How clean nuclear energy will put Saudi Arabia ahead of the climate-change curve

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Saudi Arabia is looking to utilize its uranium reserves and embrace a technology that will deliver clean energy and help in the battle against global warming. (Shutterstock)
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Saudi Arabia is looking to utilize its uranium reserves and embrace a technology that will deliver clean energy and help in the battle against global warming. (Shutterstock)
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Updated 31 July 2022
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How clean nuclear energy will put Saudi Arabia ahead of the climate-change curve

  • Planning for establishment of first nuclear power plant is part of strategy to transition to clean energy
  • Kingdom is following IAEA’s three-step “Milestones Approach” to production of nuclear power

LONDON: When a newspaper headline begins with the prefix “revealed,” most readers are sufficiently familiar with media shorthand to know that they are expected to react to the article that follows with surprise, or perhaps even concern.

But when the UK’s Guardian newspaper ran a story in 2020 headlined “Revealed: Saudi Arabia may have enough uranium ore to produce nuclear fuel,” the real surprise was that the story was getting on for 50 years old.

Saudi Arabia’s plans to develop a nuclear energy industry were not hatched overnight or in secret. The reality is that the Kingdom has been slowly, steadily and responsibly treading the complex regulatory and technical path toward the adoption of peaceful nuclear power for decades.

It is clear that having moved cautiously and prudently, the Kingdom is now ready to embrace a technology that has come of age, in an era when access to clean energy has never been more essential.




IAEA Director General Rafael Mariano Grossi. (AFP)

In February, Rafael Mariano Grossi, director general of the International Atomic Energy Agency, told the delegates at a virtual conference in Riyadh that the IAEA was working closely with Saudi Arabia to help the Kingdom develop the infrastructure for a peaceful nuclear energy program.

In March, Prince Abdullah bin Khalid bin Sultan, the Saudi ambassador to Austria and the Kingdom’s governor to the IAEA, announced the establishment of the Saudi Nuclear Energy Holding Company to “develop, own and operate nuclear assets through affiliate or jointly established companies to produce electricity and desalination of saltwater.”

The 2020 Guardian article appeared to refer to a survey begun in 2017 by Saudi and Chinese geologists who, working alongside colleagues from the Geological Survey of Finland, carried out a two-year exploration of sites in the Kingdom potentially rich in uranium — sites that were, incidentally, first identified 50 years ago.

As for what was “revealed” in the story, the details of the research and the findings during its first year were presented openly in a paper delivered to the International Symposium on Uranium Raw Material for the Nuclear Fuel Cycle, which was organized by the IAEA in Vienna in June 2018.

The three co-authors of the paper were all scientists from King Abdullah City for Atomic and Renewable Energy, or K. A. CARE for short. The organization was founded by royal decree in 2010 with “the fundamental aim of building a sustainable future for Saudi Arabia by developing a substantial alternative energy capacity fully supported by world-class local industries.”

Therefore, its creation put the Kingdom firmly ahead of the climate-change curve, with nuclear power among the clean-energy options on the table.

As acknowledged by the creation of K. A. CARE, Saudi Arabia “has a rapidly growing population that places an ever-increasing pressure on the country’s non-renewable hydrocarbon resources.”

It was concluded that “alternative, sustainable and reliable sources of energy for generating power and producing desalinated water should be introduced that will reduce consumption of the nation’s fossil fuel reserves.”

Following “extensive technical and economic analysis,” the decision was taken “to introduce atomic and renewable energy for a significant portion of Saudi Arabia’s future energy mix.”

As the Vienna paper noted in 2018, there has never been any secret about the Kingdom’s uranium stocks, nor its plans to develop self-sufficiency in nuclear fuel for any power-generating reactors the country might build in future.

Geological surveys carried out as early as 1965 suggested the possibility that, alongside the fossil fuels that have so greatly transformed Saudi Arabia since their discovery in the early 20th century, the Kingdom might also be sitting on abundant supplies of the raw nuclear material it would need to continue its economic growth and development in the post-oil era.

It is now 35 years since the Saudi Geological Survey confirmed these vast reserves of uranium, and more than a decade since K. A. CARE was founded in Riyadh to advance the Kingdom’s nuclear agenda, working in close partnership with international bodies. Now those partnerships are close to bearing fruit.




The Saudi Geological Survey confirmed that the existence of vast reserves of uranium in the Kingdom in 1987. (Supplied)

The most important of those bodies is the IAEA, the intergovernmental forum for scientific and technical co-operation in the nuclear field that was set up in 1956 to “accelerate and enlarge the contribution of atomic energy to peace, health and prosperity throughout the world.”

