Saudi Arabia showcases NEOM in its first roadshow in London 

Saudi Arabia showcases NEOM in its first roadshow in London 
NEOM's CEO Nadhmi Al-Nasr shares his own personal connection with the UK during the event
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Updated 03 December 2021

Saudi Arabia showcases NEOM in its first roadshow in London 

Saudi Arabia showcases NEOM in its first roadshow in London 

Saudi Arabia’s smart city NEOM has hosted its first UK roadshow event in London to promote investment opportunities.

It was attended by over 250 leaders from the country’s business, financial, environmental and political circles.

Launched by Saudi’s ambassador to the UK, the Discover NEOM event included presentations, panels and an exhibition of NEOM in film and images, paving the way to direct meetings with the project’s CEO and industry leaders.

Khalid bin Bandar Al-Saud has praised the Kingdom’s progress over the last five years in diversifying its economy, as non-oil revenues increased by 222 percent. 

“NEOM is a global hub for innovation and an accelerator for growth,” he said, reiterating the city’s role as the cornerstone of Vision 2030. 

Al-Saud has also welcomed numerous UK companies and international talents who already contribute to making the ambitious dream a reality. 




Baroness Helena Morrissey joins NEOM CEO Nadhmi Al-Nasr to discuss the project

NEOM’s CEO Nadhmi Al-Nasr reiterated that “NEOM is very much open for business,” referring to the recent establishment of OXAGON.

The world’s largest floating industrial complex, located on the Red Sea close to the Suez Canal OXAGON is to establish a fully integrated port and supply chain ecosystem for NEOM, as announced last November.

NEOM, as announced in 2017, is the Kingdom’s Vision 2030 flagship project, led by Prince Mohammad bin Salman to act like an engine for the country’s economy. 

The $500 billion project is described as the world’s first “cognitive and smart city." 

The vast sustainable development covers 10,000 square miles of Tabuk province in north-west Saudi Arabia.

It includes a 170-kilometre long linear city known as The Line, planned to have one million citizens, preserving 95 percent of the nature within NEOM. 

The city of NEOM has also signed a deal with the German-based Volocopter to develop the world's first bespoke public transport development, enabling an open electric vertical take-off and landing ecosystem for vertical mobility services, known as eVTOL.

The deal demonstrates NEOM as an ideal region to rapidly implement urban air mobility and create a fully integrated vertical mobility ecosystem, the CEO of NEOM said. 

Lord Ed Vaizey, who participated in one of the panels, welcomed NEOM’s financial and technological ambitions across its 14 sectors, and said: “Digital technology is close to my heart, and it was energizing to hear of NEOM’s plans for technology as it builds its cognitive cities.

"The plans for financial services are also dramatic and new, which will have far-reaching affects around the world, but most importantly help to create a more inclusive society in Saudi Arabia, one of the key Vision 2030 goals.”


Saudi Arabia discovers 3,000 industrial minerals in the Arabian shield : Director of SGS

Saudi Arabia discovers 3,000 industrial minerals in the Arabian shield : Director of SGS
Updated 15 sec ago

Saudi Arabia discovers 3,000 industrial minerals in the Arabian shield : Director of SGS

Saudi Arabia discovers 3,000 industrial minerals in the Arabian shield : Director of SGS

RIYADH: Saudi Arabia’s search of mineral resources is continuing in the Arabian shield in the west part of the Kingdom, where 3000 mineral occurrences have already been discovered.

The Arabian shield covers an area of 600,000 km2, which the Saudi Geological Survey, aims to survey for mineral occurrences, according to the senior director of the Survey and Exploration Centre at SGS.

Among the 2,361 metallic minerals discovered in the Arabian shield are copper and zinc, with more set to follow as per the SGS strategy.

“The total of minerals is about 5,535 mineral occurrences in Saudi Arabia,” Abdullah Nabhan told Arab News on the sidewalk of the Future Mineral Forum, FMF.


Mine costing $200m to be built in Saudi Arabia after gold and copper discovery: mining chief

Mine costing $200m to be built in Saudi Arabia after gold and copper discovery: mining chief
Updated 7 min 49 sec ago

Mine costing $200m to be built in Saudi Arabia after gold and copper discovery: mining chief

Mine costing $200m to be built in Saudi Arabia after gold and copper discovery: mining chief

RIYADH: Gold, copper, zinc and silver has been discovered among 25 million tons of rock near Taif, western Saudi Arabia, by Gold and Mineral Co, a joint venture between global and local partners.

The unearthing of the metals has prompted the company to set out plans for a mine, according to the CEO of Gold and Mineral Co.

“To build a mine, it will cost us and my shareholders $200 million, creating jobs for around 700 people,” Brian Hosking told Arab News on the sideline of the Future Mineral Forum in Riyadh. 

