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Saudi Arabia Launches Training Program in Mining Sector for GCC Citizens

The three-day program covers a spectrum of topics and delves into innovations in mining operations. (SPA)
The three-day program covers a spectrum of topics and delves into innovations in mining operations. (SPA)
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Saudi Arabia Launches Training Program in Mining Sector for GCC Citizens

The three-day program covers a spectrum of topics and delves into innovations in mining operations. (SPA)
The three-day program covers a spectrum of topics and delves into innovations in mining operations. (SPA)

Prince Faisal bin Khalid bin Sultan, Governor of Saudi Arabia’s Northern Borders Region, kicked off the training program for Gulf Cooperation Council (GCC) citizens working in the mining sector.

The three-day program covers a spectrum of topics and delves into innovations in mining operations.

The program emphasizes pivotal aspects, such as safety and sustainability in mining practices, and includes field visits to mining sites and factories in the Northern Borders Region.

Prince Faisal underscored the paramount importance of such programs, highlighting their key role in fostering cooperation and achieving integration in the development of human resources.

The overarching goal is to enhance efficiency, boost productivity and investments in human capital, and achieve comprehensive and sustainable development across all spheres, in addition to exchanging expertise and successful initiatives to align with the rapid developments in the labor market, he added.

Commending the government's steadfast support for the mining sector's development, he highlighted the substantial investments, particularly in establishing essential infrastructure, including creating the Saudi Mining Polytechnic (SMP).

He welcomed the participation of the Omani delegation and representatives from all GCC countries in the training programs.

The inauguration of the program was attended by Abdullah Al-Otaibi, Managing Director at SMP, and Dr. Mohammed Al Kindi, Head of the Omani delegation, as well as citizens, officials, SMP employees, and trainees from Oman.

Al-Otaibi stressed that the program is the culmination of collaborative efforts aimed at reinforcing the promising capabilities of youth in scientific and vocational domains, with a specific focus on mining.

He emphasized that this program is a testament to the deep-rooted cooperation, cultural exchange, and scientific collaboration among Gulf nations that aims to provide specialized and high-quality training opportunities for their youth, allowing them to stay abreast evolving developments in the field.

Al Kindi highlighted the key role of SMP as a regional hub for vocational training in the mining sector.

He revealed that the training program was established through a strategic partnership involving SMP, Oman’s Ministry of Energy and Minerals, the Oman Development Company, and Oman Institute for Oil and Gas.

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Business

Gold Prices Drift Higher as Key US Inflation Data Looms

A salesman arranges gold bangles at a jewelry shop in Chennai, India, on May 10, 2024. (Photo by R. Satish BABU / AFP)
A salesman arranges gold bangles at a jewelry shop in Chennai, India, on May 10, 2024. (Photo by R. Satish BABU / AFP)
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Gold Prices Drift Higher as Key US Inflation Data Looms

A salesman arranges gold bangles at a jewelry shop in Chennai, India, on May 10, 2024. (Photo by R. Satish BABU / AFP)
A salesman arranges gold bangles at a jewelry shop in Chennai, India, on May 10, 2024. (Photo by R. Satish BABU / AFP)

Gold prices drifted up on Tuesday, with the spotlight shifting to key inflation reports due this week, which could offer more insights on the pace and scale of the US Federal Reserve's interest rate cuts this year.
Spot gold was up 0.4% at $2,344.39 per ounce by 0557 GMT after falling 1% on Monday, Reuters reported.
US gold futures rose 0.3% to $2,350.00.
The US producer price index data is scheduled for release at 1230 GMT, followed by the consumer price index on Wednesday. The CPI data is expected to show core inflation rose 0.3% month-over-month in April, down from 0.4% the prior month, according to a Reuters poll, pulling the annual rate down to 3.6%.
"If gold manages to hold above $2,320- $2,330 range, that is a sign of positiveness. That means short-term momentum will be bullish and with that support after a weaker CPI data, potentially gold could test the all-time high level in the short-term," said Kelvin Wong, a senior market analyst for Asia Pacific at OANDA.
However, currently "gold prices are supported by ongoing stagflationary risk scenario that is kind of ignoring the whole higher cost of holding gold."
Bullion is known as inflation hedge but elevated interest rates reduce the opportunity cost of holding gold.
Last week's weak jobs report and a softer-than-expected US payrolls report for April have increased expectations for rate reductions this year. The Fed will cut its key interest rate twice this year, starting in September, according to a stronger majority of economists polled by Reuters.
Spot silver rose 0.8% to $28.41 per ounce and palladium gained 0.8% to $968.43.
Platinum was up 0.6% to $1,002.90, after hitting a near one-year peak on Monday.
BHP Group is likely to sweeten its $43 billion takeover offer for Anglo American for a second time and possibly add cash, investors in both companies said, after the London-headquartered target rejected a higher bid.

