Japan’s SoftBank Group and Saudi Arabia agreed to build a $200 billion solar power development in the kingdom, which will be the largest in the world, create thousands of jobs and cultivate a manufacturing industry in line with the kingdom's economic diversification plans.
The agreement was concluded by SoftBank founder and Japan’s wealthiest man Masayoshi Son, and Saudi Arabia’s Crown Prince Mohammed Bin Salman who is on a three week visit to the United States.
The partnership is part of the collaboration between Softbank and Saudi Arabia, which has committed to invest as much as $45bn in a $100bn Softbank fund through its sovereign wealth fund, the Public Investment Fund.
“This is the first big investment in the Saudi kingdom to create the world’s biggest solar power generation,” Mr Son said in New York where the agreement was announced. “This kind of project would have never been feasible without the big vision that we share with the crown prince.”
The project is in line with Saudi Arabia's Vision 2030 which seeks to reduce the country's reliance on oil and transform its economy. The overarching roadmap includes creating an industrial base, and the privatisation of state-owned entities such as Saudi Aramco which based on a $2 trillion valuation is set to be the world's largest initial public offering when it is listed.
The 200 gigawatts solar power generation project will create clean, sustainable, and low cost renewable energy, Mr Son said.
“The kingdom has great sunshine, great size of available land, and great engineers and great laborers. Most importantly the best and greatest vision,” he said. “With this scale of this specific project we can create the manufacturing facility inside the kingdom. We can create a factory inside the kingdom, so we can have the largest and newest technology.”
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Mr Son said the project, set to be completed by 2030, will create 100,000 jobs and reduce the cost of generating electricity as the kingdom has burned oil to generate power.
“The cost saving with this project we estimate is $40 billion. This will increase the GDP [of Saudi Arabia] by $12bn, that is our estimate,” Mr Son said. “We will create a total new ecosystem in the kingdom.”
He said construction of the new solar park, which will be spread around the kingdom and will not exclusive be to a single area, begins immediately. The project will be built in phases with the first stage generating electricity in 2019. Manufacturing capability will follow two years after.
“We will also create the R&D centre and education and training centre so the new technology continues to evolve,” Mr Son said.
The cost of the first stage of the project will be $5bn and the remaining portion of the project will be through project debt financing.
In October last year, Saudi Arabia said it planned to build Neom, a mega-city also being billed as a “start-up the size of a country”, that will span 26,500 square kilometres. It will cost $500bn to develop with funding coming from PIF and international investors such as Softbank. Former Alcoa and Siemens executive Klaus Kleinfeld has been appointed to lead the project.
Ultra processed foods
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
T20 World Cup Qualifier fixtures
Tuesday, October 29
Qualifier one, 2.10pm – Netherlands v UAE
Qualifier two, 7.30pm – Namibia v Oman
Wednesday, October 30
Qualifier three, 2.10pm – Scotland v loser of qualifier one
Qualifier four, 7.30pm – Hong Kong v loser of qualifier two
Thursday, October 31
Fifth-place playoff, 2.10pm – winner of qualifier three v winner of qualifier four
Friday, November 1
Semi-final one, 2.10pm – Ireland v winner of qualifier one
Semi-final two, 7.30pm – PNG v winner of qualifier two
Saturday, November 2
Third-place playoff, 2.10pm
Final, 7.30pm
NYBL PROFILE
Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
Major matches on Manic Monday
Andy Murray (GBR) v Benoit Paire (FRA)
Grigor Dimitrov (BGR) v Roger Federer (SUI)
Rafael Nadal (ESP) v Gilles Muller (LUX)
Adrian Mannarino (FRA) Novak Djokovic (SRB)
MATCH INFO
Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai
Results
6.30pm: Maiden Dh165,000 (Dirt) 1,400m. Winner: Rio Angie, Pat Dobbs (jockey), Doug Watson (trainer).
7.05pm: Handicap Dh170,000 (D) 1,600m. Winner: Trenchard, Pat Dobbs, Doug Watson.
7.40pm: Maiden Dh165,000 (D) 1,600m. Winner: Mulfit, Pat Dobbs, Doug Watson.
8.15pm: Handicap Dh210,000 (D) 1,200m. Winner: Waady, Dane O’Neill, Doug Watson.
8.50pm: Handicap Dh210,000 (D) 2,000m. Winner: Tried And True, Pat Dobbs, Doug Watson.
9.25pm:Handicap Dh185,000 (D) 1,400m. Winner: Midnight Sands, Pat Dobbs, Doug Watson.
England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29
UAE currency: the story behind the money in your pockets
FINAL RESULT
Sharjah Wanderers 20 Dubai Tigers 25 (After extra-time)
Wanderers
Tries: Gormley, Penalty
cons: Flaherty
Pens: Flaherty 2
Tigers
Tries: O’Donnell, Gibbons, Kelly
Cons: Caldwell 2
Pens: Caldwell, Cross