Jeddah’s KAIA is on course to achieve its strategic targets: senior official

Jeddah’s KAIA is on course to achieve its strategic targets: senior official
Jeddah’s King Abdulaziz International Airport has served over 35 million passengers over 207,000 flights from January to October, according to JEDCO CEO Ayman Abdulaziz Abu Abat. Shutterstock
Short Url
Updated 19 November 2023
Follow

Jeddah’s KAIA is on course to achieve its strategic targets: senior official

Jeddah’s KAIA is on course to achieve its strategic targets: senior official

RIYADH: Jeddah’s King Abdulaziz International Airport has served over 35 million passengers over 207,000 flights from January to October, according to a senior official. 

Speaking at the Annual Strategic Forum of Jeddah Airports Co. in King Abdullah Economic City on Nov. 18, JEDCO CEO Ayman Abdulaziz Abu Abat said that KAIA had also served 6.5 million pilgrims besides shipping 16.7 million luggage. 

He highlighted that during the Hajj season alone, the airport served over 7.8 million passengers on over 51,000 flights, shipping 10.6 million luggage and around 1 million Zamzam water bottles.  

During the forum, JEDCO Chairman Raed Al-Mudaiheem also announced that KAIA was steadily moving toward its strategic plan to connect 150 cities by 2030. 

Al-Mudaiheem said the airport followed a clear plan to serve 114 million passengers and increase non-aeronautical income to 45 percent of the total revenues by 2030. 

He added that this initiative is an extension of the support provided to the sector by King Salman and Crown Prince Mohammed Bin Salman. 

He added that the forum was also instrumental in boosting airport operations in line with the objectives of the National Transport and Logistics Strategy.  

Jeddah Vice Gov. Trad bin Fahad Al-Sharif inaugurated the strategic meeting that held several sessions to revisit the targets and review the achievements to develop new recommendations.  

Al-Mudaiheem also highlighted the growing importance of promoting entrepreneurship and teamwork among government entities and other stakeholders to ensure Jeddah International Airport achieves top standards of aviation operations. 

The forum also aimed to review JEDCO’s 2024 action plan in a way that contributes to developing operational efficiency and improving the passengers’ experience at the airport. 

It also contributed to coordinating and aligning the stakeholders at the airport. 

The three-day event included several workshops to discuss ways to turn challenges into opportunities by reviewing the most important results achieved by the company in 2023. 


Oman opens its market to Brazilian live cattle

Oman opens its market to Brazilian live cattle
Updated 23 February 2024
Follow

Oman opens its market to Brazilian live cattle

Oman opens its market to Brazilian live cattle
  • Announcement made following meeting of officials from both countries in Muscat
  • Both sides emphasized interest in expanding governmental cooperation, commercial partnerships

SAO PAULO: The Brazilian livestock sector is now authorized to export live cattle for slaughter and fattening to Oman.

The announcement was made after a meeting between Roberto Perosa, Brazil’s secretary for trade and international relations, and Ahmed Nasir Al-Bakri, undersecretary at Oman’s Agriculture Ministry. There were other members of the Omani government at the meeting.

“This new market adds to the other 14 opened this year, totaling 93 since the beginning of last year, during President Lula’s third term,” Perosa said.

“At the request of (Agriculture) Minister Carlos Favaro, we continue our mission in the Middle East, visiting countries aiming to expand Brazilian agricultural trade, opening new markets, obtaining approvals for plants through the pre-listing system (eliminating the need for local audits), and negotiating the import of nitrogen fertilizers.”

The Brazilian delegation visiting Oman also includes Julio Ramos, deputy secretary for trade and international relations, and Marcel Moreira, director of trade promotion and investments.

These new markets are the result of joint work by Brazil’s ministries of agriculture and livestock, and foreign affairs.

Representatives of both countries’ agriculture ministries emphasized their interest in expanding governmental cooperation and commercial partnerships.

They identified synergies between Oman’s Vision 2040 plan, which includes food security, and the Brazilian program to convert degraded pastures into agricultural areas.

They also discussed the possibility of partnerships in areas such as fertilizers, sugar, grains for animal feed, live animals, chicken meat and fish.