Business

International Companies Gather in Riyadh to Explore Giga Saudi Projects

The Saudi Giga Projects 2024 kicked off on Monday in Riyadh. (Asharq Al-Awsat)
The Saudi Giga Projects 2024 kicked off on Monday in Riyadh. (Asharq Al-Awsat)
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International Companies Gather in Riyadh to Explore Giga Saudi Projects

The Saudi Giga Projects 2024 kicked off on Monday in Riyadh. (Asharq Al-Awsat)
The Saudi Giga Projects 2024 kicked off on Monday in Riyadh. (Asharq Al-Awsat)

More than 600 investors and representatives of local and international companies gathered in Riyadh to explore the Giga projects that are currently being implemented in Saudi Arabia, namely NEOM, Qiddiya, The Red Sea, Roshen, and Diriyah.
The two-day Saudi Giga Projects 2024 kicked off on Monday, in the presence of government agencies, developers, contractors, consultants, suppliers and thought leaders, to discover the huge projects taking place in the Kingdom within the framework of Vision 2030.
In remarks to Asharq Al-Awsat, CEO of Expertise Contracting Co. Ltd., Mohammad Ashif, said that his company works with giant Saudi projects such as The Red Sea and Qiddiya, and provides services to the King Salman Park, with the aim to develop Saudi Arabia’s infrastructure in line with Vision 2030.
Expertise Contracting Co. Ltd. is a leading industrial group in Saudi Arabia and the Middle East. It provides services in various sectors, including petrochemicals, oil and gas, fertilizers, steel, cement, water treatment, and power generation sectors.
Ashif stressed that Saudi Arabia is considered a model for the future of construction and infrastructure, and has achieved a 40 percent annual growth in this field during the past five years.
For his part, the regional account manager at MEED, the global business intelligence company, Alaa Khamis, told Asharq Al-Awsat that the volume of the Kingdom’s major projects will exceed $850 billion in 2023. He continued that the value of the contracts that were delivered last year amounted to about $65 billion, covering various sectors.
During the event, speakers discussed the latest trends and technologies in giant Saudi projects, pointing to a great interest by international companies to explore investment opportunities in Saudi Arabia.
The CEO of Asfar Tourism Investment Company, which is wholly owned by the Public Investment Fund (PIF), Fahad bin Mushayt, said that one of the company’s main goals focuses on empowering the private sector.
He also announced the full opening of the first resort in the city of Al Baha at the end of 2024.
The Saudi Giga Projects 2024 featured a dynamic program of keynote speeches and panel discussions presented by more than 30 speakers.
Participants listened to updates and in-depth insights about major Saudi giant projects, including Trojena, New Square, Diriyah, King Salman Park and Red Sea International.

Business

Saudi Finance Minister Participates in Qatar Economic Forum 2024

Saudi Finance Minister Mohammed al-Jadaan. (AP)
Saudi Finance Minister Mohammed al-Jadaan. (AP)
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Saudi Finance Minister Participates in Qatar Economic Forum 2024

Saudi Finance Minister Mohammed al-Jadaan. (AP)
Saudi Finance Minister Mohammed al-Jadaan. (AP)

The Saudi Minister of Finance, Mohammed bin Abdullah Al-Jadaan, participates in the fourth edition of the Qatar Economic Forum 2024, held from 14 May through 16, in Doha, Qatar.
The forum aims to discuss economic challenges and opportunities in the Middle East and North Africa region, said the Saudi Press Agency on Tuesday.
During the first day of the forum, the Saudi minister will participate in a dialogue session titled "Reshaping Middle East Economies." During the session, he will join the Chairman of the Islamic Development Bank (IsDB) Group, Muhammad Al-Jasser, and the Qatari Minister of Finance, Ali Al-Kuwari.
The forum will bring together over 1,000 decision-makers from government and private sectors worldwide. They will discuss various topics including geopolitical challenges, globalization and trade, energy transition, technological innovation, business and investment prospects, as well as sports and entertainment.