Saudi Arabia has been a member of the IAEA since 1962. In January 2013, Yukiya Amano, at the time the director general of the IAEA, visited the Kingdom to be briefed by Saudi authorities on their plans to introduce nuclear power into their national energy mix.

Since then, the Kingdom has adhered to its commitments and obligations under the IAEA’s “Milestones Approach,” a sequence of three phases beginning with the formal inclusion of nuclear power as an element in a nation’s energy strategy, and culminating in the construction, commissioning and operation of a nuclear plant.

Saudi Arabia has completed phase one, which involved a series of feasibility studies, and phase two, which included the establishment of key organizations along with legal and regulatory frameworks.

Now it has embarked on phase three, during which “activities to contract, license and construct the first nuclear power plant are undertaken,” ending in milestone three: “Ready to commission and operate the first nuclear power plant.”

A commitment to forge ahead with the development of nuclear power was enshrined in the National Energy Program launched in 2016 as part of Saudi Vision 2030’s National Transformation Program. In July the following year, the government approved the Saudi National Atomic Energy Project, and in March 2018 established the Nuclear and Radiological Regulatory Commission.

In July 2018, at the invitation of the Saudi government, a team of nuclear experts from Brazil, Spain and the UK, led by IAEA staff, carried out a 12-day review of Saudi Arabia’s preparations.

Team leader Jose Bastos, technical lead of the IAEA’s Nuclear Infrastructure Development Section, concluded: “Saudi Arabia is well placed to finalize its plans for construction of its first nuclear power plant.”




The King Abdullah City for Atomic and Renewable Energy in Riyadh. (Supplied)

This Integrated Nuclear Infrastructure Review was a significant step and was welcomed in a statement by Khalid Al-Sultan, the president of K. A. CARE.

“The vision of Saudi Arabia 2030 considers nuclear energy as an important source to support stability and sustainable growth,” he said.

The review was “a valuable tool to pinpoint areas of improvement and ensure that the required infrastructures are in place before signing the contract for building the first nuclear power plant in the Kingdom of Saudi Arabia,” he added.

In 2019, plans were unveiled for the foundation of the Saudi Nuclear Energy Holding Company, which was formally launched in March this year.

Behind the scenes, a vast amount of technical preparatory work has been under way. Surveys have been carried out to identify and prepare suitable sites for the first two power-generating reactors that will be built — light pressurized water reactors, which are deemed the most suitable technology for the Kingdom’s initial nuclear needs.

Meanwhile work has also begun on what is perhaps the Kingdom’s most dramatic Vision 2030-related project — its first nuclear reactor, which will be a low power research reactor designed “to support a demanding training and human resources development plan and become a tool for research and development.” The foundation stone for this facility was laid by Crown Prince Mohammed bin Salman at King Abdulaziz City for Science and Technology in November 2018.

Just how close Saudi Arabia might be to building its first full-scale reactor became clear in April 2021, when, during an online training course organized for the Kingdom by the IAEA, 50 nuclear regulators, national guards, customs and port authority agents, and other officials from more than 20 Saudi government agencies learned more about their roles as first responders in the event of a radiological or nuclear emergency.




The International Atomic Energy Agency has been informed by Saudi authorities of the Kingdom's  plans to introduce nuclear power into their national energy mix. (Shutterstock)

A few months later, in September 2021, Saudi Arabia became the 37th country — and only the third in the region after Egypt and Israel — to join RANET, the IAEA’s Response and Assistance Network. This is a global scheme that allows members to offer and request timely assistance in the event of a nuclear accident or radiological emergency.

Another significant checkpoint was reached in May this year, when UK consultancy firm EY was appointed as “transaction adviser” for Saudi Arabia’s first large-scale nuclear power project — a two-reactor plant that is expected to have a capacity of up to 4 gigawatts, enough to power three million homes.

In keeping with the IAEA’s Milestones Approach, the Kingdom is now ready to invite bids and negotiate contracts for the construction of that plant.

For Saudi Arabia, reaching milestone three — the point at which the first plant can start to operate, pumping clean electricity into the national grid — will be the moment when the nation’s energy-consumption profile will begin to change radically.

And nuclear power can’t come on stream too soon. According to K. A. CARE, at the current rate of growth peak energy demand in Saudi Arabia is expected to exceed 120 gigawatts by 2030, which means there would be a shortfall of 60 gigawatts based on current energy provision.

