Saudi Arabia launches groundbreaking International Water Research Center

The center, a collaboration between KAUST and the Ministry of Environment, Water, and Agriculture , aligns with Saudi Arabia’s broader sustainability goals.
The center, a collaboration between KAUST and the Ministry of Environment, Water, and Agriculture , aligns with Saudi Arabia’s broader sustainability goals.
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Updated 09 December 2024
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Saudi Arabia launches groundbreaking International Water Research Center

Saudi Arabia launches groundbreaking International Water Research Center
  • Plan is projected to contribute $31.99 billion to national GDP
  • Key strategic collaborations under MEWA’s partnership with KAUST were also announced during COP16

RIYADH: Saudi Arabia’s King Abdullah University of Science and Technology has officially launched the International Water Research Center, a groundbreaking initiative aimed at transforming global sustainability efforts.

The center was unveiled on Dec. 8 during COP16, with the Kingdom’s Minister of Environment Abdulrahman Al-Fadhli highlighting its focus on addressing critical challenges such as water scarcity, pollution, and the development of sustainable water solutions.

The center, a collaboration between KAUST and the Ministry of Environment, Water, and Agriculture, aligns with Saudi Arabia’s broader sustainability goals, including a target to recycle up to 95 percent of the country’s waste. This ambitious plan is projected to contribute SR120 billion ($31.99 billion) to the national gross domestic product.

In his speech,  Al-Fadhli emphasized the center’s role in reshaping global water sustainability practices. “The International Water Research Center, hosted by KAUST in collaboration with MEWA and leading international research institutions, is set to redefine global approaches to water sustainability,” he said. “It will focus on solving water scarcity, pollution, and developing environmentally friendly solutions.”

Al-Fadhli also announced key strategic collaborations under MEWA’s partnership with KAUST, including a joint research initiative with the National Livestock and Fisheries Development Program, the National Research and Development Center for Sustainable Agriculture, Estidamah, and KAUST. The partnership aims to explore algae-based biostimulants to enhance soil quality and promote sustainable agriculture in the Kingdom.

Further advancing agricultural research, the minister highlighted the NCDP-KAUST Research and Innovation Partnership, which includes four major projects totaling SR100 million. These projects aim to drive innovation in the palm industry, furthering the Kingdom’s agricultural sustainability and economic development.

Another key initiative, the Environment Fund’s Sustainability Innovation Fellowships, was also introduced by Al-Fadhli. This fellowship provides postdoctoral researchers with an opportunity to develop innovative water treatment solutions, addressing critical environmental challenges through cutting-edge research.

On the future of agricultural education, the minister discussed a collaboration between NEOM and the University of Tabuk, which has launched a comprehensive program to address the shortage of skilled professionals in agricultural sustainability.

Al-Fadhli also presented the “Celebrating Innovators in Saudi” panel, honoring individuals who have significantly advanced sustainability and environmental research. The recipients of the Lifetime Achievement Award include Prof. Iqbal Ismail, Prof. Samir Al-Solimani, and several other distinguished academics.

The minister then introduced the Sustainability Innovation Challenge Awards, which recognize companies excelling in sustainable practices. This year’s winners include ACWA Power for its achievements in renewable energy, NADEC for its sustainable agriculture innovations, and Tadweer for its leadership in waste management and recycling.

Finally, Al-Fadhli announced the winners of the Sustainability Innovation Challenge in the desertification category. The top project, “Rebalancing and Fueling Plant Growth,” was awarded to a team from Princess Nourah Bint Abdulrahman University for their innovative approach to restoring ecosystems using drought-resistant seeds and biostimulants.

The Kingdom’s hosting of COP16 underscores its commitment to environmental protection and sustainability. As the largest multilateral conference Saudi Arabia has ever hosted, COP16 serves as a platform for mobilizing international cooperation to address the urgent environmental challenges facing the planet.


