KSA Economy News & Discussions

[Rakan.SA]

Saudi-South Korea council seeks science cooperation

View attachment 142254
Saudi-South Korean officials pose for a group photo after concluding the three-day business forum in Seoul. (SPA)​

SEOUL: ARAB NEWS

Published — Sunday 2 November 2014

Last update 2 November 2014 1:43 am

Members of the Saudi-South Korean Business Forum in Seoul plan to cooperate more closely on science and technology.
The council met here for a three-day event that began on Wednesday.
During the main session of the forum, which focused on joint investments, Governor of the Saudi Arabian General Investment Authority (SAGIA) Abdul Latif Al-Othman spoke about the transformation of the Kingdom over the past four decades into one of the most important global economies, and the largest in the region, Saudi Press Agency reported.
Al-Othman said the Kingdom wanted to consolidate its relations with partners in South Korea through investment. Saudi Arabia plans to diversify sources of income in the country, to encourage domestic and foreign investment.
The SAGIA governor said the Saudi economy has SR2 trillion worth of construction projects underway, and is spending SR400 billion a year on new ones.
In his address, Minister of Commerce and Industry Tawfiq Al-Rabiah had outlined how the Kingdom had developed its economy.
Other speakers at the forum included Korean Deputy Minister of Trade, Industry and Energy Moon Jae-do, head of King Abdullah City for Atomic and Renewable Energy Hashim Yamani, and Korean Senate Member Hi Kook Kim.

Saudi-South Korea council seeks science cooperation | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.

S. Korea seeks role in possible Saudi nuclear reactor project

View attachment 142253


TRADE BOOST: Minister of Commerce and Industry Tawfiq Al-Rabiah and Minister of Economy and Planning Mohamed Al-Jasser hold talks with South Korean officials.
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AGENCIES

Published — Saturday 1 November 2014

Last update 31 October 2014 11:21 pm

SEOUL: Mohamed Al-Jasser, minister of economy and planning, said South Korea will be one of the countries to be invited to the Kingdom if Saudi Arabia pursues a project to build nuclear reactors, according to South Korea’s presidential office.
Al-Jasser made the comment in a meeting with South Korean President Park Geun-hye, Park’s office said in a report published by Yonhap news agency.
Park called for support from Saudi Arabia so that South Korea can participate in a project to build nuclear reactors, citing South Korea’s technological prowess and an ongoing project in the UAE.
South Korea is building four nuclear reactors in the UAE under a $40 billion contract signed in 2009. The deal marked South Korea’s first and, so far, only export of its nuclear reactors.
Al-Jasser came to South Korea along with two other top economic officials to attend a joint business forum.
Park is set to meet with Crown Prince Salman, deputy premier and minister of defense, at the upcoming summit of the Group of 20 advanced economies in Brisbane, Australia, on Nov. 15-16.
Park said she is also planning a visit to the Kingdom next year.
During the talks, Park also called for expanding economic ties with Saudi Arabia, saying the two countries should seek exchanges in new areas such as health, ICT and renewable energy.
“Until now, our countries have cooperated closely in the energy and construction sectors, but I hope (the two countries) will seek ways to further expand cooperation in various areas, such as health and medical services, ICT, human resources development and especially in renewable energy, including nuclear power,” Park said, according to her office.
Park also expressed hope that the two countries would open a “new horizon” for bilateral cooperation through various exchanges.
The Saudi minister praised South Korea for its achievements, saying the country has set an example that many would like to follow.

S. Korea seeks role in possible Saudi nuclear reactor project | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.

is there military cooperation between saudi and south korea ?

 

[al-Hasani]

is there military cooperation between saudi and south korea ?

Yes, but if I recall it then it is pretty minor. Maybe Mosamania knows better. Don't bother making any research now.

Saudi Build Seminars to unveil platform for a greener Kingdom​

RIYADH — The Kingdom of Saudi Arabia is the largest and fastest growing construction market in the Gulf, currently accounting for almost 40 percent of projects in the GCC. Driven by public sector funding and overseen by regional municipalities, the bulk of the Kingdom’s expenditure is being utilized to develop five key areas – healthcare, hospitality, education, housing, and transport – by 2020.

Building on its reputation of successfully hosting Saudi Build – the International, Construction Technology and Building Materials Trade Exhibition for 25 years, Riyadh Exhibitions Company (REC), the leading conferences and exhibitions organizer in Saudi Arabia, has announced the launch of the Saudi Build Seminars. The conferences are being organized in collaboration with Advanced Conferences and Meetings (ACM), a premium B-2-B events company focusing on the dynamic and ever changing requirements of the MENA region, and will be held concurrently with the exhibition.

Spread over three days, Saudi Build Seminars will focus on key industry issues. The topic for the Day 1 is ‘Architecture and Design’ which will address issues such as delivering quality interiors through innovative design and fit-outs. Day 2 will cover ‘Exterior Design and Landscaping’ to discuss advancements in urban design, master planning, and landscape architecture. Lastly, the seminars on the Day 3 will be held under the theme of ‘Sustainable Design and Construction,’ demonstrating how to deliver beautifully designed sustainable buildings for a greener KSA.

The seminars will feature a number of innovative and informative high-level sessions which will further enhance Saudi Build’s role in highlighting the latest products and technologies to various segments of building and construction industries of the local and regional markets. REC has partnered with ACM to create a series of unique B-2-B seminars with an aim to provide interactive insights into the challenges and opportunities faced by construction companies in Saudi Arabia and the region. The conferences are designed to network with expert decision makers and thought leaders alongside the means to network effectively among new business prospects.

Saudi Build Seminars will run concurrently with the annual exhibition in November and independently throughout the year across the KSA. These conferences will be based on extensive industry research, guided and supplemented by key industry partners, and informed by local market experts to provide regular business platforms, delivering competitive advantage to Saudi Build’s clients.

Key topics to be discussed at the events include ‘Stay Ahead of Interior Design Trends in the GCC,’ ‘Better Understand the Guiding Principles for Sustainable Interior Design,’ ‘Learn How to Combine Traditional Islamic Architecture With Contemporary Design,’ ‘Explore Specific Challenges With Achieving Higher Quality Finishing Works in KSA,’ ‘Design Iconic Multi-Purpose and Sustainable Rail Stations and Streetscapes,’ and ‘Discover Facade Design Strategies to Maintain and Optimize Building Performance.’

Saudi Build 2014 will be held on Nov.10-13, 2014 at the Riyadh International Convention and Exhibition Center. Approved by UFI, the Global Association of the Exhibition Industry, the show will be held concurrently with Saudi Stonetech 2014 – the 17th International Stone and Stone Technology Exhibition, and Saudi Build PMV Series – the 5th international exhibition for construction equipment, plant, machinery, and vehicles. — SG

Saudi Build Seminars to unveil platform for a greener Kingdom | Economy | Saudi Gazette

 

[al-Hasani]

Health care in KSA: One of the best in the region

Sultan Sobhi Batterjee
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JEDDAH: KHALIL HANWARE

