FII Priority: Leaders in Miami and the Kingdom are fostering environments for growth and talent

Aligned with its Vision 2030, Saudi Arabia has undertaken significant policy reforms, placing diversity and inclusion at the forefront of its development agenda. (Screenshot)
Aligned with its Vision 2030, Saudi Arabia has undertaken significant policy reforms, placing diversity and inclusion at the forefront of its development agenda. (Screenshot)
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Updated 23 February 2024
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FII Priority: Leaders in Miami and the Kingdom are fostering environments for growth and talent

FII Priority: Leaders in Miami and the Kingdom are fostering environments for growth and talent
  • Diversity, inclusivity are key ingredients to make a place attractive, panelist said
  • Kingdom has made great improvements to rebrand itself as global talent hub

MIAMI: Leaders in Saudi Arabia and Miami share common ground in their efforts to foster environments conducive to growth and talent, experts highlighted at the FII Priority conference in Miami on Friday.

Over the past few years, both have prioritized initiatives aimed at improving living standards for their residents, focusing on socio-economic policies that promote diversity and inclusivity.

“There are so many parallels between what’s going on here (in Miami) and what’s going on there (Saudi Arabia),” said Jeff Zalaznick, restaurateur and managing partner of hospitality company Major Food Group.

During a session titled “The special sauce: what is the recipe for a vibrant city?” he added: “Both are fostering environments where people can grow (and) excel in their fields. They want to attract talent.”

Zalaznick noted that both regions strike a balance between cultivating diversity and talent locally while also attracting the best from around the world, fostering their potential across various domains such as sports, music, and culinary arts.

Aligned with its Vision 2030, Saudi Arabia has undertaken significant policy reforms, placing diversity and inclusion at the forefront of its development agenda.

This shift has been especially pivotal for the Kingdom’s youthful demographic, as they aspire to leverage this momentum and carve out their niches in various industries.

“(When you make) young people feel optimistic about what they can do, you basically are writing the future,” said Steve Stoute, CEO of marketing agency Translation and music label UnitedMasters.

“I do believe that this idea of multiculturalism, of embracing emerging subcultures and helping enforce that, are (fundamental) ingredients that this city gets and (only) a couple other cities get really well.”

He emphasised that places lacking diversity and inclusive support systems miss out on attracting the brightest young talent, as they fail to cultivate the dynamic and vibrant environments necessary for growth and innovation.

Renowned as a haven for retirees, Miami has undergone a transformation in recent years, enticing a younger demographic with a blend of job prospects and reduced tax obligations.

Similarly, Saudi Arabia has embarked on a campaign to redefine itself as not just a regional hub, but a global magnet for young talent.

With its population surpassing 32 million, as per a 2022 census by the General Authority for Statistics, Saudi Arabia boasts a youthful majority, with those under the age of 30 constituting 63 percent of the total.

Drawing parallels between these two “renaissances,” Zalaznick noted the evolving criteria for vibrant cities and the changing preferences of city dwellers.

He highlighted the growing importance of cultural dynamism and multiculturalism in city selection, particularly for companies seeking diverse talent pools and innovative environments.

“It’s about young people,” said Tom Garfinkel, vice chairman, president and CEO of the Miami Dolphins and Hard Rock Stadium and managing partner of the Formula One Miami Grand Prix.

“We have to attract young people, we have to have cultural dynamics where young people can afford to live, where business opportunities exist, where it’s easy to start businesses and to create.

“The talent goes to the city that attracts, that has the culture that attracts young talent, and the companies go there and not the other way around,” he concluded.


Jordan’s new mining strategy is set to create a $2.9bn industry 

Jordan’s new mining strategy is set to create a $2.9bn industry 
Updated 12 sec ago
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Jordan’s new mining strategy is set to create a $2.9bn industry 

Jordan’s new mining strategy is set to create a $2.9bn industry 

RIYADH: Jordan’s mining sector is set to grow substantially, with projections indicating that its contribution to the nation’s gross domestic product will reach 2.1 billion Jordanian dinars ($2.9 billion) by 2033. 

