Saudi Arabia, NASA explore collaborations in space technology

During his visit, Abdullah Al-Swaha, the Saudi minister of communications and information technology and chairman of the Saudi Space Commission, met with NASA Administrator Bill Nelson to discuss strategic collaborations in space-related industries. Photo/Supplied
During his visit, Abdullah Al-Swaha, the Saudi minister of communications and information technology and chairman of the Saudi Space Commission, met with NASA Administrator Bill Nelson to discuss strategic collaborations in space-related industries. Photo/Supplied
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Updated 02 October 2024
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Saudi Arabia, NASA explore collaborations in space technology

Saudi Arabia, NASA explore collaborations in space technology

JEDDAH: Saudi Arabia is seeking to strengthen its ties with NASA following a recent high-level meeting in the US focused on exploring partnerships in advanced technologies and global scientific innovation.

During his visit, Abdullah Al-Swaha, the Saudi minister of communications and information technology and chairman of the Saudi Space Commission, met with NASA Administrator Bill Nelson to discuss strategic collaborations in space-related industries.

The discussions centered on joint efforts to promote space-based scientific innovation for the benefit of humanity.

Al-Swaha also met with Princess Reema bint Bandar, the Saudi ambassador to the US, and leaders from the American Chamber of Commerce to explore investment opportunities between the two nations.

Topics included potential investments in the digital economy, artificial intelligence, space, and innovation, as well as Saudi initiatives aimed at fostering science and entrepreneurship, according to the Saudi Press Agency.

While in Washington, Al-Swaha praised Saudi students at the Cultural Attaché office for their achievements, highlighting their contributions to the country’s competitiveness in science, engineering, technology, and space.

As part of Saudi Arabia’s delegation to the 79th session of the UN General Assembly, he also participated in the Summit of the Future held last month in New York.

During the summit, Al-Swaha noted that Crown Prince Mohammed bin Salman’s support for youth and women has led to significant progress in inclusion and empowerment, with a 35 percent participation rate of women in the tech sector in just six years—surpassing averages in the EU and G20 countries.

He highlighted initiatives like the Misk Foundation’s “Saudi Codes” program, which has trained one million women and youth in programming, and the historic journey of Rayyanah Barnawi, the first Muslim Arab female astronaut to the International Space Station.

He concluded by emphasizing that these efforts have improved Saudi Arabia’s standing in global indices, including the UN E-Government Development Index 2024, where the Kingdom ranked fourth worldwide and second among G20 nations in the digital services index.

Al-Swaha also discussed Saudi Arabia’s role as a model of international cooperation, collaborating with the UN’s International Telecommunication Union to address the digital divide affecting 2.6 billion people lacking access to digital solutions.

He showcased the Kingdom’s pioneering virtual hospital, which has successfully performed specialized surgeries, including open-heart operations for patients in various countries. Additionally, he reaffirmed Saudi Arabia’s commitment to advancing its digital economy through the proposed establishment of the Digital Cooperation Organization, aimed at serving over 800 million people by providing digital platforms and a unified digital market to stimulate innovation in healthcare, education, and business.

At the summit, Al-Swaha also discussed Saudi Arabia’s efforts to bridge social, economic, and AI gaps during a session titled “Toward a Common Digital Future.”

He revealed that the Kingdom presented seven recommendations to the UN, including the establishment of an independent international scientific committee on AI and the creation of a platform for sharing AI-related standards and best practices.


UN official issues urgent warning about growing global inequality

UN official issues urgent warning about growing global inequality
Updated 24 October 2024
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UN official issues urgent warning about growing global inequality

UN official issues urgent warning about growing global inequality

JEDDAH: In a world increasingly marked by disparity, a senior UN official has issued a pressing warning: the gap between rich and poor nations must not continue to widen.

Speaking at the conclusion of the Multilateral Industrial Policy Forum in Riyadh on Oct. 24, Gerd Muller, director general of UNIDO, emphasized the critical need for global collaboration to tackle urgent challenges such as hunger, climate change, and economic inequity.

