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London– Britain’s inflation rate rose to a new 40-year high of 10.1% in July, as rising food prices tightened a cost-of-living squeeze fueled by soaring energy prices, the Associated Press reported.
The Office for National Statistics said Wednesday that consumer prices inflation hit double digits, a jump from 9.4% in June and higher than analysts central forecast of 9.8%. The increase was largely due to rising prices for food and staples, it said.
Source: Saudi Press Agency
Riyadh– Cargo throughput rose by 16% over the past month at Saudi ports, racking up 28 million tons compared to 24 million tons in July 2021, thanks to optimized organizational performance and world-class levels of efficiency, operational capability, and logistical competence.
Statistics by the Saudi Ports Authority (Mawani) further reveal a 45.4% growth in general cargo at 718,082 tons, a 30.3% increase in dry bulk cargo at 4.2 million tons, and a 19.1% surge in liquid bulk cargo at 16.3 million tons.
Similarly, container throughput jumped 6.4% to 641,862 TEUs compared to 602,181 TEUs during the same period last year. Transshipments, too, spiked 9.5% year-on-year to hit 268,000 TEUs versus previous year’s volumes of 245,000 TEUs.
Moreover, 1,140 vessels dropped anchor across the Kingdom’s trade hubs at a 12% yearly growth rate. Automobile imports also soared to 78,438 units at 31% compared to 60,052 vehicles in 2021, whereas foodstuff volumes recorded a 40% uptick last month at 2 million tons.
Passenger traffic stood at 95,000 pax, a staggering leap of 70.3% from last year’s tally of 56,000. On the other hand, 615,000 cattle heads were unloaded last month under the highest standards of efficiency and effectiveness.
Mawani aims to boost the competitive edge and infrastructure of Saudi ports to transform it into a global logistics hub that connects three continents by expanding shipping routes and aligning its future roadmap with the National Transport and Logistics Strategy (NTLS).
Source: Saudi Press Agency
Riyadh– Saudi Stock Exchange’s main index ended trading higher here today, gaining 101.60 points to close at 12646.74 points.
The total value of the trading reported was SAR 7 billion, while the toll of shares traded was 180 million, divided into over 390,000 deals.
The Saudi Parallel Market Index (NOMU) ended the day losing 501.57 points, to close at 21533.17 points, with a valuation of SAR 120 million and an overall tally of more than 1.7 million stocks traded and divided into as many as 6658 deals.
Source: Saudi Press Agency
Riyadh– IMF staff lauded the Kingdom of Saudi Arabia’s economic and financial condition in their final statement made at the end of their visit about Article IV consultation with the Kingdom in 2022. They reiterated their constructive prognosis for the Kingdom’s economy in the short and medium term, with further rebound in economic growth rates and inflation control, as well as enhanced strength in the Kingdom’s external economic position.
According to the statement, the IMF anticipated the Kingdom’s GDP to rise by 7.6% in 2022, the non-oil sector to grow by roughly 4.2%, the current account surplus to climb to 17.2% of GDP, and overall inflation to remain at an average of 2.8%.
The statement noted that the Kingdom successfully dealt with the coronavirus pandemic (COVID-19), emphasizing that it is in a position to overcome the risks posed by the Ukrainian crisis and the tightening monetary policy cycle in developed economies, noting that the impact of tightening global conditions on the Kingdom’s economy is limited due to the banking sector’s high levels of liquidity and capitalization. Economic activity is also improving significantly, aided by increased oil prices and government reforms implemented in accordance with Vision 2030.
The report also emphasized that the kingdom’s economy’s future prognosis is optimistic in the short and medium term, with ongoing recovery of economic growth rates, containment of inflation, and strengthening of its external economic position. The IMF staff noted that the continuation of its implementation of structural reforms will help ensure a strong, comprehensive and environmentally friendly recovery, pointing out that the Kingdom is strongly recovering from pandemic-caused recession, indicating that the support provided by public finances, the momentum of reforms, high oil prices and increased oil production helped the Kingdom recover, as it witnessed a strong boost.The real non-oil GDP grew by 4.9% in 2021 driven primarily by the recovery of the manufacturing and retail sectors (including e-commerce) and the commercial sector.
