عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Investment Ministry Signs 12 MoUs with Int’l Companies at World Defense Show 2024

World Defense Show 2024 in Riyadh (SPA)
World Defense Show 2024 in Riyadh (SPA)
TT
TT

Saudi Investment Ministry Signs 12 MoUs with Int’l Companies at World Defense Show 2024

World Defense Show 2024 in Riyadh (SPA)
World Defense Show 2024 in Riyadh (SPA)

The Ministry of Investment has concluded its participation in the World Defense Show 2024, held in Riyadh, where it showcased available investment opportunities in the Kingdom as well as the support services it offers to investors as it leads the national endeavor to improve the investment climate in the Kingdom, SPA said on Friday.
During the four-day conference that ended Thursday, the Ministry of Investment and the General Authority for Military Industries (GAMI) signed 12 memoranda of understanding (MoUs) with international companies working in the defense sector -- including Airbus, Leonardo industrial group, Lockheed Martin Corporation, Roketsan, and others -- in a bid to enhance cooperation in areas related to investment in the defense sector in the Kingdom.
It discussed a wide range of investment opportunities that will contribute to achieving the Kingdom's ambitious goals to increase the contribution of foreign direct investment to gross domestic product (GDP) to 5.7%, the contribution of the private sector to GDP to 65%, and to localize 50% of spending on the military sector by 2030.
The Ministry of Investment also sponsored an agreement to establish a joint entity between Qudra Industrial Co. and Steelcore Inc. to localize, manufacture, and innovate small arms.
The World Defense Show is held every two years with the aim of empowering defense and security institutions to keep pace with defense developments and technical solutions in line with the targets of the Saudi Vision 2030.

Most Viewed

 
 
Business

Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
TT
TT

Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)

The Libyan oil export port of Hariga has stopped operating due to insufficient crude supplies, two engineers at the terminal told Reuters on Saturday, as a standoff between rival political factions shuts most of the country's oilfields.

This week's flare-up in a dispute over control of the central bank threatens a new bout of instability in the North African country, a major oil producer that is split between eastern and western factions.

The eastern-based administration, which controls oilfields that account for almost all the country's production, are demanding western authorities back down over the replacement of the central bank governor - a key position in a state where control over oil revenue is the biggest prize for all factions.

Exports from Hariga stopped following the near-total shutdown of the Sarir oilfield, the port's main supplier, the engineers said.

Sarir normally produces about 209,000 barrels per day (bpd). Libya pumped about 1.18 million bpd in July in total.

Libya's National Oil Corporation NOC, which controls the country's oil resources, said on Friday the recent oilfield closures have caused the loss of approximately 63% of total oil production.