Muller expressed appreciation for Saudi Arabia’s role in organizing the “successful” event, highlighting the enthusiasm and commitment shown by participants. “That is really great. It helps confirm my basic optimism,” he remarked.

He underscored that effective solutions exist to confront today’s challenges, asserting that addressing hunger, fostering decent job creation, and promoting sustainable industrialization are essential for future progress.

“In a globalized world, everything is interconnected, and the crises we face are universal,” Muller noted, stressing that solidarity among nations is vital to bridge the growing divide.

He urged global leaders to prioritize fair and sustainable supply chains, declaring that multilateral cooperation is key to overcoming these issues. The insights gained from this forum will contribute to the Riyadh Declaration, which is slated for adoption at the next general conference in 2025.

In a significant development, Muller and Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef signed an agreement to establish a framework for strategic cooperation aimed at enhancing industrial development in Saudi Arabia. This partnership will focus on crafting effective industrial policies, improving data analysis, and boosting investments in key sectors.

The agreement also emphasizes the adoption of advanced technologies and sustainable practices to integrate local industries into global value chains.

Alkhorayef highlighted the collaborative spirit of the conference, stating, “We have spent a couple of days discussing serious issues with a focus on solutions.”

He appreciated the expertise shared during ministerial roundtables, which tackled crucial topics such as sustainable development goals and the impact of industrial policies on economic advancement.

He pointed out the significance of exploring how digitalization, including AI and automation, can transform industries and supply chains.

Addressing supply chain resilience, Alkhorayef called for cooperation to mitigate disruptions while seizing opportunities for economic growth. He extended an invitation to participants for the upcoming UNIDO General Conference in Riyadh, which will further build on the discussions held at the forum and contribute to the declaration.


IMF says size of Egypt’s loan program is still appropriate

IMF says size of Egypt’s loan program is still appropriate
Updated 24 October 2024
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IMF says size of Egypt’s loan program is still appropriate

IMF says size of Egypt’s loan program is still appropriate

WASHINGTON: The International Monetary Fund stated on Thursday that Egypt’s $8 billion loan program remains “still appropriate” and highlighted the urgent need to evaluate the effectiveness of the country’s social protection initiatives.

During a recent address, Egyptian President Abdel Fattah El-Sisi warned that the nation might need to reconsider its expanded loan program if international institutions fail to acknowledge the extraordinary regional challenges Egypt is facing.

The support package, signed in March, mandates Egypt to cut subsidies on fuel, electricity, and other commodities while allowing its currency to float freely—steps that have ignited public discontent.

In a briefing, Jihad Azour, IMF Director for the Middle East and Central Asia, emphasized the need for collaboration with Egyptian authorities to enhance the reach and sufficiency of social protection programs. “This will be a priority issue for discussion with the managing director,” he noted.

Azour underscored the importance of maintaining currency exchange rate flexibility, a key condition of the loan agreement.

IMF Managing Director Kristalina Georgieva announced plans to visit Egypt in about 10 days to assess the country’s challenging economic landscape firsthand and reinforce the necessity of adhering to reform commitments.

She pointed out that Egypt continues to face repercussions from conflicts in Gaza, Lebanon, and Sudan, resulting in a 70 percent decline in Suez Canal revenues.

“We are open to adjusting the Egyptian program or any other program to best serve the people,” Georgieva said. “However, we cannot fulfill our responsibilities if we ignore necessary actions.”

BRICS payments system

Georgieva also commented on a proposed alternative cross-border payments system from the BRICS nations, indicating she requires more details to assess its potential impact but dismissed any immediate threat to the IMF.

Leaders from Brazil, Russia, India, China, and other BRICS nations recently pledged to enhance cooperation on cross-border payments, grain exchanges, and additional initiatives during a summit in Russia.

“The concept of a payment system among a group of countries is not new,” Georgieva stated. “What we need now is more specifics on how this idea may come to fruition before we can evaluate its implications. While various member states form different alliances, all members continue to support the IMF.”


