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Iraq Seeks to Expand in Gas Investment, Renewable Energy Production

A worker is seen at Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. REUTERS/Essam Al-Sudani/Files
A worker is seen at Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. REUTERS/Essam Al-Sudani/Files
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Iraq Seeks to Expand in Gas Investment, Renewable Energy Production

A worker is seen at Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. REUTERS/Essam Al-Sudani/Files
A worker is seen at Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. REUTERS/Essam Al-Sudani/Files

Iraq’s Oil Minister Ihsan Abdul Jabbar announced Saturday that Iraq would rely on green energy to invest in gas and produce renewable energy.

During his participation at a workshop organized by the International Energy Organization (IEA), the Minister stressed the government and ministry’s keenness on supporting clean energy projects.

This support is represented by implementing prime projects in associated gas investment, reducing oil hydrocarbon emissions and increasing projects of electricity production via alternative energy.

Abdul Jabbar stated that Iraq has taken practical steps to guarantee a gradual shift towards green and renewable energy.

Iraq adopted a clear strategy by contracting with international companies specialized in this field in Basra, Maysan and Dhi Qar, he noted, adding that Iraq established the Basra Gas Company.

The Iraqi minister went on saying that the country signed an agreement with Total. This agreement consists of a series of investment projects in associated gas.

The ministry is meanwhile carrying out other projects. The investment of up to 2,600 million standard cubic feet daily also falls under the Ministry of Oil plans to invest in associated gas from the southern provinces’ fields.

Another key interest of Iraq is to add 12 kilowatts to the national electricity system through the use of alternative energy, the minister continued.

This would be accomplished by contracting with leading international firms operating in this sector and seeking to switch to the use of gas instead of heavy fuels.

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Business

Int’l Maritime Assembly Highlights Saudi, Gulf Potential

A session from the Saudi Maritime Congress (Asharq Al-Awsat)
A session from the Saudi Maritime Congress (Asharq Al-Awsat)
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Int’l Maritime Assembly Highlights Saudi, Gulf Potential

A session from the Saudi Maritime Congress (Asharq Al-Awsat)
A session from the Saudi Maritime Congress (Asharq Al-Awsat)

The international maritime assembly held in Dammam, Saudi Arabia, over the course of two days, shed light on the immense potential possessed by the maritime shipping and logistics sectors in the Kingdom and Gulf Cooperation Council (GCC) countries.

The “Saudi Maritime Congress,” in its fourth edition, concluded its events on Thursday with the signing of two memoranda of understanding between national and international institutions.

The first MoU was signed between the Saudi-listed National Shipping Company of Saudi Arabia (Bahri) and SAIL, a Saudi Investment Recycling Company (SIRC) subsidiary.

The memorandum of understanding aims to foster cooperation in sustainable maritime shipping, environmental protection, and the enhancement of sustainability practices within the maritime industry.

This collaboration between the two institutions embodies their shared vision to transform the maritime shipping sector into a more sustainable and environmentally friendly industry.

The second MoU was signed between the Saudi Ports Authority (MAWANI) and SIRC to advance maritime sustainability in the Kingdom.
This collaboration, focused on enhancing environmentally responsible practices in the maritime sector, represents a significant milestone in advancing sustainable development and supporting the goals of Saudi Arabia’s “Vision 2030.”

The agreement underscores the commitment of both parties to environmental protection and the promotion of resource efficiency and circular economy principles within the maritime sector.

Abdullah Bin Damithan, CEO & Managing Director of DP World, told Asharq Al-Awsat that investments in the Islamic Port of Jeddah (located in the western part of the Kingdom) have reached approximately $800 million over a 30-year period, with expectations for the project’s completion in the coming year.

The agreement, which was signed in June of the previous year, entails the establishment of a logistics zone spanning 415,000 square meters, capable of accommodating 250,000 standard containers and featuring warehouses covering 100,000 square meters.

This zone will provide advanced and eco-friendly electronic services.

Business

S&P: Saudi Women’s Workforce Boosts Growth Prospects

Female workforce participation rate in Saudi Arabia reached approximately 36% in 2022. (SPA)
Female workforce participation rate in Saudi Arabia reached approximately 36% in 2022. (SPA)
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S&P: Saudi Women’s Workforce Boosts Growth Prospects

Female workforce participation rate in Saudi Arabia reached approximately 36% in 2022. (SPA)
Female workforce participation rate in Saudi Arabia reached approximately 36% in 2022. (SPA)

The increasing participation of women in Saudi Arabia’s workforce is expected to boost the country’s economy by $39 billion, or 3.5%, by 2032, if the current rate of growth continues, according to S&P Global Ratings.

