Saudi Arabia strikes $1bn Korean engineering deal

Updated 25 October 2017

Saudi Arabia strikes $1bn Korean engineering deal

RIYADH: Saudi Arabia’s Public Investment Fund (PIF) has shelled out $1 billion for a 38 percent stake in Posco E&C, the construction arm of the giant South Korean steelmaker Posco.
The deal is driven by the Korean company’s drive to expand in the Middle East and comes as Posco E&C, in which Posco holds an 89.53 percent stake, plans to go public to bolster its balance sheet.
Speaking on the sidelines of the Future Investment Initiative forum in Riyadh on Tuesday, Posco head Ohjoon Kwon confirmed earlier media reports that the South Koreans would make a meaningful contribution to the Kingdom’s “Saudi Vision 2030” economic program by engaging in various construction projects.
The company has already invested $14 million for a 40 percent share in a joint venture with PIF called “Posco E&C Saudi Arabia,” revealed Kwon. The PIF holds the remaining 60 percent.
“Posco aspires to create business opportunities and contribute to the Saudi National Transformation Program through knowledge transfer and best practice sharing,” Kwon said.
He said he looked forward to sharing the means by which South Korea undertook economic diversification after being as reliant on agriculture as Saudi Arabia is on oil today.
He believed KSA had a taken a first step towards the development of its steel industry, “which is the very foundation of any industrialization effort.”
Posco, he added, was currently working with a Saudi Arabian developer on an urban development project within the Riyadh metropolitan region. 


The Hajjana: heritage of Saudi Arabia’s camel riding border patrol honored

Updated 36 min 27 sec ago

The Hajjana: heritage of Saudi Arabia’s camel riding border patrol honored

The Hajjana — fearless camel riders who patrolled the Kingdom’s borders — helped pave the way for the establishment of the modern Saudi state.
Their story goes back almost 90 years when a Hajjana border patrol was established during the reign of King Abdul Aziz in 1933.
After the Kingdom’s founder reclaimed Al-Ahsa, he ordered sea and land patrols to be carried out to tighten security in the region’s border areas.
Patrols were led by camel riders, so a military sector was formed at that time known as Hajjana. Its name was derived from their means of transport — camels.
Now, nine decades later, the Camel Club has established the Royal Hajjana to commemorate the group’s distinguished cultural heritage.
Since its creation in April, the Royal Hajjana has been preparing to take part in official reception ceremonies for King Salman and Crown Prince Mohammed bin Salman’s guests as well as national festivals sponsored by the king and crown prince.
It will also perform in Saudi heritage shows and represent the Kingdom in local and international camel festivals.
Hajjana officers became famous throughout the country after acquiring their name from the “hejin,” or camel. They protected the Kingdom’s residents from the south of the Empty Quarter to north of the Nafud Desert.
One of the founding king’s priorities was to provide security and protect the nation’s borders, so the Border Guard was among the first military sectors created.
The Coast Guard’s budget also included allocations for Hajjana officers, known as the Hajjana patrol commanders, whose role was part of the Frontier Corps.
Patrols continued to operate in southern regions until recently. However, the memory of the Hajjana remains fresh in the minds of the Kingdom’s border guards.