Saudi transport minister hails Riyadh Metro launch announcement

Metro/train Building Process in Riyadh City (Sep 2017). Saudi Arabia. Shutterstock.

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Updated 22 August 2024

Miguel Hadchity

August 22, 2024 16:14

Saudi transport minister hails Riyadh Metro launch announcement

Updated 22 August 2024

Miguel Hadchity

August 22, 2024 16:14

RIYADH: The announcement that Riyadh’s metro system is set to become fully operational this year shows the Saudi capital is in a “prosperous era,” according to a leading minister.

The Royal Commission for Riyadh City has revealed the $22.5 billion project will be constructed in a single phase, with the network connecting key locations such as King Khalid International Airport, King Abdullah Financial District, and major universities as well as downtown Riyadh, and the public transport center.

According to RCRC, the transport system will consist of six lines connecting 85 stations over 176 km, traversing densely populated areas.

Reflecting on the announcement in an interview with Al-Arabiya Business, Minister of Transport and Logistics Services Saleh Al-Jasser said the system is “considered the largest metro project globally to be constructed in a single phase.”

He added: “The city of Riyadh is witnessing a significant surge and major projects in this prosperous era.”

The comments from the minister came on the sidelines of the inauguration of a new Maersk logistics zone at Jeddah Islamic Port.

The newly opened logistics zone, a collaboration between the Saudi Ports Authority and Maersk, represents an SR1.3 billion ($346.4 million) investment. It is expected to streamline supply chain operations, handling 200,000 standard containers annually and creating over 2,500 jobs.

Al-Jasser noted that this logistics zone offers comprehensive solutions that add significant economic value to the sector, aligning with the national strategy for transport and logistics services led by Crown Prince Mohammed bin Salman.

“Our goal is to transform Saudi Arabia into a global logistics hub, leveraging its strategic location,” he told Al-Arabiya.

Mawani said in a press release that the logistics zone covers 225,000 sq. meters and includes a storehouse for general cargo, refrigerated food areas, a re-export and shipping area for small loads, and an e-commerce center with high-density storage and advanced mechanical solutions.

The zone also features an in-house women’s academy that provides specialized training programs, with Maersk aiming to create job opportunities for Saudi women in its facilities to make a tangible impact on gender diversity in the workplace.

Saudi Arabia has made substantial progress in the Logistics Performance Index, climbing to 17th place globally in 2023, according to the minister.

Additionally, the nation has seen a doubling of maritime connectivity indicators over the past three years, along with significant improvements in air connectivity and multi-modal transportation integration.

Al-Jasser praised the rapid completion of the Maersk Logistics Zone, which was finalized within 18 months thanks to substantial private sector investment.

He also mentioned that this project is one of 18 signed logistics initiatives across the Kingdom, with a goal to increase the number of designated zones from the current 22 to 59 by 2030.

Several additional areas are currently under construction in partnership with international companies.

The minister further revealed that private sector investments in logistics zones within Saudi ports have exceeded SR10 billion. Moreover, 12 more agreements are expected in the coming years, aimed at enhancing the network through integration with the country’s road and airport systems.

Closing Bell: Saudi main index sheds 50 points to 12,099

Updated 22 sec ago

Nirmal Narayanan

December 12, 2024 16:28

Closing Bell: Saudi main index sheds 50 points to 12,099

Updated 22 sec ago

Nirmal Narayanan

December 12, 2024 16:28

RIYADH: Saudi Arabia’s Tadawul All Share Index continued its downward trend for the second consecutive day on Thursday as it shed 49.86 points or 0.41 percent to close at 12,099.33.

The total trading turnover of the benchmark index was SR4.77 billion ($1.27 billion), with 101 of the listed stocks advancing while 123 declined.

The Kingdom’s parallel market Nomu also slipped by 0.57 percent to 31,100.89, while the MSCI Tadawul Index shed 7.37 points to close at 1,519.01.

Sumou Real Estate Co. was the best-performing stock of the day. The company’s share price soared by 9.98 percent to SR44.65.

