Vision 2030: All you need to know about Saudi Arabia’s giga-projects

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The Qiddiya project aims to be a destination where Saudis can find excitement, inspiration, creative communities and opportunities for investment and work. (Supplied)
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The Red Sea Project has been described as one of the world’s most ambitious tourism and hospitality projects, aimed at setting new standards in sustainable development and redefining the world of luxury tourism. (Supplied)
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The Qiddiya project aims to be a destination where Saudis can find excitement, inspiration, creative communities and opportunities for investment and work. (Supplied)
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The Red Sea Project has been described as one of the world’s most ambitious tourism and hospitality projects, aimed at setting new standards in sustainable development and redefining the world of luxury tourism. (Supplied)
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Amaala is another giga-project planned for Saudi Arabia, and aims to focus on ultra-luxury ‘wellness tourism’ and the arts. (Supplied)
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The Red Sea Project has been described as one of the world’s most ambitious tourism and hospitality projects, aimed at setting new standards in sustainable development and redefining the world of luxury tourism. (Supplied)
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Amaala is another giga-project planned for Saudi Arabia, and aims to focus on ultra-luxury ‘wellness tourism’ and the arts. (Supplied)
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The Red Sea Project has been described as one of the world’s most ambitious tourism and hospitality projects, aimed at setting new standards in sustainable development and redefining the world of luxury tourism. (Supplied)
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NEOM is a giant zone being developed in the northwest of Saudi Arabia with $500 billion investment support from the public investment fund (PIF). (Supplied)
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Amaala is another giga-project planned for Saudi Arabia, and aims to focus on ultra-luxury ‘wellness tourism’ and the arts. (Supplied)
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The Red Sea Project has been described as one of the world’s most ambitious tourism and hospitality projects, aimed at setting new standards in sustainable development and redefining the world of luxury tourism. (Supplied)
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The Red Sea Project has been described as one of the world’s most ambitious tourism and hospitality projects, aimed at setting new standards in sustainable development and redefining the world of luxury tourism. (Supplied)
Updated 11 May 2019
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Vision 2030: All you need to know about Saudi Arabia’s giga-projects

  • Huge developments aim to put Kingdom on global tourism map
  • Work on first development in $500bn NEOM zone set to complete in 2020

RIYADH: Saudi Arabia is making sincere efforts towards economic, social and cultural diversification with the works in progress on giga-projects, which are designed to be places of inspiration, discovery and fruitful engagements for the millennial generation.

The biggest development projects till date: Qiddiya Entertainment City, NEOM, the Red Sea Project and Amaala resort will shape the future of tourism as an important hub to meet and satisfy the recreational, social and cultural needs of the Kingdom’s current and future generations.

Crown Prince Mohammad bin Salman in 2016 mandated the development of long-term model of prosperity for the Kingdom and the result was Vision 2030, an ambitious yet attainable blueprint to ensure that Saudi Arabia is a vibrant society, a thriving economy and a progressive nation.

These developments are part of the Crown Prince’s ambitious plan Saudi Vision 2030 that aims to diversify the economy, away from a dependency on oil and society with varied and rich experience of a quality lifestyle including world class tourism.

In response to multiple societal challenges including limited entertainment options, demographic and social change, careers in a world beyond oil, and public health, the Public Investment Fund (PIF), a sovereign wealth fund owned by Saudi Arabia has been tasked with developing the series of “giga-projects.”




Qiddiya city has been named after the Aba Al-Qid road (Camel Trail) that used to connect Al-Yamama to Hijaz. (Supplied)

QIDDIYA

The Qiddiya project aims to meet these challenges by providing a destination where Saudis find excitement, inspiration, creative communities and career and investment opportunities.

Qiddiya city has been named after the Aba Al-Qid road (Camel Trail) that used to connect Al-Yamama to Hijaz. When completed Qiddiya will become a place to live, work and play, a prominent landmark and an important hub to meet and satisfy the recreational, social and cultural needs of the kingdom’s current and future generations.

