Latest news with #PrinceMohammedBinSalman
Trade Arabia
6 days ago
- Business
- Trade Arabia
Global Water Organization launches operation from HQ Riyadh
Under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the Global Water Organization (GWO) officially launched operations from its headquarters in Riyadh today (May 28), with founding member states signing the organization's charter. The ceremony, attended by Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah, marked a pivotal moment in addressing global water challenges through a comprehensive approach to resource management and international cooperation, reported SPA. The GWO represents a turning point in international co-operation on water issues through research and development programs, expertise exchange, and innovative solutions that enhance the sustainability of water resources worldwide. It aims to strengthen the efforts of countries and organizations to address water challenges comprehensively. The ceremony witnessed the signing of the Global Water Organization charter by representatives of the founding countries: Saudi Arabia, Kuwait, Qatar, Spain, Senegal, Pakistan, the Hellenic Republic, and Mauritania. In the opening remarks, Prince Faisal conveyed the greetings and appreciation of Saudi King Salman bin Abdulaziz Al Saud and HRH the Crown Prince to the delegates from participating countries and organizations. He emphasized the critical importance of the Global Water Organization in tackling water issues worldwide through a holistic approach. "The launch of the Global Water Organization affirms Saudi Arabia's commitment to strengthening international initiatives and addressing global challenges through partnerships based on cooperation between countries and governments," stated Prince Faisal. "The Kingdom looks forward to the organization becoming an international platform that drives sustainable solutions and supports developing nations in enhancing their water capabilities," he added. Prince Faisal said Saudi Arabia would play a major role in the initiative by providing financial and logistical support to the GWO for the next five years, emphasizing that collective action is essential to achieve shared objectives. Prince Faisal invited all countries of the world and private sector entities to join the organization. Minister of Environment, Water and Agriculture Abdulrahman Alfadley took part in the ceremony and emphasized that the signing charter of the Global Water Organization and the launch of its operations from Riyadh reinforce the shared international responsibility to preserve water resources. Alfadley added that the importance of the organization stems from the fact that water is not just a resource, but a source of economic and social development and stability worldwide. He described the organization as "not just a platform that brings countries together, but a collective global mind working to develop and integrate the efforts of countries and organizations to address water challenges comprehensively." The Saudi minister said that Global Water Organization would lead international efforts to address water-related challenges and transform traditional water management approaches. "These challenges go beyond water scarcity to ensure its availability at the right time and place and recognize its impact on the economy, public health, food security, and supply chains, especially in the face of climate change," he explained. He emphasized the importance of having an integrated system that covers all stages of the water cycle, adopting innovative economic models based on cost-benefit analysis, introducing new financing mechanisms, reducing reliance on government subsidies, and actively involving the private sector, reported SPA.
