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Saudi crown prince launches ‘Alat’ to help turn Kingdom into electronics, advanced industries hub

Saudi Arabia’s Crown Prince Mohammed bin Salman. (File/SPA)
Saudi Arabia’s Crown Prince Mohammed bin Salman. (File/SPA)
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Updated 01 February 2024
Arab News
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Saudi crown prince launches ‘Alat’ to help turn Kingdom into electronics, advanced industries hub

Saudi Arabia’s Crown Prince Mohammed bin Salman. (File/SPA)
  • Company aims to create 39,000 direct jobs in Saudi Arabia by 2030, and achieve a direct non-oil GDP contribution of $9.3 billion by the same year
Updated 01 February 2024
Arab News
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RIYADH: Saudi Crown Prince Mohammed bin Salman announced on Thursday the launch of a Public Investment Fund company called “Alat.”

The company will contribute to the aim of making Saudi Arabia a global hub for sustainable technology manufacturing that focuses on advanced technologies and electronics, Saudi Press Agency reported. 

Alat will focus on manufacturing products that serve local and international markets within seven key strategic business units: advanced industries, semiconductors, smart appliances, smart health, smart devices, smart buildings, and next generation infrastructure.

The company, chaired by the crown prince, aims to enhance the capabilities of the Saudi technology sector, increase its contribution to local content, and increase the nation’s attractiveness and its ability to create investment opportunities. 

Alat will build partnerships to enable the transformation of the industrial sector globally by providing sustainable industrial solutions based on clean energy sources.

These partnerships will help meet commercial demand, keep pace with the needs of the next generation of manufacturing, enhance the strength of local supply chains and contribute to making Saudi Arabia a global center for advanced technological manufacturing.

The company will manufacture more than 30 product categories that will serve vital sectors. These include robotic systems, communication systems, advanced computers, digital entertainment products, and advanced heavy machinery used in construction, building and mining.

Alat aims to strengthen innovation, manufacturing and research and development, and localize expertise in the industrial and electronics sectors by developing local talent and enhancing job opportunities. 

It aims to create 39,000 direct jobs in Saudi Arabia by 2030, and achieve a direct non-oil GDP contribution of $9.3 billion by the same year.

Alat will focus on providing sustainable manufacturing solutions for international companies by accessing clean energy resources in Saudi Arabia to reach carbon neutral goals by 2060.

It will also allow global industrial companies to benefit from the competitive advantages of the Saudi economy, its unique geographical location, and its investments in the technology sector. 

Topics: Alat Saudi Arabia's Crown Prince Mohammed bin Salman

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Saudi Arabia to develop local talent for container shipping industry

Saudi Arabia to develop local talent for container shipping industry
Updated 9 sec ago
NADIN HASSAN  
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Saudi Arabia to develop local talent for container shipping industry

Saudi Arabia to develop local talent for container shipping industry
  • Supply Chain and Logistics Conference brought together leading figures from the maritime and logistics sectors
  • It explored the Kingdom’s opportunities as a global trade gateway
Updated 9 sec ago
NADIN HASSAN  

RIYADH: Saudi Arabia must cultivate local talent in the container shipping industry to fully achieve its Vision 2030 ambitions and solidify its position as a global logistics hub, said a senior executive. 

Speaking at a panel discussion during the sixth edition of the Supply Chain and Logistics Conference in Riyadh, Poul Hestbaek, the CEO of Riyadh-based logistics service company Folk Maritime, highlighted the need for specialized expertise in the container sector.

“We have a strong focus on not just diversification, but also on Saudi talent. These are some of the things that we have had to hire experts from outside the Kingdom, but eventually, we hope to replace them with qualified young people from within Saudi Arabia,” Hestbaek said. 

Poul Hestbaek, the CEO of Riyadh-based logistics service company Folk Maritime. Screenshot

He continued: “If the day comes when I have to retire and I am replaced by a Saudi, that would make me really, really happy. So, I think talent is something we will be working on.” 

Hestbaek also highlighted the crucial role of collaboration in developing the Kingdom’s maritime industry, saying, “You cannot pull this off alone. It’s clear you depend on collaboration.” 

