Saudi Arabia strategic Projects: news, discussions & updates
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The SC
INT'L MOD
- Thread starter
- #109
Saudi Arabia approves a memorandum of understanding to establish a “high-level financial dialogue” with Egypt
This came while the Saudi King, King Salman bin Abdulaziz Al Saud, chaired the session held by the Council of Ministers, on Tuesday, in Jeddah.
The Council of Ministers reviewed the topics on its agenda, including topics that the Shura Council participated in studying. It also reviewed the conclusions of the Council of Economic and Development Affairs, the Council of Political and Security Affairs, the General Committee of the Council of Ministers, and the Council of Experts in the Council of Ministers regarding them.
The Council ended up approving a memorandum of understanding between the Ministry of Finance of the Kingdom of Saudi Arabia and the Ministry of Finance of the Arab Republic of Egypt regarding establishing a high-level financial dialogue.
https://almalnews.com/
“It was actually signed in November 2023: Egypt and Saudi Arabia agreed on a high-level financial dialogue... How will it affect the two countries?” Yesterday, the Saudi Council of Ministers announced its approval of a memorandum of understanding between the ministries of finance in the Kingdom of Saudi Arabia and the Arab Republic of Egypt regarding establishing a high-level financial dialogue between the two sides. This is not the first time that this dialogue has been announced, but it The official Saudi announcement of its approval and entry into force, after it was officially signed last November. The following is the most important information about this high-level financial dialogue, according to a report published by the Egyptian newspaper “Al-Shorouk”: - On March 8, 2022, President Abdel Fattah El-Sisi made an official visit to Saudi Arabia and met... It was attended by King Salman bin Abdulaziz and his Crown Prince, Prince Mohammed bin Salman. On the sidelines of the visit, the Saudi Council of Ministers announced the authorization of the Minister of Finance to negotiate with the Egyptian side to establish a high-level financial dialogue that serves the interests of the two countries. - On November 10, 2023, a memorandum of understanding was signed in Riyadh between the Minister Egyptian Finance Minister Mohamed Maait and his Saudi counterpart, Mohammed bin Abdullah Al-Jadaan, for cooperation in various fields between the ministries of finance of the two countries, on the sidelines of the Arab-African Economic Conference in Riyadh, Saudi Arabia, which was attended by a number of financial, business and investment leaders from the government and private sectors, trade unions, international organizations, and the most important figures in academic circles. And think tanks to discuss relations and opportunities for joint cooperation. - The memorandum of understanding included the launch of a high-level dialogue between the ministries of finance of the two countries, to discuss financial and economic developments at the regional and international levels. - The high-level financial dialogue includes the exchange of experiences and coordination in various areas of financial policies to keep pace with global economic developments, They discussed opportunities for technical cooperation between the two sides and their affiliated bodies, capacity building programs, and any other areas related to financial policies. - Within the framework of the high-level financial dialogue, annual sessions and meetings will be held under the chairmanship of the finance ministers of the two countries with the participation of other relevant government agencies. Maait said that the signing of the memorandum of understanding reflects the keenness of The two countries are working to advance bilateral relations in the field of financial policies, within the framework of the remarkable development witnessed in other aspects of cooperation aimed at consolidating the strategic partnership between Egypt and Saudi Arabia. The high-level financial dialogue aims to achieve optimal investment in bilateral cooperation opportunities in various sectors to achieve common interests within the framework of national experiences and goals. Development in accordance with Vision 2030 in both Saudi Arabia and Egypt. Saudi Arabia and Egypt have had growing trade relations in recent years, as the volume of trade exchange between the two countries between 2016 and 2021 reached about $47.7 billion. The volume of Saudi non-oil exports to Egypt increased by 6.9% to reach $1.9 billion. In 2021, more than 6,285 Saudi companies are active in Egypt with investments exceeding 30 billion dollars. In contrast, there are 274 Egyptian brands and more than 574 Egyptian companies in the Saudi markets. By 2022, there were more than 1,035 Egyptian companies in the Saudi market, amounting to The value of the capital of companies owned or co-owned by Egyptian investors in the Kingdom is 4.4 billion riyals, a number that has certainly increased now after about two years, with the revitalization of the process of attracting investments to Saudi Arabia, especially in the manufacturing and construction industries sectors that are focused on by many large and medium-sized Egyptian companies.
This came while the Saudi King, King Salman bin Abdulaziz Al Saud, chaired the session held by the Council of Ministers, on Tuesday, in Jeddah.
The Council of Ministers reviewed the topics on its agenda, including topics that the Shura Council participated in studying. It also reviewed the conclusions of the Council of Economic and Development Affairs, the Council of Political and Security Affairs, the General Committee of the Council of Ministers, and the Council of Experts in the Council of Ministers regarding them.
The Council ended up approving a memorandum of understanding between the Ministry of Finance of the Kingdom of Saudi Arabia and the Ministry of Finance of the Arab Republic of Egypt regarding establishing a high-level financial dialogue.