Business

Red Sea Global Announces Cooperation with Oracle

Red Sea Global (RSG) announced a cooperation with Oracle to introduce its technology solutions, including OPERA Cloud Central Hospitality platform, in the Kingdom for the first time. (SPA)
Red Sea Global (RSG) announced a cooperation with Oracle to introduce its technology solutions, including OPERA Cloud Central Hospitality platform, in the Kingdom for the first time. (SPA)
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Red Sea Global Announces Cooperation with Oracle

Red Sea Global (RSG) announced a cooperation with Oracle to introduce its technology solutions, including OPERA Cloud Central Hospitality platform, in the Kingdom for the first time. (SPA)
Red Sea Global (RSG) announced a cooperation with Oracle to introduce its technology solutions, including OPERA Cloud Central Hospitality platform, in the Kingdom for the first time. (SPA)

Red Sea Global (RSG) announced on Monday a cooperation with Oracle, a company specialized in hospitality, to introduce its technology solutions, including OPERA Cloud Central Hospitality platform, in the Kingdom for the first time.

Through this cooperation, RSG said it will establish premier luxury resorts such as Thuwal Private Retreat, Shebara, and Desert Rock, which are set to become the first resorts in the Kingdom to leverage Oracle's advanced cloud hospitality technology solutions.

Group CEO at Red Sea Global John Pagano said: "The Oracle Hospitality OPERA Cloud Central platform truly is best in class, but until now, it has not been accessible to the Saudi Arabian industry."

"Oracle was eager to be part of the exciting transformation happening in the Kingdom, especially in the hospitality industry. With their expertise and support, we now have the technology in place to deliver exceptional guest experiences, responding to our discerning visitors' needs before they know what they want," he added.

Executive Vice President and General Manager at Oracle Hospitality Alex Alt said: "Saudi Arabia is one of the world's most exciting hospitality market stories today, and by pioneering a regenerative approach to tourism, Red Sea Global is at the heart of that transformation. Now, Oracle will also be a part of shaping the sector's future in the region."

Business

Jeddah Historic District Program, Cruise Saudi Sign MoU to Take in Rising Number of Int'l Cruise Visitors

The Jeddah Historic District Program and Cruise Saudi signed a memorandum of understanding (MoU) to accommodate the increasing number of international cruise visitors. (SPA)
The Jeddah Historic District Program and Cruise Saudi signed a memorandum of understanding (MoU) to accommodate the increasing number of international cruise visitors. (SPA)
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Jeddah Historic District Program, Cruise Saudi Sign MoU to Take in Rising Number of Int'l Cruise Visitors

The Jeddah Historic District Program and Cruise Saudi signed a memorandum of understanding (MoU) to accommodate the increasing number of international cruise visitors. (SPA)
The Jeddah Historic District Program and Cruise Saudi signed a memorandum of understanding (MoU) to accommodate the increasing number of international cruise visitors. (SPA)

The Jeddah Historic District Program and Cruise Saudi, a company fully owned by the Public Investment Fund, signed a memorandum of understanding (MoU) to accommodate the increasing number of international cruise visitors who will enjoy exploring the authentic sites of the historic district.

"Central to the goals of the Jeddah Historic District Program and Cruise Saudi is introducing the region's historical landmarks and cultural identity, enlivening its commercial outlets, encouraging entrepreneurs to invest in the region, and supporting Saudi tourist guides to enhance the tourist experience," said the Jeddah Historic District Program in a statement carried by the Saudi Press Agency on Monday.

Jeddah Historic District Program Director General Abdulaziz bin Ibrahim Al-Issa said: "The tourism sector is experiencing growth and prosperity, which contributes to boosting the Kingdom's presence on the global tourism map, in line with Saudi Vision 2030."