Published — Monday 3 November 2014

Last update 2 November 2014 11:22 pm

Health care, education and construction are considered to be among the most essential and vital sectors for the infrastructure of any country. These three areas have thus become the focus of attention for IHCC, major business entity.
Sultan Sobhi Batterjee, CEO of IHCC, is actively involved in different business organizations and working hard to fulfill the desires and aspirations of the people locally and also regionally.
He serves as the president of Lifestyle Developers Ltd., chief inspiring officer and chairman of Tawasol IT, both of which he founded.
He is the vice president, business development and board member of Saudi German Hospitals Group as well.
In fact, Batterjee has played a vital role in establishing IHCC, a world-renowned turnkey design and build solutions provider that specializes in health care, education and mixed-use development projects in the Middle East and North Africa.
Batterjee brings vast experience to IHCC through his association with leading global companies, including Merrill Lynch and Lazard Investment Banking, both in London, and Encore Management in Geneva.
Enriching his experience, Batterjee is also actively involved in a few other organizations.
He is a member of the Entrepreneurs’ Organization (EO) in Saudi Arabia, the Young Arab Leaders Society (YAL) in Dubai, the Project Management Institute (PMI), TechWadi, the Jeddah Chamber of Commerce and Industry (JCCI), and the Singapore Human Resources Institute (SHRI).
“Our business is based on three pillars: health care, education and mixed-used projects,” Batterjee told Arab News in an exclusive interview.
“Hospitals have always remained our strength,” he said in an obvious reference to Saudi German Hospitals Group, which has established health care facilities in the Kingdom and also in other parts of the region.
“We do projects in health care and education. We are into designing and building projects. Being a turnkey solution provider is our forte."
Batterjee emphasizes that Saudi Arabia’s health care is one of the best in the region.
During the unprecedented boom, the late Custodian of the Two Holy Mosques King Fahd invested a lot in health care. "That is how you find so many health care facilities developed in Saudi Arabia than any other neighboring country in the region. The Kingdom’s heavy investment in health care infrastructure has left all the other countries in the region far behind," he said.
"Also, our private sector plays a vital role in Saudi Arabia. Health care is one of the strongest and biggest in the region. This is because the private sector has been playing a major role in this field alongside the public sector. The private sector has always received the much needed government support, which has turned into an excellent working relationship over the last 50 years," he said.
Batterjee reminds us that developments have to keep pace with the ever-growing populations.
The Saudi population has grown dramatically over the last 10 years, reaching a figure of almost 30 million.
“Ten to 15 years ago, we were only 15 million. In the 10 year period, we have almost doubled.”
With the rising population, the need for health care is constantly growing. Added to this is the fact that known and new diseases are now around.
This has necessitated the introduction of more specialties on the part of health care providers, he said, adding: “Health care was of general nature in the beginning and now it is switching to more specialization. It is becoming more a specialized industry. That is how you now find more cancer centers, more cardiac centers, more centers for women and children.”
A rapidly emerging trend is that the industry is increasingly moving toward rehabilitation, home care.
Referring to the current period of boom, Batterjee said: “The Kingdom is witnessing its second boom and so we see the Kingdom investing a lot of money in health care much more than before.”
After all, Saudi Arabia ranks among the top countries in the world in terms of investments in health care and education. That is how, the concept of medical cities has been introduced, and major health care infrastructure is being built in cities and rural areas.
Going by various facilities that are coming up, Batterjee believes that Saudi Arabia has a great future in terms of health care. “But this poses a challenge — the challenge lies in managing all these health care projects, especially when billions of riyals are invested in them and they all will be ready for launch in the foreseeable future.”
Batterjee predicts that Saudi nationals will have a big role to play. Talking for himself, he added: “We have a lot of experience as a turnkey solution provider in the health care sector, especially in design and construction. We have completed projects in the health care and education fields worth more than SR2.5 billion in the past years. We have thus gained a lot of knowledge and experience, and developed them in the past few years. Now, it is our duty as a company and as a Saudi citizen to give back to the country by sharing our experience and know-how in terms of development.”
Batterjee expressed his keen desire to work more on infrastructure projects and the actual systems of health care.
“We want to share our experience of planning and equipping in these projects. In particular, we want to share our experience of what we have done in Dubai. In Dubai, we have learned a lot with international standards in health care. We have learned the concept of medical cities and medical tourism. We learned of health care tourism from the projects we built in Dubai,” he said, adding that health care tourism is a very important subject and should get its due place.
“We want to implement this in Saudi Arabia. We believe Saudi Arabia does not need international health care tourism. It needs local health care tourism,” he said.
For example, Batterjee said: “We want to do good projects in Riyadh and Jeddah in health care. We want people to come from different rural areas to move around the country. This is called health care tourism.”
Batterjee said: “From our point of view, we are keen to fulfill, explore, educate and transfer the knowledge we have. So we consider ourselves duty-bound to promote what IHCC learned outside. We have to bring this back to our country. After all, it is the duty of all Saudi nationals to give back to their country — the country that has sent them abroad for higher education only to serve their beloved country.”
Saudi youth, the upcoming young generation has a lot of potential, Batterjee says.
They are more diversified. They are more exploited to different countries. They are more educated than those in the previous generations. They can compare themselves on the Internet and social media. They are linked to the real globalization platform.
Saudi nationals are not living in villages or small areas any more, but they are part of the global world now through social media, Facebook, Twitter, Instagram, etc. All these things are raising the standards of Saudis and making them know their rights.
Batterjee stresses on education, which is the core of foundation.
“Without education, you cannot go anywhere. The Saudi government provides financial support to students. More than 100,000 scholarships are given to Saudis for studying abroad. All these people are now coming back. It becomes their duty to give back to the country. Equally, the country, which has invested in these people, should find the right places for them when they come back. So it is two-way situation.”
Turning to the country’s rich natural resources, Batterjee said: “We have oil but, more importantly, we have human capital that many countries are envious about. Saudi youth is the real treasure of the country. They are more educated than their counterparts in the previous generations. They are on the real global platform.
The government is focusing on education by developing schools, colleges and universities all over the Kingdom. The focus has also been on specialized education over the last five to 10 years.
“Under Education Minister Prince Khaled Al-Faisal, we will see more focus on education with more avenues opening. Human capital is the treasure of the country. Saudi Arabia is investing in human capital in order to take the country to the next level.”
Saudi Arabia is also focusing on SMEs so Saudis can become entrepreneurs. SMEs create more jobs in every country.
“We are in the golden era now. We are growing with human capital. The world is becoming more globalized due to the social networks, Batterjee said emphasizing that Saudi women are playing an important role in the Kingdom’s development. They are well educated, professionals and are more committed to their jobs. They come on time with a mission to work and I feel that they have very strong future.”
He says Saudi women have now become part of the household income.
They are entrepreneurs and many SMEs in the Kingdom are owned by women. They will make a major impact in the economy.
They are very active in social media using various platforms such as Facebook, Twitter, Instagram, etc.”
Batterjee also referred to his involvement in Lifestyle Developers, which is filling the gap in the Saudi real estate market, particularly among the middle-income group and young professionals, through various projects.
The quick success of residence projects reaffirms the company’s conviction about the market’s need for homes that are affordable while integrating the components of luxury living.
Al-Zahra and Al-Nahda Residences have set a new benchmark in the real estate sector in Saudi Arabia as a residential community that integrates the amenities of affordable luxury living spaces.
As Saudi Arabia struggles to overcome the housing shortage, the Ministry of Housing has taken the lead by allocating SR250 billion to provide low-cost housing to the people.
“Because of the short supply of houses, rents are very high at present. But once the housing crisis is resolved, the rents will come down,” he said.
The approval of the mortgage law will also have a good impact on housing sector. It will help in providing liquidity to buy houses. If more liquidity is available then more housing needs to be built, Batterjee said.
Lifestyle Developers’ projects have received an encouraging response as they provide better housing for the community.
“We have various projects in the country and abroad. We have three projects, one each in Jeddah, Egypt and Ajman. We also have commercial projects in Jeddah, Asir and Egypt."

Economy | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.

