Latest news with #SR1
Zawya
2 days ago
- Business
- Zawya
Saudi minister explores investment and industrial partnerships with US private sector in Chicago
CHICAGO - Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Al-Khorayef, met with leaders of the American private sector in Chicago to discuss enhancing cooperation in industry and mining, and to explore bilateral investment opportunities. The roundtable, held at the headquarters of World Business Chicago, focused on the development of Saudi Arabia's industrial and mining sectors, the potential for innovation-driven investments, and strategies to build sustainable economic partnerships between the two countries. During the meeting, Al-Khorayef emphasized the strength of the strategic relationship between Saudi Arabia and the United States, highlighting that bilateral trade reached over SR123 billion ($32.8 billion). He also referenced the recent visit of U.S. President Donald Trump to Saudi Arabia, which resulted in the signing of a strategic partnership document and a series of key agreements in sectors including defense, energy, mining, technology, and artificial intelligence. Al-Khorayef outlined the central role of the industrial and mining sectors in Saudi Arabia's Vision 2030 economic diversification agenda. He noted that the National Industrial Strategy aims to localize and grow 12 priority sectors — including downstream chemicals, automotive, aerospace, and mining — and raise the sector's GDP contribution to $244 billion by 2030. The strategy offers 800 investment opportunities worth around SR1 trillion ($266.6 billion), positioning Saudi Arabia as a global industrial hub. On the mining front, the minister said the Kingdom aims to develop the sector into the "third pillar" of national industry, capitalizing on untapped mineral resources valued at over SR9.4 trillion ($2.5 trillion), including gold, copper, and rare earth elements. The comprehensive mining and minerals strategy targets a sectoral GDP contribution of SR240 billion ($64 billion). Al-Khorayef also pointed to the Kingdom's competitive regulatory environment for mining investments. Recent reforms have streamlined licensing, reducing the application processing period to just 90 days, while a supportive legislative framework offers attractive incentives for domestic and international mining firms. The roundtable was attended by key figures from the U.S. private sector and more than 30 investors across strategic industries including specialty chemicals, automotive, aviation, and mining. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Saudi Gazette
3 days ago
- Business
- Saudi Gazette
Saudi minister explores investment and industrial partnerships with US private sector in Chicago
Saudi Gazette report CHICAGO — Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Al-Khorayef, met with leaders of the American private sector in Chicago to discuss enhancing cooperation in industry and mining, and to explore bilateral investment opportunities. The roundtable, held at the headquarters of World Business Chicago, focused on the development of Saudi Arabia's industrial and mining sectors, the potential for innovation-driven investments, and strategies to build sustainable economic partnerships between the two countries. During the meeting, Al-Khorayef emphasized the strength of the strategic relationship between Saudi Arabia and the United States, highlighting that bilateral trade reached over SR123 billion ($32.8 billion). He also referenced the recent visit of U.S. President Donald Trump to Saudi Arabia, which resulted in the signing of a strategic partnership document and a series of key agreements in sectors including defense, energy, mining, technology, and artificial intelligence. Al-Khorayef outlined the central role of the industrial and mining sectors in Saudi Arabia's Vision 2030 economic diversification agenda. He noted that the National Industrial Strategy aims to localize and grow 12 priority sectors — including downstream chemicals, automotive, aerospace, and mining — and raise the sector's GDP contribution to $244 billion by 2030. The strategy offers 800 investment opportunities worth around SR1 trillion ($266.6 billion), positioning Saudi Arabia as a global industrial hub. On the mining front, the minister said the Kingdom aims to develop the sector into the "third pillar" of national industry, capitalizing on untapped mineral resources valued at over SR9.4 trillion ($2.5 trillion), including gold, copper, and rare earth elements. The comprehensive mining and minerals strategy targets a sectoral GDP contribution of SR240 billion ($64 billion). Al-Khorayef also pointed to the Kingdom's competitive regulatory environment for mining investments. Recent reforms have streamlined licensing, reducing the application processing period to just 90 days, while a supportive legislative framework offers attractive incentives for domestic and international mining firms. The roundtable was attended by key figures from the U.S. private sector and more than 30 investors across strategic industries including specialty chemicals, automotive, aviation, and mining.
