he world is in a state of constant and rapid change. Nowhere on the planet is this statement truer than in the Kingdom of Saudi Arabia. Once viewed as a closed, ultra-conservative society, the nation Thas undergone an unprecedented series of seismic changes that are set to catapult the country into new heights.

After several decades of relying on its abundant oil reserves, the Arabian Gulf’s largest economy has committed itself to sweeping, foundational reforms. Guided by Crown Prince Mohammed bin Salman’s Vision 2030, the changes are occurring si- multaneously on various fronts, at a break- neck pace. The recent initial public off ering of Saudi Aramco in in the Saudi Stock Exchange stands as the cornerstone of the kingdom’s plans to open up the state-dominated economy and signal the arrival of a post-oil era. “The IPO is a significant milestone in the history of the company and marks im- portant progress towards delivering Saudi Vision 2030, the kingdom’s blueprint for sus- tained economic diversifi cation and growth,” Amid the many major changes happening in their country, young Saudis stride confi dently Aramco Chairman Yasir al-Rumayyan said towards the future. (Photo credit: SIDF) in a statement in November. China is viewed In February 2019, Crown Prince Saudi Arabia and China have signed around as a welcome investor in the IPO. Mohammed bin Salman visited China, $28 billion in economic cooperation agree- Meanwhile, the launch of its new tourist Saudi Arabia’s largest trading partner, where ments so far this year, which includes a $10 electronic visa (e-visa) opens up the king- he met with President Xi Jinping to map out billion joint venture between Aramco and dom to visitors from 49 countries, including a plan to integrate more closely his Saudi Chinese conglomerate Norinco to develop China. It comes at the heels of other major Vision 2030 with China’s Belt and Road a refining and petrochemical complex in social changes, like the lifting of the ban on Initiative. Liaoning province. women driving, loosening up regulations on The two leaders also agreed to include Meanwhile, Saudi Arabia also welcomes non-married couples sharing hotel rooms the Chinese language as a curriculum at all Chinese manufacturers to capitalize on the and the sharp rise in the number of concerts stages of education in schools and univer- kingdom’s strategic geographic position and and sporting events. sities across the kingdom, a signifi cant step contribute its evolution into the region’s pre- While local Saudis are the fi rst ones to forward as both countries celebrate the 30th mier industrial and logistics hub. benefi t from such entertainment options, anniversary of diplomatic relations in 2020. “Asia’s growth story is inspiring us. During foreign visitors, particularly the Chinese, are This impact of the visit was further transformations, there tends to be uncer- warmly welcomed as guests. Foreigners are strengthened with the establishment of the tainty. But there is also great opportunity. I also encouraged to invest in what is essen- China-Saudi Arabia high-level joint commit- encourage Chinese investors to leverage tially an industry in its infancy. tee, which aims to enhance political trust that,” said Saudi Industrial Development “Obviously the entire world is a target for and maintain the momentum and prag- Fund CEO Ibrahim Aljomel, whose organi- us in terms of investing in the entertainment matic cooperation in the fi elds of economy, zation assists foreign businesses that want sector. That said, we see China as a very trade, energy, science, technology, educa- to operate in the kingdom. big player,” said General Entertainment tion and culture. Authority (GEA) CEO Faisal Barafat, whose “Most Saudi companies have relation- organization has been tasked with build- ships with Chinese counterparts in some ing the Saudi entertainment industry from shape or form. There will always be a scratch. strong relationship between Chinese and “Chinese companies can take part in the Saudi businesses, and that is growing,” said direct and indirect supply chain of entertain- Abdullah Al Khorayef, CEO of Al Khorayef ment. For instance, there is a need for tick- Commerical, which distributes a wide eting companies, as well as lighting, sound, range of top quality machinery imported staging, make-up, all the auxiliary products from all around the world, including China. & support services,” he added. As bilateral trade increased 32% last year, www.gmipost.com Saudi Arabia I Promotion / 2

