Category: Saudi Arabia

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FDI in Saudi Arabia rises to US$215 billion

Reforms have helped drive rapid investment growth, with gross fixed capital formation increasing by 74 percent from 2017 to nearly $300 billion in 2023…reports Asian Lite News

Khalid Al Falih, Saudi Minister of Investment, said that the pro-investment measures introduced by Saudi Arabia in recent years include the introduction of the Civil Transactions Law, Private Sector Participation Law, Companies Law, Bankruptcy Law and Special Economic Zones.

These reforms have helped drive rapid investment growth, with gross fixed capital formation increasing by 74 percent from 2017 to nearly $300 billion in 2023.

Additionally, Foreign Direct Investment (FDI) stock increased by 61 percent from 2017 to 2023, reaching almost $215 billion in 2023, and FDI inflows have surged by 158 percent, jumping from $7.5 billion in 2017 to $19.3 billion in 2023. These initiatives and developments, in addition to incentives, facilities, and enablers, have motivated investors to seek a positive, supportive, and stable investment environment, the Saudi Press Agency (SPA) reported.

The minister added, “The law reaffirms Saudi Arabia’s commitment to creating a welcoming and secure environment for investors, driving economic growth, and enhancing the Kingdom’s position as a premier global investment destination.”

The policy direction outlined in Vision 2030 allows investors to invest with certainty and to grow with confidence at a time when many other markets are experiencing considerable volatility.

The executive regulations will come into effect beginning in 2025.

PE Report

The “2019-2023 Saudi Arabia Private Equity Report” revealed that the Kingdom had witnessed a remarkable surge in Private Equity (PE) activity, reaching a pinnacle of approximately $4bn in 2023, reported the Saudi Press Agency (SPA).

According to the report published by the venture data platform, MAGNiTT, and sponsored by SVC, the Private Equity landscape has displayed consistent growth since 2020, experiencing a substantial 3.7x rise in 2021 and further catapulting to 5.9x its 2021 level in 2022.

The report also revealed that the PE activity in the Kingdom has been characterised by significant transactional diversity and concentration in specific industries over the past five years. Notably, Food & Beverages emerged as the most transacted industries within the PE landscape between 2019 and 2023.

Manufacturing claimed the top spot in terms of total investment, commanding 46% of the capital deployed during this period.

Notably, the composition of PE transactions has undergone significant shifts, particularly with a pronounced emphasis on Buyout transactions. Between 2020 and 2023, Buyout transactions witnessed a notable 20-percentage point increase in their share of the total, while concurrently, Growth transactions saw a growth of 2 percentage points over the same period.

Across the last five years, Buyout transactions have dominated the PE investment landscape, capturing an average of 80% of the total capital deployed in these transactions. This trajectory underscores the evolving dynamics and the increasing prominence of Private Equity within the Kingdom’s financial ecosystem, reflecting a strategic shift in investment preferences.

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High-Level Security Meeting Held in Israel to Discuss Iran Threat

Prime Minister of Israel, Benjamin Netanyahu convened Israel’s security chiefs for a meeting on Sunday evening…reports Asian Lite News

Israeli media reports that US Secretary of State Antony Blinken has informed G7 allies about a potential Iranian attack on Israel within the next 48 hours. However, the exact timing and scale of the attack remain unspecified.

The media in the region has already reported that Israel is mulling the possibility of an advanced attack on Tehran if it gets a full-proof intelligence report on the possibility of an Iranian attack in the next 48 hours.

It may be recalled that senior officials of the Israeli establishment had already said that Israel had deep penetration within Tehran and getting full-proof and air-tight information on Iranian moves is not that difficult for its undercover agents.

Prime Minister of Israel, Benjamin Netanyahu convened Israel’s security chiefs for a meeting on Sunday evening.

The meeting was attended by Defence Minister Yoav Gallant, IDF Chief of Staff Lt. Gen. Herzi Halevi, Mossad head David Barnea and Shin Bet chief Ronen Bar.

Sources in the Israel Defence establishment told that the meeting was held amid preparations for anticipated attacks on Israel by Iran and its proxies — Hezbollah, Hamas and Houthis.

The Hamas political chief and its public face, Ismail Haniyeh and Hezbollah’s military chief Fuad Shukr were assassinated in Tehran and Beirut last week.

Iran has put the blame on Israel for Haniyeh’s death and has vowed to retaliate even though Israel has kept a studied silence on the murder of the high-profile Hamas leader. However, Israel had claimed responsibility for the assassination of Faud Shukr.

Israel is expecting an onslaught from Iran in the coming days and is discussing a wide range of options as to how it can best respond to, or prevent, an anticipated assault.

