Saudi Arabia to boost private sector investments in manufacturing: deputy minister

During his opening speech on the second day of the Riyadh International Industry Week 2024, Deputy Minister of Industry and Mineral Resources for Industrial Affairs Khalil bin Salamah pointed out that partnership with non-government bodies is of great importance in achieving industrial development in the Kingdom. SPA

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Updated 12 May 2024

Arab News

May 09, 2024 12:33

Saudi Arabia to boost private sector investments in manufacturing: deputy minister

Updated 12 May 2024

Arab News

May 09, 2024 12:33

RIYADH: Saudi Arabia aims to bolster private sector investment in the manufacturing industry, capitalizing on the Kingdom’s swift growth, according to a top official.

He affirmed that building strategic partnerships with the private sector contributes to driving economic growth in the Kingdom, and the integration and harmony of work between government and non-government entities contributes to overcoming the obstacles, according to the Saudi Press Agency.

Bin Salamah added: “We look forward to leading the private sector in increasing investment in the manufacturing sector and leveraging the rapid growth in the Kingdom.”

Private sector investments in Saudi Arabia’s industrial field more than doubled in the first quarter of 2024, surpassing SR7 billion ($1.8 billion), according to a report released by the Saudi Authority for Industrial Cities and Technology Zones, also known as MODON, in April.

The deputy minister went on to explain that the national industrial strategy was built primarily in partnership with the private sector, and there is a partnership-based business model within the industrial system.

The Kingdom is set to boost private sector investments with the desire to enhance cooperation between core and transformational companies to develop businesses and create new opportunities, the top official affirmed.

Bin Salamah stated: “We are currently working on maximizing current production capacities, where a committee has been established to integrate petrochemical supply chains, addressing challenges related to the availability and competitiveness of petrochemical materials.”

He added: “We encourage all companies in the sector to collaborate with us to address challenges and contribute to finding appropriate solutions.”

The deputy minister highlighted that the Kingdom is a leading country in the petrochemical industry, enabling it to expand supply chains to support economic growth and enhance supply chains of related industries.

He added that the Ministry of Industry and Mineral Resources is working with the Ministry of Energy and the government system to empower the sector by enhancing the integration of petrochemical supply chains in the Kingdom.

These efforts, according to Bin Salamah, aim to ensure the availability and competitiveness of petrochemical materials used to produce specialized products, enabling sector growth and enhancing supply chain integration.

He further explained that the Kingdom aims to strengthen its industrial base and diversify its economy, with attracting private sector investments being a fundamental part of its industrial strategy.

The deputy minister emphasized that the industrial system plays a pivotal role in enabling growth and development in the industrial sector in the Kingdom through enhancing integration between sectors and their supply chains, developing basic and specialized infrastructure and facilities, and encouraging investment in joint projects between companies operating in various sectors.

He pointed out that the ministry is keen on creating continuous industrial momentum in the Kingdom, noting that the Industry Week includes four major industrial exhibitions under one roof, including the Saudi Plastics & Petrochem, Saudi Print & Pack, Saudi Smart Manufacturing, and Smart Logistics Services.

Topics: main suadi manufacturing Investment

Saudi Arabia’s construction contracts jump 47% to $49.3bn in H1 2024

Updated 6 sec ago

Nadin Hassan

November 21, 2024 10:06

Saudi Arabia’s construction contracts jump 47% to $49.3bn in H1 2024

Updated 6 sec ago

Nadin Hassan

November 21, 2024 10:06

RIYADH: Saudi Arabia’s construction sector continues to thrive, with contract awards totaling SR185 billion ($49.3 billion) in the first half of the year, revealed a senior executive.

Speaking during a webinar hosted by the US-Saudi Business Council, Albara’a Al-Wazir, the council’s director of economic research, said the figure represents a 47 percent increase compared to the previous year.

He added that 2024 was well above where 2023 stood at the same point last year. “On a quarterly basis, in Q2, the value of contract awards reached about $17.6 billion — that’s about SR66 billion — and grew year over year by about 11 percent,” said Al-Wazir.

He further highlighted that the year-to-date performance was even more impressive.

