LONDON: Saudi Arabia and China plan to establish a $20 billion investment fund as the Kingdom deepens ties with its biggest Asian oil customer.
King Salman met Chinese Vice Premier Zhang Gaoli in Jeddah on Thursday amid a flurry of deal-making between the countries, which are both pursuing economic transformation plans through Saudi Arabia’s Vision 2030 and China’s Belt and Road Initiative.
The pair plan to jointly operate the investment fund, sharing costs and profits on a 50:50 basis, Saudi Energy Minister Khalid Al-Falih told Reuters on Thursday.
He was speaking on the sidelines of an economic conference where senior officials and businessmen from both countries assembled.
Saudi Arabia is pursuing an aggressive international investment strategy spearheaded by the Public Investment Fund (PIF), which is taking multibillion-dollar stakes in companies such as Uber Technologies. The PIF is set to become the world’s largest fund when it receives the proceeds from the initial public offering (IPO) of Saudi Aramco.
“The key thing in this is the increasing economic relations between Saudi Arabia and China, which is its main customer for oil,” Jason Tuvey, an economist at London-based Capital Economics, told Arab News.
“It sees China as its main growth engine at a time when demand for oil in many developed markets is falling. Saudi Aramco will want to make sure it remains the ‘go to’ oil producer for China.”
The closer ties between China and Saudi Arabia may also extend to international debt markets if the Kingdom looks to add foreign bond sales denominated in yuan as well as dollars.
“One of our main objectives is to diversify the funding basis of Saudi Arabia,” Vice Minister of Economy and Planning Mohammed Al-Tuwaijri told the Jeddah conference, Reuters reported.
“We will do that through access to investors or bodies of liquidity in the markets. China is by far one of the top markets. We will also access other technical markets in terms of unique funding opportunities, private placements, panda bonds and others.”
Such overseas debt sales could not only help the country reduce its deficit but also fund job-creating investments at home.
Crown Prince Mohammed bin Salman is driving an ambitious economic diversification plan which aims to reduce the country’s dependence on oil and boost investment in new sectors.
He also co-chairs the high-level Saudi-Chinese Joint Committee with Zhang.
The first meeting of the committee was held in Beijing a year ago.
Saudi Arabia, China to set up $20bn investment fund
Saudi Arabia, China to set up $20bn investment fund
Saudi Armed Forces participate in military exercise in Turkiye
- The field exercise phase of EFES 2024, which begins on Friday and continues until May 30, follows a command center phase that began on April 25 and ended on Wednesday
RIYADH: The Saudi Arabian Armed Forces are taking part in a multinational military exercise in the Turkish city of Izmir, the Kingdom’s Defense Ministry said on Wednesday.
Upon arrival in Turkiye ahead of the field-exercise phase of EFES 2024, the Saudi units were greeted by the military attache at the Saudi embassy in Ankara, Commodore Adel Al-Kalthami, the director of the exercise from the Kingdom, Brig. Gen. Nasser Al-Suhaimi, and officers from branches of the Armed Forces.
The exercise involves two main phases, the first of which was a command-center exercise at the Multinational War Center in Istanbul and the Joint Command Training Center in Izmir, which began on April 25 and concluded on Wednesday. The second phase, involving live-firing field exercises at Izmir’s Doganbey Firing and Exercise Area, begins on Friday and continues until May 30.
The head of the Saudi Armed Forces Education and Training Authority, Maj. Gen. Adel Al-Balawi, said participation of the nation’s forces in the exercise reflects the care and support of the Saudi leadership for the development of their capabilities and the enhancement their organizational, training and armaments skills.
The exercise provides an opportunity for forces from participating nations to exchange skills, train together in the planning and coordination of joint operations in various environments, raise their combat efficiency, and enhance military cooperation, he added.
During the exercise the Saudi units and their counterparts from other countries will carry out many field maneuvers on land and sea, including sea-landing operations, search and rescue missions, and responses to threats posed by drones, using light arms loaded with live ammunition and other weaponry, Al-Balawi said.
Saudi king, crown prince offer condolences to Brazilian president over flood victims
RIYADH: Saudi Arabia’s King Salman sent a message of condolences and sympathy to Brazilain President Luiz Inacio Lula da Silva, following the floods that swept the state of Rio Grande do Sul that killed and injured several people and left a number missing, the Saudi Press Agency reported on Wednesday.