Qiddiya, an important hub planned in the Saudi capital to fulfill the recreational and entertainment needs of the people, will see the launch of the construction phase this year. Qiddiya CEO Mike Reininger told Arab News in January: “2019 will see Qiddiya move from the planning and design phase to the construction phase.”

The Qiddiya site is 40 kilometers from the center of Riyadh city. When completed, this prominent landmark is expected to be the world’s largest entertainment city, surpassing Walt Disney World in Florida.

The ambitious project hopes to attract local, regional and international tourists. It includes theme parks, entertainment centers, sports amenities capable of hosting international competitions, training academies, desert and asphalt tracks for motorsport enthusiasts, water- and snow-based recreation, adventure activities alongside nature and safari experiences, and an array of historical, cultural and educational activities and events.

Visitors will have access to more than 300 recreational and educational facilities designed around five cornerstones of development that drive the strategy: Parks and attractions, sports and wellness, motion and mobility, nature and environment, and arts and culture.




The area earmarked for the NEOM project offers excellent prospects for leisure tourism, combining the Red Sea, beautiful beaches and islands and unspoiled natural beauty. (Supplied)

NEOM

NEOM, is a giant zone being being developed in the northwest of Saudi Arabia with a $500 billion investment support from the Public Investment fund (PIF).

The project, which has been described as “the destination for the future of living,” will stretch across the Egyptian and Jordanian borders and aims to transform the Kingdom into an international pioneering example, through introduction of value chains of industry and technology.

The area earmarked for the NEOM project offers excellent prospects for leisure tourism, combining the Red Sea, beautiful beaches and islands and unspoiled natural beauty.

The origin of the name is a combination of the Latin word “neo” meaning “new,” and the first letter “m” of the Arabic word “mustaqbal” which means “future”.

NEOM, which was announced in 2017 and is in a pristine position on the Red Sea, is expected to focus on luxurious living, and will include high-end hotels and villas. Moreover, homes in the development will be marketed to both regional and international buyers.

Saudi Arabia announced in January this year that it will start developing the first urban area of the zone after the founding board, chaired by Crown Prince Mohammed bin Salman, approved the master-plan for NEOM Bay, which will include homes, lifestyle and tourist facilities, and “innovation centers.” Construction work was expected to start in the first quarter of 2019 and will be completed in 2020.

“We are now preparing for the development of NEOM Bay area, which will provide a new concept of urban living that will enable it to become a platform for attracting the world’s top minds for creating advanced economic sectors,” said Nadhmi Al-Nasr, NEOM chief executive, in January.

In late January, Saudi Arabia established a company to develop NEOM. The closed joint-stock NEOM Company will be fully owned by the PIF and will develop the vast project, which will include multiple cities, airports, a seaport, tourist areas, industrial complexes and “innovation centers.”

According to Al-Nasr, the new entity will be responsible for developing a new global destination from scratch on a huge area and a futuristic civilization that is based on sustainability and livability.

“All this aims to turn NEOM into a global center for attracting investment, knowledge, innovation and technology in order to compete with all economic capital cities,” he said.

NEOM’s economic prospects will focus on 16 sectors: Energy, water, mobility, bio-tech, food, manufacturing, media, entertainment, culture, and fashion, technology including digital, tourism, sport, design and construction, services, health and well-being, education and liveability.




The Red Sea Project will set new standards in sustainable development and redefine the world of luxury tourism with objectives to position the Kingdom on the global tourism map. (Supplied)

THE RED SEA PROJECT

The Red Sea Project, one of the giga-projects announced by the crown prince in 2017, is billed as one of the the world’s most ambitious tourism and hospitality projects: An ultra-luxury destination that is being created around one of the world’s hidden natural treasures.

The Red Sea Project will set new standards in sustainable development and redefine the world of luxury tourism with objectives to position the Kingdom on the global tourism map.

Once completed, visitors will be able to explore the wonders and rich cultural heritage of Saudi Arabia’s untouched Red Sea Coast.

This is a touristic project that includes more than 90 unspoiled islands located between the cities of Umluj and Al-Wajh. It covers a number of the Red Sea’s untouched islands and a nature reserve containing regional flora and fauna.