According to sources in Israel’s defence ministry, there is information of an imminent strike by Iran. However, it is still unsure of the volume of the attack and hence is waiting for a complete report on the same for further action.

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Israeli Raids Kill 30 at Gaza School

The strike occurred as Israel continues its months-long military campaign in Gaza that has killed more than 39,000 Palestinians…reports Asian Lite News

 Israel’s military has struck a school near Deir al-Balah, a city in central Gaza, killing at least 30 Palestinians and injuring more than 100.

Gaza’s health ministry said footage showed the victims were civilians and most of them were children. The BBC verified a video that shows children among the injured.

Gaza’s civil defence service said the school was sheltering displaced people. Hamas condemned the attack in a statement on Telegram, saying “displaced, sick and wounded people, most of whom were women and children” were killed.

Verified video from the scene shows a chaotic situation, with people running around a compound covered in rubble. Men carry two bloodied children in their arms while a woman hugs another, and a group carries an injured man on a stretcher. A body lies on the ground covered in a blanket.

The IDF said that before the strike it took steps to reduce the risk to civilians “including the use of appropriate munitions, aerial surveillance and additional intelligence”.

The strike occurred as Israel continues its months-long military campaign in Gaza that has killed more than 39,000 Palestinians, according to Gaza’s health ministry. The war started when Hamas attacked Israel on 7 October, killing around 1,200 people and taking 251 hostage.

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Unity Effort

The Beijing Declaration on ending the 17-year internal division between the two Palestinian rivals, Fatah and Hamas, would promote security and peace in the Middle East, Palestinian political experts have said.

At the invitation of the Chinese side, high-level representatives of 14 Palestinian factions held a reconciliation dialogue in Beijing from July 21 to 23 and inked the Beijing Declaration on Ending Division and Strengthening Palestinian National Unity, bringing precious hope to peace and stability in the Middle East.

The signing of the declaration comes amid a large-scale conflict in the Gaza Strip since Oct. 7, 2023, which has killed more than 39,000 Palestinians so far and caused great damage to residential buildings and infrastructure.

During recent interviews with Xinhua, Palestinian political observers considered the Beijing Declaration a key step toward ending the Palestinian internal division, highlighting China’s role in promoting security and peace in the Middle East region.

“The declaration at this time is very important, especially after almost 10 months of comprehensive war waged by Israel against the Palestinian people and their cause, particularly by exploiting the factor of Palestinian division, which has helped it violate Palestinian rights not only in Gaza but also in the West Bank,” Hussam al-Dajani, a Gaza-based political analyst, told Xinhua.

China, as a major world power, bases its diplomatic policy on the principles of equality and peace, he said.

China has succeeded in reconciliation efforts between Saudi Arabia and Iran after a long period of hostility between the two sides, and has played a prominent role in achieving economic stability in developing countries through the Belt and Road Initiative, al-Dajani added.

Al-Dajani stressed that China can play an effective role in monitoring and supporting the Hamas and Fatah movements for the benefit of the Palestinian people, as well as strengthening the Palestinian position at the United Nations.

Ayman Yousuf, a Ramallah-based Palestinian expert, said that China is helping the Palestinians selflessly, as it believes that peace and security are the only paths to achieving global prosperity.

Yousuf expressed the hope that the Beijing Declaration will turn into a clear mechanism on the ground, noting he is cautiously optimistic because there have been previous failures and internal obstacles from Fatah or Hamas, “but in my opinion, the project can succeed if China throws its weight behind it and follows it up with work.”

He explained that China has become a peacemaking country in the Middle East, especially after it mediated between Saudi Arabia and Iran, and it is now seeking to bring Fatah and Hamas closer for the benefit of the Palestinian people, amid increasing talk about Gaza’s future after the conflict.

In Beijing, Iran and Saudi Arabia declared the resumption of diplomatic relations in April 2023 after years of estrangement. China’s success in facilitating reconciliation between the two sides has been an incentive for a new dawn of detente in relations between Middle Eastern countries, experts have said.

Speaking of the follow-up after the signing of the Beijing Declaration, Hani al-Masri, another Ramallah-based political expert, said that “changing the reality is difficult, but not impossible … and the establishment of a Palestinian state as a solution has enjoyed growing international support.”

He added that China is playing a big role in finding a real solution for the Israeli-Palestinian conflict and promoting peace in the region, and China believes that Palestinians should join forces to gain their rights as soon as possible.

