Saudi Arabia, South Korea sign $8.3 billion deals

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Saudi Crown Prince Mohammed bin Salman, left, shakes hands with South Korean President Moon Jae-In shakes hands during a meeting at the Presidential Blue House in Seoul on June 26, 2019. (AFP)
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Saudi Crown Prince Mohammed bin Salman, left, shakes hands with South Korean President Moon Jae-In shakes hands during a meeting at the Presidential Blue House in Seoul on June 26, 2019. (AFP)
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Saudi Crown Prince Mohammed bin Salman, left, talks with South Korean President Moon Jae-In (not pictured) during a meeting at the Presidential Blue House in Seoul on June 26, 2019. (AFP)
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Saudi Crown Prince Mohammed bin Salman and South Korean President Moon Jae-In walk to view an honor guard during a welcoming ceremony in Seoul. (SPA)
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Saudi Crown Prince Mohammed bin Salman and South Korean President Moon Jae-In walk to view an honor guard during a welcoming ceremony at the presidential Blue House. (AP)
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Saudi Crown Prince Mohammed bin Salman and South Korean President Moon Jae-In during a welcoming ceremony in Seoul. (SPA)
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Saudi Crown Prince Mohammed bin Salman and South Korean President Moon Jae-In walk to view an honor guard during a welcoming ceremony in Seoul. (SPA)
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Saudi Crown Prince Mohammed bin Salman during a welcoming ceremony in Seoul. (SPA)
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Saudi Arabia’s Crown Prince Mohammed bin Salman has arrived in Seoul, South Korea on Wednesday. (SPA)
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Saudi Arabia’s Crown Prince Mohammed bin Salman has arrived in Seoul, South Korea on Wednesday. (SPA)
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Saudi Arabia’s Crown Prince Mohammed bin Salman is welcomed by South Korean top officials including President Moon Jae-in upon his arrival in Seoul on Wednesday. (SPA)
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Saudi Arabia’s Crown Prince Mohammed bin Salman upon his arrival in Seoul on Wednesday. (SPA)
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Huge banners showing a portrait of Saudi Arabia’s Crown Prince Mohammed bin Salman are seen on the wall of the S-Oil headquarters building in Seoul. (AFP)
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Crown Prince Mohammed bin Salman met with Chey Tae-won, chairman of SK Group. (SPA)
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Crown Prince Mohammed bin Salman met with the chairman of LG Group Koo Kwang-mo. (SPA)
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Crown Prince Mohammed bin Salman met with Hyundai Group’s executive vice president, Chung Eui-sun and Hyundai Heavy Industries President Sam-hyun Ka. (SPA)
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Updated 28 June 2019
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Saudi Arabia, South Korea sign $8.3 billion deals

  • On first visit to Seoul, Saudi crown prince oversees raft of agreements on energy, motors, tourism and health
  • President Moon pledges support for KSA’s Vision 2030 drive to diversify economy away from oil

SEOUL: Saudi Arabia and South Korea signed an $8.3 billion economic cooperation pact on Wednesday during Crown Prince Mohammed bin Salman’s first visit to Seoul.

The signing followed talks between the crown prince and South Korean President Moon Jae-in to strengthen bilateral ties between the two governments.

The crown prince, who also serves as deputy prime minister and minister of defense of the Kingdom, was received by South Korean Prime Minister Lee Nak-yeon and Saudi Ambassador to Seoul Riyadh Al-Mubaraki. The Saudi leader and Moon inspected an honor guard at the presidential Blue House in central Seoul before delegations from both countries conducted the summit.

During the summit talks, President Moon expressed hope the bilateral relationship would take a leap forward on the occasion of the crown prince’s visit to South Korea, the first by an heir to the throne of the world’s largest oil exporter since 1998.

“Saudi Arabia is the largest oil supplier for us, and it’s the biggest customer for South Korean construction firms. It is also our No. 1 trade partner in the Middle East,” Moon said, referring to Saudi’s Vision 2030 project as a key area of mutual cooperation.

“As a partner of the Vision 2030 project, South Korea will expand cooperation with Saudi Arabia to the areas of information and communications technology, smart infrastructure, defense, health and medicine and others beyond the traditional cooperation on energy and construction,” Moon said.

Saudi Aramco 

Most of the agreement is in the form of a $6 billion deal between Saudi Aramco and the Korean company S-Oil to build an oil refinery and downstream petrochemical facilities in South Korea.

