COP29 Day 3: World leaders address urgent climate goals at high-level session

COP29 Day 3: World leaders address urgent climate goals at high-level session
The High-Level Segment continued with addresses from heads of state and government as countries reiterated commitments to combat climate change. Supplied
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Updated 13 November 2024
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COP29 Day 3: World leaders address urgent climate goals at high-level session

COP29 Day 3: World leaders address urgent climate goals at high-level session
  • Kuwait aims to achieve net zero emissions by 2060, supported by strategic initiatives and a significant shift toward renewable energy
  • World leaders are expected to announce further initiatives to address climate threats through collaborative, international approaches

RIYADH: World leaders entered their third day of climate talks at COP29 in Baku, marking a critical juncture in discussions focused on climate action and multilateral cooperation. 

The High-Level Segment continued with addresses from heads of state and government as countries reiterated commitments to combat climate change.

As COP29 progresses, world leaders are expected to announce further initiatives to address climate threats through collaborative, international approaches.

Here is a summary of events in Baku.

11:35 a.m. – Russia and US among countries to reaffirm climate action




Russian Prime Minister Mikhail Mishustin. Screenshot

Russian Prime Minister Mikhail Mishustin used his speech to reiterate his country’s climate efforts, noting: “Russia remains committed to low carbon development,” and pledged ongoing collaboration on international climate goals. 

John Podesta, representing the US, asked: “Do we secure sustainable prosperity for our countries, or do we condemn our most vulnerable to unimaginable climate disasters?”  

Daniel Risch, Prime Minister of Liechtenstein, highlighted the global commitment, noting: “The presence of so many states from around the world is a powerful sign that the fight against climate change is a key challenge of our time.”  

He stressed the need for “bold steps” against the security, economic, and social issues exacerbated by climate change and reaffirmed Liechtenstein’s dedication to its commitments. 

Morocco’s Prime Minister, Aziz Akhannouch, underscored his country’s role in the energy transition, stating: “Morocco has for many years played a major role in the energy transition at the international, national and continental levels.” 

He announced plans to raise decarbonization targets in Morocco’s NDCs and warned: “Natural disasters due to global warming are causing considerable economic and human loss, and affecting food security, healthcare facilities, and access to safe water.” 

Prime Minister Russell Dlamini of Eswatini pointed out the worsening climate impacts, referencing the World Meteorological Organization’s warning of an “80 percent chance that global temperatures will exceed 1.5 degrees Celsius above pre-industrial levels within the next five years.”  

Similarly, Prime Minister Mark Brown of the Cook Islands said: “The world is warming, and the transition away from fossil fuels is non-negotiable.”   

Prime Minister Judith Suminwa of the Democratic Republic of the Congo said: “We are gathered here today at COP29 at a time when our planet is dealing with an unprecedented climate emergency.” 

11:05 a.m. – Our speeches change nothing, Albanian PM tells COP29




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Albanian Prime Minister Edi Rama delivered a sharp critique at COP29, calling on participating countries that are speaking without action, while underscoring the disconnect between rhetoric and reality in the global fight against climate change.   

“Life goes on with its old habits, and our speeches full of good words about fighting climate change change nothing,” said Rama. 

He pointed out that despite the ambitious goals set in previous climate summits, global carbon emissions have actually increased on an annual basis, reflecting a lack of genuine progress.  

Rama highlighted Albania’s commitment to sustainability, noting its 100 percent renewable energy production. However, he questioned the impact of smaller nations’ efforts in the face of continued inaction by the world’s biggest polluters.   

“I come here from a little country in the middle of Europe, Albania, where we have 100 percent renewable energy production. But what does it mean for the future of the world if the biggest polluters continue business as usual?” he asked, emphasizing the need for coordinated global action.  

In a candid assessment, Rama expressed frustration at the repetitive nature of international climate conferences, which he argued have failed to produce concrete results.   

