Saudi minister holds talks with Qatar, Hungary, and Solomon Islands on sustainable growth

Saudi minister holds talks with Qatar, Hungary, and Solomon Islands on sustainable growth
Minister of Economy and Planning Faisal Al-Ibrahim with the Solomon Islands’ Minister of Planning and Development Rexson Ramofafia. Ministry of Economy and Planning.
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Updated 16 July 2024
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Saudi minister holds talks with Qatar, Hungary, and Solomon Islands on sustainable growth

Saudi minister holds talks with Qatar, Hungary, and Solomon Islands on sustainable growth

RIYADH: A Saudi minister held high-level meetings with officials from Qatar, Hungary, and the Solomon Islands to discuss using sustainable development goals as a key driver of growth.   

On the sidelines of the annual High-Level Political Forum 2024 on Sustainable Development held in New York from July 8 to July 18, the Minister of Economy and Planning, Faisal Al-Ibrahim, met with Abdulaziz bin Nasser Al-Khalifa, president of the Civil Service and Government Development Bureau and secretary-general of the National Planning Council in Qatar. 

He also held talks with Hungary’s Minister of State for Environment and Circular Economy Aniko Raisz and the Solomon Islands’ Minister of Planning and Development Rexson Ramofafia.

These meetings are in line with the Kingdom’s ongoing efforts to further bolster and propel relations with the respective countries.

According to the online data visualization and distribution platform Observatory of Economic Complexity, in 2022, Saudi Arabia exported $1.73 billion to Qatar, while the small, gas-rich Gulf nation exported $474 million to the Kingdom. 

OEC also revealed that while Saudi Arabia exported $7.65 million to Hungary in 2022, the European country exported $223 million to the Kingdom. 

OEC disclosed that in 2020, Saudi Arabia exported $20,800 to the Solomon Islands, while the latter exported $32,800 to the Kingdom.

“Accelerating the pace of progress requires policymaking that is ambitious and bold, but also clear, collaborative, and solution-oriented,” Al-Ibrahim said in his address during the event, according to a statement. 

“We need to develop a prioritization mechanism that enables nations to focus on the most efficient policies and the smartest solutions that unlock the greatest impact, for the greatest number of people, in the shortest possible timeframe,” the minister added.

He went on to note that sustainable progress hinges on creating and capturing opportunities to improve the overall standard of living to enhance quality of life. 

“We are taking a whole-of-economy, human-centric approach to unlocking our inherent potential under Saudi Vision 2030. We are also localizing sustainable action, whereby cities are publishing their Voluntary Local Reviews while integrating sustainable practices to reach all communities,” Al-Ibrahim further stressed. 

“Under the Saudi Green Initiative, the Kingdom is playing a key role in achieving global climate targets. With more than 80 initiatives, we are investing more than $180 billion to grow the green economy and cement our position as a renewable energy leader,” the minister added. 

He concluded by saying: “As we look ahead, let us take a smarter, more pragmatic approach to deliver more tangible progress. Let us prioritize the challenges we can address now, and fast, so that we can unlock more capabilities, more energy, and more hope.”

According to a post on X by the ministry, the officials also discussed enhancing international cooperation in different fields.   

The statement further stated that Saudi Arabia participated in this forum with a delegation that included 13 entities from the government sector headed by Al-Ibrahim. 

The Kingdom has participated in the forum every year since 2017, as the HLPF has been held annually since 2015 under the auspices of the UN Economic and Social Council.

In June, Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan Al-Saud received the Prime Minister of the Solomon Islands, Manasseh Sogavare, and his accompanying delegation during their official visit to the capital, Riyadh, the Kingdom’s foreign ministry said on July 12.  

The ministry said in a statement that at the time, the two sides reviewed bilateral relations and ways to enhance and develop them in various fields and discussed intensifying joint coordination on many issues of concern to both countries.