Situated between the cities of Umluj and Al Wajh on the west coast of Saudi Arabia, the site is strategically located at the crossroads of Europe, Asia, the Middle East and Africa and within eight hours’ flying time of 80 percent of the world’s population.

The vision of the project includes creating an exquisite ultra-luxury destination within a pristine 28,000 sq km area that includes an archipelago of more than 90 unspoiled islands, volcanoes, desert, mountains, nature and culture.

The project is planned to set new standards for sustainable development and environmental protection, exceed expectations with the highest standards of service excellence and use technology to enable a seamless personalized experience that will position Saudi Arabia on the global tourism map.

The project offers a secure and stable environment for investors within the world’s fastest growing tourism region. In December 2018 King Salman received a team from the Red Sea Development Company (TRSDC), led by CEO John Pagano at Al-Yamama Palace in Riyadh that gave a progress report on the ambitious tourism and leisure project with a presentation detailing the master plan and its economic and developmental objectives, which aim to establish it as a leading global destination in the luxury tourism sector.

The first phase of the project, scheduled for completion in 2022, includes 14 luxury and hyper-luxury hotels providing 3,000 rooms across five islands and two inland resorts on the Kingdom’s west coast, an airport to serve the destination, and marinas, along with residential properties and recreational facilities.

By the time the project is completed, there will be 22 developed islands out of a total of 90 islands.

It is expected to create 70,000 jobs and play a significant role in driving economic diversification in the Kingdom by attracting nearly a million visitors a year and contributing SR22 billion to the country’s GDP.

Notably, plans to develop the project have been given the green light. The TRSDC has received final approval from its board of directors for the program’s master plan in January this year.

Commenting on it Pagano said: “With the master plan approved, we are now identifying investors and partners who are interested in working with us on realizing the objectives of the project and who share our commitment to enhance, not exploit, the natural ecosystems that make the destination so unique.”

Significantly, the Red Sea project ensures protection of ecology. As part of the planning process, major environmental studies were carried out to ensure that the area’s sensitive ecology was protected both during and after completion of the development.

Furthermore, the master plan is underpinned by an extensive smart destination management system that will support a wide range of personalized products and services designed to appeal to the modern luxury traveler.

The TRSDC employed the world’s first destination-scale computer simulation techniques, created in Saudi Arabia, to assess the impact of the development and future tourism on the environment. The resulting plan now targets a 30 percent net increase in biodiversity over the next two decades, a conservation equivalent to designating the site as a marine protection area.

Technology also underpins the destination’s sustainability initiatives, with a suite of sensors and monitoring devices in place to track and measure variations in environmental factors such as water salinity, temperature, visibility and tidal flows.

“The leadership of the Kingdom has shown great foresight in its insistence on balanced development of this pristine destination,” said Pagano. “Our plan not only envisions a stunning luxury destination, it also takes tangible, measurable steps to enhance that destination for future generations to enjoy and cherish.”




The Amaala resort, already being dubbed the Riviera of the Middle East, will be focused upon wellness and healthy living. (Supplied)

AMAALA

The Amaala project is another global destination aims to focus on ultra-luxury “wellness tourism” and the arts alongside other Red Sea mega-projects NEOM, a 26,500 square mile business zone and Saudi Arabia’s answer to Silicon Valley currently under development in the northwest of the kingdom and the Red Sea project.

This ultra-luxurious destination on the Kingdom’s northwestern coast of the Red Sea has been announced by the PIF, which is spearheading the project and will provide initial funding. Partnership and investment packages will be available to the private sector as it progresses.

The “Amaala” resort, already being dubbed the “Riviera of the Middle East,” will be focused upon wellness and healthy living. The resort will be located in the Prince Mohammed bin Salman Nature Reserve. PIF said Amaala will sit alongside NEOM and the Red Sea Project as part of a giga-projects investment portfolio, which will establish a unique “tourism ecosystem,” supporting economic diversification and creating high-value job opportunities.

Nicholas Naples, a veteran luxury hospitality and development executive, will be the CEO of the project, PIF said in September 2018.

“Amaala will awaken the world’s imagination by rephrasing the current concept of the luxury tourism experience, especially in terms integrative wellness, specialty treatments and related recreational offerings,” Naples said at the time.

