Category: Business

Doha– The State of Qatar has expressed its strong condemnation and denunciation of targeting civilian, economic and vital facilities in several cities in the Kingdom of Saudi Arabia.

In a statement issued today, the Qatari Ministry of Foreign Affairs considered that targeting vital facilities, especially those related to water desalination, electricity and energy, is a dangerous act of sabotage that contradicts all international norms and laws, threatens the daily life of citizens and represents an attack on humanity.

The ministry reiterated Qatar’s firm stance rejecting violence and targeting civilians and civilian facilities.

Source: Saudi Press Agency

Cairo– The Saudi Minister of State and Cabinet’s Member for Shura Council Affairs Dr. Essam bin Saad bin Saeed and the Egyptian Minister of Planning and Economic Development, who is also the Chairman of the Board of Directors of The Sovereign Fund of Egypt (TSFE) Dr. Hala Al-Saeed, signed in Cairo today a joint report to agree on a draft agreement between the governments of the Kingdom of Saudi Arabia and the Arab Republic of Egypt about the Public Investment Fund (PIF)’s investment in Egypt, in the presence of the Egyptian Prime Minister, Dr. Mostafa Madbouly.

The signing was attended by Egyptian Finance Minister Mohamed Maait; Saudi Ambassador to Egypt Osama bin Ahmed Naqli; PIF Deputy Governor and Head of the General Administration of Investments in the Middle East and North Africa Yazeed Al-Hamid and chief executive officer at The Sovereign Fund of Egypt Ayman Soliman.

The two sides stressed that this agreement based on the close historical ties that unite the Kingdom of Saudi Arabia and the Arab Republic of Egypt as well as on directives of the leaderships of the two countries to strengthen cooperation that would support relations between the two countries with easy access to procedures related to investment in Egypt through a fund public investments.

Source: Saudi Press Agency

Riyadh– The Small and Medium Enterprises General Authority (Monsha’at) said that the Global Entrepreneurship Congress will be held in Riyadh from 27 to 30 March, 2022, under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense.

The Monsha’at added that the Congress will discuss, during more than 100 sessions and with the participation of more than 150 speakers, a number of topics that aim to help entrepreneurs to expand their businesses around the world, provide them with the necessary skills to face crises and enhance the flexibility of practicing business. It also includes a large number of local and international entrepreneurs, in addition to senior officials, decision makers, experts and investors.

The Congress will witness a number of discussion sessions, and the participation of senior officials and experts including Prince Abdulaziz bin Salman, Minister of Energy; Eng. Khalid bin Abdulaziz Al-Falih, Minister of Investment; Eng. Abdullah bin Amer Al-Sawaha, Minister of Communications and Information Technology; and Mohammed bin Abdullah Al-Kuwaiz, Chairman of the Capital Market Authority.

Source: Saudi Press Agency

New York– The Kingdom of Saudi Arabia has received the membership of the United Nations Commission on International Trade Law (UNCITRAL) for the period (2022-2028) after its nomination within the countries of Asia and Pacific, during the elections that took place in a meeting of the General Assembly last Monday in New York.

The Cabinet had earlier approved a memorandum of understanding which was signed on 16/4/1442AH between the Kingdom of Saudi Arabia, represented by the National Competitiveness Center (NCC), and the UN, represented by the Office of Legal Affairs, on the financial contribution in the UNCITRAL Trust Fund.

Source: Saudi Press Agency

Riyadh– Sustainable Tourism Global Center (STGC) approved appointing eight international experts in sustainability, as part of its efforts to lead and support changing tourism into an environment friendly industry.

The eight experts were chosen from the public and private sectors for what they enjoy of expertise in the tourism sustainability field, where the experts will work in Europe, Asia, and the US as ambassadors for STGC.

The center seeks to help reduce carbon emissions from tourist facilities, where the tourism sector, which represents around 10% of the GDP, accounts for 8% of the greenhouse gas emissions.

His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense, announced the establishment of STGC during the Saudi Green Initiative Forum that was held in October, 2021 in Riyadh.

The center receives the support of countries that contributed to its establishment: the UK, the US, France, Japan, Germany, Kenya, Jamaica, Morocco, Spain and the Kingdom of Saudi Arabia, in addition to several organizations, including: United Nations Environment Program (UNEP), International Chamber of Commerce (ICC), World Travel and Tourism Council (WTTC), World Bank, SYSTEMIQ Company, World Resources Institute (WRI), and Harvard University that will offer its support for the center through research and capacity building, while the United Nations Framework Convention on Climate Change will support the center to speed up the activities of the tourism sector to the climate neutrality.

