British PM’s visit to Saudi Arabia to pave way for free trade deal, stronger business ties

British Prime Minister Boris Johnson met Wednesday with Saudi Crown Prince Mohammed bin Salman to bolster economic and business ties between the two nations. (SPA)
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Updated 17 March 2022
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British PM’s visit to Saudi Arabia to pave way for free trade deal, stronger business ties

  • British Prime Minister Boris Johnson met Wednesday with Saudi Crown Prince
  • The Kingdom and GCC nations are working on a free trade agreement

RIYADH: British Prime Minister Boris Johnson met Wednesday with Saudi Crown Prince Mohammed bin Salman to bolster economic and business ties between the two nations.

The Kingdom and other GCC nations are working on a free trade agreement that may see the light faster after this visit. 

Both countries signed a memorandum of understanding to establish a strategic partnership council.

The UK still sees Saudi Arabia as a vital trade and business partner, and the volume and value of these relations are the biggest proof.

The British prime minister also urged the Saudi government to boost oil output after the severe economic sanctions against Russia following its invasion of Ukraine.

Energy security

The West fears that maintaining oil output at the current levels could lead to a big rise in the prices of crude and ultimately trigger a global recession.

Saudi Arabia is the largest producer of oil among all OPEC members.

Apart from raising the issue of oil output, Johnson also discussed other important economic projects with Saudi officials.

It is true that Saudi Arabia is still China’s biggest trade partner, but this will not discourage the UK to expand trade with the Kingdom.

There is no doubt Britain hopes to enhance its business presence in Saudi Arabia, especially since the country is currently embarked on several multi-billion-dollar projects across all the areas.

Saudi-UK trade

According to the latest data and statistics, total trade in goods and services between the UK and Saudi Arabia was SR53.57 billion ($14.28 billion) in the four quarters to the end of Q3 2021, an increase of 6.3 percent or SR3.184 billion from the four quarters to the end of Q3 2020.

Total UK exports to the Kingdom in the same reporting period rose by 7.5 percent to reach SR2.93 billion.

Saudi exports to the UK in four quarters to the end of Q3 2021 increased 2.2 percent to reach a total of SR11.79 billion.

The balance of trade between the two countries is still in favor of the UK, which reported a total trade surplus of SR30.44 billion.

Oil represented more than half of the imports from Saudi Arabia, including crude and refined products. 

Johnson's visit to SABIC

Johnson visited the SABIC Plastics Application Development Center in Riyadh on March 16, as part of his official visit to Saudi Arabia, and toured the facilities.

He was accompanied by Prince Abdulaziz bin Salman, Saudi Arabia's Energy Minister, Prince Khalid bin Bandar bin Sultan, Saudi Ambassador to the UK, Musaed Al-Aiban, Minister of State and Member of the Council of Ministers, and a number of dignitaries and officials, the company said in a statement. 

The PM’s delegation included Lord Grimstone, UK Minister for Investment, and Neil Crompton, British Ambassador to Saudi Arabia. 

SABIC has a strong presence in the UK, with the SABIC UK Petrochemicals Ltd. headquarters at the Wilton Center, Teesside. 

The Saudi chemicals maker has manufacturing and storage facilities located over three nearby sites, at Wilton International, Teesport and North Tees. 

In addition, SABIC Thornaby is the only plant worldwide that produces the Verton long glass fiber compounded products, SABIC said.

This technology is mainly supporting automotive heavy truck industry. 


Saudi fund signs two loan agreements, inaugurates Hulhumale Island development in Maldives

Updated 17 May 2024
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Saudi fund signs two loan agreements, inaugurates Hulhumale Island development in Maldives

  • Al-Marshad participated in the partial inauguration of the Hulhulmale Island Development Project

MALE: CEO of the Saudi Fund for Development Sultan bin Abdulrahman Al-Marshad signed on Friday two development loan agreements with the Maldives’ Minister of Finance Dr. Mohammed Shafiq. These agreements will contribute to financing the Velana International Airport development project with a value of $100 million and the healthcare sector development project in the Maldives with a value of $50 million, provided by fund.

Additionally, Al-Marshad participated in the partial inauguration of the Hulhulmale Island Development Project, which the SFD is contributing to financing through a soft development loan worth $80 million. The event was also attended by Saudi Ambassador to the Maldives Matrek bin Abdullah Al-Ajalin.

 

 


King Salman issues royal order to promote 26 judges

Updated 17 May 2024
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King Salman issues royal order to promote 26 judges

RIYADH: King Salman issued a royal order on Friday to promote 26 judges at the Board of Grievances, Saudi Press Agency reported.

President of the Board of Grievances and Administrative Judicial Council Sheikh Khalid bin Mohammed Al-Yousef said that the royal order confirmed the keenness of the Kingdom’s leadership to support the judiciary to develop its performance and achieve quality and efficiency.

Earlier this month, the king issued a royal decree on Saturday to appoint 261 investigative lieutenants at the Ministry of Justice’s Public Prosecution.