Zamil Industrial Investment Co. was another top gainer, as the firm’s share price increased by 6.62 percent to SR33.80.

Meanwhile, the share price of Al-Baha Investment and Development Co. increased by 6.45 percent to SR0.33, and Saudia Dairy and Foodstuff Co. also advanced by 5.88 percent to SR360.

Conversely, Makkah Construction and Development Co.’s share price slipped by 3.04 percent to SR114.80.

The best performer on the parallel market was Riyadh Steel Co., as its share price increased by 17.37 percent to SR2.50.

Other top performers on Nomu were Dar Almarkabah for Renting Cars Co. whose share prices increased by 12.90 percent to SR70 while Watani Iron Steel Co.’s share prices grew by 12.20 percent to SR3.03.

On the announcements front, Almasane Alkobra Mining Co. revealed that it received a license from the Ministry of Industry and Mineral Resources to explore chromium, manganese, copper, and nickel in the Al-Baha region.

In a statement to Tadawul, the mining firm said the license is valid until Dec. 10, 2029.

The company added that the timing of any potential development of this license will become clear after the completion of exploration work and studies within the legal period.

AMAK’s share price, however, slipped by 2.49 percent to SR70.40.

Topics: Closing Bell Saudi Stock Exchange (Tadawul) Tadawul All Share Index (TASI)

Saudi Green Building Forum achieves permanent observer status with UNCCD

Updated 12 December 2024

Nadin Hassan

December 12, 2024 15:23

Saudi Green Building Forum achieves permanent observer status with UNCCD

Updated 12 December 2024

Nadin Hassan

December 12, 2024 15:23

RIYADH: The Saudi Green Building Forum SGBF has been granted permanent observer status by the United Nations Convention to Combat Desertification.

This recognition underscores the Forum’s substantial contributions to advancing sustainable building practices and the Kingdom’s leadership in global environmental efforts.

The decision follows the forum’s prior pending status, which was resolved with the announcement of the final decision at COP16, held in Riyadh.

“This process takes months leading up to COP, during which the organization must demonstrate its engagement with clear justifications, specific goals, and evidence of its work within the community,” Faisal Al-Fadl, secretary-general of SGBF, told Arab News.

The SGBF’s involvement aligns with the provisions outlined in the UNCCD’s internal regulations, specifically concerning observer status, as defined in Article 22 and the COP rules, according to a press release.

SGBF was among the 473 organizations officially accredited during COP16, reflecting the international collaboration and commitment to combating desertification showcased at the conference.

This initiative is part of a broader strategy to integrate scientific and community-based approaches to environmental management.

Al-Fadl explained that under the UNCCD’s processes, rules, and regulations — agreed upon by its member states — any organization seeking observer status must participate in the COP.

The COP, hosted by the member state, is responsible for deciding whether to approve or deny the request for observer status.

“We set up a pavilion dedicated to the event, where each day highlighted a specific sustainable development goal. At SGBF, we actively promote SDGs as part of our consultative status with the United Nations,” Al-Fadl said.

He continued: “Green building is all about renewable energy, clean water, eco-friendly materials, and green infrastructure that supports the human experience. This concept is applied not just to buildings, but to neighborhoods and cities.”

Al-Fadl emphasized that SGBF’s work closely aligns with the SDGs, which encompass social, environmental, and economic sustainability. This is also in harmony with Saudi Vision 2030, which serves as the foundation for the Kingdom’s national SDGs.

“We capitalized on our accreditation, bringing more than 100 delegates and speakers, including high-level representatives, youth, and women. We are incredibly proud of this opportunity to engage on such a meaningful platform,” Al-Fadl said.

He added: “This has also provided an opportunity for many consultants, who might not have had the chance otherwise, to participate. Our accreditation is especially significant for the nonprofit and non-governmental sector, enabling us to engage with civil society, whether private entrepreneurs or young individuals.”