Asharq Al-Awsat
7 days ago
- Business
- Asharq Al-Awsat
Multi-Billion-Riyal Investments Position Aseer as a Rising Economic Power in Saudi Arabia
Southern Saudi Arabia's Aseer region is fast emerging as a new economic powerhouse, fueled by multi-billion-riyal investments across diverse sectors. This transformation is part of a broader government push to unlock the region's economic potential and establish it as a key private sector enabler. The second edition of the Aseer Investment Forum, which opened Tuesday, is expected to draw over SAR 4 billion ($1.06 billion) in new investments. This comes on top of more than SAR 5 billion ($1.33 billion) already secured since the launch of the region's development strategy. Additionally, SAR 25 billion ($6.6 billion) have been committed to strategic government-led projects already underway on the ground. Launched in 2021 by Prince Mohammed bin Salman, Crown Prince and Prime Minister, the Aseer Development Strategy, titled 'Qimam wa Sheym' (Summits and Values), aims to inject SAR 50 billion into a wide range of projects. The initiatives focus on vital infrastructure, tourism development on Aseer's majestic peaks, and long-term growth that merges cultural heritage with modernity. The ultimate goal is to make Aseer a year-round global tourist destination and a catalyst for economic and social development. The investment forum, organized by the Aseer Development Authority, brings together 1,500 key stakeholders, including policymakers, investors, and sector leaders. It aims to accelerate public-private collaboration, foster a competitive investment environment, and support Saudi Arabia's Vision 2030 goals. Officials are seen at the forum on Tuesday. (Asharq Al-Awsat) Strategic partners In his opening remarks, Prince Turki bin Talal, Governor of Aseer and Chairman of the Aseer Development Authority, highlighted the SAR 25 billion already committed to essential infrastructure and development projects. These efforts are backed by strategic partners, such as the Public Investment Fund (PIF), Tourism Development Fund, Social Development Bank, and other financing entities. 'This forum is not merely an economic gathering; it is a strategic milestone,' said Prince Turki. 'It confirms Aseer's transformation into a comprehensive development hub and a vital pillar of the national economy.' Business growth on the rise Participating virtually, Minister of Commerce Dr. Majid Al-Qasabi revealed that Saudi Arabia had registered 1.7 million commercial licenses as of April 2025, 90,000 of which are based in Aseer, representing 5.3% of the national total. He noted that commercial registrations for sole proprietorships have risen by 32%, from 939,000 in 2018 to 1.2 million in 2025. Limited liability company registrations surged 138%, while joint-stock company registrations grew 76% during the same period. Al-Qasabi also highlighted a total trade value of SAR 2.018 trillion ($537 billion) in 2024, with SAR 1.145 trillion in exports and SAR 873 billion in imports. In the services sector, trade reached SAR 542 billion, including SAR 182 billion in service exports. Within Aseer, authorities recorded 24,000 consumer reports and 1,200 violations from April 2024 to April 2025, based on 35,000 inspections conducted by regulatory teams. He outlined seven key reform pillars, including improving the legal framework, enhancing consumer protection, cracking down on price manipulation and fraud, modernizing both traditional and e-commerce environments, expanding international market access, supporting SMEs, and bolstering public-private partnerships. A total of 110 laws have been reviewed or updated as part of this effort. Minister of Tourism Ahmed Al-Khateeb speaks at the forum. (Asharq Al-Awsat Tourism as a growth engine Tourism also features prominently in Aseer's economic resurgence. Minister of Tourism Ahmed Al-Khateeb pointed to the region's abundant natural and cultural resources and emphasized its critical role in achieving sustainable development. According to Al-Khateeb, Aseer attracted 8 million visitors in 2024 from inside and outside the Kingdom, underscoring its rise as a key tourism destination. The region is expected to add 4,000 new hotel rooms in the coming years, supported by government tourism initiatives and increasing interest from global hospitality brands. 'The sector is experiencing continuous growth,' Al-Khateeb noted, adding that Aseer's unique assets are helping drive the national tourism agenda forward. Capital market expansion Meanwhile, Mohammed Al-Kuwaiz, Chairman of the Capital Market Authority, highlighted the evolving role of Saudi Arabia's capital markets from traditional investment platforms to vital sources of business funding. He revealed that over SAR 7.5 billion ($2 billion) in capital market investments are already being channeled into Aseer. This includes established firms such as Southern Cement, as well as newer players in sectors, like poultry and healthcare. 'We're now seeing the emergence of real estate and development funds in Aseer,' Al-Kuwaiz said, noting that approximately SAR 2 billion are currently managed through real estate funds supporting tourism and retail development in the region. Engineer Hashim Al-Dabbagh, Acting CEO of the Aseer Development Authority, told Asharq Al-Awsat that investment is a central pillar of the region's three-part development strategy that is focused on people, economy, and land. He explained that the forum is an essential tool for attracting investments that create jobs and stimulate local economic growth, especially for the region's youth. 'Aseer is not just investing in projects, it's investing in its future,' Al-Dabbagh said.
