Saudi Arabia to finalise Riyadh 2030 strategy next year

Scion Industrial news

Saudi Arabia has delayed the launch of a major development strategy for the city of Riyadh up to 2030 until next year due to some “incomplete elements”, the state news agency SPA reported on Tuesday.

SPA said the development strategy for the capital is to be “finalised” in 2022.

Saudi Arabia is investing $220 billion to transform Riyadh into a global city by 2030, and expects to attract a similar amount of investment from the private sector, the head of the royal commission for the capital told Reuters in January.

The Gulf kingdom plans to double the population and economy of its capital city, currently home to some 7 million people, in the next decade.

Saudi Arabia, the world’s top oil exporter, is seeking to diversify its economy away from crude revenues by creating new industries and investment opportunities.

Saudi Crown Prince Mohammed bin Salman wants the kingdom’s capital to become one of the world’s biggest 10 cities under his economic reform strategy.

source:https://economictimes.indiatimes.com/news/international/saudi-arabia/saudi-arabia-to-finalise-riyadh-2030-strategy-next-year/articleshow/88538504.cms

US remains Qatar’s largest foreign direct investor

Scion Industrial engineering Pvt. Ltd.

Qatar and United States offer growth opportunities to businesses.

The bilateral trade volume between the two countries is set to rise further as economies come out of coro-navirus pandemic, said a senior US official during a webinar.

Natalie Baker, Chargé d’Affaires, US Embassy in Qatar discussed the key policy areas that play a role in shaping the US-Qatar bilateral relationship during a virtual event hosted by Doha Bank jointly with US Embassy in Doha entitled ‘US – Qatar Bilateral Cooperation and Opportunities in Trade and Investment’.

Speaking about the commercial trade and investment partnership, Baker high-lighted that the United States remains Qatar’s largest foreign direct investor, two-way trade totaled more than $4.6bn in 2020.

Addressing about the US companies that are active in the market, she said, “I am impressed with the depth and breadth of US companies highlighting that American tech-nical expertise and exports form a major part of many of Qatar’s signature projects – from the North Field LNG extension to the country’s digital transformation and many opportunities lie ahead,” she added. “There is so much opportunities for growth in Qatar and US, businesses can and should be at the forefront of all of these exciting initiatives.”

Responding to a query about how US-Qatar can work together on climate change, Baker said, “We would love to do joint investment projects for example here and in other countries to promote more clean energy solutions. There are many coun-tries that depend on outdated technology, and we believe that together we can work to improve the positions and continue to combat climate change through those types of initiatives.”

She explored areas for further enhancing economic cooperation and initiatives aimed at strengthening people to people ties between Americans and Qataris.

Baker said, “Much of my work since last three months has been focused on cooper-ation with Qatar on Afghanistan and the mas-sively location of out rest Afghans, American citizens, legal permanent residents and visa holders from Afghanistan to Doha. This effort of historic proportions is a true testimony of strength of our bilateral relationship and deep US partnership with Qatar.”

She added “Qatar stepped up at a very key moment on the global stage and together we have evacuated and resettled more than 60,000 people through Qatar since the beginning of operation in mid-August which is almost half the total number individuals we evacuated from Afghanistan.”

“Throughout 2021 we also celebrated the ‘Qatar-USA Year of Culture’. We have used these opportunities to bolster ties between our two nations by facilitating cul-tural exchanges between Qataris and Amer-icans at an individual, organisational, and national level,” Baker said. She added, “As we prepare to close our the ‘Qatar-USA 2021 Year of Culture’ we invite you to par-ticipate in the Qatar-USA festival to be held from November 24-29 in Doha. We will host a number of cultural envoys from United States as well and are looking towards next year celebrating 50 years of the US embassy’s presence in Doha.”

“The Doha International Book Fair in January of next year will also serve as an opportunity for us to redouble our public engagement as we look to deepen our people to people ties with 50 years of part-nership behind us and many more to come,” she added.

Source:https://thepeninsulaqatar.com/article/19/11/2021/us-remains-qatars-largest-foreign-direct-investor

UAE satellite company Yahsat to go in for IPO, list on Abu Dhabi Stock Exchange

Scion Industrial Engineering

The UAE satellite equipment company Al Yah Satellite Communications Co. is going for an IPO by offering nearly 30 per cent of its issued share capital to the public. The offer price is to be determined through a book-building process.

This near 30 per cent is is currently held by Mamoura Diversified Global Holding, a wholly-owned subsidiary of Abu Dhabi’s wealth fund Mubadala Investment Company. The shares will be offered to individuals and other investors in the UAE (as part of the UAE retail offering) and to qualified institutional and other investors (as part of the qualified investor offering).

Musabbeh Al Kaabi, CEO of UAE Investments at Mubadala and Chairman of Yahsat, said: “Mubadala takes pride in the creation of Yahsat, and is proud of its position as one of the world’s leading fixed and mobile satellite communication providers, through its high caliber of talented UAE and international experts. We believe the listing of Yahsat on Abu Dhabi’s Stock Exchange further reiterates our role in contributing to the growth of the UAE economy.”

