Saudi development program targets $450 billion investment, 1.6 million new jobs

Arab News
January 29, 2019

Riyadh, Jan 29: Almost half a trillion dollars of investment and 1.6 million jobs are in the pipeline for Saudi Arabia under an ambitious industrial program launched on Monday in the presence of Crown Prince Mohammed bin Salman.

A slew of deals was announced across four key economic sectors — mining, industry, logistics and energy — at an event held at Riyadh’s Ritz-Carlton hotel.

The National Industrial Development and Logistics Program (NIDLP) is the largest initiative launched under the Saudi Vision 2030 reform plan, which aims to diversify a national economy that was hit hard by the 2014 slump in oil prices.   

The program aims to transform Saudi Arabia into an “industrial powerhouse,” reduce the reliance on imports, and boost the economy.

By 2030, the program aims to stimulate investments worth more than $453 billion, increase the value of non-oil exports to $260 billion, and add 1.6 million jobs to the labor market.

During the launch event, 37 agreements were signed and 29 others were announced worth a total of $54 billion.

The program includes more than 300 initiatives, which 34 government agencies are working to implement, according to a statement released at the event.

“The National Industrial Development and Logistics Program is one of the most important programs for achieving Vision 2030, as it moves the Kingdom into a new era of sustainable development, prosperity and economic diversification,” said Khalid Al-Falih, Minister of Energy and chairman of the NIDLP Committee.

“The mining sector will become a third pillar of the Saudi economy alongside oil and petrochemicals, while we continue to develop renewable energy and explore the diverse opportunities presented by the fourth industrial revolution through research and innovation.”

Agreements signed at the event included deals with Thales of France and CMI of Belgium, in the field of military industries, and one between the Saudi Export Development Authority and the Saudi Industrial Development Fund to launch an initiative to boost export financing.

Saudi Transport Minister Nabil bin Mohammed Al-Amoudi, speaking to Arab News at the launch of the program, said he believed that foreign investors would want to be involved because it made sound business sense.

“I think the driver of foreign capital is going to be good business opportunities, and the key to that is a healthy, vibrant and sustainable economy, which we have. The reforms were about ensuring that that was sustainable over the long term,” he said.

“But the real driver is ultimately going to be the business cases, or businesses that make sense for the foreign investor — actual investment opportunities, not just sentiment-driven investments.”

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News Network
January 3,2020

Hong Kong, Jan 3: Oil prices soared more than four per cent Friday following claims that the US had killed a top Iranian general, ratcheting up tensions between the foes and fuelling fears of a conflict in the crude-rich region.

The head of Iran's Quds Force, Qasem Soleimani, was hit in an attack on Baghdad international airport early Friday, according to Hased, a powerful Iraqi paramilitary force linked to Tehran.

Brent surged 4.4 per cent to USD 69.16 and WTI jumped 4.3 per cent to 63.84.

“Oil prices still have room for further upside as many analysts are still having to upgrade their demand forecasts to include a rather calm period on the trade front,” Moya said, referring to the warming trade relation between China and the United States.

“President Trump is likely to take a break on being ‘tariff man’ until we get beyond the presidential election in November.”

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Agencies
July 26,2020

Jeddah, Jul 26: The city of Makkah is opening its arms again to welcome pilgrims for the annual Hajj — although only a handful compared with previous years.

Because of the COVID-19 pandemic, this year’s event is limited to about 1,000 pilgrims, all from inside Saudi Arabia, about 700 of whom are expatriates.

Abdullah Al-Kathiri, an Emirati and a recovered COVID-19 patient, postponed his pilgrimage last year because it coincided with his wedding plans. “I’ve heard from many who’ve performed the pilgrimage in past years that it was always a smooth process, even with the massive numbers,” he said. “So you could imagine how it would be with the limited number of pilgrims this year. Surely it will be a great experience.”

Khadija, a Bulgarian expatriate, was overcome with tears when she heard she would be performing Hajj this year. “I didn’t expect they’d accept,” she said. “I’m sure this year’s Hajj will be an exceptional one in all respects.”

Dr. Haifa Yousef Hamdoon, a Tunisian physician in Qassim, is another who did not expect to be accepted because of the low numbers this year. “When I received confirmation of my request, I was overjoyed and couldn’t believe it,” she said.

Mu’taz Mohamed, a Sudanese pilgrim who also lives in Qassim region, praised the preventive and precautionary health measures taken in order to ensure his safety and that of other pilgrims, to enable them to perform the rituals safely.

After completing their arrival procedures, the pilgrims were taken to their accommodation in Makkah, supervised by the Ministry of Hajj and Umrah. They will stay there for four days before beginning their pilgrimage on July 30.

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Agencies
May 7,2020

Dubai, May 7: Indians in the UAE have voiced scepticism about a "massive" operation announced by New Delhi to bring home some of the hundreds of thousands of nationals stranded by coronavirus restrictions.

"It is just propaganda," said Ishan, an Indian expatriate in Dubai, one of seven emirates in the UAE and long a magnet for foreign workers.

He was reacting to his government's announcement this week that it would deploy passenger jets and naval ships to bring home citizens stuck in a host of countries.

India's consulate in Dubai said it received about 200,000 requests from nationals seeking repatriation -- mostly workers who have lost their jobs in the pandemic.

One vessel was heading to the UAE, India's government said, while two flights were scheduled to depart the UAE for India on Thursday.

But the plans drew scorn from Ishan, who was a manager at a luxury services company before he was made redundant last month.

"It's like throwing a dog a bone," the 35-year-old complained on Wednesday, dismissing the Indian government's efforts as a drop in the ocean.

"Let's say they repatriate 400 people on the first day, and about 5,000 people in 10 days, what difference has it made?"

India banned all incoming commercial flights in late March as it imposed one of the world's strictest lockdowns to tackle the spread of coronavirus.

The UAE is home to a 3.3-million-strong Indian community, who make up around 30 per cent of the Gulf state's population.

To the anger of some Indian expatriates, the evacuees will have to pay for their passage home and spend two weeks in quarantine on arrival.

"We are upset over the failure of our government," Ishan said. "What about the people with no money? How are you helping them?"

The Indian consulate could not be reached for comment.

Ibrahim Khalil, head of the Kerala Muslim Cultural Center in Dubai, said the consulate had asked him to select 100 Indian nationals for repatriation.

"We are planning to pay for the tickets of those who cannot afford it," he said, adding that the elderly, pregnant and those suffering from illnesses were a priority.

But one Indian woman, eight months pregnant in the neighbouring emirate of Sharjah, was not one of the lucky ones chosen to go back home in one of Thursday's planned departures.

"We called them but nobody would pick up," the 26-year-old, who requested anonymity, told AFP.

She arrived in the UAE a few months ago to visit her husband, who lives in a shared apartment with another family to save money.

"We have no insurance here and the medical expenses are too costly," said the woman, who was anxious to leave to give birth at home.

"I just hope that I am chosen to go back to India. I don't know why I haven't been considered."

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