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Saudi Transport Minister Inaugurates First ACI Office for Asia-Pacific, Middle East

SPA
SPA
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Saudi Transport Minister Inaugurates First ACI Office for Asia-Pacific, Middle East

SPA
SPA

Saudi Minister of Transport and Logistics Services and Chairman of the Board of Directors of the General Authority of Civil Aviation (GACA), Eng. Saleh Al-Jasser, inaugurated in Riyadh the first office of the Airports Council International (ACI) for Asia-Pacific and the Middle East.
Several dignitaries, high-ranking officials, and members of the ACI Asia-Pacific and Middle East representing 49 countries attended the event.
During the inauguration ceremony, Eng. Al-Jasser emphasized that this achievement represents a culmination of the Kingdom's prominent standing in international organizations and its significant role in the aviation and air transport industry, SPA reported.
The minister highlighted the unlimited support provided by the transportation and logistics system under the custodianship of the Custodian of the Two Holy Mosques and the Crown Prince.
He pointed out that the opening of the ACI office in Riyadh is an extension of consecutive successes in aviation.
In this context, he referred to the Kingdom's membership in the International Civil Aviation Organization (ICAO) and its presidency of the Aviation Security Committee within the ICAO, reflecting the pivotal role of the Kingdom and its extensive efforts in supporting the aviation industry regionally and internationally.
It clearly underscores the prestigious international standing that the Kingdom holds on the global stage, the minister noted.
He said that the opening of the office would contribute to expanding opportunities in the aviation market and enhancing the interests of member airports in the global council, aligning with the ambitious goals of the National Transport and Logistics Strategy.
The minister added that the opening also aligns with the Aviation Strategy that is aimed at strengthening air connectivity with countries worldwide, reaching 250 international destinations, and transporting 330 million passengers annually by 2030.
The ACI for Asia-Pacific and the Middle East was established in 1991 to meet the needs of Asian airports. In 2006, the Asia office was merged with the Pacific office, and it was renamed as the ACI Asia-Pacific and Middle East office.
It currently boasts 131 members representing 49 countries and oversees 617 airports in Asia, the Pacific, and the Middle East.

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Business

Aramco to Enter Global LNG Business by Acquiring Stake in MidOcean Energy

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. (Reuters)
An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. (Reuters)
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Aramco to Enter Global LNG Business by Acquiring Stake in MidOcean Energy

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. (Reuters)
An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. (Reuters)

Saudi Aramco, one of the world’s leading integrated energy and chemicals companies, has signed definitive agreements to acquire a strategic minority stake in MidOcean Energy for $500 million, reported the Saudi Press Agency on Thursday.

MidOcean Energy is a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors.

MidOcean Energy is currently in the process of acquiring interests in four Australian LNG projects, with a growth strategy to create a diversified global LNG business. The strategic partnership with MidOcean Energy marks Aramco’s first international investment in LNG.

The agreement builds on the relationship between Aramco and EIG, which was part of a consortium that acquired a 49% stake in Aramco Oil Pipelines Company, a subsidiary of Aramco, in 2021.

Completion of the transaction is subject to closing conditions which include regulatory approvals. Aramco also has the option to increase its shareholding and associated rights in MidOcean Energy in the future.

Aramco President and CEO Amin H. Nasser said: “We are pleased to be strengthening our strategic partnership with EIG through this acquisition, which marks Aramco’s first international investment in LNG.”

“We anticipate strong demand-led growth for LNG as the world continues on its energy transition journey, with gas being a vital fuel and feedstock in various industries. We believe that gas will be important in meeting the world’s rising need for secure, accessible and more sustainable energy,” he added.

Aramco Upstream President Nasir K. Al-Naimi said: “This is an important step in Aramco’s strategy to become a leading global LNG player. We see significant opportunities in this market, which is positioned for structural, long-term growth.”

“MidOcean Energy is well-equipped to capitalize on rising LNG demand, and this strategic partnership reflects our willingness to work with leading international players to identify and unlock new opportunities at a global level,” he remarked.

EIG Chairman and CEO Blair Thomas said: “Energy transition informs every investment decision we make, and we believe LNG has a key role to play in enabling an orderly transition that balances society’s twin goals of decarbonization and energy security. Concurrent with that, we believe the LNG industry is ripe for change and there is a role for a nimble, pure-play company like MidOcean Energy.”