https://almalnews.com/
“It was actually signed in November 2023: Egypt and Saudi Arabia agreed on a high-level financial dialogue... How will it affect the two countries?” Yesterday, the Saudi Council of Ministers announced its approval of a memorandum of understanding between the ministries of finance in the Kingdom of Saudi Arabia and the Arab Republic of Egypt regarding establishing a high-level financial dialogue between the two sides. This is not the first time that this dialogue has been announced, but it The official Saudi announcement of its approval and entry into force, after it was officially signed last November. The following is the most important information about this high-level financial dialogue, according to a report published by the Egyptian newspaper “Al-Shorouk”: - On March 8, 2022, President Abdel Fattah El-Sisi made an official visit to Saudi Arabia and met... It was attended by King Salman bin Abdulaziz and his Crown Prince, Prince Mohammed bin Salman. On the sidelines of the visit, the Saudi Council of Ministers announced the authorization of the Minister of Finance to negotiate with the Egyptian side to establish a high-level financial dialogue that serves the interests of the two countries. - On November 10, 2023, a memorandum of understanding was signed in Riyadh between the Minister Egyptian Finance Minister Mohamed Maait and his Saudi counterpart, Mohammed bin Abdullah Al-Jadaan, for cooperation in various fields between the ministries of finance of the two countries, on the sidelines of the Arab-African Economic Conference in Riyadh, Saudi Arabia, which was attended by a number of financial, business and investment leaders from the government and private sectors, trade unions, international organizations, and the most important figures in academic circles. And think tanks to discuss relations and opportunities for joint cooperation. - The memorandum of understanding included the launch of a high-level dialogue between the ministries of finance of the two countries, to discuss financial and economic developments at the regional and international levels. - The high-level financial dialogue includes the exchange of experiences and coordination in various areas of financial policies to keep pace with global economic developments, They discussed opportunities for technical cooperation between the two sides and their affiliated bodies, capacity building programs, and any other areas related to financial policies. - Within the framework of the high-level financial dialogue, annual sessions and meetings will be held under the chairmanship of the finance ministers of the two countries with the participation of other relevant government agencies. Maait said that the signing of the memorandum of understanding reflects the keenness of The two countries are working to advance bilateral relations in the field of financial policies, within the framework of the remarkable development witnessed in other aspects of cooperation aimed at consolidating the strategic partnership between Egypt and Saudi Arabia. The high-level financial dialogue aims to achieve optimal investment in bilateral cooperation opportunities in various sectors to achieve common interests within the framework of national experiences and goals. Development in accordance with Vision 2030 in both Saudi Arabia and Egypt. Saudi Arabia and Egypt have had growing trade relations in recent years, as the volume of trade exchange between the two countries between 2016 and 2021 reached about $47.7 billion. The volume of Saudi non-oil exports to Egypt increased by 6.9% to reach $1.9 billion. In 2021, more than 6,285 Saudi companies are active in Egypt with investments exceeding 30 billion dollars. In contrast, there are 274 Egyptian brands and more than 574 Egyptian companies in the Saudi markets. By 2022, there were more than 1,035 Egyptian companies in the Saudi market, amounting to The value of the capital of companies owned or co-owned by Egyptian investors in the Kingdom is 4.4 billion riyals, a number that has certainly increased now after about two years, with the revitalization of the process of attracting investments to Saudi Arabia, especially in the manufacturing and construction industries sectors that are focused on by many large and medium-sized Egyptian companies.
The SC
INT'L MOD
- Thread starter
- #110
October 2022
In an exclusive interview with “Sabq”... the South Korean ambassador: 30 billion dollars “our trade” is with Saudi Arabia.. and we will participate in the Saudi “nuclear” program.
- Soon... Korean companies will build future housing according to Saudi family variables.
We appreciate Saudi Arabia’s efforts in peace and stability on the Korean Peninsula and in maintaining peace and dialogue in the Middle East.
- K-Pop groups and Korean dramas are very popular and ignite the enthusiasm of Saudi youth.
- Saudi Arabia is an active member of the international community and plays an important role in stabilizing the international energy market.
Our investments in Saudi Arabia amounted to 5.7 billion dollars. Your investments amounted to 2.1 billion dollars, and we want more.
The Arabic language department has been established in 5 Korean universities, and we are waiting for a department for the Korean language and specializations in Saudi universities.
We have 41 joint projects in energy, infrastructure, health, hydrogen, and the establishment of a Saudi bank for small and medium businesses.
- Riyadh, the miracle of the desert, planted trees and green areas with desalinated water transported by a 400 km long pipeline.
- “Saudi Aramco” and “Hyundai of Korea” established a shipbuilding company... and other Korean companies are coming to invest in Saudi projects.
Even after oil, Saudi Arabia will remain influential in the global energy market, especially in the production of green and blue hydrogen.
- The Korean series “Squid Game” ranked first in Saudi Arabia for weeks and gained great fame after its experience in “Riyadh Boulevard.”
- Saudi scholarships in Korea prefer to study information technology, electronics, and electrical engineering.
- I like the way Saudi men treat their families, the paved desert roads, and eating kabsa and dates.
The Ambassador of the Republic of South Korea to the Kingdom, Park Joon-young, said: “Relations between Saudi Arabia and South Korea have developed over the past 60 years as strategic partners. Korea played a central role in developing the infrastructure in the Kingdom, and Saudi Arabia contributed greatly to the economic development of Korea as the largest energy supplier.”
He stressed in an interview with “Sabq” that the Kingdom continued to support South Korea’s efforts to promote peace and stability on the Korean Peninsula, and that it made valuable efforts to promote peace and dialogue in the Middle East.
He pointed out that the Saudi students who studied in Korea during the past years were an important bridge for developing Korean-Saudi relations towards a better future.
He explained that Saudi Arabia is Korea's largest trading partner in the Middle East, and the ninth largest trading partner in the world, and the volume of trade between the two countries this year is expected to reach 30 billion US dollars.
The dialogue addresses a number of important diplomatic, political and economic topics, so here are the details:
Saudi-Korean relations
Q
** Saudi-Korean relations go back to 1962 AD. After 60 years, how do you evaluate the relations between the two countries, and how can they be strengthened?
A
Korea and the Kingdom have developed over the past 60 years as strategic partners. Korea has played a central role in developing the infrastructure in the Kingdom, and the Kingdom has contributed significantly to Korea's economic development as the largest energy supplier. The cooperation relations between the two countries are not limited to the economic field only; The Kingdom has continued to support Korea's efforts to promote peace and stability on the Korean Peninsula, and South Korea highly appreciates the Kingdom's efforts to promote peace and dialogue in the Middle East. The two countries also cooperate closely with various parties on the international scene, including the United Nations, on key issues such as combating terrorism and nuclear disarmament. As the two countries celebrate the 60th anniversary of the establishment of diplomatic relations between them, I hope that the scope of their relations will expand to extend to industrialization. , information technology, education, health, culture, tourism and defence. The manufacturing sector represents a strength for Korea, and it is also working to develop its cultural strength. I am confident that Korea can be one of the best partners for the Kingdom. This young country wants to develop into an industrial power and a country with a new cultural character in light of Vision 2030.