“Far be it from me to lecture anyone, after all, we are used to being lectured, not to lecturing others,” he said. “But my point is, what on earth are we doing in these gatherings over and over if there is no common political will on the horizon to go beyond words and unite for meaningful action?”  

Rama also criticized the absence of key players from the event, suggesting that the decision of major and minor countries to boycott the summit undermines its credibility and raises questions about the seriousness of global commitments.   

“Adding insult to injury, major and minor players even boycotted this ample global event,” he said. 

10:40 a.m. – Calls for increased nuclear power growing




Czech Republic’s Prime Minister Petr Fiala. Supplied

Nuclear power is essential to achieving global climate goals as it provides a clean and safe energy source, world leaders stated at COP29 in Baku. 

The Czech Republic’s Prime Minister Petr Fiala emphasized the importance of nuclear power for the future, adding that his country is prepared to assist other nations in advancing this form of energy. 

“We will discontinue coal, and we will push for renewables and nuclear power. Nuclear power is essential to meet our climate goals, as it produces extremely clean energy and is also very safe. The Czech Republic has over 50 years of experience in nuclear power, and we are ready to assist any country,” said Fiala. 

His comments were echoed by the Italian Prime Minister Giorgia Meloni.

10:00 a.m. – All energy sources should be used to cope with population rise – Italian PM




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In her address to COP29, Italian Prime Minister Giorgia Meloni warned that population growth will increase energy demand.

“We need an energy mix in the transition process. We must use all energy sources, biogas, gas and even nuclear fusion in the future,” she said.

Meloni believes that technology neutrality is the right approach, and currently, there is no single alternative to fossil fuel supply.

9:46 a.m. – Day 3 begins with more world leaders addressing the conference

Kuwait’s Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah emphasized his country’s long-term strategy for environmental sustainability and carbon reduction, stating that climate change “is a global concern and a threat to many countries.” 




Kuwait’s Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah. Screenshot

Highlighting the visible impacts of climate change, he cited “rising temperatures, dust storms, and heavy rain” as growing challenges in the region.

Kuwait aims to achieve net zero emissions by 2060, supported by strategic initiatives and a significant shift toward renewable energy. The country plans to generate 50 percent of its electricity from solar power, a major component of its national sustainability efforts, Al-Sabah said.

The session opened with Shina Ansari, Iran’s vice president, followed by Joseph Owondault Berre, Gabon’s vice president. Berre underscored the importance of multilateralism, calling it “the only weapon that can tackle issues associated with climate change.”

He emphasized the need for “collective action based on trust, fairness, and shared responsibility,” highlighting that global collaboration remains critical in addressing climate impacts equitably.


Culture meets comfort as Diriyah’s hotel expansion boosts Saudi Arabia’s tourism ambitions

Culture meets comfort as Diriyah’s hotel expansion boosts Saudi Arabia’s tourism ambitions
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Culture meets comfort as Diriyah’s hotel expansion boosts Saudi Arabia’s tourism ambitions

Culture meets comfort as Diriyah’s hotel expansion boosts Saudi Arabia’s tourism ambitions

RIYADH: Saudi Arabia’s tourism sector is poised for a significant leap forward with the planned opening of new luxury hotels in Diriyah – a $62.2 billion mega-development that fuses the Kingdom’s rich cultural heritage with ambitious modernity. 

In October, the CEO of Diriyah Co. unveiled plans for the groundbreaking of seven new hotels by the end of the year, to go alongside the first luxury offering, Bab Samhan, opening its doors in December.

As part of the Vision 2030 initiative, these developments are set to bolster Saudi Arabia’s position as a global tourist destination while driving economic growth and creating jobs.

Diriyah is set to play a key role in this ambition, with 33 million tourists expected in Riyadh as part of Vision 2030, including major events such as Expo, as well as sports, cultural, and business gatherings.