Listing dateline
The offering and subsequent listing are expected to take place in the third quarter of 2021, subject to market conditions. (The offering has been declared Sharia-compliant by the Internal Sharia Supervision Committee of HSBC Bank Middle East.)

What is Yahsat into?
The satellite company has operations across more than 150 countries, being the preferred partner for integrated satellite communication solutions. The company was established in the UAE in 2007 to meet growing demand for satcom services. “Today’s announcement marks an important milestone in Yahsat’s journey as we continue to build on our strong national and international partnerships and invest in new technologies to drive future growth,” said Ali Al Hashemi, CEO of Yahsat.

“We believe we have established a strong and proven operational and financial trackrecord over the years and look forward to welcoming new investors to participate in Yahsat’s growth story.”

Source:https://gulfnews.com/business/markets/uae-satellite-company-yahsat-to-go-in-for-ipo-list-on-abu-dhabi-stock-exchange-1.1624256437286

Mubadala’s Strata, Leonardo extend partnership

Scion Industrial Engineering

Strata Manufacturing, the advanced composite aero-structures manufacturing company wholly owned by Mubadala Investment Company, and Leonardo have extended their 10-year association by signing a memorandum of understanding to collaborate on the development and fabrication of composite aero-structure components for major OEM programmes.

The agreement will see Strata and Leonardo work to expand their presence in the global aero-structures sector by leveraging their collective engineering experience and production capabilities to spearhead new technology development.

The MoU covers the provision of technical support services and knowledge exchange from Leonardo, a global high-technology leader ranking among the world’s top 10 aerospace, defence and security players.

“Strata’s main goal is to ensure that the company delivers high-quality components to the world, reflecting the value of the ‘Made with Pride in UAE’ brand,” said Ismail Ali Abdulla, CEO of Strata.

“The core objective of the MoU is to grow our mutual business in global OEM programmes. This will be achieved by fostering strategic new opportunities to enhance Strata’s technological knowledge and capabilities – both key factors in driving the UAE’s knowledge-based economy and empowering the next generation of Emirati engineering pioneers,” he continued.

“After more than 10 year of Strata’s contribution to the ATR program, Leonardo is committed to its strategic ongoing collaborations with Strata,” said Giancarlo Schisano, Leonardo’s aero-structures division managing director.

“Our engineering capabilities and advanced technology processes will be a key success factor to capture new business opportunities in a win-win cooperation scheme.

Building on the strategic partnership between Leonardo and Mubadala, the Abu Dhabi-based global investor, established in 2009. Supported by the Tawazun Economic Council under the Tawazun Economic programme, both Strata and Leonardo are advancing the commercial aviation industry in the UAE, in line with promoting Abu Dhabi as a global aerospace hub to diversify its economy. Strata is the first composite aero-structures supplier to Leonardo in the Arab world.

In addition to Leonardo, Strata serves other leading aircraft manufacturers, such as Airbus, Boeing and Pilatus. Based at Nibras Al Ain Aerospace Park, Strata supports the development of a leading aerospace hub in Abu Dhabi as part of the emirate’s economic diversification plan.

Source:https://www.manufacturingtrade.com/news-detail:ae6c0f15-5408-cf88-000f-5e11d5cb5b4c.html

UAE approves policy for advanced industry

It will be built around six guiding principles and raise profile of industrial sector

Abu Dhabi: The UAE Cabinet has approved the policy for advanced industries to spread the “Fourth Industrial Revolution” across sectors. The policy was approved by the Cabinet chaired by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

The policy is based on six main themes – Balanced development in various areas of the country; flexibility in plans and policies; integration between the seven emirates in industrial and logistical capabilities and services; commitment to improving the quality of life; leadership in innovation to raise efficiency and productivity and reduce cost; and increase dependence on industries with skilled labour.

The policy aims to stimulate the business sector to adopt and develop future-oriented industries, and enhance their capability to compete in global markets. There will also be a simultaneous shift towards sustainable industry and creating job opportunities for Emiratis.

The policy focus will be on technological development, digital manufacturing, and developing a knowledge–based economy with high value addition. On the labour front, the policy will integrate more Emiratis into the industrial workforce and reduce the gender gap within it.

The contribution of the industrial sector to GDP reached 8.9 per cent in 2018, while the exports attained by the sector accounted for 20 per cent. In 2017, the sector provided more than 460,000 jobs in the various emirates, making it the third largest in terms of employment.

Bahrain tops Middle East for work-life balance – survey

InterNations survey finds that Bahrain ranked second in terms of work-life balance globally, behind only Denmark

Bahrain is the second best country in the world for expat work-life balance, behind only Denmark, according to a new report from InterNations.

In its “Expat Insider” survey – which queried over 12,500 respondents in 188 countries – InterNations found that 46 percent of expats cited work-related reasons for moving to Bahrain, while 69 percent said they were satisfied with work-life balance.

