Category: Business

Baghdad Parliament Speaker Muhammad Al-Halbousi received separately on Tuesday the Ambassadors of Canada, the Netherlands and Australia, Gregory Galligan, Hans Sendai and Paula Elizabeth Ganley.

The meetings, according to a statement by Al-Halbousi’s office, dealt with bilateral relations, strengthening cooperation between Iraq and its friends, and supporting it in the economic, security and investment aspects, efforts to combat corruption, and the effects of climate change, as well as discussing the file of displaced persons’ camps, and the importance of exerting more efforts and cooperation to end this file, which is one of Important files that contribute to the stability of the country.

For their part, the Ambassadors affirmed their support for Iraq and everything that contributes to achieving its development and stability.

Source: National Iraqi News Agency

Riyadh, The Saline Water Conversion Corporation (SWCC) concluded an agreement of cooperation and engineering support with Saudi companies specialized in the construction of desalination plants and water transmission systems. These companies have proven their ability and high expertize in the localization of engineering and technical works during their recent works that they have partnered with SWCC, including construction of desalination plants and giant transportation systems led by Rawafed Industrial and Bohoor Company, which raised them to the status of 100% Saudi companies.

In a similar move, SWCC signed a contract to localize the reverse osmosis membranes industry for desalinated water. The company also announced the establishment of an integrated staged factory, the first of its kind in the Middle East, for the manufacture of reverse osmosis membranes, and the second integrated factory in the world made through joint Saudi and foreign investment outside Japan. The project is being held in partnership with the Local Content and Government Procurement Authority, where Toray Middle East will set up the factory with diversified production lines, high-quality products that are the highest in the world in terms of reducing energy consumption, long operational range, and top environment-friendly specifications.

The factory’s production will meet the increasing demand of this promising industry locally and globally, and is expected to achieve by 2025 revenues of 690 million riyals in the Kingdom and the Gulf. Among the characteristics that distinguish the product in whose research development SWCC will participate, is that it will reduce the average cost by more than 14%, and decrease energy consumption at a rate starting from (4%).

On this occasion, His Excellency the Governor of Desalination, Eng. Abdullah bin Ibrahim Abdul Karim, said: “The environment-friendly reverse osmosis membranes industry is one of the most important enablers of the desalination industry globally, and is an important industry whose demand is increasing at an annual rate of 6% locally and 7% in the Gulf. We aim to localize this basic and strategic product which delivers new industrial value that contributes by driving growth and diversifying the economy.

Eng. Abdullah announced that the plant’s production will start in 2025, and is expected to achieve a return on GDP of 1.14 billion within only 5 years, with an annual impact on trade balance of 135 million riyals, and, in addition to the water sector, will serve the oil, gas and industry sectors, with a production capacity of 254 thousand membranes, 10% of which will meet the needs of SWCC, and 55% of the production will be allocated to the local water sector, relative to 5% for the oil and gas sector, while 30% of the products will be exported to cover external demand, noting that 70% of production inputs will be locally sourced.

Eng. Abdullah added saying: “We share with the stakeholders, various sectors, owners of industrial facilities and contractors the next steps of the future of desalination industry, based on an integrative and economic perspective that focuses on producing a new generation and a young national leadership given the strength, efficiency and high potential of the Saudi contractors who are distinctively participating in the execution of big water desalination projects, and exporting their expertise and industrial knowledge abroad, utilizing the giant production systems that internationally enjoy large capacities of up to 600,000 cubic meters/day using RO techniques.

Today, we signed an investment agreement with the Saudi company to produce bromine in quantities of up to 16 thousand tons, aiming by 2024 to meet 30% of the domestic demand, in addition to its contribution to the domestic product by 150 million riyals every year by 2024 and 1.5 billion riyals annually by 2030, as well as the investments by the private sector, starting from 800 million riyals annually in 2024 and reaching 8 billion riyals yearly in 2030, by virtue of its specialization in the production of minerals with direct impact on developing growth opportunities and reducing the cost of several local industries, in a manner that pushes up economic prosperity, in line with Vision 2030.

Source: Saudi Press Agency

Tehran, Director of the Diplomatic Institute at the Syrian Foreign Ministry, Ambassador Imad Mustafa and the Syrian Ambassador in Tehran Shafiq Dayoub held talks Tuesday with a number of senior officials of the Iranian Foreign Ministry means of boosting cooperation between the two sides and following up on bilateral issues earlier discussed by Foreign Minister Fayssal Mikdad with his Iranian counterpart Hossein Amir-Abdollahian during his latest visit to Tehran last week.

