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PIF launches new local business opportunities at Private Sector Forum

PIF launches new local business opportunities at Private Sector Forum
The PIF Private Sector Forum aims to foster partnerships between PIF, its portfolio companies and the private sector. (Reuters)
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Updated 06 February 2024
Arab News
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PIF launches new local business opportunities at Private Sector Forum

PIF launches new local business opportunities at Private Sector Forum
  • Second PIF Private Sector Forum complements the efforts of PIF and its portfolio companies in enabling and enhancing the local private sector
  • Event expects to attract over 8,000 private sector attendees and will feature over 100 booths for PIF’s portfolio companies and government entities
Updated 06 February 2024
Arab News
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RIYADH: The Public Investment Fund will hold its second Private Sector Forum from Feb. 6-7 at the King Abdulaziz International Convention Center in Riyadh.

This event aims to foster partnerships between PIF, its portfolio companies and the private sector.

It aligns with PIF’s strategy to increase local content through its portfolio companies to 60 percent by the end of 2025, and the Vision 2030 objective to increase private sector contribution to GDP to 65 percent by 2030.

The Private Sector Forum will host a range of senior figures, including government ministers and PIF executives, as well as CEOs and thought leaders, and representatives of over 80 PIF portfolio companies. The event will also feature in total over 100 portfolio companies and government entities’ booths and also expects more than 8,000 private sector participants from various strategic sectors.

The 2024 PIF Private Sector Forum will complement PIF and its portfolio companies’ efforts to further empower the local private sector, enhancing its competitiveness and capacity for innovation.

It will see the launch of new programs and initiatives aimed at diversifying the local economy, enhancing the capabilities of strategic sectors, boosting competitiveness, increasing local content and creating job opportunities. It will underline the importance of private sector empowerment in developing the local economy and achieving the goals of Vision 2030.

In its second edition, the forum will feature a number of sessions and workshops dealing with a range of strategic topics, focusing on the objectives of Vision 2030 in empowering and enhancing the role of the private sector, as well as PIF efforts in driving toward this initiative.

The sessions will also discuss financing solutions for vendors through several programs, in addition to future opportunities for new local sectors and the contribution of private sector investment in developing value and supply chains. The forum will also explore opportunities for collaboration and partnership involving PIF, its portfolio companies and the private sector and will provide a significant platform for private sector networking.

Since 2017, PIF has established 93 companies and has been instrumental in creating over 644,000 direct and indirect jobs across various key promising sectors. PIF created its National Development Division (NDD) to support national development through PIF investments. The division’s objectives include enhancing private sector participation and emphasizing private business’ roles with portfolio companies.

Topics: Public Investment Fund (PIF) PIF Private Sector Forum King Abdulaziz International Conference Center (KAICC)

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Number of hotel rooms in Saudi Arabia surges 107% in Q3

Number of hotel rooms in Saudi Arabia surges 107% in Q3
Updated 3 min 40 sec ago
NOUR EL-SHAERI   
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Number of hotel rooms in Saudi Arabia surges 107% in Q3

Number of hotel rooms in Saudi Arabia surges 107% in Q3
  • Room licenses doubled to over 3,950, as opposed to 2,000 permits in the third quarter of last year
  • Kingdom aims to create over 1 million tourism-related jobs, driving economic growth and increasing its global travel footprint
Updated 3 min 40 sec ago
NOUR EL-SHAERI   

RIYADH: Saudi Arabia’s tourism sector experienced a 107 percent increase in hotel rooms year-on-year in the third quarter of the year, according to official data. 

The Kingdom’s hospitality industry saw room numbers increase from 214,600 in the third quarter of last year to 443,200 during the same period in 2024. 

Room licenses also doubled to over 3,950, as opposed to 2,000 permits in the third quarter of last year. 

Saudi Arabia has ambitious tourism objectives, aiming to attract 150 million visitors annually by the end of the decade as part of its Vision 2030 plan. 