"Our strategic partnership with Cruise Saudi aims to drive economic growth and actively engage in the district's revitalization. We are committed to protecting the tangible and intangible heritage that earned the district its UNESCO status, recognizing its profound cultural impact," he added.

"Jeddah’s Historic District is one of our most popular Shorex destinations, and we continue to witness how much international passengers enjoy exploring its unique historic sites through the tours and experiences we offer," said Cruise Saudi CEO Lars Clasen.

"This MoU represents our shared vision and marks an exciting new chapter, paving the way for collaborative efforts to draw even more visitors to this enchanting destination while protecting its heritage and authenticity," he added.

Business

Saudi Arabia’s flynas Reports 51% More Passengers in Q1 2024, 43% Seat Capacity Increase

flynas hit a record 43% increase in overall seat capacity in Q1 2024 over the same period in 2023. (SPA)
flynas hit a record 43% increase in overall seat capacity in Q1 2024 over the same period in 2023. (SPA)
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Saudi Arabia’s flynas Reports 51% More Passengers in Q1 2024, 43% Seat Capacity Increase

flynas hit a record 43% increase in overall seat capacity in Q1 2024 over the same period in 2023. (SPA)
flynas hit a record 43% increase in overall seat capacity in Q1 2024 over the same period in 2023. (SPA)

Saudi Arabia’s flynas announced on Monday the operational results for Q1 of 2024 as it continues to deliver on its ambitious growth strategy and expand its fleet size to accommodate strong passenger demand.

In Q1 2024, flynas welcomed 3.7 million passengers on board its flights, marking an increase of 51% over Q1 2023, the airline said in a statement.

flynas hit a record 43% increase in overall seat capacity in Q1 2024 over the same period in 2023, driven by domestic and international routes which were up 45% and 40% respectively.

“The strong start to the year underscores the effectiveness of our ambitious growth strategy. By tapping into the Kingdom’s economic growth and responding to increased passenger demand, we have successfully expanded our customer base,” said flynas Managing Director and CEO Bander Almohanna.

“Our progress is driven by leveraging exceptional talent, expanding our fleet, launching new destinations, introducing new products and enhancing our loyalty program,” he added.

“Looking ahead, we will continue building on our growth plans, through which we aim to connect the world with the Kingdom and support the development of the tourism and aviation sectors. We plan to capitalize on their growth potential by aligning with the National Civil Aviation Strategy and the Pilgrims Experience Program.”

flynas plays a key role in carrying out the Kingdom’s National Civil Aviation Strategy, which aims to connect Saudi Arabia with 250 international destinations, accommodate 330 million passengers, and host 100 million tourists annually by 2030.

During 2023, flynas launched 39 new routes to 18 destinations in 10 new countries and inaugurated its fourth operations base at Prince Mohammed bin Abdulaziz International Airport in Madinah.

flynas operates more than 1,500 weekly flights to more than 70 domestic and international destinations.

It received the Skytrax International Award as the 4th “Best LCC worldwide” and the “Best Low-cost Airline in the Middle East” in 2023 for the sixth time in a row. It won the “Best Low-cost Airline Award” in the Middle East from the World Travel Awards in 2024 for the tenth consecutive year.

Business

Iraq Stresses Commitment to OPEC+, Does Not Oppose Extending Production Cuts

Iraqi Oil Minister Hayyan Abdul-Ghani during his participation in the licensing round for 29 oil and gas exploration areas on Saturday. (Reuters)
Iraqi Oil Minister Hayyan Abdul-Ghani during his participation in the licensing round for 29 oil and gas exploration areas on Saturday. (Reuters)
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Iraq Stresses Commitment to OPEC+, Does Not Oppose Extending Production Cuts

Iraqi Oil Minister Hayyan Abdul-Ghani during his participation in the licensing round for 29 oil and gas exploration areas on Saturday. (Reuters)
Iraqi Oil Minister Hayyan Abdul-Ghani during his participation in the licensing round for 29 oil and gas exploration areas on Saturday. (Reuters)

Iraqi Oil Minister Hayyan Abdul-Ghani resolved a debate that arose on Saturday after comments he made about his country’s refusal to agree to any new cuts in production, when the OPEC+ alliance meets in June.

