Saudi tourism fund, MODON to boost investment in industrial cities

Ras Al-Khair Industrial City in the east coast of Saudi Arabia 60km north of Jubail. (Supplied)
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Updated 11 September 2023

Saudi tourism fund, MODON to boost investment in industrial cities

  • Two bodies will assess various land properties and propose viable tourism projects for each

RIYADH: The Saudi Tourism Development Fund and the Saudi Authority for Industrial Cities and Technology Zones, also known as MODON, signed an agreement on Monday to develop and finance tourism projects in industrial cities, the Saudi Press Agency reported.

The cooperation agreement was signed on the sidelines of the Cityscape Global 2023 exhibition in Riyadh. 

It is in line with the Kingdom’s National Tourism Strategy, which seeks to attract 100 million visitors by 2030 while raising the tourism sector’s contribution to gross domestic product to more than 10 percent.

Under the agreement, the two bodies will assess various land properties and propose viable tourism projects for each. 

They will also collaborate to promote tourism investment opportunities to investors, entrepreneurs and project developers.

Qusai Al-Fakhri, CEO of the Tourism Development Fund, said the new partnership with MODON sets a common goal of developing a competitive investment environment in Saudi Arabia that aligns with the interests of the private sector.

MODON CEO Majid bin Rafid Al-Arqoubi said the authority currently oversees 36 industrial cities across the Kingdom that feature elements of sustainable development, making Saudi Arabia a favored destination for qualitative investments.

He added that the tourism investment opportunities that will be established under the agreement will help improve the quality of life in industrial cities and support the growth of the industrial sector.

Culinary caravan is a chance to savor Saudi Arabia’s food heritage

Updated 6 sec ago

Culinary caravan is a chance to savor Saudi Arabia’s food heritage

Riyadh: A flavor of Saudi’s rich culinary heritage is delighting tastebuds in Najran, the Saudi Press Agency reported.

Hosted by the Culinary Arts Commission, a mobile exhibition showcasing national dishes and desserts is currently offering visitors an immersive experience at King Fahd National Park, in the scenic Saqam forest.

The event, which runs until April 20, puts two iconic delicacies — jareesh and maqshush — in the spotlight, presenting them in innovative and enticing ways.

Jareesh is a savory dish of cracked wheat, cooked slowly with vegetables and tomato sauce. The addition of lamb is optional. Maqshush is a buckwheat dessert topped with ghee, honey, dates, molasses or sugar.

Visitors to the culinary arts caravan can explore the essence of Saudi cuisine through activities such as live cooking demonstrations, where they watch the dishes being prepared and then enjoy freshly cooked samples.

The exhibition is part of the commission’s National and Regional Dishes Narratives initiative, which is dedicated to cataloging and celebrating local culinary gems. Designating jareesh and maqshush as national culinary treasures highlights their significance as part of the Kingdom’s dining culture.

The caravan embarked on its journey in November last year, starting in Riyadh and traversing Makkah, Madinah, Tabuk, Jouf, the Northern Borders, Hail, Qassim and the Eastern Province. Its stop in Najran marks another milestone, with upcoming visits to Jazan, Asir and Baha concluding the seven-month odyssey.

Its aim is to deepen appreciation of local heritage, forge stronger connections with Saudi culinary traditions across generations, and provide visitors with an unforgettable culinary experience while instilling pride in national dishes.

The National and Regional Dishes Narratives initiative has also designated official dishes for the regions. Marqooq was chosen for Riyadh, saleeg for the Makkah region, Madini rice for Madinah, bakila for Jouf, and malehiy for the Northern Borders.

Al-Maqnah bread was picked for the Baha region, kubaybat for Hail and raqsh for Najran. Kaleja was selected to represent Qassim, Al-Hasawi rice for the Eastern Province, Al-Mughash for the Jazan region, Al-Sayadiyah rice for Tabuk and Al-Hanith for Asir.

Saudi, UN officials discuss aid efforts in Sudan

Updated 3 min 50 sec ago

Saudi, UN officials discuss aid efforts in Sudan

RIYADH: Dr. Abdullah Al-Rabeeah, supervisor general of the Saudi aid agency KSrelief, recently met with Clementine Nkweta-Salami, the UN resident and humanitarian coordinator for Sudan, the Saudi Press Agency reported on Wednesday.

The meeting took place on the sidelines of the International Conference for Sudan and Neighboring Countries, organized by France and the EU in Paris.

Discussions focused on matters of mutual interest related to the relief and humanitarian situation in Sudan, along with key topics on the conference’s agenda.

