NHC Signs 20 Investment Agreements at Real Estate Supply Chains Forum

Riyadh: The National Housing Company (NHC), on the sidelines of the Real Estate Supply Chains Forum, signed 20 agreements with local and international companies on investing in industrial and logistics zones to secure supply chains in the building and construction sector. The NHC signed agreements with Al Zamil Industry, Trade and Transport Company, Bravat Mena, RAK Ceramics P.J.S.C, Zhejiang Tata Home Sale Co. Ltd, Zhejiang Jiashiyibao Board Co Ltd, and Wuhu COZY Residential Equipment Co. Ltd, to establish factories in the Industrial City and provide logistics services that can contribute to securing supply chains. Through the Industrial City, NHC seeks to attract investments with major foreign factories in the Kingdom and localize them to secure supply chains for the company's projects and its subsidiaries, and to ensure their implementation with high quality by benefiting from Chinese expertise in addition to the entry of a number of local factories. The agreements come as an extension of the strategic partnership with the Chinese CITIC Group to establish an industrial city and logistics zones, and to contribute to securing construction materials that will facilitate the process of handing over projects to contractors and developers and will also contribute to reducing the costs of constructing residential units. Source: Saudi Press Agency

Al-Khorayef: Saudi Arabia Ambitions Extend Beyond Producing Food Products; It Seeks to Provide Comprehensive Food Security Solutions

Riyadh: Minister of Industry and Mineral Resources Bandar Al-Khorayef emphasized that the food industry sector is not merely a source of food production but a fundamental pillar for achieving the Kingdom's food security. During the opening of the Saudi Food Show, held in strategic partnership with the Saudi Authority for Industrial Cities and Technology Zones (MODON) and KAOUN International in Riyadh, Al-Khorayef noted that the Kingdom seeks to offer comprehensive solutions for food security. He added that a food security strategy has been developed to ensure the Kingdom's needs for essential food products are met under both normal conditions and emergencies. This strategy aligns with several other strategies under the Saudi Vision 2030, including the National Industrial Strategy, the Saudization Strategy, and the Export Strategy. Al-Khorayef highlighted that the Kingdom has achieved tangible results in food security, meeting its needs for essential food products under all circumstances, including emergenci es, and enhancing self-sufficiency in many food products. The Kingdom has achieved 100% self-sufficiency in dairy products, 52% in fish, and 68% in poultry. He stated that the Kingdom boasts a robust industrial base with more than 1,500 food factories and investments exceeding SAR88 billion. He also noted that the Kingdom's food exports amounted to approximately SAR20 billion in 2023. The Saudi Industrial Development Fund provided 23 loans worth SAR700 million to food factories, and the Saudi Export-Import Bank provided more than SAR3 billion to support food exports during the same year. The minister added that the ministry, in collaboration with its partners, aims to improve industrial infrastructure, encourage investment in the food industry sector, and provide financial and technical support to small and medium-sized enterprises in this sector. Additionally, the ministry is exploring new investment opportunities and increasing production capacities in the meat, poultry, and seafood sectors. Source: Saud i Press Agency

Minister of Industry and Mineral Resources Starts Visit to Jordan

Riyadh: Minister of Industry and Mineral Resources Bandar Al-Khorayef began an official visit today to the Hashemite Kingdom of Jordan. Accompanied by the deputy minister of industry and mineral resources for mining affairs, Eng. Khalid Al-Mudaifer, Alkhorayef is scheduled to meet with Jordanian Prime Minister Bisher Al-Khasawneh; Minister of Industry, Trade and Supply Yousef Al-Shamali; Minister of Energy and Mineral Resources Saleh Al-Kharabsheh; Minister of Investment Khuloud Al-Saqqaf; and investors and company CEOs. Al-Khorayef is scheduled to make field visits to several Jordanian factories. The volume of the Kingdom's exports to Jordan amounted to SAR7.6 billion in 2023, while its total imports from Jordan reached SAR7.5 billion. The Saudi most important exports to Jordan were food products, chemicals, polymers, and building materials, while medicines and food products topped its major imports. Source: Saudi Press Agency

Saudi Power Procurement Company Announces New World Record Low Cost of Electricity from Wind Power

