Crown Prince launches $3.2tn program to boost Saudi private sector

Saudi Arabia’s Crown Prince Mohammed bin Salman announced Tuesday the launch of a new program to strengthen the partnership with the private sector in the Kingdom. (SPA)
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Updated 31 March 2021

Crown Prince launches $3.2tn program to boost Saudi private sector

Crown Prince launches $3.2tn program to boost Saudi private sector
  • New program for investment partnership with state

RIYADH: Saudi Arabia launched an ambitious 12 trillion riyal ($3.2 trillion) program on Tuesday to boost the role of the private sector in diversifying the economy, increasing resilience and supporting sustainable growth.

Under the new Shareek program, private sector businesses will be helped to invest 5 trillion riyals between now and 2030, along with 3 trillion riyals from the country's sovereign wealth fund, the Public Investment Fund (PIF), and 4 trillion riyals as part of a new national investment strategy, Crown Prince Mohammed bin Salman said.

“Building a vibrant and prosperous private sector is one of the national priorities for the Kingdom, and that is why we are today inaugurating a new and more powerful era in terms of cooperation and partnership between the government and private sector,” the crown prince said.

“The new Shareek program will help the private sector create hundreds of thousands of new jobs and will boost the contribution of the private sector to GDP by up to 65 percent by the end of the decade as part of the goals of Vision 2030.”

The crown prince said the significance of the Shareek program was not limited to enhancing the private sector’s role in the sustainable growth of the national economy. “We see it as a long-term investment in the Kingdom’s future and prosperity, based on stronger collaboration between the public and private sectors.”

The program is expected to contribute to the continued progress of the Saudi economy's ranking among the largest global economies, with the goal of rising to 15th from its current position of 18th, alongside enhancing confidence in the Kingdom’s investment ecosystem.

Companies that qualify for participation in Shareek will work closely with the relevant government ministries to create tailored investment plans, which will then be fast-tracked to completion. Each project will be monitored to ensure it provided benefits in GDP contribution and job creation.

Saudi Finance Minister Mohammed Al-Jadaan said the program was “yet another way the government is working in partnership with the private sector to accelerate the sustainable growth of our economy in a balanced way that benefits the economy, the citizens and the companies involved.”

The new program was also welcomed on Tuesday by Kirill Dmitriev, chief executive of the Russian Direct Investment Fund, the country’s sovereign wealth fund. He said it was “an important initiative by the Kingdom to strengthen partnership with the private sector that will attract additional capital into the Saudi economy and ensure further growth and prosperity.”


Who’s Who: Hisham Abdulaziz Al-Makhdoub, vice president of engineering and operations at Advanced Electronics Company

Who’s Who: Hisham Abdulaziz Al-Makhdoub, vice president of engineering and operations at Advanced Electronics Company
Updated 56 min 25 sec ago

Who’s Who: Hisham Abdulaziz Al-Makhdoub, vice president of engineering and operations at Advanced Electronics Company

Who’s Who: Hisham Abdulaziz Al-Makhdoub, vice president of engineering and operations at Advanced Electronics Company

Hisham Abdulaziz Al-Makhdoub is executive vice president of engineering and operations at Advanced Electronics Co., a Saudi Arabian Military Industries company.
He is responsible for all the technical and operational activities of AEC, including manufacturing, MRO, engineering, development, quality and supply chain management, and IT.
A seasoned senior technology executive with more than three decades of professional experience, Al-Makhdoub has proven expertise in strategically strengthening local high-tech capabilities, localization and technology transfer in electronics manufacturing and digital industries.
Having joined the research and development department of AEC as a project manager in 2000, Al-Makhdoub rose through the organization’s ranks during his illustrious career, serving in various roles, including director of engineering and then senior vice president of engineering and development.
Leveraging his extensive experience in strengthening indigenous capabilities, Al-Makhdoub actively contributes to AEC’s efforts to raise the Kingdom’s local capabilities in military manufacturing to 50 percent by 2030.
Before joining AEC, Al-Makhdoub held various engineering roles at the Space Research Institute at King Abdulaziz City for Science & Technology, where he began his career in 1991.
Al-Makhdoub holds a bachelor’s degree in electrical engineering (communications) from King Saud University in Riyadh.
He is an advisory board member of the College of Engineering, Prince Sultan University, and is both a leader and member of several AEC committees.