The initiative is key to diversifying the country’s economy beyond oil, with tourism expected to become a necessary pillar of the Kingdom’s gross domestic product. 

The nation has plans for investments exceeding $1 trillion for new attractions and infrastructure, including the Red Sea initiative and NEOM, a $500 billion mega-city. 

An accessible e-visa program has also been introduced to facilitate international travel. 

By focusing on heritage sites, luxury resorts, and cultural experiences, the Kingdom aims to create over 1 million tourism-related jobs, driving economic growth and increasing its global travel footprint. 

In February, Saudi Arabia’s Minister of Tourism Ahmed Al-Khateeb announced plans to add 250,000 hotel rooms by 2030, with 75,000 to be developed through private sector contracts. 

During a ministerial panel session at the Private Sector Forum in Riyadh, Al-Khateeb said the total number of hotel rooms in the Kingdom had reached 280,000 by the end of 2023. 

He also said that the target for 2030 is approximately 550,000 hotel rooms, emphasizing the high quality of current and upcoming projects, which will position Saudi Arabia among the top global destinations. 

The minister added that the tourism sector had reached a 10 percent contribution to GDP and a 7 percent contribution to non-oil GDP. 

Al-Khateeb said that the Kingdom has surpassed its original target of attracting 100 million tourists by 2030, reporting 100 million visitors so far, including 77 million domestic and 27 million international travelers. 

Topics: Saudi Arabia saudi tourism Saudi hotels Ahmed Al-Khateeb

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Closing Bell: Saudi indices close in green at 12,048

Closing Bell: Saudi indices close in green at 12,048
Updated 03 November 2024
NOUR EL-SHAERI   
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Closing Bell: Saudi indices close in green at 12,048

Closing Bell: Saudi indices close in green at 12,048
  • MSCI Tadawul Index increased by 5.51 points, or 0.37%, closing at 1,512.82
  • Parallel market Nomu gained 72.27 points, or 0.27%, to close at 27,297.45
Updated 03 November 2024
NOUR EL-SHAERI   

RIYADH: Saudi Arabia’s Tadawul All Share Index started the week in green, gaining 26.15 points, or 0.22 percent, to close at 12,048.26. 

The total trading value of the benchmark index was SR4.2 billion ($1.1 billion), with 82 listed stocks advancing, while 147 retreated. 

The MSCI Tadawul Index also increased by 5.51 points, or 0.37 percent, closing at 1,512.82. 

The Kingdom’s parallel market Nomu gained 72.27 points, or 0.27 percent, to close at 27,297.45, with 38 stocks advancing and 35 retreating. 

The best-performing stock of the day was Riyadh Cables Group Co., whose share price surged by 9.98 percent to SR112.40. 

Other top performers included MBC Group Co., which saw a rise of 9.98 percent to SR45.75. 

Anaam International Holding Group and Al-Baha Investment and Development Co. also recorded gains of 8 percent and 7.69 percent, closing at SR1.35 and SR0.28, respectively. 

Rabigh Refining and Petrochemical Co. was also among the top performers with SR8.61, recording a 5.51 percent increase. 

Quara Finance Co. announced its nine-month financial results, seeing SR147.1 million in revenue, a 2.3 percent year-on-year increase. 

Despite the company’s gains in sales, net profit saw a 28.1 percent yearly decline, recording SR34.5 million in net income. 

Quara attributed the revenue increase to a growth in yield of the retail portfolio, while the decrease in profits was due to an increase in write-offs and decrease in write-off recoveries. 

Quara closed Sunday’s trading at SR16, a 0.49 percent increase. 

Elm Co. also released its financial results for the nine months of the year recording SR5.2 billion in revenue, a 25.2 percent year-on-year increase. 

The company’s net profit also saw an increase to reach SR1.3 billion, a 29.1 percent growth. 

