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March 3, 2024

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

March 3, 2024

Budget to stimulate Saudi industries

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

March 3, 2024

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

March 3, 2024

Saudi Arabia issues 136 industrial licenses in August 2023

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

February 4, 2024

Sports industry valued at $5B in 2023

Sports industry is valued over $5 billion in 2023, policy advocate specialist, Phiwe Hlatshwayo, cited the global sports market report 2023.

Hlatshwayo affirmed that Africa’s sports industry has potential to drive economic growth and development.

She emphasized the transformative power of sports in shaping Africa’s future, elaborating that sports is a tool for social cohesion, equality, economic growth, and international cooperation.

Hlatshwayo highlighted during a speech, titled, “the business of sports in Africa” the economic impact of sports, citing examples like the 2010 World Cup in South Africa contributing significantly to the national GDP.

“The 2010 World Cup in South Africa contributed over $5 million to the national GDP. The 2010 World Cup also generated direct impact on labor with over that with 1000s of jobs being created through infrastructure construction, hospitality, which showed the potential for the business of sports to significantly shape Africa’s economic future,” she stated.

Hlatshwayo referred to the challenges, saying that the continent faces challenges such as lack of financing, and reliable data.

“It’s imperative that we gather pertinent data to inform decision makers bridge the talent management gap. Investing in sports education and training in schools is vital to identify and nurture young talent,” she said.

She concluded the speech by sports has the power to build hope, unity, and cohesion in Africa.

This came during a presentation on the second day of IATF2023 which is currently being held in Egypt from Nov. 9 to 15.

The IATF2023, which is the third edition of the Intra-African Trade Fair, provides a platform for businesses to access an integrated African market of over 1.3 billion people with a GDP of over $3.5 trillion created under the African Continental Free Trade Area, according to the African Union.

Source:https://www.egypttoday.com/Article/3/128371/Sports-industry-valued-at-5B-in-2023

February 4, 2024

Qatar commits $1.5 billion investment in Egypt’s industrial sector

Qatar is investing approximately $1.5 billion in Egypt’s industrial sector in 2024, according to Head of the Egyptian Commercial Service, Yahya Al-Wathiq Billah.

This announcement marks the first mention of Qatar’s new investments in Egypt since the agreement between the two nations in March 2022, which outlined investments and partnerships worth a total of nearly $5 billion.

Al-Wathiq Billah’s highlighted a 47% increase in trade volume between the two countries in 2022, although specific figures were not disclosed.

The Qatar Egypt Investment Forum, inaugurated by Minister of Trade and Industry Ahmed Samir, served as a significant platform for fostering economic cooperation and exploring investment opportunities between Qatar and Egypt.

The forum, attended by Qatar’s Minister of Commerce and Industry, Mohammed bin Hamad bin Qassim, showcased Qatar’s commitment to Egypt’s economic growth. Bin Qassim stated that Qatar had already invested over $5.5 billion in Egypt’s financial, real estate, and energy sectors.

During the event, Saud Omar Al Mana, the CEO of the Qatari Al Mana Group, made a notable announcement. Al Mana revealed plans to inject initial investments totaling approximately $60 million into the Egyptian market throughout 2024.

The investments from Qatar are expected to have a substantial impact on Egypt’s industrial sector, promoting growth and creating new job opportunities.

Source:https://www.egypttoday.com/Article/3/128511/Qatar-commits-1-5-billion-investment-in-Egypt%E2%80%99s-industrial-sector

February 4, 2024

Italian Mapei completes first phase of its $25M factory

Italy’s Mapei invests about $25 million to establish a factory in Egypt with a production capacity of up to 100 thousand tons annually. This came during Prime Minister Mostafa Madbouly’s inspection of Mapei’s factory during his tour to visit factories on the 10th of Ramadan City and El Obour City.

The Regional Area Manager Middle East & East Africa at Mapei, Andrea Perini said that the factory extends over an area of 28,000-meters established on two stages with a total investments of 25 million dollars stating that the first stage of the factory was finished. The factory is scheduled to open next year.