Prince Mohammed bin Salman
Q
** The visit of His Royal Highness Prince Mohammed bin Salman, the Crown Prince and Prime Minister, to Korea in 2019, and the signing of the Saudi-Korean Vision Memorandum; To what extent did you contribute to making Korea a strategic partner in Vision 2030?
A
The visit of His Royal Highness Prince Mohammed bin Salman, Crown Prince and Prime Minister, to the Republic of South Korea in June 2019, and the visit of former President Moon Jae-in at the beginning of this year on the occasion of the 60th anniversary of the establishment of diplomatic relations, demonstrated a firm will to strengthen relations between... Both countries are at the highest levels. I believe that the visit of former President Moon to the Kingdom last January confirmed the depth of relations between the two countries, which were not prevented by the Corona pandemic, and cooperation between the two countries continues to implement the Kingdom’s Vision 2030 continuously. This year, the third meeting of the Korean-Saudi Committee for Vision 2030 was held during the visit of the former Korean president to the Kingdom. The government of President Yoon Suk-yeol, which was formed last May, pays great attention to strengthening and strengthening relations with the Kingdom. I hope that the leaders of the two countries will meet in the near future. During this year, a number of Saudi ministers visited Korea, and I look forward to the visit of the Korean ministers responsible for the economy to the Kingdom during this year. I expect that bilateral relations will rise to the level of comprehensive and strategic cooperation this year.
Korean universities
Q
** Korean universities have contributed to the qualification of thousands of Saudi scholarship students in several specializations. What are the most prominent new specializations that Saudis have begun to enroll in?
A
Saudi students who studied in Korea during the past years are a bridge for developing Korean-Saudi relations further in the future. Most Saudi students choose engineering because they prefer the specializations in which Korea is distinguished, such as: (information technology, electronics and electrical engineering, biological sciences, etc.). I hope that we will see an increase in the number of Saudi students studying the humanities and social sciences, and the Korean government will encourage Saudi students to study these. majors because it helps them gain more understanding about Korea, and years ago the Arabic language department was established in 5 universities; Korean, while no Korean language department and Korean specializations have been established in Saudi universities during the past 60 years.
The role of Saudi Arabia
Q
** How do you see Saudi Arabia’s role in addressing global issues in addition to stabilizing the global energy market?
A
The Kingdom, as the only Arab member of the G20, and an active member of the international community; It expands its role in the global economic arena by hosting global meetings in light of mounting concerns about the global recession, inflation and the energy crisis in Europe. The Kingdom is one of the largest oil producing countries in the world, and the ninth largest producer of natural gas in the world. It plays an important role as a stabilizing factor in the international energy market. Recently, the international energy market has become in a very unstable state due to climate change, the end of Corona, the global economic downturn, and the Ukraine crisis. The current oil and natural gas prices place a heavy burden on the economies Countries of the world... The reasons for this are the decline in investment at the source, the lack of refinery facilities, in addition to psychological factors. Oil-consuming countries hope that the producing countries - including the Kingdom - will make efforts to stabilize oil prices at a level lower than the current level, and I also expect that Saudi Arabia greatly influences the global energy market in the post-oil era. Because it is well placed to produce green and blue hydrogen, which is considered an alternative energy to achieve zero carbon emissions.
Saudi-Korean agreement
Q
** In late 2011, a Saudi-Korean agreement was signed to cooperate in research, development, and building peaceful nuclear energy plants.. What is new in this aspect?
A
Korea and the Kingdom continued cooperation regarding large and small nuclear power plants through a memorandum of understanding to establish a partnership for a small nuclear power plant SMART in 2015, and a memorandum of understanding on nuclear regulatory cooperation for the peaceful use of nuclear energy technology in 2016, and the Kingdom has a plan to build two nuclear power plants of the 1.4 GW category. By 2030, the Korea Electric Power Corporation (KEPCO) hopes to participate in this project.
The trade exchange
Q
** The Kingdom is one of the first trading partners of the Republic of Korea in the Middle East. How much is the volume of trade exchange between the two countries?
A
As for South Korea, the Kingdom is the largest trading partner in the Middle East, and the ninth largest trading partner in the world. It is expected that the trade volume between the two countries this year will reach 30 billion US dollars. Korea's main exports are automobiles, rubber, steel, and weapons; While the Kingdom's main exports are crude oil, petroleum products, fine chemical raw materials, and aluminum... If the free trade negotiations between Korea and the Gulf Cooperation Council countries, which resumed last January, end; It is also expected that the volume of trade between Korea and the Kingdom will increase. In addition, the total volume of direct investment between the two countries reached $7.8 billion until 2020, and Korea’s investments in Saudi Arabia amount to about $5.7 billion, and Saudi Arabia’s investments in Korea are about $2.1 billion.
Climate change
Q
** How do you see the implications of the “Green Saudi Arabia” and “Green Middle East” initiatives in combating climate change and global warming in the world?
A
The “Green Saudi Arabia” and “Green Middle East” initiatives, launched by the Saudi Crown Prince in October 2021 with a total investment of 39 billion riyals, aim to develop the energy markets of Middle Eastern countries, provide clean energy solutions, and reduce carbon emissions. The two initiatives focus on Greening, renewable energy and investing in clean energy to address climate change, which is the biggest global issue.
The Saudi and Korean economy
Q
** Hyundai and Aramco established the International Marine Industries Company, and Saudi Arabia (SAMI) signed cooperation with Korean companies.. What is the impact of such important agreements on the Saudi and Korean economies?
A
Economic cooperation between Korea and Saudi Arabia is expected to extend to diverse sectors such as manufacturing, defense, and culture. Going beyond cooperation based on the construction and energy sectors. Major Korean companies are already investing or planning to invest in the Kingdom, and cooperation in the defense sector is being actively promoted through defense bodies and companies in the two countries, such as the Saudi Military Industries Company and Hanhwa Company.
Joint Projects
Q
** Joint projects between Saudi Arabia and Korea include 41 projects. What are the new sectors nominated for cooperation?
A
As you mentioned, currently, 41 collaborative projects are being promoted in 5 sub-sections: Manufacturing and Energy, Intelligence and Infrastructure, Capacity Building, Health, Small Business and Investment. The main projects include shipyard construction, nuclear energy cooperation, hydrogen and housing, and new city development. And the establishment of the Saudi Small and Medium Business Bank, and it is possible to achieve more cooperation in smart cities, manufacturing, renewable energy, culture and tourism.
