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Kuwait attracted around $3.2 billion in direct investment between January 2015 and the end of March 2019.

In its annual report for the fiscal year, between April 2019 and March 2019, the Kuwait Direct Investment Promotion Authority (KDIPA) revealed investment over the period totalled almost KD156 million ($514m).

According to the report, the investments were concentrated in the services sector, including information technology, oil and gas, construction, training, health, energy, consultancy, market research and entertainment services, and came from 37 global companies representing 16 foreign and Arab countries from developed and emerging economies.

KDIPA director general, Dr Meshaal Jaber Al Ahmad Al Sabah, said: “The expected economic impact of these investments is extensive as it encourages direct and indirect job creation for Kuwaiti nationals, at various administrative and technical levels.

“It also allows for the execution of highly specialized training programmes, which, in turn, support local research activities and the local economy by generating viable linkages with suppliers and producers’ networks in the sectors associated with these projects.”

Source:https://www.arabianbusiness.com/politics-economics/436519-kuwait-reveals-32bn-direct-investment-over-four-year-period

Jeddah’s new King Abdulaziz International Airport is likely to become fully operational by Ramadan, according to local media reports.

According to an Okaz report that quoted General Authority for Civil Aviation (GACA) spokesman Ibrahim Al-Ruasa, the number of departing and arriving flights has reached 4,900, with 654,000 passengers on board.

Since the airport’s Terminal One began operations in May 2018, over 2.5 million passengers have been transported on board 30,000 flights.

Additionally, Al-Ruasa revealed that the customers will now receive a 50 percent discount on parking tickets if they are paid through self-service machines. The move follows a wave of complaints over the SAR 10 per hour price of parking at the airport, compared to SAR 3 at Jeddah’s old airport.

Three necessary bridges remain to be built at the facility, he added.

To date, Saudia is the only carrier operating from the airport, and a SAR 1 billion contract for ground services has been signed with Flynas to provide ground handling services with the airline.

Source:https://www.arabianbusiness.com/transport/436822-jeddahs-new-airport-to-be-fully-operational-by-ramadan

Revamp of Bahrain’s Sheikh Zayed Highway progressing well, officials say

Construction work on Bahrain’s $62 million Sheikh Zayed Highway Development Project is progressing as planned, according to the state-run Bahrain News Agency (BNA).

Huda Abdulla Fakhro, the undersecretary for roads at Bahrain’s Ministry of Works, Municipalities Affairs and Urban Planning, said that the expansion of the highway is an important addition to the kingdom’s roads network, with its capacity expected to rise from 53,000 vehicles per day to 100,000 by 2030.

As part of the project’s first phase, the highway will be expanded to three lanes in both directions, with four roundabouts converted into intersections with traffic lights.

The project also includes lighting work, roadblocks, traffic signs, a revamp of the asphalt layers and landscaping, as well as water drainage.

At the moment, 2,800 vehicles use the highway during morning peak hours, 3,500 in the afternoon peak hours and 3,200 in the evening peak hours. By 2030, 5,400 vehicles are expected during the morning peak hours, 6,700 in the afternoon and 6,100 during evening peak hours.

The key project will also contribute to reducing traffic congestion in a number of areas, according to Bahraini officials.

Source:https://www.arabianbusiness.com/construction/436006-revamp-of-bahrains-sheikh-zayed-highway-progressing-well-officials-say

Dubai-based DP World has been awarded a 30-year concession by the Saudi Ports Authority (Mawani) for the management and development of the Jeddah South Container Terminal at Jeddah Islamic Port.

Under the build-operate-transfer (BOT) agreement, DP World will invest up to $500 million to modernise the port, including major infrastructure development to enable it to serve the ultra-large container carriers (ULCCs).

Jeddah Islamic Port is on the Red Sea and the largest port in Saudi Arabia with annual volumes of over 6 million TEUs.

Developing Jeddah Islamic Port will contribute to achieving Saudi Vision 2030. The concession will also be instrumental in facilitating the movement of cargo and greater access to local and international markets.

DP World has operated the South Container Terminal on a lease agreement for more than 20 years.

The new terminal will also have an upgraded capacity of 3.6 million TEU up from 2.4 million TEU, to meet the expected growth demands of the future, and will provide 1,400 jobs.

Sultan Ahmed Bin Sulayem, DP World group chairman and CEO, said: “DP World is honoured to support the kingdom’s 2030 growth vision through this new concession to transform the country into a global logistics hub. We have committed to investing significantly to modernise the Jeddah South Container terminal, which will not only result in greater direct and indirect job creation but also deliver best-in-class efficiency and productivity to the Port’s operations.”

