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Saudi Arabia to invest $51 bln to create jobs, boost private sector GDP


Saudi Arabia announced an investment of $51 billion (SAR 120 billion) across eight companies as part of the Shareek program, the Saudi Press Agency (SPA) reported on Wednesday.

The announcement was made in an event attended by Saudi Crown Prince Mohammed bin Salman, the Saudi Press Agency reported on Wednesday.

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The Crown Prince launched the Shareek program on March 30, 2021, to support large companies in helping the Kingdom’s economy achieve a target GDP growth by 2030.

Mohammed bin Salman oversees the program’s implementation as the Chairman of the Large Companies Investment Committee; 28 companies are enrolled.

Shareek seeks to unlock $1.3 trillion (SAR 5 trillion) in the national private sector investments in line with Vision 2030, which targets an increase in private sector GDP contribution to 65 percent and an increase in non-oil exports from 16 percent to 50 percent.

The program also helps eligible companies accelerate planned projects and identify new partnerships and investment opportunities with the Saudi government’s support.

Twelve projects within the eight companies received funding after the signing of framework agreements, SPA reported.

The $51 billion amount is expected to be spent by the companies by 2030 to achieve over $124 billion (SAR 466.83 billion) in GDP growth by 2040 and create over 64,000 local jobs.

Saudi Arabia's Crown Prince Mohammed bin Salman at the Shareek program signing ceremony. (SPA)

Saudi Arabia's Crown Prince Mohammed bin Salman at the Shareek program signing ceremony. (SPA)

The signing ceremony included the announcement of strategic projects as follows:

Saudi Aramco will receive support to accelerate the implementation of five projects expected to create more than ten thousand jobs, including a joint venture steel plate manufacturing project. This project intends to make Saudi Arabia 100 percent self-sufficient for steel plate demand by 2030.

A cloud project has been planned to attract Google Cloud services into the Kingdom. It will seek to establish Saudi Arabia as a hub for advanced cloud computing technologies.

An engine manufacturing project will aid in developing a sustainable maritime sector and unlock greater value from the metals and machinery sectors, which are central to diversified industrial development.

A casting and forging project in Ras Al Khair will aim to enhance the integration of industrial supply chains in the Kingdom.

The Amiral Petrochemical Complex project will receive funds directly contributing to the localization of chemicals production, SPA reported.

ACWA Power will receive the funds to construct the world’s largest green hydrogen plant, which is being developed in partnership with NEOM Green Hydrogen Company and Air Products Qudra. It ties in with Saudi Arabia’s vision to become a green energy leader and supports the Kingdom’s net zero ambitions.

Saudi Arabian Mining Company (Ma’aden) will receive funds to accelerate its Phosphate 3 project in Wa’ad Al Shamal. It is set to position the company as the third-largest global producer of phosphate fertilizers by 2029. This project hopes to enhance the Kingdom’s position in the world’s agricultural value chain, aiding global food security.

Similarly, through a joint venture, Shareek will support Advanced Petrochemical Company to produce liquid methionine and ammonium sulfate, contributing to domestic food security and animal production efficiency. The project is expected to create over 21,000 new job opportunities in the country.

Industry leader SABIC will receive funds for a catalyst project, SPA reported, aimed at reducing Saudi Arabia’s import dependency and strengthening its position as an exporter by establishing the Kingdom’s first catalyst manufacturing hub.

Saudi telecom giant stc will implement an EMC cable project, strengthening Saudi Arabia’s position as a MENA region digital hub and reliable route for data traffic after receiving funding.

Another telecom provider, Zain, will be accelerating a data center project, SPA said.

Saudi logistics company Bahri will scale up its capacity for ammonia transportation, marking a Saudi first. It will reduce international vessel dependency and strengthen the logistics sector.

More companies and projects will be supported by the Shareek program and announced soon, SPA reported.

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Crown Prince of Abu Dhabi meets with CEOs of leading Norwegian companies

H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has met with a group of CEOs from leading Norwegian companies, as part of their participation in the UAE-Norway Investment Forum, held alongside his official visit to the Kingdom of Norway.

During the meeting, H.H. Sheikh Khaled bin Mohamed bin Zayed underscored the UAE leadership’s commitment to strengthening economic cooperation with its international partners.

He highlighted that investment in innovation and knowledge is a cornerstone for achieving sustainable development, noting that enhancing collaboration with Norwegian companies across key sectors will open new avenues for mutual economic growth between the two countries.

The UAE-Norway Investment Forum, taking place in Oslo, aimed to highlight available investment opportunities and strengthen trade relations between the UAE and Norway, fostering shared interests and supporting innovation and knowledge-based economic visions.