Saudi Arabia, Tunisia to strengthen industrial cooperation through joint ventures: vice minister

Saudi Arabia’s Vice Minister of Industry Affairs Khalil bin Salamah. AN Photo
Saudi Arabia’s Vice Minister of Industry Affairs Khalil bin Salamah. AN Photo
Updated 24 October 2024
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Saudi Arabia, Tunisia to strengthen industrial cooperation through joint ventures: vice minister

Saudi Arabia’s Vice Minister of Industry Affairs Khalil bin Salamah. AN Photo
  • Kingdom is in talks with two neighboring Arab countries to integrate policies that could boost industries
  • Saudi vice minister of industry affairs highlighted a broader vision of industrial collaboration, such as in the auto industry

RIYADH: Saudi Arabia is set to strengthen regional industrial ties by partnering with Tunisia on a series of joint ventures, according to a top official.

Speaking to Arab News on the sidelines of the UN Multilateral Industrial Policy Forum in Riyadh, the Kingdom’s Vice Minister of Industry Affairs, Khalil bin Salamah, confirmed upcoming collaboration with Tunisia, saying it’s now a matter of selecting which products to begin with and how to proceed.

“It’s out of the question that, whether there will be or not, there will be because no one will succeed alone. Sustainable success and growth only come with collaboration,” said Bin Salamah.

He continued: “We understood that. We have seen it in the petrochemical, and we will see it in other multiple sectors.”

The vice minister said that Saudi Arabia is in talks with two neighboring Arab countries to integrate policies that could boost industries such as pharmaceuticals.

He emphasized the importance of establishing common policies among Arab nations as a foundation for regional collaboration in various industrial sectors. 

Rather than focusing solely on producing specific products, the countries aim to align their industrial policies first, creating a unified platform that can later be applied to different goods. 

“There are many, so each group of countries will focus on different products, but with the same policy platform. We want to capture those common policies before it translates to products and keep them at that level between the countries,” Bin Salamah said.

He added: “When we talk about API (active pharmaceutical ingredients), one country is Egypt (and a) potential country could be Jordan, because the maturity of manufacturing of medicine does exist. But now we have to utilize the chemicals, especially the fine chemicals into API, and that goes to serve all of our country’s demand for the medicine.”

The vice minister also highlighted a broader vision of industrial collaboration, such as in the auto industry, where countries, including the UAE, Morocco, Tunisia, and Egypt, are already contributing various components and capabilities.

“We have already multiple countries of interest. When we go to component-wise, there is already in the UAE. In Morocco, there is very good industrialization. In Tunisia, in Egypt, there is a good integration, no repetition but value addition,” Bin Salamah said.

Regarding Tunisia, the vice minister underlined that the collaboration would not be limited to the auto industry, a key sector of focus, but would extend to other divisions with high potential, including the phosphate and power generation sectors.

He shed light on the human capital aspect of the collaboration, underscoring the potential for shared expertise and workforce development between the two countries.

Bin Salamah said Saudi Arabia’s industrial strategy is transitioning from basic and intermediate chemicals to downstream sectors, including fine chemicals and API. 

The move is seen as crucial for expanding the Kingdom’s industrial base and supporting its Vision 2030 objectives.

“When I look at Tunisia, from even previous experiences, there is the phosphate industry, there is the power generation,” the vice minister said. 

The conversation also touched upon a broader Arab industrial integration, a key topic during a recent meeting in Morocco. Bin Salamah said that this cooperation would take shape not only in Tunisia but also in other Arab nations. 

His remarks underscore Saudi Arabia’s commitment to regional cooperation as part of its broader industrial strategy. 

Reaffirming this collaboration, Tunisian Minister of Industry, Mines and Energy Fatma Thabet Chiboub said that her country has a distinctive type of mining resource that could be open to investment from the Saudi side.

“This is part of the discussions we have had. I believe the automotive components sector could be one of the promising sectors for investment, and the pharmaceutical industry could also be a fruitful area for cooperation between both sides,” she told Arab News.

Chiboub added: “Tunisia has significant advantages in the health care sector, both in services and manufacturing. Tunisia boasts important competitive advantages and skilled professionals, many of whom have been working in Saudi Arabia for around 50 years.”

She said that despite the resources available in the Kingdom, the current level of investment in Tunisia does not reflect the full potential of the relationship between the two countries. 