Also in June, Hungary’s Deputy Minister and State Secretary of the Ministry of Defense, Tamas Vargha, said that the economic ties between Saudi Arabia and Hungary will continue to grow over the next few years.

“(Saudi Arabia’s) Vision 2030 … I think it’s a success story … it’s a good basis for our cooperation,” Vargha told Arab News during a recent interview.

“You have seen lots of changes since Vision 2030 started … both social changes and the economic changes and growth,” Vargha said at the time.

In December 2023, Saudi Arabia and Qatar announced that they were working to “deepen and expand” their economic, military, sports, and cultural ties. 

According to a statement issued at the time, this followed the Saudi-Qatari Coordination Council meeting attended by Crown Prince Mohammed bin Salman and Sheikh Tamim bin Hamad, the emir of Qatar.


Closing Bell: Saudi main index closes in green at 12,388   

Closing Bell: Saudi main index closes in green at 12,388   
Updated 20 February 2025
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Closing Bell: Saudi main index closes in green at 12,388   

Closing Bell: Saudi main index closes in green at 12,388   

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Thursday, gaining 70.56 points, or 0.57 percent, to close at 12,388.15. 

The total trading turnover of the benchmark index was SR5.95 billion ($1.58 billion), as 95 of the listed stocks advanced, while 137 retreated.    

The MSCI Tadawul Index increased by 13.19 points, or 0.86 percent, to close at 1,551.49. 

The Kingdom’s parallel market Nomu rose, gaining 44.37 points, or 0.14 percent, to close at 31,474.69. This came as 40 of the listed stocks advanced, while 47 retreated. 

The best-performing stock was Anaam International Holding Group, with its share price surging by 6.33 percent to SR23.84. 

Other top performers included Etihad Etisalat Co., which saw its share price rise by 5.35 percent to SR63, and Tourism Enterprise Co., which saw a 4.65 percent increase to SR0.90. 

The biggest decline of the day was seen in Al Sagr Cooperative Insurance Co., with its share price dropping 9.83 percent to SR15.96. 

Saudi Steel Pipe Co. saw its share price drop 6.77 percent to close at SR67.50, while Astra Industrial Group fell 4.81 percent to SR182, reflecting broader market pressures.

Following this, Saudi Steel Pipe Co. reported its annual results for 2024, with net profits rising 15.21 percent year-on-year to SR250 million. 

In a Tadawul filing, the company said the profit increase was driven by a rise in gross profit to SR399 million in 2024 from SR283 million the previous year, largely due to higher sales volumes. 

Astra Industrial Group reported interim financial results for the period ending Dec. 31, with net profits rising 23.99 percent year on year to SR589.34 million. 

The company attributed the growth to higher gross profit across all sectors, increased sales value, and a rise in other income. 

Meanwhile, shares of Yamama Cement Co. fell 1.89 percent on the main market today, closing at SR36.25. 

In a separate announcement, Nayifat Finance Co. posted its annual results for 2024, with net profits surging 47.93 percent to SR131.23 million. 

The company credited the profit increase to higher operational earnings, driven by a decline in the net charge for expected credit loss allowance due to improved write-off recoveries. 

In today’s trading, Nayifat Finance Co.’s shares edged up 0.83 percent on the main market to close at SR14.74. 


Qurayyah power plant to expand by 3.01 GW thanks to $3.6bn investment

Qurayyah power plant to expand by 3.01 GW thanks to $3.6bn investment
Updated 20 February 2025
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Qurayyah power plant to expand by 3.01 GW thanks to $3.6bn investment

Qurayyah power plant to expand by 3.01 GW thanks to $3.6bn investment

JEDDAH: Saudi Arabia is boosting its energy security with an SR13.4 billion ($3.57 billion) investment to expand the Qurayyah power plant, adding 3.01 gigawatts to meet growing demand and support economic growth.