The Brazilian delegation also met with Ibtisam Ahmed Said Al-Farooji, undersecretary for investment promotion at Oman’s Ministry of Commerce, Industry and Investment.

She presented an Omani program that aims to increase investments in her country and abroad, focusing on food security and Oman’s interest in becoming a hub for the Gulf region.

Al-Farooji also underlined Oman’s neutrality and stability, adding that Brazil could be a great partner.

During the meeting, Perosa emphasized the good relations and complementarity between the two countries, saying Brazil could contribute even more to Oman’s food security and encourage Brazilian companies to process their products in Oman, as is the case with chicken and beef.

He added that the program to convert degraded pastures into agricultural areas represents a great opportunity to strengthen this partnership, including the possibility of acquiring nitrogen fertilizers from Oman.

The Omani side welcomed the idea and said that along with the Oman Investment Authority and Nitaj, the government arm for promoting food security, it will help build the partnership strategy between the two countries.


Transformation of Saudi economy creates opportunities, Public Investment Fund official tells investors

Transformation of Saudi economy creates opportunities, Public Investment Fund official tells investors
Updated 23 February 2024
Follow

Transformation of Saudi economy creates opportunities, Public Investment Fund official tells investors

Transformation of Saudi economy creates opportunities, Public Investment Fund official tells investors
  • Jerry Todd tells Future Investment Initiative Priority forum in Miami that structural economic changes in the Kingdom require global resources and talent, capital and operating capacity
  • Former US Treasury Secretary Steven Mnuchin highlights opportunities for investment in clean energy and energy transformation in the wider Middle East

LONDON: It is important that investors understand the long-term structural changes to the Saudi economy that are taking place and the opportunities they offer, the head of the National Development Division at the Saudi Public Investment Fund said on Thursday.

Speaking at the Future Investment Initiative Priority forum in Miami, Jerry Todd said the three pillars of this transformation are industrialization of the economy, the development and expansion of service sectors, and the building-up of green energy capacity.

“Vision 2030 is the blueprint for this economic transformation, and it is a national project but it requires global resources, global talent, capital and operating capacity,” he said. “The attraction of those into the Kingdom is embedded into that blueprint.

“The question of what happens next is really a function of whether people in this room, and people in rooms like this, are learning more and trying to understand what’s happening (in the Kingdom). Personally, I’m optimistic, I think there’s a growing awareness of the opportunities being created.

“(Another thing that is changing) is the ability of the domestic economy to absorb longer-term investment, in large part through the industry-building that’s happening as part of Vision 2030. It’s creating chances for people to come in and capture asset-level opportunities.”

Former US Treasury Secretary Steven Mnuchin said there are a lot of opportunities for investment in the wider Middle East region in relation to clean energy and energy transformation. (Screenshot/FII Priority)

Former US Treasury Secretary Steven Mnuchin echoed that sentiment and said there are a lot of opportunities for investment in the wider Middle East region in relation to clean energy and energy transformation.

He warned, however, that if the region is to remain an attractive investment hub, the threat Iran poses to regional stability and security must be addressed, primarily through tougher and more rigidly enforced sanctions on the regime in Tehran.


AI will drive efficiency amid global economic slowdown, leading financiers tell FII Priority Summit

AI will drive efficiency amid global economic slowdown, leading financiers tell FII Priority Summit
Updated 23 February 2024
Follow

AI will drive efficiency amid global economic slowdown, leading financiers tell FII Priority Summit

AI will drive efficiency amid global economic slowdown, leading financiers tell FII Priority Summit
  • 'AI is the bicycle of the minds — we are all going to have to learn how to ride it,' said the head of Claure Group
  • Johnson of Franklin Templeton noted that the supply chain was shifting

MIAMI: The chiefs of four of the world’s leading corporations stressed on Thursday, during the first day of the Future Investment Initiative Miami Summit, that while artificial intelligence has the potential to drive higher investment and economic growth across the world despite the current slowdown, it can cause significant harm if not regulated at the right pace.