Al-Rabeeah highlighted the humanitarian efforts undertaken by Saudi Arabia through KSrelief in Sudan.

He said that 13 aircraft carrying supplies had been sent to Sudan, while 43 humanitarian projects worth more than $60 million had been implemented in the country and neighbor states in partnership with international, UN, and local organizations.

Additionally, the center dispatched 20 medical volunteer teams to Sudan.

Nkweta-Salami commended the efforts of the Kingdom in aiding the Sudanese people in need. She expressed hope for continued bilateral cooperation to further support humanitarian initiatives in Sudan.

On Monday, KSrelief signed two agreements with the World Food Programme, worth $1.4 million, to treat and prevent malnutrition across Sudan and South Sudan.

The agreement aims to prevent nutritional deficiencies among children, and pregnant and nursing women by providing food aid and nutritional supplements.

The funding will help more than 35,000 children, and pregnant or breastfeeding mothers affected by conflict, economic shocks, and climate events.

Saudi FM’s visit part of ‘concerted efforts’ to close investment deals — Pakistani envoy to Riyadh

Updated 17 April 2024

Saudi FM’s visit part of ‘concerted efforts’ to close investment deals — Pakistani envoy to Riyadh

  • Ahmed Farooq says size and rank of Saudi delegation showed “keenness” of economic engagement plans with Pakistan
  • Saudi delegation briefed about Pakistani legal, procedural, administrative reforms undertaken to facilitate investments

RIYADH: Saudi Foreign Minister Faisal bin Farhan Al Saud’s visit to Pakistan this week is part of “concerted efforts” to close investment deals that have been under discussion between the two nations in recent years and also discuss new areas of cooperation, Islamabad’s envoy to Riyadh Ahmed Farooq has said. 

Prince Faisal arrived in Pakistan on Monday on a two-day visit aimed at enhancing bilateral economic cooperation and pushing forward previously agreed investment deals. His trip came a little over a week after Crown Prince Mohammed bin Salman met Prime Minister Shehbaz Sharif in Makkah and reaffirmed the Kingdom’s commitment to expedite investments worth $5 billion.

Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and the top source of remittances to the cash-strapped South Asian country.

Speaking to Arab News on Tuesday, Ambassador Farooq said during Sharif’s recent meeting with the Saudi crown prince, it was decided that the Kingdom would expand its collaboration with Pakistan across various sectors. Both countries also agreed on a roadmap for expediting investments from Saudi Arabia into strategic sectors of the Pakistan economy.

“Guided by this clear direction of the leadership, the economic teams of the two countries are now in advance talks to finalize partnership proposals in diverse sectors such as energy, renewables, connectivity, mining, agriculture, information technology, construction, human resource development and export and strategic investments,” Farooq said.

“Concerted efforts are underway to close the deals that have remained under discussion in recent years, while identifying new areas of cooperation.”

It was as part of such efforts that Prince Faisal visited Pakistan, the ambassador added, accompanied by a team of top officials across Saudi ministries. 

“The size and rank of the visiting delegation showed the keenness with which the Kingdom is pursuing economic engagement plans with Pakistan,” Farooq said. 

Among key highlights of the visit, apart from bilateral meetings between the economic teams, was a special interactive session organized by the newly established Special Investment Facilitation Council (SIFC), set up last year to oversee all foreign investments in Pakistan. 

“Several short, medium, and long-term projects were discussed in the dedicated sector-wise breakout sessions,” the envoy said. “The Saudi delegation was also briefed about the specific legal, procedural and administrative reforms undertaken by Pakistan in recent months to attract and facilitate foreign investments in key sectors of the economy.”

'Bedrock of support'

Cash-strapped Pakistan desperately needs to shore up its foreign reserves and signal to the International Monetary Fund (IMF) that it can continue to meet requirements for foreign financing that has been a key demand in previous bailout packages. Pakistan’s finance minister, Muhammad Aurangzeb, is currently in Washington to participate in spring meetings of the International Monetary Fund and World Bank and discuss a new bailout program. A $3 billion ongoing loan deal expires this month.

Saudi Arabia has often come to cash-strapped Pakistan’s aid in the past, regularly providing it oil on deferred payments and offering direct financial support to help stabilize its economy and shore up its forex reserves.

“For Pakistan, Saudi Arabia has remained a bedrock of support,” Farooq told Arab News when asked about cooperation between the two nations.

“The kingdom has always supported Pakistan and provided much needed economic support and assistance. Kingdom has also played a critical role in helping us with international financial institutions.

