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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News Network
March 16,2020

Cairo, Mar 16: Saudi crown prince Mohammed bin Salman said G20 summit will work to combat coronavirus and coordinate efforts to ease its economic burdens, state news agency SPA said on Sunday.

In a phone call with British Prime Minister Boris Johnson, Salman discussed international efforts to fight the flu-like disease, saying the next G20 summit, which will be hosted by the Kingdom, will work on finding medical solutions, SPA added.

The G20 Summit is an annual gathering of representatives of the world's largest economies.

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News Network
June 26,2020

Dubai, Jun 26: As summers in Dubai bloom in its full glory, the most savoured summer fruit - Mongo - is getting the most special treatment in the city as it gets delivered to customers via an emperor like ride of a Lamborghini.

As per a video report by Gulf News, the Pakistan Supermarket in Dubai is delivering the king of fruits to the doorsteps of its customers in a green coloured Lamborghini to match the level of its supremacy among fruits.

"The king should travel like a king," says the managing director of the store, Mohammad Jehanzeb who delivers the pulpy fruit by himself and also takes the customers on a short ride in the luxury car.

In order to avail the offer rolled out on the Facebook page of the famous supermarket, customers are required to make a minimum order of Dh100, reports the Gulf News.

"The idea is to put a smile on people's faces and make them feel special," says Jehanzeb who has put a smile on the face of dozens of Dubai residents amidst the throes of a pandemic with his 'Mangoes in Lamborghini' campaign.

The delicacy this year has gone viral with videos of delighted mango lovers taking a joy ride in the supercar doing rounds over the internet.

"The joy ride was essentially meant for kids who have been sequestered at homes because of the coronavirus but adults are equally thrilled at the prospect of getting behind the wheels of my Lamborghini Huracan. I am happy to oblige them too," says Jehanzeb.

"Each order takes about an hour. We do about 7-8 home deliveries a day but are hoping to ramp up the numbers to 12," he adds.

Arshad Khan who hails from the Indian city of nawabs - Lucknow- ordered the 'nawabi' varieties - Sindhri and Anwar Ratol - and said that his children were exhilarated after hearing the roar of the Lamborghini outside their Falcon City villa.

"For someone who hails from Lucknow -- the land of the famous dussheri and landga mangoes -- I was a bit skeptical about the taste of Pakistani mangoes. I ordered them for the sheer experience of seeing them come to my place in a luxury supercar," Gulf News quoted Khan as saying.

"It was quite exhilarating and I must confess that the mangoes were as delicious as the ones back home," he added.

Mango fruit has been a delicacy in the 16th-century Hindustan sub-continent. It holds a fascinating narrative in Babur Nama which is an autobiography of the Mughal emperor Zahiruddin Muhammad Babur.

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