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Extend launches SR100m fund, academy to develop Saudi media sector

Saudi Arabia’s marketing and communications sector has accompanied at all levels the unprecedented transformation underway in the Kingdom. Several partnerships have taken shape between various private sector companies specializing in marketing and communications, and government entities, to support the rapid growth, create new and promising opportunities for young talents, and attract foreign investment.

In this context, Extend, a leading national provider of marketing services and integrated strategic solutions, has signed a cooperation agreement with two global entities — Intuit Lap, a French academy of design and strategic creativity, and Peaksource Group, a creative technology platform. This agreement will see the establishment of “Extend Academy,” which will offer several educational and training programs under the supervision of international consultants. It will graduate 200 students annually in the following tracks: creative design, strategic planning, communication consulting, digital innovation, and brand specialization, with approximately 40 graduates in each track.

The agreement was signed in the presence of Minister of Communications and Information Technology Abdullah Al-Swaha, in addition to a number of officials from the Ministry of Media and media professionals.

Moreover, a SR100 million ($26.6 million) fund was launched in partnership with Rassanah Capital, a specialized asset management firm that provides investment solutions in the Kingdom. The “Extend Fund” aims to support and incentivize local medium and small companies to grow and develop, attracting expertise and enabling them to compete more broadly in the sector. The fund will focus on digital media, arts, Arab culture and media production, and will be managed by Rassanah Capital. This fund is expected to create numerous job opportunities, empower national cadres to enhance the culture of Saudi Arabia globally, and serve as an attractive investment opportunity.

Extend also launched the third edition of its digital performance report for Saudi ministries. This report helps analyze news and public discourse in digital media for government entities. The launch was a collaboration with Crowd Analyzer, the first Arabic language platform for monitoring social media; Tailwind, which utilizes its specialized GWI market research tool; and Emplifi, a platform for technological tools and solutions in marketing and business. The initiative aims to keep pace with the rapid digital changes in the Kingdom, and monitor and archive them to serve as a reference for performance measurement, and conducting studies and research. This will contribute to the development of digital government media in the Kingdom.

The initiatives were announced at a ceremony held in Matal Al-Bujairi in Diriyah, to mark the 13th anniversary of Extend’s founding. Extend is committed to enhancing its responsibility toward the Saudi media sector, promoting media literacy, empowering individuals with experience in advertising, strengthening their ideas, and honing their skills to achieve a comprehensive transformation in all aspects of the Saudi media industry.

Source:https://arab.news/5fs58

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Budget to stimulate Saudi industries

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Saudi economists are hopeful that the 2014 fiscal budget, likely to be announced on Monday, would pursue capacity building and balanced development throughout the Kingdom.

The Saudi stock market made significant gains in recent days as expectations grew over an expansionary budget. The Tadawul All-Share Index (TASI) climbed 0.5 percent to 8,551.23 points — a 63-month high.
Analysts expect the budget to spur some buying in infrastructure-related firms.

“Saudi Arabia is expected to announce financing initiatives that will include more youth participation in productive process that is pursuing education, training and entering the job market,” Ihsan Buhulaiga, a former Shoura member, told Arab News.
Saudis are optimistic the new budget would earmark more funds for welfare projects across the country.
Economists had earlier predicted that the budget surplus for 2013 would exceed SR225 billion.
In 2012, the surplus was SR96 billion because of a fall in oil prices.

“The budget will create economic impetus for the country to grow and will continue to support the country’s diversification efforts,” John Sfakianakis, chief investment strategist at Masic in Saudi Arabia, told Arab News.
Sfakianakis said: “The budget is expected to be expansionary in nature and content. It will be a budget that continues to build on the human capital side of things, including education and training as well as health care.”

He added: “Public investment will continue to retain its prominence given the government’s commitment toward modernization and sustainability.” He said government debt would continue to be at the lowest possible levels and among the lowest in the world giving the sovereign enough cushioning at times of greater stress.

Fawaz H. Al-Fawaz, a Riyadh-based economic consultant, said that the budget should be clear about the “explicit and implicit subsidies” to lay the ground for economic reforms.

“The budget should not be just an annual schedule of expenses and revenues. It must reflect the economic choices in the present and the future,” he added.