 

[al-Hasani]

KACST gives SR3.5bn for research projects

RESEARCH CONFERENCE: KACST President Ibrahim Al-Suwaiyel speaks at inauguration of the first Saudi conference in support of scientific research in Riyadh on Sunday. (AN photo)
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RIYADH: MD RASOOLDEEN

Published — Tuesday 4 November 2014

Last update 4 November 2014 12:02 am

The King Abdulaziz City for Science and Technology (KACST) has provided more than 6,600 research projects throughout the Kingdom with a staggering SR3.5 billion in funding, said Ibrahim Al-Suwaiyel, KACST president, here on Sunday.
Al-Suwaiyel was inaugurating the first Saudi conference in support of scientific research, organized by KACST at its headquarters in Riyadh.
A host of international speakers, including Mohamed Al-Ohali, deputy minister for educational affairs at the Ministry of Higher Education, KACST Vice President for Research Institutes Prince Turki bin Saud bin Mohammad, and Abdulaziz Al-Swailem, vice president for scientific research support, were present at the event.
The KACST president confirmed funding high-quality research activities that could contribute to national development.
The president said that KACST would welcome any new proposals for future research projects.
“There is no competition in this field; researchers can present the proposals at any time,” he noted.
However, KACST plans to prioritize research according to 14 areas, which include water technology, oil and gas, petrochemicals, biotechnology, nano technology, information technology, space and aviation, electronics and photonics and telecommunications.
Al-Suwaiyel said that while an average of 10 to 15 patents were filed by Saudi academic institutions in an eight-year period up until 2003, more than 200 patents were submitted in 2008 alone.
The findings were based on reports on research performance indicators issued by KACST and Thomson Reuters.
He also recalled that around 10,000 scientific papers from universities and research institutions in the Kingdom were published by 2012.
He said the aim of the conference is to discuss the prospects and challenges in garnering research funding.
In addition, the conference will also identify different methods to measure the results of research and achievements.
He said that the three-day event, held under the slogan “funding, challenges and solutions,” seeks to gather professionals, decision-makers, business developers, service providers and beneficiaries from funding agencies, the government and research and development agencies, as well as the academic world and the industrial and private sectors, to discuss research and development support issues.
In his brief speech, Al-Ohaly said the conference is being held at the right time since “there is a pressing need for integration among research, educational and training institutes to maximize the effectiveness of research initiatives.”
“Some 8,000 researchers have been enlisted for various projects from the inception of KACST,” he told Arab News.

KACST gives SR3.5bn for research projects | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.

Marvelous news.

King Abdullah University of Science and Technology - Wikipedia, the free encyclopedia

As of 2014, QS World University Rankings rated KAUST's research record as 99.9%, which is higher than that of the University of Tokyo (88.6%), Yale University (92.2%), University of Oxford (96.6%), University of California, Berkeley (96.6%), the University of Michigan(97.2%), University of Cambridge (97.9%) and Princeton University (99.5%).[5]

King Abdullah University of Science and Technology (KAUST)

Insha'Allah it will turn into a modern-day Bayt al-Hikma (House of Wisdom).

 

[Halimi]

KAUST will take some time to establish itself and realise its potential. But looks like it's getting off to a very solid start and doing well to target research students, especially by the way of scholarships and incentives.

Hopefully all GCC countries invest sufficiently in science and technology. The Arab and Muslim worlds are generations behind the developed world in this regard, so the catch-up must be forceful and rapid.

 

[al-Hasani]

KAUST will take some time to establish itself and realise its potential. But looks like it's getting off to a very solid start and doing well to target research students, especially by the way of scholarships and incentives.

Hopefully all GCC countries invest sufficiently in science and technology. The Arab and Muslim worlds are generations behind the developed world in this regard, so the catch-up must be forceful and rapid.

Well, I expect more "KAUST'S" to emerge in the near future. Indeed it is.

Well, I could not agree more with your two last sentences. Anyway in the case of KSA and the wider GCC I am very hopeful as all data shows tremendous growth in that area. Besides KSA has invested enormously in scholarship programs etc. for a long time now. The fruits will be shown when my generation reaches power and influence and starts getting employed.

SABIC the only Mideast firm on 2014 Global Innovation 1000 list
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Last updated: Wednesday, November 05, 2014 12:22 AM
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JEDDAH – Saudi Arabia’s Saudi Basic Industries Corp. (SABIC) is the only company in the Middle East to make it into the Global Innovation 1000 list this year. SABIC ranked 272 out of the 1,000-strong list of innovative companies. The company’s ranking this year is an improvement over last year’s 304th position. Total R&D spend by SABIC in 2014 was $440 million, a 19 percent increase from $371 million in 2013. SABIC’s average R&D intensity increased from 0.7 percent in 2013 to 0.9 percent in 2014.

The tenth annual Global Innovation 1000 Study, which analyzes the R&D investment at the 1,000 biggest-spending public companies in the world, found although R&D spending at large companies rose to its highest level ever in 2014, the rate of growth was the second lowest in a decade.

The new study from Strategy&, formerly Booz & Company, said R&D spending rose by only 1.4 percent last year – a more modest increase than the 3.8 percent rise the year before and a marked drop from the 10-year average growth rate of 5.5 percent. R&D spending as a percentage of revenue fell by 17 percent between 2005 and 2014.

“Companies say they’re better at innovating today than they were a decade ago,” said Barry Jaruzelski, senior partner at Strategy& and a co-author of the report. “It seems that companies can now do more with less, allowing them to moderate spending growth while still achieving results.”

“The decrease in R&D spending growth and intensity may indicate that companies have realized more spending doesn’t always produce better results, or that innovation leaders are making progress in leveraging their R&D investments into greater financial performance,” said Georges Chehade, Partner with Strategy&.

The software and Internet industry generated the most rapid growth, 17 percent, in R&D spending in 2014. However, despite the industry’s ongoing increase in spending, software and Internet companies still accounted for just 9 percent of total corporate R&D spending in 2014. Meanwhile, the computing & electronics and healthcare industries accounted together for 50 percent of total innovation spending over the same period – though in 2014, those industries’ R&D spending dropped by 1.8 percent and 1.2 percent, respectively.

“It is striking that half the industries in the study saw a decline in R&D spending growth. Among them were two of the largest industries within the Global Innovation 1000, computing & electronics and healthcare. And yet, significant investments by smaller industries like software and Internet were large enough to compensate and even drive an overall positive R&D spending growth,” said Jaruzelski.

Companies headquartered in China generated a 46 percent increase in R&D spending last year, while North American and European companies increased spending by only 3.4 percent and 2.5 percent, respectively, and Japanese companies spent 14 percent less. Furthermore, the number of Chinese companies represented in the Global Innovation 1000 rose from only eight in 2005 to 114 in 2014 – an increase of 1,325 percent.

Apple, Google, Amazon and Samsung top the list of the 10 Most Innovative companies in 2014 as identified by survey respondents. Among the full list, only three – Google, Samsung and Microsoft – are also on the Top 10 R&D Spenders list. In fact, over the past ten years only Microsoft has been among the Top 10 R&D Spenders and Top 10 Most Innovative companies each year. And although four of the Top 10 R&D Spenders in 2014 were healthcare companies, not a single healthcare company were voted among the 10 Most Innovative as identified by survey respondents.

“For the 10th year, our research demonstrates that there’s no correlation between how much you spend on innovation and how well you perform,” said Chehade. “You can’t just buy your way to the top.”

“What many highly innovative companies have in common is not a high level of R&D spending, but an understanding of end-users’ wants and needs,” adds Jaruzelski. “Instead of depending on market research, these companies intimate connections with customers and innovate around their yet-to-be-articulated needs.”

