Saudi Real Estate Refinance Co., BlackRock to develop Kingdom’s property finance market
Saudi Real Estate Refinance Co., BlackRock to develop Kingdom’s property finance market/node/2568677/business-economy
Saudi Real Estate Refinance Co., BlackRock to develop Kingdom’s property finance market
The deal was signed by SRC CEO Majid Al-Abduljabbar and General Manager of BlackRock in the Middle and CEO of BlackRock Saudi Arabia Yazeed Al-Mubarak. SPA
Saudi Real Estate Refinance Co., BlackRock to develop Kingdom’s property finance market
Signing came during visit by Saudi Minister of Municipalities and Housing Majid Al-Hogail to New York
Kingdom signed deal with K. Hovnanian Homes ME to develop 500,000 housing units in the US
Updated 25 August 2024
Arab News
RIYADH: The Saudi real estate finance market will be supported by a deal between a Public Investment Fund subsidiary and US investment giant BlackRock.
The Saudi Real Estate Refinance Co. signed the memorandum of understanding with BlackRock in New York City on Saturday, the Saudi Press Agency reported.
It came during a visit by Saudi Minister of Municipalities and Housing Majid Al-Hogail.
The deal seeks to develop the real estate finance market in Saudi Arabia and increase the share of businesses in the real estate sector capital markets, the SPA said.
The agreement was signed by SRC CEO Majid Fahd Al-Abduljabbar and Yazeed Al-Mubarak, general manager of BlackRock Middle East and CEO of BlackRock Saudi Arabia.
BlackRock President Robert Kapito also attended the signing ceremony.
Al-Hogail is in the US to discuss ways to boost Saudi-US partnerships in urban development, construction, building, and real estate finance.
The ministry signed a separate memorandum of understanding with K. Hovnanian Homes ME to develop 500,000 housing units in the US.
Al-Hogail said the deal came from a belief in the “importance of attracting global expertise to support our journey in the real estate development sector.
“Through this partnership, we aim to benefit from successful experiences and expertise to build more integrated residential communities that are consistent with our continuous efforts to enhance the real estate supply with the highest standards, best practices and technologies, and to meet the aspirations of Saudi families,” he added in a post on his X account.
London Business School opens Riyadh office amid rising demand for executive education
Updated 19 sec ago
Nadin Hassan
RIYADH: London Business School has opened an office in Riyadh, a move its dean says reflects the institution’s long-term commitment to supporting Saudi Arabia’s Vision 2030 and the country’s accelerating demand for executive education.
The new location will deliver tailored executive education programs for both public and private sector organizations, building on London Business School’s expanding presence in the Kingdom.
“Opening a third location is a big move for us, and we are making this investment because we strongly believe in the future of Vision 2030,” said Sergei Guriev, dean of London Business School, in an interview with Arab News on the sidelines of the Human Capability Initiative in Riyadh.
“We want to be part of this transformation, and we want to help enhance human capability of Saudi public and private sector organizations through providing leadership and business skills,” he added.
The expansion marks the school’s third global location and its second in the Middle East after Dubai. It will be managed by Florin Vasvari, appointed executive dean of executive education, Middle East, and Helen Kerkentzes, associate dean of executive education, who will serve as general manager.
“We’ve grown our relationships with Saudi public and private sector organizations a lot. We have many Saudi students coming to our campuses in London and Dubai, but we also teach programs for Saudi corporations as well as, public sector organizations in London and in Riyadh,” Guriev said.
He explained the school runs both open-enrollment and custom-designed programs to meet the needs of Saudi companies.
“Open executive education programs are when students can apply from all sectors of Saudi economies,” he said. “But we also design custom customer-centric programs for Saudi corporations.”
In recent years, the number of Saudi executives enrolling in open-enrollment Executive Education programs has surged by over 250 percent.
Guriev noted that nearly one-third of LBS’s global executive education clients are either Saudi individuals or companies.
“For us, Saudi Arabia is the biggest country for our executive education,” he said.
The Kingdom has also become the top source of students at the school’s Dubai campus.
“Saudi nationals are the biggest national group and account in the last intake, they account for about 40 percent of the student body in Dubai, in our executive MBA program in Dubai,” Guriev noted.
