Emaar, The Economic City signs deal with SEC for electrical upgrade in KAEC 

The agreement was signed in the presence of Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz. SPA
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Updated 09 January 2024
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Emaar, The Economic City signs deal with SEC for electrical upgrade in KAEC 

RIYADH: Saudi Arabia’s King Abdullah Economic City is set to upgrade electrical facilities with two agreements signed by its master developer, reflecting a heightened focus on manufacturing electric cars.   

Emaar, The Economic City, the company behind the development of KAEC, has concluded two deals for the second and third phases of the emerging industrial hub on the coast of the Red Sea.   

Inked with the Saudi Electricity Co. and its subsidiary National Electricity Transmission, the deals aim to provide advanced electrical solutions with high reliability, the Saudi Press Agency reported.   

“We are pleased to sign these important agreements to meet the increasing demand for energy in KAEC, which is an incubator and attractive city for many projects that will contribute effectively to achieving many of the goals of the Kingdom’s vision,” said Mansour bin Abdulrahman Al-Salem, managing director of EEC.   

The newly signed agreements cement the growth of the Saudi economy as well as the swift industrial and developmental advancement witnessed by the Kingdom, leading to a surge in the volume of demand for electrical energy, in line with the requirements of the Vision 2030 projects. 

Moreover, the contracts also contribute to Saudi Arabia’s endeavors to provide advanced electrical solutions and services through a set of initiatives and strategies that aim to provide electrical energy with high reliability for major projects, according to the CEO of the SEC, Khalid bin Hamad Al-Qunun. 

While the first agreement seeks to connect the main substation in KAEC with the general electrical system network of NET, the second deal stipulates the delivery of electrical service to feed the projects. 

This comes as the modern global industrial sector specializes in manufacturing electric automobiles in the third phase of the Industrial Valley of KAEC. 

This includes the Saudi Ceer Co. factory for the manufacture of electric vehicles along with the factories of the Lucid electric car firm. 

In September, Lucid Group celebrated the official opening of its first international car manufacturing facility in Saudi Arabia. 

Situated in KAEC, the new facility is not only poised to serve the local market but also has its sights set on future exports.   


Indonesia and Thailand join Saudi-led Global Halal Mark alliance

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Indonesia and Thailand join Saudi-led Global Halal Mark alliance

RIYADH: Four countries have joined the Global Halal Mark alliance, a new initiative launched by the Saudi Halal Center, following the signing of two agreements with Indonesia and Thailand.

Speaking to Al-Eqtisadiah on the sidelines of the Makkah Halal Forum,  Abdulaziz Al-Rushodi, CEO of the Saudi Halal Center, said the number of countries participating in the alliance is expected to reach 10 by the end of this year. 

He said the initiative aims to unify “Halal” marks around the world and achieve the highest standards of reliability in the sector.

A second initiative announced at the forum is the Halal Academy, established in cooperation with the Islamic University of Madinah, to serve as a global scientific reference contributing to the development of competencies and the halal ecosystem in a comprehensive manner. 

Al-Rushodi also stated that the center is planning to launch the Global Halal Hub initiative, an integrated digital system aimed at unifying halal certifications and facilitating cross-border trade procedures among various countries. 

As part of efforts to support the local industry, the center — according to Al-Rushodi — signed a memorandum of understanding with the Food Manufacturers Association, which includes thousands of national factories, with the aim of empowering Saudi products and qualifying them for export to countries in the Islamic world by granting them the halal mark. 

He said the partnership seeks to encourage local manufacturers to adopt the mark as a core standard for their products, opening broad prospects for global marketing and strengthening the presence of Saudi products in international markets. 

The Saudi Halal Center was established in 2018 and operates under the Saudi Food and Drug Authority. The center grants halal certificates after verifying compliance with Shariah and technical standards and requirements to ensure the reliability of products bearing the “Halal” mark in local and international markets, in addition to issuing the Saudi halal mark. 

The center grants the right to use its trademark, a logo placed on products to indicate that they are subject to oversight and auditing and are compliant with Islamic law. 

The size of the global halal market in 2025 was estimated at approximately $7 trillion, with Saudi Arabia topping the list of the largest investing countries in the sector at a value of SR5.5 billion ($1.4 billion), Yousef Khalawi, Secretary-General of the Islamic Chamber of Commerce and Development, told Al-Eqtisadiah. 

According to Khalawi, the size of the halal market is expected to reach $10 trillion by 2030, amid accelerating growth in global consumer demand and expanding investments in value chains linked to halal industries. 

Saudi Arabia ranks first globally among the most invested countries in the halal sector, having injected investments valued at SR5.5 billion. Malaysia comes second with investments reaching SR4.7 billion, benefiting from its advanced ecosystem of global halal standards, followed by Kuwait in third place with investments amounting to SR4.1 billion. 

The UAE ranked fourth, investing approximately SR3.7 billion in value chains related to food, tourism, and consumer products, while Indonesia placed fifth with investments estimated at SR1.5 billion.