Marcelo Claure, founder and CEO of Claure Group, told the “Board of Changemakers” panel that when it comes to AI, it is hard in many cases “to differentiate (between) what is hype versus what is reality,” but regardless, all businesses would have to incorporate the technology into their work if they wanted to succeed in the next few decades.

“AI is the bicycle of the minds — we are all going to have to learn how to ride it,” he said.

Claure pointed out that when the browser was invented 30 years ago, it “made the cost of information zero,” which led to the creation of global companies like Google.

He added that AI is going to “reduce the cost of three very important things to basically zero: cognition, creativity, and problem-solving.”

He said: “In our companies, we hire thousands of people, we pay them to do what? We pay them to think, we pay them to problem solve, we pay them to be creative, and AI is going to enhance that.”

As an example of how Claure’s company utilized AI for higher efficiency, he mentioned that his teams used to require about 100 hours to manage a marketing campaign. However, after employing AI, the same process took less than an hour.

“So, think about a 99 percent efficiency,” he said.

Highlighting that generative AI, such as ChatGPT, will develop an IQ level of 12,000 in the next three to four years, Stephen Schwarzman, chairman and CEO of Blackstone Group, stressed the importance of “ethics in AI.”

He told the panel of CEOs: “In terms of the downsides of the technology, that in the hands of bad actors, call them rogue states, will have the use of this very powerful technology — that is a bad thing.”

Schwarzman highlighted that AI technologies are “moving so quickly,” making it more of a challenge to “catch up” and “protect systems.”

He added that experts in the field, such as MIT (Massachusetts Institute of Technology) scientists, “are really cautious about this technology.”

He said: “In other words, they love it. It can do marvelous things, but unlike most of the business community, they are not against regulation. In fact, they are pretty enthusiastic about regulation because they see the downsides, and they want those downsides addressed.

“And one of the things I have tried to do with both AI ethics centers at MIT and at Oxford, is try and be part of that dialogue, encourage people to be thinking about this — there is a lot of stuff going on in the regulatory world.”

Echoing Claure’s observation that AI is advancing rapidly, Schwarzman emphasized the importance of responding with the appropriate regulations at a fast pace.

“This is moving so fast, whatever you come up with, it’ll be obsolete pretty quickly,” he said.

In addition to AI, Jennifer Johnson, president and CEO of Franklin Templeton, identified five broad trends that may define the next decade in investments: demographics, deglobalization, digitization, decarbonization, and debt.

Like the rest of the speakers, Johnson stressed the importance of regulating AI.

“The problem is, it is scary,” she said. “But on the other hand, if we do not create environments where the good folks are learning how to use AI, the bad guys become the experts on it.

“And, so, you have to create and allow for innovation to happen.”

Speaking about deglobalization, Johnson highlighted that the supply chain was shifting.

She said: “It’s the China plus one, the nearshoring, the French shoring. But the key is that capital is moving.”

She added that “capital goes where capital is treated well — where there is a political will to create policies like the Kingdom (of Saudi Arabia) is doing to create opportunities for investment.”

Johnson referred to the shifting of supply chains as “disinflation,” but she also noted that “the raising of interest rates to slow down the economy” means that while there is a global growth slowdown, there are also “pockets of strength … like (in) India.”

Alongside Claure, Johnson and Schwarzman, panelists partaking in the roundtable discussion also included Pierre Beaudoin, chairman of the board of Bombardier, and Pam Liebman, president and CEO of The Corcoran Group.


Saudi Arabia set to be global leader in ‘positive’ use of AI, Public Investment Fund chief predicts

Saudi Arabia set to be global leader in ‘positive’ use of AI, Public Investment Fund chief predicts
Updated 22 February 2024
Follow

Saudi Arabia set to be global leader in ‘positive’ use of AI, Public Investment Fund chief predicts

Saudi Arabia set to be global leader in ‘positive’ use of AI, Public Investment Fund chief predicts
  • Yasir Al-Rumayyan tells Future Investment Initiative Priority forum in Miami the focus should be on harnessing the benefits the technology can offer the global economy
  • Kingdom ‘well positioned to become an AI hub outside of the US’ thanks to its energy supplies, and the political will and financial resources to develop the technology

LONDON: Artificial intelligence will dominate the global investment conversation for the foreseeable future, the governor of the Saudi Public Investment Fund predicted.

