Saudi Arabia launches digital platform to aid ocean health monitoring

Special  Ocean Central, a first-of-its-kind digital platform offering a view of marine health to aid global regeneration efforts, was unveiled at FII8 in Riyadh.
Ocean Central, a first-of-its-kind digital platform offering a view of marine health to aid global regeneration efforts, was unveiled at FII8 in Riyadh.
Short Url
Updated 31 October 2024
Follow

Saudi Arabia launches digital platform to aid ocean health monitoring

Saudi Arabia launches digital platform to aid ocean health monitoring

RIYADH: Saudi Arabia has unveiled Ocean Central, a first-of-its-kind digital platform offering a view of marine health to aid global regeneration efforts.   

The platform, revealed at the Future Investment Initiative by the Kingdom’s Ambassador to the US Princess Reema bint Bandar, was developed in partnership with Wave to integrate data, design, storytelling, and strategy into accessible insights. 

Ocean Central allows users worldwide to understand the health trends of the sea, identify data gaps, and work toward comprehensive restoration. 

Princess Reema highlighted the need for shared understanding and collaboration to achieve ambitious ocean regeneration goals. “Countries are setting ambitious targets to regenerate a thriving ocean, but what’s been missing is a clear view of the journey,” she said. 

The ambassador continued: “By working together and leveraging data, Ocean Central will act as a catalyst for ocean regeneration by highlighting successful initiatives, identifying gaps in ocean data, and building a shared understanding of the ocean.” 

In an interview with Arab News on the sidelines of FII, Alexandra Cousteau, chief navigator of Wave, expressed her excitement over the platform’s launch and noted that Ocean Central aims to foster a vision for restoration by 2050, grounded in science and actionable data. 

“This is actually based in science… so this is something that's super exciting because it really grounds these ideas in reality,” Cousteau said. 




Alexandra Cousteau, chief navigator of Wave. AN

She also highlighted the importance of data and knowledge sharing to achieve Saudi Arabia’s Vision 2030 goals, emphasizing that reaching these ambitious targets requires a clear understanding of current progress, existing challenges, and areas needing restoration. 

“Vision 2030 is an ambitious and beautiful vision, and it's so exciting to see that commitment being made at a country level, and I think that in order to be able to reach a lot of those very ambitious goals, we need to know what's happening,” Cousteau said. 

She added: “We need to know where we're making progress. We need to know where we're falling short. We need to know what we have, and we need to know what we need to restore and so having that information together in one place.” 

The platform aligns with global objectives, integrating targets from the UN Sustainable Development Goals, the Kunming-Montreal Global Biodiversity Framework, and the 2015 Paris Agreement, to track both 2030 and 2050 milestones toward a regenerated ocean. 

It facilitates the collection and analysis of data on marine biodiversity, coastal preservation, and other key areas to drive informed action. 

Cousteau highlighted to Arab News the platform’s role in addressing critical knowledge gaps in ocean health, particularly for the Red Sea. 

“Ocean Central will not be doing its own science,” she said, noting it will rely on existing, peer-reviewed datasets from institutions like UNESCO and the UN. 

She encouraged Saudi scientists to contribute to filling these gaps, which would strengthen insights into Saudi Arabia’s coastal ecosystems. 

In a panel discussion alongside Red Sea Global CEO John Pagano, Princess Reema said: “We all know that the health of our planet and our oceans and our ecosystems are all connected to our well-being.” 

She said the ocean-related industries generate over $2.5 trillion in economic value per year globally, supporting the livelihoods of 3 billion people in industries that include seafood, port construction, and coastal tourism. 

The Saudi envoy reiterated that economies can grow “but not at the expense of the ocean,” adding that “the investment in the blue economy has a trifecta of positive impact.” 

She added: “This collaboration of well-being and economic investment in coastal communities really can be considered as part of the toolkit that can restore the damage that has been done to oceans. You don't have to have it separated. It's all one and the same.”  

Pagano emphasized: “I think we've taken our oceans for far too long for granted.” 

On the collaboration front, Cousteau told Arab News that Ocean Central is a platform for collaboration, adding: “We’re hoping to have everybody come together and not just use those in Central, but help us fill those gaps, provide stories, data, and perspective.”  

She added: “I think that this is very much a collaborative tool. It’s about collective action; it’s about coming together and accelerating progress by working together. Ocean Central is going to be that place, and there is room for everybody to contribute.”  