Elm attributed the revenue growth to a 25.66 percent increase in digital business revenue and a 29.02 percent rise in business process outsourcing revenue, partially offset by a 19.13 percent decline in professional services revenue. 

Elm closed Sunday’s trading at SR1,072.20, a 4.85 percent increase. 

Tanmiah Food Co. reported a revenue increase of 23.8 percent year on year for the first nine months, reaching SR1.8 billion. 

Net profits also increase by 39.3 percent to reach SR69.1 million by the end of the period, driven mainly by fresh poultry. 

Tanmiah Food closed Sunday’s trading at SR143, a 4.99 percent increase. 

Dr. Sulaiman Al Habib Medical Services Group’s revenue also increased by 14.9 percent in the first nine months of the year compared to the same period last year, to reach SR8 billion. 

Net profits grew to reach SR1.7 billion, an 11.8 percent year-on-year increase. 

The revenue increase was primarily driven by growth in the hospital and pharmacy segments, fueled by a rise in the number of patients in the hospital sector. The rise in net profits was largely attributed to this revenue growth. 

Dr. Sulaiman Al Habib Medical Services Group closed Sunday’s trading at SR288.40, a 0.77 percent increase. 

Fragrance company Al Majed Oud Co. reported revenue of SR683.7 million for the first nine months of the year, marking a 25.5 percent increase compared to the same period last year. 

Net profits rose to SR141.9 million, a 23.3 percent year-over-year increase. The company attributed the growth in profits and sales to the strong performance of branches opened in 2023, which significantly boosted sales in the current period. 

Al Majed Oud Co. closed trading at SR150.60, a 1.05 percent decrease.

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

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Saudi road maintenance time down 40% thanks to modern technology, transport minister says

Saudi road maintenance time down 40% thanks to modern technology, transport minister says
Updated 03 November 2024
REEM WALID 
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Saudi road maintenance time down 40% thanks to modern technology, transport minister says

Saudi road maintenance time down 40% thanks to modern technology, transport minister says
  • Saleh Al-Jasser said cutting-edge innovations have helped reduce carbon emissions
  • Several road networks were surveyed to identify shortcomings and execute safety initiatives, minister said
Updated 03 November 2024
REEM WALID 

RIYADH: Saudi road maintenance time has been slashed by 40 percent thanks to modern technologies, according to the Kingdom’s Minister of Transport and Logistics Services. 

During a speech on the first day of the Road Safety and Sustainability Conference taking place in Riyadh from Nov. 3—4, Saleh Al-Jasser said the cutting-edge innovations have also helped reduce carbon emissions.

This falls in line with Saudi Arabia’s Roads General Authority’s vision of enhancing the safety and sustainability of the road sector through national competencies. It also aligns with the body’s keenness to improve the quality of road networks and user experience, as well as foster innovation. 

It is also in line with the authority’s objective to reduce the number of road deaths to less than five cases per 100,000 people.

“Modern technologies have helped reduce road maintenance time by up to 40 percent while reducing carbon emissions,” Al-Jasser said. 

He added: “The Kingdom has implemented many scientific innovations such as road cooling and rubber roads and has advanced in the road quality index to fourth place among the G20 countries.”

The minister highlighted how this confirms its leadership in achieving the highest safety and quality standards on roads. 

“The Kingdom’s vision has given great attention to quality of life and road safety,” Al-Jasser said.

“The Kingdom’s road network is the world’s first in terms of connectivity, and enhances sustainable development for individuals and goods according to the highest standards of security and safety,” he also said. 

The minister went on to say a large number of road networks were surveyed to identify shortcomings and execute safety initiatives. Several measures have been implemented following the reviews. 

Speaking at the same event, the Vice Minister of Transport and Logistics Services for Road Affairs and Acting CEO of RGA, Badr Abdullah Al-Dulami, shared findings from the world’s largest road survey, which confirmed that 77 percent of the Kingdom’s roads meet safety standards. He also highlighted that protection measures in traffic diversions have risen to 95 percent.

