Tag: Eaton Moeller spare parts

In a bid to further deepen economic and trade ties, Saudi Arabia and Italy will sign 18 cooperation agreements across various fields, said Khalid Al-Falih, the Kingdom’s minister of investment.

Speaking at the Saudi-Italian Investment Forum in Milan on Sept. 4 at the Gallia hotel, Al-Falih said that both countries can complement and leverage each other’s strengths to build a better future.

During the speech, Al-Falih invited Italian firms to come and operate in the Kingdom, noting that 150 licensed companies from the European nation are already functioning in Saudi Arabia.

“But while Italy clearly belongs in the list of top 10 economies globally, it is only in the top 20 as an investor in the Kingdom, and the value of our bilateral non-oil trade amounts to a mere €1.3 billion ($1.4 billion) — which means we are far from reaching the full potential of our partnership,” added Al-Falih.

According to the minister, Saudi Arabia and Italy should specifically focus on expanding the scale and quality of joint investments to further deepen the strategic relationship between the nations.

“In the context of areas of complementarity and shared interests, I’d like to emphasize a handful that are of particular significance to Italy: energy and sustainability; advanced manufacturing and supply chains; culture and sports; and innovation and entrepreneurship,” said Al-Falih.

Talking about the energy sector, the minister noted that Saudi Arabia and Italy could become partners in green technologies, as the Kingdom leads the sustainable journey in the region from the front.

“With regards to energy and sustainability, the Kingdom is an ideal partner, including for decarbonized hydrogen – blue and green – given our plans and projects to lead the world in clean energy production, just as we have been global leaders in traditional energy for 80 years,” said Al-Falih.

He further added: “Our green hydrogen project at NEOM through ACWA Power and Air Products is by far the largest of its kind in the world and also Aramco has the world’s most ambitious program for products and export of blue hydrogen.”

Reiterating Saudi Arabia’s aim to become a global tourism destination, Al-Falih said that the Kingdom wants to attract 100 million visitors by 2030.

“I believe we have the right offerings — including AlUla, the Red Sea project, the Qiddiya entertainment park, as well as concert halls, cultural centers, and film and music festivals for our vibrant, young, and rapidly growing population,” he said.

Al-Falih added: “But achieving these ambitious targets will require investments exceeding €250 billion — and we can clearly also learn a lot from you in this space.”

He went on to say that Saudi Arabia’s gross domestic product has already achieved a cumulative growth rate of 66 percent since the launch of Vision 2030.

Speaking to Arab News after his address to the forum, Al-Falih said Saudi Arabia has become one of the top 10 countries in attracting foreign investment.

“The size of foreign investments is satisfactorily good,” the minister said, adding that such ventures by non-Saudi entities increased by over 30 percent in 2022 compared to the previous 12 months, and is likely to rise during this year.

He revealed that his ministry will soon announced the number of investments the Kingdom has managed to attract.

Al-Falih went on to say: “Saudi Arabia is not only attracting investments in petrochemicals and energy (sectors). We are also attracting investments in sectors like digital technology, health, tourism, culture, and logistics.

“The world’s biggest companies are now investing in the Kingdom, and these companies see Saudi Arabia as an investment-attracting environment.”

Commenting on the MoUs signed in Milan, Al-Falih said: “Today’s MoUs covered several sectors with energy, especially renewable energy, on top of these sectors.

“We also signed agreements in the health (sector), and this is a good thing since Italy is an advanced country in the health sector. There were also agreements in construction and industry sectors.”

Meanwhile, Al-Falih invited Italy’s Minister of Enterprise Adolfo Urso to Riyadh to consolidate cooperation between the two countries and foster collaboration between companies.

Mufleh Al-Shammari, communication and media vice president at the National Transformation Program Center, told Arab News that the NTP had had a successful forum, and expressed his enthusiasm about the event and the organization’s role in helping the Saudi investment environment evolve.