Up from 0.7 billion dinars in 2023, this ambitious target is part of the government’s newly announced initiative to transform Jordan into a mining state by 2033, as outlined in the country’s National Mining Strategy. 

This strategic overhaul aims to elevate the sector’s workforce to 27,500 and boost the value of its exports to 3.5 billion dinars from 1 billion dinars, according to a report issued by the state-owned Jordan News Agency, also known as Petra.   

The strategy emerges from its Economic Modernization Vision and is backed by directives from Jordan’s King Abdullah, emphasizing the need to accelerate investment-stimulating procedures in mineral exploration.  

A cornerstone of this transformation was the formulation of the strategy, spearheaded by the global consultancy firm Wood Mackenzie.  

In 2023, the Jordanian Ministry of Energy and Mineral Resources completed initiatives and projects under the EMV for the mining sector and set priorities within the vision’s executive program.  

The vision’s main pillars revolve around expediting the nation’s full economic potential while improving the quality of life for its citizens and maintaining sustainable measures. 

Moreover, the ministry’s proactive engagement has led to the signing of 11 memorandums of understanding to bolster investment in Jordan’s extractive industries.  

An additional three memorandums of cooperation were signed with various companies to further these goals.  

According to statements made to Petra, the ministry plans to continue advancing these undertakings throughout 2024, pushing these MoUs toward value-added mining operations.  

These initiatives are part of the nation’s ongoing efforts to boost its standing in the mining and minerals industry. 

In a report carried by Petra earlier in January, the ministry said that it aims to position the country on the global mining map by capitalizing on positive mineral exploration results. 

Over the past two years, the country established several partnerships with international companies in mining exploration.  

Moreover, it recently launched an investment platform to showcase national resources and opportunities in the energy sector. 


Egypt to increase funds for health sector by 25% in upcoming budget

Egypt to increase funds for health sector by 25% in upcoming budget
Updated 43 min 52 sec ago
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Egypt to increase funds for health sector by 25% in upcoming budget

Egypt to increase funds for health sector by 25% in upcoming budget

RIYADH: Egypt will increase health sector allocations in the next general budget to 495.6 billion pounds ($10.4 billion), according to the country’s finance minister. 

The North African country’s upcoming fiscal year is set to begin in July. Mohamed Maait said in a statement that this reflects an annual growth rate of 24.9 percent compared to the funds allocated for the sector in the current fiscal. 

This is in line with the nation’s goal to improve medical services for citizens, which is also an objective of Egypt’s Vision 2030.

Moreover, the minister added that allocations for the education sector will also be raised to 858.3 billion pounds, with an annual growth rate of 45 percent. 

Scientific research reserves are also on track to increase to more than 139.5 billion pounds in the next budget, reflecting an annual growth rate of 40.1 percent.


Oman’s top 5 ports handle over 93.2m tonnes of cargo in 2023

Oman’s top 5 ports handle over 93.2m tonnes of cargo in 2023
Updated 50 min 24 sec ago
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Oman’s top 5 ports handle over 93.2m tonnes of cargo in 2023

Oman’s top 5 ports handle over 93.2m tonnes of cargo in 2023

RIYADH: Oman’s top five ports saw a 1.5 percent annual increase in cargo handling in 2023, surpassing 93.2 million tonnes, underscoring their growing significance in maritime trade.  

The terminals of Sultan Qaboos, Salalah Sohar and Khasab as well as Shinas, and A’Suwaiq handled approximately 91.8 million tonnes of general, liquid, and bulk cargo in 2022, according to the Oman News Agency. 

It also highlighted a significant increase in the number of berthed ships in 2023, reaching approximately 11,005 vessels compared to 10,553 watercraft in 2022, marking a 4.3 percent rise. 

