Saudi, US investor relations to flourish in mining, industrial sectors following official visit

Saudi, US investor relations to flourish in mining, industrial sectors following official visit
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and prominent US officials have commenced discussions on promising investment opportunities in mining and industrial sectors. X/@BAlkhorayef
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Updated 24 September 2024
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Saudi, US investor relations to flourish in mining, industrial sectors following official visit

Saudi, US investor relations to flourish in mining, industrial sectors following official visit
  • Minister of industry and mineral resources will visit New York, Nevada, and California
  • Bandar Alkhorayef also visited the New York Stock Exchange

RIYADH: A rise in US investments in Saudi Arabia is anticipated after the Kingdom’s minister of industry and mineral resources met with several business leaders and officials during his tour of the country. 

Throughout his US stay, from Sept. 23 - 28, the minister will visit New York, Nevada, and California. 

Bandar Alkhorayef and prominent US heads have commenced discussions on promising investment opportunities in Saudi Arabia’s mining and industrial sectors. 

The minister highlighted the growing influence of Vision 2030 on the Kingdom, making it an attractive investment environment with rich natural resources and vast human capital potential, Alkhorayef shared via an official post on the X platform. 

Alkhorayef also visited the New York Stock Exchange, the largest stock exchange in the world with a market value exceeding $28 trillion. 

“I reviewed during my visit to the New York Stock Exchange, NYSE, the vital global financial center, the latest advanced electronic systems that it uses to evaluate companies and various sectors, in addition to recognizing the best global practices followed in enhancing efficiency and raising competitiveness,” the minister said in a post on X. 

Vision 2030 aims to position Saudi Arabia as a global investment hub, focusing on diversifying the economy beyond oil. 

The mining sector aims to increase its contribution to the gross domestic product from $17 billion in 2015 to $64 billion by 2030, leveraging the country’s vast gold, phosphate, and bauxite reserves. 

The plan also targets 90,000 additional jobs and $150 billion in investments. In the industrial sector, Vision 2030 aims to localize 50 percent of military spending and increase the contribution of non-oil sectors to GDP by promoting industries like petrochemicals, automotive, and manufacturing to attract foreign and domestic investments. 

Alkhorayef is set to engage with industry ministers and leaders at a UN Industrial Development Organization event in New York, seeking support for the 21st UNIDO General Conference in Riyadh in 2025 and the Multilateral Industrial Policy Forum in October. 

The minister will also visit Columbia University and participate in MINExpo in Las Vegas, where he will meet with top mining companies to explore advanced technologies. A roundtable in Los Angeles with major US companies is also planned to discuss the National Industrial Strategy and incentives for foreign investors.

The minister will hold meetings with private sector leaders, visit advanced industrial companies like JetZero and SpaceX, and meet Saudi students in the US. 


Saudi Arabia launches $100m tower project in Syria

Saudi Arabia launches $100m tower project in Syria
Updated 37 sec ago
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Saudi Arabia launches $100m tower project in Syria

Saudi Arabia launches $100m tower project in Syria

RIYADH: Saudi Arabia has launched a $100 million real estate project in Damascus, signaling renewed economic cooperation with Syria and growing investor interest in the country’s reconstruction phase. 

The announcement was made during the Syrian-Saudi Investment Forum and Saudi Minister of Investment Khalid Al-Falih laid the foundation stone, marking a renewed phase of economic cooperation between the two nations. 

Developed with support from the Saudi Ministry of Investment and backed by Ethraa Holding, the mixed-use tower will span 25,210 sq. meters and combine office, hospitality, and retail components. The project forms part of Saudi Arabia’s broader engagement in Syria’s urban redevelopment efforts. 

Located in Damascus, Al Jawhara Tower will include 15 floors of hotel units and 15 floors of office space, each with a built-up area of 6,500 sq. meters. 

The development will also feature 1,300 sq. meters of retail space, along with four levels of underground parking spanning 2,400 sq. meters. A panoramic restaurant overlooking the city is also planned as part of the hospitality offering. 

Al Jawhara Tower represents one of the most prominent Saudi-led real estate investments in Syria in recent years, signaling growing interest in the country’s post-crisis recovery and urban development. 


Egypt records 69.6% YoY rise in remittances

Egypt records 69.6% YoY rise in remittances
Updated 18 min 4 sec ago
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Egypt records 69.6% YoY rise in remittances

Egypt records 69.6% YoY rise in remittances

RIYADH: Remittances from Egyptians working abroad rose by 69.6 percent year on year between July and May of the 2024-25 fiscal period, reaching a record $32.8 billion, new figures showed.

Data released by the country’s central bank show that remittances in May increased 24.2 percent annually to reach about $3.4 billion, representing the highest level of inflows ever recorded in the fifth month of the year, according to a statement.

The sharp increase underscores growing confidence among expatriates in the country’s financial system and reflects a broader improvement in Egypt’s external economic position. 

This improvement is also linked to recent measures to stabilize the exchange rate and promote formal remittance channels. These policies have contributed to Egypt’s net international reserves rising to $48.5 billion at the end of May, up from $47.8 billion in March.