“Amaala represents a unique and transformational luxury experience where full-fledged wellness tourism is integrated alongside a curated mix of arts, culture and sports offerings that are individually tailored for the ultra-luxury lifestyle, including the availability of  a fashion scene, healthy-living services, and year-round sea expeditions,” Naples added.

According to the developers, Amaala will feature “extraordinary architecture and unprecedented luxury in both hotels and private villas as well as a quaint retail village.”

It will also include an arts academy that will foster the growth and development of young artists from Saudi Arabia and the region.

PIF announced there will be cultural events, artistic performances and related conferences in a bid to bring international visitors to the region, where they can enjoy a wide array of unique and personalized holiday experiences set against stunning scenery, mountainous landscapes and diving among pristine coral reefs.

The project will include marinas and a yacht club and aims to be a destination for boutique luxury cruises.

The retail areas will include a mix of galleries, ateliers, artisan workshops and bespoke outlets along with a wide range of international and local restaurants.

As envisioned in Vision 2030, Amaala – along with the other giga-projects — will support the diversification of Saudi Arabia’s leisure and tourism industry, while promoting cultural conservation, ecological preservation and sustainability.


Closing Bell: TASI edges down to close at 12,254 points

Updated 25 April 2024
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Closing Bell: TASI edges down to close at 12,254 points

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 101.16 points, or 0.82 percent, to close at 12,254.53. 

The total trading turnover of the benchmark index was SR6.9 billion ($1.84 billion) as 75 stocks advanced while 144 retreated.  

Similarly, the MSCI Tadawul Index decreased by 8.99 points, or 0.58 percent, to close at 1,539.63.

The Kingdom’s parallel market, Nomu, increased, gaining 362.13 points, or 1.38 percent, to close at 26,688.25. This comes as 34 stocks advanced while as many as 27 retreated.

The best-performing stock of the day was Fawaz Abdulaziz Alhokair Co. The company’s share price surged by 6.39 percent to SR11.32.

Other top performers include Etihad Atheeb Telecommunication Co. and Saudi Cable Co., whose share prices soared by 5.57 percent and 5.35 percent, to stand at SR125and SR74.8 respectively. National Metal Manufacturing and Casting Co. and Saudi Steel Pipe Co. also fared well.

The worst performer was Al Sagr Cooperative Insurance Co., whose share price dropped by 7.11 percent to SR33.30.

ACWA Power as well as Bawan Co., did not perform well as their share prices dropped by 6.87 percent and 5.78 percent to stand at SR420 and SR44, respectively.

On the announcements front, a general assembly of Bank AlJazira approved increasing the capital by SR2.05 billion, representing a 25 percent increase. 

This growth will be achieved through the capitalization of a portion of the statutory reserves, granting one share for every four shares to strengthen the bank’s capital base and enable it to achieve its strategic objectives, according to Al-Ekhbariya.

Additionally, authorization was granted to the board of directors to distribute interim dividends on a semi-annual/quarterly basis for the fiscal year 2024. Approval was also given to the compensation and benefits policy for senior executives at Bank AlJazira.

Moreover, the profits of Banque Saudi Fransi rose to SR1.15 billion during the first quarter of 2024, a 7 percent increase compared to the same period in 2023, which stood at SR1.07 billion.

The bank attributed this growth to a rise in commission income by 27.5 percent, primarily due to higher returns on financing and investments. However, there was a slight decrease in net commission income by 0.3 percent due to an increase in specific commission expenses.

Additionally, total operating expenses decreased 6.2 percent, mainly due to a reduction in the provision for expected credit losses on loans and advances. This was partially offset by an increase in the provision for other financial assets and rising staff salaries and expenses.

On another note, the stock of Al-Rajhi Co. for Cooperative Insurance SJSC, Al Rajhi Takaful, which is counted for in the insurance sector on the main market, recorded its highest price since listing on April 25, at SR142.

Furthermore, Saudi Exchange approved the listing request for government debt instruments issued by Saudi Arabia, totaling SR5.1 billion.

