bazazo and Fadi Basbous Studio from Lebanon; and spaces from Dubai, including Gulf Photo Plus, The Urbanist, Meem Gallery and Zawyeh Gallery.
“The fair offers a great concept of presenting works that are less expensive by our artists,” Leila Heller told Arab News. “Our artists became so inspired to create new prints and sculptures that are available in editions. The fair also offers works on paper, so our artists have created smaller works in paper as well.”
Heller will present works by artists such as Farideh Lashai, Reza Aramesh, Keith Haring, Darvish Fakhr, Azza Al Qubaisi and Stephany Sanossian.
Iwan Maktabi is showing a carpet designed by acclaimed Emirati artist Mohamed Ahmed Ibrahim. CEO Mohamed Maktabi said they switched their booth from Downtown Design to Dubai Editions and are launching what he calls “Iwan Maktabi: Artist Edition,” presenting the brand’s special carpet collaborations with artists.
While Dubai Design Week will offer much to see and experience, it represents a shift and growth in Dubai’s recent population that has sought out the Gulf city as a new place to call home.
As Del Val put it: “Everything starts to change when you belong to a community where you expect to live for a much longer period of time.
“This (fair) could be an incubator for things to come.”
World leaders send congratulations as Donald Trump claims victory
Leaders from Israel, Ukraine, India, UK, France, Czech, Italy send messages
Hamas urges Trump to end war on Gaza, while Iran downplays poll outcome
Updated 16 min 36 sec ago
Arab News
DUBAI: World leaders have started offering their congratulations to Donald Trump following his self-proclaimed victory in the US presidential election on Wednesday.
Israeli Prime Minister Benjamin Netanyahu welcomed Trump’s return, describing it as “history’s greatest comeback.”
Netanyahu emphasized that Trump’s leadership represented “a new beginning for America and a powerful recommitment to the great alliance between Israel and America.”
The Israeli leader expressed hope that the renewed partnership would strengthen strategic ties and deepen cooperation on key issues.
Highlighting the historic bond between the two nations, Netanyahu was optimistic about what he described as a promising chapter for US-Israel relations.
Ukraine's President Volodymyr Zelenskiy congratulated Trump on his “impressive” victory.
“I appreciate President Trump’s commitment to the ‘peace through strength’ approach in global affairs. This is exactly the principle that can practically bring just peace in Ukraine closer,” Zelenskiy wrote on X.
NATO chief Mark Rutte wrote on X: “I just congratulated Donald Trump on his election as President of the United States. His leadership will again be key to keeping our Alliance strong. I look forward to working with him again to advance peace through strength through NATO.”
Indian Prime Minister Narendra Modi said he was looking forward to working with Trump.
“Heartiest congratulations my friend @realDonaldTrump on your historic election victory,” Modi wrote on X. “As you build on the successes of your previous term, I look forward to renewing our collaboration.”
Iran’s government spokesperson Fatemeh Mohajerani said the livelihood of her nation’s citizens would not be impacted by the US election, according to semi-official Tasnim news agency.
Iran’s currency fell Wednesday to an all-time low following the news that Trump was on the verge of clinching the US presidency again, trading at 703,000 rials to the dollar.
In 2015, at the time of Iran’s nuclear deal with world powers, it was at 32,000 to a dollar.
Trump unilaterally withdrew America from the accord in 2018, sparking years of tensions between the countries that persist today.
Referring to it as an “historic election victory,” Britain’s Prime Minister Keir Starmer said he looked forward to working with Trump.
“From growth and security to innovation and tech, I know the UK-US special relationship will continue to prosper on both sides of the Atlantic for years to come.”
France’s President Emmanuel Macron wrote on X: “Congratulations, President Donald Trump.”
Macron’s message was accompanied by calls from within his administration for Europe to focus on self-reliance in the wake of Trump’s return.
French government spokeswoman Maud Bregeon underscored the need for European independence in key areas.
“We must not ask ourselves what the United States will do, but what Europe is capable of doing,” Bregeon said during an interview with RTL, emphasizing the importance of defense, industrial recovery, and decarbonization efforts.
“We must take charge of our own destiny,” Bregeon added, reflecting a growing sentiment for strategic autonomy in Europe.
Czech Prime Minister Petr Fiala wrote on X: “Our shared goal is to ensure that the relations between our countries remain at the highest level, despite changes in administration, and that we continue to develop them for the benefit of our citizens.”
Italy’s right wing Prime Minister Giorgia Meloni said a Trump victory would strengthen ties between the two countries.