SIDF Saudi Arabia revs up its transformation engine nder Crown Prince Mohammed bin Salman’s Vision 2030 program, Saudi Arabia embarked on a mission to end the kingdom’s historical dependence on its fossil fuel industry and diversify its Ueconomy. Among those contributing to this mis- sion is Ibrahim Almojel, CEO of the Saudi Industrial Development Fund (SIDF), which provides financial support and advisory ser- vices to companies interested in participating in the kingdom’s ambitious economic trans- formation program. The government raised the fund’s capital by about 60% to reach $28 billion in 2019 to serve as the financial enabler of the National Industrial Development and Logistics Program (NIDLP), which was launched in January. Focusing on the mining, energy, lo- gistics and industrial sectors, NIDLP has $453 billion to invest as part of its objective to con- tribute to 30% of the kingdom’s GDP by 2030. Since the Saudi government established SIDF in 1974, it has strengthened the king- dom’s manufacturing sector, with the devel- opment of industry, the Saudi people and the economy at the heart of its efforts. Committed to ensuring the success of Vision 2030, SIDF was empowered to redefine in industrial, commercial and agricultural and strengthen itself as an organization built sectors. on its trusted expertise and top talents argu- For example, a foreign company that will ably the strongest collection in the kingdom. manufacture renewable energy components “The mandate is as challenging as it is in Saudi Arabia could be qualified to receive in- spiring, and as exciting as it is sleep-de- financing for up to 75% of the project cost, priving. The government empowered SIDF along with repayment periods of up to 20 and we intend to deliver by transforming years. Saudi Arabia into an industrial powerhouse Located at the heart of the Arab world, the and global logistics hub,” said Almojel, who Kingdom of Saudi Arabia has the geographi- stressed that SIDF’s loan facilities are open cal advantage of being a connector between to any nationality willing to operate in Saudi Asia, Africa, and Europe. With major ports Arabia. on each side of the country, the kingdom is “In addition, SIDF has partnered with inter- building a highly interconnected ecosystem national well-known organizations such as backed by a robust logistics infrastructure. Stanford Center for Professional Development Saudi Industrial Development Fund CEO On its own, Saudi Arabia is already the and Fitch Learnings to develop the Saudi tal- Ibrahim Almojel (above) and Ma'aden's largest market in the Gulf region with a ents across the industries in order to meet the Sukhaybarat gold mine, one of the projects population of 32 million. Paired with the lo- needs of the labor market”, he added. that received financial support from SIDF gistical access that the kingdom can provide As more entities learn of the kingdom’s particularly with China. The positive ex- the markets around it, Saudi Arabia offers open-door investment policy, SIDF has es- perience of working with our Chinese optimal conditions that can serve as an ideal tablished a deep engagement with Asia. For counterparts leaves us highly motivated springboard for those engaged in exports instance, it has approved 31 loans, amount- and encouraged to not only expand the and reexports. ing to $1.7 billion, for Japanese companies, existing cooperation but also further de- With the notable increase in Chinese in- such as Mizuho, Mitsubishi UFJ Financial velop our ties with businesses across new vestments in the Gulf, Africa, and South Asia, Group (MUFG) and Sumitomo Mitsui Banking sectors”, Almojel said. Saudi Arabia stands as a highly complemen- Corporation (SMBC). As it develops stronger ties with Asia, tary piece to the region’s logistical ecosys- For its part, China has also recognized such SIDF wants to increase financial sup- tem. We, therefore, invite our Chinese friends opportunities. SIDF approved an $840 million port for renewable energy. Under its to come and explore the possibilities in loan to Chinese-owned Pan-Asia to develop a Mutjadeda Program, it is ready to lend fi- Saudi Arabia. SIDF is ready to be a partner,” petrochemical facility in Jazan City for Primary nancial assistance and provide incentives said Almojel. and Downstream Industries (JCPDI). to manufacturers of renewable energy “We are only getting started”, he added. “We have a long history with Asia, components and to project developers www.sidf.gov.sa