“The opening of additional uniquely themed hotels in Diriyah supports the Kingdom’s new ambition to welcome 150 million visitors by 2030, following the achievement of the previous target of 100 million visitors by 2023, which was reached seven years ahead of schedule,” Diriyah Co.’s group CEO, Jerry Inzerillo told Arab News. 

Diriyah Co.’s Group CEO, Jerry Inzerillo. Supplied

“The expansion of new hotel openings in Diriyah is anticipated to contribute to an increase in tourism spending, thereby supporting the non-oil economy and achieving financial sustainability goals,” he added.

The developments will also feature luxurious designs rooted in local heritage, with Inzerillo highlighting the Bab Samhan Hotel as a “prime example” of this philosophy. 

“It offers an experience rich in authentic Najdi heritage, blending traditional design with high-quality services and a superior level of luxury,” the CEO said. 

Other hotels under construction include Orient Express, Raffles, and Baccarat, alongside Armani, Fauchon L’Hotel, Corinthia and Rosewood.

These developments are expected to draw millions of visitors annually while elevating the Kingdom’s reputation on the global stage.

The newly-opened Bab Samhan hotel. Diriyah.sa

Cultural and economic growth

Camilla Bevilacqua, partner at management consulting firm Arthur D. Little, highlighted the broader implications of Diriyah’s hotel expansion. 

“Diriyah is recognized as a UNESCO World Heritage site and is the historical home of the Saudi royal family. The development of hotels in this area can attract culturally minded tourists interested in exploring the rich heritage and history of Saudi Arabia,” she said.

Bevilacqua noted the importance of integrating cultural authenticity with high-end tourism. “By offering accommodation options within or near this historical site, Diriyah can become a focal point for cultural tourism. The selection of flagship hotel brands, such as Armani and Baccarat, will be a driver for international visitation and establish Riyadh as a competitive global destination,” she added.

The expansion also addresses critical infrastructure needs, with Bevilacqua noting that the groundbreaking of these hotels will significantly increase accommodation capacity in Diriyah. 

Enhancing local economies

Diriyah’s hotel developments are set to generate significant economic benefits, with experts predicting that the establishment of new hotels will create numerous direct employment opportunities across various roles.

“International flagship hotel brands will raise the quality of services and customer experience across Riyadh, setting a new standard for the sector and upskilling talent in the Kingdom,” said Bevilacqua.

Inzerillo echoed this sentiment, citing the broader employment impact. “The Diriyah project, upon its completion, aims to create over 178,000 job opportunities, positively impacting youth employment and generating new prospects for citizens and the local community,” he said.

Indirect job opportunities are also expected to thrive, particularly in sectors such as transportation, retail, entertainment, and local artisanship.

“‘Made in Saudi’ retail, F&B, and experiences can be created around the new hotels to offer a unique cultural experience for international travelers,” Bevilacqua said.

The influx of tourists and increased spending are expected to further support the local economy, with hotels playing a key role in this growth. Inzerillo said that Diriyah is projected to attract 50 million visits annually by 2030, driving this economic boost. “This influx is anticipated to increase tourism spending and enhance local revenues,” he added.

The rise of Diriyah as a tourism hub presents significant opportunities for local firms and entrepreneurs. Bevilacqua notes that hotels can partner with businesses such as restaurants, tour operators, and craft shops to create package deals or promotions that encourage tourists to extend their stay in Riyadh and boost spending.

She also emphasized the potential for the creative industry. “This will allow revitalization of the local artisan and SME scene and increase their contribution to the economy and society, weaving heritage and conservation into modernization,” said the Arthur D. Little partner.

Inzerillo pointed to the Diriyah Accelerator Program for entrepreneurship as a platform for nurturing local talent. “The program enhances capabilities through various events and initiatives, enabling entrepreneurs to benefit from tourism growth in the Kingdom and Diriyah in particular,” he said, adding: “This includes opportunities in areas such as tour guiding, transportation, hospitality, and the development of heritage-based products.”

