KARACHI: Saudi Arabia’s Minister of Energy Khalid A Al-Falih on Saturday visited the port city of Gwadar to witness development work and the area allocated for a multibillion oil refinery.
Pakistan and Saudi Arabia are in talks over an agreement to install the Saudi Aramco Oil Refinery in Balochistan’s Gwadar district.
Last year, the Saudis also offered Pakistan a $6-billion rescue package to help shore up the economy.
The Saudi delegation was received by Pakistan petroleum minister Ghulam Sarwar Khan, port and shippings minister Syed Ali Haider Zaidi and Baluchistan information minister Zahoor Buledi.
“Pakistan and Saudi Arabia are the two sound foundations of peace and stability”, Khalid A Al-Falih, said while speaking to media in Gwadar.
Al Falih, who is also chairman of the Board of Saudi Aramco, said bilateral relations between Pakistan and Saudi Arabia are very strong and Saudia Arabai would "play its role for the development and prosperity of Pakistan."
“The Saudi delegation led by Al Falih has come to see the area allocated for the oil refinery in Gwadar. Soon a state of the art oil refinery would be set up in Gwadar”, Ghulam Sarwar said, according to a statement issued by the ministry of petroleum.
The petroleum minister said he hoped that a memorandum of understanding about the oil refinery would be signed between the two governments next month: “This would be the biggest investment of Saudi Arabia in Pakistan."
The government of Pakistan has already given approval for the MoU.
The visiting Saudi delegation was briefed by the chairman of Gwadar Development Authority, Dostain Jamaldini, about the development of the country’s deep sea port being constructed with the help of China.
Earlier, Pakistan’s Finance minister had said that Saudi Arabia’s Minister of Energy and the Chairman of the Board of Saudi Aramco, had arrived in Pakistan to meet with officials and new investments would be announced as the "next step."
Umar was speaking at the Karachi Chamber of Commerce and Industry and called the Saudi minister the "world’s most powerful minister of energy."
“In the next step, the announcement of investment will be made,” Umar said. “The bilateral support our country has received from friendly countries in last five months has never happened in our history."
Saudi Aramco will construct the petrochemical complex which will house the multibillion oil refinery.
“Overall directions of agreement (MoU) have been agreed upon and the agreement will be signed at the appropriate time,” Haroon Sharif, Chairman of Pakistan Board of Investment, had recently told Arab News.
“I am expecting around $15 billion investment from Saudi Arabia in the next three years. The inflow of investments for the oil refinery and petrochemical complex in Pakistan is estimated to be between $6 billion to $10 billion,” Sharif said.
Pakistan is hoping to attract more than $40 billion foreign direct investment in the next five years, he said.
“We estimate that roughly around $40 billion investment will be made by these three countries (Saudi Arabia, the UAE, and China) during the next three to five years,” Sharif added.
Saudi energy minister visits Pakistan’s Gwadar oil refinery site
Saudi energy minister visits Pakistan’s Gwadar oil refinery site
- Pakistan, Saudi Arabia in talks over oil refinery in Balochistan’s Gwadar district
- MoU to be signed next month
World’s largest coral restoration project unveiled in the Red Sea
- NEOM nursery will by 2025 produce 400,000 corals annually
- Aim to restore reefs globally, says KAUST President Tony Chan
Scientists at King Abdullah University of Science and Technology, in collaboration with NEOM, have launched the first nursery of the KAUST Coral Restoration Initiative.
“KCRI is the largest coral restoration project in the world and represents a significant step towards restoring reefs globally with a primary nursery officially in operation and a second facility in development, both in the Red Sea,” according to a statement released on Thursday.
The nursery, built on the coast of NEOM in northwest Saudi Arabia, is set to transform coral restoration efforts with a production capacity of 40,000 corals annually.
Functioning as a pioneering pilot facility, researchers will leverage the project as the blueprint for large-scale coral restoration initiatives, including the world’s largest and most advanced land-based coral nursery.
Located at the same site, this advanced coral nursery will boast a 10-fold larger capacity to nurture 400,000 corals annually. The project is expected to be completed by December 2025.
Home to 25 percent of known marine species despite covering less than 1 percent of the sea floor, coral reefs are the bedrock of numerous marine ecosystems. Experts estimate up to 90 percent of global coral reefs will experience severe heat stress by 2050.
Prof. Tony Chan, president of KAUST, said: “Recent events provide a stark reminder of the global crisis that coral reefs face. Our ambition is, therefore, to pioneer a pathway to upscale from the current labor-intensive restoration efforts to industrial-scale processes required to reverse the current rate of coral reef degradation.”
The initiative aligns with the Saudi Vision 2030 and its efforts to bolster marine conservation, leveraging KAUST’s research into marine ecosystems and serving as a platform to test innovative restoration methods.