In remarks to Iraq's state news agency INA, the minister said the country is committed to voluntary oil production cuts agreed by OPEC and is keen to cooperate with member countries on efforts to achieve more stability in global oil markets.

On Saturday, both Bloomberg and Reuters reported that Abdul-Ghani stated, at a press conference in Baghdad during the launch of a licensing round for oil and gas exploration, that Iraq would not support extending the reduction in oil production during the upcoming OPEC Plus meeting.

INA quoted the minister as saying that the Ministry of Oil “is keen on the cooperation of member states and working to achieve greater stability in the global oil market by agreeing on voluntary reduction programs.”

A high-level source had previously informed Asharq Al-Awsat that what was reported about Abdul-Ghani was inaccurate, adding that a clarification statement would be issued in this regard.

The members of the OPEC+ alliance are scheduled to meet in early June to decide on oil production during the third quarter of the year. OPEC and its allies, led by Russia, are widely expected to extend current quotas to help boost the oil market.

Iraq has faced difficulties in complying with its target of 4 million barrels per day (bpd) in recent months, which includes a voluntary reduction of 223,000 bpd of oil below production levels for December 2023.

In April, Iraq pumped 4.24 million bpd of crude oil, including 200,000 bpd from the semi-autonomous Kurdistan region, over which the Iraqi federal government says it has no control.

Business

Tadawul Attracts Six New Listings in May

Trading screen in the Saudi financial market (Reuters)
Trading screen in the Saudi financial market (Reuters)
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Tadawul Attracts Six New Listings in May

Trading screen in the Saudi financial market (Reuters)
Trading screen in the Saudi financial market (Reuters)

The current month of May is witnessing momentum in new IPOs in the Saudi financial market, as two companies and a real estate fund were listed during the first two weeks, while three other companies are preparing to be listed in the main and parallel markets.
Since the beginning of 2024, the shares of three companies have been listed on the main market, and 10 on the parallel market (Nomu). The Capital Market Authority is also working to maintain the pace of IPOs by offering 24 new companies.
In the first week of May, shares of Yaqeen Capital were listed on the Nomu-Parallel Market, at SAR 40 per share. The shares offered for subscription represent 20 percent of the capital, which amounts to SAR 150 million divided into 15 million shares.
In parallel, subscription began to units of Alistithmar AREIC Diversified REIT Fund. Qualified investors include institutional investors such as companies, investment funds and commercial entities, to whom 80% of the offered units will be allocated, while the second tranche includes retail investors, who will be entitled to a maximum of 20% of the offered units.
The minimum subscription amount is SAR 1,000 ($266.6), while the unit price upon offering is SAR 10 ($2.67).
Meanwhile, the subscription for Horizon Educational began on Sunday on the Nomu-Parallel Market at a price range of SAR 54 per share.
Shares offered for subscription represent 20 percent of the post-IPO capital and 25 percent of the company’s shares before the capital hike. The company intends to increase its capital from SAR 20 million to SAR 25 million through offering 500,000 shares.
Fitch Ratings Agency expects the momentum of IPOs in the Gulf countries to continue during the current year, supported by government pledges for privatization, including the sale of minority stakes by government-related entities and the establishment of public subscription funds, as well as reducing trading commissions to improve market liquidity and attract more local companies.

Business

Saudi Coffee Co. to Open its First Factory in Jazan

The Jazan region is known for the Saudi coffee plant. (Asharq Al-Awsat)
The Jazan region is known for the Saudi coffee plant. (Asharq Al-Awsat)
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Saudi Coffee Co. to Open its First Factory in Jazan

The Jazan region is known for the Saudi coffee plant. (Asharq Al-Awsat)
The Jazan region is known for the Saudi coffee plant. (Asharq Al-Awsat)

The coffee market in Saudi Arabia is expected to grow by 5 percent in the coming years, providing great investment opportunities for the Saudi Coffee Company, which is owned by the Public Investment Fund (PIF).