He added, “Whether it is partnering with Maersk, King Abdullah Port, or others, the better experts you bring, the better product you can offer.” 

The session brought together leading figures from the maritime and logistics sectors, who explored the Kingdom’s opportunities as a global trade gateway. 

Jay New, the CEO of King Abdullah Port, emphasized Saudi Arabia’s unique geographical advantages and infrastructure and said “30 percent of all containers sail past the Red Sea every day.

“The expansion opportunities for King Abdullah Port northbound along the Red Sea are limitless. You could build a port as big as you would ever want globally,” New said. 

Jay New, the CEO of King Abdullah Port. Screenshot

He added that King Abdullah Port was designed to accommodate future growth, with deep-water berths, linear quays, and cutting-edge automation. 

“In 2021, the World Bank recognized King Abdullah Port as the world’s most efficient port,” New said. 

He added, “King Abdullah Port will remain a consistently high-performing port for the future. This should last for decades, and this allows King Abdullah Port, on behalf of Saudi Arabia in many ways, to attract the main shipping lines into the port.” 

He further said: “This provides Saudi Arabia, Saudi cargo owners, cargo exporters, and cargo importers with access to the biggest ships in the world that serve the main trade routes from Asia to Saudi Arabia, and from Europe and America to Saudi Arabia.” 

Mohammad Shihab, managing director of Maersk Saudi Arabia. Screenshot

During the panel discussion, Mohammad Shihab, managing director of Maersk Saudi Arabia, stressed the dramatic improvements in customs clearance processes over the past decade. 

“Nine years ago, clearing cargo could take more than a week — sometimes up to 14 days. Today, many shipments are cleared in hours, with an average of one day for a large percentage of imports,” he said. 

Shihab added that these advancements make Saudi Arabia increasingly competitive as a transshipment hub. 

“The focus on infrastructure development and digital solutions has significantly enhanced the Kingdom’s position on global trade routes. The ability to clear cargo quickly benefits importers, exporters, and the local economy,” Shihab said. 

Turki Alkhorayef, general manager of Ports and Maritime Services at ELM. Screenshot

Technology was another key focus of the discussion. Turki Alkhorayef, general manager of Ports and Maritime Services at ELM, outlined how digital transformation is boosting efficiency in the logistics sector. 

“We are leveraging artificial intelligence, the Internet of Things, and real-time tracking to provide live updates on vessel arrivals, cargo movements, and port activities,” Alkhorayef said. 

The panel concluded with a consensus that investing in local talent, infrastructure, and advanced technology will be critical to achieving Vision 2030 goals. 

By fostering collaboration and ensuring Saudi nationals are trained to lead the industry, the Kingdom is poised to emerge as a dominant player in the global maritime and logistics sectors. 

Topics: Saudi Arabia containers shipping

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JLL secures contract to support AlUla’s transformation into global tourism hub

JLL secures contract to support AlUla’s transformation into global tourism hub
Updated 52 min 18 sec ago
Miguel Hadchity
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JLL secures contract to support AlUla’s transformation into global tourism hub

JLL secures contract to support AlUla’s transformation into global tourism hub
Updated 52 min 18 sec ago
Miguel Hadchity

RIYADH: US-based real estate firm JLL has secured a program management contract with AlUla Development Co. to support the Saudi city’s transformation into a global tourism hub.

Under the agreement, JLL will provide project and cost management and strategic consulting to support the planning, development, and delivery of AlUla’s hospitality, residential, and retail offerings. 

This will include feasibility studies, project planning, construction management, and final handover of completed projects, according to a press release.

The contract with the Public Investment Fund’s subsidiary was signed during a ceremony held at AlUla Development Co.’s office in Riyadh.

Speaking at the event, Maroun Deeb, JLL’s head of project and development services for Saudi Arabia and Bahrain, expressed his pride in contributing to AlUla’s ambitious vision. 

“We are honored to have been chosen to support the AlUla Development Co. on such a significant project. This appointment reinforces our reputation as one of the leading project and program management consultancies in the region,” Deeb said.

He added: “By leveraging our expertise in large-scale projects, construction data insights, leading technology, and sustainable practices, we will ensure better client outcomes.”

