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PIF’s THE RIG to optimize maritime operations with local partnerships

PIF’s THE RIG to optimize maritime operations with local partnerships
Representatives of the Oil Park Development Company, responsible for developing THE RIG project, visited International Maritime Industries. THE RIG
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Updated 01 October 2024
Arab News
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PIF’s THE RIG to optimize maritime operations with local partnerships

PIF’s THE RIG to optimize maritime operations with local partnerships
  • International Maritime Industries is preparing to provide boats and additional offerings to Oil Park Development Co.
  • Alliance will support THE RIG in reaching its operational goals, confirming its position as a premier adventure tourism destination
Updated 01 October 2024
Arab News
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RIYADH: Saudi Arabia’s offshore adventure tourism is set to gain momentum as THE RIG partners with maritime companies to enhance logistics and provide ferries and key services.

The development coincides with the International Maritime Industries preparing to provide boats and additional offerings to Oil Park Development Co., the entity entrusted with advancing the Public Investment Fund project. 

This undertaking seeks to enhance maritime operations and improve visitor experiences, according to a statement. 

The partnership came during a visit by an OPDC delegation led by CEO Raed Bakhrji to IMI, where they met the organization’s head, Abdullah Al-Ghamdi.

The meeting marks a formal commitment to develop the maritime logistics and infrastructure essential for seamless accessibility to THE RIG.

This alliance will support THE RIG in reaching its operational goals, confirming its position as a premier adventure tourism destination. 

It also aligns with THE RIG’s goal to contribute to solidifying Saudi Arabia’s role as a leading tourist destination known for its unique proposition, in addition to providing employment opportunities that can improve the quality of life in the Eastern Province. 

Announced in 2021 by PIF, THE RIG initiative poses the world’s first adventure tourism destination on an offshore platform inspired by the oil industry’s architecture and design.

Bakhrji said: “Our collaboration with IMI will deliver a superior maritime experience at THE RIG. Their expertise will ensure smooth operations, enhancing the overall visitor journey.

“This initiative underscores our commitment to operational excellence and the establishment of a world-class adventure tourism destination that is aligned with Saudi Vision 2030 by fostering the growth of the Kingdom’s vibrant maritime and tourism sectors,” he added. 

Al-Ghamdi said: “We are delighted to collaborate with OPDC’s visionary team as their selected provider of maritime services for THE RIG.”

He added:“Through this partnership, IMI is showcasing its dedication to ongoing expansion and advancement, leveraging our extensive experience as a premier global provider of maritime products and services. This collaboration empowers various sectors and entities to achieve their objectives and drive value for the national economy.” 

OPDC was established to lead the development of THE RIG, in line with the PIF Strategy 2021-2025, to diversify and enrich the Kingdom’s tourism and entertainment experiences, increase investment within those sectors, and diversify the economy.

Topics: Saudi Arabia THE RIG Saudi Arabia's Public Investment Fund (PIF) PIF International Maritime Industries (IMI) giga-projects

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Closing Bell: Saudi main index slips to close at 12,053 

Closing Bell: Saudi main index slips to close at 12,053 
Updated 10 sec ago
Dayan Abou Tine
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Closing Bell: Saudi main index slips to close at 12,053 

Closing Bell: Saudi main index slips to close at 12,053 
Updated 10 sec ago
Dayan Abou Tine

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 15.82 points, or 0.13 percent, to close at 12,053.15. 

The total trading value of the benchmark index was SR5.42 billion ($1.44 billion), as 106 stocks advanced, while 111 retreated.   

The MSCI Tadawul Index decreased by 4.31 points, or 0.28 percent, to close at 1,513.26. 

The Kingdom’s parallel market, Nomu, declined by 114.24 points, or 0.42 percent, to close at 26,802.7. This comes as 31 stocks advanced, while 34 retreated. 

The best-performing stock of the day was Red Sea International Co., with its share price surging by 8.32 percent to SR70.30.  

Other top performers included Zamil Industrial Investment Co., which saw its share price rise by 5.59 percent to SR27.40, and Arabian Contracting Services Co., which saw a 4.33 percent increase to SR178.4. 

