CAIRO: The visit by Crown Prince Mohammed bin Salman to Egypt comes as Saudi investment in the country continues to grow, boosted by easing trade restrictions, a weak Egyptian pound and plans for a bridge linking the two countries.
The Egyptian government is pushing to make foreign investment in the country easier to help the economy recover from the tumultuous period that followed the Arab Spring.
Saudi Minister of State Essam bin Saad bin Saeed said last week that the Kingdom is keen to enhance economic relations with Egypt and intends to pump money into new investments in the country.
According to the Egyptian state news agency MENA, Saudi investments in Egypt top those of other Arab countries.
At the Saudi-Egyptian Business Council last month in Cairo, Egyptian Minister of Trade and Industry Tariq Qabeel said the volume of trade exchange between the two countries in 2017 amounted to about $2.1 billion and that the volume of Saudi investments in Egypt exceeded $6 billion — about 11 percent of all foreign investments in Egypt.
President of the General Federation of Egyptian Chambers of Commerce Ahmed Al-Wakil, said the total Saudi investments in Egypt are worth up to $27 billion, which are spread across 2,900 projects in a huge variety of product and service sectors.
The Kingdom is also the second largest in terms of tourism — accounting for millions of dollars a year, according to Egyptian Ministry of Tourism figures.
The UAE and Kuwait have also been big investors in Egypt since Abdel Fattah El-Sisi became president.
The scale of Saudi Arabia’s investment is expected to increase after officials from Egypt and the Kingdom said they wanted to reduce the number of obstacles between the two countries by standardizing rules and making it easier to transport goods and services between the two.
Egypt has also become a more attractive prospect for investors since the central bank liberalized the exchange rate in November 2016 as part of a $12 billion International Monetary Fund reform program. The pound lost half of its value after the float.
The improved investment environment in Egypt means some major Saudi companies are considering establishing more projects in the Egyptian market.
A number of Saudi businessmen view some of the new cities being built in Egypt as strong investment opportunities.
The most important Saudi investments in Egypt are in the service sector, including energy, transport, logistics, health and education.
The Egyptian-Saudi Electricity Exchange Project, a scheme agreed in 2011 to connect the two countries’ power grids, is probably the most important investment to date.
Minister of Electricity and Renewable Energy, Dr. Mohammad Shaker, said in December that work is ongoing on the project but that the electrical connection lines between the two countries are expected to run in early 2021.
The King Salman Bridge project, which Egyptian sources said would be discussed during Prince Mohammed’s visit, will link Sharm El-Sheikh to the Tabuk region of northern Saudi Arabia.
Construction of the 50-kilometer bridge was announced during King Salman’s visit to Egypt in 2016. The bridge will help pilgrims, tourists and expatriate workers to travel easily between the countries and offer a significant improvement in trade between the two countries.
The bridge is also expected to boost energy links. Dr. Jamal Al-Kalioubi, a professor of petroleum and energy engineering, said the bridge would be one of the important ways to secure the oil and gas needs of neighboring Arab countries.
The visit is also expected to boost energy cooperation. The Egyptian government announced on Thursday that it had agreed with Saudi Aramco to supply 500,000 barrels per month of crude oil to the Egyptian refineries for six months from January to June. The Saudi National Oil Company had already provided oil to the Egyptian refineries in November and December 2017 on a trial basis.
During King Salman’s 2016 visit to Egypt, Riyadh agreed to supply Cairo with 700,000 tons of refined oil products per month for five years.
King Salman witnessed the signing of 21 agreements and investment memorandums of understanding between the two countries, most notably for the establishment of a free trade area in northern Sinai, which is the first important economic project linked to the construction of the bridge.
Saudi Arabia’s economic investments in Egypt run deep
Saudi Arabia’s economic investments in Egypt run deep
Metal bands battle it out in Jeddah
- Saudi band Wasted Land emerged as champions of the 2024 Wacken Metal Battle Middle East
JEDDAH: Wacken Metal Battle Middle East arrived in Jeddah’s Makan Music Center on Friday night, providing a platform for local metal bands to showcase their musical prowess.
The battle of the bands event featured Jaheem, Volfram, Kaizer, and Wasted Land aiming for top spot, creating a memorable experience for regional metal fans.