Future City “NEOM”
Q
** What are the sectors in which Korean companies can cooperate within the project to build the future city “NEOM”?
A
Korean companies are working on infrastructure projects and mobility-related cooperation in the NEOM project. In July of this year, the alliance of Hyundai Construction Company, Samsung C&T and Archyrodon won a contract to construct part of the current tunnel under construction in NEOM, and Korean contracting companies have a lot of experience in constructing infrastructure such as: (tunnels, skyscrapers, ports, airports, bridges and smart cities), and is highly trusted by the Saudi government. Therefore, there will be many opportunities for cooperation in this field in the future.
Korean experiences in housing
Q
** How can the Kingdom benefit from the leading Korean expertise in the field of housing, real estate development, and residential units at appropriate prices?
A
Korean companies previously implemented the project to establish the residential suburb of Salman Bay in Jeddah, and the residential suburb of the King Abdullah Petroleum Studies and Research Center for Aramco. Currently, GS Building and Construction Company and Al Argan Company are developing a residential complex project that includes 200 residential units in the green oasis in the Kingdom.
Korean art and music
Q
** Regarding the demand for art, music, drama, and performances presented by Korean groups, do you think that this reflects the interest of Saudi youth in Korean culture?
A
Korean culture is very popular in the Kingdom, especially K-Pop, and Korean drama ignites the enthusiasm of Saudi youth. I visited the K-Con concert on September 30th, and witnessed for myself the Saudis’ interest in Korean culture, and the performance of “Super Junior and BTS.” The year 2019 achieved great success, and I am happy that it paved the way for strengthening cooperation in the music field, which was represented by the signing of business agreements, and every week Korean dramas are usually in the top ten among various shows; Especially the series “Squid Game” that was shown last year; It ranked first in Saudi Arabia for several weeks, and gained great fame after the launch of the squid game experience event on “Riyadh Boulevard”... The scope of Saudi youth’s interest in learning about Korean culture is expanding to Korean food, traditional culture, and language.
Mission
Q
** What is the most urgent area that you would like to focus on during your term in Riyadh?
A
Solve the difficulties faced by Korean companies to the benefit of both countries, and advance bilateral relations into a comprehensive strategic cooperative. To reach this goal, I hope that cooperation between the two countries will be diverse and multidimensional, to further enhance trust and friendship between the peoples of the two countries. A better understanding of each other enhances mutual cooperation.
Saudi people
Q
** What was your impression of Saudi Arabia and Saudi society before and after you came there?
A
Before I came to Riyadh, I did not know that the Saudis were very friendly with Korea, and I did not know that there were very few Koreans living in the Kingdom, and I did not know that Saudi men were very interested in family affairs, and I did not know that the Kingdom was a country with a mostly young population. I did not know that a third of the population of Saudi Arabia are foreigners, and I did not know that the Saudi government was working hard to stop terrorism, and I did not know that there were many international events hosted by Saudi Arabia, and I did not know that there were many Saudis who could speak English, and I did not know Many Saudi students study abroad, and I did not know that the highways running through the desert were well paved, and that the speed limit was 140 km/h. I did not know that there was a good tourist site called the Red Sea, and I did not know that Riyadh was a miracle that emerged from the desert in which trees grew and green areas appeared with desalinated water transported by a 400-kilometre pipeline.
In an exclusive interview with “Sabq”... the South Korean ambassador: 30 billion dollars “our trade” is with Saudi Arabia.. and we will participate in the Saudi “nuclear” program.
- Soon... Korean companies will build future housing according to Saudi family variables.
We appreciate Saudi Arabia’s efforts in peace and stability on the Korean Peninsula and in maintaining peace and dialogue in the Middle East.
- K-Pop groups and Korean dramas are very popular and ignite the enthusiasm of Saudi youth.
- Saudi Arabia is an active member of the international community and plays an important role in stabilizing the international energy market.
Our investments in Saudi Arabia amounted to 5.7 billion dollars. Your investments amounted to 2.1 billion dollars, and we want more.
The Arabic language department has been established in 5 Korean universities, and we are waiting for a department for the Korean language and specializations in Saudi universities.
We have 41 joint projects in energy, infrastructure, health, hydrogen, and the establishment of a Saudi bank for small and medium businesses.
- Riyadh, the miracle of the desert, planted trees and green areas with desalinated water transported by a 400 km long pipeline.
- “Saudi Aramco” and “Hyundai of Korea” established a shipbuilding company... and other Korean companies are coming to invest in Saudi projects.
Even after oil, Saudi Arabia will remain influential in the global energy market, especially in the production of green and blue hydrogen.
- The Korean series “Squid Game” ranked first in Saudi Arabia for weeks and gained great fame after its experience in “Riyadh Boulevard.”
- Saudi scholarships in Korea prefer to study information technology, electronics, and electrical engineering.
- I like the way Saudi men treat their families, the paved desert roads, and eating kabsa and dates.
The Ambassador of the Republic of South Korea to the Kingdom, Park Joon-young, said: “Relations between Saudi Arabia and South Korea have developed over the past 60 years as strategic partners. Korea played a central role in developing the infrastructure in the Kingdom, and Saudi Arabia contributed greatly to the economic development of Korea as the largest energy supplier.”
He stressed in an interview with “Sabq” that the Kingdom continued to support South Korea’s efforts to promote peace and stability on the Korean Peninsula, and that it made valuable efforts to promote peace and dialogue in the Middle East.
He pointed out that the Saudi students who studied in Korea during the past years were an important bridge for developing Korean-Saudi relations towards a better future.
He explained that Saudi Arabia is Korea's largest trading partner in the Middle East, and the ninth largest trading partner in the world, and the volume of trade between the two countries this year is expected to reach 30 billion US dollars.
The dialogue addresses a number of important diplomatic, political and economic topics, so here are the details:
Saudi-Korean relations
Q
** Saudi-Korean relations go back to 1962 AD. After 60 years, how do you evaluate the relations between the two countries, and how can they be strengthened?