“Expanding an advanced research study that the authority is working on to use the products of building demolition in asphalt mixtures, which contributes to preserving the environment and investing in natural resources,” Al-Dulami said. 

“Launching the Saudi Road Code, which contributes to raising the level of safety, preserving the environment, and preparing the infrastructure for self-driving vehicles,” he added. 

Chairman of the International Road Federation, Abdullah bin Abdulrahman Al-Muqbil, was also present during the event. 

“To make roads safer for travel, we have harnessed modern technologies to sustain them and raise their efficiency,” Al-Muqbil said. 

The chairman said the federation has established effective partnerships with member states, including the Kingdom, which has led to enhanced safety and sustainability in the road sector and the adoption of modern technologies.

Topics: Saudi Arabia Saleh Al-Jasser Roads General Authority (RGA) roads International Road Federation (IRF)

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IMF to begin delayed review of Egypt loan program: PM

IMF to begin delayed review of Egypt loan program: PM
Updated 03 November 2024
AFP
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IMF to begin delayed review of Egypt loan program: PM

IMF to begin delayed review of Egypt loan program: PM
  • 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 03 November 2024
AFP

CAIRO: The International Monetary Fund will this week begin its delayed fourth review of Egypt’s 46-month loan program, Prime Minister Mostafa Madbouly said on Sunday.
The review had originally been scheduled for the end of September.
It comes under an agreement Cairo signed with the IMF in April, expanding an original loan from $3 billion to $8 billion to help Egypt manage its economic challenges.
The fourth review will unlock $1.2 billion in new financing.
At a Cairo joint news conference with IMF’s managing director Kristalina Georgieva, Madbouly said the IMF team would start work on the review on Tuesday “with Egypt’s central bank and relevant ministries.”
Georgieva praised “the commitment and the strength of the actions Egypt has already taken.”
She cited moving to “a flexible exchange rate regime,” boosting “the role of the private sector as a source of growth and jobs” and consolidating “social protection by moving away from untargeted subsidies.”
The IMF chief acknowledged the challenges faced by the country’s economy amid regional conflicts.
She said “conditions have become more difficult for no fault of your own, but because of the conflict in your neighborhood.”
Earlier on Sunday, Georgieva met President Abdel Fattah El-Sisi.
A statement from the presidency quoted El-Sisi as saying Egypt “would prioritize easing the burden of inflation on citizens,” focusing on curbing rising prices, attracting investments and empowering the private sector.
The government raised fuel prices last month by up to 17 percent after inflation hit 26.4 percent in September.
Last month, El-Sisi said his government might reconsider the loan program if it creates “unsustainable public pressure.”
He cited challenges from ongoing regional instability, particularly the prolonged conflict in the Gaza Strip.
Despite the rising cost of living, Georgieva said Sunday Egyptians “will see the benefits of these reforms in a more dynamic, more prosperous Egyptian economy.”
She said she expected inflation to slide to 16-17 percent by the end of this fiscal year (to June 2025) after peaking at 37 percent.
Jihad Azour, the IMF’s Middle East and Central Asia director, last week also acknowledged challenges faced by Egypt’s economy.
In addition to the Gaza, Lebanon and Sudan conflicts, he cited a significant decline in Suez Canal revenue.
“The reduction in trade volume going through the Suez Canal has affected revenues by more than 60 to 70 percent on average, which would represent $4.5 to $5 billion in revenues,” Azour said.
In May, the IMF said traffic through the canal dropped by 66 percent the previous month as ships avoided Red Sea shipping lanes to avoid attacks by the Iran-backed Houthi militia in Yemen.

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 03 November 2024
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 03 November 2024
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 Osama Faqeeha, the Kingdom’s deputy minister for environment at the Ministry of Environment, Water and Agriculture. 

Faqeeha, who is also the adviser to the COP16 presidency, 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 United Nations Convention to Combat Desertification (UNCCD)

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