These instruments comprise issuance number 2024-04-07, valued at SR1.6 billion, and 2024-04-12, valued at SR3.5 billion. Trading of these instruments will commence on April 29.

Additionally, Rawabi Holding Co., also referred to as Rawabi, has successfully concluded its largest Saudi Riyal-denominated sukuk issuance, totaling SR1.2 billion. Driven by high market demand, this milestone surpasses Rawabi’s previous issuance record of SR875 million in 2023.

Since the launch of its sukuk program in 2020, Rawabi Holding has issued approximately SR6.5 billion across 18 tranches and redeemed seven tranches totaling around SR2.9 billion.


Rapid expansion of batteries crucial to meet COP28 climate goals: IEA

Updated 25 April 2024
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Rapid expansion of batteries crucial to meet COP28 climate goals: IEA

RIYADH: Global battery production must be scaled up to meet the climate security goals set at COP28, according to the International Energy Agency.

In its latest report, IEA said battery technology witnessed unprecedented growth in 2023, outstripping almost all other clean power source solutions. 

The think tank added that an expected sharp fall in battery costs will accelerate the shift to renewable energy from fossil fuels in the coming years. 

“Growth in batteries outpaced almost all other clean energy technologies in 2023 as falling costs, advancing innovation and supportive industrial policies helped drive up demand for a technology that will be critical to delivering the climate and energy targets outlined at the COP28 climate conference in Dubai,” said IEA in the report. 

It added: “After their deployment in the power sector more than doubled last year, batteries need to lead a sixfold increase in global energy storage to enable the world to meet 2030 targets.” 

During the COP28 summit, nearly 200 countries agreed to triple renewable energy capacity by 2030, double the pace of power source efficiency improvements, and transition away from fossil fuels.

The report added that 1,500 gigawatts of battery storage would be required to triple renewable capacity globally by the end of this decade. 

However, IEA warned that a shortfall in deploying enough batteries could stall clean energy transitions in the power sector. 

Battery manufacturing

According to IEA, battery manufacturing has more than tripled in the last three years, with China accounting for 83 percent of current production capacity, up from 75 percent in 2020.

The report added that 40 percent of announced plans for new battery manufacturing are in advanced economies such as the US and EU. 

“If all those projects are built, those economies would have nearly enough manufacturing to meet their own needs to 2030 on the path to net zero emission,” said IEA. 

In the earlier days, the most common type of batteries, those based on lithium-ion, were typically associated with consumer electronics. However, today, the energy sector accounts for over 90 percent of overall battery demand, said the report. 

The intergovernmental organization added that battery deployment in the power sector increased by more than 130 percent in 2023 compared to the previous year, adding a total of 42 GW. 

Moreover, batteries have enabled electric car sales to surge from 3 million in 2020 to almost 14 million last year in the transport sector. 

Earlier in April, another report by IEA revealed that global sales of electric cars grew by approximately 25 percent in the first quarter of this year compared to the same period in 2023. 

“The electricity and transport sectors are two key pillars for bringing down emissions quickly enough to meet the targets agreed at COP28 and keep open the possibility of limiting global warming to 1.5 degrees Celsius, ” said Fatih Birol, IEA’s executive director. 

He added: “Batteries will provide the foundations in both areas, playing an invaluable role in scaling up renewables and electrifying transport while delivering secure and sustainable energy for businesses and households.” 

Falling costs

According to IEA, battery costs have fallen by over 90 percent in less than 15 years, one of the fastest declines ever seen in clean energy technologies. 

However, the agency highlighted that costs must come down further without compromising quality and technology.

“The combination of solar PV (photovoltaic) and batteries is today competitive with new coal plants in India. And just in the next few years, it will be cheaper than new coal in China and gas-fired power in the US. Batteries are changing the game before our eyes,” said Birol. 

According to IEA, ensuring energy security also requires greater diversity in supply chains, including extracting and processing the critical minerals used in batteries. 

Birol noted that governments worldwide have an important role in building resilient local and international supply chains to ensure that securely and sustainably produced batteries come to market at a reasonable cost. 