Al-Fadl further highlighted the chance to showcase the Forum’s partnerships with various entities, including government organizations. “For example, we signed agreements with the Ministry of Environment and nonprofit organizations, as well as achieving accreditation across Gulf states,” he noted.

The UNCCD also extended its accreditation to other organizations, including the Environment and Desertification Association and the Weather and Climate Association, after a thorough evaluation of their submitted documents.

Dedicated to combating land desertification, the UNCCD fosters partnerships between developed and developing nations, focusing on technology and knowledge-sharing for effective land management.

With 195 member states, the UNCCD aims to improve living conditions, enhance land productivity, and mitigate the impacts of drought while promoting public engagement in combating desertification and advancing sustainable development.

Topics: COP16 Green & Blue

Saudi Arabia to deliver financially streamlined World Cup 2034, with soaring revenues: FIFA evaluation

Updated 12 December 2024

Nirmal Narayanan

December 12, 2024 15:04

Saudi Arabia to deliver financially streamlined World Cup 2034, with soaring revenues: FIFA evaluation

Updated 12 December 2024

Nirmal Narayanan

December 12, 2024 15:04

RIYADH: Saudi Arabia is set to deliver a FIFA World Cup in 2034 that saves $450 million on costs but surpasses revenue trends, according to a report from the world football governing body.

Released in the aftermath of the Kingdom being officially confirmed as the host of the tournament, the bid evaluation document projects money from ticket and hospitality will surpass baseline projections by 32 percent, or $240 million.

FIFA evaluated organizing costs using figures from previous World Cups, adjusted for the expanded 104-match format, a 14-stadium concept, inflation, and local economic conditions.

While excluding expenses like prize money and team participation costs, FIFA highlighted Saudi Arabia’s competitive pricing, with key cost areas such as technical services and security forecast to be $133 million and $58.9 million below baseline, respectively.

By comparison, Qatar spent an estimated $220 billion to host the 2022 World Cup, the most expensive in history. Much of that investment went toward infrastructure, including stadiums, roads, and public transport.

Hosting major sporting events such as the FIFA World Cup are aligned with Saudi Arabia’s economic diversification efforts which aims to reduce the Kingdom’s decades-long dependence on crude revenues.

In November, experts told Arab News that Saudi Arabia could expect a gross domestic product boost of between $9 billion and $14 billion from the event, as well as the creation of 1.5 million new jobs, and the construction of 230,000 hotel rooms developed across five host cities.

For Saudi Arabia, key cost drivers include $378.4 million for television operations, $273.8 million for workforce management, $124 million for transport, $111.1 million for team services, and $99.5 million for IT and telecommunications, according to the bid report.

“Virtually all cost drivers are currently forecast as being below the baseline, with some cost items, such as staffing costs, event transport, team accommodation, and competition management generally expected to remain in line with baseline levels,” FIFA noted.

The governing body expects food and beverage revenues to align with baseline figures, while online and licensing revenue streams are forecast to outperform by $7 million.

The Kingdom’s time zone, which allows viewers across Asia, Europe, and Africa to watch matches during prime hours, is expected to drive a 10 percent increase in global live television audiences compared to the 2026 edition.

Sustainability at the core

Saudi Arabia has pledged to host the 2034 tournament with sustainability at the forefront, incorporating renewable energy and achieving LEED Gold certification for buildings and operations. These green initiatives are expected to reduce energy consumption significantly compared to traditional standards.

The Kingdom also plans to repurpose World Cup stadiums as multi-purpose entertainment venues and homes for Saudi Pro League teams, ensuring long-term benefits for football and local communities.

Infrastructure development

The World Cup bid underscores Saudi Arabia’s commitment to becoming a global tourism hub.

Each proposed host city has undergone significant development under Vision 2030, with heavy investments in tourism infrastructure to support major events across sports, arts, culture, and business.

Events like FIFA World Cup 2034 and Expo 2030 are expected to strengthen Saudi Arabia’s non-oil economy, providing business and lending opportunities for financial institutions, according to a November report by Moody’s.