Nadhmi Al-Nasr, CEO of NEOM, said: “Through our long-standing partnership with the KAUST, we will also highlight the role of coral reefs, among the most important marine environmental systems, and the value of their preservation for future generations.”
EU relaxes visa rules for Saudi Arabia, Oman, Bahrain
- Saudi, Omani, Bahraini nationals now eligible for multiple-entry, 5-year visas
- ‘An important step for promoting people-to-people contacts,’ says envoy
RIYADH: Travel to Europe will become simpler and easier for Saudi, Omani, and Bahraini nationals following a European Commission decision to relax visa rules.
EU Ambassador to Saudi Arabia Christophe Farnaud told reporters in Riyadh on Thursday that the new Schengen visa rules are “an important step in promoting people-to-people contacts, and facilitating exchanges between the EU and the GCC citizens.”
Under the new rules, a multiple-entry visa will normally be issued for five years to successful applicants, including those applying for the first time.
“The process is the same, but the length of the visa is longer, which allows them to travel to 29 European countries using the same visa valid for five years and multiple entry,” Farnaud said.
He said that it was important to view the visa change against “the backdrop of the strategic relationship between this region and Europe.”
The Schengen area consists of 29 European countries, of which 25 are EU states: Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Germany, Estonia, Greece, Spain, France, Italy, Latvia, Lithuania, Luxembourg, Hungary, Malta, Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden, along with Iceland, Liechtenstein, Norway and Switzerland.
Member states will implement the decision once they have received notifications, Farnaud said.
“As we know, the notification was made on Wednesday, so from now on, the member states can issue these visas, unless there is some technical reason for a country to take a few days,” he said.
“I am very happy to have been able to work on that, and I must say that I received a lot of very positive responses from citizens, from Saudi Arabia, especially. I think it’s really good news,” Farnaud said.
The envoy said that Europe is also working on e-visas, “but it will take some time. I cannot tell you how long exactly because it implies decisions by member states on technical aspects. So, it will happen, but It will take some time.”
Japan, Saudi Arabia invite public to design 70th anniversary celebratory logo
- The chosen logo will be used in all events commemorating the 70th anniversary of the two countries
- Anyone is eligible to apply to create a logo that conveys the strong ties between the Kingdom and Japan
The Japanese Ministry of Foreign Affairs has called for applications to design a logo to mark the 70th anniversary of the establishment of diplomatic relations between Japan and Saudi Arabia in 2025.
The chosen logo will be used in all events commemorating the 70th anniversary of the two countries.
Anyone is eligible to apply to create a logo that conveys the strong ties between the Kingdom and Japan.
The Ministry of Foreign Affairs of Japan, the Japanese embassy in Saudi Arabia, the Japanese consulate-general in Jeddah and the Saudi government will announce the best logo design on their websites and social media accounts.
The deadline for applications is June 10. Applications must be submitted as an email to [email protected].
Each logo design must be no larger than 3 MB in electronic format, with a resolution of 300 dpi or higher, in a file format — JPEG or PDF — that will fit an A4 size when printed.
An explanation of the purpose of the proposed logo mark is required with each submission.
A similar application was announced in 2021, when the UAE and Japan commemorated the 50th anniversary of establishing their diplomatic relationship.
More information on the applications can be found here: The 70th anniversary of the establishment of diplomatic relations between Japan and the Kingdom of Saudi Arabia in 2025 call for designs of the commemorative logo.
Saudi Arabia, Japan officials discuss investment ties
DUBAI: Saudi Arabia’s Ambassador to Japan Dr. Ghazi Binzagr met with Nobuyori Kodaira, chairman of the Japan Cooperation Center for the Middle East, on Thursday in Tokyo to discuss improving mutual investments.
The two officials highlighted the role that the JCCME plays in supporting Japan’s investments in Saudi Arabia, in sectors including healthcare, industry and entertainment.
The JCCME set up its regional headquarters in Riyadh in the 1990s. It now has an office in Dammam with an investment desk, while a water desk has been opened in Jeddah.
In 2018, the JCCME set up an investment-promotion scheme to fulfil the aims of the Saudi-Japan Vision 2030, within the framework of the Saudi Vision 2030 plan.
L’Oréal Middle East launches women upskilling project in Saudi Arabia
- L’Oreal Middle East inks pact with Kingdom’s Himayah Organization
- The initiative aims to help 600 women prepare for the workplace
DUBAI: As it celebrates its 25th anniversary, L’Oreal Middle East has signed an agreement with the Himayah Organization in Saudi Arabia to support its “Safe Homes” initiative, which seeks to provide skills training for more than 600 women.
“The project aims to have a lasting long-term impact through psychological support and skill training,” said Laurent Duffier, CEO of L’Oreal Middle East, in an interview with Arab News en Francais.
Over the past 25 years, L’Oreal has assisted 25,000 women in the region.