Etihad Etisalat Co., also known as Mobily, and Abdulmohsen Alhokair Group for Tourism and Development also saw a positive change at 3.65 percent and 3.6 percent to SR54 and SR2.88, respectively. 

The worst performer of the day was Al-Baha Investment and Development Co., whose share price fell by 7.69 percent to SR0.24. 

Saudi Manpower Solutions Co. and Nama Chemicals Co., also saw declines, with their shares dropping by 3.03 percent and 3.02 percent to SR8.31 and SR25.7, respectively.  

Miahona Co. and MBC Group also saw negative change today at 2.99 percent and 2.84 percent to SR27.55 and SR41.1, respectively. 

On the announcements front, Saudi Ceramic Co. reported its interim financial results for the nine months ending Sept. 30, with a net profit of SR10.78 million, a recovery from a SR120.56 million loss in the same period last year. 

The improvement was attributed to increased sales that bolstered gross profit, along with the absence of a SR165 million provision for fire-related losses recorded last year. The company’s stock closed at SR31.75, up by 0.79 percent. 

Balady Poultry Co. announced a net profit of SR99.98 million for the nine-month period ending Sept. 30, marking a 55.72 percent increase from the previous year. 

According to the statement, the increase was linked to a rise in production from 156,000 to 192,000 birds during this period. The stock closed the session at SR389, reflecting a 0.92 percent decline. 

The National Co. for Glass Industries reported net profits of SR74.8 million for the same period, a 244.7 percent increase year over year. 

The growth is largely due to increased profit contributions from joint ventures in the float glass sector, notably from The Saudi Guardian International Float Glass Co. Ltd., which is now fully operational. The company’s shares ended the session at SR55.2, a rise of 2.79 percent. 

Topics: TASI NOMU

Vision 2030 reshaping women’s lives in Saudi Arabia, says Princess Reema

Vision 2030 reshaping women’s lives in Saudi Arabia, says Princess Reema
Updated 4 min 29 sec ago
Nirmal Narayanan
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Vision 2030 reshaping women’s lives in Saudi Arabia, says Princess Reema

Vision 2030 reshaping women’s lives in Saudi Arabia, says Princess Reema
Updated 4 min 29 sec ago
Nirmal Narayanan

RIYADH: Saudi Vision 2030 has reshaped women’s lives in the Kingdom, as regulatory reforms help females pursue more opportunities in the public and private sectors, according to Riyadh’s ambassador to the US. 

Speaking at a panel discussion in the inaugural edition of the HERizon Summit, on the sidelines of the eighth Future Investment Initiative, Princess Reema bint Bandar said that the right policies should be implemented to accelerate the progress of females in the business and entrepreneurial landscape. 

Launched under the theme “Invest in Women,” the event aims to bridge the gender gap and empower females to become a formidable force in the global workforce.

A report released by the World Bank earlier this month affirmed Saudi Arabia’s progress in ensuring gender parity and highlighted that the Kingdom successfully raised female labor participation from 22 percent in 2016 to 34 percent by the end of 2023.

“The Kingdom’s progress since Vision 2030 is quite astounding. The biggest change has been made is the regulatory frameworks and the laws that have been implemented, which allowed not just the government to push forward on the inclusion of women, but it also created a framework for the private sector to understand their responsibilities,” said Princess Reema. 

She added: “When we talk about the accelerators for the inclusion of women, more policies and investments have to be made. It is not just the policy on paper; it is all about the implementation, the follow through, and the creation of a space where the woman herself understands what proportion of resources she needs.” 

According to the top diplomat, mentorship, internship, and investment in training and education could help women in the Kingdom explore unique job opportunities in new sectors. 

“Our women do need the exposure to help them level up. The more we engage with women from other countries and men from other countries and learn and expose ourselves, these Saudi women will be women who can work anywhere in the world. That’s the goal,” added Princess Reema. 

She emphasized placing the right woman in the proper role to fully leverage their expertise and achieve the best results.

“I would really employ the due diligence to hire ‘the’ right women, not just ’a woman’. ‘The’ woman that you are looking for does exist. You just need a little time to look for them and find them,” she said. 