Saud Al-Sulaimani, country head of Saudi Arabia at JLL, emphasized the company’s in-depth involvement in AlUla’s development journey. 

He said: “JLL has been at the forefront of AlUla’s transformation from the very beginning, being one of the first companies to work on this iconic destination. Our deep-rooted expertise in supporting the Kingdom’s vision of economic diversification and sustainable growth positions us uniquely for this appointment.”

Al-Sulaimani added: “We are committed to delivering exceptional value and impactful results as we continue to build upon our legacy in Saudi Arabia and drive forward AlUla’s ambitious development agenda.”

AlUla, a region rich in history, is a cornerstone of Saudi Arabia’s Vision 2030 strategy to diversify the economy and establish the country as a global tourism hub. The area’s development focuses on balancing heritage preservation with innovative urban growth. 

JLL’s appointment builds on the company’s significant portfolio in the Kingdom. According to the press release, the project and development services team is currently managing projects with a combined capital value of $30 billion. 

The US firm’s services include overseeing development, project and program management, and cost consultancy, as well as engineering design, workplace fit-out, health and safety advisory, digital solutions, and sustainability consulting.

Topics: AlUla Development Co JLL

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Closing Bell: Saudi main index ends in the green at 12,097

Closing Bell: Saudi main index ends in the green at 12,097
Updated 16 December 2024
Nirmal Narayanan
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Closing Bell: Saudi main index ends in the green at 12,097

Closing Bell: Saudi main index ends in the green at 12,097
  • Parallel market Nomu dropped 28.63 points to close at 31,144.44
  • MSCI Tadawul Index rose 4.13 points, or 0.27%, to finish at 1,517.67
Updated 16 December 2024
Nirmal Narayanan

RIYADH: Saudi Arabia’s Tadawul All Share Index rebounded on Monday, gaining 37.20 points, or 0.31 percent, to close at 12,096.73.

The benchmark index saw a total trading turnover of SR4.74 billion ($1.26 billion), with 71 stocks advancing, while 154 declined.

Meanwhile, Nomu dropped 28.63 points to close at 31,144.44. The MSCI Tadawul Index also posted a modest gain, rising 4.13 points, or 0.27 percent, to finish at 1,517.67.

Saudi Industrial Development Co. led the main market, with its share price surging 4.27 percent to SR28.10. Other notable gainers included Riyadh Cables Group Co. and Dr. Soliman Abdel Kader Fakeeh Hospital Co., whose shares increased by 4.14 percent and 4.12 percent, closing at SR151 and SR70.80, respectively.

On the downside, Saudi Chemical Co. saw its share price dip by 3.59 percent to SR9.93.

Balsm Alofoq Medical Co., which debuted on the Nomu market on Monday, was the top performer on the parallel market, with its share price soaring 30 percent to SR78.

Additionally, Neft Alsharq Co. for Chemical Industries saw a notable increase, with its share price rising 13.27 percent to SR5.55.

On the announcements front, Saudi-based online beauty brand Nice One has set its final offer price at SR35 for its upcoming initial public offering, positioning the company for a market capitalization of over SR4 billion upon listing.

The company revealed that institutional book-building orders exceeded SR169 billion, reflecting a subscription coverage of 139.4 times.

The retail subscription period for the IPO is scheduled from Dec. 24 to 25. If all formalities are completed by the Capital Market Authority and Saudi Exchange, the offered shares will be listed on the main market.

Meanwhile, Obeikan Glass Co. announced the commencement of trial operations at its new aluminum casting facility, the Saudi Aluminum Casting Foundry, on Dec. 16. The commercial operations of the plant, located in Al-Madina Al-Munawwara Industrial City, are expected to begin in Q1 2025, with a focus on manufacturing and casting aluminum products.