She further underscored Ocean Central’s aim to be a collaborative platform where input from nonprofits, governments, the private sector, and scientists helps address knowledge gaps. 


Egypt advances 36 positions in global aviation rankings amid $626m investment outlay

Egypt advances 36 positions in global aviation rankings amid $626m investment outlay
Updated 18 sec ago
Follow

Egypt advances 36 positions in global aviation rankings amid $626m investment outlay

Egypt advances 36 positions in global aviation rankings amid $626m investment outlay

RIYADH: Egypt’s aviation sector has risen 36 positions in the Air Transport Infrastructure Index, reaching 27th place globally in 2024, highlighting significant progress in the industry.

A report from the Cabinet’s Media Center emphasizes that the country’s rise from 63rd place in 2015 underscores the nation’s commitment to establishing itself as a global air transport hub and improving its aviation infrastructure.

The analysis, released on Dec. 7, International Civil Aviation Day, stated that Egypt’s Civil Aviation Ministry had earmarked 31.3 billion Egyptian pounds ($626.7 million) for projects aimed at enhancing airport facilities, modernizing navigation systems, and strengthening safety measures, with completion targeted by June 2027.

“The Egyptian state is committed to enhancing the air transport system, a vital sector that supports the national economy,” the Cabinet said in a statement.

The report highlighted improvements in Egypt’s aviation sector. In the Air Transport Services Efficiency Index, Egypt rose to 23rd in 2024, compared to 40th in 2019. Similarly, the country advanced to 31st in the Airport Connectivity Index in 2024, up from 38th in 2019.

Since 2014, Egypt has increased its airport capacity by 28.5 percent, accommodating 66.2 million passengers in 2023, up from 51.5 million. The addition of four new travel facilities has further bolstered this growth.

Sphinx International Airport has a capacity of 900 passengers per hour, while Berenice International Airport can handle 600 passengers per hour. Both Bardawil and Capital International Airports accommodate 300 passengers per hour.

Several key projects are transforming Egypt’s aviation landscape. At Cairo International Airport, the baggage handling capacity was increased from 4,800 to 12,000 bags per hour.

Borg El Arab Airport saw the opening of a new terminal, expanding its capacity from 1.2 million to 6 million passengers annually. Sharm El Sheikh Airport’s capacity was also increased to 10 million passengers annually.

Additionally, radar systems now cover 83 percent of Egypt’s airspace, with investments totaling €206.6 million.

As part of its strategy to boost operational efficiency, Egypt began transferring the management of its airports to the private sector in March.

Civil Aviation Minister Mohamed Abbas Helmy announced plans to issue an international tender for operating major airports, including Cairo International Airport, marking a broader effort to enhance private sector involvement in logistics and transportation assets.

Egypt’s aviation development plan reflects a strategic vision to improve infrastructure, strengthen its global air transport network, and support economic growth.


Saudi Arabia opens 22 gravel, sand quarry sites for bidding

Saudi Arabia opens 22 gravel, sand quarry sites for bidding
Updated 23 min 57 sec ago
Follow

Saudi Arabia opens 22 gravel, sand quarry sites for bidding

Saudi Arabia opens 22 gravel, sand quarry sites for bidding

JEDDAH: Saudi Arabia has launched a competitive bidding process for 22 gravel and sand quarry sites to ensure a steady domestic supply of essential materials to support the country’s expanding construction sector.

The Ministry of Industry and Mineral Resources announced on Sunday that the sites are located in the Eastern Province and the Tabuk region.

The ministry stated that 10 of these sites are located in the Eastern Province, including five gravel licenses at the Al-Masnah Crushers Complex northeast of Hafar Al-Batin and five ordinary sand licenses at the Northwest Salwa Complex. Additionally, 12 gravel licenses are available at the South Wadi Amq Complex, situated southeast of Haql in the Tabuk region.

This initiative is part of Saudi Arabia’s broader plan to develop its mining sector into a third pillar of its industrial base, alongside oil and petrochemicals.

The Kingdom is home to more than 5,300 mineral sites, estimated to be worth approximately SR5 trillion ($1.33 trillion), and the Ministry of Industry and Mineral Resources is focused on tapping into these resources to drive economic growth.

To this end, the government has launched the Accelerated Exploration Program, which aims to effectively harness the Kingdom’s mineral wealth and support the development of the mining industry. This initiative aligns with Saudi Vision 2030 and the National Industrial Development and Logistics Program.