A
Korea and the Kingdom have developed over the past 60 years as strategic partners. Korea has played a central role in developing the infrastructure in the Kingdom, and the Kingdom has contributed significantly to Korea's economic development as the largest energy supplier. The cooperation relations between the two countries are not limited to the economic field only; The Kingdom has continued to support Korea's efforts to promote peace and stability on the Korean Peninsula, and South Korea highly appreciates the Kingdom's efforts to promote peace and dialogue in the Middle East. The two countries also cooperate closely with various parties on the international scene, including the United Nations, on key issues such as combating terrorism and nuclear disarmament. As the two countries celebrate the 60th anniversary of the establishment of diplomatic relations between them, I hope that the scope of their relations will expand to extend to industrialization. , information technology, education, health, culture, tourism and defence. The manufacturing sector represents a strength for Korea, and it is also working to develop its cultural strength. I am confident that Korea can be one of the best partners for the Kingdom. This young country wants to develop into an industrial power and a country with a new cultural character in light of Vision 2030.
Prince Mohammed bin Salman
Q
** The visit of His Royal Highness Prince Mohammed bin Salman, the Crown Prince and Prime Minister, to Korea in 2019, and the signing of the Saudi-Korean Vision Memorandum; To what extent did you contribute to making Korea a strategic partner in Vision 2030?
A
The visit of His Royal Highness Prince Mohammed bin Salman, Crown Prince and Prime Minister, to the Republic of South Korea in June 2019, and the visit of former President Moon Jae-in at the beginning of this year on the occasion of the 60th anniversary of the establishment of diplomatic relations, demonstrated a firm will to strengthen relations between... Both countries are at the highest levels. I believe that the visit of former President Moon to the Kingdom last January confirmed the depth of relations between the two countries, which were not prevented by the Corona pandemic, and cooperation between the two countries continues to implement the Kingdom’s Vision 2030 continuously. This year, the third meeting of the Korean-Saudi Committee for Vision 2030 was held during the visit of the former Korean president to the Kingdom. The government of President Yoon Suk-yeol, which was formed last May, pays great attention to strengthening and strengthening relations with the Kingdom. I hope that the leaders of the two countries will meet in the near future. During this year, a number of Saudi ministers visited Korea, and I look forward to the visit of the Korean ministers responsible for the economy to the Kingdom during this year. I expect that bilateral relations will rise to the level of comprehensive and strategic cooperation this year.
Korean universities
Q
** Korean universities have contributed to the qualification of thousands of Saudi scholarship students in several specializations. What are the most prominent new specializations that Saudis have begun to enroll in?
A
Saudi students who studied in Korea during the past years are a bridge for developing Korean-Saudi relations further in the future. Most Saudi students choose engineering because they prefer the specializations in which Korea is distinguished, such as: (information technology, electronics and electrical engineering, biological sciences, etc.). I hope that we will see an increase in the number of Saudi students studying the humanities and social sciences, and the Korean government will encourage Saudi students to study these. majors because it helps them gain more understanding about Korea, and years ago the Arabic language department was established in 5 universities; Korean, while no Korean language department and Korean specializations have been established in Saudi universities during the past 60 years.
The role of Saudi Arabia
Q
** How do you see Saudi Arabia’s role in addressing global issues in addition to stabilizing the global energy market?
A
The Kingdom, as the only Arab member of the G20, and an active member of the international community; It expands its role in the global economic arena by hosting global meetings in light of mounting concerns about the global recession, inflation and the energy crisis in Europe. The Kingdom is one of the largest oil producing countries in the world, and the ninth largest producer of natural gas in the world. It plays an important role as a stabilizing factor in the international energy market. Recently, the international energy market has become in a very unstable state due to climate change, the end of Corona, the global economic downturn, and the Ukraine crisis. The current oil and natural gas prices place a heavy burden on the economies Countries of the world... The reasons for this are the decline in investment at the source, the lack of refinery facilities, in addition to psychological factors. Oil-consuming countries hope that the producing countries - including the Kingdom - will make efforts to stabilize oil prices at a level lower than the current level, and I also expect that Saudi Arabia greatly influences the global energy market in the post-oil era. Because it is well placed to produce green and blue hydrogen, which is considered an alternative energy to achieve zero carbon emissions.
Saudi-Korean agreement
Q
** In late 2011, a Saudi-Korean agreement was signed to cooperate in research, development, and building peaceful nuclear energy plants.. What is new in this aspect?
A
Korea and the Kingdom continued cooperation regarding large and small nuclear power plants through a memorandum of understanding to establish a partnership for a small nuclear power plant SMART in 2015, and a memorandum of understanding on nuclear regulatory cooperation for the peaceful use of nuclear energy technology in 2016, and the Kingdom has a plan to build two nuclear power plants of the 1.4 GW category. By 2030, the Korea Electric Power Corporation (KEPCO) hopes to participate in this project.
The trade exchange
Q
** The Kingdom is one of the first trading partners of the Republic of Korea in the Middle East. How much is the volume of trade exchange between the two countries?
A
As for South Korea, the Kingdom is the largest trading partner in the Middle East, and the ninth largest trading partner in the world. It is expected that the trade volume between the two countries this year will reach 30 billion US dollars. Korea's main exports are automobiles, rubber, steel, and weapons; While the Kingdom's main exports are crude oil, petroleum products, fine chemical raw materials, and aluminum... If the free trade negotiations between Korea and the Gulf Cooperation Council countries, which resumed last January, end; It is also expected that the volume of trade between Korea and the Kingdom will increase. In addition, the total volume of direct investment between the two countries reached $7.8 billion until 2020, and Korea’s investments in Saudi Arabia amount to about $5.7 billion, and Saudi Arabia’s investments in Korea are about $2.1 billion.
Climate change
Q
** How do you see the implications of the “Green Saudi Arabia” and “Green Middle East” initiatives in combating climate change and global warming in the world?
A
The “Green Saudi Arabia” and “Green Middle East” initiatives, launched by the Saudi Crown Prince in October 2021 with a total investment of 39 billion riyals, aim to develop the energy markets of Middle Eastern countries, provide clean energy solutions, and reduce carbon emissions. The two initiatives focus on Greening, renewable energy and investing in clean energy to address climate change, which is the biggest global issue.