Additionally, 72 percent of respondents in Bahrain reported being satisfied with working hours, which averaged 42.9 hours a week, compared to the global average of 44.3 hours.

Of the respondents in Bahrain, 73 percent said they were “generally satisfied” with their work, while 36 percent said they were “completely satisfied”.

Denmark was ranked first for work-life balance, followed by Bahrain, Norway, the Czech Republic, New Zealand, Sweden, Costa Rica, the Netherlands, Oman and Malta.

In Oman, 43 percent of expats reported moving to Oman for work-related reasons, and 60 percent said they were generally satisfied with their job.

Source:http://www.arabianbusiness.com/politics-economics/397678-bahrain-tops-middle-east-in-work-life-balance-survey-shows

New Competition for Libyan Entrepreneurs

Libyan Entrepreneurs

I. Competition format:

1. Deadline: 12:00 PM US ET on December 28, 2017 Online applications submitted.
2. January 2018: Applications reviewed by GIST Tech-I Alumni Mentors.
3. January/February 2018: Three applications from each Alumni Mentor will be voted on by the online global public.
4. April 16-19, 2018: Finalists attend the Global Entrepreneurship Congress.
5. April 16, 2018: Finalists pitch in front of judges for seed capital prizes.
6. April 2018: Finalists travel all-expenses paid to Turkey for one-day of in-person training.

II. Competition Overview:

The GIST Technology Idea (Tech-I) Competition is an annual competition for science and technology (S&T) entrepreneurs from 136 emerging economies around the world. The competition is part of the Global Innovation through Science and Technology (GIST) initiative, led by the U.S. Department of State. The GIST Tech-I Competition is implemented by the American Association for the Advancement of Science (AAAS). This year, the competition will challenge former GIST Tech-I finalists (GIST Tech-I Alumni) to lead and mentor the next generation of tech entrepreneurs in their countries and regions. A select group of GIST Tech-I Alumni, called Alumni Mentors, will solicit and help select science and technology entrepreneurs with either an idea or startup in their region to join them at the 2018 Global Entrepreneurship Congress (GEC) in Istanbul, Turkey to pitch their idea or startup.

GIST Tech-I Alumni Mentors will solicit applications from new science and technology entrepreneurs globally to participate in the GIST Tech-I Competition over a month-long application period. At the end of that month, Alumni Mentors will review the submitted applications and nominate to AAAS three top applicants as semi-finalists to enter a voting phase.

Semi-finalists will participate in online public voting on GISTNetwork.org to determine which will go on as finalists. The ten semi-finalists that receive the top voting totals, and the GIST Tech-I Alumni Mentors who solicited those applications will go to the GIST Tech-I Finals where they will receive training, attend GEC, and have the opportunity to pitch their idea or startup to win capital seed funds.

III. Eligibility Requirements for Applicant

Applicants must meet ALL of the following eligibility requirements:

1. The applicant must be 18-40 years old on the application deadline, December 28, 2017.
2. The applicant must be a Libyan citizen.
3. The applicant must not hold dual-citizenship or permanent resident status in a non-GIST economy.
4. The applicant must not submit more than one application per GIST Tech-I competition year.
5. The applicant must not be a previous GIST Tech-I finalist who traveled to and competed in the GIST Tech-I Finals at GES.

In addition to meeting the applicant requirements above, applications must to be for Ideas or Startups that met ALL of the following requirements:

1. The application must be the original work of the Idea or Startup applicant.
2. The Idea or Startup must be developing an innovative science or technology solution with market potential in a GIST-eligible economy.
3. The Idea or Startup must be for-profit. Applications from non-profit ventures or NGOs are not eligible and will not be reviewed.
4. The Startup must be less than three years old.
5. The Idea or Startup must be, at least in part based, in a GIST-eligible economy.
6. The Idea or Startup must be developing or selling products and services that use its own innovations in science and technology. Applications from organizations that buy and resell technologies will not be reviewed.
7. The Idea or Startup must not submit more than one application per GIST Tech-I competition year.

Do you still have questions about eligibility? Check out this page or contact tech-i@gistnetwork.org

VI.. How to apply?

Prospective applicants will go to GISTNetwork.org to apply

• The applicant will complete a standard application form and will select an Alumni Mentor to work with should they be selected to continue in the competition.
• The GIST Tech-I Application consists of:
o A 100-word short summary of your project, to be used on the public voting website, if your project advances to semifinals. Your short summary must be in English.
o Brief eligibility questions.
o Responses to several questions that address the Judging Criteria listed in section VII here. Each response is limited to 100 to 150-words. All responses must be in English.
o A 90-second pitch video in English or with English subtitles provided. Formats accepted include.MOV, .MPEG4, .MP4, .AVI, .WMV, .MPEGPS, .FLV, .3GPP, and .WebM.
See examples from previous participants on YouTube. All application materials must be submitted through the online portal before the deadline.

Source:http://www.libya-businessnews.com/2017/12/19/new-competition-for-libyan-entrepreneurs/