Speaking on the opening day of the Future Investment Initiative Priority forum in Miami on Thursday, Yasir Al-Rumayyan said the focus should be on harnessing the benefits AI can offer the global economy, including its potentially game-changing effects on global gross domestic product.

“I think AI is coming, it’s going to come in a big way, and I think the impact will be very positive once we have the right set of regulations that will monitor, control and enable the AI ecosystem,” he said.

Saudi Arabia is on course to become a world leader in AI, in terms of innovation and development, he added.

“We are very well positioned to become an AI hub outside of the US for many reasons,” said Al-Rumayyan.

“Number one … nobody talks about energy; AI (development) will consume a lot of energy. We are the global leaders when it comes to fossil-fuel energy and when it comes to renewable energy. But we also have the political will and we have the funds needed for deployment in this initiative.”

As boss of Public Investment Fund, the main economic engine for Saudi Arabia’s Vision 2030 reforms agenda, Al-Rumayyan also updated delegates on the progress of the economic reforms in the Kingdom.

“The difference between (Saudi Vision 2030) and the visions presented by other countries is we are achieving a lot of the KPIs (key performance indicators) ahead of schedule,” he said.

“One of the numbers I really like to reference is the women in the workplace in the Kingdom; our target was 20 percent by 2030, we achieved 30-plus percent by the year 2020.”

Al-Rumayyan also confirmed that the FII is launching two new forums, in Brazil and the Kenyan capital Nairobi. The potential for investment in Latin America and Africa is huge, he said, but not enough focus was being placed on it.

The Brazil forum will focus on the issues of deforestation and the transition from fossil fuels to renewable energies, which are vital to the development of South America, Al-Rumayyan said. In Nairobi, the discussions will center around the massive opportunities offered by Africa’s expected population growth over the next decade.


Al Akaria inks deal with Marriott to introduce Autograph hotel brand in Riyadh 

Al Akaria inks deal with Marriott to introduce Autograph hotel brand in Riyadh 
Updated 22 February 2024
Follow

Al Akaria inks deal with Marriott to introduce Autograph hotel brand in Riyadh 

Al Akaria inks deal with Marriott to introduce Autograph hotel brand in Riyadh 

RIYADH: Riyadh is set to welcome a new 280-key luxury hotel following an agreement signed by Saudi Real Estate Co., also known as Al Akaria.      

The deal with Marriott International will introduce the Autograph Collection brand to the Saudi capital, paving the way for the opening of the new hotel, according to a statement.   

Scheduled to commence construction in 2025, the hotel is anticipated to welcome visitors by 2028 upon its completion, the release added.   

Ibrahim Al-Alwan, CEO of Al-Akaria Real Estate Co., said: “We are confident that this collaboration will set new standards in luxury hotel hospitality in the region.”    

This step reflects Al Akaria’s commitment to promoting tourism and hospitality in Riyadh, aligning with the goals of the Kingdom’s Vision 2030 to create appealing destinations for residents and visitors.   

It also contributes to Saudi Arabia’s aspiration to strengthen its position as a recognized international tourist destination.  

Moreover, the new hotel will contribute to the development of a mixed-use destination, featuring commercial facilities, restaurants, and entertainment areas. 

According to Chadi Hauch, regional vice president of lodging development in the Middle East at Marriott International, the tourism industry in the Kingdom is currently undergoing a rapid and visually striking transformation, providing them with various opportunities to expand their presence accordingly.  

In December, Marriott International announced the commencement of construction for a Ritz-Carlton in the historic town of Diriyah.  

Preceding this, in November, the hotel operator inked an agreement with Saudi's Sela Sport to develop two new luxury hotels in the country. 

In September, the hospitality firm revealed plans for hotels from two of its brands in NEOM’s mountain destination, Trojena. The development includes a W Hotel and a JW Marriott facility, solidifying the partnership between the hospitality giant and the giga-project, according to a statement released at the time.