He said the decision to open an office in Riyadh was part of a broader strategic move backed by the school’s leadership.
“When I came on board as a dean, I talked to the board, the governing body of the London Business School. In November, we made the decision to proceed with opening an office,” he said. “In April, we stand on stage with three ministers, holding our commercial registration and investment license, allowing us to operate in Saudi Arabia.”
On gender inclusion, Guriev praised the Kingdom’s progress and reaffirmed LBS’s commitment to advancing female leadership.
“We drastically increase the participation of women in our programs in Saudi Arabia and in London. For us it’s very important and we praise the focus of the government on increasing of economic activity of women,” he said.
“This is one of the great successes of recent years of the Kingdom of Saudi Arabia. And we want to be part of the success, providing more programs for women, not only in London but here on the ground in Riyadh, making it easier for female business leaders to take programs from London Business School,” Guriev added.
Nigeria embraces AI in education to equip youth for global economy
Updated 55 min 2 sec ago
Miguel Hadchity Nadin Hassan
RIYADH: Nigeria is integrating artificial intelligence into its education system as part of a broader strategy to train its vast youth population for the global tech economy, according to Minister of State for Education Maruf Tunji Alausa.
Speaking to Arab News on the sidelines of the Human Capability Initiative in Riyadh, Alausa said African nations must embrace AI in education while ensuring that students retain critical social skills.
“The basic outcome was that we don’t have a choice now, AI has come to stay. We need to now use AI as part of our learning,” Alausa said. “Countries need to infuse AI to help augment and improve education delivery.”
However, he cautioned against over-reliance on technology, warning that it must not erode children’s social skills. “We have to be sure that it doesn’t leave deficiencies in the skill set, in the social skills of our children,” he added.
With over 60 percent of Africa’s 1.2 billion people under 30 — and Nigeria’s 220 million population being 70 percent youth — Alausa argued that the continent is uniquely positioned to supply skilled labor to aging economies like Europe, Japan, and the US.
“Today, Nigeria has 65 million people between 15 and 29, with 5 million entering the workforce yearly,” he said. “We need to train this youthful population in tech skills — software development, cybersecurity, AI, cloud computing — so they can service companies worldwide while staying in Nigeria.”
Nigeria has launched a digital training academy to upskill university graduates in high-demand tech fields, enabling them to earn online certifications and work remotely for international firms. Alausa urged other African nations to adopt similar models.
During his visit to Saudi Arabia, Alausa toured several academic institutions alongside Education Minister Yousef Al-Benyan and praised the Kingdom’s dual-track approach to higher education.
“Saudi Arabia has gotten it right,” he said.
He also announced forthcoming collaborations between Nigeria and Saudi Arabia in education and skills development.
“As we learn from Saudi Arabia, Saudi Arabia can also learn from us,” Alausa added.
Held under the patronage of Crown Prince Mohammed bin Salman, the Human Capability Initiative convened more than 12,000 experts from over 100 countries to address the intersection of education, workforce transformation, and emerging technologies.
This year’s theme, “Beyond Readiness,” focused on AI, inclusive development, and global equity in skills training.
With Nigeria positioning itself as a hub for global tech talent, Alausa’s vision aligns with HCI’s goal of fostering cross-border partnerships to future-proof economies.
Saudi Arabia launches National Skills Platform to future-proof workforce
Updated 14 April 2025
Nadin Hassan
RIYADH: Saudi Arabia has launched a National Skills Platform to equip its workforce with future-ready capabilities and align national talent with global trends, according to a top official.
The Minister of Human Resources and Social Development Ahmed Al-Rajhi made the announcement during his keynote speech at the Human Capabilities Initiative, where he described human capital as “the defining variable of global prosperity.”
He highlighted the Kingdom’s commitment to using advanced technology, specifically artificial intelligence, to modernize and improve its training and workforce development systems.
“We are proud to take another step forward and announce a new initiative, the National Skills Platform, designed ... to empower our workforce and strengthen our national talent base with essential skills for the future,” Al-Rajhi said.
He added: “The platform represents a milestone in our journey that offers a unique and simple, agile journey, ensuring that every employee is equipped to meet the changing requirements of the labor market.”
