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Alkhorayef meets Korean company executives to boost industrial ties 

Saudi Industry and Mineral Resources Minister Bandar Alkhorayef met with senior officials of Hyundai Heavy Industries Co. and visited the company’s factory in Ulsan to study the advanced shipbuilding, industrial and engineering facilities. SPA
Saudi Industry and Mineral Resources Minister Bandar Alkhorayef met with senior officials of Hyundai Heavy Industries Co. and visited the company’s factory in Ulsan to study the advanced shipbuilding, industrial and engineering facilities. SPA
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Updated 14 December 2023
Arab News
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Alkhorayef meets Korean company executives to boost industrial ties 

Alkhorayef meets Korean company executives to boost industrial ties 
Updated 14 December 2023
Arab News
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RIYADH: Industrial ties between Saudi Arabia and Korea are set to strengthen following the meeting of Saudi Industry and Mineral Resources Minister Bandar Alkhorayef with top executives of several Korean companies on Thursday. 

Alkhorayef, who is visiting South Korea, met with senior officials of Hyundai Heavy Industries Co. and visited the company’s factory in Ulsan to study the advanced shipbuilding, industrial and engineering facilities. 

The minister also met officials from other companies, including GL Rapha Holding Co., Korea Aerospace Industries Co., Hanwha Mining Services Co., and Lotte Co.  

The meetings covered the promising investment opportunities in the Kingdom’s industrial and mining sectors and their potential in other sectors.  

The Saudi minister also discussed opportunities for cooperation in marine industries, given the Kingdom’s abundance of minerals used in the sector.  

Alkhorayef also met with executives from Hyundai Motor Co. to explore a joint project agreement between the Public Investment Fund and the company to establish a highly automated car manufacturing plant in the Kingdom. 

In Changwon, Alkhorayef has also met with officials from the auto spare parts manufacturer CTR and executives from Shinyoung Co., a manufacturer of auto accessories. 

The minister’s bilateral meetings came within the framework of his official visit to Korea to boost cooperation and partnership in the industrial and mining sectors, plus expanding strategic bilateral collaboration between the two countries. 

Topics: Saudi Arabia Korea Industries

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IMF to begin review Egypt’s loan program on Tuesday

IMF to begin review Egypt’s loan program on Tuesday
Updated 4 sec ago
Reuters
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IMF to begin review Egypt’s loan program on Tuesday

IMF to begin review Egypt’s loan program on Tuesday
  • Review is fourth under Egypt’s latest 46-month IMF loan program approved in 2022
  • Egypt had requested financing under the RSF since 2022, with hopes it could unlock up to an additional $1 billion
Updated 4 sec ago
Reuters

CAIRO: The International Monetary Fund will begin its review of Egypt’s loan program on Tuesday, Egyptian Prime Minister Mostafa Madbouly said on Sunday at a press conference with IMF managing director Kristalina Georgieva.
The review, which could unlock more than $1.2 billion in financing, is the fourth under Egypt’s latest 46-month IMF loan program that was approved in 2022 and expanded to $8 billion this year after an economic crisis marked by high inflation and severe foreign currency shortages.
Madbouly emphasized the mutual cooperation with the IMF, adding that Egypt “expects continued successful and fruitful partnership in the coming period.”
Georgieva also praised the fund’s cooperation with Egypt and highlighted the current global challenges.
She noted that the IMF’s discussions with Egypt next week will also look into ways of supporting the Egyptian objectives in the area of greening the economy and Egypt’s access to the Resilience and Sustainability Facility in the pursuit of this effort.
Egypt had requested financing under the RSF since 2022, with hopes it could unlock up to an additional $1 billion.
Egyptian President Abdel Fattah El-Sisi has recently cautioned that Egypt may need to reassess its expanded loan program if international institutions do not factor in the exceptional challenges the region currently faces.
Madbouly later said that talks with the IMF during the fund’s annual meetings in October did not include additional financing but aimed to reassess Egypt’s commitments, targets, and timings.
When the IMF completed its third review in July, it said that inflationary pressures were gradually abating, foreign exchange shortages have been eliminated, and fiscal targets (including those related to spending by large infrastructure projects) were met.
It also underscored the need for greater efforts to accelerate a program of divestment of state-owned enterprises and carry out reforms to prevent them from using unfair competitive practices.