L’Oreal launched its Hairdressing Academy in Riyadh and Dammam in 2023, to upskill and integrate women in the workforce, recording a 70 percent employment rate in this growing beauty segment in Saudi Arabia. The program is expected to create 15,000 jobs for Saudi women.
The flagship “L’Oreal for Women in Science” program invested over $925,000 in endowments to support 51 female Arab scientists over the past decade and advocate for gender equality in STEM, or science, technology, engineering and mathematics.
In addition, the firm’s “Stand Up Against Street Harassment” project trained more than 11,000 participants on countering gender-based violence.
While the brand’s products have been distributed in the region since the 1960s, L’Oreal opened its first subsidiary in the Middle East in 1998, and currently serves 10 markets.
Today, the group is moving toward its 2030 sustainability, innovation and technology goals by engaging stakeholders across the supply chain, including consumers and startups, through strategic partnerships.
L’Oreal aims to foster innovation by investing in the startup ecosystem, the latest being the partnership with Astrolabs that launched the “L’Oreal Tech Quest Challenge” earlier in April 2024.
“The future is for beauty tech, tackling current industry challenges and augmenting the impact of L’Oreal’s solutions. ‘L’Oreal Tech Quest Challenge’ awarded a group of winners whose work will be incorporated in developing tools and best practices across the SAPMENA (South Asia Pacific - Middle East - North Africa) region,” said Duffier.
The region is home to a growing startup ecosystem. “LEAP in Saudi Arabia held in March reflects the growing entrepreneurial and creative energy in the Kingdom,” he added.
This is particularly important in the Middle East, where the beauty industry is recording one of the highest growth rates globally.
The GCC market ranks among the top 10 beauty markets worldwide, valued at $11.7 billion in 2024. Since the COVID-19 pandemic, the market has grown by 10 percent, fueled by underlying macroeconomic trends.
“Non-oil GDP in the GCC is growing at 4 to 5 percent while growing at less than 1 percent in Europe. The inflow of high-net-worth individuals had a positive impact on the luxury market in the UAE. While demand for beauty, particularly in Saudi Arabia, tripled during the last three years with the rise in women’s access to the workforce, and increase in disposable income,” said Duffier.
“The quality of retail execution, and the growth of new beauty concepts in the Kingdom, are factors boosting the market in the region, further enhanced by the growth in e-commerce,” he added.
According to a Boston Consulting Group report, in 2020 the Kingdom’s e-commerce share of total retail was 6 percent. This was far behind mature e-commerce markets and the worldwide average of 18 percent, but was 60 percent higher than the Kingdom’s 2019 share. It has been forecast that there will be double-digit growth post-COVID-19, with market value expected to exceed $13.3 billion by 2025.
“Saudi Arabia displays accelerated growth across segments. Efforts to diversify the economy are clear. It is the biggest economy in the region, with the highest potential, and it is a priority market for L’Oreal,” said Duffier.
The offer-driven beauty and personal care market is expected to continue to be led by product innovation and beauty technology, for better end-user results, he said.
“We are launching Melasyl, after 18 years of R&D. A breakthrough ingredient for skin care treatments, among other applications,” said Duffier.
With lipstick used 5,000 years ago in Mesopotamia, Duffier describes the Middle East as the “cradle of beauty and a region that defines beauty trends.” The region has a diverse customer base, covering the full spectrum of skin and hair colors, is shifting toward digital platforms, and more sustainable consumption.
“We are working with startups to offer sustainable innovative products, with 70 percent of consumers opting for sustainable products,” said Duffier.
“We are no longer a beauty company, but a beauty tech company. Anchored in innovation and sustainability, the objective remains beauty for all. The future of beauty will be increasingly personalized to create beauty that moves the world, and most importantly to create beauty that moves the Middle East,” he said.
The quest for sustainability is also a byproduct of the reconciliation between beauty and tech, developed and implemented across the various segments: hair care (Airlight pro), derma cosmetics, the latest being La Roche-Posay’s diagnostic virtual reality tools, and make-up applications in collaboration with Microsoft.
“By applying green science, 95 percent of products’ ingredients will be bio-based and traceable to natural green-science formulations by 2030,” he said.
Advancing toward its sustainability targets, the “L’Oreal for the Future” program aims to reduce carbon dioxide emissions at all sites, and move to renewables, waste management and water treatment by 2030.
L’Oreal Middle East expects a 50 percent reduction in distribution-related carbon dioxide emissions, and a 70 percent reduction in water consumption with the introduction of Gjosa shower heads in hair salons.
Set to launch in the region this year, the latter is expected to target 500 salons per year, for a total yearly saving of 35 million gallons of water.
This is in addition to the recycling of 340 tonnes of waste over the past two years in Saudi Arabia, which is a Garnier initiative in collaboration with Panda and Naqaa Solutions.
