A handout picture provided by the Saudi Royal Palace on January 13, 2021, shows Saudi Crown Prince Mohammed bin Salman participating in a dialogue session during the World Economic Forum in Al Ula, Saudi Arabia. AFP
A handout picture provided by the Saudi Royal Palace on January 13, 2021, shows Saudi Crown Prince Mohammed bin Salman participating in a dialogue session during the World Economic Forum in Al Ula, Saudi Arabia. AFP
A handout picture provided by the Saudi Royal Palace on January 13, 2021, shows Saudi Crown Prince Mohammed bin Salman participating in a dialogue session during the World Economic Forum in Al Ula, Saudi Arabia. AFP
A handout picture provided by the Saudi Royal Palace on January 13, 2021, shows Saudi Crown Prince Mohammed bin Salman participating in a dialogue session during the World Economic Forum in Al Ula, Sa

Saudi Arabia offers $6tn of investment opportunities over next decade, Crown Prince says


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Saudi Arabia will offer $6 trillion worth of major opportunities to investors over the next decade, the kingdom's Crown Prince Mohammed bin Salman said.

Prince Mohammed made the comments during an online briefing session held by the World Economic Forum, the Saudi Press Agency said.

The opportunities on offer "include $3 trillion in investments in new projects, within the framework of the opportunities provided by the kingdom's Vision 2030 and to establish new promising growth sectors", the SPA said.

Saudi Arabia's economy is set to grow at 3.2 per cent this year, King Salman said last month when unveiling a 990 billion riyal budget for 2021. The economy was forecast to shrink 3.7 per cent last year as a result of the Covid-19 pandemic.

Crown Prince Mohammed bin Salman discusses the kingdom's achievements during an online briefing with the World Economic Forum from Al-Ula in Saudi Arabia. Saudi Press Agency
Crown Prince Mohammed bin Salman discusses the kingdom's achievements during an online briefing with the World Economic Forum from Al-Ula in Saudi Arabia. Saudi Press Agency

Earlier this week, Prince Mohammed announced plans for The Line – the first major scheme to be brought forward within the kingdom's $500 billion futuristic city known as Neom. The 170km-long network of communities will be connected by subterranean passenger and freight transport networks, removing the need for cars and roads at ground level.

Neom is one of a number of flagship projects created under Vision 2030. Others include the huge Red Sea tourism project covering 90 offshore islands, the Qiddiya entertainment city near Riyadh and the $20bn Diriyah Gate and Al Ula heritage sites.

The Crown Prince told the World Economic Forum audience that 85 per cent of its economic programme will be funded by the kingdom's Public Investment Fund and the local private sector, with the remaining 15 per cent expected to be generated from investment from neighbouring GCC countries and other foreign investors.

He also highlighted Saudi Arabia's ambitions in renewable energy and said the kingdom intends to be a leader in Fourth Industrial Revolution technologies, such as automation and artificial intelligence.

The Crown Prince told the World Economic Forum audience that 85 per cent of its economic programme will be funded by the Public Investment Fund. Reuters
The Crown Prince told the World Economic Forum audience that 85 per cent of its economic programme will be funded by the Public Investment Fund. Reuters

Prince Mohammed reviewed achievements made since the announcement of the kingdom's Vision 2030 economic diversification plan in 2016, which have included doubling non-oil revenues, empowering women in the workforce and raising the competitiveness of its businesses, the press agency report said.

The Crown Prince said the achievements had been made following rapid transformation and reforms within the past four years, adding that those reforms are set to double within the next decade,

He said that although 2020 was full of challenges, the kingdom was ready to face them. He also said the kingdom remained keen on international cooperation with “partners and friends in the business community and their participation in these promising investment opportunities”.

THE BIO

Favourite book: ‘Purpose Driven Life’ by Rick Warren

Favourite travel destination: Switzerland

Hobbies: Travelling and following motivational speeches and speakers

Favourite place in UAE: Dubai Museum

The%20specs
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Company profile

Name: Infinite8

Based: Dubai

Launch year: 2017

Number of employees: 90

Sector: Online gaming industry

Funding: $1.2m from a UAE angel investor

The%20Afghan%20connection
%3Cp%3EThe%20influx%20of%20talented%20young%20Afghan%20players%20to%20UAE%20cricket%20could%20have%20a%20big%20impact%20on%20the%20fortunes%20of%20both%20countries.%20Here%20are%20three%20Emirates-based%20players%20to%20watch%20out%20for.%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3EHassan%20Khan%20Eisakhil%3C%2Fstrong%3E%0D%3Cbr%3EMohammed%20Nabi%20is%20still%20proving%20his%20worth%20at%20the%20top%20level%20but%20there%20is%20another%20reason%20he%20is%20raging%20against%20the%20idea%20of%20retirement.%20If%20the%20allrounder%20hangs%20on%20a%20little%20bit%20longer%2C%20he%20might%20be%20able%20to%20play%20in%20the%20same%20team%20as%20his%20son%2C%20Hassan%20Khan.%20The%20family%20live%20in%20Ajman%20and%20train%20in%20Sharjah.%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3EMasood%20Gurbaz%3C%2Fstrong%3E%0D%3Cbr%3EThe%20opening%20batter%2C%20who%20trains%20at%20Sharjah%20Cricket%20Academy%2C%20is%20another%20player%20who%20is%20a%20part%20of%20a%20famous%20family.%20His%20brother%2C%20Rahmanullah%2C%20was%20an%20IPL%20winner%20with%20Kolkata%20Knight%20Riders%2C%20and%20opens%20the%20batting%20with%20distinction%20for%20Afghanistan.%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3EOmid%20Rahman%3C%2Fstrong%3E%0D%3Cbr%3EThe%20fast%20bowler%20became%20a%20pioneer%20earlier%20this%20year%20when%20he%20became%20the%20first%20Afghan%20to%20represent%20the%20UAE.%20He%20showed%20great%20promise%20in%20doing%20so%2C%20too%2C%20playing%20a%20key%20role%20in%20the%20senior%20team%E2%80%99s%20qualification%20for%20the%20Asia%20Cup%20in%20Muscat%20recently.%0D%3Cbr%3E%3C%2Fp%3E%0A
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
UAE currency: the story behind the money in your pockets
Upcoming games

SUNDAY 

Brighton and Hove Albion v Southampton (5.30pm)
Leicester City v Everton (8pm)

 

MONDAY 
Burnley v Newcastle United (midnight)

The biog

Name: Fareed Lafta

Age: 40

From: Baghdad, Iraq

Mission: Promote world peace

Favourite poet: Al Mutanabbi

Role models: His parents 

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Essentials

The flights
Emirates and Etihad fly direct from the UAE to Los Angeles, from Dh4,975 return, including taxes. The flight time is 16 hours. Alaska Airlines, United Airlines, Delta Air Lines, Aeromexico and Southwest all fly direct from Los Angeles to San Jose del Cabo from Dh1,243 return, including taxes. The flight time is two-and-a-half hours.

The trip
Lindblad Expeditions National Geographic’s eight-day Whales Wilderness itinerary costs from US$6,190 (Dh22,736) per person, twin share, including meals, accommodation and excursions, with departures in March and April 2018.

 

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

Tour de France Stage 16:

165km run from Le Puy-en-Velay to Romans-sur-Isère

COMPANY%20PROFILE
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COMPANY%20PROFILE
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match details

Wales v Hungary

Cardiff City Stadium, kick-off 11.45pm

Defined benefit and defined contribution schemes explained

Defined Benefit Plan (DB)

A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.

Defined Contribution Plan (DC) 

A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.