“We believe there is room to significantly enhance this cooperation to serve the interests of both nations,” she said.

She added: “As Arab countries, our goal should be deeper integration and collaboration, which is the primary objective of this forum — to strengthen cooperation and foster greater unity between Arab nations.”

In terms of promising sectors, Tunisia is open to foreign investment across all industries, focusing on food, metal, textiles, clothing, automotive and aerospace components, and pharmaceuticals.

“We continue to support the presence of foreign and national investments. We consider foreign investment to be equivalent to domestic investment under Tunisian investment law, offering the same preferential advantages to foreign investors as we do to Tunisian investors,” Chiboub said.

“Tunisia has had relations with Saudi industries, and the goal is to further develop these networks. Tunisia is currently open in the energy transition sector, and I believe that the Saudi side has made remarkable progress in the field of alternative energy,” she also said.


Closing Bell: Saudi main index slips to close at 11,886

Closing Bell: Saudi main index slips to close at 11,886
Updated 24 October 2024
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Closing Bell: Saudi main index slips to close at 11,886

Closing Bell: Saudi main index slips to close at 11,886
  • Parallel market Nomu gained 438.38 points, or 1.66%, to close at 26,818.29
  • MSCI Tadawul Index lost 0.45 points, or 0.03%, to close at 1,494.90

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, losing 15.71 points, or 0.13 percent, to close at 11,886.06. 

The total trading turnover of the benchmark index was SR4.37 billion ($1.16 billion), as 59 of the stocks advanced and 161 retreated. 

The Kingdom’s parallel market Nomu gained 438.38 points, or 1.66 percent, to close at 26,818.29. This comes as 33 of the listed stocks advanced, while 38 retreated. 

The MSCI Tadawul Index lost 0.45 points, or 0.03 percent, to close at 1,494.90. 

The best-performing stock of the day was Rasan Information Technology Co., whose share price surged 10 percent to SR68.20. 

Other top gainers were Arabian Mills for Food Products Co. and Al Taiseer Group Talco Industrial Co., whose share prices surged 2.95 percent and 2.38 percent to SR59.30 and SR56.00, respectively. 

The worst performer was Al-Baha Investment and Development Co. for Industry., whose share price dropped by 6.67 percent to SR0.28. 

Other notable underperformers included Umm Al-Qura Cement Co. and Fawaz Abdulaziz Alhokair Co., with share prices falling 3.78 percent to SR16.30 and 3.31 percent to SR12.86, respectively. 

On the announcements front, Rasan Information Technology Co. released its interim financial results for the period ending Sept. 30. 

According to a statement from Tadawul, the firm recorded a net profit of SR54.93 million in the first nine months of the year, reflecting a 52.6 percent increase compared to the same period in 2023. 

The growth is primarily attributed to a 32.5 percent rise in gross profit year on year, with a profit margin of 60.2 percent compared to 58.7 percent during the same period last year, driven by enhanced operational efficiency and reduced sales costs. 

The increase is linked to a 47.5 percent growth in operating profits compared to the previous year, along with a 40.6 percent rise in earnings before interest, taxes, depreciation, and amortization, achieving a margin of 28.2 percent versus 25.9 percent during the first nine months of 2023. 

Yanbu Cement Co. released its interim condensed consolidated financial results for the period ending Sept. 30. A bourse filing revealed that the firm recorded a net profit of SR129.17 million in the first nine months of the year, reflecting a 26.8 percent increase compared to the same period in 2023. 

The growth is primarily attributed to rising local sales revenues and other income, despite higher administrative, selling, financing, and Zakat expenses. 

In market activity, Yanbu Cement Co. closed the session at SR23.00, down 0.78 percent. 

The Capital Market Authority announced its approval of SAB INVEST’s request to offer units of the “SAB Invest Hang Seng Hong Kong ETF” on the Saudi Stock Exchange as an Exchange Traded Fund. 