Source:https://www.arabnews.com/news/497181

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Ireland trade minister: Saudi Arabia offers ‘extraordinary opportunity’ for Irish firms looking to invest

Saudi Arabia offers an “extraordinary opportunity” for Irish firms looking to invest in everything from technology to tourism, according to Ireland’s minister for enterprise, trade and employment.

Appearing on the Arab News current-affairs show “Frankly Speaking,” Simon Coveney singled out the Gulf region as a “really good example of how international trade can create wealth, can create employment, and also can ultimately provide stability and an absence of conflict.”

As part of a Gulf tour, Coveney recently paid a visit to Riyadh to meet with Majid Al-Qasabi, Saudi Arabia’s minister of commerce, and other high-level officials.

“The main topic of discussion was Saudi ambition, in terms of the vision for 2030, the extraordinary scale of project development that is currently happening in the Kingdom of Saudi Arabia,” he told Katie Jensen, the host of “Frankly Speaking.”

“Whether that’s on the Red Sea coast in terms of tourism, or whether it’s the scale of development in terms of some of the other projects around Saudi Arabia, and the opportunity for international business that comes from that.

“Whether it’s construction, whether it’s technology, whether it’s energy, whether it’s transport and tourism, whether it’s medtech and the pharmaceutical industry.”

He added: “All of these sectors are very, very strong in Ireland. We have a lot of capacity. Ireland has become a very globalized economy, and some of the largest companies in the world, in many of these sectors already have a very large international presence in Ireland.”

The primary focus of Coveney’s visit to the region was the World Trade Organization’s 13th Ministerial Conference, which took place between Feb. 26 and 29 in the UAE capital, Abu Dhabi.

There, trade ministers discussed a new dispute-resolution mechanism designed to even the playing field between larger and smaller economies.

Ireland is keen to see reforms to ensure that the WTO is able to meet the challenges of the modern economy, including a boost for digital trade — known as e-commerce — and stronger action on climate change — issues the body has been slow to adapt to.

“Ireland, like every small country, wants to see the WTO working, because the WTO and its dispute-resolution mechanisms and support programs is in many ways the great leveler to allow small countries to trade under agreed rules with larger countries and larger blocs of countries,” he said.

“Ireland is a big believer in the WTO as a basis for international trade. But like many others, we’ve been somewhat frustrated at the inability of the WTO membership to get agreement on certain things.

“We’re trying to get agreement on a functioning dispute-resolution mechanism so that small and large countries can operate under the same rules. And if they don’t, there’s a mechanism that countries can refer to, to get a resolution to breakdowns.”

However, Coveney said the prevailing climate of protectionism meant that very few breakthroughs were made in the talks, adding that the apparent “retreat” of globalization provides little room for positivity.

source:https://www.arabnews.com/node/2470191/business-economy

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Saudi Arabia issues 136 industrial licenses in August 2023

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Saudi Arabia’s economic activity gained momentum with the Ministry of Industry and Mineral Resources issuing 136 industrial licenses in August compared to 102 in July.

According to the Saudi Press Agency, the food product manufacturing sector received 29 permits, followed by the non-metallic mineral industry with 21.

Moreover, the rubber and plastics industry obtained 15 permits, and 12 licenses were issued in the paper production sector.

The SPA report added that the ministry issued 795 industrial licenses between January and August. The number of factories during this period reached 11,110, taking the total investments made by these firms to SR1.489 trillion ($400 billion).

The SPA report further noted that investment volume in August for new licenses stood at SR1.6 billion.

Small enterprises accounted for 83.09 percent of the total licenses issued in August, followed by medium enterprises with 16.18 percent and micro-enterprises with 0.74 percent.

The report added that national factories held the most significant chunk of the total licenses at 76.47 percent, followed by foreign establishments and joint-investment firms with 16.18 percent and 7.35 percent, respectively.

On the other hand, 87 factories started production in August, with an investment of SR1.5 billion. Of these plants, 79.31 percent were national factories, 12.64 were foreign establishments and 8.64 percent were joint investment firms.

Meanwhile, the ministry issued 36,293 certificates of origin in August, up from 34,926 in July.

The initiative is seen as a part of the ministry’s efforts to boost exports across various sectors.

A certificate of origin is a pivotal document in international trade, validating that the exported goods are on a nationality basis.

Source:https://www.arabnews.com/node/2383591/business-economy