Two nations, one vision: Saudi Arabia and UK celebrate achievements, discuss future collaborations at London forum

Special Two nations, one vision: Saudi Arabia and UK celebrate achievements, discuss future collaborations at London forum
Prince Khalid bin Bandar, the Saudi ambassador to the UK, addressing the audience at the UK Saudi Business, Trade and Partnership Forum (Supplied)
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Updated 09 June 2023
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Two nations, one vision: Saudi Arabia and UK celebrate achievements, discuss future collaborations at London forum

Two nations, one vision: Saudi Arabia and UK celebrate achievements, discuss future collaborations at London forum

LONDON: Economic and trade relations between the UK and Saudi Arabia were further cemented in London this week as delegations from the two countries convened to mark the progress of the Kingdom’s Vision 2030 initiative and explore fresh avenues for collaboration.

The UK Saudi Business, Trade and Partnership Forum, hosted at Mansion House in the heart of the City of London by the Saudi British Joint Business Council and the Saudi National Competitiveness Center, drew government officials, business leaders, and experts from both nations.

While acknowledging the accomplishments thus far, Emad Al-Thukair, co-chairman of the Saudi British Joint Business Council, emphasized that the partnership between the two countries has only “scratched the surface.”

“The opportunities are huge,” Al-Thukair told Arab News, adding: “On one hand, the UK seeks more markets, while Saudi Arabia craves technology and opportunities, fostering a wealth of knowledge transfer.

“On the flip side, the UK’s current economic landscape presents abundant opportunities for Saudi funds on the lookout.”

Al-Thukair expressed optimism that the $21.4 billion trade volume figure will multiply significantly over the next two to three years, with opportunities flourishing in both Saudi Arabia and the UK.

In 2022, trade exchanged between the countries experienced a surge of 68 percent compared to the previous year, with the UK’s exports to Saudi Arabia reaching a value of $15.17 billion, while imports from the Kingdom amounted to $6.39 billion.

Discussions at the event revolved around investment opportunities and trade agreements, as well as private sector cooperation in various sectors such as finance, clean energy, education, healthcare, and creative industries.




Grant Shapps, the UK Secretary of State for Energy Security and Net Zero (Supplied)

Speaking to Arab News, UK Minister for Investment Dominic Johnson shared an upbeat perspective on UK-Saudi Arabia business relations, with a special focus on the opportunities in asset management and financial services.

The former entrepreneur argued the UK can bring diverse investment expertise to Saudi Arabia, helping it to branch out from broad-based equity investments into specialized fields like private equity and venture capital.

“I always strive to place my team in the region, as it creates a powerful ripple effect,” said Johnson.

“It brings in individuals with knowledge of various investment types, crucial for transitioning from broad-based equity investments to more specialized, illiquid infrastructure like private equity, venture capital, and the like – all of which will fuel the economy,” he added.

While Johnson acknowledged London’s central role in Saudi Arabia’s financial growth, he expressed his desire to see more Saudi investments spread throughout the UK, particularly the northeast of England.

The UK ambassador to Saudi Arabia Neil Crompton echoed similar sentiments in his opening remarks, saying: “I take great pleasure in witnessing the people-to-people connections in these new development areas.”

He added: “SABIC (Saudi Basic Industries Corp) invested heavily in ICI (Imperial Chemical Industry), alfanar put money into Teesside for clean energy fuel, and Newcastle United, who were struggling 16 months ago, managed to secure a spot in the Champions League this year.

“As a Sunderland supporter is a source of considerable pain to me, but someone once proudly mentioned that the value of their investment has doubled since then.”

Last year, Saudi group alfanar invested $1 billion to launch Lighthouse Green Fuels Energy, the UK’s first company to produce sustainable aviation fuel from waste on a large scale, creating 240 jobs in North England’s Port Clarence site.

In 2021, Saudi petrochemical giant SABIC announced a $1.37 billion investment at its Teesside facility in the northeast of England, targeting decarbonization.




Emad Al-Thukair, co-chairman of the Saudi British Joint Business Council, speaking at the event (Supplied)

During the event, participants also seized the moment to reflect upon and celebrate the achievements made under the Vision 2030 initiative.