“Legislation such as the Inflation Reduction Act in the US, the Net-Zero Industry Act in the EU, and the Production Linked Incentive in India are good examples of how policy can affect real change in the industry by backing technology manufacturing,” said Birol. 

He also underscored the necessity to implement supportive policies to help speed up deployment by minimizing barriers to market entry for developers and reducing red tape that can stifle new projects.

Key to energy transition

In its report, IEA also highlighted the versatility of battery storage to ensure clean energy transition. 

“In the power sector, batteries help smooth out the variability of renewable electricity from technologies such as wind and solar,” said the agency. 

IEA added that battery storage can alleviate grid congestion in times of high supply, offering an outlet to capture and store excess renewable electricity that would otherwise be lost. 

“Reducing emissions and getting on track to meet international energy and climate targets will hinge on whether the world can scale up batteries fast enough. More than half the job that we need to do will rely, at least in some part, on battery deployment,” added Birol. 

Moreover, batteries can also provide critical service in the case of emergencies caused by extreme weather or other disruptions.

The deployment of batteries will also provide the grid with highly technical services, such as voltage and frequency control, that can help system operators and provide access to people who lack electricity. 

“In a pathway to achieving universal energy access worldwide by 2030, they help 400 million people in emerging and developing economies gain electricity access through decentralized solutions like solar home systems and mini-grids with batteries,” IEA concluded. 


More than two-thirds of UAE retail investors hold stocks in AI companies: eToro survey

Updated 25 April 2024
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More than two-thirds of UAE retail investors hold stocks in AI companies: eToro survey

RIYADH: More than 70 percent of retail investors in the UAE have stocks of companies developing artificial intelligence, according to a survey by trading platform eToro.

The 71 percent mark underscores a widespread understanding of AI’s potential as a catalyst for innovation and a source of competitive edge.

UAE retail investors’ interest in AI goes beyond holding stocks. When asked about their use or plans to use AI tools like ChatGPT to guide investment decisions, 39 percent reported that they already employ these technologies.

Global Markets Strategist at eToro, Ben Laidler, said: “Microsoft’s recent $1.5 billion investment in Abu Dhabi’s G42 is a big endorsement of the UAE’s potential as a global AI hub, which is reflected in the survey results showing widespread AI adoption by local investors and consumers.”

Millennials lead the charge when it comes to generational users, with 40 percent of those aged 25-44 using AI tools.

Baby Boomers and Gen X investors follow closely, with 39 percent and 38 percent, respectively.

Underlining the critical role that artificial intelligence might play in future investment strategies, an additional 52 percent of respondents, beyond those already using AI tools, said they are willing to adopt the technology to guide or adjust their portfolios in the future.

This trend defies generational stereotypes, with the older cohorts of investors directing the charge.

Baby Boomers lead in interest in integrating AI into investment planning, with 60 percent showing enthusiasm, followed by Gen X at 58 percent.

Laidler said: “AI stocks were the performance juggernauts of 2023, leading the tech sector revival and propelling the S&P 500 into bull market territory. AI trends helped make NVIDIA and Meta the best S&P 500 stock performers of last year, with their share prices tripling.”

He added: “Whilst we’re unlikely to see a repeat performance in 2024, the benefits of AI’s rapid adoption are broadening across the stock market and economy as it rapidly moves from hype to reality.”

Furthermore, eToro analyzed which companies experienced the highest proportional increase in UAE-based investors on its platform from quarter to quarter, revealing that AI stocks were the most popular theme during the first three months of the year.


Omani officials forge economic alliances with Saudi Arabia, Japan, and US

Updated 25 April 2024
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Omani officials forge economic alliances with Saudi Arabia, Japan, and US

RIYADH: Oman’s industrial infrastructure is set to receive a boost following a new agreement with Saudi Arabia, fostering private sector participation in the country’s economic growth. 

A memorandum of understanding, aimed at financing the infrastructure of several industrial zones in Oman, was signed during a meeting between Minister of Finance Sultan bin Salem Al-Habsi and Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development, the Oman News Agency reported. 

Discussions centered on cooperation mechanisms between Oman and the fund, along with updates on collaborative development projects. 