Al-Wazir emphasized that the construction sector benefits from strong collaboration between the government and the private sector in helping meet Vision 2030 targets.

“The private sector’s contribution was 4.9 percent, demonstrating exponential growth in construction contracts,” the executive added.

The overall construction index, which tracks construction activity expected to move into the execution phase within six to 18 months, surged significantly to reach 271 points.

“Sustained growth is evident, with the index showing year-over-year increases of 33 percent,” Al-Wazir said.

Regarding sector-specific growth, he said: “Oil and gas, real estate, and water sectors are keeping the momentum from the first quarter into the second quarter, and the growing influential role of the private sector is expanding not just the economy in general but specifically the construction sector.”

Oil and gas represented 41 percent of total contract awards, with the second quarter seeing a 505 percent year-over-year growth, largely due to Saudi Aramco’s projects.

“The oil and gas sector reached unprecedented levels, with $7.3 billion in Q2 alone,” Al-Wazir said.

The real estate sector also showed strong growth, with an 8 percent year-over-year increase in contract values. Residential real estate remains a key focus, especially as the Kingdom moves closer to its 2030 goal of 70 percent homeownership.

Water infrastructure saw a 26 percent year-over-year growth, with projects such as sewage plants in the Eastern Province contributing to the overall momentum.

“There is no sign of a slowdown in these sectors,” he said, adding that the pace of contract awards is expected to remain strong.

Regional overview

Regional breakdowns showed that the Eastern Province remains the dominant hub for construction, accounting for 59 percent of total contract awards, driven primarily by oil and gas projects based there.

Riyadh has also experienced growth, especially in the real estate sector, which accounted for 56 percent of contracts in the capital. Key projects include educational and healthcare infrastructure, such as the SR2.3 billion King Salman University project and the Diriyah Gate.

Saudi Arabia’s investment surge in infrastructure is part of a broader strategy to build a sustainable and diversified economy.

“The Kingdom is positioning itself as a diversified economic powerhouse with a thriving private sector that can sustain its economy and drive innovation,” Al-Wazir added.

Urban transformation

Saudi Arabia’s urban landscape is undergoing a significant transformation, shifting from a centralized model dominated by Riyadh and Jeddah to a polycentric approach, according to Elias Abou Samra, CEO of RAFAL Real Estate Development Co.

“Economic activity is no longer clustered solely around traditional hubs. We’re seeing new nodes emerging in the south, such as the Red Sea as a tourist destination, NEOM in the northwest, and economic centers like Dammam and even the north,” Abou Samra said.

These new urban nodes are being connected through advanced infrastructure, including high-speed railways and newly opened airports.

This shift, Abou Samra noted, is creating new opportunities for investment and employment while boosting the competitiveness of industries like mining and electric vehicle production.

“King Abdullah Economic City, for example, is leading in EV car production, and this is just one of many examples,” he added.

Abou Samra also highlighted the Kingdom’s progress in human capital development. “Saudi Arabia created 1 million jobs in 2023, and we’re on track to break this record in 2024,” he noted, stressing that much of this growth is being driven by the private and quasi-governmental sectors.

He further pointed out that Saudi Arabia has become an increasingly attractive destination for expatriates, particularly with initiatives like the premium residency program.

“This program allows expats to invest in real estate and economic sectors through equity stakes, opening opportunities that were previously inaccessible,” he explained.

While acknowledging the progress, Abou Samra pointed out areas where further improvements are needed, particularly in economic efficiency.

“I’m not here just to paint a rosy picture, and we need to keep a close eye on economic growth and the efficiency of the economy. The short-run multiplier stands at 0.2 as we speak, and medium to long term, it peaks at 0.6. If we compare this to the G20 countries, we are lagging behind,” he said.

Abou Samra added, “But the good news is that the government is very keen on improving the multiplier effect, and the efficiency of the public sector is increasing by the quarter, not to say, by the day. This is driven by new involvement by the youth in the public sector.”

This comes as Saudi Arabia continues to prioritize both social and physical infrastructure development in alignment with Vision 2030.

“These are really focal points that the Kingdom is addressing currently,” Al-Wazir said.

Meanwhile, physical infrastructure projects serve as the backbone for developments across the country, requiring significant investment and resources.