The Saudi and Korean economy
Q
** Hyundai and Aramco established the International Marine Industries Company, and Saudi Arabia (SAMI) signed cooperation with Korean companies.. What is the impact of such important agreements on the Saudi and Korean economies?
A
Economic cooperation between Korea and Saudi Arabia is expected to extend to diverse sectors such as manufacturing, defense, and culture. Going beyond cooperation based on the construction and energy sectors. Major Korean companies are already investing or planning to invest in the Kingdom, and cooperation in the defense sector is being actively promoted through defense bodies and companies in the two countries, such as the Saudi Military Industries Company and Hanhwa Company.
Joint Projects
Q
** Joint projects between Saudi Arabia and Korea include 41 projects. What are the new sectors nominated for cooperation?
A
As you mentioned, currently, 41 collaborative projects are being promoted in 5 sub-sections: Manufacturing and Energy, Intelligence and Infrastructure, Capacity Building, Health, Small Business and Investment. The main projects include shipyard construction, nuclear energy cooperation, hydrogen and housing, and new city development. And the establishment of the Saudi Small and Medium Business Bank, and it is possible to achieve more cooperation in smart cities, manufacturing, renewable energy, culture and tourism.
Future City “NEOM”
Q
** What are the sectors in which Korean companies can cooperate within the project to build the future city “NEOM”?
A
Korean companies are working on infrastructure projects and mobility-related cooperation in the NEOM project. In July of this year, the alliance of Hyundai Construction Company, Samsung C&T and Archyrodon won a contract to construct part of the current tunnel under construction in NEOM, and Korean contracting companies have a lot of experience in constructing infrastructure such as: (tunnels, skyscrapers, ports, airports, bridges and smart cities), and is highly trusted by the Saudi government. Therefore, there will be many opportunities for cooperation in this field in the future.
Korean experiences in housing
Q
** How can the Kingdom benefit from the leading Korean expertise in the field of housing, real estate development, and residential units at appropriate prices?
A
Korean companies previously implemented the project to establish the residential suburb of Salman Bay in Jeddah, and the residential suburb of the King Abdullah Petroleum Studies and Research Center for Aramco. Currently, GS Building and Construction Company and Al Argan Company are developing a residential complex project that includes 200 residential units in the green oasis in the Kingdom.
Korean art and music
Q
** Regarding the demand for art, music, drama, and performances presented by Korean groups, do you think that this reflects the interest of Saudi youth in Korean culture?
A
Korean culture is very popular in the Kingdom, especially K-Pop, and Korean drama ignites the enthusiasm of Saudi youth. I visited the K-Con concert on September 30th, and witnessed for myself the Saudis’ interest in Korean culture, and the performance of “Super Junior and BTS.” The year 2019 achieved great success, and I am happy that it paved the way for strengthening cooperation in the music field, which was represented by the signing of business agreements, and every week Korean dramas are usually in the top ten among various shows; Especially the series “Squid Game” that was shown last year; It ranked first in Saudi Arabia for several weeks, and gained great fame after the launch of the squid game experience event on “Riyadh Boulevard”... The scope of Saudi youth’s interest in learning about Korean culture is expanding to Korean food, traditional culture, and language.
Mission
Q
** What is the most urgent area that you would like to focus on during your term in Riyadh?
A
Solve the difficulties faced by Korean companies to the benefit of both countries, and advance bilateral relations into a comprehensive strategic cooperative. To reach this goal, I hope that cooperation between the two countries will be diverse and multidimensional, to further enhance trust and friendship between the peoples of the two countries. A better understanding of each other enhances mutual cooperation.
Saudi people
Q
** What was your impression of Saudi Arabia and Saudi society before and after you came there?
A
Before I came to Riyadh, I did not know that the Saudis were very friendly with Korea, and I did not know that there were very few Koreans living in the Kingdom, and I did not know that Saudi men were very interested in family affairs, and I did not know that the Kingdom was a country with a mostly young population. I did not know that a third of the population of Saudi Arabia are foreigners, and I did not know that the Saudi government was working hard to stop terrorism, and I did not know that there were many international events hosted by Saudi Arabia, and I did not know that there were many Saudis who could speak English, and I did not know Many Saudi students study abroad, and I did not know that the highways running through the desert were well paved, and that the speed limit was 140 km/h. I did not know that there was a good tourist site called the Red Sea, and I did not know that Riyadh was a miracle that emerged from the desert in which trees grew and green areas appeared with desalinated water transported by a 400-kilometre pipeline.
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- #111
Aramco Digital taps $7.5B fund to 'create Google for the Middle East'
After leaving Rakuten last year, Tareq Amin soon resurfaced at a new Aramco business that aims to be an AI facilitator for the entire Middle East.
March 6, 2024
Aramco Digital wants to spearhead the digital transformation of the Middle East.(Source: Saudi Aramco)
Founded in 2016 by Jonathan Ross, the former Google executive behind the Internet giant's tensor processing units (TPUs), Groq is working on another type of chip called a language processing unit (LPU). So far, generative artificial intelligence (GenAI) has relied heavily on the graphical processing units (GPUs) made by Nvidia to train the large language models (LLMs) that underpin applications like ChatGPT. Where alternatives such as Groq's LPUs fit is in the next chapter of the story, and what experts refer to as AI "inferencing" (more on that later).
Groq stands out for all sorts of reasons. It has a funky name. It has a boss who built the AI silicon used by Google. It sealed a contract with Samsung's foundry business last year to produce 4-nanometer chips. And it is also a partner of Saudi Aramco, the Middle Eastern energy giant with bulging pockets and technology ambitions that soar higher than Jeddah Tower.
That follows Aramco's establishment last year of a subsidiary called Aramco Digital, which will have access to some of the $7.5 billion held by Aramco Ventures, the company's venture capital arm. It has lured Tareq Amin, previously in charge of telecom business for Japan's Rakuten, to run Aramco Digital, giving him the daunting mission to "go ahead and create Google for the Middle East," as he describes it.