Saudi forces showcase combat readiness at Bright Star drill

Saudi forces showcase combat readiness at Bright Star drill
Updated 18 September 2021

Saudi forces showcase combat readiness at Bright Star drill

Saudi forces showcase combat readiness at Bright Star drill

RIYADH: The joint military exercises Bright Star 2021 concluded at Mohamed Naguib Military Base in Egypt on Friday in the presence of the Egyptian Minister of Defense and Military Production Lt. General Mohammed Zaki, and Commander of the Royal Saudi Land Forces Lt. General Fahd Al-Mutair.

Egypt, Saudi Arabia, the US, the UK, Greece, Jordan, Pakistan, and Cyprus participated in the joint exercises, with another 13 states observing.

The conclusion of the exercises included simulations of combat scenarios including support operations carried out with live ammunition and airdrops of special forces and armored vehicles from combat helicopters.

Bright Star is considered one of the most important military training programs in the region, due to the diversity of participating forces and terrain.


Causing a stir: A generational shift in Saudi relationship with coffee

Saudi barista Sara Al-Ali, a runner-up in the 2016 MENA Cezve/Ibrik coffee-making competition and a World Cezve/Ibrik championship finalist the same year, now owns and runs That coffee shop in her hometown Riyadh. (Supplied)
Saudi barista Sara Al-Ali, a runner-up in the 2016 MENA Cezve/Ibrik coffee-making competition and a World Cezve/Ibrik championship finalist the same year, now owns and runs That coffee shop in her hometown Riyadh. (Supplied)
Updated 18 September 2021

Causing a stir: A generational shift in Saudi relationship with coffee

Saudi barista Sara Al-Ali, a runner-up in the 2016 MENA Cezve/Ibrik coffee-making competition and a World Cezve/Ibrik championship finalist the same year, now owns and runs That coffee shop in her hometown Riyadh. (Supplied)
  • Specialty flavors are fueling billion-dollar cafe growth as the ancient brew gets a modern makeover

JEDDAH: Tea or Arabic coffee? For growing numbers of Saudis, the choice is more likely to be a latte, cappuccino, frappe or macchiato served in one of the many cafes that have popped up around the Kingdom in recent years.

In every region of Saudi Arabia today, coffee is replacing traditional beverages as a central part of the modern lifestyle.
Grabbing an early morning and lunchtime coffee has become a part of office workers’ daily routine, while others visit a cafe to enjoy their favorite cup while sitting and chatting.

FASTFACTS

• Amid growing demand for new cafes and restaurants, official statistics show that investment in the sector has reached SR221 billion ($58.9 billion), with growth rates of about 8 percent expected by the end of the year.

• Meanwhile, as coffee’s popularity soars in the Kingdom, the value of imports has risen to SR1.16 billion annually, or SR3.18 million per day, authorities say. Saudi Arabia imported about 80,000 tons of coffee in 2019-2020.

The global market is feeling the effects of this change in taste as well. According to Wail Olia, trainer and member of the Specialty Coffee Association, Saudi Arabia is among countries where consumers are developing a taste not only for robusta, the beans mainly used in instant coffee, but also the high-quality arabica bean.
Olia told Arab News that Saudi Arabia’s love of coffee goes back to the days of the Ottoman empire when coffee houses in Makkah were used as religious meeting places.
“Later, religious leaders thought that coffee was an intoxicating beverage, so the governor of Makkah ordered all cafes to close,” he said.
“Cafes are the fast-growing segment of the hospitality industry worldwide. Five years ago, in my city neighborhood in Jeddah, I could count the number of cafes on one hand. Now there are so many.”
Olia has studied and trained in Milan and Florence, and is now a certified instructor for the SCA, which allows him to teach young Saudis and share his insights into coffee — something he enjoys immensely.
As more Saudi women enter the private sector, some are deciding to work as baristas and waitresses in coffee shops.