Source: Saudi Press Agency

Riyadh– The Saudi Exports Development Authority organized a trade mission that included major Saudi manufacturers and exporters in the food and building materials sectors, to Amman, Jordan, as part of the efforts made by the Authority to develop and enhance cooperation between the two countries in several economic and commercial fields and sectors, raise the volume of trade exchange, and increase bilateral investments, which comes as an extension of the depth of their common historical relations, enhancing prospects for cooperation and consolidating bilateral relations, and provides Saudi exporters with opportunities available in the Jordanian market in all sectors, specifically in the building materials and food sectors, where the value of Saudi non-oil exports to Jordan reached SAR 6.9 billion in 2021, compared to SAR 4.7 billion in 2020.

This step comes as a continuation of the efforts of “Saudi Exports” to facilitate the comprehensive journey of exporters, identify and promote international business opportunities, link exporters with buyers, facilitate the access of national products to global markets, increase non-oil exports and raise their percentage from 16% to 50% of the total value of non-oil GDP, in line with the plans to diversify the economy of the Kingdom of Saudi Arabia, in accordance with the objectives of the Kingdom’s Vision 2030.

Source: Saudi Press Agency

Riyadh– The Minister of Communications and Information Technology, Eng. Abdullah bin Amer Al-Sawaha, received here today the Minister of Economy and Digital Affairs of the Republic of Austria, Minister Margarete Schrambock.

During the meeting, which was attended by the Austrian Ambassador to the Kingdom Georg Postinger and a number of ministry officials, they discussed ways to enhance the partnership between the two countries in the fields of digital economy, digital transformation, and digital government.

The two sides also discussed encouraging investment in the digital field, mechanisms to benefit from investment opportunities available to companies of technology in both countries.

Source: Saudi Press Agency

Manama — The Kingdom of Bahrain has strongly condemned the drone attack, which targeted the oil refinery in the city of Riyadh, the Kingdom of Saudi Arabia, in a terrorist act that endangers the safety of civilians and civilian facilities.

The Foreign Ministry stressed Bahrain’s full solidarity with the Kingdom of Saudi Arabia, backing all the measures it takes to preserve its security, stability and territorial integrity.

It reiterated Bahrain’s firm rejection of terrorist acts in all its forms, calling on the international community to condemn these acts which destabilize security and stability in the region.

Source: Saudi Press Agency

Riyadh– Riyadh today witnessed holding the Saudi-US Business Forum, organized by the Federation of Saudi Chambers (FSC), with the participation of the US Embassy in the Kingdom of Saudi Arabia, 14 ministries and public authorities, and representatives of the Saudi and US companies.

Acting FSC Secretary General Hussein Al-Abdulqader reviewed changes in the Saudi economy under the Saudi Vision 2030 and the role played by the Saudi private sector, which became a main driver in implementing and realizing the vision’s aspirations until reaching an increase in its contributions to the GDP from 40% to 65%.

Al-Abdulqader said: “The Kingdom of Saudi Arabia today is the ‘land of opportunities’ and a leading international destination for investments from across the world and we look forward for a bigger role for US investments through the strategic partnership between the Kingdom of Saudi Arabia and the USA,” noting that there are huge opportunities for the US companies in sectors that are witnessing big demand and growth rates and that are a priority in the Kingdom of Saudi Arabia’s economic plan for their connection to the Saudi Vision 2030, such as: energy, renewable energy, industry, agriculture, mining, tourism, entertainment, healthcare, transport and logistics services, ICT, and financial services.

For his part, Counselor for Commercial Affairs at the US Embassy in Riyadh James Golsen stressed the importance of the visit of the US commercial mission to the Kingdom of Saudi Arabia after two years of virtual meetings, which provided US businesspeople an opportunity to meet with Saudi counterparts and directly check on available investment opportunities, adding that US companies participating in this mission are considered the biggest and best in the economic sectors.

The forum also witnessed holding round table meetings in four main economic sectors among representatives of the Saudi and US companies with government authorities, including security and defense, renewable energy, healthcare and ICT.

Source: Saudi Press Agency

Riyadh–The Saudi Ministry of Defense (MoD) announced the closing of 23 deals worth more than SR 13 billion with local and international companies on the fourth day of the World Defense Show (WDS) 2022.

The MoD signed five deals with the Saudi Arabian Military Industries (SAMI), two of which were closed with the Royal Saudi Land Forces (RSLF) and three with the Royal Saudi Naval Forces (RSNF).

The SR 6 billion deal with SAMI includes providing advanced communication systems, armored vehicles, ammunition, and maritime systems. The contracts with SAMI were signed by Assistant Defense Minister for Executive Affairs Dr. Khaled Al-Biyari and SAMI’s CEO Walid Abu Khaled. The signing ceremony was attended by the Governor of the General Authority for Military Industries (GAMI) Mr. Ahmed Al-Ohali.

The Ministry also signed an SR 1 billion contract with Military Industries Corporation (MIC) to acquire defense systems, technical and logistic support, as well as training for the Royal Saudi Air Forces (RSAF). Dr. Al-Biyari and MIC President Eng. Mohamed Al-Mady signed the contract.