Saudi Electricity Co. and ACWA Power have signed a power purchase agreement with Saudi Power Procurement Co., the Kingdom’s sole licensed electricity buyer, to expand Qurayyah Independent Power Plant. This facility is the largest combined-cycle gas-fired independent energy station in the world.

The initiative supports the Kingdom’s Vision 2030 by improving electricity generation efficiency, reducing costs, and diversifying energy sources to replace liquid fuels in the power sector. It aims to enhance reliability and sustainability through advanced combined-cycle gas turbine technology while reducing carbon emissions and promoting environmental conservation.

The project, overseen by the Ministry of Energy, aims to increase Saudi Arabia’s electricity capacity and efficiency by adding combined-cycle power plant units designed for future carbon capture. According to the principal buyer, the deal was signed with a consortium led by ACWA Power, SEC, and Hajji Abdullah Alireza & Co. Ltd., with SEC and ACWA Power each holding a 40 percent stake.

As one of the Kingdom’s largest power generation projects, it includes the financing, construction, ownership, and operation of a combined-cycle gas power plant, along with the development and transfer of a 380-kilovolt electrical substation, according to the Saudi Press Agency.

SEC is the largest electricity producer, transmitter, and distributor in the Middle East and North Africa, serving over 11 million customers.

ACWA Power — the world’s largest private desalination company — announced that on Feb. 19 it received a notice from the Al-Shuaiba 2 Solar PV Independent Power Plant project company, confirming that it has been granted the commercial operation certificate by the SPPC for the first, second and third groups, with a total capacity of 2,060 MW.

In a statement on Tadawul, the firm added that the initiative is now fully operational, noting that it owns a net stake of 35.01 percent share in the project company.

The body expects the financial impact to be reflected in the current year’s second quarter.


Saudi investment ministry inks deal with Sana to boost entrepreneurial ecosystem in Al-Ahsa

Saudi investment ministry inks deal with Sana to boost entrepreneurial ecosystem in Al-Ahsa
Updated 20 February 2025
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Saudi investment ministry inks deal with Sana to boost entrepreneurial ecosystem in Al-Ahsa

Saudi investment ministry inks deal with Sana to boost entrepreneurial ecosystem in Al-Ahsa

RIYADH: A new cooperation agreement between the Ministry of Investment and Prince Ahmed bin Fahd bin Salman Center will see Saudi Arabia enhance its entrepreneurial ecosystem in the Al-Ahsa region.

The deal signed with the center, also known as Sana, focuses on attracting pioneering companies and innovators while fostering a business-friendly environment.

The Kingdom is increasingly being recognized for its growing enteprise-friendly landscape, securing third position in the 2023-2024 Global Entrepreneurship Monitor report.

The latest initiative, inked at the Al-Ahsa Forum 2025 in Al-Ahsa, also seeks to foster greater engagement with creative thinkers and business leaders through investment meetings and events, and will support the issuance of entrepreneurial licenses and provide access to essential services.

Moreover, the Sana agreement seeks to explore investment opportunities, encourage strategic partnerships, and promote investment alliances that enhance the competitiveness of the entrepreneurship sector in Saudi Arabia.

The new deal comes against a backdrop of venture capital pouring into the Kingdom, with the country retaining its position as the leading destination for such funds in the MENA region in 2024, raising $750 million, according to a report from regional venture platform MAGNiTT.

This marked the second consecutive year the Kingdom has led regional VC rankings. Saudi Arabia accounted for 40 percent of the total amount deployed in MENA, closing 178 deals, the most of any nation in the region.

Speaking to Arab News at at the LEAP 2025 Tech Conference held in February, Mohammed Al-Zubi —founder of Saudi venture capital firm Nama Ventures — explained that the nation is rapidly becoming a key player in the regional technology ecosystem and is emerging as the “center of gravity” for Middle East startups.

Al-Zubi believes Saudi Arabia’s support for the startup ecosystem is unmatched globally. Having spent time in Silicon Valley, London, and the Middle East, he argued that the Kingdom’s government-led initiatives are unparalleled.

