Tag: Cement spare parts Saudi Arabia

WestPoint Home (WPH), a global marketer and manufacturer of home products, has announced an investment of $9 million in the third phase expansion of its manufacturing complex in Bahrain.

The announcement followed the recent meeting between WPH senior officials and the Minister of Industry, Commerce and Tourism, Zayed R Alzayani. Officials from the American Chamber of Commerce Bahrain (AmCham) also were present, according to media reports.

The meeting also discussed how WPH will mitigate the impact of the potential expiration of the Tariff Preference Level (TPL) that allows duty free access for textile exports from Bahrain to the US.

WestPoint Home announced it will begin the third expansion of its spinning capacity at its Bahrain Manufacturing Complex in the next three years. “The third phase expansion project will cost $9 million and will increase spinning capacity by 38 per cent. Spinning more yarn in Bahrain will decrease lead times, increase flexibility and will, along with other initiatives help to mitigate the impact of the anticipated TPL expiration mid 2016 and will allow the company to continue to import Bahrain manufactured textile product into the US duty free,” said Normand Savaria, President and CEO.

“The support that we have been provided from various ministries of the Bahraini government as we conduct our business activities and implement these expansion projects and hire and train both foreign and local employees has given us the confidence to continue to build out our manufacturing base in Bahrain and increase our imports to the US by 15 per cent just last year. We look forward to our future in Bahrain,” he added.

The company will have invested over $25 million in expanding capacity, capabilities and environmental projects over the past three years including additional weaving, the spinning projects, expansion of manual and automatic sewing and embroidery capacity at the conclusion of this project.

WestPoint Home manufactures and sells products globally to leading retail and hospitality customers under popular owned brands including Martex, Vellux, Grand Patrician, Patrician, Luxor, Utica, Modern Living and Nostalgia. (SH)

Source:https://www.fibre2fashion.com/news/textile-news/westpoint-to-invest-9-mn-afresh-in-bahrain-176759-newsdetails.htm

The MSX index closed at 4,084.28 points, down by 0.09 per cent from the previous close. The Sharia Index ended up by 0.23 per cent at 496.20 points.

Takaful Oman, up 9.52 per cent, was the top gainer while, Phoenix Power, down 6.00 per cent, was the top loser. Shares of United Finance were the most active in terms of the number of shares traded while Bank Muscat was the most active in terms of turnover.

A total number of 610 trades were executed during the day’s trading session, generating a turnover of OMR4.85 million, with more than 27.48 million shares changing hands. Out of 40 traded securities, 6 advanced, 15 declined and 19 remained unchanged. At the session close, Domestic investors were net buyers for OMR551,000 while GCC & Arab investors were net sellers for OMR300,000 followed by foreign investors for OMR250,000 worth of shares.

Financial Index closed at 6462.36 points, down by 0.2 per cent. Prices of Takaful Oman, United Finance, Taageer Finance, Bank Muscat, and Vision Insurance were up by 9.52 per cent, 6.41 per cent, 3.7 per cent, 0.39 per cent, and 0 per cent respectively. Prices of Al Sharqia Investment, Global Financial Investments, Oman United Insurance, Muscat Finance, and Al Madina Takaful were down by 3.23 per cent, 2.67 per cent, 2.07 per cent, 1.56 per cent, and 1.03 per cent respectively.  

Industrial Index closed at 5763.6 points, down by 0.15 per cent. The price of Oman Cables Industry, was up by 1.26 per cent. Prices of National Aluminium, Oman Fisheries, Galfar Engineering, Oman Chromite, and Raysut Cement were down by 3.19 per cent, 2.99 per cent, 1.41 per cent, 1.37 per cent, and 1.04 per cent respectively.

Services Index was down by 0.56 per cent before closing at 1638.33 points. The price of Oman Telecom was up by 0.99 per cent. Prices of Phoenix Power, Oman National Engineering, Al Batinah Power, Ooredoo, and Al Batinah Hotels were down by 6 per cent, 2.52 per cent, 2.04 per cent, 1.12 per cent and 0 per cent respectively.

Source:https://timesofoman.com/article/113555-msx-index-ends-marginally-lower-65

Saudi Arabia said on Sunday it expected to post its first budget surplus in nearly a decade next year, as it plans to restrict public spending despite a surge in oil prices that helped to refill state coffers hammered by the pandemic.

After an expected fiscal deficit of 2.7% of gross domestic product this year, Riyadh estimates it will achieve a surplus of 90 billion riyals ($23.99 billion), or 2.5% of GDP, next year – its first surplus since it went into a deficit after oil prices crashed in 2014.

“The surpluses will be used to increase government reserves, to meet the coronavirus pandemic needs, strengthen the kingdom’s financial position, and raise its capabilities to face global shocks and crises,” Crown Prince Mohammed bin Salman was quoted as saying by Saudi state press agency SPA.

The world’s biggest oil exporter plans to spend 955 billion riyals next year, a nearly 6% expenditure cut year on year, according to a budget document.

Riyadh plans to reduce military spending next year by around 10% from its 2021 estimates, the budget showed, a sign that the cost of the military conflict in neighbouring Yemen has started to ease.

Revenues jumped this year by almost 10% to 930 billion riyals from the budgeted 849 billion, driven by higher crude prices and oil production hikes as global energy demand recovered.

Next year, the kingdom expects revenues of 1.045 trillion riyals.

“We are totally now decoupling the government expenditure from the revenue”, Finance Minister Mohammed al-Jadaan told Reuters.

“We are telling our people and the private sector or economy at large that you can plan with predictability. Budget ceilings are going to continue in a stable way regardless of how the oil price or revenues are going to happen”.

‘INVESTMENT BURDEN’
The largest Arab economy shrank last year as the coronavirus crisis hurt its burgeoning non-oil economic sectors, while record-low oil prices weighed on its finances, widening the 2020 budget deficit to 11.2% of GDP.

But the economy bounced back this year as COVID-19 restrictions were eased globally and domestically.

Saudi Arabia forecast 2.9% GDP growth this year followed by 7.4% growth in 2022, according to the budget.

The kingdom does not disclose the oil price it assumes to calculate its budget.

Monica Malik, chief economist at Abu Dhabi Commercial Bank, had estimated it was likely basing its budget on an oil price assumption that could be as low as $50-$55 per barrel, based on previous official revenue forecasts.

“There was a 15.7% increase in government revenue for 2022 vs the pre-budget. I think the assumption is now for a price of over $70 per barrel with the sharp increase in oil price”, she said.

Saudi Arabia’s ability to maintain fiscal diligence depends partly on the increasing roles of entities like the Public Investment Fund (PIF) or the National Development Fund in backing Prince Mohammed’s ambitious investment plans.

Saudi Arabia plans more than $3 trillion in investment in the domestic economy by 2030, a target that economists have said will be tough to meet.

“The budget’s expected surplus in 2022 comes not only on the back of higher oil prices and production, but also on the back of scaling back COVID-related spending as well as continuing with transferring the investment burden to the state funds led by PIF”, said Mohamed Abu Basha, head of macroeconomic analysis at EFG Hermes.

Source:https://economictimes.indiatimes.com/news/international/saudi-arabia/saudi-arabia-expects-2022-budget-surplus-after-years-of-deficit/articleshow/88250512.cms