“While our initial focus is on the announced transactions in Australia, we believe the opportunity set is global. We are excited to expand our existing partnership with Aramco to include this important initiative.”

MidOcean Energy CEO De la Rey Venter said: “It is an honor for MidOcean Energy to have Aramco as a key shareholder and strategic partner. We share the conviction that LNG is an integral enabler of the global energy transition, and we believe that the global LNG industry has strong fundamentals for many decades to come.”

“Synergistic partnerships are core to how MidOcean Energy will do business, grow and thrive. In Aramco, we have a partner that has long-term thinking in its DNA and an unwavering commitment to enduring collaborations. We look forward to pursuing many new opportunities together.”

Business

Saudi Exports Development Authority Organizes Commercial Mission to Iraq

Saudi Exports Development Authority Organizes Commercial Mission to Iraq
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Saudi Exports Development Authority Organizes Commercial Mission to Iraq

Saudi Exports Development Authority Organizes Commercial Mission to Iraq

The Saudi Exports Development Authority has organized a commercial mission under the identity "Made in Saudi" to Iraq, which held a meeting in Basra on Thursday.
The commercial mission to Basra involved over 28 Saudi companies and 130 Iraqi companies from various sectors, mainly construction materials, chemicals and polymers, energy, and packaging.
Talks went over new prospects for cooperation with the Iraqi side to support the access of national products to the promising Iraqi markets and achieve the wise leadership's aspirations to diversify sources of national income and promote Saudi non-oil exports.
The mission included a number of meetings, agreements and memorandums of understanding between the Saudi and Iraqi sides.
According to SPA, Saudi Arabia's non-oil exports to Iraq over the past five years (2018-2022) have reached SAR14.8 billion, where the building materials sector topped the list of exporting sectors during the period with a value of SAR4.42 billion, followed by the food product sector with SAR4.04 billion.

Business

Saudi Arabia, Singapore Announce Launch of Joint Business Council

SPA
SPA
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Saudi Arabia, Singapore Announce Launch of Joint Business Council

SPA
SPA

The Federation of Saudi Chambers and the Singapore Business Federation have announced the launch of the Saudi-Singaporean Business Council during the Saudi-Singaporean Business Forum, held recently in Singapore and attended by the Saudi Minister of Commerce Dr. Majid Al-Qasabi and his Singaporean counterpart.

The new joint council is expected to increase trade and investment exchanges by creating new opportunities for economic cooperation, facilitating communication between the two countries' business sectors, and organizing exhibitions, conferences, and visits by trade delegations, SPA reported.

Saudi Arabia and Singapore enjoy strong economic and trade relations; the volume of trade exchange between the two countries reached SAR45.2 billion in 2022, achieving a growth of 50.8%.

Business

Modon Signs Agreement to Establish Industrial Complex for Pharmaceuticals, Research in Sudair

Modon Signs Agreement to Establish Industrial Complex for Pharmaceuticals, Research in Sudair
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Modon Signs Agreement to Establish Industrial Complex for Pharmaceuticals, Research in Sudair

Modon Signs Agreement to Establish Industrial Complex for Pharmaceuticals, Research in Sudair

The Saudi Authority for Industrial Cities and Technology Zones (Modon) has signed an agreement with Eva Pharma, one of the fastest-growing pharmaceutical companies in the Middle East in Africa, to build an industrial complex for pharmaceutical manufacturing and research, Saudi state news agency SPA reported.

The agreement aims to develop pharmaceutical industries capable of delivering pharmaceutical security, enabling the Kingdom of Saudi Arabia to hold its position as an industrial power and logistics hub for vaccines and medicines.

Under the agreement, Modon has allocated 50,000 square meters of industrial land in Sudair city for industry and business to establish an industrial complex to produce more than 150 pharmaceutical products, manufacturing 990 million units a year.

The agreement also envisages consolidating technologies provided by the complex's Research and Development Center and working with universities and hospitals in the Kingdom to ensure a rapid response to production requirements.

