Saudi Arabia takes bold strides toward greener future and carbon neutrality

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Saudi Arabia has emerged as a key player when it comes to environmental responsibility, setting ambitious targets to mitigate greenhouse gas emissions via carbon credit offsets.

At the forefront of Saudi Arabia’s environmental initiatives is the dynamic approach to carbon neutrality. The Kingdom is determined to not only reduce its carbon footprint but also actively contribute to offsetting emissions through a comprehensive carbon credit program.

In an interview with Arab News, Louis Corapi, chief financial officer at Gulf Cryo, a Dubai-based gas firm, shed light on the significance of this initiative, following the company’s launch of a carbon capture and utilization facility in Rabigh.

“Through Vision 2030 and the 2060 commitment to carbon neutrality, Saudi Arabia set clear sustainability goals. Carbon credits are an important component of this strategy. Having an exchange is itself a signal to companies that this commitment is about action and requires broad participation,” Corapi said.

He added: “Secondly, credits will need to be independently verified to be counted. This field is still developing, but we’re confident that it will help to stratify the most and least effective projects.”

Corapi further added that the assignment of dollar values to carbon credits represents a transformative shift in incentivizing sustainability initiatives for companies. By attaching a monetary value to these credits, businesses gain a financial mechanism to support projects that might face challenges in traditional boardroom approvals.

“We also recognize that there are industries that are both hard to abate and vital to global economies,” he added.

Saudi Arabia is pursuing carbon neutrality with a multi-pronged approach that touches on everything from transportation to energy.

The Kingdom realizes how critical it is to actively pursue offsetting measures in addition to actively reducing its own emissions.

“What’s less discussed is that there are also many industries that require carbon dioxide as a key component to their manufacturing process. That started to change in 2014 when Gulf Cryo, together with our partner Equate, started a carbon capture plant in Kuwait,” Corapi explained.

He added: “We just commissioned a new CO2 capture plant in Petro Rabigh and are constructing the plant at Ma’aden. Together these plants will capture over 1,000 metric tonnes of CO2 per day which means 1,000 tonnes per day of fossil fuel burning is permanently stopped.”

For many years, carbon dioxide emissions have been removed and stored using carbon capture utilization and storage methods, which also enhance the quality of natural gas.

In addition to ensuring fossil fuels satisfy the world’s pressing energy demands, carbon capture simultaneously lowers emission levels and provides a means of assisting in the achievement of net-zero emissions by 2050.

Saudi Arabia declared a target of 44 million tonnes of carbon capture year by 2035, setting a high standard for emission reduction.

By 2027, Aramco and the Kingdom’s Ministry of Energy hope to build a hub in Jubail with a 9 million tonne annual storage capacity.

“Today, projects are only viable when there is a clear end user for the CO2. As long as businesses continue to evaluate investments with classical financial models, decisions are delayed, and emissions continue unabated,” Corapi said.

Furthermore, when asked for his opinion on what could be done better to implement carbon credit offset strategies, Corapi noted that “there is so much more to do, and that we don’t have time to waste,” adding: “We’ve demonstrated that effective technologies exist, but equipment is expensive to install.”

He went on to say: “Today, projects are only viable when there is a clear end user for the CO2. As long as businesses continue to evaluate investments with classical financial models, decisions are delayed, and emissions continue unabated.”

Source:https://www.arabnews.com/node/2470011/business-economy

WTO’s Abu Dhabi Declaration to empower least developed nations

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The least developed countries are set to benefit from the Abu Dhabi Declaration at the 13th WTO Ministerial Conference, improving global supply chain access.

Trade deals, aimed at fostering new agreements, will extend international trading system benefits to more nations, following intensive negotiations, as reported by the UAE’s official news agency, WAM.

Members have agreed to implement Special and Preferential Treatment for Sanitary and Phytosanitary Measures and Technical Barriers to Trade. This effort supports producers in the least developed countries, facilitating their global supply chain access, the WAM report stated.

It added that the current measures of SPS constitute a staggering 90 percent of non-tariff trade barriers, posing a significant obstacle for smaller nations and being viewed as discriminatory.

In a significant development for developing countries, ministers approved a decision responding to a 23-year-old mandate. The aim is to revamp special and differential treatment provisions for improved precision, effectiveness, and operational functionality.

Source:https://www.arabnews.com/node/2470246/business-economy

Regional startup activity continues to rise ahead of LEAP24

Startup momentum in the Middle East and North Africa region is on the rise, with the eagerly awaited technology event LEAP24 just around the corner.

Regional venture capitals have replenished their funds and burgeoning enterprises have secured financing – preparing Riyadh’s ecosystem for a significant entrepreneurial uplift from March 4 to 7.

