‘Unlock the full potential of human capital by making healthcare an utmost priority,’ Saudi minister tells WEF

Special ‘Unlock the full potential of human capital by making healthcare an utmost priority,’ Saudi minister tells WEF
Opened by Saudi Minister of Economy and Planning Faisal Alibrahim, the panel on Monday was moderated by Faisal Abbas, editor-in-chief of Arab News, and featured health experts Dr. Sania Nishtar, CEO of Gavi, the Vaccine Alliance; Sir Jeremy Farrar, chief scientist at WHO; Rayan Fayez, deputy CEO of NEOM; and Dr. Nouf Al-Numair, secretary-general of the Saudi Ministerial Committee for Health in All Policies. (Supplied)
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‘Unlock the full potential of human capital by making healthcare an utmost priority,’ Saudi minister tells WEF

‘Unlock the full potential of human capital by making healthcare an utmost priority,’ Saudi minister tells WEF
  • Faisal Alibrahim said healthy, resilient and productive human capital is the backbone of economic vitality
  • Participating in a session at Saudi House, he said health was a major part of Saudi Arabia’s Vision 2030 agenda

DUBAI: Healthy, resilient, and productive human capital is the backbone of economic vitality, Faisal Alibrahim, the Saudi minister of economy and planning, told a panel discussion at the World Economic Forum in Davos on Monday.

“However, we see an interesting story where we invest billions in energy, education and other solutions, but the investments in healthcare seem to be taking a second priority,” he added.

Part of Saudi House, a centralized hub serving as a meeting point for government officials, business leaders and other stakeholders at the forum, the panel was moderated by Faisal J. Abbas, editor-in-chief of Arab News.

It featured health experts such as Dr. Sania Nishtar, CEO of Gavi, the Vaccine Alliance; Sir Jeremy Farrar, chief scientist at the World Health Organization; Rayan Fayez, deputy CEO of NEOM; and Dr. Nouf Al-Numair, secretary-general of the Saudi Ministerial Committee for Health in All Policies.

Alibrahim said health was a major part of Saudi Arabia’s Vision 2030 agenda and it was “important for us to unlock the full potential of human capital in the Kingdom by making healthcare our utmost priority.”

Al-Numair said: “Saudi Arabia has taken concrete and very clear steps to adopt health in all policies.”

The initiative started “by issuing a royal decree that puts public health as a priority in all laws and regulations to prevent diseases and to increase the life expectancy of our population,” she added.

One of the committee’s policies is reducing the amount of salt and bread in foods, aimed at curbing hypertension, which affects cardiovascular health and, in turn, mortality.

“Eventually, (this) will increase the life expectancy in our population, so we have a clear understanding of what success looks like, which is linked to certain KPIs,” said Al-Numair.

A significant part of health is prevention and one of the most important tools for prevention is vaccination, Nishtar told the panel.

Although “there is a lobby of naysayers,” she added that her experience across countries has been varied with some showing a strong demand for vaccines.

“We are looking at our resource envelope, and we’re trying to raise more money, because the demand (for vaccines) from countries is so huge,” she said.

The WHO’s Sir Farrar called for a more horizontal structure with health and science built into different verticals — such as education and transport — along with a “governance structure, which ensures an inclusive voice for every ministry and every constituency.”

“Then, you have the opportunity to not have health as seen through the lens, frankly, of illness, but to have health seen through the lens of well-being,” he said.

He also asserted the need for countries to be able to adopt such a structure “either to address inequalities within the countries or inequalities between the countries.”

Health and well-being are a core part of the 15 sectors NEOM has identified as the “economic engines” of the futuristic city, said Fayez.

He said: “A lot of people hear about NEOM as this mega project or giga project, but it’s important to highlight that it is not the real estate or the infrastructure alone that makes NEOM.”

He explained that NEOM’s healthcare strategy is driven by four principles — prevention when possible, world-class treatment when needed, use of technology and sharing with the globe.