Do you Groq it?
When Amin recently met Light Reading at the appropriately swanky W hotel in Barcelona, he emphasized this would not mean building vast data centers or connecting them with fiber, jobs that have already been done in Saudi Arabia by companies that include the US hyperscalers. Through Aramco Cloud – which sits alongside Connect, Intelligence, Secure and Solutions as one of five units under Amin's jurisdiction – Aramco Digital has instead formed partnerships with Google and others, besides channeling some funds into its own sovereign cloud. Thanks to an internally developed multicloud orchestration tool, customers visiting an Aramco Digital marketplace can select the platform they prefer.
The role that Amin envisages is on the software side and doing what he calls "AI-infrastructure-as-a-service" for companies in Saudi Arabia and other countries across the Middle East and North Africa. It's an untapped opportunity he values at $149 billion between now and 2030, citing external research. "I am positive there is not a single AI-infrastructure-as-a-service company in the Middle East," Amin said.
To him, the chief regional pain point today is poor access to advanced AI chips, which is where Groq and others enter the story. According to the plan shared with Light Reading, Aramco Digital will secure access to those chips and then lease them on a pay-as-you-go basis to its customers in the Middle East. "You offer an amazing opportunity to researchers and developers, who don't need to wait to jump into the AI ecosystem and can play with it and experiment," said Amin. "If Aramco Digital under its Cloud business unit offers this as a service, it will fast track the transformation of the entire region."
Groq especially excites Amin because it could dovetail with his own software activities. Rather than building an LLM from scratch, Aramco Digital has cherry-picked from the open source community and done some fine-tuning on specific data sets. On top of that, it has slapped an orchestration layer that is "intent-based," essentially meaning the user can issue a simple instruction and let AI carry out the necessary tasks. The result is a new AI-powered operating system dubbed Nour OS (nour meaning light in Arabic), which is being shown off at Saudi Arabia's Leap 2024 technology event this week. And Groq could suit it better than any GPU.
While Nvidia's muscular chips are needed for the hard job of LLM training, more power-efficient options might replace them in AI inferencing, when applications based on those fully trained LLMs are rolled out. They could include more sophisticated AI voice assistants and chatbots supported by Nour OS. "To make AI function as a human does, of course, it needs to evolve in its capability to understand intent, but latency also has to be real time," said Amin. "The new inferencing chipsets and companies like Groq have made latency near real time."
An enterprise world without apps
His lofty goal with Nour OS – described as a "next-generation enterprise operating system" – is to substitute AI for the visible apps used in the enterprise. The initial deployment within Aramco Digital meant an employee could use an AI "prompt" to find out how many vacation days remained, instead of sending emails to HR managers, rifling through HR guidebooks or making use of specific online tools.
"Imagine you don't see a single app on your Mac tomorrow but prompts," said Amin. "The difference between our prompt and ChatGPT is that it understands intent and carries actions, and they can be anything." A more complicated use case has involved open radio access network (RAN) technology. After an integration of Nour OS with Intel silicon, Aramco Digital used simple voice commands to provision a policy controller (used to manage resources) with specific variables. "Just by declaring intent, we provision this in seconds without having to worry about manual efforts to carry through configuration and customer information and IP address management," said Amin.
Aramco Digital now has 12 use cases for Nour OS covering finance, legal, HR and open RAN areas. It is incorporating the relevant ones into its enterprise resource planning (ERP) system and Amin says he wants the "whole company" to run on Nour OS by the end of this year. But there is a go-to-market plan, too. "Anyone can take this OS and build their own app that takes advantage of the foundation layers we are building in the architecture," said Amin. The message, essentially, is that Aramco Digital takes care of the rest in its "AI-infrastructure-as-a-service" guise.
The aspiration, it seems, is to be a kind of AI facilitator for the region. It's a description Amin likes. "That is the dream," he said. "This is a marketplace for AI but we're taking the headaches of deployment out of your way. You don't have to worry about infrastructure. You don't have to worry about finding GPUs or finding TPUs or finding any other infrastructure, or about how to create the data platform or the GenAI implementation."
If it seems a small miracle that Aramco Digital has been able to conceive and build its tools so fast, Amin says dipping into today's proliferation of open source platforms made a huge difference. Developing Nour OS took four months from scratch. In the future, with the "low code, no code" phenomenon, he expects software to be written even quicker. "Eighty percent to 90% of any code you write could be handled by AI today," he said. "And we're on a path where the AI will write much more efficient and cleaner code."
The man who introduces grok to Earth comes to an unpleasant end in Stranger in a Strange Land. For Groq, the outlook seems brighter. "There are three or four startups that I think could change this world in a good way," said Amin, with reference to AI inferencing chipsets but without naming any specific players. Groq, whose last funding round happened in April 2021, has so far raised $362.6 million from multiple venture funds, according to Crunchbase. And Amin expresses a willingness to invest in "many startups" in this space. Aramco certainly has the means.
https://www.lightreading.com/ai-mac...-5b-fund-to-create-google-for-the-middle-east
*** Aramco_Digital captured the spotlight by unveiling plans for a partnership with Groq, the global leader in the artificial intelligence chipset market.
This cooperation aims to establish the world's largest artificial intelligence computer center in the Kingdom, which will enhance the growth of the industry in the region.
Announcing this partnership, Amin, CEO of Aramco Digital, said:
“In my opinion, Groq is already building the fastest and most scalable AI chip platform in the world. The dream was that we could do this in Saudi Arabia, and build the world's largest AI infrastructure as a service in this country. We have this opportunity here, which is written by Great Vision 2030."
The SC
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- #112
The first Arab to obtain first place and honors in cybersecurity in the US
Scholarship student Abdul Hadi Muhammad Al-Almai realizes with his team at the university
First place in the Alamo AFCEA Cybersecurity Competition in America for the year 2020 as the first Arab, and won the same competition in 2021, he ranked second, and he is the only student who participated for two years successively achieving advanced ranks (first, second).
Al-Almai received first-class honors from Saint Mary's University, Texas
Abdul Hadi Al-Almai, who holds an honors degree in cybersecurity at St. Mary’s University, Texas, for the year 2022. He has a master’s degree, in one of the most difficult standards of cybersecurity curricula, which was designed by the American National Security Agency (NSA).
