Saudi Arabia launches 'mega-zone' on Red Sea


Agence France-Presse

Saudi Arabia on Tuesday announced the launch of an independent economic zone on the Red Sea, three times the size of Cyprus and with a half a trillion dollars in projected investments.
The zone, dubbed NEOM, covers an uninterrupted coastline of nearly 470 kilometres (290 miles) in northwestern Saudi Arabia and will extend into territories in neighbouring Jordan and Egypt, a statement released by the kingdom's Public Investment Fund said.
Authorities in Jordan and Egypt did not immediately comment on the statement. 
The announcement came hours after the opening of the Future Investment Initiative, a three-day economic conference that brings together some 2,500 dignitaries, including 2,000 foreign investors. 
NEOM, which counted more than 10,000 followers on Twitter hours after the announcement, will be independent of Saudi regulation and will adopt a "separate regulatory framework," the statement said. 
The Saudi government has pledged investments into NEOM worth $500 billion. The project will also be open to local and international investors. 
Klaus Kleinfeld, the former chairman of Alcoa and Arconic and a member of the Council on Foreign Relations, was appointed NEOM's first CEO. Kleinfeld has also served as advisor to the Chinese and Russian prime ministers. 
NEOM overlooks the Red Sea and the Gulf of Aqaba, also bordered by Jordan and Israel -- a location Saudi Crown Prince Mohammed bin Salman said in a statement would be "among the top secure areas in the world". 
The venture comes as Saudi Arabia vies to diversify its oil-dependent economy after revenues dwindled following the 2014 crash of the global oil market.
Saudi Arabia, the world's top oil exporter, has been facing serious budget deficits since 2014. 
Prince Mohammed, who was named heir to the throne in a surprise announcement in June, last year launched a massive economic reform programme in an attempt to pull the economy away from its dependence on oil.
Alcohol, cinemas and theatres are still banned in the kingdom, an absolute monarchy and one of the world's most conservative countries, but authorities in recent months have announced a string of decrees that appear to signal change in the entertainment and tourism industries.
Prince Mohamed in August announced a massive tourism project to turn 50 islands and a string of sites on the Red Sea into luxury resorts.
Saudi Arabia also plans to sell up to five percent of oil giant Aramco in an IPO next year. 

Comments

Post a Comment

Popular posts from this blog

PCG: China’s bullying in West Philippine Sea undermines international law --- Ghio Ong - The Philippine Star

MANILA, Philippines — Letting China sustain its aggression in the West Philippine Sea would make other countries doubt the strength of international law currently being asserted by the Philippines, Commodore Jay Tarriela of the Philippine Coast Guard (PCG) said. “Allowing China to blatantly disregard the established rules-based order threatens the very foundation that we all depend on,” he wrote in a post on X last Tuesday. He added, “If we permit this, countries worldwide may forget why this order was created in the first place. Nations could begin to doubt the significance of adhering to international law if powerful bullies can easily violate it.” Tarriela also said defiance of other countries to a rules-based order would result in the prevalence of cruelty. He wrote, “This could lead us back to a time when might makes right, undermining the global structures that keep human greed, savagery and barbarism in check. Such a scenario would not only invite challenges from aggressive ...
Read more

China ships maintain presence in key West Philippine Sea areas --- Michael Punongbayan - The Philippine Star

STAR / Michael Varcas MANILA, Philippines — While Chinese vessels in the West Philippine Sea (WPS) have decreased in number, they have maintained a presence in three key land features where naval and coast guard ships have intensified operations in the past seven days, according to the Philippine Navy. Latest monitoring by the Philippine Navy showed armed ships of the People’s Liberation Army Navy (PLAN) maintaining a menacing presence around the grounded BRP Sierra Madre in Ayungin Shoal, Panatag Shoal and Escoda Shoal. According to the Philippine Navy, there are 17 Chinese military vessels and 28 China Coast Guard (CCG) boats spotted inside the country’s exclusive economic zone (EEZ) between Sept. 23 and 30, or one vessel more than in the previous week Sept.17-23. Five of the warships were seen roaming around the vicinity of Escoda Shoal, along with 10 CCG vessels and 12 maritime militia vessels (MMVs). There are also two PLAN ships in Ayungin Shoal as well as 10 CCG boats and 12...
Read more

Social media seen as cause of rising intermarriages --- Helen Flores - The Philippine Star

MANILA, Philippines — The Commission on Filipinos Overseas (CFO) sees social media as the main reason for the rising number of Filipinos marrying or becoming partners of foreign nationals. In 2022, the CFO recorded 6,854 marriages or partnerships with foreign nationals, a 40.1 percent increase from the 4,891 “intermarriages” recorded in 2021. “First of all, what we see in the increase in the marriage rate of Filipinos or Filipinos with foreign partners is because of social media, (that) is number one; matchings; letters, introduction of their friends,” CFO chairperson Romulo Arugay said at the Bagong Pilipinas Ngayon public briefing yesterday. Arugay said the agency has been registering a high number of intermarriages since 2007, but the figures went down during the COVID-19 pandemic. From over 6,500 Filipinos who married foreign nationals, only 600 are men, he said. Most of them are married to Americans, Japanese, Germans, Canadians and Australians, Arugay said. Arugay warned Fi...
Read more