Closing Bell: Saudi main index closes in red at 12,319 

Closing Bell: Saudi main index closes in red at 12,319 
Updated 9 sec ago
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Closing Bell: Saudi main index closes in red at 12,319 

Closing Bell: Saudi main index closes in red at 12,319 

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 68.69 points, or 0.55 percent, to close at 12,319.46. 

The total trading turnover of the benchmark index was SR7.02 billion ($1.87 billion), as 51 of the listed stocks advanced, while 189 retreated.  

The MSCI Tadawul Index decreased by 6.54 points, or 0.42 percent, to close at 1,544.95. 

The Kingdom’s parallel market Nomu dipped, losing 77.01 points, or 0.24 percent, to close at 31,397.68. This came as 36 of the listed stocks advanced, while 43 retreated. 

Lumi Rental Co. was the best-performing firm, with its share price surging 4.39 percent to SR76.10. 

This came as it announced its annual financial results for 2024, with the company’s net profit rising to SR180.3 million from SR160.6 million the previous year, driven by elevated interest rates, increased borrowings, and reduced operating expenses. 

Other top performers included Arab National Bank, which saw its share price rise by 2.95 percent to SR22.36, and Ades Holding Co., which saw a 2.77 percent increase to SR17.80. 

CHUBB Arabia Cooperative Insurance Co. saw the biggest decline of the day, with its share price slipping 7.60 percent to SR48.05. 

National Agricultural Development Co. saw a fall of 5.57 percent to SR25.45, while Arabian Pipes Co. dropped 5.39 percent to SR11.58.

Nadec announced its consolidated financial results for 2024, reporting a net profit of SR774.6 million, a sharp 156.4 percent increase from the previous year. 

In a statement on Tadawul, the company attributed the surge to several factors, including gains from the Arabian Mills initial public offering, where Nadec earned SR103.1 million from selling 30 percent of its shares and recognized a fair value gain of SR253.3 million on its remaining holdings. 

Nadec also credited the rise in net profit to higher treasury income and revenue, along with cost efficiencies achieved through reduced selling and marketing expenses and lower financing costs due to decreased borrowings. 

However, these gains were partially offset by a 10.18 percent rise in general and administrative expenses, driven by increased employee benefits for new projects. Additionally, the absence of a SR19.46 million one-time grant received in the previous year and a higher Zakat expense of SR52.50 million weighed on profitability. 

Almasane Alkobra Mining Co. announced its annual financial results for 2024, reporting a net profit of SR177.8 million, up from SR54.5 million the previous year. 

The surge was driven by a SR165 million increase in gross profit, fueled by a SR293 million rise in revenue. 

In today’s trading session, AMAK’s shares gained 2.11 percent on the main market, closing at SR63. 

Ades Holding Co. reported a net profit of SR816.1 million for 2024, marking an 80.5 percent increase from the previous year. 

In a statement on Tadawul, Ades attributed the surge to strong revenue growth, robust earnings before interest, taxes, depreciation, and amortization margins, and lower interest expenses as a percentage of revenue. 

Meanwhile, Lumi Rental Co., the top performer in today’s trading session, announced its annual financial results for 2024. The company’s net profit rose to SR180.3 million from SR160.6 million the previous year, driven by elevated interest rates, increased borrowings, and reduced operating expenses. 


Saudi-Jordan trade grows 29% over six years

Saudi-Jordan trade grows 29% over six years
Updated 52 min 38 sec ago
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Saudi-Jordan trade grows 29% over six years

Saudi-Jordan trade grows 29% over six years

RIYADH: Trade between Jordan and Saudi Arabia has surged, reaching $29.7 billion from 2018 to 2024, according to the Amman Chamber of Commerce.

In 2018, the total trade volume stood at 2.89 billion Jordanian dinars ($4.07 billion). By the first 11 months of 2024, trade grew to 3.74 billion dinars.

Jordan’s imports have fluctuated over the years, while exports nearly doubled, rising from 503.7 million dinars in 2018 to a record 1.04 billion dinars in 2024. In 2019, imports totaled 2.27 billion dinars, with exports climbing to 548.9 million dinars.