The two Syrian Ambassadors held a meeting with Ali Asghar Khaji, the Iranian foreign minister’s senior advisor for special political affairs, during which they discussed bilateral ties and the latest developments in Syria, the region and the world.

They also discussed with Mahdi Safari, the Deputy Foreign Minister for Economic Diplomatic affairs, aspects of the economic cooperation and upgrading it to the high level of strategic relations between the two countries.

Source: Syria Arab News Agency

Riyadh, On behalf of the Minister of Finance and National Economy, the Ministry of Finance and National Economy Undersecretary for Financial Affairs, Yousef Abdullah Humood, chaired Bahrain’s delegation to the 4th meeting of the GCC Permanent Ministerial Preparatory Committee for Economic and Development Affairs, which convened at the Secretariat General in Riyadh, the Kingdom of Saudi Arabia, in the presence of the GCC Secretary General.

The meeting spotlighted a number of issues of common concern in the economic and development fields, including boosting the role of the Authority of Economic and Development Affairs. It also reviewed progress of the authority’s programme to achieve economic unity by 2025.

Source: Bahrain News Agency

Riyadh, Vice Minister of Environment, Water and Agriculture Eng. Mansour bin Hilal Al-Mushaiti inaugurated today the Saudi International Exhibition for Organic Products “BIOFACH SAUDI ARABIA 2022”, which is the first exhibition specialized in the organic agriculture to be held in the Middle East and North Africa region.

The exhibition will last for three days, to highlight the role of the entities concerned with the development of organic farming activity, to raise awareness of the importance of organic agriculture and the sustainable lifestyle, and to display and highlight the local organic products.

It is worth mentioning that the exhibition is held on the sidelines of a number of specialized workshops, which are being presented by specialists in the field of organic agriculture from the Kingdom of Saudi Arabia and abroad.

Source: Saudi Press Agency

Baghdad Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani affirmed the Ministry’s keenness to support the work of the Iraqi Oil Tankers Company and to resume its activity in maritime transport of crude oil and not to reduce it to transporting limited quantities of oil products.

This came during his visit to the Iraqi Oil Tankers Company and his meeting with the General Manager and employees of the company, and he stressed “the work to restore the vital role of the national carrier in the global energy markets, and to enhance its role and historical position, which it enjoyed when it was cruising the seas and transporting Iraqi oil in the seventies and eighties of the last century to Europe and Asia.” and Latin America by more than 2 million barrels.

The Minister pointed out the need to resume work to transport Iraqi crude oil by strengthening the company with a fleet of modern tankers and large tonnages as it was previously in Iraq before it was destroyed by the absurd wars, noting that the ministry had attempts to restore the company’s work after 2003, but the challenges and obstacles were And it was able to own some tankers for transporting petroleum products.”

Abdul-Ghani added, “The Ministry provides its great support to the purchase of modern tankers to transport crude oil and to seek to rebuild and rehabilitate the old tanks, and that the company owns a fleet of internationally approved tankers, and the company’s management has the choice between going to purchase alone or in cooperation with internationally accredited companies, that what matters to us is to speed up the rebuilding of a new fleet. To return its activity to its previous era and better in transporting oil and its products and elevating them to the ranks of international companies, in addition to the need to rehabilitate the specialized personnel in the field of maritime transport operating on the fleet.”

The company’s General Manager, Ali Qais, gave a brief about the company’s activity, which was established in 1972, as the company was able to achieve advanced and important steps in the field of work. It owns a fleet of more than 24 large tankers that are destroyed as a result of wars, and Qais revealed the inauguration of a new oil tanker early next year to join the current fleet.”

Source: National Iraqi News Agency

Riyadh, His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister and Chairman of the Public Investment Fund (PIF) announced today the launch of Ceer, the first Saudi electric vehicle brand that will contribute to Saudi Arabia’s automotive manufacturing sector.

According to Saudi Press Agency (SPA), the launch comes in line with PIF’s strategy to focus on unlocking the capabilities of promising sectors locally that can help drive the diversification of the economy, to help achieve the objectives of Vision 2030. In addition, the company will contribute to Saudi Arabia’s efforts towards carbon emissions reduction and driving sustainability to address the impact of climate change.

His Royal Highness Crown Prince Mohammed bin Salman said: “Saudi Arabia is not just building a new automotive brand, we are igniting a new industry and an ecosystem that attracts international and local investments, creates job opportunities for local talent, enables the private sector, and contributes to increasing Saudi Arabia’s GDP over the next decade, as part of PIF’s strategy to drive the economic growth in line with Vision 2030.”