Business

GASTAT: Saudi Population’s Unemployment Rate Decreases to 4.9% in Q2 2023

GASTAT: Saudi Population’s Unemployment Rate Decreases to 4.9% in Q2 2023
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GASTAT: Saudi Population’s Unemployment Rate Decreases to 4.9% in Q2 2023

GASTAT: Saudi Population’s Unemployment Rate Decreases to 4.9% in Q2 2023

Estimates of the Labor Force Survey issued in the Labor Market Statistics report by the General Authority for Statistics (GASTAT) showed a 4.9% decrease in the overall unemployment rate in Saudi Arabia (for Saudis and non-Saudis) in Q2/2023 over Q1/2023, SPA reported.
The report showed an 8.3% decrease in the unemployment rate for Saudis in Q2/2023 compared to 8.5% in Q1/2023; unemployment rate among Saudi women decreased to 15.7% compared to 16.1% in Q1/2023, while it remains unchanged at 4.6% among Saudi men.
According to the report, the overall labor force participation rate in Saudi Arabia (for Saudis and non-Saudis) decreased to 60.8% in Q2/2023 over Q1/2023.
The report showed a 51.7% decrease in the Saudi labor force participation rate in Q2/2023 over Q1/2023; participation rate among Saudi women decreased to 35.3% compared to last quarter, and participation rate among Saudi men decreased to 67.5% compared to 68.3% in Q1/2023.

Business

Global Survey Highlights Travel Focus on Specific Destinations, Leaving Others Undiscovered

The survey by YouGov revealed that 90% of tourists from Middle Eastern countries perceive familiarity with the destination as a key factor in making travel decisions. (AFP)
The survey by YouGov revealed that 90% of tourists from Middle Eastern countries perceive familiarity with the destination as a key factor in making travel decisions. (AFP)
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Global Survey Highlights Travel Focus on Specific Destinations, Leaving Others Undiscovered

The survey by YouGov revealed that 90% of tourists from Middle Eastern countries perceive familiarity with the destination as a key factor in making travel decisions. (AFP)
The survey by YouGov revealed that 90% of tourists from Middle Eastern countries perceive familiarity with the destination as a key factor in making travel decisions. (AFP)

An international survey, commissioned by the Saudi Tourism Authority, has unveiled that nearly two-thirds of individuals worldwide prioritize traveling to destinations previously visited by their friends and family.

This phenomenon has significantly bolstered tourism in specific locations while leaving other destinations widely unexplored.

The international YouGov survey, published ahead of this year’s World Tourism Day in Riyadh, included over 17,500 people and was carried out in 15 countries across Asia, Africa, America, Europe and the Middle East.

While 66% of tourists believe that traveling to a place that provides familiarity is important, just under half of respondents feel uncomfortable traveling to places they know little about.

However, of those that do travel to new destinations, 83% agree that they come back with a changed or broadened perspective.

The survey also showed that 67% tend to travel to destinations that they have previously visited or have heard about through their network, such as family and friends.

There are some global differences in the findings with 90% of tourists from Middle Eastern countries seeing familiarity with the destination as a key factor in making travel decisions, while British (62%), French (75%), Chinese (68%) and Japanese (74%) tourists feel more comfortable traveling to places that they know less about.

According to YouGov’s survey, the implication for those destinations that have a developing tourism sector with less spending power for international promotional efforts is that they will lack the ability to generate the familiarity which is clearly an important factor for people when choosing where to travel.

The stark findings of this survey not only emphasize tourists’ preference for familiar destinations but also shed light on the need for more sustainable tourism practices worldwide.

“The findings of this international survey give us great insight into the trends and habits of global tourists and how important a sense of familiarity is to them when choosing destinations,” said Fahd Hamidaddin, CEO and a Member of the Board of the Saudi Tourism Authority.

“However, familiarity does not mean that destinations need to compromise their authenticity as the research also supports the notion that visiting new places deepens our appreciation of diverse cultures and fosters mutual understanding,” he added.

Hamidaddin stressed that when people travel, they are agents of good as they export their own cultures and return home with new discoveries, new ideas and new perspectives.

Business

Saudi Arabia Opens Doors to Int’l Investment on ‘World Tourism Day’

The global impact of tourism is growing in bridging cultures and providing business and employment opportunities. (SPA)
The global impact of tourism is growing in bridging cultures and providing business and employment opportunities. (SPA)
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Saudi Arabia Opens Doors to Int’l Investment on ‘World Tourism Day’

The global impact of tourism is growing in bridging cultures and providing business and employment opportunities. (SPA)
The global impact of tourism is growing in bridging cultures and providing business and employment opportunities. (SPA)

As the world emerges from the shadows of the coronavirus pandemic, Saudi Arabia unveiled its true potential as a global tourist destination.