Launched by Crown Prince Mohammed bin Salman in 2016, Vision 2030 is currently at the halfway point of its timeline, working towards revitalizing the Kingdom’s economy and enhancing key sectors such as health, tourism, infrastructure, and education.

Majid Al-Kassabi, Saudi Arabia’s Minister of Commerce, declared to the forum that “today, Saudi Arabia is a different Saudi Arabia,” emphasizing the rapid advancements made towards the Kingdom’s development and transformation agenda.

Al-Kassabi credited the Kingdom’s leadership for the initiative’s success, stating: “It’s not a strategy, it’s all about execution which is the key success factor.”

He added: “Why did we succeed so far? Leadership. Change does not come from the bottom; change has to come from the top. Anybody can steer a ship, but it takes a captain to navigate a course.”

Further private sector participation was also one of the key topics raised during the forum.

Al-Kassabi highlighted that while governmental relations remain strong and continue to foster a thriving business ecosystem, private sector participation is becoming increasingly vital.

To make it easier for foreign private enterprises to enter the Kingdom, Saudi authorities have introduced a range of initiatives, including the Saudi Business Centre, a one-stop-shop offering bureaucratic support to businesses looking to embark on ventures in the Kingdom.

Al-Kassabi encouraged potential investors to visit the Kingdom, assuring them that they would be connected with the right people, government officials, or private sector representatives to explore opportunities based on their interests. “Because seeing is believing,” he added.

Both the Saudi and UK delegations emphasized the importance of visiting Saudi Arabia to truly grasp the vast opportunities available.

Prince Khalid bin Bandar, the Saudi ambassador to the UK, was among several speakers urging British businesspeople who have not yet visited Riyadh to do so.

“Certainly not in my lifetime have I seen anything like what’s happening in Saudi today,” he said, adding: “What we have managed to accomplish in Saudi Arabia over the last seven years is revolutionary.

“You must get there. There are flights every day. Get on one and come and see for yourself. 

“It is magnificent what’s happening. It is remarkable. It’s exciting. The energy in the country could power a rocket to the moon.”

Hailed as a triumph by both parties, the forum is expected to pave the way for even more fruitful collaboration between Saudi Arabia and the UK in the years ahead.

During an interview with Arab News, Saudi British Joint Business Council’s CEO Chris Innes-Hopkins praised the atmosphere that filled the room as participants gathered to engage in discussions, celebrate achievements, and explore new possibilities related to Saudi Vision 2030.

Innes-Hopkins highlighted the Council’s ability to foster collaborations between Saudi Arabia and the UK through the organization of network-led events, with a specific focus on emerging sectors such as clean technology and health tech.

He further emphasized the mutually beneficial nature of the Saudi-British relationship, citing the example of Lean Technologies, a successful fintech company that not only found traction in Saudi Arabia but also established an office in London to leverage the talent pool and serve as a gateway to the Middle East market.

Expressing his pride, Innes-Hopkins acknowledged the presence of numerous smaller companies in the audience, recognizing their vital role in forging connections and driving the conversation forward.

“After all, this is what the council is all about. We are not just a chamber of commerce; we are a dynamic business network that connects, inspires, and collaborates for a brighter future,” concluded Innes-Hopkins.


Newly launched company set sights on Saudi coastal city as first tourism project

Newly launched company set sights on Saudi coastal city as first tourism project
Updated 26 September 2023
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Newly launched company set sights on Saudi coastal city as first tourism project

Newly launched company set sights on Saudi coastal city as first tourism project

ABU DHABI: A Saudi coastal city will be the site of Baheej’s first project in its strategy to develop exciting tourist destinations as part of the Kingdom’s Vision 2030 plans.

The development company was launched on Tuesday by Asfar, a Saudi-based tourism investment firm, and a joint venture between AWN Enterprises and Tamimi Group.

Baheej will study each city in Saudi Arabia to identify gaps in a tourist’s itinerary, and speaking to Arab News on the sidelines of the Future Hospitality Summit in Abu Dhabi, one of the executives involved with the company gave more details of its future plans.