A giant banner welcoming the crown prince was on display at the Seoul headquarters of S-Oil, South Korea’s third-biggest refiner, which is majority owned by Aramco.

Prince Mohammed said the Kingdom planned to invest even more in South Korea, especially on expanding collaboration in the fields of energy, automotive, tourism and health.

“The people of both countries will thrive through cooperation in the sectors of defense and economy,” he said.
President Moon Jae-in said his government would provide full support to Saudi Arabia’s efforts to diversify its economy away from its dependence on energy.
 

The two leaders discussed ways of boosting their relationship, with a focus on the new industrial sectors of information and communications technology, hydrogen energy, robots, health, medical services and culture.

Saudi Arabia is South Korea’s “biggest construction market overseas, the largest investor in the country among countries in the Middle East and also the biggest trading partner in the region,” the president said.

 




The National Intellectual Property Strategy Program was signed in the presence of the crown prince and the South Korean president. (Supplied)

The $8.3bn economic deal also involved several other agreements between Aramco and Korean companies, including the Korea National Oil Corporation, Hyundai Heavy Industries and carmaker Hyundai Motor.

Aramco alone signed 12 separate agreements worth billions of dollars with South Korean partners as it plans to increase its global footprint over the next decade. One of the deals, with Hyundai, is for cooperation on hydrogen-fuelled cars.

The crown prince, on the first visit to South Korea since 1998 by the heir to the Saudi throne, held talks with the heads of South Korea’s biggest conglomerates, including Samsung heir Lee Jae-yong; Chung Eui-sun, vice chairman of Hyundai Motor Group; Chey Tae-won, chairman of SK Group; LG chairman Koo Kwang-mo; and Chung Ki-sun, senior executive vice president of Hyundai Heavy Industries.

“I hope companies from both nations can set up a strategic and cooperative relationship through vibrant business activity,” the crown prince said.




Hyundai Motor and Aramco signed an MoU to cooperate on hydrogen energy. (Supplied)

Regional stability

Prince Mohammed and the prime minister jointly condemned terrorism that harmed energy security and regional stability in the Middle East, including attacks by Iran-backed Houthi militias in Yemen on Abha airport in southern Saudi Arabia.

The crown prince pledged to help with any fuel shortages suffered by South Korea in the event of supply disruption caused by tension in the Middle East.

Seoul’s Ministry of Trade, Industry and Energy, meanwhile, said it has agreed with its Saudi Arabian counterpart to join hands in the automobile segment for the development of environment-friendly cars.

“Both governments will cooperate in developing technologies to utilize hydrogen as an alternative to traditional fossil fuels as well, the ministry said in a statement.

After South Korea, the crown prince is scheduled to travel to Japan to head the Saudi Arabian delegation at the G20 Summit in Osaka on June 28-29.
 

 


Saudi development fund agrees $50m loan deal with St. Vincent and the Grenadines

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Saudi development fund agrees $50m loan deal with St. Vincent and the Grenadines

  • Funding will help rebuild and repair facilities damaged by natural disasters in the Caribbean island nation

RIYADH: The Saudi Fund for Development signed a $50 million loan agreement with St. Vincent and the Grenadines on Friday to assist communities affected by natural disasters, Saudi Press Agency reported.

The deal was signed by SFD CEO Sultan Abdulrahman Al-Marshad and Camillo Gonsalves, finance minister of St. Vincent and the Grenadines, during the 2024 spring meetings of the World Bank and the International Monetary Fund in Washington.

According to the World Bank, the southern Caribbean nation faces a host of natural threats, including floods, hurricanes, droughts, landslides, and volcanic eruptions.

The agreement will fund a project to rebuild and repair buildings and facilities damaged by natural disasters in the island nation.

This initiative includes the restoration and construction of essential infrastructure, such as housing, healthcare, educational, and sports facilities, aimed at boosting their durability and resilience against future disasters and climate change impacts.

The project will also include establishing four healthcare centers, building primary and secondary schools, renovating government buildings, and restoring homes damaged by volcanic activity.

The loan is in line with the SFD’s commitment to supporting vulnerable communities around the globe.

Since its inception in 1975, the Saudi fund has financed over 800 development projects and programs worldwide, with total funding exceeding $20 billion.
 