“Even today, the Kingdom has a central role in the future economic plans of Pakistan. The new government in Pakistan has a strong desire to attract Saudi investment – both from the public and private sectors – to usher in a new era of economic growth and development.”

Farooq said the Saudi leadership was also keen on seizing this opportunity and further enhancing economic, political and security cooperation with Pakistan.

He said there were many areas for future collaboration including energy, renewables, IT, mining, agriculture, construction, and human resource development and export.

Asked about how investment between the two nations could be further enhanced, Farooq said Pakistan had created SIFC to act as a one window operation to facilitate Saudi and other foreign investments. 

“It is tailor made for this purpose,” he added. “We are developing a lot of projects across all sectors of the economy in which the Saudi public and private sector can invest. 

The Kingdom has shown great keenness and desire to work with Pakistan and realize these projects. I am confident that we will soon see a lot of investment going from Saudi Arabia into Pakistan.”

Saudi deputy defence minister arrives in Pakistan to finalize bilateral security projects 

Updated 17 April 2024

Saudi deputy defence minister arrives in Pakistan to finalize bilateral security projects 

  • Al-Otaibi’s visit comes after Saudi foreign minister was in Islamabad on two-day visit to discuss investments 
  • Pakistan maintains close military ties and provides extensive arms and training to Saudi armed forces 

ISLAMABAD: Saudi Assistant Defence Minister Talal Bin Abdullah Bin Turki Al-Otaibi is in Pakistan on a two-day visit to finalize defense-related bilateral projects, the Pakistani defence ministry said in a statement on Wednesday. 

Al-Otaibi’s visit comes on the heels of a two-day visit to Islamabad by Saudi Foreign Minister Faisal bin Farhan Al Saud, aimed at enhancing bilateral economic cooperation and pushing forward previously agreed investment deals.

“Saudi Assistant Defense Minister arrived in Pakistan on a two-day visit,” a Pakistani defence ministry statement said, adding that bilateral projects in defence-related fields would be finalized during the visit. 

Photos and videos released by the defence ministry showed Al-Otaibi arriving in Pakistan on Tuesday night and being received by Pakistani military and government officials and Saudi diplomats, including the ambassador to Islamabad. 

Pakistan maintains close military ties with Saudi Arabia, providing extensive support, arms, and training to the Saudi armed forces. 

Since the 1970s, Pakistani soldiers have been stationed in Saudi Arabia to protect the Kingdom and Pakistan has also been providing training to Saudi soldiers and pilots. The two nations also regularly carry out multidimensional joint ventures and defence exercises. 

Saudi Arabia to host Islamic Development Bank Group annual meetings and golden jubilee

Updated 17 April 2024

Saudi Arabia to host Islamic Development Bank Group annual meetings and golden jubilee

  • As the bank celebrates its 50th anniversary, the meetings will have the theme ‘Taking Pride in Our Past and Shaping Our Future: Authenticity, Solidarity and Prosperity’

RIYADH: Saudi Arabia will host the annual meetings and golden jubilee celebrations of the Islamic Development Bank Group in Riyadh between April 27 and 30, under the patronage of King Salman.

This year’s meetings will take place under the theme “Taking Pride in Our Past and Shaping Our Future: Authenticity, Solidarity and Prosperity,” the Saudi Press Agency reported.

The bank describes itself as a pivotal platform for development dialogue, and said it is celebrating 50 years of fostering social and economic growth among its members. As a leading multilateral development bank, it said it expects the event to attract significant international and regional attention.

Participants will include economic, planning and finance ministers from the 57 member countries of the bank, along with representatives of international and regional financial agencies and organizations, Islamic banks, the private sector, development finance institutions, nongovernmental organizations, and chambers of commerce and industry.

Organizers said the annual gathering serves as a vital forum for the enhancement of economic ties and expansion of cooperation among participants. Its agenda includes forums, seminars and meetings on a range of topics, with particularly notable events including the Governors’ Round Table, the 18th IDB Global Forum on Islamic Finance, and the IDB Group Private Sector Forum.

Topics for discussion will include the role of small and medium enterprises in Saudi Arabia’s Vision 2030 development and diversification agenda, strategies for the financing of efforts to achieve Sustainable Development Goals, the leveraging of Islamic finance for the development of resilient infrastructure, and the establishment of the Arab Coordination Group Forum.

The Future Vision Symposium and the General Assembly of the Union of Consultants in Islamic Countries will also take place during the event.