Malay Mail
14-05-2025
- Business
- Malay Mail
Trump shocks Riyadh summit with Syria sanctions U-turn, trillion-dollar Saudi deals on the table
RIYADH, May 14 — President Donald Trump kicked off his trip to the Gulf on Tuesday with a surprise announcement that the United States will lift long-standing sanctions on Syria, and a US$600 billion commitment from Saudi Arabia to invest in the US The US agreed to sell Saudi Arabia an arms package worth nearly US$142 billion, according to the White House which called it the largest 'defense cooperation agreement' Washington has ever done. The end of sanctions on Syria would be a huge boost for a country that has been shattered by more than a decade of civil war. Rebels led by current President Ahmed al-Sharaa toppled President Bashar al-Assad last December. Speaking at an investment forum in Riyadh at the start of a deals-focused trip that also brought a flurry of diplomacy, Trump said he was acting on a request to scrap the sanctions by Saudi Arabia's de facto ruler, Prince Mohammed bin Salman. 'Oh what I do for the crown prince,' Trump said, drawing laughs from the audience. He said the sanctions had served an important function but that it was now time for the country to move forward. The move represents a major US policy shift. The US declared Syria a state sponsor of terrorism in 1979, added sanctions in 2004 and imposed further sanctions after the civil war broke out in 2011. Syrian Foreign Minister Asaad al-Shibani said on X that the planned move marked a 'new start' in Syria's path to reconstruction. Trump has agreed to briefly greet Sharaa in Saudi Arabia on Wednesday, a White House official said. Trump and the Saudi crown prince signed an agreement covering energy, defense, mining and other areas. Trump has sought to strengthen relations with the Saudis to improve regional ties with Israel and act as a bulwark against Iran. The agreement covers deals with more than a dozen US defense companies for areas including air and missile defense, air force and space, maritime security and communications, a White House fact sheet said. It was not clear whether the deal included Lockheed F-35 jets, which sources say have been discussed. The Saudi prince said the total package could reach US$1 trillion when further agreements are reached in the months ahead. Saudi Arabia is one of the largest customers for US arms, and the two countries have maintained strong ties for decades based on an arrangement in which the kingdom delivers oil and the superpower provides security. But relations were strained after the 2018 murder of US-based Saudi journalist Jamal Khashoggi by Saudi agents in Istanbul caused a global uproar. US intelligence concluded that bin Salman approved an operation to capture or kill Khashoggi, a prominent critic, but the Saudi government has denied any involvement. Trump did not mention the incident during his visit and called bin Salman an 'incredible man.' 'I really believe we like each other a lot,' Trump said. Trump will go on from Riyadh to Qatar on Wednesday and the United Arab Emirates on Thursday in a trip that is focused on investment rather than security matters in the Middle East. Several US business leaders attended the event, including Elon Musk, the Tesla chief who has led a government-downsizing effort for Trump in Washington; OpenAI CEO Sam Altman; BlackRock CEO Larry Fink and Blackstone CEO Stephen Schwarzman. Trump was shown speaking with several Saudi officials, including sovereign wealth fund governor Yasir al-Rumayyan, Aramco CEO Amin Nasser and investment minister Khalid al-Falih as he viewed models for the kingdom's flashy, multi-billion-dollar development projects. Bin Salman has focused on diversifying the Saudi economy in a major reform program dubbed Vision 2030 that includes 'Giga-projects' such as NEOM, a futuristic city the size of Belgium. Oil generated 62% of Saudi government revenue last year. The kingdom has scaled back some of its ambitions as rising costs and falling oil prices weigh. No Israel visit Trump has not scheduled a stop in Israel, raising questions about where the close ally stands in Washington's priorities as Trump presses Israeli Prime Minister Benjamin Netanyahu to agree to a new ceasefire deal in the 19-month-old Gaza war. Israel's military operations against Hamas in Gaza and Hezbollah in Lebanon, and its assassinations of the two Iran-allied groups' leaders, have at the same time given Trump more leverage by weakening Tehran and its regional allies. Trump said it was his 'fervent hope' that Saudi Arabia would soon normalize relations with Israel, following other Arab states that did so during his first 2017-2021 term. 