عربي English Türkçe اردو فارسى
Logo
Latest News
Business

AlKhorayef to Asharq Al-Awsat: Incentives Offered to Empower Military Industries Investors

Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef during his tour of the World Defense Show. (X)
Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef during his tour of the World Defense Show. (X)
TT
TT

AlKhorayef to Asharq Al-Awsat: Incentives Offered to Empower Military Industries Investors

Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef during his tour of the World Defense Show. (X)
Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef during his tour of the World Defense Show. (X)

Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef shared with Asharq Al-Awsat that there are direct incentives for investors in the country’s military industries.

These incentives cover loans, industrial purposes, local content in national products, pre-purchase contracts, and other support tools.

AlKhorayef emphasized the ministry’s collaboration with various entities and the General Authority for Military Industries (GAMI) to support the Kingdom’s growing military sector.

He revealed efforts to build a strong industrial base, focusing on key industries like iron, aluminum, advanced technologies, electronics, and advanced chemicals such as plastics.

The minister highlighted the joint efforts with the military system, creating opportunities for industries that serve both sectors. He confirmed the availability of specific incentives for military industries based on Saudi Arabia’s needs.

AlKhorayef also pointed out that the industrial system provides various incentives to empower investors, including financial support and other facilitative components.

Most Viewed

 
 
Business

Iran Oil Exports Slump to Multiyear Lows

An Iranian oil field. Reuters file phto
An Iranian oil field. Reuters file phto
TT
TT

Iran Oil Exports Slump to Multiyear Lows

An Iranian oil field. Reuters file phto
An Iranian oil field. Reuters file phto

Iran's crude export loadings have fallen sharply, according to observed and estimated tanker loadings, as Tehran braces for a potential strike on the country's key oil infrastructure as part of an Israeli retaliation that could impact Middle Eastern oil supplies.

Iran's last crude export cargo was estimated to have loaded on Oct. 4 with only one other cargo seen since Sept. 29, when the geopolitical conflict between Iran and Israel escalated, according to S&P Global Commodities at Sea.

Although many Iranian crude exports are shipped in 'dark' tankers not transmitting GPS location signals, CAS estimates that Iran's crude exports slumped to 237,000 b/d in the week to Oct. 6, the lowest weekly total in at least two years.

Iran normally ships 7-10 crude cargoes each week with export flows averaging 1.7 million b/d so far this year, up from 1.1 million b/d in 2022, according to the data.

The export slowdown from Iran comes after satellite images circulated on social media Oct. 3 appearing to show tankers leaving Kharg Island, Iran's top crude terminal which handles about 90% of its exports. Traders speculated that Iran was keen to move unladen tankers away from their anchorages at Kharg Island to avoid damage from a potential Israeli strike. Exports from Kharg Island may have now resumed, however, with a 657,000-barrel cargo of Iranian crude lifted there on Oct 4, the CAS data shows.

Fears of a major escalation in the conflict hitting regional oil supplies were sparked by US President Joe Biden on Oct. 3 when he said the US was discussing potential attacks on Iranian oil facilities with Israel. Iran's military head responded saying Tehran would hit back harder at Israel with a "stronger response," if attacked.