Saudi reserves at central bank grow to $450bn

Saudi reserves at central bank grow to $450bn
Updated 18 sec ago
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Saudi reserves at central bank grow to $450bn

Saudi reserves at central bank grow to $450bn

RIYADH: Saudi Arabia’s reserves at the Kingdom’s central bank saw a 2.8 percent year-on-year rise to SR1.69 trillion ($450.31 billion) in November.

These assets include monetary gold, foreign accounts, and special drawing rights — the International Monetary Fund’s reserve position.

The latter category comprises currency and deposits abroad as well as investments in foreign securities and accounted for 94.6 percent of the total, reaching SR1.6 trillion — an annual rise of 3.12 percent.

Special drawing rights declined to SR77.5 billion, a slight decrease of 0.8 percent, accounting for 4.6 percent of Saudi Arabia’s total reserves.

Created by the IMF to supplement member countries’ official reserves, SDRs derive their value from a basket of major currencies, including the US dollar, euro, Chinese yuan, Japanese yen, and British pound sterling. 

SDRs can be exchanged among governments for freely usable currencies when needed. 

In addition to providing supplementary liquidity, SDRs help stabilize exchange rates, act as a unit of account, and facilitate international trade and financial stability.

The IMF reserve position totaled around SR12.25 billion but recorded an 11.3 percent decline during this period. This category represents the amount a country can draw from the IMF without conditions.

Gold reserves remained steady at SR1.62 billion, a level unchanged since February 2008.

In November, Saudi oil giant Aramco paid $31.1 billion in dividends for the quarter, significantly boosting the country’s reserves.

The Kingdom’s government, which directly holds nearly 81.5 percent of Aramco, receives the majority of these dividends, effectively funneling substantial financial inflows into state coffers.

Investing in foreign assets is a key strategy for SAMA to bolster the nation’s monetary stability and enhance its economic resilience.

Through a diversified portfolio of foreign securities and currency deposits abroad, SAMA ensures liquidity to meet external payment obligations, supports the Saudi riyal’s exchange rate stability, and creates a buffer against global economic fluctuations.

Historically, foreign currency and deposits abroad formed the bulk of Saudi Arabia’s foreign reserves, primarily driven by oil exports. However, since 2004, a shift has been noted in the composition of these reserves.

Data from SAMA shows that investment in foreign securities began to exceed international currency and deposits, rising from a 50.5 percent share in 2004 to 81 percent by June 2007, and standing at 59.75 percent in November.

This shift reflects the Kingdom’s growing focus on diversifying its reserve assets and optimizing foreign reserve management.

To further support oil prices and secure stable oil revenues, Saudi Arabia has played a crucial role in the OPEC+ alliance. Since 2017, the Kingdom has actively participated in oil output cuts to balance global supply and demand.

This strategy, which has kept Saudi Arabia’s production around 9 million barrels per day in recent years, is aimed at supporting oil prices, stabilizing the Kingdom’s oil revenue, and strengthening the global oil market.

Saudi Arabia has been gradually shifting its investment strategy, moving away from holding the majority of its foreign assets within the central bank.

Instead, the focus has been on building substantial sovereign wealth bodies, such as the Public Investment Fund and the National Development Fund, which together manage hundreds of billions of dollars.

This shift aligns with the Kingdom’s broader objective to diversify its reserves and strategically invest in both domestic and international assets.

A key component of this transformation is the Fiscal Sustainability Program, which aims to decouple public spending from fluctuating oil revenues, avoiding the pro-cyclical spending patterns seen in past oil booms.

By expanding PIF and enhancing its capacity to invest in non-oil sectors, Saudi Arabia is actively working to reduce its dependence on oil and ensure a more stable and resilient economic future.


