Three weeks into a cross-country visit to the US, Saudi crown prince Mohammed bin Salman sealed a number of agreements from tech to energy aimed at overhauling the kingdom’s oil-dependent economy and beefing up the private sector.
A pact between Boeing and Saudi’s defence manufacturing company for a joint venture to develop the country’s nascent military industry was the latest accord reached during the visit. The venture, signed March 30 during the crown prince's visit of the US planemaker’s facilities in Seattle, will localise more than half of the maintenance services for fixed and rotary-wing military jets in the kingdom, transfer technology and produce spare parts domestically. “It’s a great opportunity, Saudis have to move from simple manufacturing of food and perishable goods to something more high-tech,” said Mustafa Alani, senior advisor and director of security and defence at Gulf Research Centre. “We’ve put it on the shelf for so long.”
The crown prince held a flurry of meetings as part of his first official visit to the US since becoming heir to the throne last year. Beyond military deals, 36 memorandums of understanding worth $20 billion were signed at the Saudi-US CEO Forum. Deals included partnerships in sectors spanning healthcare, manufacturing, education and technology. During his visit the crown prince signed an MoU to build a $200bn solar power development, the world’s largest project, with Japan’s Softbank Group in New York.
Developing industries, including defense manufacturing, is part of the kingdom's Vision 2030 transformation plan that seeks to diversify the economy beyond oil revenues, create jobs for young Saudis and expand the role of the private sector. It also features allowing greater participation of women in the workforce.
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[ The young prince with big ideas will set the course for the modern development of Saudi Arabia well beyond 2030 ]
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Building a home-grown military industry is one of the key goals of the kingdom's economic reform plan. With that in mind, the country’s sovereign wealth fund established Saudi Arabian Military Industries, or SAMI, in May. It plans to manufacture equipment and provide MRO services. The ultimate goal is ambitious: Half of Saudi’s military procurement must be done locally by 2030, up from about two per cent currently. Saudi Arabia has earmarked $56bn for military spending this year, the biggest item on its budget.
SAMI’s target includes contributing $3.7bn to the Saudi economy by 2030, creating 40,000 jobs and investing $1.6bn in research and development, according to its website. The venture with Boeing is expected to generate revenues exceeding $22bn and create 6,000 jobs by 2030, according to a company statement.
It will likely take Saudi another five years to build a viable domestic military industry and up to 20 years to transfer knowledge and train a generation of engineers, according to security analysts.
Building a military industry from scratch means Saudi Arabia could potentially look to expand its market beyond local requirements.
“No doubt the decision behind indigenous defense industry is aimed at sale to regional neighbours and perhaps beyond,” Theodore Karasik, senior advisor to Washington-based Gulf State Analytics, said.
DUNE: PART TWO
Director: Denis Villeneuve
Starring: Timothee Chamalet, Zendaya, Austin Butler
Rating: 5/5
ESSENTIALS
The flights
Etihad (etihad.com) flies from Abu Dhabi to Mykonos, with a flight change to its partner airline Olympic Air in Athens. Return flights cost from Dh4,105 per person, including taxes.
Where to stay
The modern-art-filled Ambassador hotel (myconianambassador.gr) is 15 minutes outside Mykonos Town on a hillside 500 metres from the Platis Gialos Beach, with a bus into town every 30 minutes (a taxi costs €15 [Dh66]). The Nammos and Scorpios beach clubs are a 10- to 20-minute walk (or water-taxi ride) away. All 70 rooms have a large balcony, many with a Jacuzzi, and of the 15 suites, five have a plunge pool. There’s also a private eight-bedroom villa. Double rooms cost from €240 (Dh1,063) including breakfast, out of season, and from €595 (Dh2,636) in July/August.
The specs: Rolls-Royce Cullinan
Price, base: Dh1 million (estimate)
Engine: 6.75-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 563hp @ 5,000rpm
Torque: 850Nm @ 1,600rpm
Fuel economy, combined: 15L / 100km
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
Drishyam 2
Directed by: Jeethu Joseph
Starring: Mohanlal, Meena, Ansiba, Murali Gopy
Rating: 4 stars
Killing of Qassem Suleimani
Company Profile
Name: Takestep
Started: March 2018
Founders: Mohamed Khashaba, Mohamed Abdallah, Mohamed Adel Wafiq and Ayman Taha
Based: Cairo, Egypt
Sector: health technology
Employees: 11 full time and 22 part time
Investment stage: pre-Series A
When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
Fight card
Bantamweight
Siyovush Gulmamadov (TJK) v Rey Nacionales (PHI)
Lightweight
Alexandru Chitoran (ROM) v Hussein Fakhir Abed (SYR)
Catch 74kg
Tohir Zhuraev (TJK) v Omar Hussein (JOR)
Strawweight (Female)
Weronika Zygmunt (POL) v Seo Ye-dam (KOR)
Featherweight
Kaan Ofli (TUR) v Walid Laidi (ALG)
Lightweight
Leandro Martins (BRA) v Abdulla Al Bousheiri (KUW)
Welterweight
Ahmad Labban (LEB) v Sofiane Benchohra (ALG)
Bantamweight
Jaures Dea (CAM) v Nawras Abzakh (JOR)
Lightweight
Mohammed Yahya (UAE) v Glen Ranillo (PHI)
Lightweight
Alan Omer (GER) v Aidan Aguilera (AUS)
Welterweight
Mounir Lazzez (TUN) Sasha Palatnikov (HKG)
Featherweight title bout
Romando Dy (PHI) v Lee Do-gyeom (KOR)
MATCH SCHEDULE
Uefa Champions League semi-final, first leg
Tuesday, April 24 (10.45pm)
Liverpool v Roma
Wednesday, April 25
Bayern Munich v Real Madrid (10.45pm)
Europa League semi-final, first leg
Thursday, April 26
Arsenal v Atletico Madrid (11.05pm)
Marseille v Salzburg (11.05pm)
If you go
The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes. Portland is a 260 km drive from Seattle and Emirates offers codeshare flights to Portland with its partner Alaska Airlines.
The car
Hertz (www.hertz.ae) offers compact car rental from about $300 per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.
Parks and accommodation
For information on Crater Lake National Park, visit www.nps.gov/crla/index.htm . Because of the altitude, large parts of the park are closed in winter due to snow. While the park’s summer season is May 22-October 31, typically, the full loop of the Rim Drive is only possible from late July until the end of October. Entry costs $25 per car for a day. For accommodation, see www.travelcraterlake.com. For information on Umpqua Hot Springs, see www.fs.usda.gov and https://soakoregon.com/umpqua-hot-springs/. For Bend, see https://www.visitbend.com/.
Changing visa rules
For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.
Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.
It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.
The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.
The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.