Topics: FIFA World Cup 2034 Saudi World Cup 2034 bid

Vision 2030 can inspire global solutions to land degradation, energy crisis

Updated 30 min 8 sec ago

Nadin Hassan

December 12, 2024 14:30

Vision 2030 can inspire global solutions to land degradation, energy crisis

UNCCD executive secretary discusses how Saudi Arabia’s strategy can lead global environmental change

Updated 30 min 8 sec ago

Nadin Hassan

December 12, 2024 14:30

RIYADH: Achieving Saudi Arabia’s Vision 2030 will require significant investment in land restoration and renewable energy, as the nation’s ambitious strategy extends beyond national goals, according to a senior executive.

In an interview with Arab News on the sidelines of COP16 in Riyadh, Ibrahim Thiaw, executive secretary of the UN Convention to Combat Desertification, emphasized that the Kingdom’s transformative national strategy should be a global model.

“Vision 2030 is a national vision from Saudi Arabia. But it can only be achieved if we invest more in land restoration. It can only be achieved if we invest more in empowering communities to manage their resources,” Thiaw said.

He further added: “It is certainly an excellent vision proposed by the Kingdom of Saudi Arabia. But it goes beyond in terms of vision, in terms of ambition. It has to be implemented in many other parts of the world.”

Thiaw highlighted the need for innovative solutions to address global food production challenges. For example, he pointed out the importance of doubling food production by 2050 without exhausting limited resources, calling for the adoption of technologies like artificial intelligence, precision agriculture, and water-efficient systems.

He also noted that Vision 2030 stresses the importance of balancing traditional farming techniques with modern technologies to enhance soil productivity, reduce pollution, and avoid the expansion of agricultural land.

“Saudi Arabia is already doing quite a bit in land restoration,” Thiaw said, referencing efforts through institutions like the Saudi Fund for Development, which has active portfolios across Africa, Asia, and Latin America.

“But we all need to do more,” Thiaw added. “That will probably require that the Saudi Fund for Development, as well as other institutions where Saudi Arabia is the main shareholder, like the Islamic Development Bank, the OPEC Fund, and many other institutions, realign their portfolios to match the ambitions of COP16.”

As a G20 member, Thiaw urged the Kingdom to help rally other nations to meet the G20 goal of restoring 50 percent of degraded land by 2040. The focus, he stressed, must not only be on making commitments but also on ensuring their effective implementation.

“Saudi Arabia will be appreciated if it works with its peers from other countries, with South Africa, which is now the current presidency of G20, and then the future presidencies, as well as all members of the G20,” Thiaw said.

Thiaw also emphasized the critical importance of integrating traditional methods, like underground irrigation, with modern technologies such as desalination and renewable energy to support sustainable development, especially in arid regions. These combined solutions can address challenges like water scarcity and energy demands while promoting economic growth.

“This is where you need new technologies and combine them with the traditional technologies, including the underground irrigation that has been known here for millennia, and so we can use new technologies to make additional water available,” Thiaw said.

He added: “I visited the Saudi pavilion here. I just could not believe what I saw, and from 300 megawatts just a few years back, there are now 44 gigawatts moving to 80 GW. I was stunned!”

Thiaw explained that Saudi Arabia’s progress demonstrates how integrating traditional and new technologies can lead the way in energy transitions, land management, and water accessibility, creating a better future for all.

Key outcomes

Thiaw outlined some of the key outcomes expected from COP16, including decisions on proactive drought resilience strategies to prepare communities, businesses, and governments for future droughts rather than simply reacting to crises.

An additional focus is scaling up commitments to restore degraded land, with a global reserve of 1.5 billion hectares of damaged land, and reversing the trend of losing fertile soil annually — an area the size of Egypt.

He stressed that financing is central to these efforts: “We have indicated in our reports that the world needs to invest $1 billion per day. $1 billion per day needs to be invested in land restoration worldwide. Now that is a huge figure. It’s not small. This is not necessarily only public funds, but also private funds.”