-wam

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At the Indonesia International Book Fair 2024, TRENDS inaugurates 10th global office, releases four books

As part of its Asian research tour, partnership with Aletihad News Center, and
primary sponsorship of the Indonesia International Book Fair 2024, TRENDS
Research & Advisory inaugurated its office in Jakarta, marking its 10th location
worldwide. It also released four books in Indonesian.
The inauguration event was attended by ambassadors of the UAE, Bahrain, and
Jordan to Indonesia, chairpersons of the UAE and Indonesian Publishers’
Associations, the Director of TRENDS’ Jakarta office, and a group of researchers
and academics.
Speaking at the event, Dr. Mohammed Abdullah Al-Ali, CEO of TRENDS
Research & Advisory, stated that TRENDS’ international offices—set to reach 15
by the end of 2024—aim to enhance the Center’s research efforts and deepen its
role in disseminating knowledge, thus serving as a global knowledge bridge.
He emphasized, “At TRENDS, we believe in the importance of cooperation
between think tanks and prioritize this endeavor. We believe the TRENDS office in
Jakarta will enhance the exchange of knowledge and ideas between think tanks in
Asia and the Middle East, opening new horizons for collaboration in various
fields.”

Four books in Indonesian
As part of the Jakarta office’s inaugural activities, four books were released in
Indonesian, including the 11th and 12th books of the Muslim Brotherhood
Encyclopedia and Global Trends in AI and Automation and the Future of
Competition between Man and Machine: An Analytical Forward-looking Vision.

Hostility to Arab states
The 11th book of the Muslim Brotherhood Encyclopedia, The Concept of the State
According to the Muslim Brotherhood, highlights its hostile stance toward Arab
states since its inception. The group views them as an obstacle to its ascent to
power. It opposed the modern principles upon which these states were built,
considering them incompatible with the group’s unique interpretation of Islam,
which it claimed to embody exclusively.

Exclusion of nonconformists
The 12th book, The Muslim Brotherhood: Rejection of Tolerance and Exclusion of
Nonconformists, examines the Muslim Brotherhood’s stance towards
nonconformists, individuals, and entities. The book reveals the group’s binary view
of the world, categorizing others as allies or adversaries. It ties these relationships
to the Brotherhood’s internal power struggles and self-serving interests.

Global Trends in AI
The third book, Global Trends in AI, explores significant developments in AI and
its impact on various aspects of life, including the economy, society, and
governance. It also offers a comprehensive analysis of technological advancements
in AI, its applications across sectors, the ethical and social challenges it presents,
and its future trajectory.

Automation

The fourth book, Automation and the Future of Competition between Man and
Machine: An Analytical Forward-looking Vision, addresses the growing challenges
faced by the human workforce in the face of widespread automation and AI
applications. The book concludes that while automation presents a significant
challenge to the labor market, it simultaneously creates new opportunities. It
emphasizes the importance of preparing for this shift through skills development,
continuous education, and adopting economic and social policies that support the
workforce.

Prominent pavilion and active presence
The TRENDS’ pavilion at the Indonesia International Book Fair has attracted
numerous visitors, including academic researchers and officials, such as the
ambassadors of the UAE, Bahrain, Qatar, Jordan, and Turkey. Additionally,
chairpersons of Arab and Indonesian publishers’ associations, authors, publishers,
and students visited the pavilion. All were impressed with and praised TRENDS’ diverse, valuable publications. They also commended TRENDS’ active
international presence and ability to address global developments with rigorous
analytical research.
Dr. Mohammed Abdullah Al-Ali honored the esteemed guests, including
ambassadors of the UAE and Bahrain to Indonesia, Wedha Startesti Yudha,
Chairperson of the Indonesia International Book Fair Committee, Arys Hilman
Nugraha, Chairman of the Indonesian Publishers Association, and others,
presenting them with TRENDS’ publications and commemorative shields.
Additionally, he awarded TRENDS’ Research Medal to Ni Made Ayu Martini
Indonesian Deputy Minister of Marketing, Tourism and Creative Economy
It is worth noting that during its current Asian research tour, TRENDS announced
the launch of the TRENDS Research Medal, awarded to individuals who make
significant contributions to the development of scientific research and promote collaboration with TRENDS in strengthening a culture of research across various fields.

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US determined to prevent full-scale war in Middle East, Joe Biden tells UNGA79

US President Joe Biden highlighted the US Administration’s determination to prevent a wider war that engulfs the entire Middle East region, noting that a diplomatic solution “remains the only path to lasting security to allow the residents from both countries to return to their homes on the border safely”.

In remarks he made today before the 79th Session of the United Nations General Assembly (UNGA79), the US President said, “Full-scale war is not in anyone’s interest,” adding that a diplomatic solution is still possible.

He also touched on “the rise of violence against innocent Palestinians on the West Bank”, and the need to “set the conditions for a better future”, which he said featured “a two-state solution, where the world — where Israel enjoys security and peace and full recognition and normalised relations with all its neighbours, where Palestinians live in security, dignity, and self-determination in a state of their own”.

President Biden underscored the ceasefire and hostage deal put forth by Qatar and Egypt, which the UN Security Council endorsed. He said, “Now is the time for the parties to finalise its terms, bring the hostages home,” adding that this would help ease the suffering in Gaza, and end the war.

-WAM

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