The statement noted that The Kingdom’s unemployment rate fell to 10.1% in the first quarter of 2022 as a result of the high rates of employment of Saudi citizens in the private sector, while praising the effective initiatives to increase women’s participation in the workforce, which led to exceeding the Kingdom’s Vision 2030 targets.
In terms of fiscal policy, the mission applauded the Kingdom’s commitment to ensuring the sustainability of public finances and efforts to avoid keeping up with economic cycle tendencies by establishing a spending cap unaffected by oil price variations. IMF staff also expected that public finances would outperform budget forecasts in 2022, and that the debt-to-GDP ratio would decline.
The mission also emphasized that financial stability risks are well contained, as levels of profitability, liquidity, and capitalization are good at the banking system level, and that the impact of further tightening of global monetary policy conditions will be limited on credit growth and non-oil GDP, but positive on banking sector profitability.
The IMF staff’s final statement welcomed the Kingdom’s efforts regarding climate policies, stressing that the government is working to intensify investments in the production of blue and green hydrogen, in addition to its continuous efforts in research and development with a focus on the circular carbon economy.
For his part, Minister of Finance Mohammed bin Abdullah Al-Jadaan said: The statement highlighted the current indicators and positive future prospects for the Saudi economy, which has overcome many of the obstacles and challenges confronting the global economy over the last two years while maintaining financial sustainability, enhancing the Saudi economy’s solidity and strength; stressing the importance of the Kingdom’s economic and structural changes under Vision 2030, as well as their contribution to attaining sustainable and inclusive economic growth.
The Minister welcomed the IMF staff’ praise of the Kingdom’s efforts to mitigate the economic, social and health effects of the Corona pandemic, stressing that the Kingdom is currently experiencing a strong recovery following the pandemic-induced recession, and that rising oil prices provides an opportunity to accelerate the pace of reforms being implemented under the Saudi Vision 2030.
It is noteworthy that an initial statement was issued by the IMF mission following the conclusion of Article IV consultation with the Kingdom of Saudi Arabia in 2022, which took place during April 2022. This final statement confirms the preliminary findings of the previous statement.
Source: Saudi Press Agency
Rabat– The Moroccan Stock Exchange ended trading lower today, as its main index, MASI, declined by 0.1 per cent, to reach the level of12,174.09 points.
The total volume of trades amounted to 37.93 million Moroccan dirhams, while the stock exchange capitalization amounted to 630.89 billion Moroccan dirhams.
Source: Saudi Press Agency
Riyadh– The Saudi Development and Reconstruction Program for Yemen (SDRPY) today signed a contract to operate and administrate the Aden General Hospital in Aden Governorate, in extension of the continuous support of the Kingdom of Saudi Arabia to the Yemeni people and government upon directives by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, the Crown Prince, with a total cost of SAR330,537,081, in a bid to annually serve 438,000 beneficiaries.
The hospital will start operation within 90 days after completing the preparations of the medical staff and test of the hospital devices and providing necessary medicines and medical equipment, where the hospital will operate in 50% of its capacity in the first year in response of the emergency needs of Aden and its neighboring governorates, provided that the hospital works in its full capacity as of the second year of its inception.
The signing ceremony of the project, which was held at SDRPY headquarters in Riyadh, was attended by SDRPY General Supervisor Ambassador Mohammad bin Saeed Al Jaber; Yemeni Minister of Public Health and Population Dr. Qassem Buheibeh; representative of Al-Saad Group for Investment and Development; Assistant SDRPY General Supervisor Eng. Hassan Al-Attas; and Saudi Fund for Development Director General for Arab States Operations Eng. Bandar bin Abdullah Al-Obaid.
The project aims at contributing to improving the performance of the health sector and increasing the quality of services presented in Aden Governorate and its neighboring governorates, in addition to enhancing good health and welfare, improving the medical services presented to the Yemeni people and increasing opportunities for Yemenis to receive treatment.
The hospital comprises 14 qualitative clinics and a heart center, where the clinics include cover eyes, children, skin, teeth, ear, nose and throat, bones, internal medicine, and reproductive health, in addition to a room for laparoscopy and physiotherapy.
The Aden General Hospital total area stands at 20,000 square meters and was equipped with 2,187 medical devices with a bed capacity of 270 beds, where the project provided all central air conditioning devices for the hospital and main and secondary electronic panels, and providing and installing a burner for harmful wastes.