Wacken Metal Battle Middle East — supported by the German Consulate in Jeddah and European Weeks in Saudi, and a competition connected with Germany famous Wacken music festival — featured a jury of music experts and international guests, including judges from Germany, who evaluated the bands based on technical ability, song composition, and musical interpretation. They also took into account the band’s uniqueness, stage presence, audience interaction, execution of sound checks, communication, punctuality, and overall attitude.
HIGHLIGHTS
• Wacken Metal Battle Middle East was supported by the German Consulate in Jeddah and European Weeks in Saudi Arabia, and a competition connected with Germany’s famous Wacken music festival.
• Saudi band Volfram described the night as a ‘unique and unforgettable experience.’
The jury selected Wasted Land as the champions of the competition, meaning they now have the chance to perform at the Wacken festival, which takes place annually in Hamburg. Adding to the excitement, the winners of the 2023 event, Egyptian band Erasing Mankind also took to the stage as guest performers.
Promoter Monika Bremer said, “Since its inception 10 years ago, Metal Battle Middle East has provided numerous emerging bands with the opportunity to showcase their talent and advance their careers. This anniversary edition is an important milestone for the regional metal scene.
“Thanks to the support of our partners, emerging metal bands have the opportunity to participate in this competition and gain valuable experience,” she added.
Emad Ashor, guitarist and vocalist of Jeddah-based death metal outfit Immortal Pain and one of the judges at the event, said, “Talent, passion, and professionalism are key. This platform allows all bands to explore new experiences and pursue their dream of victory.”
Karim Mounir, composer and bassist of Erasing Mankind, who was also a judge at the event, said: “Wacken is all about embracing the present moment and fostering camaraderie between bands and the audience. Live performances truly distinguish bands, and the Saudi metal scene’s exceptional talent and musicianship have demonstrated their worthiness for such a significant event.
“The band that can most effectively captivate Wacken’s lively and inclusive crowd would be a perfect representative from the Middle East.”
Saudi band Volfram described the night as a “unique and unforgettable experience.”
Reflecting on the band’s journey to the final of the Wacken Metal Battle, a member of Kaizer said, “Being part of this competition is an honor in itself, and sharing the stage with incredible bands is an experience we will always treasure.
“Kaizer is just beginning and has so much more to offer. Our goal is to represent the Saudi metal scene in the most intense and impactful way possible. Earning the title of Jeddah’s Heaviest Music from the crowd is a recognition we deeply appreciate.”
Meet the Russian stylist living ‘blissfully’ in Saudi Arabia
- “True to our expectations, we’ve found immense satisfaction living in Saudi Arabia. We consider it the best decision we’ve made for our family, and have no regrets.” Marsden, a professional stylist, told Arab News
RIYADH: Margo Marsden relocated to Saudi Arabia two years ago when her husband — a British oil and gas engineer — accepted a job in the Kingdom. Since her arrival, she has been documenting her experience of life in Saudi Arabia on social media. Her TikTok profile states she is a “Russian mother married to British father … living blissfully in Saudi Arabia.”
“True to our expectations, we’ve found immense satisfaction living in Saudi Arabia. We consider it the best decision we’ve made for our family, and have no regrets.” Marsden, a professional stylist, told Arab News. “Living here is incredibly invigorating; one can palpably sense the positive transformations taking place in the country, aligned with the ambitious Vision 2030 plan. In my view, Saudi Arabia stands as the premier destination for living in 2024.”
Marsden was born and raised in Kazakhstan before moving to Russia with her parents when she was 14 years old. She lived in several countries before relocating to Saudi Arabia, including Malaysia, Singapore, Italy, Turkiye, Lebanon, Thailand, the UK, and Norway.
Living here is incredibly invigorating; one can palpably sense the positive transformations taking place in the country, aligned with the ambitious Vision 2030 plan.
Margo Marsden, Russian stylist in KSA
Marsden had worked in Riyadh for a month in 2019 with fashion retailer Zara during Ramadan, and when her husband told her about his job offer, she was thrilled at the prospect of visiting the Kingdom again.
“I love it here, and I look forward to sharing my knowledge with local and expat women, to elevate their confidence and refine their fashion identity,” she said.
Marsden now has more than two decades of experience in the fashion industry. It’s a passion that began in her childhood, when she would meticulously craft outfits for her Barbie dolls with her mother’s guidance.
