RIYADH: Leading Japanese bank Mizuho Financial Group, Inc. and state-owned Saudi Arabian Oil Co. (Saudi Aramco) have signed a major agreement for business cooperation with an aim to support Japanese companies investing in the Kingdom. The move will go a long way in expanding ties between the Kingdom and Japan, especially in energy sector.
“With the memorandum of understanding, Mizuho, the sole Japanese bank to have an office in Saudi Arabia, will work more closely with the Kingdom and provide enhanced support to Aramco, which works to transform its business portfolio,” the Tokyo-based financial group said in a press statement, while referring to the visit of Deputy Crown Prince Mohammed bin Salman to Tokyo.
The statement said that “Mizuho will use Aramco’s knowhow and network to introduce Japanese companies, in particular SMEs and middle-marketers which have unique technological advantages, to Aramco and other Saudi companies as their business partners.”
Saudi Arabia is currently promoting the national growth strategy called “Saudi Vision 2030” and Aramco is enhancing its business especially in the fields of renewable energy, privatization and capital markets.
“Under the vision as announced by the deputy crown prince, Saudi Arabia goes full speed to promote privatization of state-owned companies and sophistication and diversification of industries,” the bank said.
It also pointed out that the Middle East North Africa region has large potential with over 600 million population and Saudi Arabia in particular is expected to see rapid growth in near future.
On the other hand, Mitsubishi UFJ Financial Group Inc.’s banking unit and its two biggest Japanese peers plan to endorse a non-binding agreement with Saudi Aramco to expand lending to the state-run firm as it considers an initial public offering. Bank of Tokyo-Mitsubishi UFJ Ltd. President Takashi Oyamada and Sumitomo Mitsui Financial Group Inc. Chairman Masayuki Oku are expected to agree to a memorandum of understanding in Tokyo with executives of the Saudi Aramco, according to reports.
Tokyo-based lenders are seeking to get involved in Aramco’s IPO, according to reports published in a section of Japanese press. Japan’s Trade Ministry has asked the oil company to list its shares on the Tokyo Stock Exchange. MUFG and its rivals are accelerating efforts to grab larger clients abroad like Aramco to counter slowing loan demand and shrinking interest rates at home.
These developments are very important for the energy market and for Saudi-Japan ties as the deputy crown prince wraps up his visit to Japan and China this week, giving the Asian nations an opportunity to deepen energy ties as the Kingdom prepares what could be the biggest IPO ever. Aramco and Japanese government officials plan to discuss a potential Tokyo listing soon.
The banks are eyeing increased business in Saudi Arabia as Aramco diversifies its portfolio into alternative energy and Japanese companies race to provide technology and services. But according to people close to the discussions, the underlying aim of Japan’s financial titans — Mitsubishi UFJ, Sumitomo Mitsui Financial Group and Mizuho Financial — is to negotiate themselves closer to the world’s largest oil exporter and use tighter business ties as a springboard to greater involvement in its planned IPO.
On the other hand, Saudi Aramco and the Japanese government are set to agree on a massive expansion of crude oil storage capacity in Okinawa, used by the state-run firm to store oil, Saudi Aramco CEO Amin H. Nasser said Thursday. In return for providing free storage space, Japan gets a priority claim on the stockpiles in case of an emergency.
“It would be in the best interest for Saudi Aramco and Japan to increase the capacity,” Nasser told reporters in Tokyo. “We are looking at a couple of million (barrels) more than what we have now.”
A senior Japanese government spokesman confirmed the two sides had agreed to expand and extend the current storage deal, though details had not been decided. The deal is set to be signed in October.
Japan treats the crude oil stored at Okinawa as quasi-government oil reserves, counting 50 percent of the barrels stored by Aramco and ADNOC as national crude reserves.
Saudi Aramco has stored crude in Okinawa since February 2011, and has used the facility to supply crude oil to China, Japan and South Korea among others.
The storage pact comes as part of a broad cooperation agreement between Prince Mohammed and Japan’s Prime Minister Shinzo Abe, who met Thursday to discuss the Kingdom’s drive to cut its reliance on crude oil exports among other issues. The two nations also agreed to set up a ministerial forum, called “joint group for Japan Saudi Vision 2030”, to discuss their collaborations.
The collaboration will mainly focus on industry, finance and energy to contribute to Japan’s growth strategy led by Abe as well as the Kingdom’s economic reforms driven by the deputy crown prince.
The first meeting will be held in Riyadh in October. Under the agreement, the Kingdom’s top sovereign wealth fund Public Investment Fund (PIF) and state-owned Japan Bank for International Cooperation (JBIC) and state-backed Innovation Network Corporation of Japan (INCJ) will also consider jointly investing in, and jointly financing, projects.