Tokyo, As part of Round 4 of the Saudi National Renewable Energy Program (NREP), supervised by the Ministry of Energy, Saudi Power Procurement Company (Principal Buyer) has signed two power purchase agreements with the consortium led by 'MARUBENI Corporation' to procure power from AlGhat Wind Project (600 MW) and Wa'ad Alshamal Wind Project (500MW), during the Saudi-Japan Vision 2030 Business Forum. In a statement on this occasion, Minister of Energy His Royal Highness Prince Abdulaziz Bin Salman bin Abdulaziz Al Saud has expressed his thanks and gratitude to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and to His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Crown Prince, Prime Minister and the Chairman of the Supreme Committee for Energy Mix Affairs for Electricity Production and Enabling Renewable Energy Sector, for all the encouragement, support, enablement and follow up that the Ministry of Energy and its ecosystem receive from the Country's leadership, to enable achieving the Vision 2030 targets in the energy sector. Prince Abdulaziz said: 'It is my pleasure to announce that AlGhat project achieved a new world record low cost of electricity production from wind power at 1.56558 cents/kWh (5.87094 halalas/kWh) Levelized Cost of Electricity (LCOE), and Wa'ad Alshamal project has also achieved a second world record low for wind power at 1.70187 cents/kWh (6.38201 halalas/kWh) LCOE.' Prince Abdulaziz added: 'The electricity produced from both projects is sufficient to power 257,000 residential units per year, which emphasizes the significance of these projects in enhancing the energy efficiency in Saudi Arabia.' He also highlighted that these two projects are part of the National Renewable Energy program's efforts towards harnessing renewable energy resources in the Kingdom, displacing liquid fuels in the Kingdom's power sector, and achieving energy mix where the share of renewables is around 50% by 2030. For more information about NREP Projects, visit: http ://powersaudiarabia.com.sa Source: Saudi Press Agency

OIC Expresses Deep Concern over Violence against the Rohingya in Myanmar’s Rakhine State

Jeddah: The Secretariat General of the Organization of Islamic Cooperation (OIC) expressed deep concern and alarm over recent reports of violence, forced displacement, and property destruction against the Rohingya Muslim community in Buthidaung Township in Myanmar's Rakhine State. The OIC Secretariat General underscores the responsibility of all parties involved in the conflict, especially the Myanmar military and the Arakan Army, to protect all Rohingya people in accordance with international law. It further calls for immediate and unhindered humanitarian access and full compliance with the provisional measures ordered by the International Court of Justice to ensure the protection of the Rohingya people. The OIC calls on the international community to take immediate and concrete steps to end the cycle of violence and atrocities perpetrated against the Rohingya people and ensure their safety and security. Source: Saudi Press Agency

GACA President: Saudi Arabia Witnesses 20% Increase in Passenger Travel Numbers this Year, Focuses on Improving the Passenger Experience

Riyadh, The President of the General Authority of Civil Aviation (GACA), Abdulaziz Al-Duailej, announced a remarkable 20% increase in passenger travel figures in the Kingdom of Saudi Arabia this year. This growth follows a record-breaking 26% surge last year, bringing the total number of passengers to 111 million. The increase is attributed to the Kingdom's robust aviation connectivity program, which expanded connectivity by 48% in 2023, adding 148 new destinations worldwide. Furthermore, low-cost carriers have significantly increased their international market share since the pandemic. During his keynote speech at the Future Aviation Forum 2024, Al-Duailej stated, "We are proud to launch GACA's first aviation report, which highlights the sector's achievements and contributions to the Saudi economy. This forum, with its diverse and insightful topics, will undoubtedly foster growth and collaboration within the sector as we lay the groundwork for the safe and sustainable development of the advanced air transpo rt sector." He emphasized the remarkable transformation of the aviation industry in recent years, surpassing any other industry in history, with the number of flights increasing from zero to over 37 million last year. Al-Duailej outlined key objectives for the sector, including expanding the number of destinations to over 250, boosting cargo capacity to 4.5 million tons annually, and increasing passenger traffic to 330 million. He highlighted the implementation of numerous economic reforms to create an attractive investment environment for the sector, unlocking significant economic potential. He also noted that the National Aviation Strategy heavily relies on other national strategies. Source: Saudi Press Agency