He added: “Beyond the terminal, our ambition is to develop inland connectivity across the Arabian Peninsula between Jeddah and Jebel Ali Port in Dubai, as well as to Saudi Arabia’s cities through smart technology-led logistics, which should support further growth in this strategic hub that connects East-to-West.”

Source:https://www.arabianbusiness.com/transport/436058-dubais-dp-world-set-to-invest-500m-in-jeddah-port-upgrade

Dokkan Afkar, a Saudi-based e-commerce marketplace dedicated to selling homegrown and innovative gadgets, gizmos and gifts, has closed a SR19 million ($5.6m) Series B funding round, led by the Business Incubators and Accelerators Company (BIAC).

The Series B funding round was joined by existing investors – Riyad TAQNIA Fund, the Saudi Venture Capital Company (SVC) – along with a number of local investors, including Mishal Ali Reda, who has invested in the start-up’s third consecutive funding round.

Dokkan Afkar said it plans to use the new capital to continue its growth and expansion throughout the Middle East, focusing on increasing its products and product inventory with the vision of attracting a larger and more diverse customer base.

The company added in a statement that it will also add new creative talent and suppliers to support its various department categories, as well as offer several employment opportunities for Saudi youth.

“We have learned a lot over the past six years, and have been progressing and moving from one success to another,” said Dokkan Afkar co-founder and CEO, Ammar Waganah.

“We now look forward to moving towards our next phase of the business, which is expanding into the rest of the Arab region, followed by entering into a number of international markets. We’re immensely proud that Dokkan Afkar is one of Saudi Arabia’s leading start-ups dedicated to promoting a vibrant e-commerce ecosystem that is in line with the kingdom’s Vision 2030 plan,” he added.

Nawaf Al Sahhaf, CEO of the Business Incubators and Accelerators Company, added that the success of the latest funding round is a result of Dokkan Afkar’s exemplary growth over the past few years, which has strengthened the position of the brand in the region’s growing e-commerce sector.

Established in 2013, Dokkan Afkar – which translates into Shop of Ideas – is an online retail service with a strong focus on promoting local homegrown creative talent and suppliers.

Source:https://www.arabianbusiness.com/retail/435240-saudi-gifts-retailer-secures-56m-funding-for-expansion

As detailed on the free zone’s website, DAFZA company setup regulations are as follows:

“The laws applicable to Dubai Airport Free Zone are set out in Dubai Law No 25 of 2009 (Concerning Dubai International Airport Free Zone). These rules and regulations state that every business in Dubai must have a legitimate formation and be registered, have a minimum share capital, a name ending with FZE, details of ownership, and an owner’s declaration.

Also, it must have a registered office, a sign-name plate, business letters, shares, proof of share transfer, directors and a secretary in place. In addition, it should carry out directors’ meetings, have objects, a seal, contracts, sufficient accounting records, clear distribution channels and sufficient funds. We keep these rules and regulations in check to help you while registering a business in Dubai. Moreover, we will appoint an investigating power to monitor services. We also have the power to revoke the registration of any company.”

Understanding DAFZA Company Setup Costs

There are several components to the DAFZA company formation cost. The number of visas you require, the type of premises you need, your license type and many other factors will have a bearing on the total price.

For example, a service or industrial license is likely to cost in the region of AED 15,000 per year while a general trading license could cost in excess of AED 50,000 per year. On top of this, you will also be required to make a one-off registration payment in the region of AED 7,000.

For a more detailed breakdown of the costs, it’s best to talk to a company formation expert who can build a tailored quote for you.

Starting Your DAFZA Business

Wherever you choose to set up, getting the right guidance beforehand is key. That’s why it’s always advisable to undertake the steps with the assistance of a registered company formations agent to eliminate any potential hassles that might arise.

With more than 15 years of experience in company incorporation, Worldwide Formations can help you get your business up and running within a matter of weeks. We’ll manage the entire process on your behalf and correspond with all relevant authorities for you. All you need to do is wait for the green light to start doing business.

Source:https://worldwideformations.com/dafza-comapny-setup-explained/https://worldwideformations.com/dafza-comapny-setup-explained/

Saudi Arabia is to launch an instant work-visa service from next month, according to the Saudi Press Agency (SPA).

The service will be available through the country’s Qiwa platform, which is designed specifically to help small businesses.

Ahmed Al-Rajhi made the announcement during a meeting with entrepreneurs from Hail Chamber of Commerce and Industry, where he reiterated the commitment of the government to provide help to small businesses in the kingdom, along with a framework to assist with the push for Saudisation.