“NTP aims to develop the necessary infrastructure and create an environment that enables the public, private, and non-profit sectors to achieve the Kingdom’s Vision 2030,” he said, adding: “Launched in 2016, NTP is assigned with 35 percent of the Vision’s goals, which are 34 out of 96 strategic objectives. It works with seven leading entities and more than 50 participating entities, including the Ministry of Investment.”

When asked about NTP’s role in improving the investment environment, Al-Shammari said that Vision 2030 aims to position Saudi Arabia among the top 15 economies in the world, and NTP launched many platforms and initiatives to promote and attract high-quality investments to the Kingdom, including the “Invest Saudi” initiative which organizes forums around the world to market the Kingdom as an attractive destination for enterprise.

“Currently, it only takes one day and two documents to obtain an investment license in Saudi Arabia,” Al-Shammari said.

Al-Shammari also highlighted the results of NTP’s collaborative work with the Ministry of Investment, saying: “Saudi Arabia had the fastest growing economy of all G20 countries in 2022. In quarter one 2023, the Kingdom’s GDP growth reached 3.9 percent, surpassing most G20 countries.”

According to the organizing committee, the forum was attended by over 1,100 participants, of which 70 percent were from Italy and 26 percent from Saudi Arabia. The attendees included business leaders, government officials, policymakers, and investors.

Source:https://arab.news/47ydd

Egyptian presidential spokesman Ahmad Fahmi has said that Italian energy major Eni is planning to invest $7.7 billion in the country.

The announcement was made after Egyptian President Abdel Fattah El-Sisi met with Eni’s CEO Claudio Descalzi, where he lauded the firm’s activities in his country.

The meeting was also attended by Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla and senior Eni officials.

In August, El-Sisi revealed that Egypt will receive a $3.5 billion investment from UK multinational oil and gas company BP over the next three years.

During the meeting with BP CEO Bernard Looney, the president highlighted Egypt’s desire to strengthen cooperation with the company, including in emissions reduction, energy transition and green hydrogen production.

In August, a report from Knight Frank had suggested that sovereign wealth funds in the Middle East region could inject as much as $120 billion into Egypt over the next few years.

In its report, Knight Frank noted that major global powers including Saudi Arabia, the US, the UK, the UAE, South Korea, and China have renewed their investment interests in the African continent, especially after the recovery from the pandemic.

Acquisition

Affirming Egypt’s potential as a prospective investment destination, the UAE’s Global Investment Holding Co. has agreed to buy a 30 percent stake in tobacco manufacturer Eastern Co. for $625 million.

According to a statement from Egypt’s Cabinet published on Facebook, Global Investment Holding will also provide Eastern Co. with $150 million for the purchase of raw materials for manufacturing.

It is not clear whether this $150 million was an additional amount or was included in the $625 million purchase price.

The Cabinet statement added that this deal is a part of the government’s efforts to increase private investments in various sectors.

The Egyptian government had previously promised the International Monetary Fund that it would roll back the state’s involvement in the economy and allow private companies a much greater role as part of a $3 billion, 46-month financial support package, signed in December.

Wheat deal

Egypt’s state grains buyer bought about a half-a-million tons of Russian wheat in a private deal, four traders told Reuters, succeeding in negotiating lower prices than those offered in the more traditional tenders.

One of the world’s biggest importers of wheat, Egypt last year started shifting toward direct purchases instead of tenders after the war in Ukraine disrupted its buying.

The General Authority for Supply Commodities bought about 480,000 tons of Russian wheat from trading firm Solaris on Friday, at a price of about $270 a ton on a cost and freight basis, the traders said.

GASC was not immediately available for comment.

Traders have told Reuters the price could possibly be below an unofficial floor set by Russia’s government to control domestic wheat prices.

Other Russian wheat suppliers submitted offers on Friday at a free-on-board price of $265 per ton, believing it to be the set price floor, and a C&F price that exceeded $270 per ton.

Source:https://www.arabnews.com/node/2367376

In a significant development, Oman’s refinery and petroleum production saw a 13.5 percent uptick at the end of July 2023, according to a report by the country’s National Centre for Statistics and Information.