Diriyah celebrates Saudi Arabia being awarded the 2034 FIFA World Cup. Diriyah.sa

Stimulating foreign investment 

The new hotels are expected to catalyze foreign direct investment by attracting international hospitality brands and investors, which will drive increased FDI in the region and bolster the overall economy.

Diriyah’s ambitious plans include over 40 luxury hotels in partnership with global brands such as Four Seasons and Ritz-Carlton. “This initiative bolsters investor confidence in the Saudi tourism sector and enhances the influx of foreign investments into the Kingdom,” Inzerillo added.

The project also aims to build local capabilities. “Leveraging partnerships and international cooperation, local talent is poised to grow, and knowledge transfer will create sustainable tourism and heritage capabilities in the Kingdom,” Bevilacqua said.

Diriyah’s hotel expansion is not just about luxury — it is a cornerstone of Saudi Arabia’s broader tourism strategy under Vision 2030. By blending heritage and modernity, creating jobs, and attracting global investment, the project exemplifies the Kingdom’s efforts to diversify its economy and position itself as a premier global destination.

“As Diriyah becomes a tourism hotspot, it may stimulate growth in other regions and sectors, promoting a comprehensive tourism industry across the Kingdom,” Bevilacqua said. 


PIF drives Saudi Arabia’s diversification agenda with bold moves in 2024

PIF drives Saudi Arabia’s diversification agenda with bold moves in 2024
Updated 46 min 8 sec ago
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PIF drives Saudi Arabia’s diversification agenda with bold moves in 2024

PIF drives Saudi Arabia’s diversification agenda with bold moves in 2024
  • PIF ranks among the world’s most influential sovereign wealth funds
  • PIF’s activities in 2024 were not limited to cutting-edge technologies

RIYADH: Saudi Arabia’s Public Investment Fund continues to play a key role in the Kingdom’s economic transformation, leading efforts to diversify revenue streams and reduce reliance on oil. 

With assets under management reaching $925 billion, PIF ranks among the world’s most influential sovereign wealth funds, driving investments in technology, infrastructure, sustainability, and culture throughout 2024.

The non-oil sector now contributes 52 percent to Saudi Arabia’s gross domestic product, reflecting the success of Vision 2030, the Kingdom’s ambitious plan to create a sustainable and diversified economy. Central to this progress, PIF has expanded its reach both domestically and internationally, with landmark initiatives designed to reshape industries and enhance the Kingdom’s global competitiveness.

PIF’s tech ventures

In February, the fund launched Alat, a company dedicated to making Saudi Arabia a global hub for sustainable technology manufacturing. Alat’s partnership with Lenovo Group in May underscored this vision, with the two entities committing $2 billion through zero-coupon convertible bonds. 

The collaboration will establish a regional headquarters in Riyadh for the Middle East and Africa, alongside a new manufacturing hub to support Lenovo’s global operations. By June, Alat had expanded its focus with two new business units in electrification and artificial intelligence infrastructure, aimed at meeting the soaring demand for renewable energy technologies and AI-driven solutions.

The electrification initiative is geared toward strengthening grid technology, addressing the increasing energy needs driven by renewables like solar, wind, and hydrogen. Simultaneously, the AI infrastructure segment is set to position Saudi Arabia as a manufacturing powerhouse, leveraging advanced capabilities to cater to global industries.

Space industry leap

Another major milestone came in May when PIF launched Neo Space Group, a company designed to advance Saudi Arabia’s presence in the commercial satellite and space industry. 

Neo Space Group announced its focus on satellite communications, earth observation, remote sensing, and navigation technologies, along with a venture capital fund targeting space-focused startups.  

“NSG will contribute to the development and deployment of the latest cutting-edge technologies in the space industry through its four dedicated business segments: satellite communications, earth observation and remote sensing, satellite navigation and Internet of Things, as well as a satellite and space-focused venture capital fund,” said PIF.   