New era of Saudi-Japan relations
New era of Saudi-Japan relations
Metal bands battle it out in Jeddah
- Saudi band Wasted Land emerged as champions of the 2024 Wacken Metal Battle Middle East
JEDDAH: Wacken Metal Battle Middle East arrived in Jeddah’s Makan Music Center on Friday night, providing a platform for local metal bands to showcase their musical prowess.
The battle of the bands event featured Jaheem, Volfram, Kaizer, and Wasted Land aiming for top spot, creating a memorable experience for regional metal fans.
Wacken Metal Battle Middle East — supported by the German Consulate in Jeddah and European Weeks in Saudi, and a competition connected with Germany famous Wacken music festival — featured a jury of music experts and international guests, including judges from Germany, who evaluated the bands based on technical ability, song composition, and musical interpretation. They also took into account the band’s uniqueness, stage presence, audience interaction, execution of sound checks, communication, punctuality, and overall attitude.
HIGHLIGHTS
• Wacken Metal Battle Middle East was supported by the German Consulate in Jeddah and European Weeks in Saudi Arabia, and a competition connected with Germany’s famous Wacken music festival.
• Saudi band Volfram described the night as a ‘unique and unforgettable experience.’
The jury selected Wasted Land as the champions of the competition, meaning they now have the chance to perform at the Wacken festival, which takes place annually in Hamburg. Adding to the excitement, the winners of the 2023 event, Egyptian band Erasing Mankind also took to the stage as guest performers.
Promoter Monika Bremer said, “Since its inception 10 years ago, Metal Battle Middle East has provided numerous emerging bands with the opportunity to showcase their talent and advance their careers. This anniversary edition is an important milestone for the regional metal scene.
“Thanks to the support of our partners, emerging metal bands have the opportunity to participate in this competition and gain valuable experience,” she added.
Emad Ashor, guitarist and vocalist of Jeddah-based death metal outfit Immortal Pain and one of the judges at the event, said, “Talent, passion, and professionalism are key. This platform allows all bands to explore new experiences and pursue their dream of victory.”
Karim Mounir, composer and bassist of Erasing Mankind, who was also a judge at the event, said: “Wacken is all about embracing the present moment and fostering camaraderie between bands and the audience. Live performances truly distinguish bands, and the Saudi metal scene’s exceptional talent and musicianship have demonstrated their worthiness for such a significant event.
“The band that can most effectively captivate Wacken’s lively and inclusive crowd would be a perfect representative from the Middle East.”
Saudi band Volfram described the night as a “unique and unforgettable experience.”
Reflecting on the band’s journey to the final of the Wacken Metal Battle, a member of Kaizer said, “Being part of this competition is an honor in itself, and sharing the stage with incredible bands is an experience we will always treasure.
“Kaizer is just beginning and has so much more to offer. Our goal is to represent the Saudi metal scene in the most intense and impactful way possible. Earning the title of Jeddah’s Heaviest Music from the crowd is a recognition we deeply appreciate.”
Meet the Russian stylist living ‘blissfully’ in Saudi Arabia
- “True to our expectations, we’ve found immense satisfaction living in Saudi Arabia. We consider it the best decision we’ve made for our family, and have no regrets.” Marsden, a professional stylist, told Arab News
RIYADH: Margo Marsden relocated to Saudi Arabia two years ago when her husband — a British oil and gas engineer — accepted a job in the Kingdom. Since her arrival, she has been documenting her experience of life in Saudi Arabia on social media. Her TikTok profile states she is a “Russian mother married to British father … living blissfully in Saudi Arabia.”
“True to our expectations, we’ve found immense satisfaction living in Saudi Arabia. We consider it the best decision we’ve made for our family, and have no regrets.” Marsden, a professional stylist, told Arab News. “Living here is incredibly invigorating; one can palpably sense the positive transformations taking place in the country, aligned with the ambitious Vision 2030 plan. In my view, Saudi Arabia stands as the premier destination for living in 2024.”
Marsden was born and raised in Kazakhstan before moving to Russia with her parents when she was 14 years old. She lived in several countries before relocating to Saudi Arabia, including Malaysia, Singapore, Italy, Turkiye, Lebanon, Thailand, the UK, and Norway.
Living here is incredibly invigorating; one can palpably sense the positive transformations taking place in the country, aligned with the ambitious Vision 2030 plan.
Margo Marsden, Russian stylist in KSA
Marsden had worked in Riyadh for a month in 2019 with fashion retailer Zara during Ramadan, and when her husband told her about his job offer, she was thrilled at the prospect of visiting the Kingdom again.
“I love it here, and I look forward to sharing my knowledge with local and expat women, to elevate their confidence and refine their fashion identity,” she said.