Topics: International Monetary Fund (IMF) Egypt Kristalina Georgieva Mostafa Madbouly Egypt economy

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Saudi Arabia calls for robust action against land degradation

Saudi Arabia calls for robust action against land degradation
Updated 12 min 38 sec ago
NOUR EL-SHAERI   
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Saudi Arabia calls for robust action against land degradation

Saudi Arabia calls for robust action against land degradation
  • Kingdom’s incoming UNCCD presidency aims to increase the number of participating countries and the ambition of their goals
  • More than 71,000 square km of land expected to face deterioration before the Dec. 2nd start of the conference
Updated 12 min 38 sec ago
NOUR EL-SHAERI   

RIYADH: Saudi Arabia is encouraging urgent action to combat drought, as vast areas of land — larger than the size of Ireland — are projected to face degradation globally in the near future.

With less than one month remaining until the 16th session of the Conference of Parties of the UN Convention to Combat Desertification begins in Riyadh, the Kingdom’s incoming UNCCD presidency has urged the international community to take decisive measures on drought resilience and land restoration. 

Recent data underscores the urgency of this appeal, with more than 71,000 square km of land expected to face deterioration before the Dec. 2nd start of the conference, according to the UNCCD. 

“COP16 in Riyadh is a critical moment for the international community to address land degradation if we are to meet the UNCCD target of restoring 1.5 billion hectares of land by 2030,” said the Deputy Minister for Environment at the Ministry of Environment, Water and Agriculture and adviser to the COP16 presidency, Osama Faqeeha. 

Faqeeha added: “As the hosts, we are calling for all parties to come to Riyadh ready to increase their ambition by strengthening land restoration targets, bolstering drought resilience initiatives, and enhancing land tenure rights.” 

Since 2015, countries have been aligning with voluntary Land Degradation Neutrality targets as part of the UN Sustainable Development Goals. 

Over 130 nations have engaged in the LDN Target Setting Programme, with more than 100 already defining their objectives.

Saudi Arabia’s incoming UNCCD presidency aims to increase the number of participating countries and the ambition of their goals. 

The UNCCD has estimated that more than $44 trillion in economic output, representing over half of global gross domestic product, is moderately or highly dependent on natural capital. 

Restoration investments are highlighted as economically beneficial, with projections that each dollar invested could yield up to $30 in returns, presenting a significant opportunity for a trillion-dollar restoration economy. 

COP16 in Riyadh will mark the first time the UNCCD will introduce a Green Zone, a dedicated space for businesses, scientists, and financial institutions, as well as NGOs, the public, and impacted communities to collaborate on sustainable solutions. 

The conference will also feature seven thematic days focused on key topics such as land restoration, governance, and agri-food systems, as well as resilience, finance, and advancements in science, technology, and innovation. 

Topics: Riyadh COP16 Saudi Arabia

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Oman’s oil exports hit 230.6m barrels by September: official data

Oman’s oil exports hit 230.6m barrels by September: official data
Updated 24 min 58 sec ago
MOHAMMED AL-KINANI
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Oman’s oil exports hit 230.6m barrels by September: official data

Oman’s oil exports hit 230.6m barrels by September: official data
Updated 24 min 58 sec ago
MOHAMMED AL-KINANI

JEDDAH: Oman’s oil exports totaled approximately 230.6 million barrels by the end of September, averaging $82.60 per barrel and accounting for 84.6 percent of total production, which exceeded 272.4 million barrels.