The data revealed that the production of standard-grade petrol M-91 escalated by 31.2 percent in comparison to the same period last year, reaching 1.22 million barrels. However, M-95 fuel exports plummeted by 84.9 percent in the same period.

On the other hand, diesel gas oil exports jumped by 26.9 percent year on year in July 2023 to about 11.95 million barrels.

Additionally, aviation fuel exports witnessed a 71.6 percent surge, amounting to 4.42 million barrels, and exports of liquefied petroleum gas reached 369,800 barrels.

Beyond fuel, Oman also reported increases in petrochemical exports during the month with paraxylene exports totaling 311,400 tons, gasoline exports standing at 97,500 tons, and polypropylene exports witnessing a 26.5 percent rise to 147,000 tons.

Domestic production statistics were equally robust in July 2023 as the production of standard-grade petrol swelled by 27.1 percent year on year to reach 9.61 million barrels, while its total sales hit 8.29 million barrels.

Diesel gas oil production soared 9 percent to reach 19.86 million barrels, with sales tallying at 8.11 million barrels.

Additionally, aviation fuel production surged by 64.6 percent to 6.85 million barrels, and LPG production increased by 41.4 percent to 4.91 million barrels in July 2023 compared to the same period last year.

The domestic petrochemical sector also witnessed gains with gasoline production skyrocketing by 260.1 percent to 93,500 tons, paraxylene production was steady at 305,400 tons, and polypropylene production grew by 14.4 percent to 156,700 tons.

Uptick in real estate market
Oman’s real estate market also experienced a significant uptick, with the total value of real estate transactions rising by 16.8 percent to reach 1.626 billion Omani rials ($4.2 billion) at the end of July 2023, compared to 1.392 billion rials recorded in the same period last year.

However, the value of sales contracts dipped by 10 percent, amounting to 619 million rials across 38,440 transactions. This also marked a 4.2 percent reduction in the number of sales contracts.

Source:https://arab.news/pbre9

Foreign Minister Ahmed Attaf, who gave an interview to Italy’s official news agency Nova (published on Wednesday), said Algeria wants to enter the BRICS bank capital and has applied to join Shanghai Cooperation Organization (SCO).

“We have expressed our intention to join the BRICS and look forward to the summit in South Africa in August. We have been informed that decisions on the accession criteria will be taken at that time. We await those decisions,” Attaf told the Italian news agency, adding that “Algeria intends to contribute capital to the New Development BRICS Bank.”

The head of Algerian diplomacy added that “in addition, we have also asked to become an observer country within the framework of the Shanghai Cooperation Organization”.

Source:https://algeriainvest.com/news/lalgerie-veut-integrer-le-capital-de-la-banque-des-brics-et-lorganisation-de-shanghai

The Qatar Chamber reviewed the bilateral cooperation with the Investment Promotion Agency of the Uzbekistan.

During a meeting held at the Chamber’s venue Ali Saeed Bu Sherbak Al Mansouri, the Assistant General Manager for Governmental Relations & Committees Affairs and Murat Mirzaev, Director of the Investment Promotion Agency of Uzbekistan, reviewed economic and commercial cooperation and investment climate and opportunities between both countries. Both officials also discussed the investment attractive sectors for investment and the possibility to enhance the mutual investments and establish commercial partnerships between the private sectors in both countries.

Speaking at the meeting, Al Mansouri praised the close relations between both countries, stressing the importance developing trade exchange through increasing cooperation between the Qatari private sector and its counterpart from Uzbekistan, as well as expanding the mutual investments.

He pointed out to the possibility to organise a joint business forum between both countries’ businessmen to review opportunities of cooperation and partnerships and the most important sector available for investment, stressing the interest of Qatari businessmen to explore opportunities galore in Uzbekistan.

For his part, Director of the Investment Promotion Agency of Uzbekistan Murat Mirzaev assured his country’s welcome to Qatari investors at all sectors, especially in agriculture, industry, tourism, mining, energy, textiles and food processing, noting that his agency developed a single window to facilitate doing businesses, helping investors find local partner and promoting investment and business climate in the country.