The global pandemic caused a dip in 2020, with imports dropping to 1.52 billion dinars, while exports remained relatively stable at 576.2 million dinars.

The rebound began in 2021, with imports rising to 2.28 billion dinars and exports growing to 733.4 million dinars.

In 2022, trade reached its peak, with imports hitting 2.93 billion dinars and exports increasing to 840.3 million dinars. In 2023, imports fell slightly to 2.58 billion dinars, but exports grew to 983.7 million dinars.

By the end of November 2024, imports from Saudi Arabia stood at 2.7 billion dinars, while exports hit the highest level in seven years at 1.04 billion dinars.

Between 2018 and 2024, Jordan’s cumulative trade with Saudi Arabia totaled 21.1 billion dinars, comprising 17.6 billion dinars in imports and 5.5 billion dinars in exports.

Saudi Arabia primarily exports mineral products, such as petroleum oils, as well as chemicals and food products, including sugar. Jordan’s key exports include pharmaceutical products, live animals (notably sheep), fresh and processed fruits and vegetables, and iron-based goods.

Saudi Arabia is a crucial energy supplier to Jordan, which relies on imports to meet its domestic needs. In turn, Saudi Arabia imports essential goods from Jordan, including pharmaceuticals, agricultural products, and live animals.

According to the International Trade Centre’s Export Potential Map, Jordan has an untapped export potential to Saudi Arabia of 43 percent, with live sheep leading the way, representing a $206 million export gap.

Other potential exports include bromides and bromine oxides ($39 million) and antibiotic pharmaceuticals ($8 million), signaling opportunities for Jordan to expand its pharmaceutical exports to Saudi Arabia.

In an effort to strengthen bilateral ties, the Amman Chamber of Commerce will host the Jordan-Saudi Business Forum on Feb. 24 in collaboration with the Federation of Saudi Chambers and the Saudi Export Development Authority. The forum aims to foster new business partnerships and explore opportunities across various sectors.

Additionally, the Saudi-Jordanian Business Council will meet on the same day to further enhance trade and investment relations.

The Jordanian side of the council is led by Khalil Tawfiq, president of the Amman Chamber of Commerce, while the Saudi side is chaired by Hamdan Al-Samreen, president of the Al-Jouf Chamber of Commerce. Government investment ministries will also participate in the discussions.


Saudi real estate transactions jump 47% to $75.7bn amid GCC housing boom: report

Saudi real estate transactions jump 47% to $75.7bn amid GCC housing boom: report
Updated 46 min 43 sec ago
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Saudi real estate transactions jump 47% to $75.7bn amid GCC housing boom: report

Saudi real estate transactions jump 47% to $75.7bn amid GCC housing boom: report
  • Total real estate transactions across the GCC reached $383 billion
  • Kingdom’s housing demand is set to climb further, with more than 800,000 new units needed across Saudi Arabia, Kuwait, and Oman by 2030

RIYADH: Saudi Arabia’s real estate market continued its rapid expansion in 2024, with transactions surging 47 percent year on year to $75.7 billion, according to property consultancy Sakan. 

The growth underscores the rising demand for housing and large-scale urban development as the Kingdom pushes ahead with its economic diversification plans. 

Total real estate transactions across the Gulf Cooperation Council reached $383 billion, with Dubai accounting for 54 percent of the total at $207 billion, Sakan data showed. 

The sector’s expansion is being driven by population growth and government-backed infrastructure projects aimed at transforming the region’s urban landscape. 

The figures align with projections that the GCC’s real estate market will reach $4.67 trillion by 2025, according to data provider Statista. 

This comes as Gulf economies, traditionally reliant on oil revenues, increasingly invest in property development to diversify income streams and ensure long-term economic stability. 

“With more than $383 billion in transactions, the GCC real estate market is on an unprecedented growth trajectory. PropTech is no longer an option; it is a necessity,” said Abdullah Al-Saleh, the CEO of Sakan. 