The scheme also contributed to providing electric power through five convertors (three main devices and two additional) with a capacity of 1,600 kilovolt ampere and convertors with capacities of (11/0.4/0.23) volts 500 hertz, in addition to providing an emergency generator with a capacity of 1,000 kilovolt ampere and five generators with a parallel panel system.
The Aden General Hospital was established as a gift from the Kingdom of Saudi Arabia for the brotherly Yemeni people and was financed by the Saudi Fund for Development and is operated and administered by SDRPY.
SDRPY attaches great importance to the health sector in Yemen through offering support to this vital sector via 25 development projects and initiatives, in addition to offering support to 17 medical centers through providing them with necessary medical equipment and devices, 598 medical devices for hospitals and medical centers, 30 ambulances and 15 emergency response wagons.
SDRPY projects and initiatives in the health sector also included establishing the King Salman Medical and Educational City in Al-Mahrah Governorate, which is an extension of the continuous support of the Kingdom of Saudi Arabia to Yemenis in various sectors, in a way that increases the performance efficiency and quality of services directly offered to Yemenis, where the venture is considered among the biggest to serve the health and educational sectors in Yemen, where the first stage includes establishing a comprehensive educational hospital with a capacity of 110 beds.
The total area of the King Salman Medical and Educational City in Al-Mahrah Governorate stands at one million square meters, and seeks to cover the needs for health projects in the governorate and neighboring governorates.
SDRPY projects and initiatives in the health sector also included establishing a center for operations and ICU affiliated with Al-Ghaydah Hospital in Al-Mahrah over an area of 1,000 meters and was provided with some 134 medical devices, where its facilities include operations and isolation zones and ICU rooms that include 15 electrogram devices and following up on biomarkers and 13 ICU beds, out of keenness to develop the quality of performance as per technical regulations for the safety of patients, caring for chronic cases and controlling infections.
Other schemes include a project to supply medical equipment and devices for the kidney dialysis center at Al-Gamhuria Modern General Hospital in Aden, a project to provide medical equipment and devices for the blood draw center in Aden, in a bid to facilitate and speed up procedures for families to receive decent medical care and rehabilitating the Marib General Hospital Authority, Kara General Hospital, and September 26 Hospital with a total of 62 medical devices.
Other ventures include the renovation of the Nojad Health Center in Socotra and providing it with 49 medical devices, the renovation project of Amadhan Health Center in Socotra and providing it with 30 medical devices, in addition to a project to the restoration project of the maternity and childhood center and a project to establish a kidney dialysis center in Al-Mahrah that was equipped with 83 medical devices.
SDRPY projects and initiatives in the health sector contributed to increasing the level of medical services and improved the quality of medical care offered to Yemeni beneficiaries, and provided basic requirements for the health sector to enhance the preparedness of health facilities in various Yemeni governorates.
Al-Saad Group for Investment and Development, which operates the Aden General Hospital, also operates Al Salam Saudi Hospital in Saada and the Saudi Hospital in Hajjah, where the two hospitals are considered among the biggest projects that were established and operated by the Kingdom of Saudi Arabia through medical staff that offer the highest quality medical and treatment services, which are also among the main medical landmarks that highlight the strong and solid relations between the Kingdom of Saudi Arabia and Yemen for several decades.
The Saudi Hospital in Hajjah is situated to the northwest of Sanaa and offers its services with a capacity of around 200 beds with an average daily rate of beneficiaries exceeding 1,700 people, where the hospital also has a special dorm for employees (families and bachelors) who receive full subsistence services in addition to having a store to meet all their daily needs inside the dorm.
Al Salam Saudi Hospital in Saada is located to the north of Sanaa and offers its services with a capacity of around 170 beds and an average daily rate of beneficiaries exceeding 3,000 people, where the hospital also has a special dorm for employees (families and bachelors) who receive full subsistence services.
SDRPY implemented as many as 207 development projects and initiatives in various Yemeni governorates to serve Yemenis in seven main sectors: education, health, water, energy, transport, agriculture and fishery and building the capacity of government institutions and development programs.
Source: Saudi Press Agency
Riyadh– The Federation of Saudi Chambers of Commerce has revealed that the volume of trade exchange between the Kingdom of Saudi Arabia and the Republic of Uzbekistan amounted to SAR 289 million.
