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26 Agreements Worth $20b Sealed in Conclusion of ‘Invest Saudi’

Top finance moguls and political leaders attended the three-day Davos-style Saudi investment summit, which concluded on Oct. 31, 2019. (AFP / FAYEZ NURELDINE)
Top finance moguls and political leaders attended the three-day Davos-style Saudi investment summit, which concluded on Oct. 31, 2019. (AFP / FAYEZ NURELDINE)
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26 Agreements Worth $20b Sealed in Conclusion of ‘Invest Saudi’

Top finance moguls and political leaders attended the three-day Davos-style Saudi investment summit, which concluded on Oct. 31, 2019. (AFP / FAYEZ NURELDINE)
Top finance moguls and political leaders attended the three-day Davos-style Saudi investment summit, which concluded on Oct. 31, 2019. (AFP / FAYEZ NURELDINE)

The Saudi Arabian General Investment Authority closed on Thursday the third Future Investment Initiative (FII) with 26 deals worth USD20 billion.

The “Invest Saudi” platform witnessed the signing of two agreements on Thursday between Triple Five and the Saudi Real Estate Company in addition to an agreement between the American company Sprinkler and Samaat.

The first agreement between Samaat and Spencer included a collaboration to exchange and transfer experiences between the two parties in the areas of management of social networking platforms, raise the efficiency of digital visibility of customers, in addition to improving customer experiences in digital services.

The second agreement was signed between Alakaria and the US Triple 5 included international cooperation to develop the biggest entertainment shopping center in Al Widyan project in Riyadh. The project would encompass shopping centers, water gardens, entertainment, and sports center in addition to multi-service centers.

The Authority had previously announced the signing of 24 agreements that took place within the framework of the Future Investment Initiative. The agreements included several investment activities in various strategic sectors, most notably the energy and water sector, in addition to the pharmaceutical sector, logistics, petrochemicals, technology, entrepreneurship, and innovation.

Moreover, Brazilian food company BRF S.A. global chief executive Lorival Luz stressed that the kingdom enjoys an environment that is attractive for foreign investment.

Luz told Asharq Al-Awsat newspaper that he advises all firms to invest in Saudi Arabia, adding that BRF S.A. had the chance to invest in other places but preferred the kingdom because of the facilitation provided.

He continued that the company has been present in the kingdom for more than 40 years, and is quite aware of the Saudi business environment.

Luz noted that the firm seeks to get deeper into the Saudi market not only through local distribution but also local production then exporting to the rest of the countries via the local factories in the kingdom.

Further, he affirmed that the results will be positive especially with the existence of a high-standards product in an adequate environment that boosts investment.

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Business

Morocco’s Royal Air Maroc Scales Back Flights Due to Fuel Costs

People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)
People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)
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Morocco’s Royal Air Maroc Scales Back Flights Due to Fuel Costs

People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)
People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)

Morocco's state-owned carrier Royal Air Maroc (RAM) said on Saturday it would temporarily suspend several routes to African and European destinations due to ‌rising jet ‌fuel prices, ‌elevated ⁠operating costs and ⁠weak demand.

Tensions in the Middle East have driven a surge in global jet fuel ⁠prices, putting ‌pressure ‌on carriers and ‌prompting temporary route suspensions.

RAM ‌will pause flights linking Moroccan airports with several African cities ‌of Bangui, Brazzaville, Kinshasa, Douala, Yaounde and ⁠Libreville, ⁠the airline said in a statement.

It will also halt flights to the European destinations of Malaga, Barcelona, Lyon, Bordeaux, Marseille and Brussels.

Business

Official: Iraq Has Not Yet Applied for an IMF Loan

A floating oil export platform in Basra port, Iraq (Reuters)
A floating oil export platform in Basra port, Iraq (Reuters)
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Official: Iraq Has Not Yet Applied for an IMF Loan

A floating oil export platform in Basra port, Iraq (Reuters)
A floating oil export platform in Basra port, Iraq (Reuters)

Financial Advisor to the Iraqi Prime Minister Mazhar Mohammed Saleh revealed on Saturday that Iraq has not yet submitted a formal request for a loan from the International Monetary Fund (IMF).

The Iraqi News Agency quoted Saleh as saying that “Iraq enjoys close relations with the IMF, and since 2003, it has concluded more than five agreements, three of which were Stand-by Arrangements, while the other agreements related to emergency support.”

Iran's war has caused significant disruptions in supply chains, especially in the energy sector, which was severely affected by a near-complete closure of the Strait of Hormuz, through which about 20 percent of global oil supplies pass.

Saleh stated that “the Fund has played a significant role in supporting the Iraqi economy over the past 23 years, especially since Iraq is now considered one of the biggest victims of the ongoing war in the region, considering that 85 percent of its oil exports pass through the Strait of Hormuz. This has caused significant harm and international concern, given that Iraq is an important and active member in the stability of the region and world markets.”

He pointed out that there is an Iraqi government team in contact with the IMF, meeting with Fund officials for consultations twice a year.

He clarified that “Iraq signed an agreement with the IMF on July 7, 2016, for a Stand-by Arrangement by providing a significant loan, which played a major role in supporting the general budget,” noting that “signing an agreement with the Fund is a matter decided by the Iraqi government, and this does not prevent consultations between the two parties, as Iraq is a member of this institution responsible for global stability.”

Saleh mentioned that “Iraq will borrow from the International Monetary Fund if the need arises, but there is no formal request from the government yet, and the current need is for the war in the region to stop, and for its geopolitical impacts on oil exports to cease.”

He added that “technical assistance from the IMF is available now, unlike the issue of financing, which requires the approval of a program by the Iraqi government.”

He explained that “the loan itself represents a reform program to support the budget or to achieve social goals, such as supporting the health and education sectors, because it is a human investment that must be subject to conditions defining expenditure directions and commitment to a reform program agreed upon by the Iraqi state and the IMF.”

Business

Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port

Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port
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Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port

Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port

The Saudi Ports Authority (Mawani) has added CMA CGM's Ocean Rise Express (OCR) shipping service to Jeddah Islamic Port, aiming to strengthen maritime connectivity between Saudi Arabia and global markets, support the smooth flow of supply chains, and increase the efficiency of port operations.

The OCR service will connect Jeddah to key international ports, including Kobe, Nagoya, and Yokohama in Japan; Xiamen, Yantian, and Nansha in China; Rotterdam in the Netherlands; Hamburg in Germany; and Southampton in the United Kingdom.

The route will utilize vessels with a capacity of up to 10,000 TEUs, according to SPA.

This addition aligns with Mawani’s efforts to enhance Jeddah Islamic Port’s global competitiveness and support international trade.

By enabling access to new markets, the initiative reinforces the Kingdom's position as a global logistics hub in line with the National Transport and Logistics Strategy and Saudi Vision 2030.