Marsden said she worked as a model — treading catwalks in Russia, Kazakhstan, Hong Kong, Malaysia, Singapore, Sri Lanka, Lebanon, Turkey, Trinidad and Tobago, and Thailand — before moving into the business side of the industry, studying fashion design at Accademia Italiana in Bangkok and personal styling at the London College of Style. She has worked as a buyer, content creator and stylist.
“My artistic pursuits also extend behind the camera; I coordinated photoshoots for both personal and corporate clients,” she added.
As a stylist, she said, her main objective is “to enhance my client’s natural beauty and instill confidence in each customer I work with.” While Marsden doesn’t currently have any clients in the Kingdom, she is hoping to establish her own business eventually.
“I’m eager to offer my expertise to individuals keen on enhancing their appearance. Helping others look and feel their best is immensely fulfilling to me,” she added.
To follow Marsden’s journey in Saudi Arabia, visit her Instagram @margo.marsden.
Riyadh forum to explore role of translation in promoting Saudi identity
- The conference aims to contribute to a key objective of the Kingdom’s Vision 2030 in promoting Islamic values and national identity, by encouraging Saudis to translate these concepts into other languages and cultures
RIYADH: The College of Languages at Princess Nourah bint Abdulrahman University in Riyadh will host a conference titled “Translating the Saudi identity through other languages and cultures” on May 15.
The event, carrying the slogan “We translate our identity,” will take place at the Department of Conferences and Seminars, and is sponsored by Saudi Minister of Education Yousef Al-Benyan.
It will focus on sharing the Kingdom’s cultural, historical, literary and intellectual heritage with a global audience, the Saudi Press Agency reported.
HIGHLIGHT
The conference will attract researchers and enthusiasts interested in Saudi identity and its translation for foreign cultures. Students specializing in national identity and translation will take part, alongside representatives from sectors focused on translating Saudi identity, including ministries, agencies and companies.
The role of translation in promoting a positive image of the Kingdom will also be discussed, as well as fostering international recognition and underscoring the Kingdom’s cultural impact.
The conference aims to contribute to a key objective of the Kingdom’s Vision 2030 in promoting Islamic values and national identity, by encouraging Saudis to translate these concepts into other languages and cultures.
A competitive environment will be established among university students to introduce them to their identity through other languages and cultures.
The conference will attract researchers and enthusiasts interested in Saudi identity and its translation for foreign cultures. Students specializing in national identity and translation will take part, alongside representatives from sectors focused on translating Saudi identity, including ministries, agencies and companies.
Six scientific sessions and workshops will be hosted at the conference, as well as topic-related exhibitions and cultural events. Sessions will cover themes including “Saudi family identity,” “National identity,” “Linguistic communication,” “The role of translation and publishing in sharing the Saudi identity with the world,” “Translating national heritage into global languages” and “National identity in film translation.”
The conference’s workshops will focus on topics including translating the Saudi identity within the tourism sector.
The College of Languages organized the event as part of its commitment to the 2025 strategic goals of Princess Nourah bint Abdulrahman University.
King Salman issues royal decree to appoint investigative lieutenants at Public Prosecution
RIYADH: King Salman issued a royal decree on Saturday to appoint 261 investigative lieutenants at the Ministry of Justice’s Public Prosecution, Saudi Press Agency reported.
Attorney General Sheikh Saud bin Abdullah Al-Mujib thanked the king for the royal decree and said it reflected the support provided by the King Salman and Crown Prince Mohammed bin Salman for the ministry and its departments, SPA added.
Al-Mujib praised the commitment to advancing the development and prosperity of the justice ministry in alignment with the Kingdom’s Vision 2030.
Tripartite committee discusses enhancing defense cooperation between Saudi Arabia, Turkey, and Pakistan
- The Saudi-Turkish bilateral defense cooperation committee also met in Istanbul
ISTANBUL: Saudi Arabia, Turkiye and Pakistan’s tripartite committee held its third meeting recently in Istanbul to discuss ways to enhance defense cooperation.
Saudi Assistant Minister of Defense Talal bin Abdullah Al-Otaibi, Turkish Deputy Minister of National Defense Bilal Durdali, and Lt. Gen Mohammed Owais from Pakistan were among the officials present at the meeting, the Defense Ministry said in a report on Saturday.
The meeting focused on joint cooperation in defense, the transfer and localization of technology, and the development of scientific research in accordance with Saudi Vision 2030, the ministry stated.
The Saudi-Turkish bilateral defense cooperation committee also met in Istanbul recently.