Source:https://www.qatar-tribune.com/article/66600/business/qc-reviews-ties-with-uzbek-investment-promotion-agency

Qatar Insurance Group (QIC), the leading insurer in Qatar and the MENA region was honoured at the graduation ceremony of the eighth cohort of the “Kawader Malia” programme, for its outstanding contribution towards supporting the development of young Qataris and its commitment to shaping the country’s future workforce.

Held at the four seasons hotel in Doha Last Wednesday on May 24th, the ceremony saw the program award certificates to 72 distinguished students. The graduates completed extensive training programs in leading Qatari institutions that equipped them with knowledge and skills to lead and thrive in fields critical to national development.

In November 2022, QIC signed a MoU with Qatar Finance and Business Academy (QFBA), committing to support its ‘Kawader Malia’ program for three years. In January this year, QIC welcomed a group of trainees which included Ghanim M. Al-Ghanim, Saleh K. Al-Mohannadi and Maryam N. Al-Fadala for a 12 week program that followed a well-rounded approach that combines orientation sessions, experiential learning and mentorship, designed to help the trainees gain hands on real-world experience, professional skills and insight into crucial aspects of the sector so that they can transition seamlessly into the workforce.

The MoU reinforced the mutual commitment of both signing entities to develop and foster Qatar’s national human capital.

Receiving the award on behalf of QIC Group was Mr. Rashid Al-Buainain, QIC Group Chief Administrative Officer who remarked, “We congratulate the graduates of the eighth cohort of the Kawader program on their outstanding achievement and share in their excitement as they embark on new journeys that will no doubt have positive impact on Qatar and the world. Seeing their commitment and dedication to hard work tells us that Qatar’s future is in good hands, and we are proud to have a hand in shaping it. We remain eager to continue to support initiatives that contribute effectively to the human development of the country’s financial services sector and more broadly the realization of the ‘Qatar National Vision 2030’ which entails preparing Qatari youth to take on the world’s challenges and become tomorrow’s innovators, entrepreneurs, and professionals”.

QFBA’s Kawader Malia program is an initiative designed to bridge the performance gap between “the academic and the professional” for fresh graduates of both genders within the spectrum of the financial industry and help prepare future business leaders, and decision makers of Qatar’s financial and banking services sector.

Source:https://www.qatar-tribune.com/article/66608/business/qic-honoured-for-efforts-towards-developing-qatars-human-capital

The expected free trade agreement (FTA) between GCC states including Qatar and the UK will further boost trade between Qatar and the UK, Lulu Group International Director Dr Mohamed Althaf said.

Talking to Qatar Tribune recently, Althaf said, “There is a lot of initiative from the UK government to reach out to countries ‘One to One’ for most favoured nation status in business and free trade agreements. Maybe there will be a free trade agreement between GCC states including Qatar and UK very soon. The free trade agreement with Qatar will be a huge game changer for people like us here.”

After a very long association, he said, “The UK has already concluded one treaty with Australia. And I think they are close to finalising an agreement with India. And I think the next is going to be Qatar. Now, in terms of the British export to Qatar, it will definitely benefit because this will remove a lot of trade barriers. But as I said Qatar is always a very open economy. So more than that, more than British food coming here, I also see a huge potential for Qatari products to go towards the UK.”

“As we know that Qatar has got a very nice port here in Doha. And there is a lot of incentive here for smart manufacturing, a lot of goods can come and go. So I wouldn’t be surprised if many companies from Asia will make Qatar a hub for manufacturing. The free trade agreement with the UK will also encourage a lot of UK companies to come and set up their operations in Qatar. So I think that will give a huge boost to the trade between these two countries,” Althaf said.

Althaf also revealed that Lulu has four more projects ready to open this year.

He said, “Now that the World Cup is over we are trying to consolidate ourselves in the Qatari market. Last year, we needed to complete most of our projects to ensure we were aligned with preparation for FIFA. And we wanted to serve our guests and I think we did it well. Not only us, all the people in Qatar, and all the companies have done a fabulous job and made the World Cup extremely successful. Now that things are done and we are back to normal, we are consolidatingour operation.”

