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
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.
Saudi FM receives Salvadoran counterpart in Riyadh
- During the reception, the ministers reviewed relations between the Kingdom and El Salvador and opportunities to enhance cooperation
RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan received his Salvadoran counterpart Alexandra Hill Tinoco in Riyadh on Wednesday.
During the reception, the ministers reviewed relations between the Kingdom and El Salvador and opportunities to enhance cooperation between the two countries in all fields.
Various topics of common interest were also discussed during the meeting.
Saudi center launches pavilion for children during Environment Week
- NCEC’s pavilion, in Riyadh’s Granada Square, carries the slogan Know Your Environment
- It features activities for children promoting environmental preservation and protecting air, water and soil from pollution
RIYADH: The National Center for Environmental Compliance (NCEC) is hosting an interactive pavilion for children to mark Environment Week 2024, which began last Sunday, the Saudi Press Agency reported.
The center’s pavilion, in Riyadh’s Granada Square, carries the slogan “Know Your Environment.” It features activities for children promoting environmental preservation and protecting air, water and soil from pollution.
Young visitors are first met with a moving knowledge wall containing several tips placed on hanging cubes, each decorated with a color and information, or a picture.
Children can then move to the memory board to register as honorary members charged with protecting the environment. A part of the pavilion is dedicated to rest and entertainment, including cube puzzles and other games.
The center offers specialized scientific workshops for adults during Environment Week, addressing topics including land degradation.
The Kingdom is set to host COP16 in December this year, enhancing cooperation between the 197 signatory countries of the UN Convention to Combat Desertification, and searching for ways rehabilitate millions of hectares of degraded land.
The center’s presence in Riyadh, Jeddah, Alkhobar and Taif aims to boost community awareness of environmental issues through a range of activities and events.
