Saudi Arabia invests $133.3bn in industrial, service projects to diversify economy

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Saudi Arabia’s Energy Minister Khalid Al-Falih launches new strategy for Saudi Industrial Property Authority. (SPA)
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Saudi Arabia’s Energy Minister Khalid Al-Falih launches new strategy for Saudi Industrial Property Authority. (SPA)
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Saudi Arabia’s Energy Minister Khalid Al-Falih launches new strategy for Saudi Industrial Property Authority. (SPA)
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Saudi Arabia’s Energy Minister Khalid Al-Falih launches new strategy for Saudi Industrial Property Authority. (SPA)
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Saudi Arabia’s Energy Minister Khalid Al-Falih launches new strategy for Saudi Industrial Property Authority. (SPA)
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Saudi Arabia’s Energy Minister Khalid Al-Falih launches new strategy for Saudi Industrial Property Authority. (SPA)
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Saudi Arabia’s Energy Minister Khalid Al-Falih launches new strategy for Saudi Industrial Property Authority. (SPA)
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Saudi Arabia’s Energy Minister Khalid Al-Falih launches new strategy for Saudi Industrial Property Authority. (SPA)
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Saudi Arabia’s Energy Minister Khalid Al-Falih launches new strategy for Saudi Industrial Property Authority. (SPA)
Updated 08 October 2018
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Saudi Arabia invests $133.3bn in industrial, service projects to diversify economy

JEDDAH: Saudi Arabia has invested SR500 billion ($133.3 billion) in industrial, service and logistics projects and contracts, which will go a long way in cutting dependence on oil, and in diversifying the national economy.
The Kingdom is also witnessing a remarkable demand in industrial investment after intensified efforts by the Saudi Industrial Property Authority (MODON) and other government agencies.
“MODON’s success in marketing, highlighting advantages and incentives have attracted leading international companies in the industrial field,” said Saudi Energy Minister Khalid Al-Falih in Riyadh on Sunday.
Al-Falih was speaking before launching the new identity and strategy of MODON at the Ritz Carlton Hotel. Khalid bin Mohammed Al-Salim, MODON’s general director, was also present.
Al-Falih said the new strategy and identity of MODON is in line with the directives of King Salman, and Crown Prince Mohammed bin Salman. MODON’s new strategy and identity represents an important step and initiative toward the enhancement of its responsibility as one of the national industry’s pillars of empowerment and as a supporter of the state’s continuous plans to improve the industrial sector and to diversify national income resources, Al-Falih said.
“It enables the Kingdom to provide employment opportunities for young Saudis,” he added.
To this end, it is important to note that more than SR500 billion has been invested in 6,271 industrial, service and logistics projects and contracts in the Kingdom so far. “MODON has established 35 industrial cities with total industrial land exceeding 196 million square meters today,” said a press statement from MODON.
According to the statement, the existing industrial cities include 3,380 productive factories and 6,271 industrial, service and logistics contracts with a total workforce that exceeds 500,000 employees.
Al-Salim said: “The new identity of MODON represents all the values that it aspires to achieve and its constant efforts to provide the best and latest services. Saudi Arabia is witnessing rapid developmental changes in various sectors, especially in economic aspects, based on its orientation to implement the objectives of the National Transition Program 2020 and realizing Vision 2030.”
Al-Salim concluded his speech by thanking all MODON staff for their dedication. Since its inauguration in 2001, MODON has established industrial cities in various regions of the Kingdom.


Riyadh book fair hears lecture on Bahrain culture industry

Updated 21 March 2019
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Riyadh book fair hears lecture on Bahrain culture industry

  • Professor Diaa Al-Kaabi presented a survey of all aspects of Bahraini culture, from the early 19th century until the present day
  • She also highlighted the role of prominent Saudis in the founding of major cultural institutions in Bahrain

RIYADH: Riyadh International Book Fair on Wednesday hosted Dr. Diaa Al-Kaabi, who gave a lecture on the role of culture in Bahrain, the Saudi Press Agency reported.

The academic, who is a professor at the University of Bahrain, highlighted the role of prominent Saudis in the founding of major cultural institutions in Bahrain. She named Muqbel Al-Zukair, and the families of Al-Gosaibi, Al-Bassam, Al-Ajaji, Al-Mashari and others, as pioneers.
She also mentioned the cultural agreement that was signed in 1974 between the Kingdom and Bahrain as the first such agreement signed between the two Gulf states.
Al-Kaabi presented a survey of all aspects of Bahraini culture, from the early 19th century until the present day. She highlighted major trends in Bahrain’s cultural industry, and the role of societies, theaters and universities, as well as state institutions, in promoting the nation’s culture to an international audience.
She addressed the beginnings of the cultural movement under Sheikh Issa bin Ali, which she considered as the founding of the country’s cultural consciousness. 
It heralded the age of enlightenment in Bahrain, which was part of the modern Arab Renaissance starting from the early nineteenth century, she said.
Al-Kaabi concluded her lecture by stressing that culture, if nurtured, could be a pillar of economic development as it provided many job opportunities and its revenues were high. 
Bahrain is the guest of honor at the fair, which runs until March 23.
A Bahraini pavilion will host 13 cultural events including poetry nights, seminars and children’s programs over the course of the fair. In total, more than 900 global publishing houses are set to participate, with 500,000 books and publications on display, and up to a million visitors expected to attend.