The four-day WDS 2022, which began on March 6 in Riyadh, also witnessed the signing of two contracts worth SR 2 billion between MoD and Raytheon to support the defense capabilities of the Royal Saudi Air Defense Forces (RSADF). The contract was signed by Dr. Al-Biyari and Chief Executive of Raytheon MENA group Dave Hanley.

The MoD signed an SR 1 billion contract with Lockheed Martin Global Inc., which will allow RSAF to acquire sensing systems, including localization and sustainment programs. The deal was signed by Dr. Al-Biyari and Lockheed Martin’s Chief Executive for Lockheed Martine KSA and Africa BG (Ret.) Joseph Rank.

The MoD signed another SR 370 million contract with Poly Technologies to obtain air defense systems for the RSADF. Dr. Al-Biyari and Poly Technologies President Huang Geming inked the deal.

The Ministry signed SR 1.5 billion worth of two contracts with Thales International, a French company, for the Royal Saudi Air Defense Forces (RSADF). The contracts allow the RSADF to obtain defense systems and technical support. These contracts were signed by Deputy Defense Minister for Procurement and Armament Ibrahim bin Ahmed Al Suwayed and Thales Saudi Arabia CEO Mr. Pascal Lesaulnier.

The Ministry signed three contracts worth SR 250 million for the Royal Saudi Air Forces (RSAF) with the Advanced Electronics Company (AEC). The contracts will benefit RSAF in further development, technical support, and maintenance of training systems for the F15 simulators. Al Suwayed and AEC Chief Executive Officer Eng. Ziad Al-Musallam signed the agreements.

Furthermore, the MoD signed two contracts worth SR 400 million with Aircraft Accessories and Components Company (AAC) to provide supply chain services to the RSAF. The contracts were signed by Deputy Defense Minister for Procurement and Armament Ibrahim bin Ahmed Al Suwayed and AAC Chief Executive Officer Mazin Jawhar.

The Ministry signed another SR 260 million contract with the Swiss company Rheinmetall to provide the Royal Saudi Air Defense Forces (RAFF) with support supply services and technical support for air defense systems. The deal was signed by Al Suwayed and Rheinmetall Vice President Zeno Hurt.

Additionally, the MoD signed four contracts worth SR 100 million for the Royal Saudi Land Forces (RSLF) with the National Company for Mechanical Systems (NCMS). These contracts will provide RSLF with state-of-the-art electro-optical systems, including localization and sustainability services. The agreements were signed by the Director of the General Administration of Projects at the Ministry of Defense Deputyship for Procurement and Armament Khalid Al-Jawini and Armament and NCMS Chief Executive Officer Dr. Mohammad Al-Sahlawi.

Finally, the Ministry signed an SR 100 million contract with Aerovision International to provide support services for B707 aircraft. The agreement was signed by Major General Eng. Attiyah Al-Attiyah and Aerovision International CEO Ibrahim Al-Qahtani.

Source: Saudi Press Agency

Riyadh– The General Authority for Military Industries (GAMI) announced the localization of a new multi-use monitoring system called “Zarqa Al-Yamama-Zali”, manufactured by the National Mechanical Systems Company, on the sidelines of the World Defense Show.

The “Zarqa al-Yamama-Zali” system represents an important step in the localization of electro-optical monitoring systems in the Kingdom, and a qualitative leap in the level and accuracy of these systems, and its contribution to meeting the market need of electro-optical systems.

It provides high performance in monitoring operations, and has the flexibility to operate through different control systems, while adapting it to multiple use modes to suit each task.

GAMI had worked in partnership with the Ministry of Interior and the National Mechanical Systems Company to have a contract for the manufacture and supply of the “Zarqa Al-Yamama-Zali” electro-optical system, and to discuss ways to develop it locally according to the highest international standards.

The “Zarqa Al-Yamama-Zali” system comes as a an application of the strategic directions in the localization of military industries in the Kingdom, as the GAMI works to determine trends and links between the beneficiaries and local manufacturers in the military industries system in the Kingdom.

Source: Saudi Press Agency

Riyadh– Deputy Minister of Commerce, Dr. Iman Al-Mutairi, who is also CEO of the National Competitiveness Center (NCC), received here today American and German business delegations, at the center’s headquarters in Riyadh.

During the meeting, Al-Mutairi discussed with the visiting American delegation the center’s new working plan aimed at implementing reforms that would enable the competitive environment to keep pace with new global trends based on productivity, sustainability, and inclusiveness, in addition to discussing means to enhance cooperation between the Saudi business sector and its foreign counterparts.

Al-Mutairi also had a meeting with a delegation from the German Chamber of Commerce, attended by several representatives of German companies operating in the Kingdom, during which the two sides discussed the Public Consultation Platform (Istitlaa)” and the Private Sector Feedback Platform “Visuals”, stressing the importance of keeping the business sector informed through these two platforms on the relevant laws and regulations.

Source: Saudi Press Agency