The Kingdom has brought together more than 500 government officials, leaders from the tourism sector, and experts from 120 countries to celebrate World Tourism Day (WTD).

Held under the theme of “Tourism and Green Investment,” this event is described as the largest of its kind in the 43-year history of WTD’s commemoration, according to international stakeholders in the industry.

In the event’s opening speech, Saudi Minister of Tourism Ahmed al-Khatib announced that the Saudi government had opened the doors to international investment in the tourism sector.

He also emphasized Saudi commitment to assisting the private sector in accessing global capital for the construction of the facilities expected and needed by visitors, a vision that is becoming a reality in the Kingdom.

Khatib stated that hosting the WTD in Riyadh is a significant endeavor for the Kingdom.

According to Khatib, the tourism sector is considered one of the world’s most vital economic activities, employing one out of every 10 individuals worldwide and providing livelihoods for hundreds of millions more.

Furthermore, it can account for over 20% of the Gross Domestic Product (GDP) in some countries.

Khatib explained that the Kingdom needs to create a million job opportunities in the tourism sector over the next decade, pointing out that the government has already generated around 200,000 jobs and still requires 800,000 jobs to align with the capacity of hotel rooms and new products.

The minister revealed the construction of approximately 500,000 new rooms currently underway in several regions as part of massive government projects in NEOM, Diriyah, and others.

Additionally, the private sector will contribute further projects.

Khatib announced a billion-dollar investment to establish the Riyadh School of Tourism and Hospitality, with its main campus in the Qiddiya region (central Saudi Arabia), set to open in 2027.

While discussing the growth of the tourism sector and the increase in tourist numbers, Khatikb highlighted how tourism has become a global industry.

Business

Lucid Group Opens Saudi Arabia’s First-ever Car Manufacturing Facility

The manufacturing unit extends over an area of more than 1.35 million square meters, SPA
The manufacturing unit extends over an area of more than 1.35 million square meters, SPA
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Lucid Group Opens Saudi Arabia’s First-ever Car Manufacturing Facility

The manufacturing unit extends over an area of more than 1.35 million square meters, SPA
The manufacturing unit extends over an area of more than 1.35 million square meters, SPA

Lucid Group, which is partially owned by the Public Investment Fund, launched Wednesday its first international factory in Jeddah-based King Abdullah Economic City (KAEC).

The manufacturing unit extends over an area of more than 1.35 million square meters, occupying about 31% of the total area allocated to the automotive industry in the KAEC Special Economic Zone, SPA reported.

In May 2022, Lucid Motors signed a contract to begin construction of its factory in KAEC with a production capacity of 155,000 vehicles.

The Economic Cities and Special Zones Authority recently granted the automaker the operating license for its manufacturing unit.

During the inauguration ceremony, the company explained that about 95 percent of its production will be exported, which will open new investment opportunities and support supply chains and the balance of payments in the Kingdom.

Business

Aramco and Eastern Shenghong Sign Cooperation Framework Agreement 

At the signing ceremony, front row, from left: Chairman of Shenghong Holding Group Miao Hangen and Aramco Executive Vice President of Products and Customers Yasser M. Mufti. Back row, from left: Jiangsu Provincial Development and Reform Commission Deputy Director General Wang Rongfei, Jiangsu Province Executive Vice Governor Ma Xin, Aramco President & CEO Amin H. Nasser and Aramco Downstream President Mohammed Y. Al Qahtani. (Aramco)
At the signing ceremony, front row, from left: Chairman of Shenghong Holding Group Miao Hangen and Aramco Executive Vice President of Products and Customers Yasser M. Mufti. Back row, from left: Jiangsu Provincial Development and Reform Commission Deputy Director General Wang Rongfei, Jiangsu Province Executive Vice Governor Ma Xin, Aramco President & CEO Amin H. Nasser and Aramco Downstream President Mohammed Y. Al Qahtani. (Aramco)
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Aramco and Eastern Shenghong Sign Cooperation Framework Agreement 