Wail Olia has studied and trained in Milan and Florence, and is now a certified instructor for the SCA, which allows him to teach young Saudis and share his insights into coffee — something he enjoys immensely.

Saudi barista Sara Al-Ali, a runner-up in the 2016 MENA Cezve/Ibrik coffee-making competition and a World Cezve/Ibrik championship finalist the same year, now owns and runs That coffee shop in her hometown Riyadh and is an authorized SCA trainer.
Coffee culture in the Kingdom is changing rapidly, she told Arab News. “Specialty coffee started only recently, but it is catching up surprisingly quickly. More coffee shops are opening. It’s at a high this year and is predicted to grow even more next year,” she said.
“As for me, specialty coffee is a product that follows quality standards at every stage of production.”
Al-Ali said that in Arab societies, coffee is part of an ancient cultural heritage.
“The big demand for coffee among all segments of our society is a healthy phenomenon and a reflection of what the Kingdom is witnessing in terms of development, prosperity and openness to different cultures,” she said.
Many Saudis are looking for innovative coffee flavors and new tastes to complement traditional styles. Al-Ali studied coffee-making in Canada after falling in love with the drink, then went to France to study further.
“It began as a habit, but after I returned to Saudi Arabia I decided to focus on coffee. The moment I made my first espresso, I realized that was what I wanted to do with my life.”
Al-Ali said that she is happy to see many cafes become places for family gatherings, business deals, or to study and even surf the internet.
Meanwhile, the growing taste for coffee in the Kingdom is also highlighting a divide between the generations when it comes to their favorite brew.
According to tea-maker Saleh Al-Husaiki, 53, older people still view Saudi Arabia as a tea-drinking nation.

I can see that the new-style coffee shops have opened side by side across the town, and more young people go to specialty cafes. But lots of people still come to us and enjoy the old tea prepared on fire.

Saleh Al-Husaiki, Tea-maker

Al-Husaiki serves the famous Taifi tea (with mint) and normal dark tea on the street, all brewed on an open coal fire.
“I can see that the new-style coffee shops have opened side by side across the town, and more young people go to specialty cafes. But lots of people still come to us and enjoy the old tea prepared on fire,” he told Arab News.
The older generation is still loyal to traditional hot drinks such as tea, Turkish coffee or espresso, according to Al-Husaiki, who is also a government employee.
“I agree that Saudis’ attitudes to coffee has changed recently with a new generation, but for me and others who belong to the old school, things are still the same — we prefer the Saudi traditional coffee, the regular black tea and the Turkish coffee,” he said.
Mohammed bin Abdul Hakim Al-Saadi, a Saudi businessman and investor in restaurants and cafes, said that the sector has fully recovered from the coronavirus (COVID-19) pandemic, thanks to various support packages provided by the government, which mounted 150 initiatives for the private sector and its workers.
Amid growing demand for new cafes and restaurants, official statistics show that investment in the sector has reached SR221 billion ($58.9 billion), with growth rates of about 8 percent expected by the end of the year.
According to recent statistics, the Ministry of Commerce has received applications for 30,000 licenses to establish cafes in the Kingdom.
Meanwhile, as coffee’s popularity soars in the Kingdom, the value of imports has risen to SR1.16 billion annually, or SR3.18 million per day, authorities say. Saudi Arabia imported about 80,000 tons of coffee in 2019-2020.