More than three-quarters of innovation leaders (76 percent) said that they are better at innovation today than they were 10 years ago, according to a survey of over 500 innovation leaders across nearly 500 companies. And about the same number (78 percent) believes they have developed a more detailed understanding of their customers’ wants and needs over the past decade.

“Despite this strong sense of improvement, most surveyed innovation leaders believe they have room to grow. Only 41 percent say their companies are highly proficient in the innovation areas that they have tried to improve in the past, and just 27 percent believe they are mastering the elements they will need for innovation success over the next 10 years,” Chehade noted. — SG

SABIC the only Mideast firm on 2014 Global Innovation 1000 list | Economy | Saudi Gazette

 

[al-Hasani]

New berth at King Abdullah Port to drive trade expansion​

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RIYADH: MD RASOOLDEEN

Published — Monday 24 November 2014

Last update 23 November 2014 10:10 pm

The Ports Development Company, owner and developer of King Abdullah Port, has announced the handing over of the third berth at the King Abdullah Port to National Container Company.
The facility, which meets the Customs and the Coast Guard specifications, is considered to be an important phase in the port’s development, said Abdullah bin Mohamed Hameedaddin, managing director of Ports Development Company.
King Abdullah Port (KAP) is Saudi Arabia’s newest port facility and the first privately owned and funded port in the country.
The port is being constructed at King Abdullah Economic City (KAEC), along Saudi Arabia’s Red Sea coast.
The port, located just 100km north of Jeddah, is strategically located to serve the East-West transshipment of cargo as well as the domestic volumes.
“The berth has been constructed, complying with the highest international standards. Its latest fittings and systems would enhance the overall performance and contribute to docking of more ships and containers at the port,” said Abdullah bin Mohamed Hameedaddin.
The new berth will help meet a growing demand for imported and exported consignment at the King Abdullah Port, he said.
During its operations, he said it will accumulate a total length of 1,150 meters in quay size with and a depth of 18 meters, which which will cater for the world’s largest container vessels targeting more than 1.6 million containers per year.
He said the berth is equipped with enormous cranes to handle containers in addition to grand storage space for major import and export activities that come into King Abdullah Port from international ports.
“The third berth represents a valuable shift in the port’s work, which comes in line with the comprehensive developmental work that King Abdullah Port is currently witnessing, and the Ports Development Company’s keenness to equip the port with the state-of- the art technology characterized in par with global standards and cater to the growing needs of the public and private sectors,” said Hameedaddin.
He also expressed his sincere appreciation to the Saudi Coastal Guard management and the General Customs Authority for outstanding efforts in assisting Saudi ports, overcoming difficulties and facilitating smooth procedures for importer and exporter activities.
“We also praise the role of the Economic Cities Authority and its exceptional support in various developmental work at the King Abdullah Port, ensuring the achievement of the port’s strategic objectives and enhancing its role in advancing national economy,” said Hameedaddin.
The Port Development Company aims to position King Abdullah Port, as a unique example of world-class excellence for providing valuable benefits for long-term users from the public and private sectors, as well as the constant quest to integrate and work side by side with Saudi Ports System to enhance the capabilities and operational efficiency to meet the increasing demand for the movement of import and export, and providing the requirements for the construction of major vital projects, meeting the requirements of comprehensive development renaissance that the Kingdom is currently witnessing.
King Abdullah Port, owned and developed by Ports Development Company at King Abdullah Economic City, is the first port being developed and managed by the private sector.
The port is characterized by its strategic geographical location, with integrated services through the practice of the most advanced technologies and the use of local and international experts to provide the best services.

New berth at King Abdullah Port to drive trade expansion | Arab News

German delegation keen to promote Saudi Arabian trade

INVESTMENT TALKS: Peter Ramsauer during his meeting with CSC Chairman Abdulrahman Al-Zamil.​

RIYADH: ABDUL HANNAN TAGO

Published — Sunday 23 November 2014

Last update 22 November 2014 9:58 pm

Peter Ramsauer, chief of the German-Arab Chamber of Commerce and Industry, has held high-level talks on strengthening bilateral cooperation in Riyadh.
Ramsauer and his delegation met with various government agencies and business sectors, including senior officials in the Shoura Council and the Council of Saudi Chambers (CSC).
The two sides discussed the scope for cooperation between Saudi Arabia and Germany in economy, trade and investment fields, and also the mechanism to set up investment projects in the two countries.
They dealt with issues such as trade promotion and ways of boosting Saudi exports to Germany in a bid to increase the volume of trade, taking advantage of business-friendly policies in the Kingdom.
CSC Chairman Abdulrahman Al-Zamil welcomed the efforts to promote closer economic and trade ties between Saudi Arabia and Germany and the possibility to allow a greater flow of trade and wider opportunities for joint ventures.
Referring to growing trade relations between the two countries, Al-Zamil pointed out that German manufacturers set high standards in technological innovation and their commitment to quality raises the chance for stronger business links.
He emphasized the importance of cooperation between the two countries in terms of small and medium enterprises.
According to Al-Zamil, both the Saudi and German Chambers are playing their role in improving the investment climate. He stressed the need to explore the opportunities available under the umbrella of this special relationship in various sectors including renewable energy, transport, electricity, health, housing and various fields of manufacturing.
For the German side, the visiting official highlighted the giant investment projects under way in Saudi Arabia and its healthy investment environment. These factors make it one of the advanced economies of the world, he said.
He expressed his country’s desire to offer more cooperation in technical training, SMEs and housing, infrastructure.
He also called for more cooperation among private sector enterprises.

German delegation keen to promote Saudi trade | Arab News

Oil price fall, Syrian crisis focus of Saudi Arabian-Russia talks

MOSCOW MEETING: Foreign Minister Prince Saud Al-Faisal with his Russian counterpart Sergei Lavrov before their meeting in Moscow on Friday. (AP)
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MOSCOW: ARAB NEWS

Published — Saturday 22 November 2014

Last update 23 November 2014 12:13 am

Saudi Arabia and Russia have agreed to oil and energy cooperation, tackling Middle East conflicts and resolving negotiations over Iran’s nuclear program at a meeting between the two nations’ foreign ministers on Friday.
The two countries stressed the need to settle the Syrian crisis based on the Geneva 1 agreement focusing on preserving the territorial integrity of that country, said a joint communiqué issued after the meeting between Prince Saud Al-Faisal and Sergei Lavrov in Moscow.
The two ministers also discussed regional and international issues including the conflicts in Iraq, Libya, Yemen and Palestine, and international and regional efforts to stamp out terrorism.
The two leaders stressed bilateral cooperation under the Joint Economic Committee to boost mutual growth. The countries are two of the world’s largest energy producers.
Speaking after his talks with Prince Saud, Lavrov said there should be no move to cut global oil production.
He said both Russia and Saudi Arabia did not want oil production targets to be affected by “political or geopolitical designs.”
He said Russia and Saudi Arabia believe that prices should be determined by market demand.
Russia’s energy minister, Alexander Novak, said a production cut would be difficult. “Our budget is very dependent on oil revenues. And we don’t have the technology, like Saudi Arabia, to quickly reduce or increase our production,” he told Russian news agencies.
“But this question is under discussion, we are working within the government to understand whether such methods are feasible.”
Lavrov’s meeting with the Saudi minister came ahead of an Organization of the Petroleum Exporting Countries (OPEC) conference on Nov. 27, when members of the 12-nation body will discuss global production levels.
Meanwhile, Lavrov said that “all the elements” were in place to reach an agreement on Iran’s nuclear program. He called for a compromise at the Vienna talks.