She added: “The women in the Kingdom of Saudi Arabia, we are not tokens, we are not a box to tick. We are women who are dedicated to the development, not just about the country, but about families, nations, and our neighborhood.” 

During the event’s opening ceremony, Richard Attias, CEO of FII Institute, said that the first edition of the HERizon Summit is a gathering dedicated to highlighting the limitless potential of women worldwide. 

He added that the event aims to discuss transforming women’s lives and igniting that change.

“We must acknowledge that the past has not been easy for women, where too many voices remained unheard. Today, we are here to break down those barriers. We should envision a world where opportunities are boundless and equal for all. This is a movement toward inclusion, innovation, and unity,” said Attias. 

He added that the summit will work to ensure that women will get equal opportunities like men in all sectors, breaking the barriers of borders and therefore allowing females to reach their highest potential. 

The FII CEO added: “We believe that when women rise, a nation prospers. When women lead, society is transformed, and when women’s voices are amplified, our shared future becomes brighter and stronger. We believe in that.” 

In the panel discussion, Cecilia Attias, founder and president of Cecilia Attias Foundation for Women said that females should be given specific quotas in the board of companies to ensure gender parity. 

“I am surprised we still have a panel for women. We should be part of the other panels. We are in the 21st century. We should have the same opportunities like men,” said Cecilia. 

Jenny Johnson, president and CEO of Franklin Templeton said that women are more talented than men in handling venture capital funds, despite the less support they receive. 

“In the US, less than 2 percent of venture capital have been given to women entrepreneurs, yet they have twice the returns of the average venture capital funds,” said Johnson. 

Topics: FII8 HERizon

Saudi Arabia nears cashless society with 98% contactless payment: Visa executive

Saudi Arabia nears cashless society with 98% contactless payment: Visa executive
Updated 7 min 7 sec ago
NADIN HASSAN  
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Saudi Arabia nears cashless society with 98% contactless payment: Visa executive

Saudi Arabia nears cashless society with 98% contactless payment: Visa executive
  • Rapid digital transformation attributed to government support, rising consumer demand, and company’s technological initiatives
  • Visa has opened an innovation center and office in Riyadh’s King Abdullah Financial District
Updated 7 min 7 sec ago
NADIN HASSAN  

RIYADH: Saudi Arabia has achieved 98 percent adoption of contactless payments for in-person transactions, a leap from just 4 percent in 2017, according to a top Visa executive. 

Speaking to Arab News on the sidelines of a forum ahead of the Future Investment Initiative event, Andrew Torre, Visa’s regional president for Central and Eastern Europe, Middle East, and Africa, attributed this rapid digital transformation to government support, rising consumer demand, and the company’s technological initiatives. 

This aligns with Saudi Arabia’s Vision 2030 to boost digital commerce and create a global hub for innovation, enhancing Visa’s ability to co-create with partners in the Kingdom. 

“If you look at face-to-face transactions in the Kingdom, they were previously with a card and it was chip and PIN; that’s completely changed, and now almost it’s in the high 90s,” Torre said on the sidelines of the FII New Africa Summit in Riyadh. 

He continued: “It was 4 percent of transactions that were contactless in 2017, and now it’s 98 percent, and it’s either tapping with a card, but even more likely, also tapping with your phone, so those payments have become fully digital. One of the fastest we’ve seen in the world.” 

In support of this shift, Visa has opened an innovation center and office in Riyadh’s King Abdullah Financial District, marking 40 years of the company’s presence in Saudi Arabia. 

The facility, Visa’s fourth global center, aims to advance digital payment solutions using technologies like artificial intelligence, biometrics, and the Internet of Things, fostering collaboration with local fintechs, banks, and government entities. 

Sultan Al-Obaida, the chief commercial officer of the KAFD Development and Management Co., highlighted the growth of the Saudi banking sector, which has seen robust growth — 9.3 percent in 2023 and 3.9 percent in the first quarter of this year. 

