Day: August 24, 2022

Madinah– HRH Crown Prince Mohammed bin Salman bin Abdulaziz, Chairman of the Council of Economic and Development Affairs and Chairman of the Public Investment Fund (PIF), has inaugurated the infrastructure works and unveiled the master plan for the Rua Al Madinah Project in the area east of the Prophet’s Mosque. The project is being developed and implemented by Rua Al Madinah Holding Company, a PIF company that specializes in development, operation, and real estate investment in Madinah. A part of PIF’s efforts to develop and enable promising sectors, the project is in line with Saudi Arabia’s Vision 2030.

HRH Crown Prince stated that the Rua Al Madinah Project will raise the capacity to facilitate hosting 30 million Umrah pilgrims by 2030. The project will be implemented to the highest international standards in an indication of the continuous support from the Kingdom’s leadership to Madinah to consolidate its position as a modern Islamic and cultural destination. After rehabilitating 1.5 million m2, the project is set to add over 47,000 hotel rooms by 2030, in addition to open spaces and green areas that will enhance the location’s serene ambiance. As much as 83,000 m2 of the project’s master plan will consist of green areas, with open and green spaces comprising 63% of the project’s total land area.

The project has been designed according to the highest international standards and offers many integrated transportation solutions, including nine bus stops for visitors, a metro station, tracks for self-driving vehicles, and underground parking. These are being introduced to facilitate visitor access to the Prophet’s Mosque and will support both residential and commercial activity while helping to create many job opportunities.

The project aims to elevate the city’s status as a modern Islamic and cultural destination for pilgrims. It features modern urban planning and large-scale development projects that will contribute to an increased quality of life by enhancing the comfort and enriching the experience of Madinah’s residents and visitors. The project also seeks to enrich the quality of services provided and boost the hotel inventory of the area on the east side of the Prophet’s Mosque, including in the luxury segment.

Rua Al Madinah Holding Company aims to contribute to achieving the goals of the Hajj, Umrah, and travel sectors outlined in Vision 2030 by enriching the experience of visitors to the city. It also seeks to revive the city’s cultural and architectural heritage, which has been carefully considered throughout the development process. The project showcases many historical monuments that are of huge significance to the legacy of the Prophet and his companions, while the holy city’s unique heritage is reflected in the design of all buildings and facilities.

Rua Al Madinah Holding Company’s strategy is closely aligned with the PIF’s drive to stimulate growth in the Kingdom’s promising vital sectors, in line with the goals of Vision 2030.

Source: Saudi Press Agency

Riyadh– The Saudi Ministry of Industry and Mineral Resources (MIM) today announced the final three competitors for a mining exploration license for the Kingdom’s largest site made available to date, Khnaiguiyah, which is approximately 175 kilometers west of Riyadh. The three companies that will now enter the final stage of the license application are: a consortium between Alara Saudi Ventures Pty. Ltd. Resources and AlTasnim Enterprises LLC, a consortium between Saudi Arabian Mining Company “Maaden” and Ivanhoe Electric Inc. , and a consortium between Moxico Resources Plc, and Ajlan & Bros Mining Company.

MIM received numerous inquiries and 6 world-class proposals from companies around the world seeking to explore the site, and the Ministry is look forward to the third and final stage of the license application process, which will be kicked off on September 4thThe Khnaiguiyah licensing process is an example of how the Ministry has transformed Saudi Arabia’s mining sector by pursuing investment to understand the potential of its geological assets, and creating an overall mining ecosystem that operates efficiently, transparently and fairly. To illustrate, the multi-round auction on a signing bonus will be available for viewing online at:

https://www.youtube.com/channel/UCBdMEHyIRS2VXBLjZrGDoqw/featured

In addition to the elements directly related to exploration and mining experience– and another important demonstration of the Ministry’s transformation efforts and focus on ESG – Bidders competed in their social programs in support of their proposals. This included improvements to the local community healthcare and education facilities, and commitments to create jobs and develop training programs for local residents. The finalists for the Khnaigiuyah licensing round are benefiting from Saudi Arabia’s position as one of the most competitive mining jurisdictions in the world. In addition to the fair and transparent application and review process, the Kingdom offers unrivalled incentives to attract investors across the entire integrated mining value chain. This includes co-funding of up to 75 percent of CAPEX through the Saudi Industrial Development Fund (SIDF), a five-year royalty holiday for miners, and a 30 percent reduction on royalty payments for further downstream processing of production.

It is worth mentioning that the Khnaigiuyah site covers more than 350 kilometers with an estimated resource of around 25 million tonnes of Zinc & Copper Ores, at 4.11% Zn, and 0.56% Cu.

Developing the site will mark an important milestone in transforming the sector into the third pillar of the national economy under the National Industrial Development and Logistics Program and Saudi Arabia’s Vision 2030.

Source: Saudi Press Agency

Riyadh– Vice Minister of Human Resources and Social Development for Labor Dr. Abdullah Abuthnain held a meeting here today with Minister of Labor and Administrative Reform of the Republic of Sudan Suad Hassan Eltayeb, in the presence of a number of officials from both sides.

The meeting aims to discuss common issues within the framework of the two sides’ efforts to enhance the exchange of experiences between them.

During the meeting, they reviewed the initiatives of the labor sector in the Kingdom of Saudi Arabia, in addition to the achievements that contributed to strengthening the Kingdom’s position regionally and internationally.

The Sudanese Minister praised the Ministry Human Resources and Social Development’s achievements and the position the Kingdom has reached through its ambitious vision 2030.

Source: Saudi Press Agency