Saudi agritech firm closes $2.55m in seed funding round

Saudi agritech firm closes $2.55m in seed funding round
Updated 6 min 36 sec ago
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Saudi agritech firm closes $2.55m in seed funding round

Saudi agritech firm closes $2.55m in seed funding round

RIYADH: Saudi Arabia’s hydroponic farming sector is poised for a boost, as the Kingdom-based agritech startup Arable announces the successful closure of a $2.55 million seed funding round, led by undisclosed investors.

The funding round attracted both institutional and private investors, with 90 percent of the capital coming from foreign investors. The funds will be allocated within Saudi Arabia to help advance the country’s agricultural sector, the company stated in a press release.

Saudi Arabia, facing limited water resources and harsh climate conditions, grapples with significant agricultural challenges, including groundwater salinization.

Hydroponic farming presents a promising solution to improve produce yields and conserve water in the Arabian peninsula—one of the driest regions in the world, with little rainfall.

Arable emphasized that its growth is supported by key strategic partnerships and government backing, which have bolstered the company's progress in the region's agricultural landscape.

“Saudi Arabia offers an unparalleled ecosystem for startups like Arable to thrive. Thanks to the support of organizations such as the Ministry of Environment, Water, and Agriculture, the Ministry of Investment, the National Technology Development Program, and the General Authority of SMEs, we’ve been able to scale rapidly and bring innovation directly into the Kingdom,” said Lawrence Ong, CEO of Arable.

Founded last year by Ong and Christina Khalife, Arable designs and operates hydroponic farming systems. The company claims its innovative approach enables faster, more cost-effective setups with lower operational expenses.

Arable’s goal is to provide an affordable method of vegetable production by growing plants without soil, using nutrient-rich water solutions to deliver essential minerals directly to the roots—ideal for the Kingdom’s challenging desert climate. The company also points out that 80 percent of its system’s components can be sourced or manufactured locally.

The firm aims to contribute to Saudi Arabia’s agricultural transformation by offering a sustainable and scalable solution for growing fruits and vegetables, aligning with the Kingdom’s Vision 2030 goals of reducing food imports and increasing local food production.

“The Saudi Ministry of Investment supports foreign investment and local innovation by streamlining the investor journey and ensuring a seamless experience. At MISA, we facilitate various initiatives and strategies aligned with Vision 2030, supporting the growth of businesses across all sectors, including those such as Arable, which address critical needs such as food security,” said Mohammad Abahussain, deputy minister at the Ministry of Investment.

Hydroponic farming has the potential to thrive even in harsh environments by promoting fibrous root development, which allows better nutrient absorption, reduces the risk of root rot, and accelerates plant maturity.

“Arable’s impressive achievement in raising significant funding, with a majority from international investors, highlights the innovative potential of Saudi Arabia’s agricultural sector,” said Ali Al-Sabhan, general manager of entrepreneurship at MEWA.

He added that the company’s hydroponic system, designed specifically for local conditions and at a significantly reduced cost—with most components sourced locally—sets a new standard for efficiency and sustainability.

“We are proud to have them as part of the Sunbulah platform, as this startup not only enhances our agricultural self-sufficiency but also attracts global interest, aligning perfectly with our vision for a diversified economy,” Al-Sabhan concluded.

A report from MEWA on technology adoption within the Kingdom’s agricultural sectors highlights significant growth in key areas. The global market for agricultural drones, for instance, is expected to surge from $1.1 billion in 2022 to $7.19 billion by 2032, driven by the increasing use of drone technology in precision farming.

At the same time, the overall agricultural market is projected to expand from $13.6 billion in 2022 to $33.6 billion by 2032, with a compound annual growth rate of 9.8 percent, according to the report.

The global agricultural biotechnology market is also set for substantial growth, with forecasts indicating it will rise from $106.62 billion in 2022 to $242.17 billion by 2032. This growth reflects the growing impact of biotech innovations in boosting crop yields and enhancing sustainability.