“Our strong financial presence helps bolster Riyadh’s stature as a premier global financial center, drawing a distinguished array of fintechs, banks and payment players, and we are delighted to welcome Visa to this esteemed portfolio,” he said in a statement. 

The Visa center leverages Saudi Arabia’s role as a leader in digital payment best practices, positioning the Kingdom as a hub for global fintechs to co-create and innovate, according to Torre. 

“I’ll go back to — we’ve been in the Kingdom for 40 years, so we’re no strangers to it. When Vision 2030 came out, a big chunk of that revolved around digitizing financial services and digitizing payments. We’ve been very supportive with the government,” Torre said. 

He added: “Our new innovation center enables us to co-create the future of payments with local partners, driving innovation that aligns with the Kingdom’s Vision 2030 goals.” 

Torre said that Saudi Arabia’s fintech-friendly regulatory environment, led by the Saudi Central Bank, known as SAMA, has been instrumental in fostering digital evolution. SAMA’s early adoption of a sandbox for fintech testing has allowed new players to innovate in embedded finance and cross-border remittances. 

“It has done really, really well — they’ve understood that you need to have innovation, and they’re fostering it through their sandbox approach. They were one of the very early adopters of a sandbox so they can work with fintechs,” Torre added. 

Beyond in-person retail, e-commerce has seen a notable boost, growing at an annual rate of 30 percent. Torre attributed this to the pandemic’s acceleration of online shopping and the convenience it offers consumers. 

The rise in digital payment adoption has also empowered small businesses, giving them access to secure and efficient transactions. “Digital payments provide visibility and ease, supporting small business growth,” said Torre. 

Looking ahead, the Visa executive envisions a future where AI will make payments increasingly seamless, with technology handling transactions automatically based on user preferences. 

“If you look at retail payments, which you said are now 70 percent digital, there’s still 30 percent that’s in cash. We see continued rapid adoption of digital payments, which will start to erode and take cash out of the ecosystem,” Torre said. 

He added: “We think e-commerce continues to grow and accelerate. It is convenient, and we see it becoming more omnichannel as well.” 

Visa’s engagement in Saudi Arabia showcases how collaboration between private companies and regulators can drive significant advances in digital payments, supporting the Kingdom’s goal of a cashless society. 

Topics: Saudi Arabia Future Investment Initiative (FII) visa FII8

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Saudi ACWA Power’s investment in Africa reaches $7bn, CEO says
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Saudi ACWA Power’s investment in Africa reaches $7bn, CEO says

Saudi ACWA Power’s investment in Africa reaches $7bn, CEO says

Saudi ACWA Power’s investment in Africa reaches $7bn, CEO says
Updated 11 min 8 sec ago
REEM WALID 
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Saudi ACWA Power’s investment in Africa reaches $7bn, CEO says

Saudi ACWA Power’s investment in Africa reaches $7bn, CEO says
  • Marco Arcelli said all the investments revolve around renewables
  • Recent agreements with the Egyptian and Tunisian governments underscore ACWA Power’s commitment to advancing green hydrogen projects and expanding its impact in Africa
Updated 11 min 8 sec ago
REEM WALID 

RIYADH: Saudi ACWA Power has invested $7 billion in Africa to date, according to the electric power generation company’s CEO.

Speaking during a panel discussion titled “Powering Africa: What is the Future of Energy Investments” during the Future Investment Initiative New Africa Summit in Riyadh, Marco Arcelli said that all those investments revolve around renewables.

This falls in line with the firm’s position as the leading private investor in the continent’s renewable energy sector.

It also aligns with the company’s goal to triple its business size announced in 2023 and expand worldwide, driven by its mission to deliver affordable and reliable energy solutions that foster economic and social development.

“Our experience, ACWA Power is probably the largest energy transition company today, certainly a leading investor in Africa. We have invested more than $7 billion today, 100 percent of that is renewables,” Arcelli said.

“I’m not saying the gas is not part of the transition, in fact, it is because countries like the countries in Africa that are emerging, they need all the energy that they can,” the CEO added.

He went on to say that there is a lot to be done and that the cheapest, fastest, and most secure way to do that is through renewables.