The agency noted in a report that labor market reforms had led to a rise in female workforce participation in the Kingdom to approximately 36 % in 2022, compared to 19 % in 2016.

“We calculate that increases in overall participation rate of just 1 percentage point per year (ppt) over the next 10 years would boost the country’s annual real GDP [gross domestic product] growth by an average of 0.3 ppt, to 2.4% per annum (versus 2.1%), assuming that labor force productivity growth for the next 10 years will look the same as the last 20 years,” S&P research analysts said in the report.

The increase in female representation in the labor force was spurred by expanding childcare and transport services, which added to new job opportunities in developing sectors such as tourism, leading to more women joining the labor market.

The agency also attributed the increase in women’s workforce participation to a higher level of education, in addition to several measures taken by the Saudi government.

Other measures introduced by Saudi Arabia to reduce the impediments to women joining the labor force include allowing them to drive, increasing remote and hybrid work arrangements, dropping the need for a male guardian to consent to a woman starting a business, and increasing the number of female jobs in the military, S&P said.

The report added that the key to economic growth in the Kingdom over the next decade lies in improving workforce productivity.

In order to replicate the success seen in East Asia, the Kingdom must work on enhancing workforce productivity through increased capital investment and human capital, said S&P.

The agency also noted that if policy reforms under Vision 2030 are successful, sustainable growth rates of 4-5% could be achieved, compared to the historical productivity-based growth rates of 2-3%.

Business

Oil Prices Rise as Supply Concerns Outweigh Demand Fears

A worker at an oilfield in Africa. (Getty)
A worker at an oilfield in Africa. (Getty)
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Oil Prices Rise as Supply Concerns Outweigh Demand Fears

A worker at an oilfield in Africa. (Getty)
A worker at an oilfield in Africa. (Getty)

Oil prices rose on Friday as concerns that a Russian ban on fuel exports could tighten global supply outweighed fears that further US interest rate hikes could dent demand, but they were still headed for their first weekly loss in four weeks.
Brent futures climbed 50 cents, or 0.5%, to $93.80 a barrel by 0350 GMT, while US West Texas Intermediate crude (WTI) futures gained 63 cents, or 0.7%, to $90.26 a barrel, said Reuters.
Both benchmarks were on track for a small weekly drop after gaining more than 10% in the previous three weeks amid concerns about tight global supply as the Organization of the Petroleum Exporting Countries and allies (OPEC+) maintain production cuts.
"Trading remained choppy amid a tug-of-war between supply fears that were reinforced by a Russian ban on fuel exports and worries over slower demand due to tighter monetary policies in the United States and Europe," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd.
"Going forward, investors will focus on whether the OPEC+ production cuts are being implemented as promised and whether the rise in interest rates will reduce demand," he said, predicting WTI to trade in a range of around $90-$95.
Russia temporarily banned exports of gasoline and diesel to all countries outside a circle of four ex-Soviet states with immediate effect to stabilize the domestic fuel market, the government said on Thursday.
The shortfall, which will force Russia's fuel buyers to shop elsewhere, caused heating oil futures to rise by nearly 5% on Thursday.
"Crude oil bounced off a session low after Russia banned diesel exports, which included gasoline. The action reversed a downside movement in crude markets following the hawkish Fed decision on Thursday," said Tina Teng, an analyst at CMC Markets, in a note.
"However, mounting fears of a recession in the Eurozone could continue pressuring oil prices."
The US Federal Reserve on Wednesday maintained interest rates, but stiffened its hawkish stance, projecting a quarter-percentage-point increase to 5.50-5.75% by year-end.
That buoyed fears that higher rates could dampen economic growth and fuel demand while boosting the US dollar to its highest since early March, making oil and other commodities more expensive for buyers using other currencies.
The Bank of England mirrored the Fed and held interest rates on Thursday after a long run of hikes, but said it was not taking a recent fall in inflation for granted.
A European Central Bank (ECB) governing council member said the central bank will most likely keep interest rates stable at its next policy meeting.

