Saudi G20 faces up to global challenges

Saudi G20 faces up to global challenges
Mohammed Al-Jadaan, the Saudi Arabia’s finance minister.
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Updated 26 January 2020

Saudi G20 faces up to global challenges

Saudi G20 faces up to global challenges
  • Riyadh summit’s top three priorities will be empowerment, environment and tech change, minister tells Davos

DAVOS: The G20 summit to be held in Saudi Arabia later this year will help the world resolve some of its biggest challenges in geopolitics, climate change and social issues, Mohammed Al-Jadaan, the Kingdom’s finance minister, told delegates at the World Economic Forum in Davos. 

“Fortunately, the world is becoming more connected as well, and that means we can think about solutions through consensus,” he said at a special session on the Kingdom’s strategic priorities ahead of the G20. 

Al-Jadaan said that the top three priorities for the summit were empowerment, the environment and technological change. 

“We have to continue empowering people — women, young people, small- business people,” he said. 

Another big priority was “protecting planet Earth, and at the centre of that is climate change,” but the “most ambitious” was the search for “new frontiers in technology and innovation that is shaping the world,” he said. 

G20 summits in the past have played a big role in stabilizing global financial systems, especially during the crisis of 2009. Al-Jadaan said that would be a “very significant element” of the Saudi presidency, and he highlighted sustainable growth, debt vulnerabilities and the prospect of digital taxation as three financial focal points for the Riyadh G20 Summit. 

Energy Minister Prince Abdul Aziz bin Salman said that Saudi Arabia was not a newcomer to the G20. “We have been involved for some time, and that is in recognition of the Kingdom being a vital part of the modern world,” he said. 

He added that the Saudi energy industry — Saudi Aramco being the biggest oil company in the world — played a key role in the global economy and was therefore a crucial member of the G20. “There is only one country in the world that has excess capacity in the oil market, and that is being used to mitigate the problems we face from wars, conflict and disasters.” 

Davos delegates also heard that women in Saudi Arabia had gender equality with men in the workplace after recent advances in employment across the country. 

Iman Al-Mutairi, assistant minister for commerce and investment, said that the Kingdom was the top performer in a recent World Bank survey of employment and that it had reached the average global level of gender equality. “We have gender equality now. Women can be builders, welders, fireman and lots of other professions. We are serious about inclusiveness,” she said. 

Al-Mutairi was speaking at a special session of the WEF on the strategic priorities of the Kingdom 

She said that the progress made by Saudi Arabia sent a strong message to the Arab and Islamic world about Saudi Arabia’s modernization plans, but more remained to be done. “We have to keep reskilling women, especially in finance, artificial intelligence and other STEM subjects. 

“Saudi Arabia has to act immediately and spread this ‘good virus’ to our neighbors,” she added. 

Other Saudi members of the top level panel reinforced her comments about importance of inclusion as an element of the G20 agenda. Mohammed Al-Tuwaijri, the Kingdom’s minister of economy, said that making progress towards the UN’s sustainable development goals (SDGs) would also be a big priority. “Every one of the 17 SDGs is addressed in the G20 agenda. We want the summit to take action and be practical,” he said. 

He was uncertain whether the world could meet all of the SDGs by the target date of 2030, though. “We will achieve a lot by 2030, but much depends on how other global institutions deal with policymaking and financial aspects of the SDG targets,” he said. 

Abdullah Alswaha, the Kingdom’s minister for communications and information technology, said that the biggest challenge of the G20 presidency was with regard to new technology.

“How do we make sure that artificial intelligence and new technology acts in the interest of human kind?” he asked, adding that the digital world was a major potential source of employment. 

The digital world was also a “social equalizer, but the analog world is polarized, so it needs to come together in the digital world.”  

Al-Swaha highlighted the need for cyber-resilience in modern technology. “In a few years’ time quantum computers will be able to decrypt most of the encryption mechanism that are in place today,” he said. 

Prince Abdul Aziz said that the environment remained a top priority for the Saudi energy industry. “We have to provide energy for the world, and still deal with climate change. If we’re going to be good G20 hosts, we have to have ideas and suggestions on these issues.” 