Oil price fall, Syrian crisis focus of Saudi-Russia talks | Arab News

Saudi Arabian business community buoyant as optimism levels advance in Q4​

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RESEARCH TEAM: At the press conference are, Said A. Al-Shaikh, group chief economist at National Commercial Bank (NCB), Sharihan Almanzalawi, economist at NCB, and Mohammed Hussein, economic analyst at Dunand Bradstreet South Asia Middle East Ltd.​

JEDDAH: ARAB NEWS

Published — Monday 24 November 2014

Last update 23 November 2014 10:36 pm

Dun & Bradstreet South Asia Middle East Ltd. (D&B) in association with the National Commercial Bank released the D&B Business Optimism Index (BOI) survey for Saudi Arabia for Q4, 2014.
The BOI survey highlights the increasing optimism levels of both the hydrocarbon and non-hydrocarbon sectors in Saudi Arabia.

Background to the survey
Saudi Arabia’s economy is likely to grow 4.6 percent this year, more than previously estimated, aided primarily by the robust performance of the private sector, according to the IMF.
Saudi Arabia has been one of the best performing G-20 economies in recent years, and has supported the global economy through its stabilizing role in the global oil market.
Real oil sector GDP growth for 2014 is projected to be 0.6 percent, as the Kingdom has kept its output high this year to make up for Libya’s outage, but is expected to trim production in 2015-16 to take account of Iran’s likely return to oil markets and the continued gains in the North American supply. This scenario assumes that the situation in Iraq will remain contained, but in a worst case scenario, Iraq’s exports of around 2.5 million bpd could be lost all together. The Kingdom’s oil production averaged 9.769 million bpd in Q3, 2014, 9.715 million bpd in Q2, 2014 and 9.723 million bpd in Q1, 2014 compared to 9.637 million bpd in 2013 (OPEC data).
The Central Department of Statistics and Information’s GDP data for Q2, 2014 revealed that the oil sector grew by 2.5 percent y-o-y, compared to 6.1 percent in the previous quarter. The oil output in Q2, 2014 rose by 1.9 percent y-o-y, to 9.7 million bpd. The IMF expects the Kingdom’s current account surplus to decline from $ 134.3 bn in 2013 to $ 120.2 bn in 2014 as oil production remains flat and prices continue to weaken. The OPEC reference basket fell for the third consecutive month in September 2014 ($107.89 per barrel in June versus $ 95.98 per barrel in September 2014) as weak demand, ample supply, a stronger US dollar, and weak economic data from China and Europe continued to put pressure on the oil market since the end of June this year.
Commenting on the findings of the survey, harihan Almanzalawi, economist of the National Commercial Bank, said: “Despite the continuation of weakening of oil markets since mid-year 2014, with Brent crude prices declining to the $70-$80 per barrel range, both non-hydrocarbon and hydrocarbon composite BOI’s rose to 47 points and 34 points, respectively, in the Q4, 2014. Moreover, reflecting their confidence in the robustness of the Kingdom’s economy, 53 percent of the companies surveyed in the non-hydrocarbon sector plan on investing in expansionary activities, with the sentiment in the construction sector taking the lead as 63 percent of the respondents in this sector plan to undertake expansion activities. Meanwhile, sentiment in the hydrocarbon sector weakened, as lower percentage of 28 percent of the respondents in this sector indicated that there will be no negative factors affecting their business operations in the Q4, 2014, compared to 55 percent in the Q3, 2014.”

Hydrocarbon sector
The BOI survey for Q4, 2014 shows some strengthening in sentiments for the oil and gas sector in Saudi Arabia.
The composite index stands at 34 in Q4, 2014, which is 9 points higher on a q-o-q basis and 4 points higher on a y-o-y basis.
The BOI for selling prices has firmed up by 5 points to reach 18 in Q4, 2014, with 23 percent of the participants expecting an increase, partly to offset higher raw materials prices and partly due to anticipation of new projects.
The BOI for net profits has jumped to 68 in Q4, 2014 from 35 in Q3, 2014 and has touched the highest level in the series.
Respondents in the oil and gas sector are very optimistic on winning new projects and orders during the fourth quarter.
The hiring outlook, however, does not reflect the strength in profitability; the BOI for number of employees has decreased from 40 in Q3, 2014 to 32 in Q4, 2014.
Expectations with respect to the business environment have weakened considerably; 28 percent of the firms have indicated no hindrances to their operations during Q4, 2014 compared to 55 percent in Q3, 2014. The most important obstacle to firms in the oil and gas segment is competition as cited by 21 percent of the respondents. Issues related to government rules and regulations (14 percent), shortage of skilled labor (12 percent), political uncertainty in the region (7 percent) and slow demand for products and services (7percent) are the other concerns for firms in this sector.
The investment outlook has shown an improvement, with 68 percent of the respondents citing expansion plans during Q4, 2014 compared to 58 percent of the firms in the previous quarter.

Non-hydrocarbon sector
The current survey reveals that the non-hydrocarbon sector firms are more confident about the fourth quarter of 2014 compared to the previous quarter, but less optimistic when compared y-o-y. The composite BOI stands at 47 in Q4, 2014, 11 points higher than the index in Q3, 2014, but 7 points lower than in Q4, 2013.
The rise in optimism is due to expectations of getting new projects/contracts and rising demand in the economy.
The BOI for volume of sales has increased by 21 points to reach 62 and the BOI of new orders has gained 14 points q-o-q to stand at 57 in Q4, 2014.
Optimism with respect to selling prices has also shown an improvement; the BOI is at 21 in Q4, 2014 versus 13 in Q3, 2014.
Consistent with the improvement in the forecast for demand and selling prices, the profitability outlook is also firmer. The net profits BOI has gained 18 points from the score of 41 in Q3, 2014 to 59 in Q4, 2014.
The parameter for employment, however, has shed 6 points to stand at 38 in Q4, 2014.
The construction sector has showed a stronger outlook in the current quarter compared to Q3, 2014; the BOI stood 7 points higher at 56 this quarter.
While the demand, selling prices and profitability parameters posted gains, the employment index showed a marginal decline.