According to statistics from the country’s National Center for Statistics and Information, as reported by the state news agency, oil exports increased by 0.1 percent compared to September 2023, when total exports were nearly 230.3 million barrels. This rise occurred alongside a 5.1 percent decrease in production, which was recorded at over 287 million barrels during the same period last year.

Total crude oil production declined by 6.7 percent, reaching over 208.5 million barrels by the end of September, while condensate production saw a slight increase of 0.6 percent, totaling more than 63.86 million barrels. The NCSI noted that the average daily oil production was 994,200 barrels through the end of September.

The World Bank forecasts Oman’s economic growth will rise to 2.7 percent in 2025 and 3.2 percent in 2026, driven by a rebound in oil and gas production as the Duqm refinery reaches full capacity, alongside a revival in agricultural and construction activities and a strong services sector.

The report also indicated that inflation is expected to remain low, averaging 1.3 percent from 2024 to 2026, largely due to the country’s currency being pegged to the US dollar and regulated fuel prices.

According to the Oman News Agency, China was the top importer of Omani oil, with imports totaling approximately 219.6 million barrels, marking a 4.5 percent increase compared to September 2023.

Japan followed with nearly 4 million barrels, a decline of 46.4 percent, while South Korea imported around 3.8 million barrels, an increase of 31.8 percent. Exports to India totaled 2,002,000 barrels, down 26.3 percent.

Overall, Oman’s oil exports during the first half of 2024 increased by 0.3 percent to 153,362,300 barrels, with the average price per barrel at $82.20, according to the NCSI.

Oil exports constituted 84.6 percent of the total oil production volume, which was over 181 million barrels, down 5.3 percent from 191.4 million barrels in the same period in 2023. Total crude oil production also fell by 7.4 percent to over 138.7 million barrels by the end of the first half of 2024, while oil condensate production rose by 2.3 percent to 42.5 million barrels. The average daily oil production at that time was reported at 842,700 barrels. During this period, China remained the leading country importing oil from Oman, with nearly 148 million barrels.

Topics: energy

Saudi Arabia’s PIF to acquire 54% stake in MBC Group

Saudi Arabia’s PIF to acquire 54% stake in MBC Group
Updated 03 November 2024
Nirmal Narayanan
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Saudi Arabia’s PIF to acquire 54% stake in MBC Group

Saudi Arabia’s PIF to acquire 54% stake in MBC Group
  • Share price of MBC Group increased by 9.98% to SR45.75
  • Its net profit for the second quarter witnessed a rise of 66.5% to SR116.4 million
Updated 03 November 2024
Nirmal Narayanan

RIYADH: Saudi Arabia’s sovereign wealth fund is set to acquire a 54 percent stake in media giant MBC Group for SR7.46 billion ($1.99 billion). 

In a bourse filing, MBC Group, listed on the Kingdom’s main market, said that it was notified by Istedamah Holding Co., one of its major shareholders, on the finalization of a sale and purchase agreement with the Public Investment Fund on Nov. 1.

According to the agreement, Istedamah will sell its entire stake in MBC, valued at 179.55 million shares, representing 54 percent of the company’s total capital, to PIF through a private transaction. 

Touted to be Saudi Arabia’s economic engine, PIF is spearheading the Kingdom’s Vision 2030 journey by making strategic investments in various sectors. 

Some prominent telecom, media, and technology firms backed by the wealth fund include Saudi Co. for Artificial Intelligence, Saudi Information Technology Co., Elm Co., and Saudi Telecom Co. 

“The completion of the transaction is subject to a number of conditions, including obtaining the necessary approvals and non-objections that might be required from the relevant entities,” said MBC Group. 

It added: “The transaction will be executed as a negotiated deal in accordance with the Saudi Exchange’s trading and membership procedures at the completion of the transaction.” 

Followiing the announcement, the share price of MBC Group increased by 9.98 percent to SR45.75 as of 11:.37 a.m. Saudi time. 

