RIYADH: Saudi Arabia’s Public Investment Fund (PIF) aims to increase its assets under management to 1.5 trillion riyals ($400 billion) by 2020 as part of the country’s Vision 2030, an economic reform plan aimed at boosting private-sector growth and developing non-oil industries.
The country’s main sovereign wealth fund, which is expected to receive proceeds from the planned sale of 5 percent of state oil company Saudi Aramco’s shares, has currently around $230 billion worth of assets under management.
PIF plans to create 20,000 direct domestic jobs, and 256,000 construction jobs by 2020. This will increase PIF’s contribution to Saudi Arabia’s gross domestic product from 4.4 percent to 6.3 percent, it said in a statement on Wednesday, during a huge investment conference in Riyadh arranged by the fund.
Investments will be in sectors such as real estate and infrastructure as well as in new areas of activity in the Saudi economy through the establishment of companies such as the Saudi Arabian Military Industries company and the Saudi Real Estate Refinancing Company.
One of the biggest tasks under PIF’s responsibility is the delivery of a $500 billion plan to build a business and industrial zone extending into Jordan and Egypt.
PIF will also seek to maximize value in the fund’s existing assets and has set a new target to increase total shareholder return to 4-5 percent from 3 percent, it said on Wednesday.
“The PIF Program represents a vital milestone as we work toward realizing Vision 2030,” Prince Mohammad bin Salman Al-Saud, the plan’s architect, said in a statement.
Outside of Saudi Arabia, PIF’s investments will be in a number of assets such as fixed-income, public equity, private equity and debt, real estate, infrastructure and alternative investments such as hedge funds, the fund said.
Saudi Arabia’s PIF aims to manage over $400 billion in assets by 2020
Saudi Arabia’s PIF aims to manage over $400 billion in assets by 2020
Saudi Arabia expresses condolences after dam bursts in flood-hit Kenya
- Floods and landslides across Kenya have killed 181 people since March, with hundreds of thousands forced to leave their homes
- The ministry said the Kingdom stands with the government and people of Kenya during this painful time
RIYADH: The Saudi Foreign Ministry expressed on Wednesday the Kingdom’s condolences to the families of those who died after a makeshift dam burst its banks in Kenya’s Rift Valley on Monday.
At least 48 people including children died as a result of the incident.
Residents said the accident occurred in the dead of night when the dam burst near the town of Mai Mahiu in Nakuru county, sending torrents of water and mud gushing down a hill and engulfing everything in its path.
The ministry said the Kingdom stands with the government and people of Kenya during this painful time.
Torrential rains and floods continue to batter the country and 181 people have been killed since March, with hundreds of thousands forced to leave their homes.
Saudi crown prince discusses preparations to host Expo 2030 with BIE head
- “The BIE and the Kingdom of Saudi Arabia will work hand in hand to make Expo 2030 a tremendous success for the Kingdom, the region, and the world”: Kerkentzes
RIYADH: Saudi Crown Prince Mohammed bin Salman discussed the Kingdom’s preparations to host Expo 2030 in Riyadh with the secretary-general of the Bureau International des Expositions on Wednesday.
Writing about the meeting on social media platform X, Dimitri Kerkentzes said he was “honored” to discuss the preparations with the crown prince.
“The BIE and the Kingdom of Saudi Arabia will work hand in hand to make Expo 2030 a tremendous success for the Kingdom, the region, and the world,” he added.
Riyadh defeated challenges from South Korea and Italy to host the prestigious event in November 2023, and was selected by a majority of 119 out of 165 votes by BIE member states.
Madinah megaproject aims to make region a hub for wellness tourism
- Facility will cover 240,000 square meters and aims to establish Madinah as a global destination for health and wellness
- Once built, center hopes to accommodate up to 30 million visitors a year by 2030
RIYADH: Almqr Development Co., the investment arm of Madinah Regional Municipality, has signed an agreement with a national construction company to build a wellness resort and rehabilitation center, the Saudi Press Agency reported.
Forming part of the “Heart of Uhud” project north of the Prophet’s Mosque, the facility will cover 240,000 square meters and aims to establish Madinah as a global destination for health and wellness.