According to the international policy advisory and research organization Startup Genome, Riyadh ranked among the top five startup ecosystems in the Middle East and North Africa in June, in collaboration with the Global Entrepreneurship Network.


King Salman approves Saudi riyal symbol

King Salman approves Saudi riyal symbol
Updated 20 February 2025
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King Salman approves Saudi riyal symbol

King Salman approves Saudi riyal symbol

RIYADH: King Salman on Thursday approved the official symbol for the Saudi riyal, marking the beginning of a new chapter in the Kingdom’s financial journey, as reported by the Saudi Press Agency.

Saudi Central Bank Gov. Ayman Al-Sayari expressed his gratitude to the nation’s leadership for launching the symbol, which he believes “reinforces Saudi Arabia’s financial identity both locally and globally.”

Al-Sayari further noted that this initiative underscores the growing international influence of the Saudi riyal, while also fostering a sense of national pride and cultural unity. He added that the newly designed symbol represents the Kingdom’s rich cultural heritage.

The symbol, which blends Arabic calligraphy with the name of the national currency, “riyal,” will be utilized in financial and commercial transactions both within the Kingdom and internationally.

The central bank governor also commended the collaborative efforts of all parties involved in the project, including the Ministry of Culture, the Ministry of Information, and the Saudi Standards, Metrology, and Quality Organization.

Introducing a symbol for the riyal reinforces the Kingdom’s financial and economic identity, further positioning the Saudi riyal as a credible and globally recognized currency within the international financial system.

It also simplifies the representation of the riyal in financial transactions and commercial dealings.

According to SAMA, the symbol will be rolled out immediately, with its integration into financial and commercial transactions, as well as various applications, occurring gradually in coordination with relevant entities.


Saudi Wafi Energy Pakistan reports $11.8 million profit for 2024

Saudi Wafi Energy Pakistan reports $11.8 million profit for 2024
Updated 20 February 2025
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Saudi Wafi Energy Pakistan reports $11.8 million profit for 2024

Saudi Wafi Energy Pakistan reports $11.8 million profit for 2024
  • The company became the majority shareholder of Shell Pakistan Limited in November 2024
  • It has formed a partnership in Thar Coal Project following a win in Saindak mining project

ISLAMABAD: Saudi company Wafi Energy Pakistan Limited has announced its financial results for 2024, reporting a profit of Rs3.3 billion ($11.8 million), according to a statement from the group on Thursday.
Wafi Energy, an affiliate of the Asyad Group, became the majority shareholder of Shell Pakistan Limited (SPL) in November last year and now holds approximately 87.78% of the total issued share capital of SPL. However, the Shell brand will remain in Pakistan through retail and brand licensing agreements, with SPL as the exclusive brand licensee.
The financials of the company for the year ending December 2024 were announced by its board of directors.
“The company reported a profit after tax of Rs3.3 billion for 2024 compared to a profit of Rs5.8 billion [$20.7 million] in 2023,” the company said. “It is important to note that the 2023 results included a one-time income of PKR10.7 billion [$38.3 million] related to the waiver of Shell Group liabilities.”
The company highlighted that it increased its market share with Helix and Advance Lubricants and formed a partnership in the Thar Coal Project following a win in the Saindak Gold and Copper mining project.
“The mobility business also made significant strides, expanding its network by introducing 16 new sites and rebuilding nine existing ones,” the statement added. “The convenience retail business demonstrated strong growth, with a 28% year-on-year increase.”
SPL is one of the oldest multinationals in Pakistan, with a network of over 600 sites, countrywide storage facilities and a broad portfolio of global lubricant brands.
Shell has supported Pakistan’s development by providing energy for major projects like Mangla Dam and Kotri Barrage, powering Pakistan International Airlines’ first flights, expanding road infrastructure and fostering innovation among local entrepreneurs.