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Netanyahu Seeks US Tools to End Hostage Situation

Many Democrats skipped the meeting in protest and thousands of people protested against his visit outside the US Congress…reports Asian Lite News

Israeli Prime Minister Benjamin Netanyahu on Wednesday told US lawmakers in a joint meeting of Congress that he was confident of securing the release of all hostages from Hamas’s captivity and said “give us the tools and we will finish the job”.

Netanyahu spoke, to repeated applause, reached out to both Republicans and Democrats and thanked US President Joe Biden for his steadfast support and former President Donald Trump for brokering the Abrahamic Accords between Israel, the UAE and Bahrain in 2020.

He spoke to repeated applause, especially from Republican lawmakers.

Many Democrats skipped the meeting in protest and thousands of people protested against his visit outside the US Congress.

“As we speak, we’re actively engaged in intensive efforts to secure their release,” Netanyahu said, referring to talks on,” the Prime Minister said of the efforts underway to release the hostages.

One hostage who was recently freed from her captors in an operation by Israeli forces was in the visitors’ gallery with the Prime Minister’s wife, Sarah Netanyahu. Other guests of Prime Minister Netanyahu in the gallery were Israeli military personnel who fought the Hamas terrorists in the October 7 attack.

This was Prime Minister Netanyahu’s fourth address to the US Congress and he is a keen observer of US politics.

“I will seek to anchor the bipartisan support that is so important for Israel,” Netanyahu said.

“And I will tell my friends on both sides of the aisle that regardless of who the American people choose as their next President, Israel remains America’s indispensable and strong ally in the Middle East.”

Netanyahu sought to explain to the lawmakers that Israel’s war with Hamas is not just Israel’s war.

“My friends, if you remember one thing, one thing from this speech, remember this,” Netanyahu said.

“Our enemies are your enemies. Our fight is your fight. And our victory will be your victory.”

He defended the war in Gaza and said: “If there are Palestinians in Gaza who aren’t getting enough food, it’s not because Israel is blocking it, it’s because Hamas is stealing it.”

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Historic Jeddah celebrates 10 years on UNESCO Heritage list

This vibrant area has been a centre for cultural and economic exchange for centuries…reports Asian Lite News

Jeddah Historic District Program under the patronage of Saudi Arabia’s Ministry of Culture celebrated the tenth anniversary of Historic Jeddah’s inclusion in the UNESCO World Heritage List since its inscription in 2014.

The program has dedicated efforts to regenerate the district, preserve its cultural and urban heritage, and transform it into a global heritage destination aligned with Saudi Vision 2030. Acknowledging the efforts of Jeddah Municipality and Saudi Heritage Commission in the conservation and protection of the district’s heritage.

The heritage site features unique architectural, urban, and cultural elements, spanning an area of 2.5 square kilometres along the strategically significant Red Sea coast. Since the seventh century AD, it served as a major port for pilgrims arriving in Makkah and a hub for global trade routes between Asia and Africa.

This vibrant area has been a centre for cultural and economic exchange for centuries. Historic Jeddah includes over 650 heritage buildings, 5 main historic markets, multiple historic mosques, charitable endowments, and 1 historic school.

The area is distinguished by the architectural style and urban fabric characteristic of historic Red Sea coastal cities, featuring multi-story buildings, intricate wooden components, traditional construction methods, and alleyways that historically enhanced social cohesion.

UNESCO World Heritage List inscribed Historic Jeddah on its heritage list based on the area’s fulfillment of three criteria for classifying historical areas as having outstanding universal value.

These criteria are: first, representing an important interchange of human values over time or within a cultural area, related to developments in architecture, monumental arts, or urban planning; second, being an outstanding example of a type of building, architectural or technological ensemble, or landscape that illustrates significant stages in human history; and third, being directly associated with events, living traditions, ideas, beliefs, or artistic and literary works of outstanding universal significance.

Based on UNESCO’s criteria for classifying Historic Jeddah, the program established four main pillars for the district’s restoration efforts: intangible cultural heritage, archaeology and excavation (the wall and historic gates), urban fabric (markets, squares, streets), and historic buildings (houses, mosques, endowments).

Additionally, the program set several standards and principles for preserving the area’s heritage, including using traditional materials in restoration processes, identifying original and restored elements, and maintaining the current heights of buildings.

The restoration efforts faced several challenges, most notably the need to save dilapidated buildings due to deteriorating infrastructure. This involved reinforcing and restoring these structures while preserving their original integrity and ensuring their sustainability.

Additionally, raising local community awareness about the importance of preserving the area’s heritage, and improving infrastructure and services while maintaining the area’s historical and cultural character were significant challenges.

These efforts were part of the program’s mission to preserve the cultural and urban heritage of the area and develop its living environment into an attractive center for business and cultural projects, as well as a destination for entrepreneurs. This was achieved through the implementation of various projects within the framework of the regeneration plan for Historic Jeddah.

