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Industrial Establishments Increased to 11,000 in Saudi Arabia

The Industrial Sector Enablers forum organized by the Riyadh Chamber (Asharq Al-Awsat)
The Industrial Sector Enablers forum organized by the Riyadh Chamber (Asharq Al-Awsat)
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Industrial Establishments Increased to 11,000 in Saudi Arabia

The Industrial Sector Enablers forum organized by the Riyadh Chamber (Asharq Al-Awsat)
The Industrial Sector Enablers forum organized by the Riyadh Chamber (Asharq Al-Awsat)

The number of industrial establishments in Saudi Arabia increased from 8,800 in 2019 to more than 11,000 industrial establishments, according to Ministry of Industry and Mineral Resources official Mohammad al-Suwailem.

The undersecretary for industrial services was speaking at the “Industrial Sector Enablers” forum, organized by the Riyadh Chamber represented by the Industrial Committee, in cooperation with the Ministry of Industry and Mineral Resources.

The forum was held in the presence of a member of the Board of Directors and Chairman of the Industrial Committee at the Riyadh Chamber, Abdullah al-Khorayef, and several interested specialists in the industrial sector.

The event highlighted the enablers allocated to enable the industrial sector to achieve the industrial goals within the paths of Vision 2030.

Suwailem confirmed that the number of industrial establishments in Saudi Arabia is targeted to reach 36,000 in 2035.

Khorayef confirmed that holding the forum comes within the framework of the efforts of the Chamber’s Industry Committee to build bridges of communication with officials in the industrial sector.

He reiterated that it allows the opportunity to discuss issues of concern to the sector and reach solutions.

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Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
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Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo

The Spanish government has given the green light to Saudi Arabia's largest telecoms operator, STC Group, to raise its stake in Telefonica beyond 5% and reach 9.97%, Economy Minister Carlos Cuerpo said on Thursday.

Cuerpo confirmed an earlier report by El Pais newspaper during a news conference following the cabinet's weekly meeting in which the stake increase was approved, Reuters reported.

"Measures and conditions have been set and accepted voluntarily by the Saudi company to ensure that (the operation) takes place," Cuerpo told reporters.

He said the government's decision followed an "exhaustive analysis based not only on compliance with current legislation but also to guarantee the national interest in defense and ensure the strategic element in telecommunications".

Last year, STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder.

The Saudi group said at the time it owned a 4.9% stake in Telefonica and financial instruments giving it another 5% in what it called economic exposure to the company.

The Spanish government had to authorize the deal as Telefonica is considered a defence service provider and therefore a strategic company.

The Saudi company has said it does not intend to gain control of or a majority stake in Telefonica.