US-based fintech MoneyHash sealed $4.5 million in a seed funding round to further expand its presence in the Saudi and regional markets.

The round was co-led by the UAE’s COTU Ventures and Saudi Arabia’s Sukna Ventures, with additional investments from RZM Investment, Dubai Future District Fund, VentureFriends, and several angel investors.

Founded in late 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, MoneyHash is in the field of payment orchestration, offering a comprehensive payment operating system as a service designed to tackle the diverse technological and product challenges encountered by enterprise merchants.

“COVID certainly boosted the adoption of digital payments in the region, but the infrastructure remains significantly underdeveloped,” Abdelrazik said.

“In MEA, payment failure rates are three times the global average, and fraud rates and cart abandonment are over 20 percent higher than in all other regions. This places merchants in a challenging position, viewing payments as a cost and risk center rather than a strategic enabler,” he added.

Following a $3 million pre-seed round in 2022, the newly acquired funds are earmarked for expanding the business team, enhancing growth capabilities, and sustaining technological advancement.

Saudi investment firm acquires startup platform VeFund

The Saudi startup ecosystem is set to expand further with investment fund CoreVision acquiring VeFund, infusing artificial intelligence technologies for enhanced venture evaluation, innovation, and strategic growth.

The acquisition of VeFund, a regional platform for venture evaluation and investor connections, represents a significant step in CoreVision’s strategic growth, enhancing its portfolio with advanced AI-driven technologies.

The Saudi investment firm plans to use VeFund’s AI technology to support startups in navigating competitive environments.

Following the acquisition, CoreVision CEO Faisal Al-Abdulsalam will lead VeFund as its chief executive.

Al-Abdulsalam’s extensive experience and portfolio of over 80 investments in various sectors are set to bring a new strategy of leadership and vision to VeFund, the company said.

“We at CoreVision are not just investors, we see ourselves as ecosystem builders. As such, our vision is to transform VeFund into a secondary market for startups, offering a platform for investors to trade safe notes, which is essential in contributing to the vibrancy of the startup community here in Saudi Arabia,” said Al-Abdulsalam.

Launched in 2023 by Mohamed Gaber, an AI specialist and serial entrepreneur, along with co-founder Ahmed Magdy, VeFund’s intelligent evaluator provides a suite of tools, including an AI Survivability Index, valuation calculators, and extensive portfolio management solutions.

“I am excited about the future of VeFund and believe strongly that this transition will drive VeFund’s mission forward, fostering an environment of innovation and success for startups across the Middle East,” Gaber said.

VeFund currently has over 1,400 startups registered on its platform and has a database of more than 400 angel investors and investments funds spanning across Saudi Arabia, the UAE, Egypt, and Pakistan.

Saudi Arabia’s Tawaref inks MoU with Plus VC

Saudi Arabia’s Tawaref, recognized for financing regional startups and providing entrepreneurial services, has inked an agreement with Kuwait-based venture capital firm Plus VC.

The memorandum of understanding will see both firms collaborate to facilitate accelerated Saudi expansion for Plus VC’s startup portfolio companies through Tawaref’s Saudi Landing program.

This partnership underscores Plus VC’s recognition of the crucial role that Tawaref plays in minimizing the time to market for tech startups and assisting them in navigating the complexities of securing approvals from various government departments for establishing operations in Saudi Arabia.

The Saudi Landing program by Tawaref serves as a comprehensive solution, liaising with over 10 entities within the Kingdom.

It offers startups advice on market entry strategies, understanding regulatory requirements, and adapting to local business practices, thus streamlining the process for startups to establish and expand their presence in the Kingdom efficiently.

UAE’s COTU Ventures unveiled $54m fund

The UAE-based early-stage venture capital firm COTU Ventures has unveiled a $54 million inaugural fund dedicated to nurturing startups across the Middle East from pre-seed to seed stages.

Established in 2020 by Amir Farha, COTU Ventures boasts a dynamic portfolio of Mena startups, such as Huspy and MoneyHash.

This fund is set to provide robust support to startups from their inception to post-production launch, offering up to $2 million in investment, and earmarking additional capital for follow-on investments.

UAE’s Hayi raises seed round

The UAE-based social networking app Hayi has successfully raised an undisclosed amount in a seed funding round led by Plus VC, with additional backing from regional angel investors.

Launched in 2020 by founders Chris Darnell and Rene Morgan, Hayi is designed as a community-centric platform, facilitating connections among residents within the same neighborhood for the exchange of news and services.

This infusion of capital is earmarked for scaling Hayi’s operations, enhancing its marketing efforts, and broadening its presence both within the UAE and internationally.