One example is Riyadh’s redevelopment under the Royal Commission for Riyadh City, which is heavily dependent on physical infrastructure support.

Gross fixed capital formation, a measure of investment in infrastructure and assets, rose by 3.2 percent overall, with private sector contributions growing 5.3 percent.

“We’re starting to see an inflection point where the private sector is growing its role, while government contributions have declined by 8 percent year-over-year,” Al-Wazir said.

The Kingdom’s emphasis on fostering public-private partnerships and attracting foreign direct investment is expected to reshape its business landscape.

“Bolstered public-private partnerships and FDI are likely to foster a more dynamic private sector, driving innovation in technology, urban planning, and renewable energy,” Al-Wazir added.

The executive reaffirmed the trajectory of Saudi Arabia’s construction sector, noting that the Kingdom is on track to meet many of its Vision 2030 targets, driven by record-breaking investments and an expanding private sector role.

Topics: Saudi-US business council construction main

Saudi local content projects valued at $213bn by Q3 2024, says Alkhorayef

Updated 20 November 2024

MOHAMMED AL-KINANI

November 20, 2024 17:41

Saudi local content projects valued at $213bn by Q3 2024, says Alkhorayef

Updated 20 November 2024

MOHAMMED AL-KINANI

November 20, 2024 17:41

JEDDAH: The value of projects under Saudi Arabia’s local content initiatives has reached approximately SR800 billion ($213 billion) by the third quarter of 2024, according to the Kingdom’s Minister of Industry and Mineral Resources, Bandar Alkhorayef.

Speaking at the ongoing second edition of the Local Content Forum in Riyadh, themed “Partnerships for Sustainable Growth,” Alkhorayef revealed that Saudi Arabia’s share of local content in government procurement has increased from 33 percent in 2020 to 47 percent by the third quarter of 2024.

The minister, who also serves as chairman of the Local Content and Government Procurement Authority, added that the authority has focused on encouraging target sectors to adopt and prioritize local content, improving governance in government procurement processes, and enhancing efficiency in this area.

Established in 2018, the LCGPA is responsible for developing and overseeing policies and regulations, fostering local opportunities, promoting transparency, and utilizing national purchasing power. In collaboration with both public and private sectors, its mission is to strengthen local content in the national economy and improve government procurement processes.

The second edition of the forum builds on the success of the first, offering new opportunities for knowledge exchange, experience sharing, and raising awareness about the enablers, mechanisms, and policies of local content.

During his speech, Alkhorayef emphasized the critical role of the LCGPA in advancing local content, which he described as a cornerstone of Saudi Vision 2030.

He highlighted local content as both a brilliant concept and a key innovation introduced by Vision 2030. Alkhorayef noted that local content has received consistent attention since its inception, with Crown Prince Mohammed bin Salman underscoring its national importance in his meetings.

The initiative has now become integral to national strategies and government actions, receiving recognition at local, regional, and international levels.

The minister further stated that the authority’s success is a result of a shared belief in the importance of local content. To maximize its impact, the authority has established and activated over 380 local content teams across various entities to ensure proper implementation and compliance with policies.

Alkhorayef also mentioned that the authority has supported national factories by adding 1,100 new products to the mandatory list, directing nearly SR87 billion in national spending toward local products from early 2022 through Q3 2024.

Additionally, the number of factories producing items on the mandatory list has increased by 1,437, reaching a total of approximately 6,100, an 8 percent growth rate—surpassing the 5 percent growth rate of all factories in the Kingdom. This growth has generated over 42,000 new job opportunities in the past three years, supporting the Kingdom’s efforts to empower national talent and create sustainable employment.

Alkhorayef also highlighted the authority’s success in signing 50 agreements to localize industries and transfer knowledge in key sectors such as transportation, logistics, medical supplies, pharmaceuticals, and water. These agreements are expected to contribute over SR47 billion to the country’s gross domestic product.

The minister emphasized that the benefits of local content extend beyond economic outcomes, contributing to stronger local capabilities, enhanced national security against global challenges, improved supply chain resilience, and increased foreign investment and technology transfer to the Saudi market.