Business

Saudi Arabia: MODON Signs SAR500 Million Contract to Establish Vaccine Industrial Company

Saudi Authority for Industrial Cities and Technology Zones (MODON)
Saudi Authority for Industrial Cities and Technology Zones (MODON)
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Saudi Arabia: MODON Signs SAR500 Million Contract to Establish Vaccine Industrial Company

Saudi Authority for Industrial Cities and Technology Zones (MODON)
Saudi Authority for Industrial Cities and Technology Zones (MODON)

Saudi Authority for Industrial Cities and Technology Zones (MODON) has signed a SAR500 million investment agreement with the Vaccine Industrial Company (Vaccine) to set up a joint venture factory in Sadeer City to strengthen the pharmaceutical security system and localize the manufacturing of vaccines and vital medicines in the Kingdom.
This agreement comes in line with MODON's strategy to create an integrated industrial and investment community to attract national and foreign investor partners and to reinforce its initiatives and efforts to enhance the sustainability of the industrial sector, in addition to increasing the pharmaceutical sector's share of GDP and raising the percentage of its exports, in line with the objectives of the national industry strategy to make the Kingdom an attractive hub for quality investments.
The 42,000 square meter plant will create around 150 new jobs and aims to achieve 20% export of seasonal flu virus, COVID-19, chickenpox, and rotavirus vaccines, in addition to pneumococcal and meningitis vaccines, given the strong demand for Saudi pharmaceutical exports in the Gulf and regional countries.

Business

Türkiye’s Central Bank Hikes Interest Rates Again

FILE - A seller attends a client in a street market at Eminonu commercial area in Istanbul, Turkey, on, June 7, 2023. (AP Photo/Francisco Seco, File)
FILE - A seller attends a client in a street market at Eminonu commercial area in Istanbul, Turkey, on, June 7, 2023. (AP Photo/Francisco Seco, File)
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Türkiye’s Central Bank Hikes Interest Rates Again

FILE - A seller attends a client in a street market at Eminonu commercial area in Istanbul, Turkey, on, June 7, 2023. (AP Photo/Francisco Seco, File)
FILE - A seller attends a client in a street market at Eminonu commercial area in Istanbul, Turkey, on, June 7, 2023. (AP Photo/Francisco Seco, File)

Türkiye’s central bank raised its key interest rate by 5 percentage points Thursday, another large but expected hike that signals a continued push toward more traditional economic policies under President Recep Tayyip Erdogan.

The bank hiked its policy rate to 30%, saying it has kept up the “monetary tightening process” to combat rampant inflation and control price instability. Its statement said inflation in July and August was “above expectations," hitting 58.94% last month.

It takes Türkiye into a more typical economic approach after critics blamed a series of rate cuts set by Erdogan for making a cost-of-living crisis worse. Turkish households were left struggling to afford rent and basic goods as inflation surged.

Erdogan has long argued that lowering interest rates helps fight inflation, a theory that runs contrary to traditional economic thinking. The Turkish central bank started cutting rates in late 2021 under pressure from Erdogan.

Central banks around the world, meanwhile, have been hiking rates to bring consumer price rises under control following the COVID-19 pandemic and Russia’s war in Ukraine. Now, banks from the US Federal Reserve to Bank of England are hitting pause as they near the end of their aggressive increases.
Türkiye has work to do to catch up in its fight against inflation, The Associated Press reported.

After winning reelection in May, Erdogan appointed a new economic team, signaling a return to more conventional policies.

The team includes former Merrill Lynch banker Mehmet Simsek, who returned as finance minister, a post he held until 2018, and Hafize Gaye Erkan who took over as central bank governor.

Before their appointments, the central bank had cut its key interest rate from around 19% in 2021 to 8.5% earlier this year. Erdogan has fired three central bank governors who resisted pressure to cut rates before appointing Erkan’s predecessor in 2021.

Economists say Erdogan’s unorthodox policies exacerbated economic turmoil, leading to currency and cost-of-living crises that have brought hardship to households. Erdogan insists his economic model stimulates growth, exports and employment.

Following Erkan’s appointment, the bank has raised its key rate a series of time: by an aggressive 7.5 percentage points in August, 2.5 percentage points in July and 6.5 percentage points in June.

Business

Morocco Seeks to Invest Up to $2 Billion Annually in Renewable Energies

One of the sessions of the third edition of the World-to-X Summit, which was held in Marrakesh (Asharq Al-Awsat)
One of the sessions of the third edition of the World-to-X Summit, which was held in Marrakesh (Asharq Al-Awsat)
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Morocco Seeks to Invest Up to $2 Billion Annually in Renewable Energies

One of the sessions of the third edition of the World-to-X Summit, which was held in Marrakesh (Asharq Al-Awsat)
One of the sessions of the third edition of the World-to-X Summit, which was held in Marrakesh (Asharq Al-Awsat)

Moroccan Minister of Energy Transition and Sustainable Development Leila Benali underlined the need to triple annual investment in renewable energies to prepare for a future economy based on green hydrogen.

