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Saudi Exports to Launch 'Made in Saudi Arabia' Program to Support Local Products

Under the Vision 2030 reform plan, the Kingdom aims to boost its non-oil exports to 50 percent by 2030. (SPA)
Under the Vision 2030 reform plan, the Kingdom aims to boost its non-oil exports to 50 percent by 2030. (SPA)
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Saudi Exports to Launch 'Made in Saudi Arabia' Program to Support Local Products

Under the Vision 2030 reform plan, the Kingdom aims to boost its non-oil exports to 50 percent by 2030. (SPA)
Under the Vision 2030 reform plan, the Kingdom aims to boost its non-oil exports to 50 percent by 2030. (SPA)

The Saudi Export Development Authority will launch a “Made in Saudi” initiative in the first quarter of 2021 to accelerate the industrialization process and transform the Kingdom into “a global industrial destination.”

As part of the program, Saudi Arabia will set out to create a unified brand identity for Saudi products and services in regional and global markets.

Saleh Al-Solami, secretary-general of the authority, said the program will help boost the image of Saudi products and services.

He said it seeks to achieve the goals outlined in the National Industrial Development and Logistics Program.

The program will also play a key role in positioning the Kingdom to be at the forefront of the global industrial landscape through supporting the national efforts to attract industrial investments.

Under the Vision 2030 reform plan, the Kingdom aims to boost its non-oil exports to 50 percent by 2030.

Planned to launch by Q1 of 2021, "Made in Saudi" will offer compelling membership schemes to local companies that meet the program’s eligibility criteria.

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Kuwait's KPC CEO Says Oil Production Capacity Exceeds 3 Million Bpd 

A general view of Kuwait City buildings, Kuwait, December 23, 2024. (Reuters)
A general view of Kuwait City buildings, Kuwait, December 23, 2024. (Reuters)
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Kuwait's KPC CEO Says Oil Production Capacity Exceeds 3 Million Bpd 

A general view of Kuwait City buildings, Kuwait, December 23, 2024. (Reuters)
A general view of Kuwait City buildings, Kuwait, December 23, 2024. (Reuters)

Kuwait's oil production capacity now exceeds 3 million barrels per day, Kuwait Petroleum Corporation (KPC) CEO Sheikh Nawaf Saud al-Sabah told reporters on Tuesday.

The country's oil production capacity was at more than 2.8 million bpd in June last year, Ahmad Jaber Al-Eidan, the CEO of KPC subsidiary Kuwait Oil Company (KOC), said at the time.

Kuwait aims to boost its oil output to 4 million bpd by 2035, having previously missed a goal of reaching that level by 2020.

Commenting on US President Donald Trump's views on fossil fuels, Sheikh Nawaf said there is no alternative to oil as a primary source of energy, "neither now nor in the future".

"Perhaps this is what President Trump and officials in the United States have realized, that there must be continued exploration and production of oil, and this is what we reflect here in Kuwait. We know that demand for Kuwaiti oil will increase in the future."

Trump signed a flurry of orders within hours of his inauguration on Monday intended to boost the United States' already record-high oil and gas production.

Al-Eidan said KOC aims to reach "full production" from discovered offshore fields within eight to 10 years.

Of the 4 million bpd of oil production capacity Kuwait is targeting by 2035, 350,000 bpd of capacity is expected to come from an area called the Neutral Zone, jointly operated with Saudi Arabia.

Kuwait last year said it had made a "giant" oil discovery with estimated reserves of 3.2 billion barrels. It said on Monday it had found 800 million medium-density oil barrels and 600 billion standard cubic feet of associated gas offshore.

Sheikh Nawaf said Kuwait has completed engineering studies for the Durra gas field and is proceeding according to a plan agreed with Saudi Arabia.