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RIYADH: Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan arrived in Tallinn, Estonia on Tuesday.
The minister is on an official visit to the country aimed at strengthening Saudi-Estonian relations, Saudi Press Agency reported.
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.”
RIYADH: Saudi Crown Prince Mohammed bin Salman sent a cable of condolences to Kuwaiti Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah on the passing of Sheikh Mohammed Abdulaziz Hamoud Al-Jarrah Al-Sabah.
In the cable, the crown prince extended his deepest sympathy to Sheikh Sabah and the family of the deceased.
RIYADH: Saudi senior tech diplomat Deemah AlYahya, the secretary-general of the multilateral Digital Cooperation Organization, held talks on Monday with Iraq’s prime minister, Mohammed Shia Al-Sudani, about support for Baghdad’s plans to develop its digital business and artificial intelligence sectors.
They discussed Iraq’s strategy for digital transformation, and the need to create and develop a workforce with the tech skills required to help grow the Iraqi economy effectively, the Saudi Press Agency reported.
Though Iraq is not a member of the DCO, an international body that focuses on the digital economy, Al-Sudani said his country is keen to work with the organization to meet the nation’s needs for a skilled workforce in the business sector.
AlYahya commended Iraq for the progress it has already made in terms of investment in the human capital needed to develop the digital skills that are essential to drive growth in a digitized economy.
Iraq has been working in recent years to develop a strategy for digital transformation to help support the private and public sectors and grow the economy. Authorities this month organized the first Digital Space Iraq Forum, which focused on the use of advanced technologies, including AI, to help build a comprehensive digital economy.
The DCO says that since it was founded in November 2020, it has been at the forefront of efforts to curate policies and initiatives to support the digital economy in several countries. Currently, 16 nations are members, including Saudi Arabia, Jordan, Pakistan, Bahrain, Bangladesh and Oman. It also has 39 observer partner organizations.
DCO member states have a collective gross domestic product of $3.5 trillion and serve a combined market of nearly 800 million people, more than 70 percent of whom are under the age of 35.
RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan took part in an expanded session of the second meeting between G7 foreign ministers and their counterparts from Arab nations on Monday, the Saudi Press Agency reported.
The meeting was hosted in Italy under the theme “Together for the Stability of the Middle East.”
The session, which addressed pressing regional and international challenges, was held with the participation of Saudi, Jordanian, Emirati, Qatari and Egyptian officials, as well as the secretary-general of the Arab League.
In his address, Prince Faisal emphasized the importance of strengthening partnerships to address these challenges effectively.
He highlighted the ongoing crises in Gaza and Lebanon, urging the international community to act immediately to secure a ceasefire, facilitate unrestricted humanitarian aid, and progress toward establishing an independent Palestinian state.
He also called for respect for Lebanon’s sovereignty, and renewed international efforts to resolve the crisis in Sudan and alleviate the resulting human suffering.
The meeting was also attended by Prince Faisal bin Sattam bin Abdul Aziz, Saudi ambassador to Italy, the SPA reported.
JEDDAH: Scientists were awarded prizes for their work in researching desalination and wastewater treatment technologies during an event in Jeddah on Monday.
The third edition of the Innovation-Driven Water Sustainability Conference was attended by 480 experts, scientists, researchers, specialists and 40 leading organizations in the water sector, from 20 countries.
The grand prize — the Global Prize for Innovation in Desalination 2024 — went to Lee Nuang Sim from Singapore’s Nanyang Technological University for his project “uncovering the power of centrifugal reverse osmosis,” and Sue Mecham, CEO of NALA Membranes, for her project “chlorine stable new membranes for sustainable desalination and wastewater treatment/reuse.”
Mecham, from North Carolina, US, spoke to Arab News after receiving her award, saying: “We are honored to be selected for the Global Prize for Innovation in Desalination 2024. Our mission is to bring new membranes to market and reduce the cost and complexity of water purification.”
Meanwhile, Saudi Ghadeer Al-Balawi from the University of Tabuk was another one of this year’s prizewinners with her project “novel heterogeneous catalysts for improving wastewater treatment plants in Saudi Arabia.”
Al-Balawi told Arab News: “I am incredibly honored to be one of the recipients of the Global Prize for Innovation in Desalination 2024. This recognition means so much to me. This project has been conducted at the University of Sheffield with hard work and dedication with the assistance of my supervisor, Dr. Marco Conte.”
The event’s opening ceremony was attended by Makkah Deputy Emir Prince Saud bin Mishal and Minister of Environment, Water and Agriculture Abdulrahman Abdulmohsen Al-Fadley, as well as other senior officials.
Following the opening, Abdullah Al-Abdulkarim, chairman of the Saudi Water Authority, said that the event reflects the Kingdom’s commitment to promoting scientific and research innovation as a pillar for achieving water sustainability and security.
Through the conference, the SWA aims to share the impact of innovation in promoting the sustainable supply of water, according to SWA spokesperson Sultan Al-Rajhi.
“This conference discusses the latest global practices and innovative solutions in the water industry, with the participation of experts, scientists and specialists, who emphasize the pivotal role of innovation in accelerating the future prosperity of water and achieving the Sustainable Development Goals for water and the environment,” he said.
The two-day conference will continue to feature discussions on more than 180 research papers, as well as a water hackathon organized by the Saudi Water Innovation Center.