In a new achievement for the country..
The Kingdom of Saudi Arabia achieves second place globally in the cybersecurity index, according to the “Global Competitiveness Yearbook 2022” report.
Based on a proposal from Saudi Arabia, it was decided to establish a ministerial council under the name “Arab Cybersecurity_Ministers” at the League of Arab States. The council will have a general secretariat and an executive office based in the city of Riyadh.
Scholarship student Abdul Hadi Muhammad Al-Almai realizes with his team at the university
First place in the Alamo AFCEA Cybersecurity Competition in America for the year 2020 as the first Arab, and won the same competition in 2021, he ranked second, and he is the only student who participated for two years successively achieving advanced ranks (first, second).
Al-Almai received first-class honors from Saint Mary's University, Texas
Abdul Hadi Al-Almai, who holds an honors degree in cybersecurity at St. Mary’s University, Texas, for the year 2022. He has a master’s degree, in one of the most difficult standards of cybersecurity curricula, which was designed by the American National Security Agency (NSA).
In a new achievement for the country..
The Kingdom of Saudi Arabia achieves second place globally in the cybersecurity index, according to the “Global Competitiveness Yearbook 2022” report.
Based on a proposal from Saudi Arabia, it was decided to establish a ministerial council under the name “Arab Cybersecurity_Ministers” at the League of Arab States. The council will have a general secretariat and an executive office based in the city of Riyadh.
The SC
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- #115
A research study at King Abdulaziz University has achieved the use of genetically modified viruses to selectively kill and destroy cancer cells without harming healthy cells. This is considered a new innovation for a promising and effective treatment against this type of cancer. This innovative treatment is characterized by its ability to reproduce within cancer cells, decompose them, and then stimulate a response. Autoimmune and acquired antitumor immunity.
King Abdulaziz University has come up with an innovative treatment by employing genetically modified viruses to selectively kill and destroy cancer cells without harming healthy cells.
A study by King Abdulaziz University indicated that this innovative treatment is characterized by its ability to reproduce within cancer cells, decompose them, and then stimulate an autoimmune and acquired anti-tumor immune response.
The study considered that breast cancer is one of the most common types of cancer among women in the world, and that this oncolytic immunotherapy is a new innovation as a promising and effective treatment against this type of cancer. The study aims to verify the ability of modified vesicular stomatitis viruses supported with immune-boosting cytokines to Effectively infect and kill breast cancer cells.
The study re-cloned the DNA of the three viruses and examined the quality of the cloning using the technique of tracking and analyzing the genetic sequence, then editing and purifying the viruses using “plaque assay” technology, “RT-PCR” analysis, and imaging with an electron microscope.
The results of the study showed the success of the genetically modified virus technology and its use as therapeutic agents against breast cancer. The effectiveness and toxicity of these viruses on many human and animal cancer cells was proven.
The study demonstrated the success of biological cloning and the use of modified viruses as therapeutic agents for breast cancer at the level of cultured cancer cells and the animal model, and thus they can be used as a new vaccine platform for cancer immunotherapy. These results support future scientific projects that aspire to use this methodology in treating breast cancers at the clinical level. .
https://www.spa.gov.sa/ar/w2077497
King Abdulaziz University has come up with an innovative treatment by employing genetically modified viruses to selectively kill and destroy cancer cells without harming healthy cells.
A study by King Abdulaziz University indicated that this innovative treatment is characterized by its ability to reproduce within cancer cells, decompose them, and then stimulate an autoimmune and acquired anti-tumor immune response.
The study considered that breast cancer is one of the most common types of cancer among women in the world, and that this oncolytic immunotherapy is a new innovation as a promising and effective treatment against this type of cancer. The study aims to verify the ability of modified vesicular stomatitis viruses supported with immune-boosting cytokines to Effectively infect and kill breast cancer cells.
The study re-cloned the DNA of the three viruses and examined the quality of the cloning using the technique of tracking and analyzing the genetic sequence, then editing and purifying the viruses using “plaque assay” technology, “RT-PCR” analysis, and imaging with an electron microscope.
The results of the study showed the success of the genetically modified virus technology and its use as therapeutic agents against breast cancer. The effectiveness and toxicity of these viruses on many human and animal cancer cells was proven.
The study demonstrated the success of biological cloning and the use of modified viruses as therapeutic agents for breast cancer at the level of cultured cancer cells and the animal model, and thus they can be used as a new vaccine platform for cancer immunotherapy. These results support future scientific projects that aspire to use this methodology in treating breast cancers at the clinical level. .
https://www.spa.gov.sa/ar/w2077497
The SC
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- #117
Soon in Saudi Arabia:
There will be an entertainment project in Medina, Mecca and Abha
!
<blockquote class="twitter-tweet"><p lang="ar" dir="rtl">قريبًا في السعودية:<br><br>سيكون هناك مشروع ترفيهي في المدينة المنورة و مكة المكرمة و أبها! <a href="https://t.co/tlh5Ka5MD7">pic.twitter.com/tlh5Ka5MD7</a></p>— قريباً في السعودية | Soon In Saudi (@SoonSaudi) <a href="
">April 3, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
There will be an entertainment project in Medina, Mecca and Abha
!<blockquote class="twitter-tweet"><p lang="ar" dir="rtl">قريبًا في السعودية:<br><br>سيكون هناك مشروع ترفيهي في المدينة المنورة و مكة المكرمة و أبها
! <a href="https://t.co/tlh5Ka5MD7">pic.twitter.com/tlh5Ka5MD7</a></p>— قريباً في السعودية | Soon In Saudi (@SoonSaudi) <a href="
">April 3, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Khorasan Black Flags
Trusted Member
Soon in Saudi Arabia:
There will be an entertainment project in Medina, Mecca and Abha
<blockquote class="twitter-tweet"><p lang="ar" dir="rtl">قريبًا في السعودية:<br><br>سيكون هناك مشروع ترفيهي في المدينة المنورة و مكة المكرمة و أبها
The first ever entertainment project?