In December, Neo Space Group made headlines with its acquisition of UP42, a geospatial platform developed by Airbus. This acquisition is expected to significantly enhance Saudi Arabia’s geospatial capabilities, enabling applications across agriculture, infrastructure monitoring, and more, aligning with the Kingdom’s Vision 2030 goals.

Cultural heritage projects

PIF’s activities in 2024 were not limited to cutting-edge technologies. In September, it launched National Interactive Entertainment Co., known as QSAS, which is focused on creating immersive storytelling experiences rooted in Saudi heritage and Islamic culture. 

The initiative reflects Saudi Arabia’s broader efforts to balance cultural preservation with business development. QSAS plans to develop and operate interactive exhibitions across the Kingdom while fostering partnerships in construction, event management, and technology.

AI and ICT expansion

The fund also made a major push in artificial intelligence this year. In October, it signed a landmark partnership with Google Cloud to establish an advanced AI hub near Dammam. The agreement, inked during the Future Investment Initiative, is projected to create thousands of jobs and generate $71 billion in economic impact over the next eight years. 

Beyond economic benefits, the hub will offer AI training to millions of students and professionals, contributing to national goals of expanding the information and communication technology sector by 50 percent.

Infrastructure investments

Housing infrastructure also came into focus, with the October launch of Smart Accommodation for Residential Complexes Co., or SAARC. This company aims to address the rising demand for workforce housing tied to Saudi Arabia’s large-scale infrastructure projects. SAARC plans to develop residential complexes that adhere to international standards, creating modern living spaces that support the country’s rapid urbanization.

PIF expanded its global investment footprint with a memorandum of understanding signed with Brookfield Asset Management in October. The deal positions PIF as a strategic anchor investor in Brookfield Middle East Partners, a $2 billion fund targeting key sectors such as industrials, health care, and technology. The partnership underscores PIF’s strategy of leveraging international opportunities to strengthen Saudi Arabia’s economic base.

Tourism and hospitality growth

In the hospitality sector, PIF introduced Adeera in December, a new company tasked with operating and managing hotels that combine world-class standards with authentic Saudi hospitality. Adeera is expected to work closely with local developers, fostering private-sector participation and supporting the growth of homegrown brands as Saudi Arabia positions itself as a premier global tourism destination.

Sustainability and innovation took center stage with the December launch of Milaf Cola by PIF subsidiary Thurath Al-Madina. Unlike conventional soft drinks, Milaf Cola is crafted from Saudi dates, eliminating added sugars and emphasizing natural, nutrient-rich ingredients. Introduced during the Riyadh Date Festival, the drink represents PIF’s focus on creating value-added products from local resources while adhering to global food safety standards.

Strategic acquisitions

Throughout the year, PIF pursued an aggressive acquisition strategy, bolstering its portfolio with high-profile deals. 

In January, the fund increased its stake in Middle East Paper Co. to 23.08 percent, enabling the company to expand production and enhance operational efficiency. 

February saw PIF acquiring a 40 percent stake in Zamil Offshore Co., a key player in the Kingdom’s energy sector. 

October marked another milestone as PIF purchased a 40 percent stake in Central Group, a Thai conglomerate interested in retail, real estate, and hospitality. 

Rounding the year, PIF announced plans in November to acquire a 54 percent stake in MBC Group for $1.99 billion, solidifying its influence in the entertainment industry.

PIF’s investments in 2024 reflect its multi-pronged approach to transforming Saudi Arabia’s economy. The fund has played a pivotal role in advancing Vision 2030’s objectives, from technology and space exploration to cultural preservation and hospitality. With a focus on sustainability, innovation, and global partnerships, PIF is laying the foundation for a diversified, resilient economy that can compete on the world stage.

As the Kingdom prepares for the next phase of its transformation, PIF’s initiatives in 2024 serve as a testament to its commitment to redefining Saudi Arabia’s economic landscape.