Nuclear energy is also expected to play an important part in desalination. It is predicted that demand for water by 2030 will be 7 million cubic meters per day, 3 million more than current capacity.

In January, Energy Minister Prince Abdulaziz bin Salman told the World Economic Forum that Saudi Arabia could even use nuclear power to produce hydrogen gas, which burns cleanly but energy is required to extract it from water.




Prince Abdulaziz bin Salman, Saudi Minister of Energy. (Getty Images )

By embracing nuclear power, Saudi Arabia is not only taking steps to head off its own looming energy crisis, it is also contributing to the battle against global warming.

As Sama Bilbao y Leon, the director general of the World Nuclear Association, wrote in her foreword to the World Nuclear Performance Report ahead of the UN Climate Change Conference, COP26, in Glasgow last year: “Anything less (than) achieving net-zero greenhouse gas emissions by the middle of this century … will mean failing to meet the goals set in the Paris Agreement.”

It is, she added, “vital that the contribution made by nuclear generation increases to help reduce greenhouse gas emissions from fossil fuels.”

New analysis by the WNA has shown that since 1970, the emission of 72 billion tonnes of carbon dioxide has been avoided through the use of nuclear reactors, compared with the emissions that would have been created had coal-fired generation been used instead.




(Shutterstock image)

Saudi Arabia uses no coal whatsoever to generate power. In 2020 it generated its electricity using a mix of natural gas (61 percent) and oil (39 percent). Of the two, burning gas creates the lower volume of greenhouse gases — and half as much as coal — producing far fewer pollutants in the process.

Nevertheless, both oil and gas contribute significantly to the Kingdom’s carbon footprint, which is why, in January 2021, Prince Abdulaziz said the country is committed to becoming carbon neutral by 2060.

The first major destination on that journey will be reached in 2030, by which time Saudi Arabia aims to source 50 percent of its electricity from renewable sources, including wind, solar and nuclear power.

It is 84 years since the discovery of oil in Dhahran transformed the fortunes of Saudi Arabia. The oil will continue to flow for some years to come, funding the development of the renewable technologies — wind, solar and nuclear — that will eventually consign fossil fuels to history.

But it is uranium — the second gift bestowed, improbably, by the ground upon Saudi Arabia — that will power its economy and light its way into the future.

 

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Eight years since its launch, Saudi Vision 2030 is already well ahead of schedule

Updated 7 sec ago
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Eight years since its launch, Saudi Vision 2030 is already well ahead of schedule

  • Launching Vision 2030 in 2016, Crown Prince Mohammed bin Salman vowed to improve the Kingdom’s business environment
  • Today, the economy is creating employment opportunities for citizens and long-term prosperity for the nation

RIYADH: Saudi Arabia’s transformation has involved many authors: The government, Saudi citizens, the private sector, and international partners. Their combined efforts have meant that by 2023 — the Vision 2030 midpoint — the plan was already ahead of schedule.

Eight years since its launch, the social reform and economic diversification blueprint’s promise is quickly being realized, with 87 percent of its 1,064 initiatives deemed completed or on track.

At its core, Vision 2030 is built upon three pillars: Building “a vibrant society,” “a thriving economy,” and “an ambitious nation,” rolled out with a phased approach, allowing the Kingdom to adapt, evolve, and become more agile.

As Saudi Arabia approaches the end of phase two — and the start of the 2025 implementation phase — the economic strategy, which was not without its doubters early on, is no longer a mere idea but a genuine transformation.

Eight years since the Kingdom's social reform and economic diversification blueprint was launched, 87 percent of the 1,064 initiatives are deemed completed or on track. (Getty Imaes/AFP)

By the end of 2023, some 197 of Vision 2030’s 243 key performance indicators had been fully achieved. Of those, 176 exceeded their targets.

A similar trend is evident across various socio-economic domains, prompting the nation to reconsider and set higher ambitions and targets for 2030. 

A technicolor economy

Launching the economic diversification plan in 2016, Crown Prince Mohammed bin Salman vowed to improve the Kingdom’s business environment, allowing the economy to flourish and drive employment opportunities for citizens and long-term prosperity for the nation.

From increasing foreign direct investments, growing the number of small and medium-sized enterprises and opening up new streams in fields like tourism and entertainment, the nation documented a record contribution from non-oil earnings.

By the end of 2023, revenues surpassed $121.8 billion and contributed 50 percent to the real gross domestic product.

The Kingdom’s non-oil GDP amounted to over $503.6 billion, soaring past the baseline of over $404.9 billion and edging close to the target goal of $515.6 billion.