Art Jameel announces open call for Hayy Jameel Facade Commission

Updated 47 min 53 sec ago
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Art Jameel announces open call for Hayy Jameel Facade Commission

  • Antonia Carver, director of Art Jameel, said: “At Art Jameel, we are committed to fostering the role of the arts in public life

JEDDAH: The Hayy Jameel Facade Commission is inviting new and established artists in Saudi Arabia to reimagine the facade of the Hayy Jameel art building in Jeddah.

In its fourth year and third open call process, the commission will select a winning artwork that serves as conversation starter between the complex, the community it serves and the broader public.

Antonia Carver, director of Art Jameel, said: “At Art Jameel, we are committed to fostering the role of the arts in public life.

“Through this annual commission which positions the facade as the first point of contact with the Hayy Jameel community, we are providing a platform that propels mid-career artists forward and challenges them to produce a large-scale, highly imaginative work that remains in-situ, front and center in Jeddah, for around 10 months.”

The commission encourages artists to consider the site-specific nature of the project and the technical requirements of a public work.

Sustainability considerations are also appreciated in managing the carbon footprint of the artwork and its installation.

Eligibility is open to all Saudi and Saudi-based artists and collectives, with at least one member required to be a Saudi citizen or resident if applying as a collective.

The commissioned artists will receive a work fee and a production budget managed by Art Jameel.

The jury, consisting of local and international art professionals, curators, artists and museum directors, will select a single work for production.

Applicants are required to submit a concept statement (200-500 words), up to four sketches and diagrams, and an estimated production schedule through the application portal.

The deadline for the facade submission has been extended to May 1, with the launch scheduled for October. Following the unveiling, there will be a public viewing period from October 2024 to September 2025.

Previous works displayed on the building have showcased the talent of artists such as Nasser Al-Mulhim, Tamara Kalo, Mohammad Al-Faraj and Dr. Zahrah Al-Ghamdi.

 


Saudi universities participate in Geneva’s International Exhibition of Inventions

Mohammed Al-Sudairi
Updated 57 min 7 sec ago
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Saudi universities participate in Geneva’s International Exhibition of Inventions

  • More than 1,000 inventions from over 40 countries showcased at event

RIYADH: Mohammed Al-Sudairi, the Saudi deputy minister of education for universities, research and innovation, opened the Kingdom’s pavilion at the 49th Geneva International Exhibition of Inventions.

Some 26 Saudi Arabian universities are taking part at the event — including 19 government universities, two independents and five private bodies — and a total of 113 inventions have been produced, in scientific, theoretical, medical, and biological specializations, the Saudi Press Agency reported.

Among the universities taking part is Qassim University, which is showcasing a display that highlights innovations and several inventions.

Abdulaziz bin Bani Alharbi, a faculty member at Qassim’s College of Agriculture and Food, said that the college was showcasing a patent registered with the Saudi Authority for Intellectual Property: a method for desalinating salt water using a halophyte plant.

He said the invention involved introducing water and placing the plant in a closed system that allowed the collection of water from the plant after the transpiration process.

Alharbi added that gas exchange followed and then desalination to obtain salt-free water.

Fahad Alminderej, a faculty member at the College of Science, said his group had obtained a patent for extracting materials from date waste, and was then using them in pharmaceutical manufacturing in an innovative manner. This patent had also been registered with the Saudi Authority for Intellectual Property.

Abdullah Almohaimeed, the head of the Innovation Center and Intellectual Property at the university, said that Qassim was participating in the exhibition as part of the Ministry of Education’s initiative to enhance the international presence of Saudi universities, in line with national objectives.

He added that the university’s participation aimed to highlight its role in supporting the innovation system and entrepreneurship, as well as showcase many inventions.

The exhibition, which is taking place until April 21, is displaying more than 1,000 inventions from over 40 countries. Some 800 exhibitors are featured at the event and 30,000 visitors are expected to attend, in addition to 650 journalists.

It is the world’s largest annual event devoted exclusively to invention.

 


Al-Baha’s monuments: A pivotal testament to civilizational advancement

Updated 19 April 2024
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Al-Baha’s monuments: A pivotal testament to civilizational advancement

  • Characterized by intricate designs, the residential buildings, castles, and forts embody a harmonious fusion of environmental adaptability and cultural resonance

RIYADH: Nestled in Al-Baha region in southwestern Saudi Arabia lies a treasure trove of ancient architecture in the quaint villages that dot its landscape.