He, however, said that the growth potential for Qatar is very high. “Qatar is now on the course of one of the biggest hydrocarbon expansions in the world. A lot of investment is happening in the hydrocarbon sector and all the infrastructure investments that they have made will result in some kind of a commercial outcome. So we are also continuing to grow to align with thecountry’s growth.”

Source:https://www.qatar-tribune.com/article/66652/business/expected-fta-to-boost-uks-trade-ties-withqatar-althaf

The economies of the Gulf Cooperation Council (GCC) are projected to grow at a slower pace in 2023 compared to the previous year, in the face of lower oil and gas earnings and a global economic slowdown, according to the new World Bank Gulf Economic Update (GEU).

The GCC is expected to grow by 2.5 per cent in 2023 and 3.2 per cent in 2024.

This compares to the region’s remarkable GDP growth of 7.3 per cent in 2022, which was fuelled by a strong increase in oil production for most of that year.

World Bank forecasts for UAE, Saudi and more
The weaker performance is driven primarily by lower hydrocarbon GDP, which is expected to contract by 1.3 per cent in 2023 after the OPEC+ April 2023 production cut announcement and the global economic slowdown.

However, robust growth in the non-oil sectors, which is anticipated to reach 4.6 per cent in 2023, will dampen the shortfall in hydrocarbon activities, driven primarily by private consumption, fixed investments, and looser fiscal policy in response to 2023’s relatively high oil revenues.

The latest issue of the World Bank’s GEU states that this year’s more modest growth is nonetheless buoyed by the structural reforms undertaken in the past few years.

Improvement to the business climate and competitiveness, and the overall improvements in female labour force participation in the GCC countries, especially in Saudi Arabia, have all paid off, though further diversification efforts are still needed and is underway.

UAE economic outlook 2023
Economic growth in 2023 is expected to slow compared to 2022 due to a decline in global economic activity, contraction in oil production, and tightening financial conditions.

Accordingly, real GDP is projected to grow by 2.8 per cent in 2023 to reflect a decline in oil activity growth of 2.5 per cent while a strong non-oil sector growth of 4.8 per cent will soften the contraction in oil activities, driven by robust domestic demand, particularly in the tourism, real estate, construction, transportation, and manufacturing sectors.

Saudi economic outlook 2023
Following a stellar GDP expansion of 8.7 per cent in 2022, economic growth is projected to decelerate to 2.2 per cent in 2023.

A fall in oil production, as Saudi Arabia abides by OPEC+ agreed production cuts, will contract oil sector GDP by 2 per cent.

However, with oil prices remaining at relatively high levels, loose fiscal policy and robust private credit growth are expected to cushion the contraction in the oil sector.

As a result, non-oil sectors are anticipated to grow by 4.7 per cent in 2023.

Bahrain economic outlook 2023
Bahrain’s economic outlook hangs on oil market prospects and the results of the accelerated implementation of its structural reforms’ agenda under the revised Fiscal Balance Program.

Growth is projected to moderate to 2.7 per cent in 2023 before averaging 3.2 per cent during 2024-25 as fiscal adjustments continue.

Growth in the hydrocarbon sector is expected to contract by 0.5 per cent in 2023 while the non-hydrocarbon sectors will continue expanding by 3.5 per cent supported by the recovery in the tourism and service sectors and the continuation of infrastructure projects.

Kuwait economic outlook 2023
Economic growth is expected to slow to 1.3 per cent in 2023 in response to a more cautious OPEC+ production approach and sluggish global economic activity.

The Oil sector is anticipated to contract by 2.2 per cent in 2023 despite the newly established Al Zour refinery.

Kuwait’s non-oil sectors are anticipated to grow by 4.4 per cent in 2023 driven primarily by private consumption. Policy uncertainty caused by political deadlock is expected to undermine the implementation of new infrastructure projects.

Oman economic outlook 2023
Oman’s economy is forecast to continue to grow, but at a slower pace, driven primarily by accelerated implementation of structural reforms under Vision 2040.