Trump’s inauguration dominating conversation as warmer Davos raises eyebrows

Trump’s inauguration dominating conversation as warmer Davos raises eyebrows
Updated 17 min 40 sec ago
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Trump’s inauguration dominating conversation as warmer Davos raises eyebrows

Trump’s inauguration dominating conversation as warmer Davos raises eyebrows

DAVOS: The World Economic Forum’s Annual Meeting in Davos is welcoming global elites as US President Donald Trump’s inauguration dominates both conversations and headlines.

Day one of the forum’s flagship event was more of a prelude to what is to come, with only one panel taking place, titled “First Impressions: Inauguration Day.”

The rest of the program was free for networking within the Congress Center’s cafes, lounges and hallways. A new booth serving crepes in front of the high-level delegates lounge is a popular addition to this year’s meeting.

What was unpopular — so to say — but widely spoken of, was the warmer weather, an unavoidable consequence of the climate change that the World Economic Forum has so desperately tried to combat.

Indeed, looking out of the window as the SBB train curls around the Swiss Alps overlooking the ski-resort towns of Klosters and Davos, the usually snow-blanketed mountains and hills appear patchy. While nobody complains about the sun shining above, it still serves as a dreadful reminder that not even the elites can hide from the unsuspecting elements affected by humans.

“It’s getting warmer each year. Who knows what will happen five years from now,” one of the drivers of the fleet of shuttles bussing participants back and forth between Klosters and Davos tells me, wearing a tight-fitting short-sleeved shirt and colorful sport glasses.

Davos chic was on full display on the promenade, where pricey suits were paired with clunky snow boots. And with the temperature not dissimilar to that of London’s, participants kept their jackets in the cloak rooms as they walked through the several different tech, government and NGO pavilions that graced the slush-slapped street.

Among the new pavilions — termed “houses” — is Saudi House, dedicated to hosting distinguished, Davos-accredited panels, talks and discussions revolving around Saudi Arabia and its role in the world.

“Saudi House was designed to facilitate the participation of all the (Saudi) government entities taking part in Davos in one location,” Faisal Alibrahim, the Saudi minister of economy and planning, told Arab News in a previous interview.

“We think putting everyone in one place will create the vibrancy that can demonstrate and echo the vibrancy we are seeing here in the Kingdom.”

Other items on display at the house are dishes and drinks from Saudi cuisine. Plates of lamb kabsa — a hearty, spiced rice dish — were lapped up by attendees and washed down with a fluorescent red concoction made from rose-water and hibiscus juice. The other drink, what can only be described as a neon green fluid that looked as if it came from a lava lamp, was a surprisingly refreshing mix of mint and Curacao syrup.

As Washington ushers in a new president, who has vowed to “very simply, put America first” — all those attending the World Economic Forum’s Annual Meeting are bracing themselves to working through another four years of Trumpmania.


Saudi EXIM Bank signs $15m deal with Pakistan’s Bank Alfalah to boost trade

Saudi EXIM Bank signs $15m deal with Pakistan’s Bank Alfalah to boost trade
Updated 21 January 2025
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Saudi EXIM Bank signs $15m deal with Pakistan’s Bank Alfalah to boost trade

Saudi EXIM Bank signs $15m deal with Pakistan’s Bank Alfalah to boost trade

RIYADH: The Saudi Export-Import Bank and Bank Alfalah have signed a $15 million financing agreement, strengthening access to Pakistani markets and boosting trade and economic ties. 

The new credit line deal seeks to increase the flow and competitiveness of the Kingdom’s non-oil exports as well as unveil new trade horizons between the two countries, the Saudi Press Agency reported.

This falls in line with Pakistan’s efforts to strengthen trade and investment ties with the Kingdom, with the Saudi government reaffirming its commitment in September to fast-track a $5 billion investment package for the Asian country.

This also aligns with Saudi EXIM’s goal of diversifying the Kingdom’s economy by offering financing and insurance products for non-oil exports in support of Vision 2030.