In a statement, the central bank noted: “Likewise, remittances increased during the period January/May 2025 by 59 percent YoY to record around $15.8 billion (compared to about $9.9 billion).”

The rebound in remittance flows comes amid broader economic reforms pursued under an International Monetary Fund-backed stabilization program.

These reforms have bolstered Egypt’s foreign currency position and helped attract more international capital. 

In May, Prime Minister Mostafa Madbouly announced that Egypt recorded real gross domestic product growth of 3.9 percent during the first half of the fiscal year. Private sector investment surged by 80 percent, while foreign direct investment rose by around 17 percent. 

Inflation, however, remains a key challenge. The annual urban headline inflation rate accelerated to 16.8 percent in May, up from 13.9 percent in the previous month, mainly driven by continued pressure on non-food prices. 

These inflation trends come as Egypt’s broader economic landscape continues to be shaped by both domestic and global pressures. The government is navigating a delicate recovery amid external shocks, ongoing structural reforms, and efforts to manage public debt.  

In February, Moody’s affirmed Egypt’s “Caa1” long-term foreign and local currency ratings with a positive outlook, citing improved debt servicing capacity, higher reserves, and falling borrowing costs.  

The ratings agency noted that recent currency devaluation and flotation helped boost foreign exchange reserves and reduce debt vulnerabilities. While a “Caa1” rating denotes high credit risk, the positive outlook reflects the government’s efforts to control inflation and stabilize interest rates.

Egypt’s credit rating is much lower than that of its Middle East and North African neighbors, such as Saudi Arabia, which was ranked Aa3 with a stable outlook in November, and the UAE, which was rated Aa2 in the same month.


Saudi Arabia keen to strengthen economic ties with Syria, Al-Falih tells investment forum

Saudi Arabia keen to strengthen economic ties with Syria, Al-Falih tells investment forum
Updated 51 min 41 sec ago
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Saudi Arabia keen to strengthen economic ties with Syria, Al-Falih tells investment forum

Saudi Arabia keen to strengthen economic ties with Syria, Al-Falih tells investment forum

RIYADH: The Syrian-Saudi Investment Forum has commenced in Damascus, with over 120 investors and executives from the Kingdom’s public and private sectors participating in the event. 

Speaking at the gathering, Saudi Arabia’s Minister of Investment, Khalid Al-Falih, announced that the forum will witness the signing of 47 agreements and memorandums of understanding, totaling SR24 billion ($6.4 billion). 

The investment conference marks a significant renewal of relations between the two countries, and in April, Saudi Arabia joined with Qatar to settle Syria’s $15 million debt to the World Bank as part of broader efforts to support the financial recovery of the nation.

Speaking at the forum, Al-Falih said: “We are committed to strengthening relations with Syria, particularly in the economic and investment spheres. This forum is attended by over 20 government entities and 100 private sector companies.”

The minister further said that Saudi Arabia is preparing to invest in Syria across multiple sectors, including energy, real estate, industry, and infrastructure. 

According to Al-Falih, other potential areas of collaboration include financial services, healthcare, agriculture, telecommunications, as well as information technology, construction, and education. 

The minister added that agreements exceeding SR11 billion will be signed in the infrastructure sector during this forum, which includes the launch of three new cement production facilities. 

On July 23, Al-Falih and Syrian Economy Minister Mohammed Al-Shaar inaugurated the Fayhaa White Cement Factory in Adra Industrial City, the first of its kind in Syria. 

Backed by a $20 million investment from Saudi Arabia’s Northern Region Cement Co., the plant is set to produce high-grade white cement while creating 130 direct jobs and more than 1,000 indirect employment opportunities. 

In the latest speech, Al-Falih stated that this forum will also witness agreements worth SR4 billion in the telecommunications sector, as Syria’s Ministry of Communications and several Saudi telecom companies aim to deepen their ties. 

“In the agricultural sector, we look forward to collaborating in Syria to develop high-quality joint projects, including model farms and processing industries,” said Al-Falih. 

He added: “In the financial services and banking sector, this forum will witness the signing of a memorandum of understanding between Saudi Arabia’s Tadawul Group and the Damascus Securities Exchange to enhance cooperation in fintech solutions.” 

During the speech, Al-Falih also affirmed the Kingdom’s supportive stance to guide Syria toward the path of prosperity and sustainable development. 

“In this forum, we are not building new bridges — because close social, economic, and cultural ties have long united our two nations. Since ancient times, the Arabian Peninsula and the Levant have been vital links in global trade,” said Al-Falih. 

He further said that the relationship between Saudi Arabia and Syria will continue to flourish as “both nations are two sides of the same political, economic, and social coin.” 

Syrian Minister of Economy and Industry Mohammad Al-Shaar called the forum a “historic milestone” in the journey of relations between the Kingdom and Syria. 

“Syria is witnessing real momentum toward growth and prosperity, and we reaffirm our full commitment to providing all forms of support for the success of this forum, ensuring benefits for both the Syrian and Saudi people,” he said. 


