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.
 

 


Who’s Who: Ali Alhasan, CEO and founder of NanoPalm

Updated 9 sec ago
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Who’s Who: Ali Alhasan, CEO and founder of NanoPalm

  • Alhasan co-developed deep tech to leverage large language models for biotech discovery
  • He was granted the Outstanding Researcher Award from the International Institute for Nanotechnology in 2012

Ali Alhasan is CEO and founder of the company NanoPalm. He holds a Ph.D. in nanomedicine, with expertise in nano-drug delivery and gene therapy and five years of experience in executive management.

In his role as CEO, Alhasan formulates the strategic and business plans for accelerating therapy translation globally and trains talents in deep tech, nanotech, and gene editing tech.

Alhasan co-developed deep tech to leverage large language models for biotech discovery. He also co-invented Nanopalm’s biorobots for the delivery of gene editing primers and helped discover four nanomedicines for four different genetic diseases.

He is also an associate professor at King Abdulaziz City for Science and Technology and an adjunct professor at Alfaisal University, establishing collaboration agreements between the two.

As associate professor, he is the principal researcher for development and innovation in nanomedicine and the fourth industrial revolution.

In his role as adjunct professor, Alhasan teaches nanomedicine and mentors postgraduate and undergraduate students. He also co-established the Cancer Nanoscience Program.

Previously, Alhasan served in executive leadership roles at KACST as deputy at the Joint Centers of Excellence Program (2021), deputy of the Life Science and Environment Research Institute (2020), director of the Center of Excellence for Biomedicine (2020), and director of Strategic Initiatives (2016). 

Alhasan was a post-doctoral scholar at the University of California in 2015 and received his Ph.D. in the Interdepartmental Biological Sciences Program from Northwestern University in 2013. 

In 2008, he received a master’s degree in biotechnology also from Northwestern University, while in 2001, he received his bachelor’s degree in medical technology from King Abdulaziz University. 

Alhasan was granted the Leader of the Year award from the Ministry of Communication and Information Technology in 2024. In 2018, he received the Outstanding Investigator Award from KACST.

He was granted the Outstanding Researcher Award from the International Institute for Nanotechnology in 2012. 


Saudi women tackling, kicking their way into football

Updated 03 May 2024
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Saudi women tackling, kicking their way into football

  • Ministry of Sports has reported a 150 percent increase in women’s participation  

RIYADH: Women are finding new territories in various industries as the Kingdom sets diversity and inclusion goals, and football is no different. 

There are currently 1,100 female football players registered with Saudi clubs through the leagues, three regional training centers, and four active national teams. 

Today, the Women’s Football Department focuses on various areas of grassroots development, like five upcoming local competitions including the Premier League. 

The head of the Saudi Arabian Football Federation’s Women’s Football Department, Aalia Al-Rasheed, told Arab News: “Today, we’re witnessing with Vision 2030 a whole transformation when it comes to the country in general. The Ministry of Sports reported a 150 percent increase in women’s participation (since 2015). The game is growing everyday."

Left to right: Podcast host Mo Islam, CEO of PepsiCo. Middle East Ahmed El-Sheikh, head of SAFF’s Women’s Football Department Aalia Al-Rasheed, Vice President of SAFF Lamia Bahaian, PepsiCo.’s senior marketing manager Anfal Al-Duhilan, Al-Ittihad’s women’s team head coach Kelly Lindsey, Al-Nassr’s goalkeeper Sara Khalid. (Supplied)

Al-Awwal Park Stadium lit up with fireworks Sunday night as Al-Nassr were crowned champions against Al-Ittihad, ending their season on a high with a 1-0 victory.  

As the 2023-2024 Premier League concludes, the spirit of celebration still lingers in the air. Female trailblazers in the football sector came together on Monday to champion the incredible women of the Kingdom who are breaking boundaries in the realm of football at Hiwar, PepsiCo’s signature annual event for women empowerment.  

In the 2024 Hiwar, hosted in collaboration with the SAFF’s Women’s League, industry drivers spoke about their experiences in pushing the boundaries of women inclusion in the sport, during a panel discussion that evening moderated by Mo Islam, featuring Al-Rasheed alongside Al-Nassr’s goalkeeper Sara Khalid, Al-Ittihad’s women’s team head coach Kelly Lindsey, and PepsiCo.’s senior marketing manager, Anfal Al-Duhilan. 

Khalid, one of the Kingdom’s star female football players, reflected on her team’s first-ever international victory last year, winning the premier league twice in a row, and her current, vivid reality in leading the industry into international territory. 

But when Khalid left her day job to pursue a football career, she knew she had an example to set and responsibility on her back. 

She told Arab News: “Today, I can say I’m one of the first players to represent the national team and my country on an international level, and now with us winning the league and participating in the AFC champion’s league, it’s definitely a huge weight on my shoulders.

