RIYADH: The US invested more than SR207 billion ($55 billion) in the Kingdom up until February 2018, according to the Saudi Arabian General Investment Authority (SAGIA).
The number of investing companies reached 373 in fields such as services, industry, real-estate, science, arts, and temporary licenses.
Industrial activity had the biggest share of financing with SR193 billion ($51 billion) distributed on 95 different projects. Service activity was financed with SR13.5 billion ($3 billion) distributed on 245 projects. Trade activity was financed with more than SR300 million ($79 million) distributed on nine projects. Two real-estate projects were financed with SR16 million ($4 million) and 16 temporary licenses’ projects were financed with SR2 million ($0.5 million.)
Sixteen new American companies entered the Saudi market in 2017, with SR382 million ($101 million) invested as SAGIA gave the green light to start activities in the Kingdom. The service sector had the biggest share of these licenses, with 13 licenses and an investment of SR 284 million ($155 million). The industrial sector was granted two licenses of an investment that reached SR97 million ($25 million) and the temporary licenses’ sector was financed with SR500,000 ($133,000).
The Saudi sector is one of the US’s biggest importing markets. In 2016, the Kingdom provided the US market with a number of products including mineral, chemical and organic products, fertilizers, aluminum and plastics. From the US, the Kingdom imported cars and their parts, aerial vehicles and their parts, medical, optical and photographic equipment, machine tools and their parts and electronic devices and their parts.
The numbers are a result of the reforms in the Saudi investment environment, in line with the Kingdom’s Vision 2030, while the reforms are a result of national efforts to promote trade and investment activities in the Kingdom. The executive committee was established to improve and promote performance in the private sector to follow up and implement a number of initiatives contributing to economic growth and providing a stable environment for the private sector, with the participation of relevant governmental, private and international bodies.
The Kingdom of Saudi Arabia and the US have good economic ties that go back many decades and are bound by mutual respect and common interests. These relations were established on Feb. 23, 1930, and consolidated in 1931 when the US first started importing Saudi oil, and when the late King Abdulaziz bin Abdul Rahman granted American companies the right to prospect for oil.
In 1932, the two sides signed the temporary commercial diplomatic agreement that was followed by an oil exploration agreement.
In 1972, the Kingdom imported from the US a number of goods and products with a value of $314 million and exported other goods to the US with a value of $194 million.
In 1974, the Kingdom signed a joint report with the US, to establish a Saudi-American joint committee for economic cooperation to meet the needs of the country (products and expertise) at a time when Saudi Arabia was witnessing a big increase in growth and development projects.
SAGIA: US investment in Saudi Arabia worth over $55bn
SAGIA: US investment in Saudi Arabia worth over $55bn
Saudi Arabia jails expat for five years for harassing a woman
RIYADH: An expatriate living in Saudi Arabia has been sentenced to five years in prison for harassing a woman.
Saudi Arabia’s Public Prosecution’s Morality wing completed its investigations into the issue, the Saudi Press Agency reported on Thursday, and after being referred to the relevant court, tried and found guilty, he was jailed and also fined SR150,000 ($39,986).
The Public Prosecution affirmed its keenness and determination to protect public morals, adding that any violation of this requires criminal accountability.
Saudi FM receives Montenegrin counterpart in Riyadh
- During the meeting, the two officials reviewed cooperation between their countries and ways to enhance and develop it in various fields
RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan received his Montenegrin counterpart Filip Ivanovic in Riyadh on Thursday.
During the meeting, the two officials reviewed cooperation between their countries and ways to enhance and develop it in various fields.
They also discussed regional and international developments and efforts made in this regard.
Governor of Taif meets with Saudi cultural director
- Prince Saud bin Nahar was briefed on SASCA’s strategy and initiatives aimed at fostering and empowering talent in the cultural and artistic fields
- A cooperation agreement was signed between SASCA and Taif University
RIYADH: Governor of Taif Prince Saud bin Nahar bin Saud met Princess Haifa bint Abdulmohsen, the director of development and partnerships at the Saudi Arabian Society for Culture and Arts, at the governorate’s headquarters on Thursday.
The governor was briefed on SASCA’s strategy and initiatives aimed at fostering and empowering talent in the cultural and artistic fields, in line with the objectives of the Kingdom’s Vision 2030.
The parties were also present at the signing of a cooperation agreement between SASCA in Taif and Taif University.
Saudi FM receives phone call from Belgian counterpart
RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan received a phone call from his Belgian counterpart Hadja Lahbib on Thursday.
During the phone call, the two officials discussed developments in the region, particularly developments in the Gaza Strip and efforts made in this regard.
ilmi, PNU launch museum studies program
- New micro-credential courses open to all high-school graduates, undergraduates
- Program includes Arabic, English, in-person, remote, long and short-term courses
RIYADH: A new museum studies program in Saudi Arabia has opened for registration, offering micro-credential and long-term courses.
It is the result of a partnership between ilmi, a center for science, technology, reading, engineering, arts and mathematics learning, and Princess Nourah bint Abdulrahman University.
ilmi — meaning “my knowledge” in Arabic — is a science and innovation center that aims to empower young people in Saudi Arabia.
A philanthropic NGO initiative created by Princess Sara bint Mashour bin Abdulaziz, wife of Crown Prince Mohammed bin Salman, ilmi is incubated, supported and funded by the Mohammed bin Salman Foundation, Misk, as a subsidiary, and operates in partnership with Mohammed bin Salman Nonprofit City.
The museum studies program includes micro-credential, diploma, minor and elective courses.
It is open to recent high-school graduates and university undergraduates keen to secure entry-level positions in museums, as well as professionals seeking new skill sets and career paths.
Created by ilmi and PNU experts from Saudi Arabia and around the world, the program offers a blend of online and in-person learning, alongside Arabic and English tuition options.
Micro-credential courses will blend online and in-person learning, and are available to applicants over the age of 18.
Courses include museum impact studies, museum education and awareness, an introduction to museum technologies, fundamentals of museum management and integrating digital technology.
Courses on offer for PNU students include an introduction to museums elective and specialist minors in museums and digital technology, exhibit design and content development.
A two-year diploma in museum management will also be available for both PNU students and recent high-school graduates.
Registration has opened for the first online micro-credential course starting this month: Fundamentals of museum management.
All further micro-credential courses will take place in May and June, with the diploma, minor and elective programs starting in September at the beginning of the academic year 2024/25.
Program graduates can also apply to work alongside ilmi experts as they design and launch unique, informal learning programs across the Kingdom.
For more information and registration, click here.