Ceer is the first Saudi automotive brand to produce electric vehicles in Saudi Arabia, and will design, manufacture and sell a range of vehicles for consumers in Saudi Arabia and the MENA region, including sedans and sports utility vehicles. A part of PIF’s strategy to diversify Saudi Arabia’s GDP growth by investing in promising growth industries, Ceer will attract over US$150 million of foreign direct investment, and create up to 30,000 direct and indirect jobs. Ceer is projected to directly contribute US$8 billion to Saudi Arabia’s GDP by 2034.

The company, which is a joint venture between PIF and Hon Hai Precision Industry Co. (“Foxconn”), will license component technology from BMW for use in the vehicle development process. Foxconn will develop the electrical architecture of the vehicles, resulting in a portfolio of products that will lead in the areas of infotainment, connectivity and autonomous driving technologies. Each vehicle will be designed and manufactured in Saudi Arabia, and tested to the highest global automotive quality control and safety standards. Ceer vehicles are scheduled to be available in 2025.

Chairman of Hon Hai Technology Group, Young Liu, said: “Foxconn is excited about our partnership with PIF to create a new automotive company that will focus on designing and manufacturing electric vehicles in and for Saudi Arabia. We will leverage Foxconn’s technological expertise to support Ceer’s vision of creating a range of iconic electric vehicles that are built around the themes of connectivity, infotainment and autonomy. We want to make electric vehicles mainstream, and that is what Ceer is going to achieve in Saudi Arabia and the wider region.”

Source: Bahrain News Agency

Baghdad Undersecretary of the Ministry of Foreign Affairs, Omar Al-Barzanji, held a meeting with Takagi Kei, Deputy Foreign Minister of Japan, accompanied by the Japanese Ambassador in Baghdad Matsumoto Futoshi, at the ministry’s headquarters.

The two sides affirmed their keenness to develop and consolidate political and economic relations between the two friendly countries.

The Undersecretary indicated that Iraq is looking forward to building economic partnerships with a number of countries in the world, led by Japan, in order to rebuild and rehabilitate the infrastructure, and touched on the historical relations between Iraq and Japan and the importance of strengthening them to serve the interests of the two friendly countries, calling on his Japanese counterpart to reconsider recommendations to avoid travel to Iraq, in line with the security and political developments in the country, thus enabling businessmen, investors, academics, experts and tourists to travel to Iraq.

For his part, Takagi praised the development of bilateral relations between the two friendly countries and promised to study the issue of facilitating travel to Iraq, especially after his tour in the Baghdad regions and his visit to the National Museum and the opening of the Japanese pavilion at the Baghdad International Fair and watching the improvement in security there.

He added that he will visit Basra Governorate to inaugurate the large Basra water projects and Al-Hartha thermal power station, which Japanese companies have contributed to rehabilitating, and the two sides agreed to exchange official visits between the two friendly countries and work to overcome the obstacles facing some Japanese companies operating in Iraq.

Source: National Iraqi News Agency

Riyadh, The global economy is facing one of the most tumultuous periods in recent history. As the likelihood of a global recession has increased, according to a new report from Saudi Arabia’s Ministry of Economy and Planning (MEP).

Volatility continues to gather momentum, creating downward pressure in global markets including China, the EU, the UK, and the US. Despite a slowing economic growth outlook, the Kingdom of Saudi Arabia registered real GDP growth of 8.6% y/y in the third quarter of 2022. Inflation was also contained at 2.9% – one of the lowest rates among the G20 nations.

This is according to the new version of the economic report issued by the MEP. They will be published quarterly by the ministry to provide a regular, accurate and detailed update on the performance of both the global economy and the Kingdom’s local market.

Domestically, real non-oil GDP growth expanded by 5.9% following sixth consecutive quarters of growth, a run that stretches back to the first quarter of 2021. Manufacturing, wholesale, retail trade, restaurants and hotels, construction and transport were among the key contributors to the Kingdom’s non-oil GDP growth in the third quarter of 2022.

Despite persistent supply-chain bottlenecks clogging up global trade, the Kingdom’s trade balance climbed by 87% to SAR 72 billion in August 2022. Exports to China, Japan and the US increased, while India and South Korea doubled imports of Saudi Arabian goods year-on-year as the country deepens its critical role on the international stage.

“The Ministry of Economy and Planning’s first quarterly report is a milestone in our efforts to become more transparent by providing access to the latest data and statistics on the Kingdom’s economic performance,” said His Excellency Faisal F. Alibrahim, Minister of Economy and Planning. “The report outlines our country’s strong economic performance, continued progress toward achieving Vision 2030 and drive to deliver sustainable diversification that remains pivotal to the long-term prosperity of our people and nation.”