This follows a pre-seed investment of $325,000 in 2021 from Sarya Holdings and Falak Startups, marking a continued trajectory of growth and expansion for the company.

Source:https://arab.news/csbp5

Saudi non-oil exports to GCC nations surge by 42% to hit $5.55bn

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Saudi Arabia’s non-oil exports to Gulf Cooperation Council countries saw a 42 percent annual increase in the final three months of 2023, according to official data.

Information released by the Kingdom’s General Authority of Statistics showed the total value of these transactions reached SR20.8 billion ($5.55 billion), primarily due to an increase in re-exports, which rose by 106 percent to hit SR11.34 billion.

Re-exports – goods imported into a country and then exported to another without significant processing or alteration – accounted for 55 percent of total non-oil shipments to Bahrain, Kuwait, and Oman, as well as Qatar, and the UAE.

Among these GCC nations, the UAE emerged as the top destination, receiving 67 percent of the non-oil shipments from Saudi Arabia, totaling SR14 billion. Of these transactions, approximately 61 percent were re-exports, representing a 97 percent growth during this period.

Factors contributing to this surge in re-exports could include the solid economic bonds among GCC nations, fostering a unified market that facilitates the free flow of goods and services.

Saudi Arabia’s strategic position as a central hub within the GCC region could also minimize transportation expenses and transit durations due to its proximity.

Moreover, the Kingdom’s modern and well-developed infrastructure, encompassing ports, airports, and road networks, further streamlines the movement of goods, potentially influencing this uptick in re-exports.

Additionally, the GCC region’s strategic location on major trade routes allows for efficient redistribution of goods and services. Taking advantage of this, the countries are developing logistics hubs to facilitate the movement of both domestic and transit goods.

Saudi Arabia also aims to revolutionize its container-shipping sector, mirroring its efforts in non-oil industries like electric cars and renewable energy.

With plans to expand inland logistics hubs and improve rail connections, the country seeks to increase annual container throughput to 40 million twenty-foot equivalent units by 2030.

This ambition aligns with the grand scale of projects such as the $500 billion NEOM scheme, featuring a 170-km. city and a container port with a 9 million TEU capacity.

The giga-project will also include the Oxagon port, slated to become the largest floating structure globally, situated at the nexus of three continents.

The robust economic ties between the UAE and Saudi Arabia are further demonstrated through their mutual investments.

By the end of 2022, the UAE had amassed a significant foreign direct investment stock of SR104 billion in Saudi Arabia, as reported by the General Authority of Statistics. This substantial investment
plays a pivotal role in bolstering their economic partnership, fostering growth, and has paved the way for the expansion of non-oil trade activities between the two nations.

Transport equipment accounted for 31 percent of non-oil exports to the UAE from the Kingdom in the final quarter of 2023, reaching a value of SR4.39 billion in what is a 145 percent increase.

Machinery and electrical parts constituted another 27 percent, totaling SR3.75 billion with a 67 percent rise.

Additionally, chemical industry products accounted for 10 percent, reaching SR1.44 billion – a 17 percent increase during this period.

Among the GCC countries, trade with Qatar experienced the most substantial growth, with non-oil exports to the country soaring by 439 percent. Of these exports, 61 percent comprised transport equipment amounting to SR888 million, while 18 percent were chemical industry products totaling SR255 million.

Saudi Arabia and Qatar are actively working to enhance their economic, military, sports, and cultural ties. This push comes after the meeting of the Saudi-Qatari Coordination Council, attended by Crown Prince Mohammed bin Salman and Qatar’s Emir, Sheikh Tamim bin Hamad, in December.

The leaders consider the council vital for communication and coordination, underlining the importance of expanding cooperation to drive sustainable growth and prosperity for both nations and their citizens.

The trade balance with the GCC saw a substantial 90 percent annual increase in the fourth quarter of 2023, although imports still exceeded non-oil exports by SR489 million.

Around 68 percent of Saudi Arabia’s imports from the GCC countries originated from the UAE, which saw a 22 percent rise to SR14.37 billion.

In contrast, imports from other nations in the economic bloc decreased, with Kuwait experiencing the most significant decline of 49 percent to SR351 million.

Mineral products account for the largest share of imports from the UAE at 33 percent, amounting to SR4.8 billion, followed by pearls and other jewelry at 19 percent, totaling SR2.7 billion.

Industrial equipment, chemicals, and plastics made up 16 percent at SR2.3 billion.

Source:https://arab.news/ycc8f

Ugo Humbert dominates Alexander Bublik to claim glory at 32nd Dubai Tennis Championships

Ugo Humbert produced a ruthless masterclass to defeat Kazakhstan’s Alexander Bublik in straight sets and seal ATP 500 victory in the Dubai Duty Free Tennis Championships.