This comes as Saudi Arabia has implemented a series of economic and regulatory undertakings to stimulate private sector growth and attract foreign investment. These reforms include easing restrictions on foreign ownership in various sectors, streamlining business regulations and privatizing state-owned enterprises.

These ongoing shifts and Riyadh’s strategic location at the crossroads of three continents made it a valuable investment destination for global businesses. In 2023, more than 180 companies obtained permits to open regional offices in the Saudi capital.

Saudi Arabia's economic diversification plan has allowed the economy to flourish and drive employment opportunities for citizens. (Supplied) 

Concurrently, the private sector’s contribution to the total GDP amounted to 45 percent, marking a notable increase from the baseline of 40.3 percent and moving closer to the Vision’s target of 65 percent.

Echoing this notion, foreign direct investment showed notable growth, contributing 2.4 percent to the country’s GDP. 

The Kingdom’s sovereign wealth entity, the Public Investment Fund, had assets under management of over $749 billion in 2023, surpassing the annual target of approximately $720 billion. 

These successes prompted the Kingdom to rank first in the Middle East and North Africa region for venture capital investment in 2023, capturing 52 percent of the total capital deployed in the area with a value of $1.4 billion.

Furthermore, the economic participation and opportunities sub-index has increased to 0.637 from the baseline of 0.33, surpassing the annual target of 0.592.

An equitable workforce

Saudi Arabia achieved its lowest unemployment rate of 7.7 percent in 2023, compared to 12.3 percent in 2016, surpassing the 2023 target of 8 percent and nearing the Vision 2030 mark of 7 percent.

Yet, the nation’s most notable employment achievement remains characterized by a previously unsung section of its labor force, with female participation now standing at an all-time high of 35.5 percent, surpassing the 2030 goal.

Saudi Arabia has seen a growing number of women taking on leadership roles in various sectors, including government, business, academia, and media.

This success was further attributed to a government that has actively worked to expand job opportunities for women across a wide range of sectors, including healthcare, education, and finance as well as technology and hospitality.

Furthermore, Vision 2030 encourages female entrepreneurship and the growth of small businesses owned and operated by women. Initiatives such as loan programs, business incubators, and networking events provide support and resources for aspiring female entrepreneurs to start and grow their businesses.

This led the nation to announce that it will be amending its previously highlighted Vision 2030 target for female participation.

SME boom

Small and medium enterprises, which are positioned to become a vital part of economic development in the Kingdom and an enabler to achieving Saudi Arabia’s Vision 2030, have recorded over 200 percent growth since the launch of the national plan.

This growth encapsulated SR10 billion ($2.67 billion) in financial aid for SMEs and 6.7 million employees in the sector by the end of 2023. 

In 2022, the Small and Medium Enterprises Bank was established by the Council of Ministers as one of several development funds and financial institutions affiliated with the National Development Fund. 

The SME Bank aims to increase financing provided to the sector and enhance institutions’ contributions to providing innovative funding solutions that help achieve stability for this sector.

Therefore, the Vision’s initiatives have further supported several programs, centers, and services provided by the Small and Medium Enterprises General Authority, also known as Monsha’at.

Among them is the “Tomoh” program, a community for fast-growing SMEs, aiming to stimulate their growth through services and programs. Tomoh contributed to listing 18 enterprises in the Saudi Stock Exchange parallel market “Nomu.”

 


Saudi Arabia welcomes independent committee’s report on UNRWA’s performance

Updated 24 April 2024
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Saudi Arabia welcomes independent committee’s report on UNRWA’s performance

  • Saudi Ministry of Foreign Affairs stresses importance of the commitment of donor countries to the organization

RIYADH: Saudi Arabia has welcomed an independent committee’s report on the performance of the UN Relief and Works Agency for Palestine Refugees, the Saudi Press Agency reported on Wednesday.
The Saudi Ministry of Foreign Affairs said the Kingdom backed the report, which confirmed UNRWA’s main role in supporting the relief, humanitarian and developmental efforts of the Palestinian people.
The ministry further reiterated Saudi Arabia’s emphasis on the importance of the commitment of donor countries to UNRWA to ensure the sustainability and effectiveness of all forms of support for refugees in a way that reduces their suffering, especially in light of the Israeli occupation’s continued violations of international law and international humanitarian law.