Thiaw added: “Not only public funds, but also private funds. The private sector must invest to sustain productivity, while harmful taxpayer-funded subsidies should be redirected toward environmentally friendly and land-friendly activities.”

Collaboration with Saudi Arabia

To address these pressing challenges, Thiaw expressed the UNCCD’s eagerness to collaborate with Saudi Arabia in integrating advanced technologies with traditional practices.

“Our ambition is to help countries transition effectively, and Saudi Arabia is uniquely positioned to lead this effort,” Thiaw said, highlighting the Kingdom’s capacity, energy, and financial resources.

He added: “Now, there is a lot of discussion at the moment under the climate negotiations to see whether we can have net zero in terms of emissions. But if you are to achieve net zero in terms of emissions, it is not only emissions coming from industry, but emissions coming from land use, because land use is the second-largest emitter.”

Thiaw emphasized that degrading land increases carbon emissions, whereas restoring land acts as a natural solution by capturing carbon and returning it to the soil, thus helping to mitigate climate change.

The progress showcased at the Saudi pavilion highlights how merging traditional practices with advanced technologies can pave the way for sustainable energy transitions, better land and water management, and long-term environmental and economic stability. This model serves as a benchmark for addressing resource challenges in arid regions and other vulnerable areas globally.

Topics: COP16 Green & Blue

Foreign reserves propel Saudi assets to $435bn

Updated 12 December 2024

Dayan Abou Tine

December 12, 2024 13:56

Foreign reserves propel Saudi assets to $435bn

Updated 12 December 2024

Dayan Abou Tine

December 12, 2024 13:56

RIYADH: Saudi Arabia’s official reserve assets saw a 2.22 percent year-on-year increase to SR1.63 trillion ($435.41 billion) in October, underscoring the Kingdom’s fiscal resilience.

Data from the Saudi Central Bank, also known as SAMA, revealed that these holdings include monetary gold, special drawing rights, the International Monetary Fund’s reserve position, and foreign reserves.

The latter category comprises currency and deposits abroad as well as investments in foreign securities, and accounted for 94.34 percent of the total, reaching SR1.54 trillion in October – an annual rise of 2.32 percent.

Special drawing rights rose to SR78.42 billion, marking a 2.09 percent increase and accounting for 4.8 percent of Saudi Arabia’s total reserves.

Created by the IMF to supplement member countries’ official reserves, SDRs derive their value from a basket of major currencies, including the US dollar, euro, Chinese yuan, Japanese yen, and British pound sterling. SDRs can be exchanged among governments for freely usable currencies when needed.

In addition to providing supplementary liquidity, SDRs help stabilize exchange rates, act as a unit of account, and facilitate international trade and financial stability.

The IMF reserve position totaled around SR12.41 billion but recorded an 8.03 percent decline during this period. This category represents the amount a country can draw from the IMF without conditions.

Gold reserves remained steady at SR1.62 billion, a level unchanged since February 2008.

Saudi Arabia’s reserve assets, underpinned by substantial foreign exchange reserves and sovereign wealth managed through entities like the Public Investment Fund, serve as a cornerstone of the Kingdom’s fiscal strength.

These reserves provide the government with a robust financial buffer to navigate economic uncertainties, including fluctuating oil revenues, global financial market turbulence, and geopolitical risks.

With significant reserve levels, the Kingdom is well-positioned to meet its financing requirements across short, medium, and long-term horizons.

This financial resilience bolsters Saudi Arabia’s ability to secure favorable borrowing terms from both domestic and international markets, enhancing investor confidence and supporting fiscal sustainability.

The strategic deployment of these assets aligns with Saudi Arabia’s Vision 2030, which focuses on economic diversification, enhancing non-oil sectors, and ensuring sustainable long-term growth.

This comprehensive strategy equips the Kingdom to mitigate risks while fostering stability and pursuing its ambitious economic objectives.

Topics: Saudi Central Bank (SAMA) saudi official reserves

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Saudi transport minister hails Riyadh Metro launch announcement

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