Saudi Arabia’s net FDI rises by 37% to over $4bn

Saudi Arabia’s net FDI rises by 37% to over $4bn
Updated 30 December 2024
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Saudi Arabia’s net FDI rises by 37% to over $4bn

Saudi Arabia’s net FDI rises by 37% to over $4bn

RIYADH: Saudi Arabia’s net foreign direct investment saw a quarter-on-quarter rise of 37 percent in the three months to the end of September, according to the General Authority of Statistics.

Data released by the organization showed that the figure – which reflects the net investment gain for the Kingdom after accounting for both inbound and outbound activities – reached SR16 billion ($4.27 billion) over the period.

The surge was primarily attributed to a significant decline in FDI outflows, which dropped by 74.36 percent during this period to reach SR2 billion.

Meanwhile, FDI inflows, reflecting the investments received by Saudi Arabia, declined by 7.22 percent to SR18 billion.

The Kingdom has implemented significant regulatory reforms over the past two years to bolster foreign direct investment and foster economic diversification under Vision 2030.

The recent regulatory advancements underscore its commitment to positioning itself as an attractive destination for international investors.

These reforms, along with strategic investments in giga-projects like NEOM, align with Saudi Arabia’s Vision 2030 goals of attracting $100 billion in annual FDI and raising its contribution to gross domestic product to 5.7 percent by 2030.

The latest figures are calculated using a new methodology introduced by the Ministry of Investment in October.

The updated approach aligns with the International Monetary Fund’s sixth edition of the Balance of Payments Manual, providing enhanced transparency and accuracy in tracking cross-border transactions.

By focusing on innovation, enhancing global competitiveness, and modernizing its legal framework, the Kingdom continues to signal its openness for business and its readiness to engage with the international investment community.

Key regulatory changes include introducing a new investment regulation, amending the labor decree, and updating the laws governing companies and civil transactions.

Together, these initiatives are designed to reduce barriers to entry for foreign businesses, protect investor rights, and align legal frameworks with international standards.

The updated law replaces the foreign licensing system with a streamlined register managed by the Ministry of Investment.

It ensures equal treatment for Saudi and foriegn investors while enhancing protections against expropriation and safeguarding intellectual property rights. This simplification is expected to attract more FDI and boost stakeholder confidence.

According to a study by PwC in August, the amendments to the labor law align with global practices, offering improved benefits such as extended maternity and paternity leave, as well as bereavement leave.

Other updates address probation periods and dispute resolution mechanisms, reducing administrative burdens and fostering stronger employer-employee relationships.

In November, the Saudi Cabinet, chaired by Crown Prince Mohammed bin Salman, approved key measures to boost FDI and enhance international economic engagement.

Among these was the approval of the national general framework and guiding principles for such funding, aimed at fostering stronger ties with global organizations.

FDI inflows reached SR96 billion in 2023, a 50 percent annual increase.

The Cabinet also endorsed agreements to strengthen regional and international cooperation, including a tax treaty with Qatar to avoid double taxation and an aviation and space exploration framework with the US.

Additionally, the Kingdom joined the Cement and Concrete Breakthrough Initiative, reinforcing its sustainability and climate goals.

Domestically, the Cabinet highlighted advancements in tourism, with Saudi Arabia climbing 15 places in global tourist revenue rankings since 2019, and commended progress in economic collaboration with India in areas like technology, infrastructure, and sustainable transportation.

The session also reaffirmed the nation’s commitment to regional peace, global health initiatives, and economic diversification.


Oil Updates — crude inches higher in thin trade, investors focus on China, US data 

Oil Updates — crude inches higher in thin trade, investors focus on China, US data 
Updated 30 December 2024
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Oil Updates — crude inches higher in thin trade, investors focus on China, US data 

Oil Updates — crude inches higher in thin trade, investors focus on China, US data 

SINGAPORE: Oil prices edged up on Monday in thin holiday trade ahead of the year-end as traders awaited more Chinese and US economic data later this week to assess growth in the world’s two largest oil consumers, according to Reuters. 