'But you'll do it in your own time,' he said. Netanyahu's opposition to the creation of a Palestinian state makes progress with the Saudis unlikely, sources told Reuters. Trump on Tuesday called Iran 'the most destructive force' in the Middle East and warned that the US will never allow it to obtain a nuclear weapon. He said he was willing to strike a new deal with the Islamic Republic but only if its leaders changed course. 'I want to make a deal with Iran,' he said. 'But if Iran's leadership rejects this olive branch... we will have no choice but to inflict massive maximum pressure.' — Reuters
Japan Times
13-05-2025
- Business
- Japan Times
Trump says U.S. to lift Syria sanctions, secures $600 billion Saudi deal
U.S. President Donald Trump kicked off his trip to the Gulf on Tuesday with a surprise announcement that the United States will lift long-standing sanctions on Syria, and a $600 billion commitment from Saudi Arabia to invest in the U.S. The U.S. agreed to sell Saudi Arabia an arms package worth nearly $142 billion, according to the White House which called it the largest "defense cooperation agreement" Washington has ever done. The end of sanctions on Syria would be a huge boost for a country that has been shattered by more than a decade of civil war. Rebels led by current President Ahmed Sharaa toppled President Bashar Assad last December. Speaking at an investment forum in Riyadh at the start of a deals-focused trip that also brought a flurry of diplomacy, Trump said he was acting on a request to scrap the sanctions by Saudi Arabia's de facto ruler, Prince Mohammed bin Salman. "Oh what I do for the crown prince," Trump said, drawing laughs from the audience. He said the sanctions had served an important function but that it was now time for the country to move forward. The move represents a major U.S. policy shift. The U.S. declared Syria a state sponsor of terrorism in 1979, added sanctions in 2004 and imposed further sanctions after the civil war broke out in 2011. Syrian Foreign Minister Asaad Shibani said on X that the planned move marked a "new start" in Syria's path to reconstruction. Trump has agreed to briefly greet Sharaa in Saudi Arabia on Wednesday, a White House official said. Trump and the Saudi crown prince signed an agreement covering energy, defense, mining and other areas. Trump has sought to strengthen relations with the Saudis to improve regional ties with Israel and act as a bulwark against Iran. The agreement covers deals with more than a dozen U.S. defense companies for areas including air and missile defense, air force and space, maritime security and communications, a White House fact sheet said. It was not clear whether the deal included Lockheed F-35 jets, which sources say have been discussed. The Saudi prince said the total package could reach $1 trillion when further agreements are reached in the months ahead. Saudi Arabia is one of the largest customers for U.S. arms, and the two countries have maintained strong ties for decades based on an arrangement in which the kingdom delivers oil and the superpower provides security. But relations were strained after the 2018 murder of U.S.-based Saudi journalist Jamal Khashoggi by Saudi agents in Istanbul caused a global uproar. U.S. intelligence concluded that bin Salman approved an operation to capture or kill Khashoggi, a prominent critic, but the Saudi government has denied any involvement. Trump did not mention the incident during his visit and called bin Salman an "incredible man." "I really believe we like each other a lot," Trump said. Trump will go on from Riyadh to Qatar on Wednesday and the United Arab Emirates on Thursday in a trip that is focused on investment rather than security matters in the Middle East. Several U.S. business leaders attended the event, including Elon Musk, the Tesla chief who has led a government-downsizing effort for Trump in Washington; OpenAI CEO Sam Altman; BlackRock CEO Larry Fink and Blackstone CEO Stephen Schwarzman. Trump was shown speaking with several Saudi officials, including sovereign wealth fund governor