“We are extremely in the early stages. That will be the first asset that will be developed and up and running by, I would say, the beginning of 2027,” said Abdulrahman Al-Bassam, executive chairman of AWN Enterprises and a member of Baheej’s board of directors.

Without sharing further details about the project’s site, the executive confirmed that “it will be a coastal city.”

Al-Bassam said he hoped Baheej would help Saudi Arabia meet its economic diversification goals for tourism, which includes attracting 100 million local and international visitors annually by 2030.

Norah Al-Tamimi, who hails from one of the Kingdom’s most influential family businesses, has been appointed the acting chief executive.

Expanding on the remit of the new initiative, Al-Bassam said: “So if the gap is in, for example, accommodation, we provide accommodation. If the gap is in, let’s say, a visitor center or a beach retreat or you name it, that would be part of the project assets that we would like to develop in a certain city.”

Baheej is also focused on destination management, and will work hand-in-hand with local governments and authorities, as well as “a local tour operator who owns, say, a couple of horses to use in a touristic experience,” said the executive.

Al-Bassam noted that Asfar comes in “with its power as an investor, as well as a catalyst with regional players, be them regulators or service providers or affiliates and companies within the PIF conglomerate.”

Asfar was created by the Public Investment Fund earlier this year to support the Kingdom’s tourism strategy, which is a key part of Vision 2030.

Al-Bassam went on to state: “Whereas our alliance — Tamimi Group and AWN Enterprises — that’s the private partner within this partnership, comes in with their experience in contracting and in professional services as well as the hospitality, restaurants, and catering business.”

The company’s head noted that he views gaps in Saudi Arabia’s tourism as opportunities rather than problems, as this denotes room for improved tourism experiences.

“Each town in Saudi Arabia has its own uniqueness and we would like to tap into this,” he said.


Closing Bell – TASI grows 40 points; ADES Holding begins retail subscription 

Closing Bell – TASI grows 40 points; ADES Holding begins retail subscription 
Updated 26 September 2023
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Closing Bell – TASI grows 40 points; ADES Holding begins retail subscription 

Closing Bell – TASI grows 40 points; ADES Holding begins retail subscription 

RIYADH: Saudi Arabia’s Tadawul All Share Index concluded its trading on Tuesday at 10,918.24 points, rising 0.37 percent. 

Parallel market Nomu closed at 22,406.83, gaining 169.84 points, or 0.76 percent.   

MSCI Tadawul 30 Index edged up 2.83 points, or 0.2 percent, to 1,402.31.   

The primary index’s total turnover touched SR6.2 billion ($1.6 billion), as 93 stocks rose and 126 retreated. Conversely, Nomu recorded a trading turnover of SR86 million. 

Al Sagr Cooperative Insurance Co. was the topmost performer in TASI, soaring 7.86 percent to SR23.60.  

Additionally, Saudi Automotive Services Co. soared 7.77 percent to SR62.40. 

Another notable performer, Saudi Arabian Amiantit Co., jumped 6.27 percent to SR51.70.  

Abdulmohsen Alhokair Group for Tourism and Development and Aldrees Petroleum and Transport Services Co. climbed 5.56 percent and 5.27 percent to SR2.28 and SR139.80, respectively. 

On the flip side, Al-Baha Investment and Development Co. experienced the most significant drop, plunging 6.25 percent to SR0.15.  

Shares of Thimar Development Holding Co. and Saudi Real Estate Co. dipped 5.14 percent and 3.13 percent to SR26.75 and SR13.62, respectively. 

Sumou Real Estate Co. and First Milling Co. both slumped about 2.7 percent to finish at SR1.30 and SR2, respectively. 

On the announcement front, ADES Holding opened its doors for public subscription of 33.87 million shares, priced at SR13.50 each.   

This valuation pegged at a nominal value of SR1 per share was ascertained through a structured order book-building process. 

The subscription window, initiated by the company, will span three days, concluding on Sept. 28.   

This move follows the green light from the Financial Market Authority on June 21, granting the drilling services company permission to register and make available 338.72 million shares from its total capital pool. 