By leveraging AI, the government aims to create smarter, more efficient training pathways tailored to individuals’ needs and aligned with the demands of local and global labor markets.
“This is part of our responsibility in providing accessible, high-quality training opportunities for all to drive personal growth and national development,” said Al-Rajhi.
The initiative is part of a broader strategy to address global labor shifts driven by AI and automation.
“By 2030, over 92 million jobs will become obsolete as automation and artificial intelligence change the way industries and people operate,” Al-Rajhi stated.
He added: “At the same time, entirely new industries and roles are emerging at an expected rate. The global skills gap is widening, with nearly 40 percent of skills expected to change and 63 percent of their employers already identifying their biggest challenge in finding qualified talent.”
He pointed to specific challenges in the technology sector, particularly in global cybersecurity, which alone faces a talent gap of 3.4 million workers. AI-related roles also remain largely unfilled, with a 50 percent hiring gap.
In response, the Kingdom has adopted a demand-driven workforce strategy.
“We have set up 13 sector skill councils consisting of over 240 million members from public and private sectors. These councils are responsible for identifying skills and job requirements and how to address them,” Al-Rajhi said.
In partnership with the Human Capability Development Program, Saudi Arabia launched the Skills Accelerator Initiative in March 2023 to train more than 300,000 individuals “with expertise in high-growth sectors such as energy, healthcare, finance, and retail.”
A parallel track aimed at women’s employment exceeded its initial target by 22 percent, with a reported 92 percent retention rate among trainees.
Reflecting on the initiative, Al-Rajhi said: “We do this by analyzing what the market needs in collaboration with businesses, educational institutions and experts, then we give access to this training to every individual possible, regardless of their location, by blending virtual learning with hands-on training.”
He continued: “Technical expertise alone is not enough. Leadership, strategic thinking, and adaptability are equally important, and skilling and reskilling for the workforce is a national priority that all stakeholders should engage in.”
The minister also highlighted the Waad National Training Campaign, describing it as an investment in “the promise of human potential.”
Launched in March 2023, Waad delivered over 1 million training opportunities in its first phase. A second phase was introduced in November, aiming to reach 3 million opportunities with support from 16 public and private sector partners.
The initiatives are supported by a growing network of more than 70 training institutions and over 45,000 businesses.
Expanding beyond national borders, Al-Rajhi announced the government has extended its Talent Enrichment Program globally through the Professional Accreditation Program that is enabling professionals in 160 countries to gain globally recognized credentials.
He added: “Our aim is to enhance global workforce mobility and competitiveness with over 1,300 accredited professionals. This initiative recognizes globalization, and it is a demand for global talent development and integration.”
In another announcement during the forum, Saudi Arabia revealed that the National Occupational Safety and Health Institute will be launched during the 7th International Conference on Occupational Safety and Health.
The institute, a partnership between the Technical and Vocational Training Corp. and the National Council for Occupational Safety and Health, aims to train over 35,000 individuals in occupational safety, health, and risk management within five years.
Khalid Al-Sabti, advisor of the General Secretariat of the Council of Ministers and chairman of the Education and Training Evaluation Commission. Screenshot
In a panel session, Khalid Al-Sabti, advisor of the General Secretariat of the Council of Ministers and chairman of the Education and Training Evaluation Commission, emphasized the impact of education quality on economic growth.
“At ETEC, our vision is to become a globally leading and high-impact Saudi model for equality and contribute directly to the national development and economic prosperity,” Al-Sabti said.
He continued: “We partnered with international global organizations to study the impact of education quality to economic growth, and currently, we are finalizing a study with the World Bank, and the findings are very encouraging and promising.”
He stated that if Saudi Arabia improves the quality of its education system to match or exceed global standards, it could see significant improvements in its economic growth, particularly in its annual gross domestic product.
In the past, the emphasis was largely on the number of years students spent in school, based on the assumption that more schooling would lead to stronger economies.
“Traditionally, education, measured by … the years of schooling has been seen as a major driver for economic growth. However, recently, studies show that there is a shift from the education quantity to education quality,” Al-Rajhi said.