The fourth quarter’s outlook for the business environment continues to weaken with 46 percent firms reporting no hindrances to their business as compared to a corresponding 56 percent in the previous quarter. However, amid the sector’s optimistic outlook, a higher proportion (63 percent) will invest in business expansions compared to 51 percent in Q3, 2014.
Sentiments of the trade and hospitality firms in Saudi Arabia rebounded as the composite BOI gained 25 points to stand at 53 in Q4, 2014, with all the parameters comprising the index firming up over the previous quarter, with the demand and profitability indices posting the largest gains.
The rise in the overall optimism is reflected in the stronger outlook with respect to the business environment as 63 percent of the firms have indicated that they will not face any hindrances to their operations in Q4, 2014 compared to 55 percent in Q3, 2014. Fifty-six percent of the firms plan to invest in business expansion in Q4, 2014 compared to 42 percent in Q3, 2014.
In line with the overall positive trend, the Transportation, Storage and Communication sector’s composite BOI inched higher from 44 in Q3, 2014 to 49 in Q4, 2014.
The composite score was mainly supported by gains in the demand, selling prices and profitability parameters, while the hiring outlook was substantially lower.
The proportion of respondents not expecting any negative factors during Q4, 2014 stood at 57 percent, up from 45 percent in Q3, 2014. A higher number of respondents also plan to invest in business expansion in Q4, 2014 (45 percent), compared to the previous quarter (37 percent.
The composite BOI for the Finance, Real Estate & Business Services sector also rebounded this quarter, advancing by 15 points in Q4, 2014 to 45 over the Q3, 2014 score of 30. While the volume of sales, new orders, selling prices and net profits parameters have registered q-o-q gains, the employment outlook has moderated further. A higher proportion (61 percent) of the sector respondents do not foresee any hindrances to their business operations in Q4, 2014 as compared to a corresponding 54 percent in Q3, 2014. The investment outlook improved with 55 percent of the respondents planning to invest in business expansion in Q4, 2014, versus 45 percent in Q3, 2014.
The survey for Q4, 2014 shows that the outlook of Saudi Arabia’s manufacturing firms has modestly improved from the previous quarter, but is weaker than the outlook in the same quarter a year ago. The composite BOI for the Manufacturing sector has ticked up from 36 in Q3, 2014 to 40 in Q4, 2014, but is 9 points lower than the 49 recorded in Q4, 2013. Anticipation of getting new projects has lifted sentiments for this sector. The business environment outlook for the Manufacturing sector is steady; 45 percent have indicated that they will not face any hindrances to their business operations in Q4, 2014 compared to 44 percent in Q3, 2014. Competition remains the leading obstacle for manufacturing firms with 18 percent of them expecting it to hamper operations during Q4, 2014, while 9 percent are concerned about shortage of skilled labor and 8 percent about issues related to government regulations. The business expansion outlook has also firmed up with 49 percent of the respondents expecting to invest in expansion of their businesses compared to 43 percent in Q3, 2014.
The current survey revealed that large companies are more optimistic compared to SMEs, with their respective composite scores at 50 and 45 respectively. Large companies are more confident about volume of sales, new orders, net profits and employment, while SMEs hold a stronger outlook for their selling prices. SMEs remain more optimistic about the business environment; 56 percent have indicated that they do not expect any obstacles to their operations in Q4, 2014, compared with 51 percent of the large companies. A higher proportion of large companies (56 percent) plan on investing in business expansions compared to SMEs (51 percent).

A slightly higher proportion of sector respondents (55 percent) have reported an improvement in the overall business environment as compared with last quarter (50 percent). Important challenges reported by participants are competition (14 percent), government rules & regulations (9 percent) and the lack of availability of skilled labor (7 percent).
Reversing last quarter’s trend, Saudi Arabian companies have pulled up their expectations with respect to investment in business expansion. Fifty-three percent firms are planning to invest in expansion in Q4, 2014 compared to a corresponding 44 percent in Q3, 2014.

Factors Impacting Business:

A slightly higher proportion (55 percent) of respondents in the non-hydrocarbon sector have cited that there will be no negative factors impacting business operations this quarter compared to 50 percent in Q3, 2014. Similar to the previous quarter, competition (14 percent), government rules & regulations (9 percent) and the lack of skilled labor (7 percent) remain the topmost concerns of the sector in the current quarter.
However, sentiments in the hydrocarbon sector have deteriorated as a lower proportion of 28 percent highlighted that there will be no negative influence affecting business operations compared to 55 percent in the previous quarter. Competition, as cited by 21 percent of the surveyed respondents, followed by government rules & regulations (14 percent), shortage of skilled labor (12 percent), political uncertainty in the region(7 percent), and slowdown for products and services (7 percent) are the key concerns of the hydrocarbon sector this quarter.
The overall outlook in terms of business expansion plans of the non-hydrocarbon sector is bright as 53% of the firms compared to 44 percent in Q3, 2014 plan on investing in expansionary activities. Stemming from a sectoral comparison, construction sector firms continues to be the most optimistic followed by the Trade & Hospitality sector. Similar to the last quarter, the Transportation, Storage & Communication sector remains the least optimistic in this regard.
In terms of business expansion plans, sentiments in the hydrocarbon sector remain buoyed as 68 percent of the respondents plan to undertake expansion activities this quarter compared to 58 percent in Q3, 2014.
Commenting on the findings of the latest survey Prashant Kumar, associate director, Dun and Bradstreet South Asia Middle East Ltd. said:
“Reversing last quarter’s trend, sentiments in both the hydrocarbon and non-hydrocarbon sectors have strengthened. The BOI for the non-hydrocarbon sector has gained 11 points to 47, amid optimism in most of its index constituents, due to expectations of getting new projects/contracts and rising demand in the economy. Meanwhile, the composite BOI of the hydrocarbon sector stands at 34 in Q4, 2014, 9 points higher on a q-o-q basis and 4 points higher on a y-o-y basis. The BOI for the net profit parameter which jumped to 68 in the current quarter from 35 in Q3, 2014, not only backed the main hydrocarbon composite score but was at its highest level in the series.”
The D&B Business Optimism Index is widely recognized as a key measure of the pulse of the business community, serving as a reliable benchmark for investors, policy makers and other observers of the economy worldwide.
As the latest addition to D&B’s global series, the Business Optimism Index on Saudi Arabia, done in association with The National Commercial Bank, is issued on a quarterly basis.
The next Business Optimism Index on Saudi Arabia will be released in January 2015.

Saudi business community buoyant as optimism levels advance in Q4 | Arab News

 

[al-Hasani]

Thousands register for national science innovation program

Hamdan Al-Mohammad
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RIYADH: ABDUL HANNAN TAGO

Published — Tuesday 25 November 2014

Last update 25 November 2014 12:40 am

As many as 100,000 Saudi students across the country have registered for the National Olympiad Science Innovation (NOSI) program for the year 2015 under King Abdul Aziz and His Companions Foundation for Giftedness and Creativity "Mawhiba."
The program, being organized by Mawhiba in partnership with the Ministry of Education, is part of government efforts to provide Saudi students with a competitive environment for developing their creative skills in science innovation. They will be offered world-class training prior to their participation in international events.
There have been a record-breaking number of registered participants this year, suggesting the growing community awareness of the importance of the program for student development, said Hamdan Al-Mohammad, NOSI director. The registration period ended Saturday.
The official said the total number of registered persons has reached 116,277, of whom 64,860 were boys with 34,641 of these registering for scientific research and 30,219 for innovation. As for women, the number registered is 51,417 (24,980 in scientific research and 26,437 in innovation), an increase of over 34 percent compared to the last year’s Olympiad.
Overall, the total number of students will represent 7,581 schools or educational institutions throughout the Kingdom, with an increase of over 14 percent over last year's representation.
According to Al-Mohammad, the intention of the NOSI is to create an innovative spirit among
the youth by encouraging them to participate in projects requiring scientific research and innovation. Upon completion of the project, they will be judged by academic experts to determine the best competition entries in accordance with specific criteria that would enable them to qualify for the advanced stage.
He said that the objectives of the program include re-drafting the concerns of students to the fields of learning and knowledge, and providing a competitive environment that would satisfy their learning appetites.
The NOSI also works to develop a spirit of creativity among students in scientific and technical fields, and to identify talents that could be nurtured for future competitions. The finalists will represent the Kingdom in international forums abroad.