He added that the G20 would highlight the role of the energy industry in reducing harmful emissions and utilizing the potential for carbon capture technologies. It would also showcase the Neom mega-project, and its emphasis on renewable energy and hydrogen fuels, as well as developments in climate-friendly fuels. 

Al-Jadaan said the success of the G20 would be judged according to how it implemented existing policy initiatives, advanced new concepts being developed in the Kingdom, and showcased Saudi Arabia as a destination for tourists and business visitors.


GAMI presents growth strategy for Saudi military sector

GAMI presents growth strategy for Saudi military sector
Updated 18 min 48 sec ago

GAMI presents growth strategy for Saudi military sector

GAMI presents growth strategy for Saudi military sector
  • Ahmad Al-Ohali provided an overview of the national military industry strategy, the Industrial Participation Program, and the role of research and technology in Saudi Arabia’s defense strategy
  • H. Delano Roosevelt recalled the long history of cooperation between the US and Saudi Arabia, and predicted that America will continue to play a dominant role in supporting the Kingdom

RIYADH: The US-Saudi Business Council (USSBC) and the General Authority for Military Industries (GAMI) presented an executive virtual webinar on Wednesday titled “Understanding Saudi Arabia’s Military Industry Growth Strategy.”

Moderated by USSBC President and CEO H. Delano Roosevelt, the webinar provided participating US company representatives with an understanding of the Kingdom’s blossoming defense and security sector. 

Ahmad Al-Ohali, governor of GAMI and the event’s featured speaker, highlighted the authority’s role in developing the Kingdom’s military industry sector.

He also provided an overview of the national military industry strategy, the Industrial Participation Program, and the role of research and technology in Saudi Arabia’s defense strategy.

GAMI was established to grow the Kingdom’s military industries sector, in line with the Vision 2030 target of localizing more than 50 percent of defense expenditures by 2030.

GAMI is the regulator, enabler and licensor of the sector, and is responsible for its development and empowerment. 

Since the launch of Vision 2030 just five years ago, Saudi Arabia has achieved significant socioeconomic milestones while showing tremendous progress in transforming many key sectors of the economy. 

As a result of GAMI’s commitment to its mandate, the military industries sector has rapidly transformed and is now on a steady path to becoming a major contributor to Saudi Arabia’s non-oil gross domestic product. 

Al-Ohali emphasized the breadth of opportunities that Saudi Arabia’s defense localization presents to global investors and US defense partners.

Development of the military industries sector requires a whole ecosystem of research and technology institutions, a skilled workforce and other support functions, in addition to local production capabilities, he said. 

Roosevelt recalled the long history of cooperation between the US and Saudi Arabia, and predicted that America will continue to play a dominant role in supporting the Kingdom through future strategic relationships.

He said the USSBC will continue facilitating connections between US and Saudi companies, and educating American businesses about the benefits of engaging in the Saudi market.


SABIC, BASF discuss plastics circular economy in Riyadh

SABIC, BASF discuss plastics circular economy in Riyadh
Updated 23 June 2021

SABIC, BASF discuss plastics circular economy in Riyadh

SABIC, BASF discuss plastics circular economy in Riyadh
  • SABIC is working with UK-based company Plastic Energy to build its first commercial unit in Geleen
  • Chemicals giant focuses on recycling plastics

RIYADH: SABIC and BASF, two of the world’s largest chemical producers, met in Riyadh to share insights into their respective programs to develop circular economy solutions for the plastics industry.
SABIC shared progress it has made with TRUCIRCLE, a collection of processes that allow for the certification of polymers created through recycling of used and mixed plastic, certified bio-based renewable polymers, certified renewable polycarbonate (PC), and mechanically recycled polymers.
BASF discussed ChemCycling, a project to develop a pyrolysis technology that turns plastic waste into a secondary raw material called pyrolysis oil. The German multinational also explained how its plastic additives facilitate mechanical recycling of plastics.
SABIC is working with UK-based company Plastic Energy to build its first commercial unit in Geleen, The Netherlands, which will produce TRUCIRCLE certified circular polymers from recycled plastic.
“TRUCIRCLE has been introduced as a way to collectively showcase our circular innovations and help manufacturers reduce plastic waste through the adoption of a range of sustainable material solutions,” said Mark Vester, SABIC’ global leader circular economy. “It forms part of our circular economy business and is aligned with the UN Sustainable Development Goal of Responsible Consumption and Production.”