He reiterated that achieving the shared national goal of advancing local content requires the collective effort of all sectors, affirming that the LCGPA is working at an accelerated pace with national entities to realize this goal and fulfill the Kingdom’s aspirations.

In his address during the forum, Faisal Al-Ibrahim, minister of planning and economy, emphasized the importance of knowledge transfer for local content.

He remarked: “Today we may produce a simple product, but tomorrow there will be multiple simple products, and over time, more complex products will be built on them. This accumulated knowledge sustains long-term economic diversification.”

Al-Ibrahim noted that Saudi Vision 2030’s core objective is to diversify economic growth by fostering an environment conducive to developing competitive products and services for global markets. He emphasized that local content is essential for the economy’s resilience and its ability to address future challenges.

In a panel discussion titled “Future Directions of Local Content in the Context of Saudi Vision 2030,” Al-Ibrahim explained that increasing exports will help diversify sources of growth, aiming for expansion beyond oil and public finances. This strategy will drive private sector growth, support small and medium-sized businesses, and create sustainable jobs.

Investment Minister Khalid Al-Falih also participated in the forum, asserting that the Saudi economy “should be, and is, part of an integrated global economy.”

He noted that globalization is here to stay, despite evolving supply chain dynamics and country-to-country connections. Al-Falih stressed that Saudi Arabia is targeting foreign investment to reach 5.7 percent of the total economy, aiming for a market worth over SR6 trillion by 2030, equating to nearly SR388 billion in investment.

Highlighting the local economy’s importance, Al-Falih pointed out that Saudi Aramco has become a global hub for knowledge and technology transfer. He also noted SABIC’s success in building a vast petrochemical industry in Saudi Arabia through partnerships with foreign investors and mentioned Ma’aden’s expanding global presence.

Ahmed Al-Zahrani, assistant minister of energy for development and excellence, discussed the role of the country’s energy sector localization committee, chaired by Energy Minister Prince Abdulaziz bin Salman and deputized by Alkhorayef.

Al-Zahrani emphasized the committee’s mission to promote localization and ensure stable supply chains within the energy sector. He highlighted a research and development program in collaboration with over 14 government and private entities, including Aramco, ACWA Power, SABIC, and several universities.

The goal, he said, is to ensure the sustainability of localization from research and development through innovation to the final product.

Topics: Local content SaudiVision2030 GDP

Closing Bell: Saudi main index closes in red at 11,867

Updated 20 November 2024

Nadin Hassan

November 20, 2024 17:27

Closing Bell: Saudi main index closes in red at 11,867

Updated 20 November 2024

Nadin Hassan

November 20, 2024 17:27

RIYADH: Saudi Arabia’s Tadawul All Share Index declined on Wednesday, shedding 7.99 points, or 0.07 percent, to close at 11,867.92.

The total trading turnover of the benchmark index was SR4.78 billion ($1.27 billion) with 88 of the listed stocks advancing, while 141 declined.

Saudi Arabia’s parallel market Nomu, however, gained by 0.98 percent to 29,859.11.

The MSCI Tadawul Index marginally slipped 0.49 points to close at 1,491.34.

The best-performing stock of the day was Al-Baha Investment and Development Co., with its share price increasing by 7.14 percent to SR0.30.

Fawaz Abdulaziz Alhokair Co.’s share price rose by 8.29 percent to SR14.10, while Development Works Food Co.’s stock surged by 6.85 percent to SR131.

Conversely, Saudi Chemical Co. recorded the biggest drop, falling 2.90 percent to SR9.71.

On the parallel market, the top performer was Dar Almarkabah for Renting Cars Co., with its share price surging 15.45 percent to SR50.80.

Saudi Investment Bank announced the launch of its US-denominated additional tier 1 capital sustainable sukuk under its sukuk program.

In a statement to Tadawul, the bank revealed the appointment of Alistithmar for Financial Securities and Brokerage Co., Citigroup Global Markets Limited, HSBC Bank, and JP Morgan Securities as joint lead managers.

It also appointed Goldman Sachs International, MUFG Securities EMEA plc, Arqaam Capital Limited, and Standard Chartered Bank as bookrunners.