He added: “Cognitive skills measured by international exams such as PISA (Program for International Student Assessment) has shown that it’s more important and critical for driving economic growth compared to simply years spent in the school.”
OPEC lowers 2025 global oil demand forecast, citing US tariffs
Updated 14 April 2025
Arab News
RIYADH: OPEC has trimmed its 2025 global oil demand growth forecast, pointing to first quarter data and recently announced US trade tariffs as key factors behind the revision.
In its latest monthly report, the oil producers’ group now expects demand to rise by 1.3 million barrels per day next year—150,000 bpd lower than its previous estimate.
The group also downgraded global economic growth projections for both 2025 and 2026, citing rising uncertainty from evolving trade dynamics.
“The global economy showed a steady growth trend at the beginning of the year; however, recent trade-related dynamics have introduced higher uncertainty,” the report stated.
Despite the downward revision, OPEC’s outlook remains among the most optimistic in the industry, with the group projecting continued long-term growth in oil use.
For 2026, it expects demand to increase by 1.28 million bpd, down from 1.43 million bpd previously. Total demand is now forecast at 105.05 million bpd in 2025 and 106.33 million bpd in 2026.
OPEC also reduced its forecast for non-OPEC+ liquids production, expecting growth of 910,000 bpd in 2025 and 900,000 bpd in 2026—down by 100,000 bpd for both years.
The US was the primary contributor to the revised figures, with projected output now at 400,000 bpd in 2025 and 380,000 bpd in 2026, compared to earlier estimates of 450,000 and 460,000 bpd.
In terms of current production, OPEC+ output declined in March by 37,000 bpd to 41.02 million bpd, mainly due to cuts by Nigeria and Iraq.
However, Kazakhstan increased production by the same amount, once again breaching its OPEC+ quota. Its March output reached 1.852 million bpd, exceeding its agreed limit of 1.468 million bpd for the first quarter.
OPEC+ is expected to increase production in April and May as part of a phased rollback of previous output cuts designed to stabilize the market.
Saudi Arabia, US to deepen mining ties after high-level talks with Energy Secretary Chris Wright
Updated 14 April 2025
Mohammed Al-Kinani
JEDDAH: Saudi Arabia and the US are poised to strengthen mining ties following high-level talks in Riyadh, where both sides discussed boosting investment, economic cooperation, and critical mineral supply chains.
Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef met with US Secretary of Energy Chris Wright on April 13, as part of the White House official’s ongoing visit to the Kingdom, according to the Saudi Press Agency.
The meeting, which was also attended by Deputy Minister of Industry and Mineral Resources for Mining Affairs Khalid bin Saleh Al-Mudaifer, focused on strengthening the strategic partnership between Saudi Arabia and the US in the mining and minerals sector.
In a post on his X account, Alkhorayef said: “I met with US Secretary of Energy Chris Wright at the Ministry’s headquarters in Riyadh, where we focused on enhancing strategic cooperation in the mining sector. We also discussed future partnership prospects and reviewed the long-standing industrial relations between our two countries.”
Discussions explored ways to expand bilateral cooperation in mining, with an emphasis on the sector’s critical role in the global energy transition, advanced technologies, and clean energy-driven economies.
The talks also highlighted the importance of minerals in electric vehicle production and their components, identified key investment opportunities, and examined mechanisms to unlock their potential. Both sides reaffirmed their commitment to strengthening economic collaboration and deepening long-standing ties.
Alkhorayef extended an invitation to Wright to attend the 2026 Future Minerals Forum, scheduled to be held in Riyadh.
The Kingdom aims to position mining as a foundational pillar of its industrial economy, with its mineral wealth estimated at SR9.4 trillion ($2.4 trillion), according to official figures.
Attracting international investment in the mining sector is central to Saudi Arabia’s ambition to reach $100 billion in annual foreign direct investment by the end of the decade.
In March, the Kingdom announced a new incentive package to boost FDI in the mining industry, underscoring its broader strategy to diversify the economy and tap into its untapped mineral reserves.
The initiative reflects close coordination between the ministries of investment and industry through an exploration enablement program aimed at streamlining market entry for exploration firms.
The program also seeks to enhance geological surveying and foster a competitive investment environment for both local and international mining companies.
