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Saudi Industry Minister Discusses Boosting Industrial Cooperation with Hong Kong Officials

Alkhorayef underscored the Kingdom’s strategic advantages, which make it an attractive investment destination for leading global companies. (SPA)
Alkhorayef underscored the Kingdom’s strategic advantages, which make it an attractive investment destination for leading global companies. (SPA)
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Saudi Industry Minister Discusses Boosting Industrial Cooperation with Hong Kong Officials

Alkhorayef underscored the Kingdom’s strategic advantages, which make it an attractive investment destination for leading global companies. (SPA)
Alkhorayef underscored the Kingdom’s strategic advantages, which make it an attractive investment destination for leading global companies. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef held bilateral meetings on Saturday with officials in Hong Kong to boost cooperation in the industrial sector, Knowledge transfer, and innovation, and smart manufacturing solutions.

Alkhorayef underscored the Kingdom’s strategic advantages, which make it an attractive investment destination for leading global companies.

He reviewed the Kingdom's positive economic transformations in recent years and its role in developing the industrial and mining sectors.

He discussed joint investment opportunities in automation, in line with the Kingdom’s Future Factories initiative, inviting Hong Kong companies to invest in promising industrial sectors in the Kingdom.

Alkhorayef met with the Director of the Trade and Industry Department, officials from the Innovation and Technology Commission, and the Secretary for Commerce and Economic Development of Hong Kong.

They discussed the prospects for strengthening ties between Saudi Arabia and Hong Kong and the opportunities to develop industrial cooperation between them.

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Egypt Seeks 20 LNG Cargoes for Winter

FILE PHOTO: Egyptians walk in front of the central bank in central Cairo, Egypt, June 7, 2017. REUTERS/Mohamed Abd El Ghany/File Photo
FILE PHOTO: Egyptians walk in front of the central bank in central Cairo, Egypt, June 7, 2017. REUTERS/Mohamed Abd El Ghany/File Photo
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Egypt Seeks 20 LNG Cargoes for Winter

FILE PHOTO: Egyptians walk in front of the central bank in central Cairo, Egypt, June 7, 2017. REUTERS/Mohamed Abd El Ghany/File Photo
FILE PHOTO: Egyptians walk in front of the central bank in central Cairo, Egypt, June 7, 2017. REUTERS/Mohamed Abd El Ghany/File Photo

Egypt is seeking winter cargoes of liquefied natural gas for the first time in years, highlighting a deepening energy shortage, Bloomberg reported.

State-owned Egyptian General Petroleum Corp. issued one of its biggest tenders, asking for 17 shipments for its floating import terminal at Ain Sukhna and three more cargoes to be delivered into neighboring Aqaba, Jordan, according to people with knowledge of the matter. Egypt is seeking the deliveries from October to December, the people said.

Meanwhile, Egypt's Suez Canal Economic Zone signed contracts worth $1.067 billion linked to several projects to manufacture chemical and food products and renewable energy components at the China-Africa summit, the prime minister's office said in a statement on Friday.

In other economic news, Egypt's central bank as expected left its overnight interest rates on hold, saying inflation pressures had subsided but that economic growth had softened.

The lending rate remained at 28.25%, while the deposit rate stood at 27.25%, the bank said in a statement.

It was the third time that it left rates unchanged since a 600 basis point (bps) hike on March 6, when it signed a $8 billion financial support agreement with the International Monetary Fund.