Perini asserted that the factory employed 100 workers, highlighting that the production capacity of the factory is 100 tons annually.

Madbouly highlighted Egypt’s keenness to deepen local production and encourage and empower the private sector, pointing out that the Egyptian market is huge and encourages pumping investments in it.

Earlier this year, The Central Agency for Public Mobilization and Statistics (CAPMAS), said that the trade volume between Egypt and Italy increased in 2021 by 29 percent to reach $5.8 billion compared to $4.5 billion recorded in the previous year.

Moreover, Italian investments in Egypt increased by 40.3 percent during the first quarter of the financial year of 2021/22, reaching $448.8 million.

Source:https://www.egypttoday.com/Article/3/128595/Italian-Mapei-completes-first-phase-of-its-25M-factory

February 4, 2024

Over $2B investment in 9 key Egyptian industrial projects during 2023

The Minister of Industry, Ahmed Samir, announced the signing of 12 agreements and partnerships in nine integrated industrial projects, with a total investment exceeding $2 billion during 2023. These projects span sectors such as agriculture, pharmaceuticals, metals, chemicals, and electric cars, and are part of the industrial partnership initiative involving Egypt, the Emirates, Jordan, and Bahrain.

Samir highlighted the ministry’s achievements throughout 2023, emphasizing its commitment to developing the Egyptian industry and boosting exports to global markets.

In terms of industrial lands, the ministry allocated 1,099 plots covering a total area of 4.167 million square meters to investors in 2023. The total number of units in industrial complexes reached 3,298 across 16 complexes. The Housh Issa Industrial Complex in Beheira Governorate was inaugurated, featuring 864 industrial units in various sectors.

Operational licenses for 23,446 industrial facilities were granted, along with 9,970 industrial records across diverse activities. The ministry issued 872 building permits. Additionally, 1,945 studies were conducted to explore customs reductions for sectors like transportation, household appliances, lighting tools, fractional motors, and various products.

In the field of product development, 2,717 studies were carried out, encompassing government agencies’ needs, determining local component percentages for tenders, and value-added certificates. Furthermore, 3,619 technical studies were conducted for tender requests, accompanied by 22,345 technical inspections and 370 technical consultations for hazardous chemicals.

The Ministry facilitated 80 contracts for the sale of industrial lands, covering an area of 752.5 thousand square meters. The annexation of six industrial zones was completed, amounting to LE 219.5 million.

Environmental approvals for licenses numbered 10,915, and 2,110 civil protection inspections were conducted for prior notification licenses.

In relation to the Rubiki Leather City, the first phase reached 100 percent completion, the second phase 85 percent, and the third phase 98 percent. The efficiency of the first phase of sewage stations was enhanced by 95 percent.

Moreover, contracts for 113 industrial units were handed over to 60 investors in the two industrial complexes in New Fayoum.

Source:https://www.egypttoday.com/Article/3/129499/Over-2B-investment-in-9-key-Egyptian-industrial-projects-during

February 4, 2024

SCZONE inks $234M deals for five industrial projects

The Suez Canal Economic Zone (SCZONE) signed five major framework agreements, valued at a $234 million. These agreements have been reached with private sector companies operating across various industrial sectors.

The total investment amount will be divided into LE 1.2 billion and $195 million. The SCZONE aims to leverage these agreements to capitalize on Egypt’s resources and provide incentives to attract more investors.