Saudi Arabia’s transformation turns it into a must-visit tourism destination

Saudi Arabia’s transformation turns it into a must-visit tourism destination
Updated 26 September 2023
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Saudi Arabia’s transformation turns it into a must-visit tourism destination

Saudi Arabia’s transformation turns it into a must-visit tourism destination

ABU DHABI: Tourists are expected to add Saudi Arabia to their “bucket list” due to the government’s transformation of the sector, according to industry veteran William Heinecke, founder and chairman of Minor Hotels. 

Speaking during a panel discussion on the second day of the Future Hospitality Summit in Abu Dhabi, Heinecke noted that Saudi Arabia is on the verge of significant change, predicting that the Kingdom will achieve in 10 years what it took Dubai 30 years to accomplish. 

The Kingdom is currently undergoing a remarkable tourism boom, with the sector expanding by 121 percent in 2022, positioning it as the fastest-growing destination in the G20 and surpassing the global average prior to COVID-19, as detailed in an annual report tracking the progress of Vision 2030.   

Data from the real estate consultancy firm Knight Frank revealed that, under Vision 2030, Saudi Arabia’s hotel industry is poised for further expansion, targeting a total of 310,000 hotel rooms by 2030, with an estimated investment of $110 billion. 

Heinecke expressed his admiration for Saudi Arabia’s visionary leader, who is young enough to see through ambitious initiatives. 

“You need someone not only who has the money, but you need someone who has the vision and the passion to stay with it,” he said.  

“When you look at what’s happening in Saudi Arabia, it’s incredible. It’s going to make so many new bucket lists for everybody in the world. And even what’s happened in the Middle East, Dubai, Doha, it's incredible,” Heinecke added.  

In another panel discussion, various factors and trends that are shaping the travel and tourism industry were deliberated. 

Gilda Perez-Alvarado, incoming group chief strategy officer at Accor, a leading hospitality company, highlighted subjects such as innovation, the impact of technology, and broader long-term trends that are affecting the entire ecosystem of travel and hospitality, including hotels.   

“The amount of change we’re witnessing now, which, by the way, was accelerated during the pandemic, is extremely exciting. So, if you ask me what one of the catalysts for change was, it was that,” Perez-Alvarado said during her panel. 

However, she added: “Our industry is still highly fragmented, so there’s plenty of room for growth." 

Perez-Alvarado emphasized that significant changes and developments are taking place in Saudi Arabia that were previously unimaginable. 

“One where you’re seeing things done that no one would have imagined could be done. In 2015, who would have thought that we would have witnessed the changes we’re seeing in Saudi Arabia?” she said. 

Perez-Alvarado concluded by emphasizing that the Middle East is the fastest-growing region, with Saudi Arabia’s Vision 2030 now becoming a reality, demonstrating that ambitious goals can be accomplished, showcasing the region’s ability to turn imaginative ideas into tangible achievements. 


UAE’s Yas, Saadiyat islands ‘great and safe’ investment destinations 

UAE’s Yas, Saadiyat islands ‘great and safe’ investment destinations 
Updated 26 September 2023
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UAE’s Yas, Saadiyat islands ‘great and safe’ investment destinations 

UAE’s Yas, Saadiyat islands ‘great and safe’ investment destinations 

ABU DHABI: The UAE’s Yas and Saadiyat islands have emerged as safe havens for investment thanks to the endeavors of the Abu Dhabi Department of Culture and Tourism in grooming them as luxury destinations, said the CEO of a real estate development firm.

Speaking to Arab News on the sidelines of the Future Hospitality Summit in Abu Dhabi on Tuesday, Miral Group CEO Mohamed Abdalla Al-Zaabi said both destinations continue to attract investments and tourists in line with the UAE’s vision of economic diversification.

“Abu Dhabi has been listed five times in a row as the safest city in the world. Investment here is very lucrative. Saadiyat and Yas islands are growing very fast,” Al-Zaabi said.

The top executive said: “In 2021, we added three hotels with 1,000 rooms, and now see 90 percent occupancy in summer.”

He said more rooms will be added to help boost the fast-growing tourism sector and ultimately aid the country’s economic diversification plans.   

Al-Zaabi said tourism will play a key role in economic diversification. He said the country wants to increase the sector’s contribution to the gross domestic product from 15 percent to 17 percent, which “is not easy to achieve.”