In a post on X, Meloni offered her “most sincere congratulations” to Trump, and said Italy and the US had an “unshakeable alliance.”
“It is a strategic bond, which I am certain we will now strengthen even further,” she said.
Senior Hamas official, Sami Abu Zuhri, called on Trump to avoid the perceived policy missteps of President Joe Biden.
“We urge Trump to learn from Biden’s mistakes,” the official emphasized, referencing dissatisfaction with the Biden administration’s handling of Israel’s war on Gaza.
Abu Zuhri described the Democratic Party’s likely loss as “the natural price” for its leadership’s “criminal stance” toward Gaza.
Highlighting expectations for Trump, he said the former president’s return puts him “to the test” to act on his promises.
Up to 77% of Swedish firms in Saudi plan to boost investment over the next year, official says
Updated 36 min 58 sec ago
Reina Takla Reem Walid
RIYADH: Up to 77 percent of Swedish companies operating in Saudi Arabia plan to increase their investment over the next year, according to a top official from the European country.
In an interview with Arab News, Director General of Trade Policy at the Swedish Ministry of Foreign Affairs Camilla Mellander cited a recent study by Business Sweden as she explained the confidence companies from her country have in the Saudi market.
Saudi Arabia is Sweden’s largest trading partner in the Middle East and North Africa region, with a 72 percent rise in commerce since 2018.
Mellander was present in the Kingdom to attend the third meeting of the Saudi-Swedish Joint Committee in her role as a co-chair – an event that came just days after her country’s Minister for Foreign Trade, Benjamin Dousa, met with his Saudi counterpart Minister of Commerce Majid Al-Qasabi at the Future Investment Initiative in Riyadh.
Mellander told Arab News that there are around 60 Swedish companies currently active in Saudi Arabia, and it is 77 percent of these that plan to up their investments in the Kingdom.
“Interestingly, 100 percent of the small or medium sized companies surveyed reported wanting to increase their investment. This really speaks to the confidence of Swedish companies in the Saudi market and the potential they see,” she added.
The director general went on to say that Swedish companies seek to establish long-term partnerships and investments in a demonstration they are reliable partners.
“Some Swedish companies have been active in Saudi Arabia since as early as the 1950s. Around 40 percent of Swedish companies currently working in Saudi Arabia have established or are looking to establish their regional office in the country,” Mellander said.
“The reforms that Saudi Arabia has undertaken as part of Vision 2030 have great potential not only to attract companies but also more foreign direct investments. Today, the EU is the largest source of foreign direct investment in Saudi Arabia – 66 percent in 2022. This also shows the strong confidence of European investors in the Saudi Arabian market and business climate,” she added.
Talking about how the two countries can facilitate SMEs participation in bilateral trade and investment, the director general said: “I am very excited to participate in the BIBAN Forum ... and to personally take stock of the possibilities for cooperation within the field of SMEs.”
She added: “One area with great potential is the collaboration between Swedish incubators and their counterparts here in the Kingdom. Both Sweden and Saudi Arabia share the priority to support our young entrepreneurs. We need to coach them so that they can shepherd their innovations from ideas to commercial success.”
Mellander with the Deputy Governor for International Relations at the Saudi General Authority of Foreign Trade Abdulaziz bin Omar Al-Sakran. SPA
Closer working
Reflecting on areas of growth between the two countries, the director general cited transportation, industrial equipment, health, and technology as key sectors.
Mellander said the meeting of the Saudi-Swedish Joint Committee was an opportunity for the two countries to identify new areas of mutual interest to deepen relations in areas where there are already existing ties.
When it comes to cultural exchange programs and initiatives that contribute to strengthening economic ties between Sweden and Saudi Arabia, Mellander said that scholarships for Swedish students that wish to study in the Kingdom were one of the discussion items during the Joint Committee.
“We are also looking into the possibility for internships at Swedish companies for Saudi students. This adds to the already existing programs, such as for specialist training of doctors provided at some of our university hospitals. I hope that the new initiatives will help to strengthen the economic and people-to-people ties between Sweden and Saudi Arabia,” Mellander said.
With regards to promising investment opportunities for Swedish companies in Saudi Arabia and vice versa, the director general said that firms from her country are well positioned to contribute to sectors of importance to the realization of Vision 2030 and the giga-projects.
“Nearly half of Swedish businesses in Saudi Arabia are currently engaged in at least one giga-project or other core parts of Vision implementation,” Mellander said, flagging up the involvement of firms such as Ericsson, Sandvik and Volvo Trucks.