Yasir Rumayyan, Aramco CEO Amin Nasser and investment minister Khalid Falih as he viewed models for the kingdom's flashy, multi-billion-dollar development projects. Bin Salman has focused on diversifying the Saudi economy in a major reform program dubbed Vision 2030 that includes "Giga-projects" such as NEOM, a futuristic city the size of Belgium. Oil generated 62% of Saudi government revenue last year. The kingdom has scaled back some of its ambitions as rising costs and falling oil prices weigh. Trump has not scheduled a stop in Israel, raising questions about where the close ally stands in Washington's priorities as Trump presses Israeli Prime Minister Benjamin Netanyahu to agree to a new ceasefire deal in the 19-month-old Gaza war. Israel's military operations against Hamas in Gaza and Hezbollah in Lebanon, and its assassinations of the two Iran-allied groups' leaders, have at the same time given Trump more leverage by weakening Tehran and its regional allies. Trump said it was his "fervent hope" that Saudi Arabia would soon normalize relations with Israel, following other Arab states that did so during his first 2017-2021 term. "But you'll do it in your own time," he said. Netanyahu's opposition to the creation of a Palestinian state makes progress with the Saudis unlikely, sources said. Trump on Tuesday called Iran "the most destructive force" in the Middle East and warned that the U.S. will never allow it to obtain a nuclear weapon. He said he was willing to strike a new deal with the Islamic Republic but only if its leaders changed course. "I want to make a deal with Iran," he said. "But if Iran's leadership rejects this olive branch... we will have no choice but to inflict massive maximum pressure."
Arab News
27-01-2025
- Business
- Arab News
MBSC conference spotlights future of entrepreneurship
Prince Mohammed Bin Salman College of Business and Entrepreneurship hosted the highly anticipated 1st International Entrepreneurship Research Conference from Jan. 21 to 23, at its campus in King Abdullah Economic City. Under the theme 'The Future of Entrepreneurship, Family Business and Education Research: New Trends and Innovative Practices,' the conference united global thought leaders to explore innovative trends shaping entrepreneurship. IERC 2025 featured more than 26 parallel sessions and six panel discussions, with more than 150 paper presentations selected from 339 submissions. The event engaged 306 authors from 42 countries, highlighting MBSC's role in fostering global research collaboration. Dr. Zeger Degraeve, dean of MBSC, said: 'IERC 2025 embodies our mission to inspire innovation and cultivate leadership for sustainable growth in alignment with Vision 2030. This conference is a testament to MBSC's dedication to bridging the gap between academia and industry to drive meaningful impact.' Prominent keynote speakers included Saud Khalid Al-Sabhan, vice governor of Monsha'at, and Fuad Shapra, chair of the Middle East Investment Committee and board member at KPMG Middle East. Their participation underscored the event's significance in advancing entrepreneurial innovation in Saudi Arabia and the region. The conference delved into topics such as entrepreneurial ecosystems, family business, women entrepreneurship, digital transformation, sustainability, climate resilience, healthcare transformation and innovation. Professor of entrepreneurship Dr. Adnan Maalaoui said: 'IERC 2025 offers a vibrant platform for entrepreneurs and policymakers to collaborate and transform research into actionable solutions, reinforcing MBSC's leadership in entrepreneurship education.' As part of expanding the success of the conference, the college plans to enhance its global impact by hosting the second edition, IERC 2026, in Alexandria, Egypt, and the third edition, IERC 2027, in Fez, Morocco. The conference will also return to Saudi Arabia in 2028 and every three years thereafter, reflecting the college's ongoing commitment to fostering entrepreneurial innovation in the MENA region and reinforcing the Kingdom's position as a leading hub for entrepreneurship. Al-Sabhan, vice governor of Monsha'at, said: 'MBSC's hosting of IERC 2025 highlights its commitment to driving innovation and collaboration between academia and industry. This conference plays a crucial role in empowering Saudi Arabia's entrepreneurial ecosystem and advancing Vision 2030.'