“Hotels will always be a key factor here in that pillar, and we at Miral are proud of what we have done so far. Only in 2021, we opened three hotels on Yas Island. We opened Hilton, DoubleTree and, of course, in collaboration with Warner Bros. Discovery, we opened the WB hotel in Abu Dhabi, which is the first Warner Bros. hotel in the world,” Al-Zaabi said.

He said the Warner Bros. achieved 90 percent occupancy last summer. I think summer now is no longer a low season here in Yas Island.   

“Since 2007, we have been developing Yas Island, introducing new facilities and attractions, and today we see that all coming together under one umbrella, one vision, integrated, and interconnected to provide a very unique and unforgettable experience for our customers,” he said.

Commenting on whether Yas Island can accommodate more, he said they have long been adding attractions, facilities, hotels, and rooms, and they now, with the other partners, are adding more properties, and homes on the islands.

Al-Zaabi also pointed out that they recently announced their environmental, social, and governance strategy focusing on eight areas.

“We have already implemented two great initiatives that I am personally very proud of. We signed an agreement with Emerge, a Masdar subsidiary, to install solar panels, that provide more than 7 megawatts of power to our theme park. And now recently we also did the same at SeaWorld Abu Dhabi, where we installed solar panels to supply almost 5 MW,” he said.

The CEO said they are busy with their Phenomena Abdu Dhabi project, in collaboration with the Japanese TeamLab.   

“We are also building the Natural History Museum. Both projects are the result of our collaboration with the Abu Dhabi Department of Culture and Tourism. We are also expanding Warner Bros theme park by adding a Harry Potter area, which would be a good expansion to enrich our customer experience on the island,” he said.


Saudi hospitality sector emerging as new global benchmark

Saudi hospitality sector emerging as new global benchmark
Updated 26 September 2023
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Saudi hospitality sector emerging as new global benchmark

Saudi hospitality sector emerging as new global benchmark

ABU DHABI: Saudi Arabia’s tourism and hospitality sector is in high gear to achieve industry targets set under Vision 2030, industry leaders said during a panel on Tuesday.

“No sector matches tourism in creating jobs, especially in rural areas and communities that are currently suffering from unemployment. One in every five jobs globally today is supported by tourism, so that’s tourism is such an important sector,” Badr Alherbish, chief strategy officer of Saudi Arabia’s Tourism Development Fund, said in one of the sessions of the three-day Future Hospitality Summit in Abu Dhabi.

One example of Saudi Arabia’s ambitious development push is the Rua Al Madinah project — a mega mixed-used real estate development to the east of the Prophet’s Mosque — which, according to Ahmed Al-Juhani, CEO of Rua Al Madinah Holding, required laser focus to work around logistical issues to deliver this massive project.

“(Since) the launch, the master plan and infrastructure work… there has been a lot of work done on the ground. We actually took over the land and we made all the detours around the urban development. We completed the design of 5,000 rooms, we signed a hotel management agreement with three companies for these rooms.”

The value of contracts and execution is now more than SR5.3 billion ($1.4 billion), Al-Juhani added, and the company will next month go to the market for the tender of the 5,000 rooms.

“We also have another 7,000 rooms under design right now and in the concept stage and also another 8,000 rooms when start design in November,” he said.

“We are talking about 20,000 rooms before the year ends at different stages: under design, under construction, or in the middle of the design.”

Meanwhile, the Boutique Group headed by Mark DeCocinis is renovating three historic palaces: Al-Hamra Palace which will offer 77 keys including 33 luxury palace suites and 44 luxury villas in Jeddah; Tuwaiq Palace which will provide 96 keys including 40 luxury palace suites and 56 luxury villas; and the Red Palace will offer 71 keys including 46 luxury suites, and 25 luxury guest rooms. Both Tuwaiq and Red Palace are located in Riyadh.

“We’re renovating and restoring these balances, which takes time and it takes a lot of love and attention to detail. Our guest profile, we target the very top of regional and international travelers… we want to provide that exceptional service and personalized service,” DeCocini told the panel.

“I believe Saudi hospitality will be the new benchmark in the world globally.”