Pakistan, Saudi Arabia agree to promote investments, expand cooperation in key sectors

Pakistan, Saudi Arabia agree to promote investments, expand cooperation in key sectors
Updated 24 July 2025
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Pakistan, Saudi Arabia agree to promote investments, expand cooperation in key sectors

Pakistan, Saudi Arabia agree to promote investments, expand cooperation in key sectors
  • Pakistan's Deputy PM Ishaq Dar meets Saudi Minister of Economy and Planning, Faisal bin Fadhil Alibrahim, in New York 
  • Both discuss expanding cooperation in food security, manufacturing and mines & minerals, says Pakistan’s FO

ISLAMABAD: Deputy Prime Minister Ishaq Dar met Saudi Arabia’s Minister of Economy and Planning, Faisal bin Fadhil Alibrahim, on Wednesday to discuss promoting bilateral investments and expanding cooperation in key economic sectors, Pakistan’s foreign ministry said. 

Pakistan and Saudi Arabia enjoy cordial relations and strong ties in defense, military, tourism and various other sectors. The two countries have eyed closer cooperation in mines and minerals, agriculture, tourism, IT and other sectors in recent years. 

Islamabad and Riyadh last year signed 34 business-to-business deals worth $2.8 billion amid Islamabad’s increasing focus to shore up its foreign reserves and bolster its economic revival with the help of its Gulf allies. 

Dar, who is in the United States till July 28 to lead “high-level signature events” under Pakistan’s presidency of the UN Security Council, met Alibrahim on the sidelines of the events. 

“Discussions focused on expanding cooperation across key sectors, including food security, manufacturing, and mines & minerals,” the Pakistani foreign ministry said. 

“They also agreed to advance investments and technical collaboration for mutual benefit of the two nations,” it added. 

The two reaffirmed brotherly ties between Pakistan and Saudi Arabia and their shared vision for lasting peace, prosperity and regional harmony, the foreign ministry said.

Apart from being a key regional ally and close business partner, Saudi Arabia also happens to be the largest source of foreign remittances for Pakistan. 

These remittances are a lifeline for Pakistan’s cash-strapped economy, playing a critical role in stabilizing foreign exchange reserves and supporting balance of payments. 


China’s BYD to assemble EVs in Pakistan from 2026

China’s BYD to assemble EVs in Pakistan from 2026
Updated 24 July 2025
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China’s BYD to assemble EVs in Pakistan from 2026

China’s BYD to assemble EVs in Pakistan from 2026
  • BYD, the world’s top EV maker, has been expanding rapidly outside its home market
  • Its plant in Pakistan will initially have the capacity to produce 25,000 units a year

KARACHI: Chinese electric vehicle giant BYD plans to roll out its first car assembled in Pakistan by July or August 2026 to capture growing demand for electric and plug-in hybrid vehicles in the region, a company executive said on Wednesday.

BYD, the world’s top EV maker, has been expanding rapidly outside its home market, where it is in a strong price war. The Pakistan plant addresses rising demand from emerging markets and allows the company to take advantage of incentives offered by the Pakistani government.

The plant has been under construction since April near Karachi in a partnership between BYD and Mega Motor Company, a subsidiary of Pakistani utility Hub Power, Danish Khaliq, vice president of sales and strategy at BYD Pakistan, told Reuters.

A BYD ATTO 3 electric vehicle is displayed at the BYD Pakistan Metropole Experience Center, in Karachi, Pakistan, on July 23, 2025. (REUTERS)

It would initially have the capacity to produce 25,000 units a year on a double shift, he said. He did not elaborate on when the plant would achieve full capacity or say when mass production would begin there.

The plant will start by assembling imported parts, with some local production of non-electric components, Khaliq said, adding it would initially produce vehicles for the domestic market, with potential to export to right-hand drive countries in the region depending on freight costs and business economics.

“We do not foresee excess capacity in our system as demand in Pakistan will catch up,” he said.

Danish Khaliq, Vice President of the BYD Pakistan Sales and Strategy, poses for a picture after an interview with Reuters in Karachi, Pakistan, on July 23, 2025. (REUTERS)

BYD started delivering imported EVs in Pakistan in March. Khaliq did not give an exact sales number but said the sales of a few hundred cars had exceeded internal targets by 30 percent.

Khaliq said he expected the market size of EVs and plug-in hybrid cars in Pakistan to grow three to four times in 2025 from around 1,000 total units in 2024. BYD is targeting a 30-35 percent share of the segment, Khaliq said.

Based on a HUBCO filing, BYD Pakistan made around 444 million rupees ($1.56 million) in profit in the 2025 March quarter.

BYD will launch its Shark 6 plug-in hybrid pickup truck in Pakistan on Friday. China’s MG already sells a PHEV SUV, while rival Haval is set to join the segment soon.

Plug-in hybrids offer a more practical option in Pakistan as the country faces a lack of charging stations for all-electric vehicles. The government slashed power tariffs for chargers by 45 percent in January to encourage EV uptake and private charging stations.

($1 = 284.0000 Pakistani rupees)