The company received approval to begin operations in Jazan, marking the establishment of the first production facility for the product in the Kingdom. The project falls within the efforts to empower the industry and promote the production and export of the national coffee worldwide.

Jazan is famous for its high-quality Saudi coffee plant, the cultivation of which represents an important source of income for the residents.

In remarks to Asharq Al-Awsat, Executive Director of Sales and Distribution at the Saudi Coffee Co. Rakan Hariri pointed to four elements that consolidate the role of the new factory.

They include strengthening the local economy by increasing production and empowering farmers, generating job opportunities in multiple fields such as agriculture, manufacturing, marketing, and retail, promoting local culture, as coffee is part of the Saudi cultural identity, and finally, encouraging sustainable agriculture and the use of resources in a way that preserves the environment for future generations.

The company’s priority is to meet the local demand for coffee, including distribution to various regions, with a focus on the quality of the product, Hariri added.

“To ensure the success of Saudi coffee in international markets, we will adhere to the highest quality standards in the factory and achieve compliance with international health and safety standards,” he remarked.

Hariri revealed that the company plans in the future to increase local production, through model farms, cooperate with farmers, through contract farming, and follow a program to empower coffee farmers to reach the target of 5 million trees by 2030.

He explained that the company is working on gradual geographical expansion based on market studies and careful analysis of demand, stressing that efforts are underway to invest in technology to improve production processes and increase efficiency. This includes modernizing equipment, improving farming practices, and adopting advanced management systems for quality control and traceability.

In November, the Saudi Coffee Co. signed four memorandums of understanding with leading institutions and organizations from the public and private sectors at the Jazan Investment Forum as part of its efforts to achieve a qualitative shift in the coffee industry sector in the Kingdom.

Business

Saudi Arabia Registers Highest PMI Performance among G20 in December

Riyadh’s Financial Center (SPA)
Riyadh’s Financial Center (SPA)
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Saudi Arabia Registers Highest PMI Performance among G20 in December

Riyadh’s Financial Center (SPA)
Riyadh’s Financial Center (SPA)

A recent report revealed that Saudi Arabia ranked first among the G20 countries as it had the highest performance in the Purchasing Managers’ Index (PMI) in December.
This was supported by the positive performance of the non-oil private sector and strong domestic demand, while the performance of most of the G20 countries declined during the same period as a result of weak global demand, high financing costs and excess inventory in some sectors, as well as the impact of monetary tightening policy.
According to a report issued by the Saudi Ministry of Economy and Planning for the fourth quarter of 2023, on Sunday, the positive economic performance in this period was reflected in the purchasing managers’ indices and the labor market.
The report confirmed that the proactive measures taken by the government limited the rise in prices last year, as the average consumer price index in the Kingdom recorded an increase of 2.3 percent from 2022.
The labor market witnessed a noticeable improvement, with a decline in unemployment rates among Saudis in the last quarter of 2023 to 7.7 percent, from 8 percent in the previous year.
The ministry pointed to the impact of the growth of the total labor market size and the demand for labor, successful nationalization policies, the empowerment of women, and the state’s continued implementation of major projects.
The report also showed a surge in corporate activity during the month of December, with the continued growth witnessed in purchases in recent months, especially in industrial products.
With the implementation of financial policies aimed at achieving Vision 2030, the state’s public revenues increased by 12 percent on an annual basis, reaching SAR 358 billion ($95.4 billion) in the fourth quarter of 2023, while the state’s public expenditures rose by 8.6 percent in the same period, reaching SAR 395 billion. Thus, the general budget recorded a financial deficit of SAR 37 billion.
The report stated that chemical industry products ranked first in non-oil exports during the fourth quarter of 2023, with a value of SAR 22.2 billion ($5.9 billion), representing 31.2 percent of total non-oil exports, despite their decline of 18.3 percent on an annual basis.
It added that according to the state’s general budget statement for 2023, total revenues reached SAR 1.212 trillion, and expenses SAR 1.293 trillion, with a deficit of SAR 80.9 billion.
According to the report, the deficit in the non-oil trade balance widened by 24.8 percent to reach SAR 93.2 billion, due to a decrease in non-oil exports by 1.2 percent to SAR 71.1 billion.