He said: “It will enable young Saudis to launch start-up projects, open small businesses, boost economic growth and accelerate business expansion plans, which will have a positive impact on national development.”

Al-Rajhi revealed that extensive research had been carried out to establish the requirements of small businesses for migrant workers, so that the new visa service meets their needs.

He added: “This will help to maintain the stability and continuity of the business during its early days.”

The Ministry of Labour and Social Development has also launched a visa service for established businesses which are in the process of expanding.

Source:https://www.arabianbusiness.com/politics-economics/433805-saudi-arabia-to-begin-issuing-instant-work-visas

Saudi Arabia and the UAE remained silent over Iraq’s proposal to deepen OPEC+ production cuts, leaving the market to speculate about the group’s plans before crucial talks in Vienna this week.

Iraq, which has the worst record among major producers of implementing the group’s current supply deal, is nevertheless pushing for steeper cutbacks. Oil Minister Thamir Ghadhban said the group should remove another 400,000 barrels a day from the market, taking the total reduction to 1.6 million.

Upon arrival in the Austrian capital late on Tuesday, he told reporters that he believed Saudi Arabia, OPEC’s defacto leader, also supported the move. The kingdom’s Energy Minister Prince Abdulaziz bin Salman declined to answer specific questions when he arrived in the city on Wednesday, saying simply that the market outlook was “sunny” like the weather.

Contrary signals had emerged from Tuesday’s meeting of the group’s Joint Technical Committee, which advises ministers but doesn’t make final decisions. Officials present at the talks didn’t discuss steeper cutbacks, said delegates, who asked not to be named because the talks were private.

The group’s main aim is to agree an extension of the existing deal beyond March, for which there is a consensus among the Gulf Arab members, Oman’s Oil Minister Mohammed Al Rumhi said in Dubai on Wednesday. UAE Energy Minister Suhail Al Mazrouei wouldn’t confirm which proposals will be discussed on December 5 to 6, while Kuwait’s Oil Minister Khaled Al-Fadhel said he hadn’t heard a suggestion for an additional cut of 400,000 barrels a day.

“Iraq is the main OPEC country missing its compliance target,” Olivier Jakob, managing director of consultant Petromatrix, said in a note to clients. “Yet it is continuously repeating that OPEC could consider an increase in the size of the cut.”

An alliance between the Organisation of Petroleum Exporting Countries and several non-members including Russia and Kazakhstan has been restraining output since the start of 2017 in order to eliminate a surplus and bolster crude prices. The agreement expires at the end of March and ministers must decide what to do next. The vast majority of analysts and traders surveyed by Bloomberg considered an extension to be the most likely outcome of ministerial talks.

In 2020 the group faces slowing demand growth and another huge expansion in rival production, which together could create another oversupply that drives international prices back down toward $50 a barrel. That’s too low for most OPEC members to balance their budgets, and would make an unfortunate epilogue for the record-breaking initial public offering of Saudi Arabia’s state oil company, Aramco.

“It has been calculated that the 1.2 million has proved not enough so an additional cut is required” because demand growth is slowing, Ghadhban said. “This is not yet final, it’s very much subject to the member countries.”

In reality, OPEC+ has already gone deeper than the pledged 1.2 million cut due to a combination of voluntary and involuntary measures. The JTC concluded that the group exceeded that target by about 40 percent in October, meaning the additional cuts Iraq is proposing are actually in place, albeit unofficially.

Saudi Arabia, wishing to lead by example, has pumped well below its quota for the duration of the agreement. Other nations including Angola, Venezuela and Mexico have simply been unable to sustain their production due to industry mismanagement or years of under-investment.

“Saudi Arabia could easily reduce its official production allowance by 300,000 barrels a day without affecting its actual production,” said Jakob of Petromatrix, which is based in Zug, Switzerland. “A cosmetic cut might feed some automated buying on headlines but that would be a rally hard to sustain.”

The kingdom’s extra efforts have offset lax implementation of output reductions by several other nations. On average this year, Russia has implemented just 72 percent of its pledged cuts, while Nigeria and Iraq have actually increased output, according to data from the International Energy Agency.

Ghadhban said Iraq is striving to fulfill its part of the OPEC+ agreement and emphasized that every country should share the burden. Yet the production figure he gave for his country of 4.6 million barrels a day showed that 11 months into the deal he’s implemented barely a third of his agreed cuts.

Source:https://www.arabianbusiness.com/energy/434862-saudi-arabia-uae-silent-over-plan-to-deepen-opec-cuts