Marsden now has more than two decades of experience in the fashion industry. It’s a passion that began in her childhood, when she would meticulously craft outfits for her Barbie dolls with her mother’s guidance.
Marsden said she worked as a model — treading catwalks in Russia, Kazakhstan, Hong Kong, Malaysia, Singapore, Sri Lanka, Lebanon, Turkey, Trinidad and Tobago, and Thailand — before moving into the business side of the industry, studying fashion design at Accademia Italiana in Bangkok and personal styling at the London College of Style. She has worked as a buyer, content creator and stylist.
“My artistic pursuits also extend behind the camera; I coordinated photoshoots for both personal and corporate clients,” she added.
As a stylist, she said, her main objective is “to enhance my client’s natural beauty and instill confidence in each customer I work with.” While Marsden doesn’t currently have any clients in the Kingdom, she is hoping to establish her own business eventually.
“I’m eager to offer my expertise to individuals keen on enhancing their appearance. Helping others look and feel their best is immensely fulfilling to me,” she added.
To follow Marsden’s journey in Saudi Arabia, visit her Instagram @margo.marsden.
Riyadh forum to explore role of translation in promoting Saudi identity
- The conference aims to contribute to a key objective of the Kingdom’s Vision 2030 in promoting Islamic values and national identity, by encouraging Saudis to translate these concepts into other languages and cultures
RIYADH: The College of Languages at Princess Nourah bint Abdulrahman University in Riyadh will host a conference titled “Translating the Saudi identity through other languages and cultures” on May 15.
The event, carrying the slogan “We translate our identity,” will take place at the Department of Conferences and Seminars, and is sponsored by Saudi Minister of Education Yousef Al-Benyan.
It will focus on sharing the Kingdom’s cultural, historical, literary and intellectual heritage with a global audience, the Saudi Press Agency reported.
HIGHLIGHT
The conference will attract researchers and enthusiasts interested in Saudi identity and its translation for foreign cultures. Students specializing in national identity and translation will take part, alongside representatives from sectors focused on translating Saudi identity, including ministries, agencies and companies.
The role of translation in promoting a positive image of the Kingdom will also be discussed, as well as fostering international recognition and underscoring the Kingdom’s cultural impact.
The conference aims to contribute to a key objective of the Kingdom’s Vision 2030 in promoting Islamic values and national identity, by encouraging Saudis to translate these concepts into other languages and cultures.
A competitive environment will be established among university students to introduce them to their identity through other languages and cultures.
The conference will attract researchers and enthusiasts interested in Saudi identity and its translation for foreign cultures. Students specializing in national identity and translation will take part, alongside representatives from sectors focused on translating Saudi identity, including ministries, agencies and companies.
Six scientific sessions and workshops will be hosted at the conference, as well as topic-related exhibitions and cultural events. Sessions will cover themes including “Saudi family identity,” “National identity,” “Linguistic communication,” “The role of translation and publishing in sharing the Saudi identity with the world,” “Translating national heritage into global languages” and “National identity in film translation.”
The conference’s workshops will focus on topics including translating the Saudi identity within the tourism sector.
The College of Languages organized the event as part of its commitment to the 2025 strategic goals of Princess Nourah bint Abdulrahman University.
King Salman issues royal decree to appoint investigative lieutenants at Public Prosecution
RIYADH: King Salman issued a royal decree on Saturday to appoint 261 investigative lieutenants at the Ministry of Justice’s Public Prosecution, Saudi Press Agency reported.
Attorney General Sheikh Saud bin Abdullah Al-Mujib thanked the king for the royal decree and said it reflected the support provided by the King Salman and Crown Prince Mohammed bin Salman for the ministry and its departments, SPA added.
Al-Mujib praised the commitment to advancing the development and prosperity of the justice ministry in alignment with the Kingdom’s Vision 2030.
Saudi Arabia, Turkey and Pakistan discuss enhancing defense cooperation
- The Saudi-Turkish bilateral defense cooperation committee also met in Istanbul
ISTANBUL: Saudi Arabia, Turkiye and Pakistan’s tripartite committee held its third meeting recently in Istanbul to discuss ways to enhance defense cooperation.
Saudi Assistant Minister of Defense Talal bin Abdullah Al-Otaibi, Turkish Deputy Minister of National Defense Bilal Durdali, and Lt. Gen Mohammed Owais from Pakistan were among the officials present at the meeting, the Defense Ministry said in a report on Saturday.
The meeting focused on joint cooperation in defense, the transfer and localization of technology, and the development of scientific research in accordance with Saudi Vision 2030, the ministry stated.
The Saudi-Turkish bilateral defense cooperation committee also met in Istanbul recently.