Here’s a breakdown of the five agreements:
Apparel manufacturing: Aurajlo Company for Garment Industry will construct a state-of-the-art apparel manufacturing facility spanning over 75,000 square meters. The project, valued at $150 million, will operate under the usufruct system, effectively granting the company the right to use and develop the land for a defined period
Plastic recycling: A subsidiary of the Youssef Allam Group will embark on an ambitious PET plastic recycling project. With an investment of $15 million, the facility will cover an area of 10,000 square meters
Textile and Dyeing: Jade Textile is set to establish a cutting-edge textile and dyeing project, spanning an impressive area of 100,000 square meters with total investments of $65 million
Pharmaceutical manufacturing: Orchidia Pharmaceutical Industries will build a pharmaceutical factory across 10,000 square meters with investments exceeding LE 1 billion
Wood industry: El Hamd Company’s wood industry project will occupy an area of 12,700 square meters with investments amounting to LE 129 million

The Chairman of SCZONE, Walid Gamal El Din, revealed that these five agreements are just the beginning, as negotiations for an additional 50 agreements are currently underway.

Source:https://www.egypttoday.com/Article/3/129951/SCZONE-inks-234M-deals-for-five-industrial-projects

February 3, 2024

Bahrain Secures High Rankings Maintaining its Standing as a Global Destination for Talent

Bahrain ranked in the top half (27th) of 64 global economies on the 2023 Institute for Management Development (IMD) World Talent Ranking, climbing 8 positions since 2022 and placing 2nd in the Arab World. The rankings assess three factors of each country: the investment in and development of home-grown talent, the appeal factor – which goes beyond the focus on retaining the local workforce incorporating the ability to tap into the overseas talent pool, and finally the workforce’s competencies and quality of skills.

Owing to a tech-savvy, driven, and diverse workforce, Bahrain has cemented itself as a leading destination for international investors that are seeking highly skilled talent. Moreover, the island nation’s strategic location in the heart of the Gulf offers promising operational growth opportunities for businesses seeking to tap into the Middle East and North African market and beyond.

A strong indicator of the deep-rooted investor trust in Bahrain’s talent pool, the past few years have witnessed leading regional and global industry leaders base their service centres and technology hubs in Bahrain. Citi’s Global Tech Hub, the regional service centres of both Talabat and PwC Middle East, alongside the recently announced KPMG Low-Code Centre of Excellence, are collectively set to generate 2410 employment and training opportunities for the local workforce.

Bahrain also performed remarkably well on the “Readiness” index of the report analysing the talent landscape, which assessed key criteria including availability of international experience and competency of senior managers, landing an overall score of 73.7%, earning Bahrain the admirable position of 6th globally in both finance skills and language skills.

With sector-wide digital transformation initiatives implemented year after year, the government and private sectors in Bahrain operate as an agile collective, harnessing the ‘Team Bahrain’ approach to continue to foster a thriving ecosystem conducive to successful long-term business performance, thereby cementing the strategically located island nation’s eminence as a value-adding destination for investors.

Nada AlSaeed, Chief of Strategy at Bahrain Economic Development Board, said, “Talent competitiveness increasingly hinges on a country’s commitment to empower its workforce. For Bahrain, the continued investments in talent have gained the trust of investors, further demonstrated in the rise of global data centres and tech hubs setting up their roots locally.”

The Chief of Strategy added, “These home-grown achievements enable Bahrain to build on its position as a leading destination for talent on a global scale, owing to the local Bahraini’s working side-by-side with a diverse pool of global experts offering specialised skills and qualifications to serve international clients and their future demands.”

With recent initiatives that include Tamkeen’s ‘Kawader’ skills portal, which connects local talent with high-potential job opportunities in the ICT sector, as well as the establishment of the nationally backed initiative Hope Talent, a talent management organisation that matches high-achieving candidates with the right job opportunities, Bahrain continues to earn its stripes as a leading destination for highly skilled talent. Bahrain’s forward-looking government continues to invest in the local talent pool, upskilling and reskilling individuals with the requisite skills to meet rapidly changing market needs. The creation of high-value job opportunities is one of the key pillars under the national Economic Recovery Plan launched in 2021, which prioritises the development of an innovative, adaptive local workforce, targeting the employment of 20,000 and the training of 10,000 annually until 2024, with a focus on the financial services and ICT sectors.

Source:https://www.bahrainedb.com/latest-news/bahrain-secures-high-rankings-maintaining-its-standing-as-a-global-destination-for-talent