Thousands registe for national science innovation program | Arab News

Saudi Arabian talent ‘can solve world energy problems’

IMPRESSED: Consul General Mike Hankey talking to journalists. (AN photo)
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DHAHRAN: SAEED AL-ASMARI

Published — Tuesday 25 November 2014

Last update 25 November 2014 12:40 am

Saudi Arabia has talented people who could one day solve energy problems for this country and the world, a leading US diplomat said here recently.
Consul General Mike Hankey said he based his assessment on a recent tour of Saudi universities and schools. “I was very impressed with the students I met,” he said at the recent International Education Week celebrations held here.
“From our perspective we see great opportunities because Saudi Arabia is so rich in human capital with tens of millions of people who are highly literate.” He said many Saudis would be able to find jobs in a knowledge economy under development in this country.
“Saudis have these opportunities to move beyond just making things to using research, design and intellectual skills to solve some really key problems, not just for Saudi Arabia but for the whole world. This includes in fields such as research in solar energy and renewable energy, fuel efficiency standards, and the design of new cities.”
He said he was “very impressed” with the collaboration taking place at the Dhahran Techno-Valley between King Fahd University of Petroleum and Minerals and a range of big American companies including General Electric, Baker Hughes and Halliburton.
He said there was joint research taking place to find solutions to challenges in the energy sector. “This is the most exciting thing that I see happening in education, the collaboration between research and business to find solutions for the future.”
Hankey lauded the efforts of Saudi universities to develop world-class educational institutions, in particular the King Abdullah University of Science and Technology. He also praised the Saudi government for developing a scholarship program that has seen thousands of students studying at American institutions over the years.
He said that the Dhahran Consulate processes more than 10,000 visas every year including education, tourism and business visas. He urged Saudi students to approach the consulate for more information on education opportunities in the US. During the education week, he said the consulate appointed an employee to help students with their inquiries online.
“We welcome students who want to study in the US whether it is high school, undergraduate, graduate, postgraduate, or professional courses. We have been trying to use international education week to make sure students understand that there is a whole range of opportunities in the US.” He said the US government would like to see more Saudi students in the country.
Hankey said that he had great admiration for the efforts taken by the Saudi government and its people to develop personal relationships. He said that when he started learning Arabic 10 years ago, he befriended a Saudi law student in a coffee shop in Washington. They were able to help each other learn their mother tongues. He was also able to learn more about Saudi culture.
International education week is a joint initiative of the US State Department and its Education Department to promote programs that prepare Americans for a global environment and attract future leaders from abroad to study, learn and exchange experiences in the US.

Saudi talent ‘can solve world energy problems’ | Arab News

Seaport infrastructure to see massive growth

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JEDDAH: ARAB NEWS

Published — Tuesday 25 November 2014

Last update 24 November 2014 9:42 pm

The General Port Authority has embarked on an ambitious plan to create huge infrastructure as part of the government’s fifth development plan by investing a total of $30 billion (SR112.5 billion) in the next few years.
A report published in Seatrade Global, which specializes in daily shipping news, has also cautioned Saudi ports about the dangers of a possible energy surplus.
Ports need to have good communications and links with local roads and railway lines, in addition to possessing sound logistics, to keep up with the expansion projects in Saudi Arabia.
The report pointed out that a number of procedures were being introduced in various investment sectors.
The report suggested that Saudi Arabia should provide a comprehensive strategic planning framework, and stronger coordination to boost efficiency and facilitate communication between roads and ports.
The framework allows more private sector involvement in developing ports and the transportation process in all parts of the Kingdom.
Musaed bin Abdulrahman Al-Darees, director general and official spokesman for the General Port Authority, said the latest figures represent the expected value of investments, and includes costs of roads, railway lines and ports.
He said that the authority took a number of steps to strengthen the competitive position of Saudi ports with other overseas ports.
These steps include comprehensive strategies with a futuristic outlook to develop all Saudi ports.
He said the value of investments to develop ports is expected to reach $14 billion during the next 25 years.
The plan aims to establish new stations, expansion of current decks, develop Al-Thaheir port areas, upgrade transportation elements and regulate traffic movement inside the port by establishing and improving roads and pathways inside the port and connect them with the public transportation networks in addition to developing operating processes.

Seaport infrastructure to see massive growth | Arab News

Over $60bn petchem projects set to boost Saudi Arabian local sector

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RIYADH: ARAB NEWS

Published — Tuesday 25 November 2014

Last update 24 November 2014 9:42 pm

MEED, the Middle East Business Intelligence, lists 26 projects worth $15 billion under way in the Saudi petrochemical sector, while another $46 billion worth projects are under planning stage.
The plastic industry, on the other hand, is being developed to support economic diversification away from hydrocarbons. To complement the ongoing development, Saudi Plastics and Petrochem 2015, the 12th International Plastics and Petrochemicals Trade Fair, offers a perfect platform to plastic and petrochemical industries to showcase the latest technologies, products and services to a dynamic local, regional and international audience.
The Western Region is home to almost one-third of country’s plastic and petrochemical industries and boast of more than 50 percent of both sectors’ production in addition to being the most populated region in the country with major ports and commercial centers. With such in-depth economic viability, Riyadh Exhibitions Company organizes Saudi Plastics and Petrochem 2015 for the first time in Jeddah to offer a deeper insight about the state-of-the-art plastics and petrochemical machinery and solutions, learn about the current industry trends and developments, and network with industry professionals.
To be held from March 1 to 3 at the Jeddah Center for Forum and Events, Saudi Plastics and Petrochem 2015 will be held concurrently with Saudi Print and Pack 2015, the 12th International Trade Exhibition for Printing and Packaging Technologies, to facilitate the outstanding growth witnessed by the western region in the industrial sector.
Furthermore, organizers have confirmed the participation of Petro Rabigh as a golden sponsor.
During its last edition, Saudi Plastics & Petrochem and Saudi Print & Pack hosted over 512 exhibitors from 26 countries with 10 international pavilions and showcased innovative products and solutions over sqm 15,000 of exhibition space.
The show recorded a footfall of more than 21,000 visitors who immensely benefitted from the trade fair.

Over $60bn petchem projects set to boost Saudi local sector | Arab News

Focus on nuclear energy for power generation

Delegates at the Arab States-China Cooperation Forum on Energy in Riyadh.​

RIYADH: ABDUL HANNAN TAGO

Published — Tuesday 25 November 2014

Last update 24 November 2014 9:42 pm

The 4th Arab States-China Cooperation Forum (ACCF) on Energy 2014, which marked the signing of an accord on peaceful nuclear energy use, concluded in Riyadh recently. Energy for sustainable development was the forum’s theme.
Both parties identified areas of strategic cooperation for the peaceful use of nuclear energy and the establishment of Chinese factories in the Arab world, with technology transfer and investment in electricity projects.
The cooperation agreement underlined the need to enhance capacity building in the peaceful uses of nuclear energy, especially in power generation and desalination of seawater, and the development of industry and technology in the Arab world in this field.
The objective is to achieve industrial growth and develop uses of nuclear energy technology for peaceful purposes.
The two sides are willing to further strengthen cooperation in this area by increasing economic exchange and the adoption of mechanisms for the implementation of electricity projects and maximize the local component of the Arab side, besides technical service to organize mutual visits and workshops between the Arab and Chinese sides.
The two sides agreed on the need for the maintaining the role of ACCF in the field of energy.
They emphasized the importance of the implementation of the memorandum of understanding (MoU) between the Arab League and the National Energy of China on the mechanism of cooperation in the field of energy and strengthen the existing cooperation, especially in the fields of oil and gas, electric power, renewable energy and peaceful uses of nuclear energy.
The two sides stressed that their cooperation in the field of renewable energy was all the more important, and there was the need to support small and medium enterprises (SMEs) and encourage business development in these areas on a large scale, as also provide solutions for economically viable technical service.
They will also coordinate to overcome difficulties encountered in achieving this goal, and stress the need to adopt appropriate measures that contribute to the diversification of energy sources, in cooperation with relevant organizations in Arab states and China.
In this context, they sought to lay the foundation for a road map and create an attractive investment climate, based on frameworks that are transparent.
They will also work for cooperation in the field of research and studies and plan for the implementation of major projects for renewable energy (wind and solar), and pilot projects that characterize technical, economic and environmental feasibility according to the circumstances of each country and its resources.
The two sides expressed satisfaction at the progress made in cooperation between the Arab Atomic energy Agency and China National Authority for Nuclear energy (CNNC), by jointly organizing training activities for Arab engineers in nuclear energy programs in their countries.

