Saudia records 52% jump in international flyers as Kingdom aims to become global transit hub

Saudia records 52% jump in international flyers as Kingdom aims to become global transit hub

RIYADH: Saudi Arabia and Japan are strengthening their long-standing bilateral trade relations in the energy sector as both countries pursue common goals towards decarbonization and economic diversification.

While the allied nations are moving closer in numerous areas, one critical sector in which both have a shared desire for growth is in the field of mineral development and mining.

Both countries are looking to further invest in rare earth resources that are crucial in the production of electric vehicles. Their shared interest in this segment of the energy sector comes as demand for EVs increases amid a global push towards decarbonization.

Announcements of expanded business relations between the two nations came on July 16 at the Ritz Carlton in Jeddah, when Japanese Prime Minister Fumio Kishida met with Saudi Crown Prince and Prime Minister Mohammed bin Salman.

There they set the course for strong trade ties through the exchange of 26 pre-signed economic agreements. These include the fields of healthcare, mining, clean energy and digital innovation.

On the sidelines of Fumio’s visit, Saudi Energy Minister Prince Abdulaziz bin Salman stressed how Saudi Arabia and Japan, whose relationship spans 50 years, are crucial strategic partners in the energy sector, according to the Saudi Press Agency.

The alliance, he said,