“But certainly, when the economy is growing at the speed that is growing in Africa, you need a complement, so you need the gas and potentially other sources,” Arcelli said.

The world’s largest private water desalination company has also announced that its Redstone Concentrating Solar Power plant in South Africa has reached 50 MW and is set to achieve its full 100 MW capacity in the coming days.

The project will provide clean energy to nearly 200,000 households while significantly reducing carbon emissions. 

Recent agreements with the Egyptian and Tunisian governments underscore ACWA Power’s commitment to advancing green hydrogen projects and expanding its impact in Africa.

Also speaking during the same panel, Kola Karim, group managing director and CEO of Shoreline Group, said looking at the dynamics of Africa, it is evident that it cannot be benchmarked at the same standards as other continents.

“We talk about the industrial revolution in the world, the Western nations have had their first, second, third and Africa has not had its first,” Karim said.

“So, my view is Africa’s blessed with a lot of natural resources, gas is one of them,” he added.

Also present at the panel, Osa Igiehan, CEO of Heirs Energies Limited, said that Africa’s energy future is going to be dominated by gas and renewables.

“Gas is very key. It’s a transmission fluid and we have plenty of it, but renewables is going to be very compelling because it offers us opportunities to address energy gaps in areas that are underserved today,” Igiehan said.

Vera Songwe, chair and founder of Liquidity and Sustainability Facility, was also partaking in the panel, in which she said that there is a question about growth and how fast and how far Africa wants to grow.

“If Africa wants to grow today, our GDP (gross domestic product) is about $3.2 trillion and we need to do a lot more and a lot faster than we need all the technologies we can harness,” Songwe said.

“Africa is already at a tipping point on the transition; 60 percent of Africa’s energy is renewable because of hydro. We have a lot of the economies, they are using hydro,” she added.

Riham Elgizy, CEO of Voluntary Carbon Market, said that 43 percent of Africans do not have access to electricity.

“What century are we in? This is very important for the continent that we finance; be it renewable, be it gas, be it others. All options are on the table,” Elgizy said.

“We need to look at it from a lens of carbon markets and how we can utilize that to scale projects on finance because the major problem in Africa right now is financing. So, this is how to utilize different tools. This is very important to look at and how to be innovative in neutralizing those,” she added.

In September, Saudi Arabia’s FII announced that it would host two summits before its eighth edition, set to take place in Riyadh from Oct 29 to 31. 

Both being held for the first time, one gathering will center on Africa, while the second, titled the “Horizon Summit,” occurring on Oct. 28, will focus on women empowerment and will be chaired by Princess Reema bint Bandar, the Saudi ambassador to the US. 

Under the theme “Infinite Horizons: Investing Today, Shaping Tomorrow,” this edition of the forum will facilitate discussions on how investments can drive a thriving and sustainable future, pushing the boundaries of what is possible for humanity. 

This aligns with FII’s mission to create a purposeful present and a promising future, as well as its vision to bring together the brightest minds and most promising solutions to serve humanity.

Topics: FII8 Saudi Arabia Future Investment Initiative (FII) ACWA Power Renewable Energy FII

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Saudi private sector investments in Africa to reach $25bn: finance minister
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Saudi private sector investments in Africa to reach $25bn: finance minister

Saudi private sector investments in Africa to reach $25bn: finance minister
Updated 28 October 2024
Nirmal Narayanan
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Saudi private sector investments in Africa to reach $25bn: finance minister

Saudi private sector investments in Africa to reach $25bn: finance minister
  • Kingdom is actively involved in shaping the future of Africa by lending aid for philanthropic activities
  • Saudi Arabia has spearheaded several initiatives to develop the African continent
Updated 28 October 2024
Nirmal Narayanan

RIYADH: Saudi private sector investments in Africa are expected to reach $25 billion in the next 10 years as economic and trade cooperation between the Kingdom and the continent strengthens, said a top minister. 

Speaking at the Future Investment Initiative New Africa Summit in Riyadh, the Kingdom’s Finance Minister Mohammed Al-Jadaan said that Saudi Arabia is actively involved in shaping the future of Africa by lending aid for philanthropic activities and guiding the continent toward economic diversification. 