Humvee maker strikes military vehicle deal with Egypt

Humvee maker strikes military vehicle deal with Egypt
Updated 23 June 2021

Humvee maker strikes military vehicle deal with Egypt

Humvee maker strikes military vehicle deal with Egypt
  • The company will study the feasibility of developing an in-country assembly and manufacturing capability to allow Egypt to replace or supplement its existing Humvee fleet

DUBAI: Humvee manufacturer AM General has struck an initial agreement to help develop the production of military vehicles in Egypt.
The deal with the Egyptian Ministry of Military Production is expected to become a long term partnership to develop and build tactical vehicles in-country, the US-based company said in a statement on Wednesday.
The company will study the feasibility of developing an in-country assembly and manufacturing capability to allow Egypt to replace or supplement its existing Humvee fleet.
“Today’s signing ceremony further solidifies our long-standing relationship with the government of Egypt,” said AM General President CEO Andy Hove. “We look forward to applying our manufacturing and design expertise to help grow the Egyptian automotive industry.”
The agreement is part of a broader push to develop more domestic military manufacturing in Egypt which is already a major defense sector importer. Arab states are ramping up spending on local defense sector investments as part of their economic diversification agendas which aim to create more local jobs while at the same time substituting value-added imports with locally manufactured alternatives.


Oman to grant foreign investors 10-year residency

Oman to grant foreign investors 10-year residency
Updated 23 June 2021

Oman to grant foreign investors 10-year residency

Oman to grant foreign investors 10-year residency
  • Program is open to foreign retirees

RIYADH: Oman has announced a new program under which foreign investors are granted long-term residency, Asharq reported citing a statement by the Ministry of Commerce, Industry and Investment Promotion.

The Investor Residence program will be for a period of five to 10 years, subject to renewal, and is open to foreign retirees, the ministry said.

The program, starting in September, aims to attract quality investments according to clear and specific controls.


Abu Dhabi commissions solar farm in West Africa’s Togo

Abu Dhabi commissions solar farm in West Africa’s Togo
Updated 23 June 2021

Abu Dhabi commissions solar farm in West Africa’s Togo

Abu Dhabi commissions solar farm in West Africa’s Togo
  • The Mohamed Bin Zayed Solar PV Complex is expected to power around 158,000 homes and businesses in the country

DUBAI: An Abu Dhabi-funded solar plant in Togo, West Africa is now fully operational, state news agency WAM reported.

The Mohamed Bin Zayed Solar PV Complex, a 50-MW project financed by the Abu Dhabi Fund for Development (ADFD), is expected to power around 158,000 homes and businesses in the country.

The country’s first solar plant is located in Blitta, Togo, and spans around 92 hectares in the African nation’s Centrales region.

The new clean energy source will reduce the community’s reliance on firewood and charcoal, and aid Togo’s national agenda to increase renewable energy share by 50 percent by 2025, and to double it by 2030.

ADFD provided 55 million dirhams ($15 million) in concessionary loans to finance the project, which was developed by Amea Togo Solar, a subsidiary of the UAE-based clean energy developer Amea Power.

The funding is part of ADFD’s joint facility with the International Renewable Energy Agency (IRENA), where the pair vows to support the development of renewable energy projects around the world.

“Africa holds tremendous promise for renewable power generation, which can bring improved energy access and reliability of supply while creating jobs and economic opportunity,” IRENA’s Director-General Francesco La Camera said.

In 2020, ADFD and IRENA signed loan agreements worth 121 million dirhams with the governments of Togo, Niger, and Liberia to advance clean energy in Africa.