Jeddah Historic District Program supervised the implementation of infrastructure improvement works, restored and rehabilitated buildings, thereby enriching the visitor experience and enhancing the area as a tourist destination.

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Saudi Voices Concern over Military Escalation in Yemen

Saudi blacklists 25 individuals entities over financing Houthis

Saudi Arabia called on the international community and active, influential parties to fulfill their responsibilities to end regional conflicts….reports Asian Lite News

The Saudi Foreign Ministry said in a statement that the Kingdom is following with great concern the developments of the military escalation in Yemen after the Israeli attacks in Yemen’s Red Sea port city of Hodeidah.

The Ministry said on Sunday that the attacks on Saturday aggravate the current tension in the region and halt the ongoing efforts to end the war on Gaza, calling on all parties to exercise maximum restraint and to distance the region and its people from the dangers of war, Xinhua news agency reported.

It also called on the international community and active, influential parties to fulfill their responsibilities to end regional conflicts.

Meanwhile, Saudi Defence Ministry Spokesperson Turki Al-Maliki said on Sunday that the Kingdom has no relation to or involvement in targeting Hodeidah and will not allow any entity to violate its airspace.

The Houthi-run al-Masirah TV reported that Israeli airstrikes on Hodeidah killed six and wounded 83 others.

Following the Israeli strikes, the Houthis vowed to launch retaliatory attacks.

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Hope for Kerala Mother as Son Nears Release from Saudi Prison

It’s been an 18-year wait for the mother, whose prayers have been finally answered….reports Asian Lite News

It’s an unprecedented state of excitement at the house of elderly Fatima in Kerala’s Kozhikode, whose son, Abdul Rahim, a death row convict in Saudi Arabia, is set to return home after securing a pardon.

It’s been an 18-year wait for the mother, whose prayers have been finally answered.

The return was made possible through a massive fund collection drive for Rs 34 crore which was given as blood money on the orders of a Saudi Arabian court. The court had ruled that in case the money was not given Rahim would be executed.

The money was handed over in April. The court yielded after the Saudi family accepted the money which enabled the legal proceedings for his release.

Rahim’s mother cannot hide her excitement, and on Friday she said she wants to see her son as soon as possible.

“Even though he calls me, that’s not enough, I just cannot wait any longer to see my son and wish he come at the earliest,” said Fatima.

Rahim’s nephew is also excited and said that the Saudi Arabian court has asked Rahim’s lawyer to be present on Sunday.

“The lawyer has told us, that on Sunday we will know when Rahim will be finally released. And once released, he will be put on a flight back home, for which the entire village is waiting,” said the nephew.

“After the orders of his release came, every minute now seems like hours,” added the nephew.

An auto driver here, Rahim was drawn to the Gulf to make more money. He reached Saudi Arabia in 2006 and got a job as a personal driver-cum-caretaker of a 15-year-old physically challenged boy, who also had a medical ailment where he breathed through an external device connected to his body.

The boy, according to Rahim, misbehaved with him one day while he was driving. As he was trying to quieten him, his hand accidentally touched the external medical device which got disconnected and the boy died.

A court in Saudi Arabia sentenced him for murder and the appeal court upheld this verdict in 2022. The decision was later confirmed by the country’s Supreme Court.

Then following numerous discussions with the Saudi family, they settled for blood money and the doors for Rahim’s freedom were finally opened.

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Germany, France condemns Israeli strikes on Gaza schools

France also condemned Israel’s recent deadly air strikes on schools sheltering displaced Palestinians in Gaza, declaring such tactics “unacceptable.”…reports Asian Lite News

Germany said Wednesday that a deadly Israeli strike on a school in southern Gaza being used as a shelter was “unacceptable” and called for a rapid investigation into the incident.

“People seeking shelter in schools getting killed is unacceptable. Civilians, especially children, must not get caught in the crossfire,” the foreign ministry posted on X. “The repeated attacks on schools by the Israeli army must stop and an investigation must come quickly.”

France also condemned Israel’s recent deadly air strikes on schools sheltering displaced Palestinians in Gaza, declaring such tactics “unacceptable.”

“We call for these strikes to be fully investigated,” the foreign ministry said, highlighting a strike on Tuesday on a school near the southern city of Khan Younis.

Since Israeli forces returned to the northern Gaza area of Shejaya, where Hamas is trying to reestablish itself, troops have killed more than 150 terrorists and destroyed six “significant” tunnels, the Israel Defence Forces said on Wednesday.