The offering, available to eligible investors in Saudi Arabia and internationally, commenced on Nov. 20 and is scheduled to close on Nov. 21.

With a minimum subscription of $200,000, the sukuk will be perpetual and callable after five years.

Saudi Investment Bank’s share price rose 2.65 percent to SR13.58.

Knowledge Tower Trading Co. has announced a board resolution to transfer from the parallel market to the main market, subject to market approval and fulfillment of all regulatory requirements.

Following the announcement, the company’s share price saw a significant increase of 7.20 percent, closing at SR10.90

Topics: Closing Bell Saudi Stock Exchange (Tadawul)

Tourism seen as key to advancing global climate action, UN official says

Updated 37 min 20 sec ago

Reem Walid

November 20, 2024 17:28

Tourism seen as key to advancing global climate action, UN official says

Updated 37 min 20 sec ago

Reem Walid

November 20, 2024 17:28

RIYADH: Tourism presents a significant opportunity to advance global climate action, said a senior UN official, urging nations to integrate tourism into climate policies.

Speaking in Baku, Nigar Arpadarai, COP29 UN Climate Change high-level champion, emphasized the need for countries to integrate tourism into national climate policies, highlighting Azerbaijan’s progress in implementing this approach.

This comes on the back of a 2019 UN report showing a 60 percent rise in transport-related emissions from tourism between 2005 and 2016, which accounted for 5 percent of global CO2, with projections for a 25 percent increase by 2030.

“Climate change threatens parts of the tourism industry. Tourism is, therefore, an opportunity for both development and enhanced climate action,” Arpadarai said.

“Azerbaijan has advanced sustainability within its own tourism strategy. Building on its experience, the COP29 Presidency is focused on promoting sustainability and resilience in tourism, and we are urging countries to integrate tourism into national climate policy,” she added.

Arpadarai called on parties to join in this effort by signing the COP29 Declaration on enhanced action and tourism.

She further noted that Tourism Day aims to lay the foundations for a holistic approach to sustainable tourism.

“We encourage all stakeholders to join in this effort as we consider solutions to this key pillar of growth and development,” Arpadarai added.

Also speaking during the same conference, Kanan Gasimov, head of the administration at Azerbaijan’s State Tourism Agency, highlighted how the COP29 host is leading efforts to integrate climate considerations into its tourism policies.

“We are committed to driving meaningful change. Tourism is not only a key pillar of our economy but also deeply tied to our rich culture and natural heritage,” Gasimov said.

“We now understand that the future of our destinations depends on the sustainability of our actions today,” he added.

Gasimov also noted that through initiatives like the Baku Declaration, Azerbaijan is determined to position tourism as a force for positive climate impact, both within the country and globally.

“With the momentum we’ve built at COP29, I’m confident that we can achieve transformative change,” he said.

Zorista Urosevic, executive director of UN Tourism, who also attended the conference, emphasized that tourism, recognizing its vulnerability to climate change and its impact on ecosystems, is committed to adopting low-carbon, climate-resilient models aligned with sustainable development goals.

“The launch of the Baku Declaration on enhanced climate action in tourism, promoted by the COP29 presidency, underscores this commitment,” she said.

“Over 50 governments endorsed the Baku Declaration in the last 20 days as well as some non-state stakeholders, and it is planned to continue collecting endorsements until and before COP30,” Urosevic added.

COP29 represents a pivotal moment in global climate negotiations, particularly for the Global South.

Developing nations are poised to continue their fight for substantial climate finance, robust adaptation strategies, and equitable policy outcomes within the framework of common but differentiated responsibilities, based on the respective capabilities of nations.

Expectations are high as delegates discuss topics including carbon emissions reduction, sustainable development, and the integration of climate resilience into national policies.

Topics: COP29 Green & Blue

Saudi CMA seeks feedback on foreign investment and market access reforms

Updated 20 November 2024

Nadin Hassan

November 20, 2024 17:17

Saudi CMA seeks feedback on foreign investment and market access reforms

Updated 20 November 2024

Nadin Hassan

November 20, 2024 17:17

RIYADH: Saudi Arabia’s Capital Market Authority is seeking to attract more foreign investments and improve market accessibility by inviting feedback on proposed amendments to account procedures.