The French No. 5 seed, who rose to a career-high world No. 14 after his heroics in Dubai, made it a clean sweep of six titles in six ATP finals with a clinical 6-4, 6-3 dismantling of No. 7 seed Bublik, the world No. 19, in front of a capacity Center Court crowd at Dubai Duty Free Tennis Stadium.

Humbert, who defeated compatriot Gael Monfils, Britain’s Andy Murray, world No. 8 Hubert Hurkacz, and world No. 4 Daniil Medvedev to reach the final, unleashed his full repertoire of booming forehands and laser-like double-handed backhands to eclipse Bublik, who progressed past 2022 Dubai champion Andrey Rublev in a dramatic semi-final, which saw the No. 2 seed disqualified for unsportsmanlike conduct.

After tight opening exchanges where the pair were evenly matched, the final stayed on-serve until the 10th game when Humbert, who had failed to convert break points in Bublik’s two previous service games, finally broke the Kazakh’s resistance to clinch the first set 6-4.

With Bublik delighting the Dubai crowd with a combination of whipped forehands and a deft array of dropshots, Humbert, relaxed and controlled, raced into a 3-1 second set lead after breaking Bublik. From there, the 25-year-old left-hander relied on his own dominant serve – unbroken throughout the final – to close out the match on his second championship point.

Humbert, who claimed the winner’s prize of $550,140, said: “I played a fantastic level all through the week, but it was not easy. I really don’t know how I stayed calm.

“I have too much respect for (Bublik), he’s such a nice guy on and off the court, and congratulations to him on a great start to the year.”

Bublik said: “This week has had almost everything for me, and I can’t wait to come back here again in 2025.

“Before the final, I thought if I won, I would dedicate it to my son, but sorry, maybe next time,” the 26-year-old, who bagged the runner-up prize of $296,000, added.

In the men’s doubles final, the Netherlands’ Tallon Griekspoor and Germany’s Jan-Lennard Struff narrowly defeated Croatia’s Ivan Dodig and the US’ Austin Krajicek 6-4, 4-6, 10-6.

With a pair of service breaks enough to settle the opening two sets, Griekspoor and Struff came from 1-3 down in the deciding super tiebreak, winning nine of the last 12 points to claim a maiden Dubai title and a share of the $180,700 prize pool. Beaten finalists Dodig and Krajicek split a runners-up purse of $96,370.

After the match, Griekspoor said: “It’s the first time we’ve played together, so maybe we should keep it one week. We played really well and had a great time; it was a lot of fun on court. I had such a pleasure on court this week.”

Colm McLoughlin, executive vice chairman and CEO of Dubai Duty Free, said: “This magical evening has provided a fitting end to a memorable Dubai Duty Free Tennis Championships fortnight. We have seen crowds of over 45,000-plus revel in match after match of wonderful tennis during the men’s ATP 500 week.

“Our congratulations go to the 2024 Dubai Duty Free Tennis Championships winners, men’s singles champion, Ugo Humbert, and our doubles champions, Tallon Griekspoor and Jan-Lennard Struff – all truly worthy winners.

Ramesh Cidambi, chief operating officer of Dubai Duty Free and chairman of the tournament organizing committee, said: “This year’s ATP 500 at the Dubai Duty Free Tennis Championships has, once again, exceeded our expectations with a week of scintillating tennis, unbelievable moments on and off court, and enthusiastic grandstands.

“Thank you to all the players, officials, and fans who have contributed to the runaway success of the 32nd Dubai Duty Free Tennis Championships. We look forward to welcoming you back to the Dubai Duty Free Tennis Stadium in 12 months’ time.”

Source:https://www.arabnews.com/node/2470261/sport

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

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

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

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

Saudi Arabia issues 115 permits for new industrial units with $1bn investments: Data

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Saudi Arabia’s Ministry of Industry and Mineral Resources issued 115 industrial licenses with investments worth SR4 billion ($1.06 billion) in August 2022, official data showed.

The data from the ministry revealed that the number of industrial units across the Kingdom reached 10,707, up from 10,685 in July 2022.

In August 2021, the number of industrial facilities across Saudi Arabia was 10,159.

According to the data, 68 factories became operational in August 2022, with an investment volume of SR2.3 billion.

Forty-one licenses were issued to industrial units in the Riyadh region followed by 26 in the Eastern Province and 22 in the Makkah region.

In the Madinah region, eight new factory licenses were issued in August, and it was followed by the Qassim region with seven, four in Asir, three each in Tabuk and Hail regions and one license for a factory in the Jazan region.

SOurce:https://arab.news/5v8h6