Soldiers from the Paratroopers Brigade and Yahalom, an elite combat engineering unit, have been fighting above and below ground in Shejaya since June 27.

According to the army, soldiers have killed more than 150 terrorists in close-quarters combat, destroyed booby-trapped buildings, and seized weapons and intelligence documents.

Six significant tunnels running about six kilometers long have been destroyed and soldiers are continuing their searches. In some of the tunnel branches, hideouts, command and control centers, weapons and intelligence documents were found.

At least 1,200 people were killed, and 252 Israelis and foreigners were taken hostage in Hamas’s attacks on Israeli communities near the Gaza border on October 7. Of the 116 remaining hostages, more than 30 are believed dead.

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Saudi launches geographical survey for renewable energy sites

The project will also primarily contribute to achieving the optimal energy mix targets for electricity production, with renewable energy sources comprising about 50% of the energy mix by 2030…reports Asian Lite News

The Kingdom of Saudi Arabia launched the Geographic Survey Project for Renewable Energy sites and awarded contracts to Saudi companies to install 1,200 stations for measuring solar and wind energy across all regions of the Kingdom, Saudi Press Agency (SPA) reported Monday.

In a statement on the signing of the project’s contracts, Prince AbdulAziz bin Salman bin AbdulAziz Al Saud, Minister of Energy, stated that this project, which is a part of the National Renewable Energy Programme, is globally unprecedented in terms of geographical coverage. He noted that the project will include all regions of the Kingdom by surveying over 850,000 square kilometres, excluding populated areas, sand dune areas, and airspace restrictions. He clarified that this area is equivalent to the land area of entire countries, such as approximately the areas of the UK and France combined, or Germany and Spain combined. He indicated that no other country in the world has previously conducted a geographic survey of this kind on such an area scale.

The minister also explained that solar energy measurement stations, equipped with advanced measurement devices at ground level, will record Direct Normal Irradiance (DNI), Global Horizontal Irradiance (GHI), Diffuse Horizontal Irradiance (DHI), dust and pollutant deposition rates, ground-reflected radiation (albedo), ambient temperature, rainfall levels, relative humidity, and atmospheric pressure.

Meanwhile, wind energy measurement stations, which will be installed at different heights, up to 120 meters, will record wind speed and direction, ambient temperature, atmospheric pressure, and relative humidity.

The project will also primarily contribute to achieving the optimal energy mix targets for electricity production, with renewable energy sources comprising about 50% of the energy mix by 2030, and to achieving the goals of the Liquid Fuel Displacement Programme by reducing dependence on liquid fuel in electricity generation.

He added that starting this year, 2024, the Kingdom will tender new renewable energy projects with a capacity of 20 gigawatts annually, aiming to reach between 100 and 130 gigawatts by 2030, depending on electricity demand growth.

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8th Saudi-US trade & investment meeting held in Washington

Key agenda items at the council included discussions on trade and investment policies…reports Asian Lite News

The eighth meeting of the Saudi-US Trade and Investment Framework Agreement (TIFA) Council in the United States kicked off on Sunday in Washington DC.

The delegation, headed by General Authority of Foreign Trade (GAFT) Deputy Governor for International Relations, Abdulaziz bin Omar Al-Sukran, included representatives from 20 government entities.

The TIFA Council, a pivotal platform for enhancing bilateral trade and investment, focuses on expanding economic cooperation and addressing barriers to trade flows between Saudi Arabia and the United States. It aims to create a conducive environment for economic growth and development.

Key agenda items at the council included discussions on trade and investment policies, market access facilitation, intellectual property rights protection, data governance, and capacity building initiatives.

Alongside the main sessions, the Saudi delegation participated in various meetings and workshops. Highlights included a workshop titled “Trade Opportunities between the Middle East and the United States,” featuring U.S. ambassadors from Gulf countries. Additionally, they attended the opening session of the Select USA Investment Summit, chaired by U.S. Secretary of Commerce Gina Raimondo.

Further engagements included the fifth GCC-U.S. Trade and Investment Dialogue Forum, focusing on Saudi investments in technology, and the U.S.-Saudi Forum themed “Investing in Our Shared Future.” The delegation also participated in the GCC-U.S. Roundtable and the Saudi-U.S. Roundtable, engaging private sector representatives from both nations.

In 2023, bilateral trade between Saudi Arabia and the United States reached approximately $34 billion. Saudi Arabia’s exports primarily included mineral products and fertilizers, while imports from the U.S. featured machinery, mechanical appliances, spare parts, and automobiles.

The TIFA Council meeting underscores Saudi Arabia’s commitment to fostering robust economic ties with the United States, promoting mutual prosperity and sustainable economic growth.

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