The aim is to develop the industrial and logistical sectors by providing all necessary basic services, thereby encouraging the private sector to contribute to Oman’s economic development in line with Oman Vision 2040, as reported by the agency. 

This memorandum falls within the framework of cooperation between the two parties to support developmental areas in Oman. These encompass infrastructure, higher and vocational education programs, and water, along with the industry and mining sectors. Additionally, it includes transportation and communications sectors, as well as developmental projects in the energy sector. 

On another note, Ali bin Masoud Al-Sunaidi, chairman of the Public Authority for Special Economic Zones and Free Zones, met with Ken Saito, minister of economy, trade and industry of Japan, and his accompanying delegation in Tokyo. 

During the meeting, they reviewed the business cooperation between the two countries and the major projects under construction in the economic and free zones and industrial cities in Oman, notably the low-carbon iron production project in the Special Economic Zone in Duqm. 

The visit also included meetings with officials from companies engaged in iron and its derivatives production, and renewable energy equipment manufacturing companies, as well as a visit to Yokohama Port to learn about its experience in receiving ships specialized in energy and petroleum product transportation. 

Also on April 24, Oman and the US explored ways to enhance trade, investment, and address challenges comprehensively during the second strategic dialogue held in Washington. 

The Omani side was chaired by Sheikh Khalifa bin Ali bin Issa al-Harthy, undersecretary for Diplomatic Affairs, Ministry of Foreign Affairs, while the US side was chaired by Jose Fernandez, undersecretary of state for Economic Growth, Energy, and the Environment.

Both sides discussed opportunities for American companies in Oman, focusing on ICT, semiconductors, and clean energy services, expressing commitment to enhancing cooperation in clean energy solutions and mineral investments.  

They addressed environmental priorities under the Omani-American cooperation memorandum, fostering communication between researchers from both countries for clean energy research. 


Saudi NHC, Spain’s Urbas to construct almost 600 housing units in Al-Fursan suburb 

Updated 25 April 2024
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Saudi NHC, Spain’s Urbas to construct almost 600 housing units in Al-Fursan suburb 

RIYADH: Saudi Arabia’s Al-Fursan suburb will soon be home to 589 new residential units worth around SR1 billion ($266 million) thanks to a deal sealed by the National Housing Co.

Inked with Urbas Middle East Real Estate Co., a subsidiary of the Spanish Urbas Group, the agreement involves the development as well as construction of the housing units on an area spanning 150,000 sq. m, the Saudi Press Agency reported. 

This collaboration marks a significant milestone in the development of the Al-Fursan suburb. It also promises to set new standards in property development. 

“This agreement complements the efforts of the recent visit to Spain and continues to attract international investments with major companies to provide various housing products that fulfill and meet the desires of citizens,” Saudi Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail said in a post on X.

“As an extension of our journey in attracting the best international experiences and expertise in the real estate development industry, I was pleased to meet the CEO of the Spanish company Urbas, which is planned to be one of the companies developing the Al-Fursan neighborhood project in Riyadh,” Al-Hogail added. 

The minister also highlighted how this step will contribute to providing innovative housing options and facilitate the exchange of experiences between Saudi and international developers.

 

Moreover, NHC has also revealed the sale of 1,300 residential units within Al-Fursan in the first quarter of 2024, generating a total value exceeding SR1.5 billion. 

This accomplishment emphasizes the firm’s keenness in creating vibrant, quality living spaces that meet and exceed the expectations of modern residents. 

Al-Fursan, known as one of the largest urban development projects in the region, is designed to align with the Kingdom’s Vision 2030. 

The suburb covers an area of 35 million sq. m. and is set to feature over 50,000 housing units, accommodating more than 250,000 residents. 

It is equipped with over 190 crucial facilities, including educational, healthcare, and recreational services, all surrounded by more than 6 million sq. m. of green spaces. This widespread greenery is part of a broader initiative to further elevate the living environment and contribute to the Saudi Green Initiative by planting over half a million trees. 

Urbas Group has experience in over 20 countries with 30,000 residential units. Urbas Middle East plans to grow in Saudi Arabia, showing its commitment to global expansion.