The report said the Kingdom’s housing demand is set to climb further, with more than 800,000 new units needed across Saudi Arabia, Kuwait, and Oman by 2030. 

Riyadh, at the heart of this expansion, is expected to see its population hit 9.6 million by the end of the decade, fueled by an influx of expatriates and Vision 2030 initiatives to boost homeownership. 

The report warned that affordability remains a challenge, with house rents rising 10.6 percent in 2024, reflecting growing pressure on supply. 

Expat investments 

The findings indicate that a major factor driving the Gulf’s property boom is the growing trend of expatriates shifting from renting to homeownership. 

In Saudi Arabia, remittance outflows climbed from $31.2 billion in 2019 to $38.4 billion in 2023, signaling a stronger financial commitment from foreign professionals. Dubai is also capitalizing on this trend, recently approving 457 plots for freehold conversion to attract expat buyers. 

The Saudi market is benefiting from the influx of foreign professionals seeking long-term residence, coupled with rising investor confidence, Sakan said. 

Expatriates now make up 52 percent of the Gulf’s population, and as governments introduce residency incentives and mortgage-friendly policies, their role in real estate is becoming more pronounced. 

Luxury market 

Dubai continued to dominate the high-end property segment, recording 388 transactions above $10 million in the 12 months leading to the third quarter of 2024 — the highest globally. 

Saudi Arabia is also expanding its luxury real estate footprint, with The Red Sea Project attracting high-net-worth investors, while Qatar’s Qetaifan Island North is emerging as a prime destination for ultra-luxury developments, the report said. 

Sakan added that branded residences — luxury homes affiliated with hotel chains — are gaining traction across the region. The Middle East now accounts for 12 percent of global supply, with Dubai leading the market, boasting 121 branded residence projects in development. 

With 84.3 percent of the GCC’s population expected to live in cities by 2030, the report projects strong demand for residential and commercial real estate. While affordability concerns persist, it said government-backed initiatives, rising foreign investor interest, and shifting expat trends are driving a market poised for continued growth. 

As Saudi Arabia and the UAE push forward with their ambitious giga-projects, the Gulf’s real estate sector is cementing its position as a critical driver of economic diversification. 


Saudi Arabia, Qatar explore investment opportunities at key forum

Saudi Arabia, Qatar explore investment opportunities at key forum
Updated 24 February 2025
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Saudi Arabia, Qatar explore investment opportunities at key forum

Saudi Arabia, Qatar explore investment opportunities at key forum

JEDDAH: Over 70 Qatari companies attended a business forum in Riyadh on Feb. 24 aimed at boosting trade and investment with Saudi Arabia.

The event, held at Crowne Plaza in Digital City, was attended by the Kingdom’s Commerce Minister Majid Al-Kassabi and Qatar’s State Minister of Foreign Trade Ahmad Mohammed Al-Sayed.

The Saudi-Qatari Business Forum played host to more than 100 businesspeople from the Gulf country alongside counterparts from the Kingdom, with discussions focused on enhancing economic collaboration, exploring investment prospects, and evaluating the respective nations’ business environments.

Trade between Saudi Arabia and Qatar reached SR4.6 billion ($1.23 billion) in 2024, with Saudi exports to Qatar valued at SR3.2 billion and imports from Qatar totaling SR1.4 billion.

Qatar ranks 40th for Saudi exports and 53rd for imports. Key exports to Qatar from the Kingdom include plastics, rubber products, and gemstones, as well as vehicles and boats, while imports from Qatar consist of animals, fuel, chemical products, and inorganic chemicals.

On Feb. 23, the Saudi-Qatari Business Council met in Riyadh, with Sheikh Khalifa bin Jassim Al-Thani, chairman of the Qatar Chamber, and Hamad bin Ali Al-Shuwaier, chairman of the Saudi side, leading the discussions. 

Hassan bin Moejeb Al-Huwaizi, president of the Federation of Saudi Chambers, was also in attendance.