Topics: TASI NOMU Closing Bell Tadawul Saudi Arabia MSCI Tadawul Index Saudi Stock Exchange (Tadawul) Saudi stock market Tadawul All Share Index (TASI)

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BP, ADNOC’s XRG agree Egypt gas JV Arcius Energy

BP, ADNOC’s XRG agree Egypt gas JV Arcius Energy
Updated 16 December 2024
Reuters
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BP, ADNOC’s XRG agree Egypt gas JV Arcius Energy

BP, ADNOC’s XRG agree Egypt gas JV Arcius Energy
  • Arcius Energy is 51% owned by BP and 49% owned by XRG
  • ADNOC announced last week the newly-created XRG’s board members
Updated 16 December 2024
Reuters

DUBAI: BP and Abu Dhabi National Oil Company’s international investments arm XRG said on Monday they have closed a deal for a new natural gas joint venture in Egypt, as ADNOC expands its efforts to grow abroad.
The joint venture, Arcius Energy, is 51 percent owned by BP and 49 percent owned by XRG. It will operate in Egypt initially.
Naser Saif Al-Yafei, an ADNOC veteran, was hired as Arcius’ chief executive. He most recently led strategy, sustainability and transformation at subsidiary ADNOC Gas. Katerina Papalexandri, vice president of gas and low carbon energy growth at BP, was appointed chief financial officer.


“Arcius Energy brings together the strengths of our two companies to create a dynamic new platform for international growth in natural gas in the region,” BP Chief Executive Murray Auchincloss said in the statement, adding that Egypt was “a hub for new opportunities to build out a highly competitive gas portfolio in the region.”
Sultan Al-Jaber, XRG executive chairman and ADNOC CEO, said the JV “fully aligns with XRG’s objectives to accelerate the transformation of energy systems and build a world-scale integrated gas and chemicals portfolio to meet rising global demand.”
Arcius’ concessions in Egypt comprise a 10 percent interest in Shorouk, which contains the giant Zohr field operated by Eni and 100 percent of North Damietta, which contains the producing Atoll field operated by the Pharaonic Petroleum Company.


It also has exploration concession agreements for North El Tabya, Bellatrix-Seti East and North El Fayrouz.
ADNOC announced last week that the newly-created XRG’s board members include Blackstone’s Jon Gray and former BP boss Bernard Looney, who was dismissed by BP’s board last December after the oil major said he had knowingly misled the board by failing to disclose past relationships.
The appointment of big names from the world of finance and energy to XRG’s board signals its grand ambitions, as ADNOC pursues its aggressive growth strategy.
XRG, which ADNOC said is valued at more than $80 billion, will focus on overseas investments in low-carbon energy, including gas, chemicals and renewables.

Topics: BP ADNOC Egypt oil and gas energy

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Pakistan central bank cuts key rate by 200 bps, fifth in a row

Pakistan central bank cuts key rate by 200 bps, fifth in a row
Updated 16 December 2024
Reuters
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Pakistan central bank cuts key rate by 200 bps, fifth in a row

Pakistan central bank cuts key rate by 200 bps, fifth in a row
  • This is fifth straight reduction since June as country keeps up efforts to revive a sluggish economy with inflation easing
  • Pakistan’s latest move makes this year’s cuts most aggressive among emerging market central banks in current easing cycle
Updated 16 December 2024
Reuters

KARACHI: Pakistan’s central bank cut its key policy rate by 200 basis points to 13% on Monday, it said in a statement, for a fifth straight reduction since June as the country keeps up efforts to revive a sluggish economy with inflation easing.

Pakistan’s latest move makes this year’s cuts the most aggressive among emerging market central banks in the current easing cycle, barring outliers such as Argentina.

The South Asian country is navigating a challenging economic recovery path and has been buttressed by a $7 billion facility from the International Monetary Fund (IMF) in September.

All 12 analysts surveyed by Reuters expected a 200 bps cut, after inflation fell sharply, slowing to 4.9% in November, largely due to a high base a year earlier, coming in below the government’s forecast and significantly lower than a multi-decade high of around 40 percent in May last year.

Monday’s move follows cuts of 150 bps in June, 100 in July, 200 in September, and a record cut of 250 bps in November, that have taken the rate down from an all-time high of 22%, set in June 2023 and left unchanged for a year.

It takes the total cuts to 900 bps since June.
 

Topics: Pakistan State Bank of Pakistan monetary policy Arab News Pakistan

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