At the signing ceremony, front row, from left: Chairman of Shenghong Holding Group Miao Hangen and Aramco Executive Vice President of Products and Customers Yasser M. Mufti. Back row, from left: Jiangsu Provincial Development and Reform Commission Deputy Director General Wang Rongfei, Jiangsu Province Executive Vice Governor Ma Xin, Aramco President & CEO Amin H. Nasser and Aramco Downstream President Mohammed Y. Al Qahtani. (Aramco)
At the signing ceremony, front row, from left: Chairman of Shenghong Holding Group Miao Hangen and Aramco Executive Vice President of Products and Customers Yasser M. Mufti. Back row, from left: Jiangsu Provincial Development and Reform Commission Deputy Director General Wang Rongfei, Jiangsu Province Executive Vice Governor Ma Xin, Aramco President & CEO Amin H. Nasser and Aramco Downstream President Mohammed Y. Al Qahtani. (Aramco)

Saudi Aramco, one of the world’s leading integrated energy and chemicals companies, and Jiangsu Eastern Shenghong Co., Ltd. (“Eastern Shenghong”) signed on Wednesday a cooperation framework agreement to facilitate discussions relating to the possible acquisition by Aramco of a 10% strategic equity interest in Jiangsu Shenghong Petrochemical Industry Group Co., Ltd. (“Shenghong Petrochemical”), a wholly-owned subsidiary of Eastern Shenghong, subject to due diligence and required regulatory clearances.

Shenghong Petrochemical owns and operates a 320 MBD integrated refinery and petrochemicals complex, a methanol-to-olefins and derivatives complex as well as a purified terephthalic acid production facility through its wholly-owned subsidiaries. The facilities are co-located in the Xuwei Petrochemical Industrial Park in Jiangsu Province, read an Aramco statement.

Under the Cooperation Framework Agreement, it is intended that Aramco would supply Shenghong Petrochemical with crude oil and potentially other feedstocks. Aramco and Shenghong Petrochemical also intend to cooperate on the development of a large expansion project, subject to further discussions between the parties and the execution of definitive agreements.

Mohammed Y. Al Qahtani, Aramco Downstream President, said: “Aramco looks forward to partnering with Eastern Shenghong to supply the reliable energy required for China’s long-term growth, development and energy security.”

“The signing of this cooperation framework agreement is another significant milestone in Aramco’s Downstream strategy to increase conversion of Arabian crude oil to chemicals and to expand into the critically important Chinese market. We see China as an important partner not only for today but for decades to come,” he stressed.

Eastern Shenghong, which is listed on the Shenzhen Stock Exchange, is a leading, vertically-integrated energy and chemicals enterprise which deploys advanced technologies in its new energy and materials businesses.

Business

Riyadh Kicks off World Tourism Day with Participation of 120 Countries

World Tourism Day 2023 kicked off in Riyadh on Wednesday. (SPA)
World Tourism Day 2023 kicked off in Riyadh on Wednesday. (SPA)
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Riyadh Kicks off World Tourism Day with Participation of 120 Countries

World Tourism Day 2023 kicked off in Riyadh on Wednesday. (SPA)
World Tourism Day 2023 kicked off in Riyadh on Wednesday. (SPA)

Riyadh kicked off on Wednesday the proceedings of World Tourism Day 2023, reported the Saudi Press Agency.

Held under the theme "Tourism and Green Investment", the event will witness the participation of over 500 government officials, tourism leaders and experts from 120 countries to promote growth, sustainability and interdependence among peoples, shape the future of tourism, and discuss the most prominent topics related to the tourism sector.

In a speech during the opening ceremony, Saudi Minister of Tourism Ahmed bin Aqil Al-Khateeb stressed that hosting the World Tourism Day in Riyadh is essential for Saudi Arabia.

Tourism is one of the most important economic sectors in the world as one in 10 people are employed in the domain, he remarked. Tourism can account for over 20% of some countries' GDP.

The minister referred to the growth of the sector and the increase in the number of tourists. Tourism has become a global industry, a stark departure from 1970 when tourism and global travel accounted for less than 3% of the global GDP.

Today, the sector is recovering strongly from the COVID-19 pandemic and will make up 10% of the global GDP. The number of passengers increased from 118 million in the early 1970s to nearly 1.5 billion in 2019, representing a 700% increase.

Al-Khateeb stressed the importance of cooperation among countries to achieve progress and growth in the sector in a more balanced and fair manner.

He underlined the importance of opening new horizons for tourism and helping small countries realize their aspirations through investments. He noted that if countries can unite regionally and even globally, the opportunities in the sector can double, and all can help build bridges among countries and the public and private sectors.

Al-Khateeb pointed out that the Saudi government has opened the door to international investments in the tourism sector and helped the private sector access global capital to build facilities that visitors expect and need in the Kingdom.