During the meeting, both sides discussed various mutual issues, focusing on streamlining bilateral trade procedures, fostering business collaborations, and exploring opportunities to enhance shared investments.

Al-Thani emphasized the strength of his country’s ties with Saudi Arabia, underlining that they have always been, and will continue to be, a steadfast foundation for advancing development, growth, and prosperity for both nations, according to Qatar News Agency.

The official highlighted that the meeting was one of many outcomes of the strong relations between the neighboring states, emphasizing that it complemented previous discussions aimed at shaping a more integrated and prosperous economic future, leveraging available potential and opportunities.

Al-Huwaizi noted significant opportunities for cooperation between the business sectors of both countries, highlighting Qatar’s experience in hosting the World Cup, through which the Saudi side can benefit. He also underscored the importance of achieving economic integration, as per Qatar News Agency.

For his part, Al-Shuwaier expressed a desire for the private sector to take a more prominent role in enhancing economic relations, noting that the opportunities provided by Saudi Vision 2030 and Qatar Vision 2030 call for an initiative to identify, promote, and share economic opportunities within both business sectors.

The chairman highlighted the business council’s significant achievements, including a 120 percent increase in trade and joint investments.

He also underlined the council’s efforts in advancing agreements, organizing five forums to enhance economic ties, launching initiatives to promote products from both nations, encouraging industrial integration, and establishing task forces for key sectors in the Kingdom and Qatar.

Al-Shuwaier mentioned that a work plan is being developed to improve economic cooperation, address trade barriers, and coordinate joint events.


Saudi IT firm MIS sells investment in OpenAI, achieves $3.4m gain

Saudi IT firm MIS sells investment in OpenAI, achieves $3.4m gain
Updated 24 February 2025
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Saudi IT firm MIS sells investment in OpenAI, achieves $3.4m gain

Saudi IT firm MIS sells investment in OpenAI, achieves $3.4m gain
  • Impact of sale will be reflected in the first quarter of this year

RIYADH: Al Moammar Information Systems Co. has announced the sale of its entire investment in OpenAI, a US-based artificial intelligence research organization, for $8.4 million. 

According to a Tadawul statement, the sale has resulted in a positive financial impact of $3.4 million, as the cost price of the investment was $5 million. 

In January, MIS invested $5 million in OpenAI after the Tadawul-listed firm approved the allocation of $10.7 million to set up a portfolio through self-financing to invest in international AI companies to take advantage of the growth opportunities in the field.

In the latest statement, MIS said the impact of the sale will be reflected in the first quarter of this year. 

Established in 2015, OpenAI is globally recognized for developing ChatGPT, a generative artificial intelligence chatbot. 

Earlier this month, MIS announced that it signed a memorandum of understanding with Saudi Fransi Capital to explore and evaluate the feasibility of establishing an AI-powered cloud services business in the Kingdom. 

At that time, MIS said the new project aims to offer graphics processing unit-based computing solutions to support next-generation AI applications, machine learning, and high-performance computing in Saudi Arabia. 

In February, MIS signed a deal valued at SR227.8 million ($60.75 million) with the Saudi Data and AI Authority to carry out the expansion project for the Naqaa Data Center. 

In a Tadawul statement, the company said the project includes expanding the Naqaa Data Center in Riyadh to meet the growing demand for hosting, as well as expanding the capacity of the data center in digital technologies.

MIS also procured a contract from Saudi Arabia’s Ministry of Health in January, valued at SR70.06 million to operate and maintain the digital infrastructure of 38 hospitals across the Kingdom’s southern and western provinces.

According to a Tadawul statement, the scope of the project includes the maintenance and operation of computers, printers, scanners, and operating software. 

It also includes supervising servers, information network devices, wireless networks, information security, communication systems, data centers, and their associated components.

In November, MIS announced that its net profit for the first nine months of 2024 reached SR121.56 million, representing a rise of 356 percent compared to the same period in 2023.