Saudi ministry reveals 10 million pilgrims have performed Umrah since launch of safety procedures

 Muslim pilgrims, keeping social distance and wearing face masks, perform Tawaf during the annual Hajj pilgrimage, in the holy city of Makkah, Saudi Arabia July 20, 2021. (REUTERS)
Muslim pilgrims, keeping social distance and wearing face masks, perform Tawaf during the annual Hajj pilgrimage, in the holy city of Makkah, Saudi Arabia July 20, 2021. (REUTERS)
Updated 47 sec ago

Saudi ministry reveals 10 million pilgrims have performed Umrah since launch of safety procedures

 Muslim pilgrims, keeping social distance and wearing face masks, perform Tawaf during the annual Hajj pilgrimage, in the holy city of Makkah, Saudi Arabia July 20, 2021. (REUTERS)
  • More than 12,000 visas have been issued since the Kingdom once again began to welcome pilgrims from other countries on Aug. 10 this year

JEDDAH: The Saudi Ministry of Hajj and Umrah has announced that 10 million pilgrims have successfully performed Umrah since Oct. 4 last year, following the launch of its “safe Umrah” procedures and the gradual return of pilgrims to the Two Holy Mosques.

It also revealed that more than 12,000 visas have been issued since the Kingdom once again began to welcome pilgrims from other countries on Aug. 10 this year.
The ministry said it continues to make every effort to protect the health and safety of pilgrims, worshippers and visitors to the mosques, and urged everyone to follow all instructions and adhere to the precautionary measures designed to prevent the spread of COVID-19.
Officials aim to reach a capacity of 3.5 million pilgrims, visitors and worshippers a month. Abdulfattah bin Sulaiman Mashat, the deputy minister of Hajj and Umrah, said the current capacity is 70,000 pilgrims a day.
He added that full vaccination is a prerequisite for the granting of permits to Umrah pilgrims and other worshippers who wish to visit the Grand Mosque and Prophet’s Mosque. The permits are issued through the Tawakkalna application. Health authorities in the Kingdom have approved the use of vaccines for all people over the age of 12 years old.

HIGHLIGHT

Officials aim to reach a capacity of 3.5 million pilgrims, visitors and worshippers a month. Abdulfattah bin Sulaiman Mashat, the deputy minister of Hajj and Umrah, said the current capacity is 70,000 pilgrims a day.

Mashat said that the ministry reopened Umrah for pilgrims from other countries on Aug. 10. A system of procedures, controls and requirements for their arrival, including a recognized certificate confirming immunization with an approved vaccine, was prepared in coordination with all relevant authorities to ensure the safety of all pilgrims, he added.
Saudi authorities said they are continually updating the list of countries from which pilgrims can enter the Kingdom, based on pandemic developments and health indicators, and the minister said the number arriving from other nations is steadily increasing.
International visitors are advised to register their vaccination status on the Muqeem platform 72 hours before traveling to the Kingdom. Pilgrims can also receive assistance from Ministry of Hajj and Umrah care centers.


Saudi Food and Drug Authority organizes patient awareness seminars

Saudi Food and Drug Authority’s participation in marking this day reflects its eagerness to support public health programs and patient safety. (SPA)
Saudi Food and Drug Authority’s participation in marking this day reflects its eagerness to support public health programs and patient safety. (SPA)
Updated 18 September 2021

Saudi Food and Drug Authority organizes patient awareness seminars

Saudi Food and Drug Authority’s participation in marking this day reflects its eagerness to support public health programs and patient safety. (SPA)
  • The event tackled issues regarding the safe use of medical devices, pharmacological vigilance during pregnancy, preventative measures to reduce the need for medicine

RIYADH: The Kingdom joined the world in celebrating World Patient Safety Day, marked annually on Sept. 17, with the Saudi Food and Drug Authority on Friday organizing a series of seminars that aim to raise patient awareness on matters related to health and safety.
The event tackled issues regarding the safe use of medical devices, pharmacological vigilance during pregnancy, preventative measures to reduce the need for medicine, as well as regulations related to the way information on pregnancy and lactation is written and displayed on product leaflets. The SFDA’s participation in marking this day reflects its eagerness to support public health programs and patient safety.