The economic report, which was issued by the Federation of Saudi Chambers of Commerce on the occasion of the visit of the President of Uzbekistan Shavkat Mirziyoyev to the Kingdom, indicated that the volume of trade exchange between the two countries in 2021 amounted to SAR 65 million, and that the value of the Kingdom’s exports to Uzbekistan in 2021 grew by 20%, compared to 2020.
It stated that the value of the Kingdom’s imports from Uzbekistan increased in 2021 by 37% compared to 2020 and the value of the trade balance in favor of Uzbekistan in 2021 increased by 37% compared to 2020, while the value of trade between the two countries increased in 2021 to reach SAR 65 million, achieving a growth of 38% over its value in 2020.
The report showed that the Kingdom’s most important exports to Uzbekistan are insecticides and mineral or chemical fertilizers, while the most important Saudi imported goods from Uzbekistan are fresh or dried fruits and crude zinc.
Source: Saudi Press Agency
Manama– The Bahrain General Index closed trading today higher, at the level of 1,900.16, gaining 1.22 points, due to the rise of the telecommunications and financial sector index.
The Bahrain Islamic Index closed trading at 671.96 points level, gaining 1.18 points. The volume of traded shares for today’s session amounted to 2,931,524, with a total value of 1,419,147 Bahraini Dinars, through 76 deals.
Source: Saudi Press Agency
Riyadh– In line with Saudi Arabia’s Vision 2030, which seeks to transform the mining sector into the third pillar of the national industries, the Kingdom’s Ministry of Industry and Mineral Resources (MIM) announced that 13 bidders have qualified for the second stage of the Umm Ad Damar exploration site licensing round, the second of its kind in the Kingdom of Saudi Arabia.
Umm Ad Damar is an early exploration site that is part of the mineral-rich Arabian Shield, and covers more than 40 square km. The Umm Ad Damar deposit which includes copper, zinc, gold, and silver, lies 300km north east of Jeddah and 25km northwest of Mahd Adh Dhahab town, on the Jeddah geological terrane in the Jabal Saiyd mineralized belt within the Mahad formation.
On July 17th, a diverse pool of highly experienced and competent candidates, both local and international, submitted qualification questionnaires with the aim of proceeding to the second stage of the licensing round.
The Ministry has qualified 13 bidders from this pool to the proposal stage: Abdul Rahman Saad AlRashid & Sons Co. (ARTAR), African Rainbow Minerals, Al Masane Al Kobra Mining Company (AMAK), Alara Saudi Ventures PTY LTD, Barrick Gold T 7 Limited, Consortium between Moxico Resources PLC and Ajlan & bros mining company, ERG Arabia LLC, Norin Mining Ltd, Saudi Arabian Mining Company (Ma’aden), UDS Golden Group, Vedanta Limited, Yancoal Australia Ltd. and Yilmaden Holding.
Qualified bidders will receive an Information Memorandum, which sets out the requirements to follow when submitting their proposals for the site exploration license. Qualified bidders are given until the beginning of October 2022 to complete and submit their proposals.
Proposal submissions will be assessed based on a number of criteria, including technical, financial, environmental, and social management plans. Qualified bidders can now access the data room, which includes an Independent Technical Report and additional data such as the 3D model.
The qualified bidders will also be invited to a workshop which will be organized by the Ministry in August to learn more about the next stages of the licensing round process and visit the site in person, should they wish to do so. This shall be followed by a multi-round auction to select the preferred bidder.
Considering the emphasis Saudi Arabia is placing on environmental, social and governance (ESG) as it seeks to lead and transform the region’s mining sector, bidders will need to demonstrate how they will uphold these principles in terms of providing a social plan that demonstrates the bidders’ positive contribution and commitment to the surrounding communities.
The current Umm Ad Damar licensing round is a key milestone for the Ministry of Industry and Mineral Resources (MIM) and supports its objectives of enabling the growth of the mining industry in Saudi Arabia and diversifying the economy towards a sustainable future. The Kingdom’s second mineral tender for Umm ad Damar is a continuation of a successful and new chapter in the journey towards a robust Saudi Mining sector.
Source: Saudi Press Agency