Swedish ‘optimism’
Mellander stressed that according to the latest global business climate report made by Business Sweden, the Kingdom stands out as one of the markets with the most favorable business climate for firms from her country.
“Swedish companies report a very high optimism when it comes to the Saudi market. The regulatory changes under Vision 2030 have been very positive. As part of our Swedish-Saudi partnership this must also be communicated to Swedish companies which have a lot to offer to Saudi Arabia. Here, formats like the Joint Committee can be very valuable,” she said.
“At the same time, Swedish companies report that one regulatory hurdle for them in Saudi Arabia is the rapid pace of regulatory changes – it is simply difficult to keep up with new legislation. Another challenge is the access to skilled labor,” the director general added.
When it comes to the areas of digital cooperation between the two sides, Mellander noted that Saudi Arabia is well known among Swedish companies for its high speed and connectivity rate.
“One obvious key area for digital cooperation is the continued development of the infrastructure, the backbone of digital communication. Swedish companies are not only at the forefront of 5G technology and the development of 6G, they can also offer new and innovative applications to increase productivity and efficiency. In addition, they invest in R&D here – for instance, Ericsson is cooperating with KAUST (King Abdullah University of Science and Technology) on 6G development,” she said.
During her time in Saudi Arabia, Mellander visited renal care provider Diaverum to learn more about the Kingdom’s healthcare system and possible avenues for collaboration with Swedish firms.
“A large group among them recently took part in the Global Health Exhibition (in Riyadh), including the newly formed healthcare consortium, and I know they had many productive meetings that are now being followed up,” she added.
With regards to financial cooperation, the director general underlined that Sweden has a very strong export credit system with internationally competitive interest rates and flexible conditions.
“They are already working with banks, Saudi and Swedish actors, to support major investments in the Kingdom, and the interest for their solutions is growing rapidly. Therefore, the Swedish Export Credit Agency, EKN, signed a memorandum of understanding for collaboration with Saudi EXIM this year. Next week, the board of the Swedish Export Credit Corporation, SEK, will be visiting Riyadh to learn more,” Mellander said.
Saudi-Swedish Joint Committee
The Saudi-Swedish Joint Committee held its third session in Riyadh from Nov. 4-5. SPA
During the two-day long Saudi-Swedish Joint Committee meeting, delegates agreed to implement 45 initiatives to address challenges and obstacles to bilateral trade in areas including investment, energy and technology, as well as industry, education and health.
Tourism and sports were also discussed, accord to the Saudi Press Agency.
Deputy Governor for International Relations at the Saudi General Authority of Foreign Trade Abdulaziz bin Omar Al-Sakran noted the importance of overcoming obstacles that may hinder the flow of investment and trade between the Kingdom and Sweden.
In 2023, the trade volume between Saudi Arabia and Sweden reached approximately $1.7 billion.
The main exports from the Kingdom included plastics and their products, machinery, and mechanical appliances and parts, while key Swedish imports consisted of iron and steel products as well as pharmaceuticals.
UAE debt capital markets grow 13% in Q3 to reach $294.4bn
Updated 46 min 57 sec ago
Nour El-Shaeri
RIYADH: The UAE’s debt capital markets experienced a 13.1 percent year-on-year growth in the third quarter of 2024, reaching a total of $294.4 billion, according to the managing director at Fitch Ratings.
Bashar Al-Natoor, the firm’s global head of Islamic finance, emphasized the UAE’s growing financial landscape and its significant role in the international sukuk market. By the end of third quarter, sukuk accounted for 20 percent of the UAE’s debt capital market, with the remaining portion in bonds.
“The UAE is a pivotal player in the global sukuk market, holding a 6.6 percent share of the global outstanding sukuk,” Al-Natoor noted in an interview with the Emirates News Agency.
This positions the UAE as the fourth-largest sukuk issuer worldwide, behind Malaysia, Saudi Arabia, and Indonesia. Additionally, the UAE has become a major US dollar debt issuer in emerging markets, excluding China, with an 8.9 percent share in the first half of 2024, trailing only Saudi Arabia and Brazil.
The UAE also ranked as the second-largest issuer of environmental, social, and governance bonds and sukuk in emerging markets outside China during the first nine months of the year, second only to Brazil.
Despite the overall market growth, Al-Natoor acknowledged a decline in issuance levels. Sukuk issuance in the UAE totaled $9.9 billion in the first nine months of 2024, reflecting a 13 percent year-on-year decrease. However, this drop was relatively modest compared to the 25 percent decline in bond issuance during the same period.