Saudi Arabia drives GCC shift toward clean energy, industrial growth: UNIDO

Saudi Arabia drives GCC shift toward clean energy, industrial growth: UNIDO
Updated 24 October 2024
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Saudi Arabia drives GCC shift toward clean energy, industrial growth: UNIDO

Saudi Arabia drives GCC shift toward clean energy, industrial growth: UNIDO
  • Kingdom has taken bold steps to leverage its renewable energy resources, notably in green hydrogen production
  • Saudi Arabia’s leadership is part of a larger movement within the GCC countries to promote sustainable industrialization

RIYADH: Saudi Arabia is emerging as a leader in sustainable industrialization, spearheading regional efforts to transform the Middle East’s industrial landscape, a forum in Riyadh heard. 

At the 2024 UN Industrial Development Organization Multilateral Industrial Policy Forum, experts highlighted the Kingdom’s leadership in clean energy and industrial growth, driven by its Vision 2030 strategy. 

Naif Al-Osaimi, executive vice president of the National Industrial Development and Logistics Program, emphasized Saudi Arabia’s pivotal role in reshaping the regional industrial environment.

“The National Industrial Development and Logistics Program is one of the Vision 2030 plans to diversify and grow the Saudi economy,” Al-Osaimi said. “We aim to transform the Kingdom into a leading industrial powerhouse and a global logistics hub while maximizing the value created by the energy and mining sectors.” 

Naif Al-Osaimi, executive vice president of the National Industrial Development and Logistics Program, speaks at the 2024 UNIDO Multilateral Industrial Policy Forum. Screenshot

In line with these national ambitions, Saudi Arabia has taken bold steps to leverage its renewable energy resources, notably in green hydrogen production. 

According to the “Industrial Development Report 2024” by UNIDO, Saudi Arabia is “leveraging renewables to produce green hydrogen,” a key step in reducing carbon emissions and promoting a low-emission economy. 

These developments are crucial as the Kingdom seeks to become a global leader in clean energy while reducing its dependence on fossil fuels. 

Al-Osaimi said the synergy-driven approach of the NIDLP ensures that each sector within the economy contributes to and benefits from others, creating a cycle of maximized economic value. 

“In NIDLP, we build on the synergies between sectors, we make sure that each sector feeds another sector to create the maximum economic value out of this process,” he added. 

Regionally, Saudi Arabia’s leadership is part of a larger movement within the Gulf Cooperation Council countries to promote sustainable industrialization. 

The report highlighted the efforts of the Gulf Organization for Industrial Consulting, which is coordinating industrial policies across the GCC to foster collaboration and ensure that each nation benefits from collective advancements in technology, energy, and infrastructure. 

Neighboring Bahrain is also making significant strides in sustainable industrial development. Khaled Al-Alawi, assistant undersecretary for industrial development in Bahrain, shared insights into the country’s strategy during the same panel at MIPF. 

“The industrial sector strategy spans from the years 2022 to 2026 to shape policies and build partnerships to build a robust and vibrant manufacturing sector in the Kingdom of Bahrain,” Al-Alawi said. 

He added that the main key performance indicators of this strategy are “to increase the sector’s contribution to the overall GDP (gross domestic product), increase national origin exports, and create value and quality job opportunities for Bahrainis.” 

Saudi Arabia’s industrial policy also focuses on renewable energy, digital transformation, and logistics — three pillars of its strategy to reduce dependency on oil.

As Al-Osaimi said the Kingdom is actively fostering partnerships between the private sector and government entities to ensure the success of its industrial ambitions. 

Khaled Al-Alawi, Bahrain’s assistant undersecretary for industrial development, speaks at the 2024 UNIDO Multilateral Industrial Policy Forum. Screenshot

Saudi Arabia’s vision is already shaping the region’s future. With Bahrain and other GCC nations following suit, the Middle East is transforming into a hub for sustainable, technologically advanced industries. 

The UNIDO report highlighted that Saudi Arabia’s commitment to Industry 4.0 technologies and renewable energy is driving this regional transformation, ensuring that the Gulf remains competitive in an evolving global economy. 

The Kingdom is also leading the region in green energy initiatives, particularly in leveraging renewable energy to produce green hydrogen, a key focus in reducing carbon emissions.