Saudi Arabia Grants Investment License in Red Sea

Saudi Minister of Energy, Industry and Mineral Resources Khalid al-Faleh has revealed the issuance of an investment license to one of the firms in the Red Sea, in partnership with Sudan.

Faleh, who is also the chairman of the Board of Directors of King Abdulaziz City for Science and Technology (KACST), made this announcement during the inauguration of the scientific research vessel, “Najil” at Jubail Commercial Port in the Eastern Province.

The vessel is designed to carry out scientific research in the Arabian Gulf and the Red Sea in various marine disciplines as well as to conduct fishery stock assessment and study climate changes in different marine ecosystems.

Faleh said that the vessel supports the scientific research conducted by KACST on the Kingdom’s seawater. It also enables the Saudi universities as well as national and international firms to carry out maritime research throughout the year in order to seek scientific and practical findings.

“The vessel helps fisheries operators evaluate fish stocks and rationalize their investment in addition to monitoring the marine ecosystems and acquaint themselves with marine biosystem.

KACST seeks to build national capabilities and skills in the field of maritime research and to maintain maritime biodiversity in the Kingdom,” he added.

Najil will bring outcomes on the short-run such as water desalination, fishing averages, and will have an impact on maritime and fungus life, said Faleh, stressing the importance of linking the oil and gas sector to studies on seas and environment.

All these economic sectors are necessary to the future of the Saudi economy, Saudi Vision 2030, jobs, and exports.

The five- story vessel has two dry and wet labs with state-of-the-art equipment, scientific devices for weather and wave monitoring and deep-sea sampling, and a special apparatus for seafloor scanning and mapping.

Faleh declared that Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, will launch a project to develop national industries and logistic services next Monday.