“The agreement comes within the bank’s efforts to strengthen strategic relations with international banks and financial institutions to provide financing solutions that contribute to the development of Saudi non-oil exports and enhance their competitiveness in Pakistani markets, by encouraging importers from Pakistan to import Saudi products and services, which opens up broad prospects for the development of trade and investment between the two countries, and creates more promising trade and investment opportunities,” said General Director of the Finance Department at Saudi EXIM Bank Abdul Latif bin Saud Al-Ghaith.

The Group Head of Corporate, Investment Banking, and International Business at Bank Alfalah, Farooq Ahmed Khan, said: “The agreement between Saudi EXIM Bank and Bank Alfalah Ltd is a milestone in strengthening trade relations between the Kingdom and Pakistan.”

He added: “The financing line will enable Pakistani companies to access high-quality products in the Kingdom and will also enhance the volume of trade exchange between the two countries. 

“We at Bank Alfalah are proud to play a pivotal role in promoting trade and investment opportunities that are in line with the shared vision to strengthen and grow the economies of both countries.”

In October, Saudi businessmen expressed hope for successful collaborations in Pakistan, saying the country’s economic stability and improved regulatory framework had made it an attractive investment destination, following the signing of over two dozen deals between companies from both nations.


Saudi Arabia qualifies 6 mining firms for Exploration Enablement Program 

Saudi Arabia qualifies 6 mining firms for Exploration Enablement Program 
Updated 17 min 51 sec ago
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Saudi Arabia qualifies 6 mining firms for Exploration Enablement Program 

Saudi Arabia qualifies 6 mining firms for Exploration Enablement Program 

RIYADH: Saudi Arabia has chosen six local and international mining companies for its Exploration Enablement Program designed to boost investments and enhance the competitiveness of the sector. 

Royal Road, Ajlan and Bros Holding, and EV Metals Group were selected for this first phase of qualification, as well as Ma’aden, Gold and Minerals Co., and Al-Masane Al-Kobra Mining Co., also known as AMAK. 

These companies will receive key support as part of the government’s effort to attract high-quality investments and accelerate exploration activities within the Kingdom’s mining industry. 

The EEP was launched at the Future Minerals Forum in January 2024 by Saudi Arabia’s Ministry of Industry and Mineral Resources, in collaboration with the Ministry of Investment. 

A total of 49 applications were submitted from local and international mining companies, underscoring the growing interest in Saudi Arabia’s mining sector. 

The government has earmarked SR685 million ($182.57 million) for the EEP between 2024 and 2030, which will fund initiatives to further strengthen the sector’s global competitiveness and create long-term strategic value. 

The program aims to address gaps in geoscientific knowledge, foster local skills, and drive exploration for Class A minerals, including metallic minerals, precious and semi-precious stones, and ores requiring advanced operations. 

The initiative is designed to expand the exploration of strategic minerals in underexplored areas, reduce investment risks in the mining sector, and enhance the reliability of technical data.

The program seeks to attract local and international investors by fostering greater confidence in the mining industry.

The EEP focuses on widening the scope of exploration by covering a total license area of 4,000 sq. km.

Additionally, the program has recorded an extensive geophysical survey covering 9,500 sq. km. and achieved a total drilling depth of 440,000 meters.

These efforts are expected to provide a comprehensive understanding of the Kingdom’s mineral potential, facilitating better planning and development within the mining sector.

As part of its strategic objectives, the program is enhancing Saudi Arabia’s exploration capabilities by collecting 57,000 geochemical samples, supported by a team of 54 experts and professionals.

Saudi Arabia increased its projections for undiscovered mineral potential by 90 percent to $2.5 trillion during the third FMF in January 2024 with Minister of Industry and Mineral Resources, Bandar Alkhorayef stating that the estimation for the Kingdom’s untapped potential has grown from $1.3 trillion, reflecting the sector’s significant growth prospects.