Overall growth is projected to moderate to 1.5 per cent in 2023 reflecting softening global demand.

Accordingly, the hydrocarbon sector is anticipated to contract by 3.3 per cent, reflecting OPEC+ recent production cuts while the non-oil economy is projected to continue its recovery trajectory by growing 3.1 per cent in 2023 supported by frontloading of infrastructure projects, increased industrial capacity from renewable energy, and the tourism sector.

Qatar economic outlook 2023
Real GDP is estimated to slow down to 3.3 per cent in 2023 after the strong performance registered in 2022, with the hydrocarbon sector expanding by 0.8 per cent.

The North Field expansion project is expected to boost the hydrocarbon sector in the medium term once the field enters commercial operation.

Meanwhile, robust growth is anticipated during this year in the non-hydrocarbon sectors, reaching 4.3 per cent, driven by private and public consumption.

The United Nations has revised its projections on global economic growth this year to be at 2.3 percent, up 0.4 percentage points from its January forecast.

The multilateral body in its latest report, however, lowered its prediction for world economic growth by 0.2 percent to 2.5 percent for 2024.

Source:https://www.arabianbusiness.com/politics-economics/in-detail-world-bank-forecasts-2023-economy-growth-for-uae-saudi-qatar-bahrain-oman-and-kuwait

Bahrain’s high-level delegation concluded its official visit to India, which took place from 14 to 17 March 2023, in New Delhi and Mumbai.

Organised with the support of the Ministry of Industry and Commerce (MOIC) and the Bahrain Economic Development Board (Bahrain EDB), the visit highlighted key investment opportunities in the Kingdom of Bahrain and designed to further enhance bilateral trade relations between the two countries. In line with the Economic Recovery Plan (ERP), the investment and trade opportunities highlighted by the delegation focused on Bahrain’s financial services, manufacturing, Information and Communication Technology (ICT), logistics, and tourism sectors.

The delegation included over 60 representatives from various public and private sector entities, namely the MOIC, Bahrain EDB, Bahrain Chamber of Commerce and Industry, Bahrain Tourism and Exhibition Authority, Export Bahrain, alongside several leading Bahrain-based businesses and business societies. The visit additionally witnessed the signing of a Memorandum of Understanding between Export Bahrain and the Confederation of Indian Industry (CII), in the presence of H.E. Abdulla bin Adel Fakhro, the Minister of Industry and Commerce in Bahrain and H.E. Abdulrahman Mohammed Al Qaoud, Ambassador of the Kingdom of Bahrain to the Republic of India, which outlined a framework to increase bilateral trade between the two entities.

Commenting on the visit, H.E. Abdulla bin Adel Fakhro, the Minister of Industry and Commerce in Bahrain, said: “This is an important visit that will pave the way for a more strategic partnership between Bahrain and India, on a government, economic, and business level. With a focus on key economic sectors, it moves us another step closer towards achieving the goals set under Bahrain’s Economic Recovery Plan.”

H.E. Khalid Humaidan, Chief Executive of the Bahrain Economic Development Board said: “India and Bahrain are strong trading partners with a long history of cooperation. The relationship between our two countries has gone from strength to strength ever since we entered diplomatic relations at an ambassadorial level since 1971. Today, non-oil trade continues to grow between both nations, and these visits are crucial as we continue to focus on driving investment into key sectors of the Kingdom’s economy .”

The lineup of sessions and activities, which hosted key Indian government officials, business representatives, and potential investors, included the 2023 Partnership Summit accompanied by the Confederation of Indian Industry (CII) in New Delhi. Additionally, the delegation attended two key networking events, hosted by Bahrain EDB and supported by Bombay Chamber, and CII in Mumbai.

According to the latest statistics, trade between both countries reached USD 1.4 billion in 2022, and Inward FDI stocks of India to Bahrain reached USD1.4 billion as of Q3 of 2022, accounting for around 4% of Bahrain’s total FDI stock of USD33.9 billion.

Source:https://www.bahrainedb.com/latest-news/bahrains-high-level-economic-delegation-concludes-a-successful-visit-to-india