Brent crude futures rose 5 cents to $74.22 a barrel by 07:30 a.m. Saudi time while the more active March contract was at $73.82 a barrel, up 3 cents. 

US West Texas Intermediate crude gained 3 cents to $70.63 a barrel. 

Both contracts rose about 1.4 percent last week buoyed by a larger-than-expected drawdown from US crude inventories in the week ended Dec. 20 as refiners ramped up activity and the holiday season boosted fuel demand.  

Oil prices were also supported by optimism for Chinese economic growth next year that could lift demand from the top crude oil importing nation. 

To revive growth, Chinese authorities have agreed to issue a record 3 trillion yuan ($411 billion) in special treasury bonds in 2025, Reuters reported last week. 

“Global oil consumption reached an all-time high in 2024 despite China underperforming expectations, and oil stockpiles are heading into next year at relatively low levels,” said Ryan Fitzmaurice, senior commodity strategist at Marex. 

“Going forward, China economic data is expected to improve as the recent stimulus measures take hold in 2025. Also, lower rates in the US and elsewhere should be supportive of oil consumption.” 

China has also issued at least 152.49 million metric tonnes of crude oil import quotas to independent refiners in a second batch for 2025 so far, trade sources said on Monday. 

Separately, the World Bank has raised its forecast for China’s economic growth in 2024 and 2025, but warned that subdued household and business confidence, along with headwinds in the property sector, would remain a drag next year. 

Investors are eyeing China’s PMI factory surveys due on Tuesday and the US ISM survey for December to be released on Friday. 

In Europe, hopes for a new deal to transit Russian gas through Ukraine are fading after Russian President Vladimir Putin said on Thursday that there was no time left this year to sign a new deal. 

The loss of piped Russian gas should see Europe import more liquefied natural gas, analysts said. 


Saudi Arabia’s NIDLP surpasses half of Vision 2030 targets shead of schedule

Saudi Arabia’s NIDLP surpasses half of Vision 2030 targets shead of schedule
Updated 29 December 2024
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Saudi Arabia’s NIDLP surpasses half of Vision 2030 targets shead of schedule

Saudi Arabia’s NIDLP surpasses half of Vision 2030 targets shead of schedule

RIYADH:Saudi Arabia’s National Industrial Development and Logistics Program has already achieved more than half of its targets well in advance of the Vision 2030 deadline, according to Energy Minister Prince Abdulaziz bin Salman.

Speaking at the NIDLP Annual Ceremony 2024, the minister said that 13 out of the program’s 23 targets have been successfully met, with the remaining goals on track for completion.

Prince Abdulaziz attributed the program’s success to a robust action plan and effective collaboration between the Ministry of Energy and NIDLP.

“The mechanisms adopted by NIDLP are closely aligned with those of the Ministry of Energy, allowing for strong, collaborative outcomes,” he explained.

The minister also underscored that the program's achievements extend beyond the energy sector, positively impacting multiple other sectors involved in the initiative.

He highlighted the critical role played by human talent within NIDLP and the energy system, which has been essential in supporting energy security, enhancing supply chain resilience, and driving sustainability.

These efforts are key to realizing Saudi Arabia’s Vision 2030, which aims to position the Kingdom as a global leader in industrial development and logistics.

During his speech, Minister of Industry and Mineral Resources Bandar Alkhorayef, who also chairs the NIDLP Program Committee, shared further program highlights.

He noted that the sectors targeted by the initiative contributed SR433 billion ($115.3 billion) to the Kingdom’s gross domestic product by the third quarter of 2024, reflecting a 2.4 percent growth compared to the previous year.

Exports from these sectors also saw a significant increase, rising by 11.1 percent from third quarter of 2023 to the same period in 2024.

Alkhorayef also highlighted the program’s impact on employment, revealing that total employment across its sectors reached 2.1 million by the third quarter of 2024. Of these, 660,000 were Saudi nationals, with women accounting for approximately 200,000 of the workforce.