Cruise ship passengers at the Sultan Qaboos, Salalah, and Khasab Ports have increased considerably. This achievement reflects the government’s collaborative efforts with tourism partners to enhance hospitality traffic to Oman. 

The news agency added that the government succeeded in attracting major cruise ship operators to several Omani connection points, including Salalah, Khasab, and Sultan Qaboos Port. 

It also reported that in 2023, 229 cruise ships brought 599,000 passengers to Omani terminals, compared to around 87 ocean liners carrying over 205,000 travelers in 2022. This represents an increase of over 190 percent in commuters. 


Saudi ADES secures $93.3m contract to operate jack-up rig in Qatar

Saudi ADES secures $93.3m contract to operate jack-up rig in Qatar
Updated 19 min 45 sec ago
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Saudi ADES secures $93.3m contract to operate jack-up rig in Qatar

Saudi ADES secures $93.3m contract to operate jack-up rig in Qatar

RIYADH: Saudi drilling firm ADES is set to operate a SR350 million ($93.3 million) jack-up rig in Qatar, having secured a contract from TotalEnergies.  

ADES noted in a statement to Tadawul that the letter of award from the French petroleum company includes a mandatory and optional extension period of up to 18 months. 

The project is expected to commence in the second half of 2024, utilizing the firm’s fleet of jack-up offshore drilling units. 

Additionally, ADES indicated that the contract will enable it to maintain its market share in Qatar by operating three drilling rigs. This comes after the relocation of its Emerald Driller platform to Indonesia, anticipated to take place in the second half of 2024. 

Commenting on the letter of award, Mohamed Farouk, CEO of ADES Holding, said: “We are very pleased with our ability to quickly market and secure new campaigns for the five recently suspended rigs in Saudi Arabia.”

Farouk added: “New capacities made available have allowed us to quickly find a technically suitable unit to maintain our three-rig presence in Qatar following the planned departure of our jack-up rig, Emerald Driller, from Qatar to Indonesia in the second half of 2024.”  

He added that the Emerald Driller had delivered an exceptional safety and operational performance during its operation in the Al-Khaleej field over the past few years, and “we look forward to continuing our journey in Qatar with our client and to providing exceptional safety and operational performance that has become synonymous with the ADES name.” 

In November, ADES Holding Co. secured three new contracts totaling $293 million, marking its entry into Indonesia and strengthening its presence in Algeria. 

The company announced its foray into Southeast Asia with a long-term contract valued at SR803 million with Pertamina Drilling Services Indonesia, according to a bourse filing. 

ADES will operate Pertamina’s existing jack-up drilling rig, Emerald Driller, located in the Java Sea. This contract, comprising a three-year firm period and a two-year option, is slated to commence in the second half of 2024.  

With this expansion, ADES now operates in eight countries. 

“We are pleased with the opportunity to enter the Indonesian market through our strategic partnership with Pertamina Drilling Servies Indonesia, who is a leading drilling contractor in Southeast Asia, to provide our best-in-class drilling service to Pertamina in Region 2,” said Farouk.   

With this award, he said ADES extends its geographical footprint to a promising and demanding market, namely Indonesia and Southeast Asia.


Najran Municipality introduces 20 investment opportunities in Yadamah governorate 

Najran Municipality introduces 20 investment opportunities in Yadamah governorate 
Updated 14 April 2024
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Najran Municipality introduces 20 investment opportunities in Yadamah governorate 

Najran Municipality introduces 20 investment opportunities in Yadamah governorate 

RIYADH: Saudi Arabia’s Najran Municipality has unveiled 20 diverse investment opportunities across the governorate of Yadamah, encompassing commercial, sports, recreational, shopping, and event activities. 

These prospects are dispersed across various locations within the locale, including parks, squares, main roads, and public walkways, as reported by the Saudi Press Agency. 

The municipality clarified that the investment opportunities range from temporary agreements to investment deals spanning five to 25 years in various activities. It invited interested investors to review the possibilities and details of the competition through the Forsah platform, which translates to “opportunity” in English.