Applications for the quarry site licenses will be accepted from Dec. 10-19. Interested investors can visit the “Taadeen” platform for more details.

The competition will unfold in four stages: meeting qualification requirements, announcing qualified competitors, bidding on the sites, and revealing the winning bidders. This process is designed to ensure transparency and uphold high standards within the mining sector’s investment environment.

Last month, the ministry awarded 11 mining exploration permits to local and international companies for six exploration sites. These sites, covering a total area of 850 sq. km in Riyadh, Makkah, and Asir, were granted through a competitive licensing process aimed at strengthening the country's mineral sector.

The competition for exploration rights concluded with one national company and five alliances comprising 10 local and international firms securing permits. The ministry emphasized that these efforts are crucial for maximizing the value of Saudi Arabia’s mineral resources and positioning mining as a key pillar of the Kingdom’s economic future.


Retail space demand in Riyadh drives 4.2% rent increase in Q3: Knight Frank 

Retail space demand in Riyadh drives 4.2% rent increase in Q3: Knight Frank 
Updated 31 min 55 sec ago
Follow

Retail space demand in Riyadh drives 4.2% rent increase in Q3: Knight Frank 

Retail space demand in Riyadh drives 4.2% rent increase in Q3: Knight Frank 

RIYADH: The retail market in Riyadh saw a five-percentage-point increase in occupancy rates, reaching 92 percent by the end of the third quarter, according to a new report by Knight Frank. 

The report also highlighted a 4.2 percent year-on-year rise in average rental rates, which reached SR2,845 ($757.24) per sq. meter.  

This increase reflects the city’s growing appeal as part of Saudi Arabia’s Vision 2030, aiming to transform Riyadh into a leading business and tourist hub. 

“Over the last 12 months, the retail market in Riyadh has experienced a steady rise in rental rates, particularly in well-located regional and super-regional malls,” Knight Frank stated.  

The firm pointed to prime locations like Riyadh Park and Al Nakheel Mall, which have maintained near-full occupancy thanks to their strategic positions, diverse tenant mix, and entertainment offerings. 

Meanwhile, the supply of retail space in Riyadh grew with the addition of 22,500 sq. meters, bringing the city’s total retail space to 4.3 million square meters by 2026, a 21 percent increase.  

“Riyadh’s retail market is growing along key corridors like King Fahd Road, Olaya Street, and northern districts, driven by urban expansion and rising consumer spending,” Knight Frank said. 

In comparison, Jeddah’s retail market saw a more modest increase in rental rates of 1.2 percent, reaching SR2,525 per sq. meter. However, occupancy in the city declined slightly by 1 percentage point to 86 percent.  

The report noted that Jeddah’s retail market is undergoing shifts influenced by changing consumer preferences and an increased supply of retail space. 

Jeddah’s retail stock is expected to grow by 475,000 sq. meters by 2026, bringing the total to 3.3 million sq. Meters. 

In Dammam, occupancy remained stable at 90 percent, but rental rates saw a slight decline of 0.7 percent, reaching SR2,285 per sq. meter. Despite this, demand for high-traffic locations remains steady.  

Retail stock in Dammam stands at 1.28 million sq. meters and is expected to reach 1.3 million sq. meters by 2026. 

“Dammam and Al Khobar are seeing a rise in diverse entertainment options, reflecting the Kingdom’s goal to create engaging, family-friendly retail that incorporates both leisure and community interaction,” Knight Frank added.


Saudi Aramco slashes January oil prices for Asian buyers

Saudi Aramco slashes January oil prices for Asian buyers
Updated 08 December 2024
Follow

Saudi Aramco slashes January oil prices for Asian buyers

Saudi Aramco slashes January oil prices for Asian buyers

RIYADH: Saudi Aramco has reduced its January 2025 pricing for Arab Light crude oil for Asian buyers, according to the latest price list released by the state-owned oil giant. The official selling price for Arab Light crude was cut by 80 cents, bringing it to $0.90 per barrel above the regional benchmark.

Similarly, the OSPs for Arab Extra Light and Super Light grades were also reduced by 60 cents per barrel and 70 cents per barrel respectively for January, while the OSPs for Arab Medium and Heavy grades saw cuts of 70 cents per barrel.

For North America, Aramco set the January OSP for its flagship Arab Light crude at $3.80 per barrel above the Argus Sour Crude Index, according to an official statement.