The New Africa Summit aims to connect international investors and business leaders, showcasing the unique opportunities available on the African continent and fostering cross-border investment, according to the FII website. 

Saudi Arabia has spearheaded several initiatives to develop the African continent, with the latest one being a memorandum of understanding signed in April. The agreement was between the Saudi Fund for Development and the African Development Bank Group to provide funding for emerging economies in the continent. 

“The relationship between the Kingdom and Africa is not only governed by the geographical location — we are partners with a joint history and a joint future. Our shared history goes beyond economic ties. We have different commonalities in our culture, geographies, and common denominator factors between our people,” said Al-Jadaan. 

He added: “It is expected that Saudi Arabia’s private sector investments in Africa will reach $25 billion in the coming 10 years. Since the summit (Saudi-Africa Summit), within less than a year, we are working on $5 billion of these investments.” 

During his speech, the finance minister also highlighted some of the major initiatives the Kingdom took to propel the socio-economic conditions in Africa, including $10 billion provided by the Saudi EXIM Bank to deliver financing products in Africa in the coming 10 years. 

He added that the EXIM Bank has already allocated $1.5 billion out of this $10 billion. 

“The recent Saudi-Africa summit that was held last year marked a new chapter. Saudi Arabia has dedicated $1 billion from the Custodian of Two Holy Mosques’ Philanthropic initiative in Africa. 

Second, $5 billion from the PIF (Public Investment Fund) has been allocated to diversify economic projects in Africa in the next 10 years, and it has already started,” said Al-Jadaan. 

The minister added that the Kingdom is also helping Africa in various frontiers, including digitalization, and aiding the continent to establish its position in the global landscape.

“The Kingdom was one of the first countries that requested that the G20 give permanent membership for the African Union, and also called for establishing a chair for Africa in the executive body in the World Bank,” said Al-Jadaan. 

He added: “One of the most important challenges faced by several African countries is the sustainability of the debts and this urges serious global cooperation to help these countries deal with sovereignty debts. Saudi Arabia is working with IMF, World Bank, and other groups to handle debts of African nations, especially countries which have less income.” 

According to the finance minister, Saudi Arabia is addressing urgent solutions for African nations and is also working to establish a lasting framework to enhance economic flexibility and financial stability across the continent.

During the inaugural ceremony, Richard Attias, CEO of FII Institute, said the New Africa Summit is a gathering dedicated to investing in the boundless potential of the continent. 

“Africa’s resilience, diversity, and reality are inspiring. From the lively markets to the solar farms, and endless savannahs symbolize ‘Infinite Horizons’, our FII8’s main theme,” said Attias. 

According to the CEO, the New Africa Summit is not aimed at discussing the future of the continent, instead, it intends to reshape it by introducing new narratives and exploring the continent’s untapped resources.

“Our commitment here today is to empower African voices, foster sustainable growth, and embrace the unique vision Africa brings to the world’s stage. Together, we will illuminate the path forward, creating partnerships that transcend borders and crafting an impact that future generations will inherit with pride,” said Attias. 

In a separate panel discussion, Tony Elumelu, chairman of the United Bank of Africa, said that the continent, with 60 percent of its population under the age of 30, is evolving as a startup hub in multiple sectors. 

He added that startups in Africa are tackling multiple challenges, and the failure rate among these companies has gradually decreased over the past several years. 

“We are seeing a young population in the tech sector startup landscape, we are seeing women in agriculture. The startup ecosystem is improving now. There’s room for improvement in the continent, but the good news is that, from where we started years ago, I have seen more progress than ever before,” said Elumelu. 

He added that the African continent has successfully bridged the gender gap over the past few years and said several companies have females in their top leadership. 

Elumelu also invited investors to come and invest in Africa and said the continent is open to new business. 

“The opportunities are there, the challenges are there. That’s what entrepreneurs always do; we try to navigate challenges for the betterment of all. So, Africa is open for business, we do have challenges. You can navigate those challenges,” he concluded. 

Topics: Saudi private sector Saudi Arabia Africa Mohammed Al-Jadaan Richard Attias

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