Saudi Islamic affairs minister inaugurates mosques

Updated 17 May 2024
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Saudi Islamic affairs minister inaugurates mosques

  • Dr. Abdullatif Al-Asheikh said: “Contributing to building and caring for mosques is a good deed that earns people rewards”

ARAR: Saudi Minister of Islamic Affairs, Dawah and Guidance Dr. Abdullatif Al-Asheikh inaugurated the Al-Hanouf Al-Zwain and Ali Mohammed Al-Melhem mosques in the city of Arar as part of a visit to the area to inspect work progress.

The ministry’s undersecretaries and several department directors, as well as the director of the ministry’s branch in the Northern Borders region, Fahd bin Sulaiman Al-Khalifa, attended the event.

Al-Asheikh toured the two mosques, and was briefed on their construction in the Salmani architectural style, as well as their associated facilities and services.

He said: “Contributing to building and caring for mosques is a good deed that earns people rewards.”

The minister added that the Kingdom, since the era of King Abdulaziz until today under King Salman and Crown Prince Mohammed bin Salman, has given great importance to mosques.

Al-Asheikh prayed for the reward of those who built the mosques, and for the maintenance of Saudi Arabia’s security and stability.

 


Saudi crown prince receives princes, officials, scholars, citizens in Eastern Region

Updated 17 May 2024
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Saudi crown prince receives princes, officials, scholars, citizens in Eastern Region

  • The audience was also attended by energy minister Prince Abdulaziz bin Salman

DAMMAM: Saudi Crown Prince Mohammed bin Salman on Friday received several princes, officials, scholars and a group of citizens at the Gulf Palace in Dammam, Saudi Press Agency reported.

At the beginning of the reception, they all listened to a recitation of verses from the Holy Qu’ran, SPA added.

The audience was also attended by Prince Saud bin Naif bin Abdulaziz, governor of the Eastern Province, energy minister Prince Abdulaziz bin Salman, and Prince Mishari bin Abdullah bin Abdulaziz bin Musaed.

While in the Eastern Province, the crown prince also held a meeting with UAE President Sheikh Mohamed bin Zayed Al-Nahyan, according to an Al Arabiya report.


Faia Younan serenades Ithra

Updated 17 May 2024
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Faia Younan serenades Ithra

  • At the opening night performance, Younan sang to a full house — almost every plush red seat at the Ithra Theater was occupied
  • Throughout the performance, the band surrounded the singer like a frame, with the set lights changing colors behind her

DHAHRAN: Syrian star Faia Younan graced the stage at the King Abdulaziz Center for World Culture, Ithra, for the first of two evenings of music on Thursday.
Returning to the Ithra stage after almost a year, the singer-songwriter performed a medley of her most popular hits, some original songs and a few covers.
“Her music fuses modern arrangements, traditional instruments and lyrics based on classical literary poetry, shaping her unique musical identity,” Ithra said in a statement to Arab News.
At the opening night performance, Younan sang to a full house — almost every plush red seat at the Ithra Theater was occupied.
After her first song, the singer asked the sound team to turn on the balcony lights so she could greet the audience.
“I am so excited to be back in the Kingdom. I would like the lights to be turned on so I could capture a visual snapshot of this beautiful crowd,” she told her fans to loud applause.
Younan included the audience by asking them to clap along to certain sections and encouraging them to join in when she repeated part of a song, telling them: “Those aching to sing along can do so with me.”
Throughout the performance, the band surrounded the singer like a frame, with the set lights changing colors behind her.
Younan thanked every musician who accompanied her on stage. The band was led by pianist Rayan Habe, followed by Mohamed Ben Salha on ney, Abdul Halim Al-Khatib on qanoun, Yarub Samarait on violin, Walid Nassaer and Salman Baalbaki on percussion, and Julio Eid on bass guitar.
In an endearing moment, the heel of Younan’s shoe broke as she was belting out a lyric. But the singer completed the song without interruption, then elegantly removed her shoes and told the crowd that the accident was a blessing in disguise.
“Now, I can dance more easily to the next song, which will be Khaleeji,” she told the roaring crowd.
After singing many Arabic songs, Younan switched to Assyrian sounds, performing in one of the many ancient languages spoken in her native Syria.
The singer made history in 2015 when she became the first woman artist from the MENA region to crowdfund her debut single, “Ohebbou Yadayka.”
Younan has more than 1.3 million followers on Instagram and a huge fan base in the region.
Earlier this year, she was one of the winners of the Prince Abdullah bin Faisal Award for Arabic Poetry, in the best sung poem category, which earned her a prize of SR200,000 ($53,333).
“Mashallah, Faia managed to play a lot of her songs — and her singing live sounds a lot like the studio recording,” attendee Assiel Al-Shuail told Arab News at the end of the opening night.
The finale of Younan’s two-day show ends Friday, starting 8 p.m.