The proposed changes aim to align the Kingdom’s capital market with global regulatory and technological advancements, making it easier for local and international investors to open accounts.

The body is looking for feedback on the proposals, which also include opening doors for non-profit organizations and endowment funds to invest, diversifying the base.

The consultation period will last for 30 days, ending on Dec. 20.

Key changes include the introduction of a new category allowing individual foreign investors residing in the Gulf Cooperation Council countries to invest in shares listed on the Saudi main market directly.

“As global markets continue to expand and evolve, the next phase necessitates enhancing the international presence of the Saudi capital market and increasing its appeal to investors across the region,” according to data revealed by CMA to Arab News.

The data also highlighted that, in practical terms, the CMA has been working to remove regulatory challenges and develop mechanisms to foster the growth of foreign investments in the Saudi capital market.

This comes as the CMA also seeks public feedback on amendments to investment fund regulations particularly in the retail market. The changes aim to improve protections for retail investors, building on the 2021 rule that allowed individual investments up to SR200,000 ($53,245).

Previously, these investors were limited to trading in the debt market, the parallel market Nomu, investment funds, and derivatives, with their main market involvement restricted to swap agreements through capital market institutions.

The proposed amendments will provide these investors with direct access to the main market, potentially attracting more foreign capital, enhancing liquidity, and supporting the local economy.

The CMA is also seeking to simplify the process for opening and operating investment accounts for various types of capital market institution clients.

This includes easing the requirements for endowments, further broadening the investor base, and enhancing access to the Saudi market.

These reforms reflect the Kingdom’s ongoing efforts to modernize its capital market, making it more inclusive, competitive, and appealing to local and international investors.

The CMA is enabling former residents of Saudi Arabia and the GCC to retain access to the market even after relocating, boosting investor confidence.

The authority’s proposal also opens doors for non-profit organizations and endowments to invest, diversifying the investor base.

According to CMA’s data to Arab News, by the end of the first half of 2024, the value of foreign ownership in the capital market had reached SR402.43 billion, increasing by approximately 5.6 times since Dec. 2015, the year foreign investment was first allowed in the Saudi capital market.

In Dec. 2015, the value was SR72.15 billion, reflecting the various facilitations provided by the market, which contributed to attracting these investments.

“The Saudi Market continues to develop regulatory frameworks and supportive laws to attract foreign investments, promote inclusion in global indices, and offer attractive investment opportunities for international investors,” CMA’s data emphasized.

Through adopting various strategic initiatives, the aim is to diversify the investor base and participants in the market, helping the Saudi capital market to become a leading regional and global financial hub.

On Nov. 13, CMA approved its largest regulatory overhaul to date for the sukuk and debt instruments market, marking a significant step in the country’s financial sector development.

The newly approved changes introduce key amendments to the rules on the offer of securities and continuing obligations, particularly related to the issuance of debt instruments.

These adjustments simplify prospectus requirements for public, private, and exempted offerings, streamlining the process and reducing regulatory burdens.

The changes will take effect as soon as they are published and are designed to attract a wider range of issuers and foster deeper investment in the market.

Topics: Capital Market Authority (CMA)

Saudi Arabia to boost private sector investments in manufacturing: deputy minister

Saudi Arabia to boost private sector investments in manufacturing: deputy minister

Saudi manufacturing sector fast adopting new technologies, says Alkhorayef

Saudi Arabia’s construction contracts jump 47% to $49.3bn in H1 2024

Saudi Arabia’s construction contracts jump 47% to $49.3bn in H1 2024

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Value of Saudi construction contracts jump 35% to $51.3bn: report

Saudi local content projects valued at $213bn by Q3 2024, says Alkhorayef

Saudi local content projects valued at $213bn by Q3 2024, says Alkhorayef

Closing Bell: Saudi main index closes in red at 11,867

Closing Bell: Saudi main index closes in red at 11,867

Closing Bell: Saudi main index closes in green at 11,876

Closing Bell: Saudi benchmark index edges up to close at 11,830

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Saudi CMA seeks feedback on foreign investment and market access reforms

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Saudi Arabia to boost private sector investments in manufacturing: deputy minister

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