EU Embassy, Arab News honor makers of Saudi ‘Horizon’ documentary

Updated 50 min 2 sec ago
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EU Embassy, Arab News honor makers of Saudi ‘Horizon’ documentary

  • Princess Lamia: ‘Screening is a reminder of our shared responsibility to protect precious ecosystems’
  • Ambassador Farnaud: ‘The Saudi Green Initiative and the European Green Deal have shared goals’
  • Abbas: ‘We are delighted to partner with the EU envoy to showcase Saudi Arabian wildlife in a captivating manner’

RIYADH: The makers of a recently produced, highly acclaimed documentary on Saudi wildlife were honored at a special screening of the film “Horizon” at the residence of the EU ambassador in Riyadh.

The new documentary, produced by the Konoz Initiative, is part of a collaboration between the Saudi Ministry of Media’s Center for Government Communication and the National Center for Wildlife.

It explores the ecological treasures and unique habitats of the Kingdom.

Princess Lamia bint Majed Saud Al-Saud, secretary-general of Alwaleed Philanthropies, was a guest of honor. Princess Lamia, through her work with Alwaleed Philanthropies, has recently announced an initiative called Atlai, an innovative artificial intelligence platform to support global efforts to combat deforestation.

Princess Lamia bint Majed Saud Al-Saud (L), secretary-general of Alwaleed Philanthropies, was a guest of honor at the event. (AN photo/ Huda Bashatah)

The screening was followed by a presentation of an honorary certificate to Abdullah Alahmari, CEO of Konoz initiative, and Yazeed Albader, associate producer of “Horizon.” This was presented by EU Ambassador to Saudi Arabia Christophe Farnaud, Princess Lamia and Arab News Editor-in-Chief Faisal Abbas.

Farnaud said: “The ‘Horizon’ documentary captures the breathtaking beauty of Saudi Arabia’s diverse natural landscapes and wildlife.

“For centuries, much of the Arabian Peninsula, including Saudi Arabia, held a mysterious attraction for European explorers and travelers.”

The ambassador spoke of the significance of protecting the environment due to basic human needs such as food and water, and dependency on the health of our global environment.

An honorary certificate is presented to Abdullah Alahmari, CEO of Konoz initiative, and Yazeed Albader, associate producer of “Horizon.” (AN photo/ Huda Bashatah) 

“The Saudi Green Initiative and the European Green Deal have shared goals. We all depend on nature for our food, air, water, energy and raw materials. Nature and biodiversity make life possible, provide health, and drive our economy. Nature is also our best ally in tackling the climate crisis,” he said.

“Climate change, economic diversification and transitioning to renewables remain priority areas for both the EU with its policy of European Green Deal as well as for Saudi Arabia with its Vision 2030.”

Princess Lamia gave her thoughts on Saudi Arabia’s fascinating natural wonders that are featured in the film.

“Through ‘Horizon’ we are transported to the breathtaking beauty and rich biodiversity of Saudi Arabia. This documentary promises to immerse us in the heart of the Kingdom’s diverse wildlife and scenery,” she said.

The makers of a documentary on Saudi wildlife were honored at a special screening of the film “Horizon” at the residence of the EU ambassador in Riyadh. (AN photo/ Huda Bashatah)

“Tonight’s screening is not only a celebration of Saudi Arabia’s rich natural heritage but also a call to action — a reminder of our shared responsibility to protect and conserve the precious ecosystems that define our world.

“In a time where our forests and natural ecosystems are disappearing at an alarming rate, Atlai, created by Alwaleed Philanthropies, is a testament to the power of innovation and collaboration. It’s about igniting a passion for preservation, a fervor for conservation, and a commitment to safeguarding our planet for generations to come.”

Abbas expressed appreciation for the Saudi team behind the “Horizon” documentary, saying: “We are delighted to have partnered with the EU delegation to host a special screening of this remarkable documentary which showcases Saudi Arabian wildlife in a truly captivating manner.”

Arab News Editor-in-Chief Faisal Abbas. (AN photo/ Huda Bashatah)

He added: “As part of Arab News Green and Blue initiative, which focuses on environment and sustainability, we are also proud to present the Saudi team behind the ‘Horizon’ documentary with a certificate of appreciation, and thank them for their contribution in preserving and showcasing the wonders our beloved Kingdom has to offer.”

Arab News has recently launched its Green And Blue, an initiative which discusses environmental subjects regarding climate change, desertification, wildlife preservation, sustainability, and green energy, with a close emphasis on the environment in Saudi Arabia.

The CEO of Konoz initiative expressed how thrilled he was to attend the screening of the movie.