Focus on nuclear energy for power generation | Arab News

Great news. Especially the last article.

@Arabian Legend @JUBA @BLACKEAGLE @Ahmed Jo @Yzd Khalifa @Mosamania @Altamimi @Full Moon @Rakan.SA @Zarvan @United @ebray @Halimi

@Chinese-Dragon @ChineseTiger1986 @Hu Songshan @Wholegrain

Saudi Arabia ‘ideal’ for foreign investors

CONDUCIVE ATMOSPHERE: Prince Saud bin Khaled Al-Faisal, deputy governor of the Saudi Arabian General Investment Authority, addresses the British Gulf Economic Forum in London. (SPA)
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JEDDAH: ARAB NEWS

Published — Saturday 6 December 2014

Last update 6 December 2014 1:37 am

Saudi Arabia’s massive spending on infrastructure and overhaul of its regulatory environment has made the country even more attractive for foreign investors.
This is according to Prince Saud bin Khaled Al-Faisal, deputy governor of the Saudi Arabian General Investment Authority (SAGIA), who said that these developments have seen the Kingdom become one of the world’s leading economies.
He made the comments during a speech at the British-Gulf Economic Forum in London on Thursday, which was organized by the Arab-British Chamber of Commerce. Prince Albert and Abdullatif bin Rashid Al-Zayani, secretary-general of the GCC, also attended the event.
He praised Custodian of the Two Holy Mosques King Abdullah for allocating $76 billion (SR285.2 billion) in 2014 for infrastructure development, or about 11.1 percent of the Kingdom’s GDP.
He said infrastructure spending per capita is currently about $815 (SR3,059), which is more than double that of other emerging markets such as Brazil, India and Indonesia.
The Kingdom has also overtaken many developed countries in the global index of infrastructure investment in 2014, and is now in 11th place, while the United States is ranked 12th.
He pointed out that the country’s GDP over the past decade increased from $214 billion (SR803.2 billion) in 2004 to $750 billion (SR2.8 trillion) in 2013, which places the Kingdom in third place among the top 20 fastest growing economies.
He said the Kingdom is open to foreign investment and has introduced several laws and regulations to boost opportunities for investors, including reducing the investment capital required for foreign companies. He said the Kingdom has also enacted legislation to enhance commercial arbitration.

He said there were several investment opportunities in the Kingdom, and commended SAGIA’s efforts over the past few years in making the Kingdom an attractive place for investors.

Saudi Arabia ‘ideal’ for foreign investors | Arab News

Saudi Arabian nonoil exports hit SR177bn

TRANSPORTING GOODS: Saudi imports dropped by 3.5 percent to SR511.1 billion in the past 10 months of the current.
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RIYADH: SHARIF M. TAHA

Published — Thursday 11 December 2014

Last update 10 December 2014 10:43 pm

Saudi nonoil exports rose by 7.5 percent to SR177.2 billion in the past 10 months of the current year compared to SR164.7 billion in the same period last year, according to a financial report.
Meanwhile, Saudi imports dropped by 3.5 percent to SR511.1 billion compared to SR529.6 billion in the comparable periods, the report, filed by Al-Eqitisadiah daily based on the export-import moves, said.
On the other hand, Saudi nonoil exports dropped by 10.4 percent to SR15.9 billion in October compared to SR17.8 billion in September of the current year. Likewise, Saudi imports declined by 12.2 percent to SR45.7 billion compared to SR52.1 billion in the two compared months of the current year, according to the report.
China topped the list of countries for the most exports and imports whose share of Saudi exports amounted to 13.4 percent or SR2.14 billion in value in October. Saudi imports from China accounted for 14 percent, or SR6.4 billion in value, the report said.
The UAE was the second top importer of Saudi nonoil goods at 9.3 percent in October, or SR1.6 billion, followed by Singapore at 6.4 percent (SR1 billion), India at 5 percent (SR795 million), and Egypt at 4.1 percent (SR660 million), the report said.
In the same month the US, which recorded 13.6 percent of the total Saudi imports valued at SR6.2 billion, remained the second biggest exporter to the Kingdom, followed by Germany at 6.7 percent (SR3.1 billion), Japan and the UAE at 6.1 percent and 5.9 percent, valued at SR2.8 billion and SR2.7 billion, respectively, the report said.
Plastic products topped the Kingdom’s list of exports in October and registered 36.35 percent of nonoil exports valued at SR5.78 billion, according to a report released by the Central Department of Statistics and Information (CDSI).
The report said the chemical products came in the second rank of nonoil exports in October and were valued at SR5.12 billion, or 32.18 percent, followed by ordinary minerals and their products by 7.61 percent, or SR1.21 billion, of the total value of exports.
Equipment, machinery and electrical goods captured the highest value of Saudi imports in October (2014) at SR11.1 billion, or 24.2 percent of the total value of imports, followed by transport materials at the value of SR9.2 billion, or 20 percent, the report added.

Saudi nonoil exports hit SR177bn | Arab News

 

[Saif al-Arab]

Saudi budget: Revenues up, deficit down in second quarter

The report will include financial data and compare revenues, expenses, deficit and public debt with last year’s second quarter budget performance. (Shutterstock)

Staff writer, Al Arabiya EnglishSunday, 13 August 2017

Saudi Arabia’s Finance Ministry announced the kingdom’s second quarter budget performance on Sunday, the highlight of which was a 6 percent rise in revenues from last year to SAR 163.9 billion ($43.7 billion).

The ministry said the results confirm that they are on the right and balanced track, adding that revenues have increased and that spending efficiency has improved in the second quarter.

Saad Alshahrani, Director General of Macroeconomic and Fiscal Policies, said the budget revenues during the second quarter reached 163.906 billion riyals an increased of 6 per cent from last year’s figures.

The budget revenues during the first quarter reached 144.76 billion riyals.

The second quarter’s expenses reached 210.42 billion riyals and decreased by 1.3 per cent from last year’s figures.

The budget deficit reached 46.517 riyals, decreasing by 20 percent from last year’s figures.

Boost for non-oil revenues
Non-oil revenues during the second quarter reached 62.9 billion riyals while oil revenues in the second quarter reached 100.9 billion riyals. Non-oil revenues represented 39 per cent of revenues during the second quarter and is considered a good percentage.

The tax on goods reached 8.084 billion riyals in the second quarter compared with 5.690 billion riyals in the first quarter, income tax reached 7.201 billion riyals in the second quarter compared with 2.031 billion riyals in the first quarter and tax on trade reached 4.991 billion riyals in the second quarter compared with 4.536 billion riyals in the first quarter.

The report included financial data and compare revenues, expenses, deficit and public debt with last year’s second quarter budget performance.

According to a Reuters report on the finance ministry figures released today, the budget deficit shrank by a fifth from a year earlier in the second quarter of this year as revenues rose moderately and spending fell marginally.

Spending dropped 1.3 percent to 210.4 billion riyals in the second quarter, leaving a deficit of 46.5 billion riyals compared to about 58.4 billion riyals a year earlier.

The first quarter budget performance announced in May had showed that Saudi budget deficit fell by 71 percent to 26 billion Saudi riyals compared to the same period last year while revenues amounted to SAR 144 billion riyals and expenses to SAR 170 billion riyals.

https://english.alarabiya.net/en/bu...nounce-second-quarter-budget-performance.html

Great news. The Saudi Arabian vision 2030 is on the right track and so is KSA. On all fronts.