The company expects to start producing in 2025, but will first have to complete the design of the mine that avoids environmental damages and assures local community engagement in the project.

Hosking expects higher demands on copper in the future thanks to its ability to conduct electricity compared to other minerals.

“The lucky thing is that Saudi Arabia has actually got many projects which are possibly for copper,” he said.

He also said he supports measures by the Saudi government to ensure mining is carried out in an environmentally responsible way.

“This is not about zero carbon, this is about that my children and your children have a future on this earth,” he added.

Gold and Mineral Co is a joint venture between the London-listed company KEFI Minerals and Abdul Rahman Al-Rashid and Sons Co., which has a 69 percent stake in the company.


South Korea, GCC expect free trade deal within 6 months as negotiations resume

South Korea, GCC expect free trade deal within 6 months as negotiations resume
Updated 19 min 39 sec ago

South Korea, GCC expect free trade deal within 6 months as negotiations resume

South Korea, GCC expect free trade deal within 6 months as negotiations resume
  • The free trade agreement between the two sides is expected to “contribute to strengthening the solid economic relations and strengthening the strategic partnership”

DUBAI: South Korea and the Gulf Cooperation Council agreed on Wednesday to resume free trade, with an agreement expected to be reached within six months from the date of the first round of negotiations.

During a meeting between South Korean Minister of Trade, Industry and Energy Moon Sung-wook and GCC Secretary-General Nayef Al Hajraf, both parties stressed the importance of “opening wide prospects for trade and industrial cooperation.” 

Both men discussed the challenges facing GCC countries, which prompted them to reduce dependence on oil incomes, enhance non-oil revenues and focus on renewable and clean energy, according to a statement issued by the council. 
The free trade agreement between the two sides is expected to “contribute to strengthening the solid economic relations and strengthening the strategic partnership between us,” the statement added.


TASI edges down amid rising oil prices, lingering omicron worries: Opening bell

TASI edges down amid rising oil prices, lingering omicron worries: Opening bell
Updated 30 min 1 sec ago

TASI edges down amid rising oil prices, lingering omicron worries: Opening bell

TASI edges down amid rising oil prices, lingering omicron worries: Opening bell

RIYADH: Saudi Arabia’s main stock index, TASI, started the day in the red territory amid lingering omicron-driven fears and higher oil prices, which hit a seven-year high on Tuesday.

As of 10:15 a.m. Saudi time, TASI edged 0.2 percent lower to reach 12,177 points, and the parallel market Nomu was flat at 26,056 points.

Early morning losses were propelled by an adverse performance in Saudi Arabia's financial sector.

The Kingdom’s largest bank by market value, Al Rajhi Bank, fell 0.3 percent.

Shares in the Saudi British Bank, or SABB, Bank Aljazira, and Riyad Bank were down 1.4, 0.5, and 0.3 percent, respectively.

Saudi Aramco opened 0.14 percent lower.

The oil giant signed one agreement and nine MoUs with leading South Korean entities to advance its downstream strategy and support development of low-carbon energy solutions, while creating new financing options for the company.

Tadawul group, owner of the Saudi Exchange, went up to its highest value since listing of SR170 ($45.3), with over SR90 million worth of shares changing hands during early trading.

Shares in Saudi real estate developer Red Sea International Co. gained 1.5 percent, after it signed a SR60.5 million deal with The Red Sea Development Co., TRSDC, to develop three complexes in the Saudi Western region.

Riyadh-based consumer durables and apparel company Thob Al Aseel Co. led the gainers, up 3 percent.

In energy trading, Brent crude reached $87.9, and US WTI crude oil traded at $86 per barrel as of 10:30 a.m. Saudi time.


UK inflation accelerates to near 30-year peak

UK inflation accelerates to near 30-year peak
Getty Images
Updated 40 min 52 sec ago

UK inflation accelerates to near 30-year peak

UK inflation accelerates to near 30-year peak
  • Economies worldwide are battling against decades-high inflation that is forcing central banks to hike interest rates

British annual inflation accelerated in December to its highest level for almost three decades, official data showed Wednesday, fuelled by price gains for clothing, food and furniture.


The rate hit 5.4 percent last month after striking a decade-high in November on jumping fuel costs, the Office for National Statistics said in a statement.


Inflation was last higher in March 1992 when it had stood at 7.1 percent.


Economies worldwide are battling against decades-high inflation that is forcing central banks to hike interest rates, including the Bank of England which last month raised its key borrowing cost.


"The inflation rate rose again at the end of the year and has not been higher for almost 30 years," said ONS chief economist Grant Fitzner.


"Food prices again grew strongly while increases in furniture and clothing also pushed up annual inflation.


"These large rises were slightly offset by petrol prices, which despite being at record levels were stable this month, but rose this time last year."


Fitzner added that last year's Covid lockdowns had impacted some items but the overall impact on headline inflation rate was "negligible".