Established in 1991 and formerly known as the Middle East Broadcasting Center, MBC Group currently owns several television channels, including Al Arabiya, MBC Max, and MBC Bollywood, as well as the OTT platform Shahid. 

In August, the media giant said its net profit for the first six months of this year surged 359.8 percent to SR237.8 million compared to the same period in 2023. 

The company added that its net profit for the second quarter witnessed a rise of 66.5 percent to SR116.4 million, compared to the same period of the previous year. 

PIF is set to reach $2 trillion in assets under management by 2030, propelling it from fifth to second place globally among sovereign wealth bodies, according to a report by Global SWF in April. 

As per SWF’s release, PIF took the lead as the top investor among all sovereign wealth funds, allocating $31.6 billion across 49 deals in 2023, representing a 33 percent increase from the prior year.

In March, PIF’s assets under management surpassed $925 billion, up from $700 billion at the end of 2022, securing its position as the fifth-largest global sovereign wealth fund. 

Topics: Saudi Arabia MBC Group Saudi Arabia's Public Investment Fund (PIF) media

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Saudi Arabia climbs 15 places to 12th in global tourist spending: UN Tourism

Saudi Arabia climbs 15 places to 12th in global tourist spending: UN Tourism
Updated 03 November 2024
MOHAMMED AL-KINANI
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Saudi Arabia climbs 15 places to 12th in global tourist spending: UN Tourism

Saudi Arabia climbs 15 places to 12th in global tourist spending: UN Tourism
Updated 03 November 2024
MOHAMMED AL-KINANI

JEDDAH: Saudi Arabia has made a remarkable leap, climbing 15 places to rank 12th in global tourist spending for 2023, according to the latest UN Tourism report. This is the largest jump among the top 50 countries.

The ranking follows a September report from the UN Tourism, which highlighted the Kingdom’s leadership among G20 nations with a 73 percent increase in international visitor growth and a staggering 207 percent rise in international tourism receipts from January to July 2024 compared to the same period in 2019.

These achievements reinforce Saudi Arabia’s status as a premier global tourism destination, showcasing travelers’ growing confidence in the Kingdom's diverse and appealing offerings. In a bid to capitalize on this momentum, the tourism sector has raised its target for 2030 from 100 million to 150 million visitors, with potential for further increases if this goal is met ahead of schedule, according to Mahmoud Abdulhadi, deputy minister of destination enablement at the Ministry of Tourism.

Speaking at the Future Hospitality Summit in Riyadh last week, Abdulhadi noted that targets are continually assessed and adjusted based on sector performance.

The UNWTO praised the Kingdom’s tourism progress as a “significant milestone” in its quest to become a global leader in the industry. The report indicated that tourism-related spending surpassed $37 billion in 2023, accompanied by substantial growth in hotel capacity across the country.

In the first seven months of 2024, Saudi Arabia welcomed approximately 17.5 million international tourists. For 2023, the Kingdom hosted 27.4 million visitors, marking a 56 percent increase from 2019. This surge has placed Saudi Arabia at the top of the UN’s list for tourism growth among major destinations.

Additionally, the Kingdom’s tourism surplus reached a record SR48 billion ($12.8 billion) in 2023, a 38 percent year-on-year increase.

The International Monetary Fund, in its 2024 Article IV Consultation report released in September, commended the significant progress made by Saudi Arabia’s tourism sector under the Saudi Vision 2030 initiative. The IMF underscored the sector’s vital role in diversifying the Kingdom’s economic base, particularly within the services sector, where it has become a key growth driver in terms of visitor numbers, spending, job creation, and contribution to GDP.

According to the latest UNWTO Barometer report, global international tourist arrivals have rebounded to 96 percent of pre-pandemic levels from January to July 2024, totaling approximately 790 million — an 11 percent increase compared to the same period in 2023. The UNWTO also noted that the Middle East led global growth with a 26 percent rise in international arrivals compared to 2019 levels.

Topics: FII8

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