Aramco produces five grades of crude oil: Super Light, Arab Light, Arab Extra Light, Arab Medium, and Arab Heavy.

These grades are distinguished by their density: Super Light has a density of more than 40, Arab Extra Light ranges between 36 and 40, Arab Light between 32 and 36, Arab Medium between 29 and 32, and Arab Heavy has a density of less than 29.

The global oil market has been under pressure in recent days. For the week, Brent was on track to fall by more than 2 percent, while West Texas Intermediate was on course for a roughly 1 percent drop.

Last week, the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, pushed back the start of oil output rises by three months until April and extended the full unwinding of cuts by a year until the end of 2026.

Weak global oil demand, and the prospect of OPEC+ ramping up production as soon as prices rise, have weighed on prices, said Bob Yawger, director of energy futures at Mizuho in New York.

Bank of America forecasts that increasing oil surpluses will drive the price of Brent to average $65 a barrel in 2025, while expecting oil demand growth to rebound to 1 million barrels per day next year, the bank said in a note on Friday.

HSBC, meanwhile, now expects a smaller oil market surplus of 0.2 million bpd, from 0.5 million bpd previously, it said in a note.

Brent has largely stayed in a tight range of $70-$75 per barrel in the past month, as investors weighed weak demand signals in China and heightened geopolitical risk in the Middle East.


Saudi Arabia’s non-oil sector posts 4.8% growth in Q3: GASTAT 

Saudi Arabia’s non-oil sector posts 4.8% growth in Q3: GASTAT 
Updated 08 December 2024
Follow

Saudi Arabia’s non-oil sector posts 4.8% growth in Q3: GASTAT 

Saudi Arabia’s non-oil sector posts 4.8% growth in Q3: GASTAT 
  • Saudi Arabia’s real gross domestic product grew by 2.8 percent year on year in the third quarter
  • At current prices, the Kingdom’s GDP reached SR1.00 trillion ($270 billion) in Q3

RIYADH: Saudi Arabia’s non-oil activities expanded by 4.8 percent year on year in the third quarter of 2024, fueled by growth in the wholesale and retail trade, and restaurant and hotel sectors, official data showed. 

According to the General Authority for Statistics, wholesale and retail trade, along with restaurant and hotel activities, grew by 5.8 percent in the third quarter compared to the same period in 2023. 

Additionally, activities in the financial, insurance, and business services sectors recorded a 5.7 percent increase year on year during the same period. 

Bolstering the non-oil sector is essential for Saudi Arabia as it pursues economic diversification in line with the objectives of Vision 2030. 

Last month, speaking at the World Investment Conference, Saudi Arabia’s Minister of Economy and Planning Faisal Al-Ibrahim noted that non-oil activities now contribute 52 percent to the Kingdom’s gross domestic product. 

The latest GASTAT report also highlighted that construction activities rose by 4.6 percent in the third quarter, while the transport, storage, and communication sector expanded by 4.5 percent during the same period. 

In quarter-on-quarter terms, non-oil activities grew by 0.7 percent in the third quarter. 

The report added that Saudi Arabia’s real gross domestic product grew by 2.8 percent year on year in the third quarter. Quarter-on-quarter, the GDP rose by 0.7 percent. 

At current prices, the Kingdom’s GDP reached SR1.00 trillion ($270 billion) during the period, according to GASTAT. 

“Crude oil and natural gas activities achieved the highest contribution to the GDP at 22.8 percent, followed by government activities at 16.1 percent, and wholesale and retail trade, restaurants, and hotels activities with a contribution of 10.1 percent,” said GASTAT.  

Government activities saw a 3.1 percent year-on-year growth in the third quarter, though they contracted by 0.3 percent compared to the previous quarter. 

Saudi Arabia’s oil activities grew modestly, rising 0.5 percent year-on-year in the third quarter and 1.2 percent compared to the previous quarter. 

Meanwhile, government final consumption expenditure increased by 6.2 percent year on year but declined by 1.8 percent quarter-on-quarter. 

Gross fixed capital formation — a measure of investment in the economy — rose by 3.2 percent year on year in the third quarter and 0.9 percent compared to the previous quarter. 

Saudi Arabia’s economic diversification initiatives under Vision 2030 are increasingly reflected in the robust performance of non-oil sectors, positioning the Kingdom for sustainable long-term growth.