“We learned of the news of the floods that swept through the state of Rio Grande do Sul, south of the Federal Republic of Brazil, and the resulting deaths, injuries, and missing persons,” the king said.
He added: “We share Your Excellency’s pain of this tragedy, and we send to you, to the families of the deceased, and to your friendly people, our warmest condolences and sincere sympathy, wishing that the missing will return safely and the injured a speedy recovery.”
Crown Prince Mohammed bin Salman also sent a similar cable to the Brazilian president.
Heavy rains and flooding in the southern state of Rio Grande do Sul since last week also have left 128 people missing, authorities said. More than 230,000 have been displaced, and much of the region has been isolated by the floodwaters.
(With AP)
Saudi crown prince, Ukrainian president discuss Russia-Ukraine conflict during call
RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman on Tuesday received a phone call from Ukranian President Volodymyr Zelensky, the Saudi Press Agency reported.
During the call, they reviewed bilateral relations between the two countries and discussed several issues of common interest.
They also discussed developments in the Ukrainian-Russian crisis and efforts to resolve the conflict.
Ithra Film Production announces new projects at film festival
- The IFP seeks to highlight Saudi stories and discover new voices
DHAHRAN: The King Abdulaziz World Cultural Center, or Ithra, announced 15 new film projects this week at the 10th Saudi Film Festival, which concludes on May 9.
The Saudi film funding program selected four features and 11 short films from 170 submissions over the past year.
The entries were submitted by emerging Saudi filmmakers vying to take their concepts from the drawing board to silver screens across the globe.
Since its inception six years ago, the IFP has played a vital role in supporting Saudi Arabia’s fast-growing film industry, by nurturing home-grown talent and fostering cinematic content through commissioning and co-funding opportunities.
The IFP seeks to highlight Saudi stories and discover new voices and creative storytellers with the ultimate goal of having their films showcased on national and international platforms.
After reviewing an unprecedented number of high-quality submissions, the jury ultimately settled on the 15 films that together comprise an array of unique untold stories presented by talented storytellers who tapped into Saudi Arabia’s rich culture for ideas.
IFP also introduced a range of initiatives aimed at providing platforms for film producers, advancing standards of excellence in filmmaking and empowering new talent in the region.
Additionally, they host numerous workshops and seminars in the field of representation and production, writing and directing, among others.
Since its first film in 2018, IFP has funded 20 titles and produced four which have been showcased at 95 film festivals across the globe, winning 34 awards.
This includes “Hajjan” which most recently won three awards at the Gulf Film Festival including best feature, best actor and best cinematography.
Diriyah’s JAX District granted status of industrial heritage site
- Recognition by Saudi Heritage Commission honors the district for its role in the evolution of industry in the Kingdom and its role in shaping society
- District, named after the company that established it in the 1970s, contains a striking assembly of warehouses
- When commercial tenants moved out of the district in the mid-2000s, artists moved in
RIYADH: Saudi Arabia’s Heritage Commission has designated Diriyah’s JAX District, near Riyadh, as an industrial heritage site.
Its industrial days behind it, the district is now known as a creative arts hub in the heart of Diriyah, which is also where the UNESCO world heritage site of At-Turaif can be found.
The official recognition of its past role falls under the aims of the Industrial Heritage Preservation Program to protect and celebrate places of historical significance to the industrial sector in the Kingdom.
The designation highlights the district’s unique industrial architecture, officials said, and gives it a place alongside other sites in the Kingdom recognized for their roles in the evolution of industry in the country and its role in shaping Saudi society. Granting it heritage site status pays tribute to its history as a center for large-scale industrial projects and underscores its position as a national cultural landmark, they added.
JAX, named after the company that established the district in the 1970s, is home to a striking assembly of large warehouses that once formed an important industrial center in Riyadh region.
In the mid-2000s, commercial tenants started to move out and a group of graffiti artists began to use the walls of abandoned warehouses as their makeshift canvas. Young artists also established workshops and studios in the vacated spaces. In the years that followed, additional creative spaces, including art galleries, studios and cafes, were established, major cultural institutions opened, and office space was built for creative agencies that set up shop there.
JAX District now hosts numerous events, including the Diriyah Contemporary Art Biennale, MDLBEAST XP Music Futures, the Hia Hub fashion, beauty and style conference, and light art festival Noor Riyadh. The Saudi Arabia Museum of Contemporary Art, the first museum of its kind in the Kingdom, is also located in the district.