“Every decision I have to make must be made thoughtfully and in consideration of everything else, and to always inspire and be inspired by the people around me.”

As a coach, Lindsey said the top struggle is creating equilibrium within a team. Her coaching approach blends physical preparation with cultural understanding, acknowledging the importance of nutrition, sports psychology, and family values within Saudi leagues. 

While some Al-Ittihad team members struggled to even pass the ball five times just last summer, they have now managed to compete in the first level of the Saudi football pyramid.

She commended Saudi Arabia’s massive investment into women’s sports, with the SAFF allocating SR49.9 million ($13 million) to women’s football cross-country programs just last year. 

Lindsey told Arab News: “By investing in sports, women are not only out in society, they are front and center for everyone to watch, judge, and support.  

“The dialogue will change about everything that needs to happen around them so that more women can do their passion, live their passion in work and music and art and culture and sport. It will create a natural dialogue and a push for more infrastructure for women to succeed.”

Last October, this support was bolstered even further as PepsiCo. and the SAFF announced that the multinational’s subsidiary, Lay’s potato chips, will sponsor the 2023-24 Saudi Women’s Premier League.

“Our sponsorship is in alignment with the company’s vision, which is to basically drive diversity and inclusion, aligning with the Saudi 2030 Vision. We wanted to make a difference and really give every single Saudi female the opportunity to pursue her dreams in any field and to continue empowering and supporting them,” said Al-Duhilan.
 


Prince Faisal bin Farhan speaks with Swiss foreign minister

Updated 02 May 2024
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Prince Faisal bin Farhan speaks with Swiss foreign minister

  • two ministers discussed developments of common interest and efforts made by both countries in those areas

RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan spoke on the phone with his Swiss counterpart Ignazio Cassis on Thursday.

During the call, the two ministers discussed developments of common interest and efforts made by both countries in those areas, Saudi Press Agency reported.

Cassis was in the Kingdom last month to attend the Special Meeting of the World Economic Forum held in Riyadh on April 28 and 29, during which he met with Prince Faisal.

Prince Faisal and Cassis also met earlier in the year in February during UN meetings in Geneva.


Saudi FM discusses preparations for Expo 2030 with BIE chief

Saudi Foreign Minister Prince Faisal bin Farhan receives the Secretary-General of the BIE Dimitri Kerkentzes in Riyadh.
Updated 02 May 2024
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Saudi FM discusses preparations for Expo 2030 with BIE chief

  • During the meeting, the two officials discussed the Kingdom’s preparations to host Expo 2030 in Riyadh
  • “We underlined the importance of careful planning to deliver a transformational World Expo in 2030,” Kerkentzes said

RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan received the Secretary-General of the Bureau International des Expositions Dimitri Kerkentzes in Riyadh on Thursday.

During the meeting, the two officials discussed the Kingdom’s preparations to host Expo 2030 in Riyadh and coordination to ensure that the exhibition would be “exceptional,” Saudi Press Agency reported.

Writing on social media platform X, Kerkentzes said: “We underlined the importance of careful planning to deliver a transformational World Expo in 2030.”

The BIE chief met with Crown Prince Mohammed bin Salman on Wednesday.

World Expo 2030 will be hosted in Riyadh after the Kingdom defeated challenges from South Korea and Italy to host the prestigious event in November 2023.


Female students take top prizes at university’s Engineering Hackathon

Updated 02 May 2024
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Female students take top prizes at university’s Engineering Hackathon

  • 88 teams from the Eastern Province took part in the event at Imam Abdulrahman bin Faisal University
  • Team Al-Farahidi took first place with its Aram project, which aims to help prevent sleepwalking

RIYADH: Teams of female students took the top three prizes at Engineering Hackathon 24, which concluded on Wednesday at Imam Abdulrahman bin Faisal University in Dammam.

A total of 88 teams of male and female students from the Eastern Province took part in the event, which began on April 27, the Saudi Press Agency reported.

Murad Al-Thubaiti, dean of the university’s College of Engineering, welcomed the high level of participation by students from universities across the province, and said 16 teams were chosen as finalists to present their projects, which covered a variety of specializations.

Team Al-Farahidi took first place with its Aram project, which aims to help prevent sleepwalking. The members were Nada Al-Dosari, Sarah Al-Nami, Manal Al-Tamimi and Nihal Al-Suhaibani.

Second spot went to Al-Khawarizmi, a team comprising Fatima Shuwaiheen, Fatima Al-Baik, Hawraa Al-Suwaiket, Walaa Al-Sulays and Amani Al-Saeedi, who designed a device that helps isolate cardiac signals from background noise.

Team Al-Battani was awarded third place for its system to help surgeons deal with stress. Its members were Hawraa Al-Wael, Dahhouk Al-Sabaa and Zainab Bou Moza.

Al-Thubaiti said activities such as the hackathon are an essential element for the development of students’ personalities and helping them prepare for the future.