Characterized by intricate designs, the residential buildings, castles, and forts embody a harmonious fusion of environmental adaptability and cultural resonance.

Crafted with precision, these structures seamlessly integrate with the rugged terrain and fluctuating climate, while also paying homage to the long-standing customs and traditions of ancient Arab society.

Seventy-three-year-old Mohammed bin Salem Al-Ghamdi told Saudi Press Agency: “For decades, I have dedicated myself to the craft of stone house construction.”

Currently, he and his companions are diligently crafting a stone room, employing stones as their primary building material. Together, as a cohesive team of builders, craftsmen, and eager participants, they collaborate harmoniously to bring their vision to life. He described it as both a hobby and inheritance passed down through generations.

“In every construction endeavor, we rely on what’s known as the cornerstone, strategically positioned at the room’s corners. Additionally, a lengthy stone, referred to as the ‘link,’ is essential for connecting each stone within the structure. We also use sturdy stones known as ‘Al-Mateen’ or ‘Al-Daher’ to fortify the room’s foundation.

“Moreover, we meticulously place ‘Al-Lazza’ stones, tiny yet significant, within the larger stones, ensuring a seamless fit without any gaps or openings in the room’s structure,” he added.

“Once the corners are meticulously stacked and leveled, I proceed to roof the room with wood. This involves utilizing a series of wooden beams cut to specific lengths to interconnect all corners of the room. Next, I scatter small plants across the wooden framework to fully cover the ceiling, upon which clay is applied to secure the structure. This method ensures durability against erosion and rainfall, further reinforced by specific paving techniques.”

Al-Ghamdi emphasized the importance of post-construction plastering with clay, which not only gives the interior an earthy tone but also regulates the temperature — ensuring warmth in winter and coolness in summer.

He mentioned the practical use of juniper trees for doors and windows, facilitating easy replacement and serving a dual purpose in construction.

Dr. Abdulaziz bin Ahmed Hanash, professor of urban design at Al-Baha University, highlighted the profound significance of human construction in Al-Baha region, portraying it as a living chronicle of urban civilization’s evolution over time.

He underscored the traditional architecture and urban legacy of Al-Baha as foundational elements, inherently distinguishing the region. With its wealth of historical landmarks spanning the Sarat and Tihamah regions, the area has gained the attention of state authorities, who aim to nurture its potential as both a summer and winter tourism hotspot through strategic development initiatives.


Saudi minister of culture explores KSA pavilion at Venice Biennale

Updated 19 April 2024
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Saudi minister of culture explores KSA pavilion at Venice Biennale

  • Prince Badr met his Italian counterpart, Minister of Culture Gennaro Sangiuliano
  • Prince Badr also explored the “Journeys in Land Art: Towards Wadi AlFann, AlUla” exhibition

VENICE/LONCON: Prince Badr bin Abdullah bin Farhan, Saudi minister of culture and governor of the Royal Commission for AlUla, has concluded his official visit to Italy.

Throughout his trip, he engaged in discussions with prominent Italian cultural figures, aiming to strengthen cooperation and foster cultural exchanges between the two countries.

During the visit, the Saudi minister convened with his Italian counterpart, Minister of Culture Gennaro Sangiuliano.

They delved into strategies to strengthen cooperation and deepen cultural exchanges between the two countries.

The pair praised noteworthy cultural initiatives and projects that unfolded in 2023 across diverse spheres including heritage preservation, fashion, music, museum exhibitions, architectural innovation, design, and visual arts.

During this week’s trip, Prince Badr visited the Saudi Pavilion at the 60th Venice Biennale, hosted at the Arsenale center, which was showcasing Manal AlDowayan’s “Shifting Sands: A Battle Song.”

AlDowayan’s work illuminates the evolving role of Saudi women in the public sphere, and their efforts to redefine both their physical spaces and the narratives surrounding them.

Prince Badr also explored the “Journeys in Land Art: Towards Wadi AlFann, AlUla” exhibition, which serves as an introduction to the Kingdom’s culturally and historically rich region of AlUla.

It also features work by AlDowayan alongside exhibits by Agnes Denis, Michael Heizer, Ahmed Mater, and James Turrell, and includes photographs and video presentations.

The exhibition runs until April 30, and will host discussion panels on topics such as land art, art in public spaces, visitor experiences, museum curation, and the interplay of art and archaeology, offering a range of perspectives.