“This documentary sheds light on the beauty of Saudi Arabia, its versatile terrain and highlights the wildlife we are blessed to have in the Kingdom,” Said Alahmari.

The makers of a documentary on Saudi wildlife were honored at a special screening of the film “Horizon” at the residence of the EU ambassador in Riyadh. (AN photo/ Huda Bashatah)

He expressed his appreciation to the Minister of Media Salman bin Yousef Al-Dossary for his constant support in ensuring that the movie highlights the Kingdom and reaches a broader audience.

The associate producer of the work explained how the documentary took more than 260 days of shooting and more than 2,000 hours of recording because it covered all the regions.

“If you want to shoot some of the animals, you may not get luck on the spot. So, you have to do some scouting, you have to arrive a couple of days before, stay for weeks to spot a nice shot, or to get that perfect skyline with the clouds, sunset or sunrise,” said Albader.

“I was honored to be here, the screening was great. It is a pleasure to be here with the ambassadors, and to see how a lot of people care about nature and wildlife. This is just the beginning of many events to come.”

“Horizon” is now available on Netflix internationally.


Inaugural Umrah and Ziyarah Forum focuses on innovative ways to enhance pilgrim experience

Updated 24 April 2024
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Inaugural Umrah and Ziyarah Forum focuses on innovative ways to enhance pilgrim experience

  • The 3-day event, which concluded on Wednesday, included 6 discussion sessions and 24 workshops led by 29 experts

JEDDAH: The inaugural Umrah and Ziyarah Forum concluded on Wednesday at the King Salman International Convention Center in Madinah. During the three-day event, participants discussed ways to foster collaborations, enhance the pilgrimage experience and improve the services provided for pilgrims.

The agenda for the forum, organized by the Ministry of Hajj and Umrah in partnership with the Pilgrim Experience Program, included six discussion sessions and 24 workshops led by 29 experts and specialists.

The topics they covered included services for pilgrims and other visitors, advancements in air travel services for pilgrims, financial systems in the Umrah and ziyarah sectors, and development opportunities in housing and hospitality services.

Other discussions focused on services at ports, the automation of operations, ways to improve the efficiency of workers, and the important role of services provided for visitors at holy sites and throughout their journeys in Makkah and Madinah.

One of the key topics was air travel services, with discussions about the growth in flight numbers and the need to provide a comprehensive range of services throughout pilgrims’ journeys beyond those purely focusing on their rituals. For example, participants highlighted plans for the expansion of Madinah Airport to better accommodate the increasing numbers of pilgrims and other visitors arriving there.

Another discussion examined financial services in the Umrah and ziyarah sector, and explored the options for international money transfers, ways to develop financial procedures, and innovative digital solutions for processing transactions.

Other topics included development opportunities in housing and hospitality services, during which speakers emphasized the importance of transparency and the need for full compliance by service providers with the terms of their contracts.

The final day of the event featured two panel discussions, one about the role of technology in finding solutions to the challenges in guest services, and the other on ways to carefully develop historical sites to enrich the historical and spiritual experiences for visitors to Makkah and Madinah.


Who’s Who: Swaied Al-Zahrani, CEO of Saudi Credit Bureau

Updated 36 min 46 sec ago
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Who’s Who: Swaied Al-Zahrani, CEO of Saudi Credit Bureau

Swaied Al-Zahrani has been the CEO of the Saudi Credit Bureau, also known as SIMAH, since March 2018.

As CEO, Al-Zahrani has guided SIMAH’s short and long-term strategies, ensuring a competitive landscape within the market.

He led major restructuring to enable a future-proof operating model and enhance customer experience. He is focused on improving the governance, risk management, and data management framework and practices.

Al-Zahrani is also a board member of Qarar, a decision analytics company specializing in tailored customer management and lending process automation solutions based in Riyadh, and a board member at Tassnief, the first local credit rating agency licensed by the Capital Market Authority.

He has nearly two decades of experience in the financial sector and is known for his ability to maximize shareholder value through effective strategies, committed to driving innovation and excellence in the financial industry.

Prior to his current role, he worked as chief operations officer at the Social Development Bank in Riyadh from January 2016 to March 2018. He led the bank’s transformation program, focusing on building a new strategy, organizational restructuring, automation and digitalization, customer experience, and risk controls while promoting a savings culture aligned with national strategies.

Al-Zahrani worked for nine years at Al-Rajhi Bank in various domains including IT, business, and banking operations groups, where he participated in major transformation programs.

He holds a bachelor’s degree in computer science from King Abdulaziz University in Jeddah.