Once built, with the support of local and international investors, the center hopes to accommodate up to 30 million visitors a year by 2030.
Mulberries — the superfood coloring Al-Ahsa’s markets
- Small red and black fruits are highly prized, not just for their delicious taste but for the health benefits they bring
- Season is brief, starting after the chill of winter and lasting around a month
RIYADH: Mulberry season has arrived, adding a bright splash of color to the fruit and vegetable markets in Al-Ahsa governorate.
The small red and black fruits are highly prized, not just for their delicious taste but for the health benefits they bring.
Their season is brief, starting after the chill of winter and lasting around a month. The current harvest is red, but the berries can also be blue or purple. They are sweet when fully mature and have a tart flavor during the earlier stages.
Mulberries enjoy a devoted following among farmers and consumers alike. Prices fluctuate depending on ripeness and size, ranging from SR5 ($1.33) to SR15 ($4) per half kilo, Saudi Press Agency reported.
They are a popular ingredient in cakes and ice cream, or as a decoration for various foods. The juice is enjoyed by many and the berries can be frozen for later consumption.
Dr. Hossam Al-Din Hussein Mahmoud, a professor of fruit science at King Faisal University in Al-Ahsa, said various types of mulberries were grown in the region including red, Iranian, Kashmiri and American.
He also talked about ongoing research at the university’s College of Agriculture and Food Sciences, which aims to document all strains and varieties of fruit found in Al-Ahsa, and discussed the health benefits associated with mulberries.
Classed as a superfood, they are rich in antioxidants, dietary fiber, vitamins and minerals. They are also believed to contribute to healthy blood sugar levels and reduce the risk of Type 2 diabetes. Their high anthocyanin content means they have anti-inflammatory properties, which can lower the risk of some diseases and enhance the immune and digestive systems.
Consumption of mulberries is also linked to a reduced risk of cardiovascular disease risk, lower blood cholesterol, better skin health and heart rate regulation.
Saudi development program teams up with Selah Foundation for water project in Yemen
- The initiative, in Hadhramaut region, will install solar power stations to provide the energy required to improve the availability and supply of water to 1.7 million people
- The Saudi Development and Reconstruction Program for Yemen has more than 229 active projects in 8 sectors, including education, health, water, transportation and agriculture
RIYADH: The Saudi Development and Reconstruction Program for Yemen and the Selah Foundation for Development agreed on Wednesday to cooperate on a renewable-energy water-security project in Yemen’s Hadhramaut region, which they said will benefit about 1.7 million people.
The deal was signed by Hassan Al-Attas, the assistant general supervisor of the development program, and Ali Hassan Bashmakh, the foundation’s executive director.
The governor of Hadhramout, Mabkhoot bin Mubarak bin Madhi, attended the signing ceremony and thanked Saudi authorities for the assistance provided to Yemen through the development program. He also expressed gratitude to King Salman, Crown Prince Mohammed bin Salman and the employees of the program for their contributions.
Al-Attas said his organization has more than 229 active development projects in Yemen, helping to improve the lives and livelihoods of people across the country. They span eight sectors, including education, health, water, transportation and agriculture.
As part of the project in Hadhramaut, solar power stations will be established in nine areas to provide the energy required to improve the availability and supply of water. Training and capacity building will also be provided to ensure local technicians can operate and maintain the solar equipment.
The development program and the foundation previously partnered with the Arab Gulf Program for Development on other renewable-energy projects to help improve the quality of life of an estimated 62,000 people in five of Yemen’s governorates. And in January, the two organizations launched a water-security project that aims to benefit about 800,000 people in Aden. On the Yemeni island of Socotra, the development program’s projects help meet about 50 percent of water needs, 100 percent in Al-Ghaydah, and 10 percent in Aden.
The Selah Foundation for Development received the Prince Talal International Prize for Human Development in 2020 for its continual efforts to enhance water security.
Other officials who attended the signing ceremony on Wednesday included Yemen’s planning and international cooperation minister, Waed Badheeb; the minister of water and environment, Tawfiq Abdulwahed Al-Sharjabi; and Mohammed Al-Jaber, supervisor general of the Saudi Development and Reconstruction Program for Yemen.