Arab Times
5 days ago
- Arab Times
Saudi Arabia Just Arrested 22,000 People in One Week
RIYADH, July 27: In a sweeping crackdown on immigration and labor law violations, Saudi authorities arrested more than 22,000 individuals in just one week, the Saudi Press Agency (SPA) revealed on Saturday. The nationwide campaign, led by the Ministry of Interior, targeted breaches of residency, labor, and border security regulations—resulting in the detention of 22,497 individuals. According to official figures: 13,817 people were apprehended for violating residency laws. 5,280 were arrested for attempting to cross borders illegally. 3,400 were held for labour-related violations. Among the 1,687 caught attempting to enter the Kingdom unlawfully, a staggering 61% were Ethiopian nationals, 38% were Yemeni, and 1% hailed from other countries. Another 40 people were detained for trying to flee into neighboring countries, while 15 individuals were arrested for aiding and harboring violators. The Ministry of Interior has issued a stern warning to anyone involved in facilitating illegal entry into the Kingdom. Penalties may include up to 15 years in prison, fines reaching SR1 million ($267,000), and the confiscation of vehicles and property used in the crime. Authorities urged the public to report any suspected violations. Residents in Makkah and Riyadh can call 911, while those in other regions should contact 999 or 996. The campaign is part of Saudi Arabia's intensified efforts to reinforce its immigration and labor regulations under the wider scope of Vision 2030 reforms.
Gulf Insider
7 days ago
- Gulf Insider
Saudi Arabia: 25 Hospitality Facilities Shut Down In Makkah Over Licensing And Safety Violations
The Ministry of Tourism has closed 25 hospitality establishments in Makkah during July as part of intensified inspection campaigns to ensure regulatory compliance in the holy city, the ministry announced Thursday. The closures followed the discovery of several violations, including operating without a valid license, poor maintenance and cleanliness standards, and breaches related to guest safety. The inspections are part of the ministry's ongoing efforts to verify that hospitality facilities meet all approved requirements and hold the necessary permits to operate. The initiative aligns with the ministry's broader objective to enhance service quality for visitors and pilgrims during the busy Umrah and Hajj seasons. The ministry emphasized the importance of all facilities adhering to Saudi Arabia's tourism regulations and executive bylaws. It warned that penalties for non-compliance could include fines of up to SR1 million, closure orders, or both. It also reaffirmed its commitment to enforcing these rules to improve service standards, safeguard guests, and uphold the reputation of Makkah as a premier religious tourism destination.
Saudi Gazette
7 days ago
- Saudi Gazette
25 hospitality facilities shut down in Makkah over licensing and safety violations
Saudi Gazette report MAKKAH — The Ministry of Tourism has closed 25 hospitality establishments in Makkah during July as part of intensified inspection campaigns to ensure regulatory compliance in the holy city, the ministry announced Thursday. The closures followed the discovery of several violations, including operating without a valid license, poor maintenance and cleanliness standards, and breaches related to guest safety. The inspections are part of the ministry's ongoing efforts to verify that hospitality facilities meet all approved requirements and hold the necessary permits to operate. The initiative aligns with the ministry's broader objective to enhance service quality for visitors and pilgrims during the busy Umrah and Hajj seasons. The ministry emphasized the importance of all facilities adhering to Saudi Arabia's tourism regulations and executive bylaws. It warned that penalties for non-compliance could include fines of up to SR1 million, closure orders, or also reaffirmed its commitment to enforcing these rules to improve service standards, safeguard guests, and uphold the reputation of Makkah as a premier religious tourism destination.