He added: “Looking ahead, our growth prospects remain strong, and investors should be bullish about the near-term performance of the economy thanks to strong energy prices, non-oil growth, robust trade and the Kingdom’s growing ability to attract talent, tourism and investment. As we continue to catalyze greater flows of foreign direct investment in new areas including the broader energy transition and circular economy, we will add greater resilience to our economy at a time when the global economic landscape is affected by multiple crises.”

Covering eight categories, MEP’s quarterly economic report aims to provide a comprehensive overview of the economy across real GDP, monetary policy, fiscal measures, diversification, markets and business, households, investment and trade, and labor markets. Data comes from a variety of government sources including the General Authority for Statistics and the Saudi Central Bank.

You can read or download the full report by accessing it via MEP’s website here:

https://www.mep.gov.sa/QuarterlyReports/Ministry%20of%20Economy%20&%20Planning%20-%20Quarterly%20Report.pdf

Source: Saudi Press Agency

Helsinki, The Saudi-Finnish Business Forum, organized by the Federation of Saudi Chambers and the Business Finland, convened today in Helsinki, Finland, in the presence of Minister of Commerce Dr. Majid Al-Qasabi, Vice Minister of Commerce Dr. Iman Al-Mutairi, and several businessmen from both sides, to discuss ways to enhance trade and investment relations between the Kingdom of Saudi Arabia and Finland.

Chairman of the Saudi Regional Business Council for Northern European Countries Majed Al-Hokair said that the forum represents a qualitative leap in the trade and investment relations between the Saudi and Finnish private sectors, with the support of the leaders and officials in the two countries, which enhances plans towards achieving the desired aspirations in economic growth and competitive advantages and raising the level of trade exchanges between the two sides.

The forum highlighted the Kingdom of Saudi Arabia’s efforts in economic diversification, the investment opportunities offered in the Kingdom’s Vision 2030, the investment and trade environment, as well as investment opportunities in Finland, and the prospects for partnership between the two countries.

On the sidelines of the forum, two memoranda of understanding (MOUs) were signed between the Federation of Saudi Chambers, the Finland Chamber of Commerce, and the Business Finland Organization, to enhance cooperation between the business sectors and support trade and joint investment, in addition to an MOU between a Saudi and Finnish company in technology exchange related to smart cities.

The forum was held with the participation of more than 50 representatives of Saudi and Finnish companies in various economic sectors.

Source: Saudi Press Agency

Sydney, Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef met with Australian Minister for Resources at the Ministry for the Department of Industry, Science and Resources Madeleine King, and CEO of the Australian Trade and Investment Commission Xavier Simonet.

During the meetings, they discussed ways of joint cooperation between the Kingdom of Saudi Arabia and Australia, to enhance joint economic, commercial and investment cooperation, especially in the industrial and mining sectors. They also reviewed the opportunities offered by the two sectors and the Ministry’s objectives to attract quality investments, in addition to benefiting from the expertise and knowledge of Australia in the mining sector.

This meeting is part of the Minister of Industry and Mineral Resources’ official visit to Australia. The visit includes attending the International Mining and Resource Conference (IMARC), which is being held in Sydney, Australia, from November 2 to 4, 2022.

Source: Saudi Press Agency

Riyadh, Minister of Industry and Mineral Resources Bandar Al-Khorayef met, during his official visit to Australia, with students from the Saudi scholarship program at the University of Sydney.

Dr. Shane Griffin, Vice-President of the University of Sydney, welcomed the Minister and briefed him on the university’s key programs and facilities. Dr. Griffin also gave an overview of the institution’s history and what it offers to Saudi students to make their transition into academic education as seamless as possible and provide an experience that benefits them and the Kingdom of Saudi Arabia.

During his speech to students, the Minister emphasized that the Kingdom places a high value on citizens and depends on them to shape the future. The Saudi scholarship program aims to prepare students and provide them with capabilities to compete globally in all fields. Human resources, according to Al-Khorayef, are critical to the industry and mineral resource ecosystem. One of the Ministry’s top priorities is the development and retention of qualified and talented human resources.

The Minister noted that the National Industrial Strategy is primarily concerned with creating an industrial sector in which national human capacities have a place and play an active role, emphasizing that creative work is what makes the difference and achieves the desired results.

This meeting is part of the Minister of Industry and Mineral Resources’ official visit to Australia. The visit includes attending the International Mining and Resource Conference (IMARC), which will be held in Sydney, Australia, from November 2 to 4, 2022.

Source: Saudi Press Agency