The minister highlighted her country’s intention to invest in partnership with the private sector, with a budget ranging between one and two billion dollars annually, on a consistent basis, in order to build a stronger social and economic model and accelerate the energy transition.

Benali’s statements came during a plenary session entitled, “Green Hydrogen and the Road to COP28,” which was organized on Tuesday in Marrakesh within the framework of the third edition of the World Power-to-X Summit, which brings together renewable energy players to discuss the production of green hydrogen and its applications.

The Moroccan minister said that green hydrogen could constitute an effective solution to decarbonize the energy sector, especially in light of high energy consumption, stressing the need to “follow a practical approach to achieve our goals, including meeting 52 percent of our energy needs from renewable energy sources by 2030.”

Benali noted that Morocco has gained a great experience in renewable energies and possesses huge qualifications in the field. She pointed to the exceptional solar potential in several regions of the country, as well as political and legal stability, thanks to a favorable environment for investors and advanced partnerships with the European Union.

For her part, the EU Ambassador to Morocco, Patricia Llombart Cussac, said that Morocco has become a natural partner for building relationships in the energy sector, through its large energy resources, its proximity to Europe and the ties of friendship and cooperation that have developed at all governmental, entrepreneurial, societal and humanitarian levels.

The senior diplomat added that the European Union and Morocco have strengthened communication and developed an ambitious action plan for this green partnership, in the field of energy transition, adaptation to climate change, environmental protection, and the means to strengthen the green and blue economies.

Cussac added that hydrogen would become an essential element in decarbonizing energy systems, thus achieving climate goals.

The third edition of the World Power-to-X Summit is attended by more than 1,000 participants and 170 international experts, who share their expertise within the framework of 35 scientific sessions and five parallel events.

Business

ADES Prices IPO at Top End

An investor monitors a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia (Reuters)
An investor monitors a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia (Reuters)
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ADES Prices IPO at Top End

An investor monitors a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia (Reuters)
An investor monitors a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia (Reuters)

Saudi oil and gas driller ADES Holding said it has set the final price for its initial public offering (IPO), implying a valuation of $4.06 billion for the Saudi sovereign wealth fund-backed firm.

Last week, Reuters reported that the IPO was expected to be priced at SR13.50 a share, the top end of a previously announced range.

The oil and gas exploration company is offering 237.1 million new shares for subscription, while its shareholders, the PIF, ADES Investments Holding, and Zamil Group Investment, are selling about 101.6 million shares.

The firm is expected to raise about $1.22 billion from selling more than 338.7 million existing and new shares, or about 30 percent of its issued share capital post-capital increase.

ADES confirmed the pricing for the IPO, saying it drew nearly $76.5 billion in orders from institutional investors.

In November, Reuters reported that the planned IPO could fetch more than $1 billion, citing sources close to the matter.

Institutional book-building has closed. Retail subscription runs from Sept. 26-28. Final share allocations are expected by Oct. 4. No date has yet to be set for shares to begin trading.

ADES is the second company to seek a flotation on the Saudi Exchange since the summer after domestic auto rental company Lumi priced its IPO at the top of its range earlier this month.

ADES operates a fleet of offshore and onshore rigs across the Middle East, North Africa, and India. It is headquartered in Khobar, and its clients include Aramco, Kuwait Oil Company, and North Oil Company in Qatar.

Business

Saudi Arabia Contributes More than $87 Billion in International Aid to Combat Poverty

Saudi Minister of Economy and Planning during his speech at the 2023 SDG Summit (Asharq Al-Awsat)
Saudi Minister of Economy and Planning during his speech at the 2023 SDG Summit (Asharq Al-Awsat)
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Saudi Arabia Contributes More than $87 Billion in International Aid to Combat Poverty

Saudi Minister of Economy and Planning during his speech at the 2023 SDG Summit (Asharq Al-Awsat)
Saudi Minister of Economy and Planning during his speech at the 2023 SDG Summit (Asharq Al-Awsat)

Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim has announced that Saudi Vision 2030 was highly consistent with the UN Sustainable Development Goals (SDG), revealing that the Kingdom contributed more than $87 billion in international aid to combat poverty and advance development.

The minister was speaking during his participation in the 2023 SDG Summit, in New York.

This year’s SDG Summit is the second since the adoption of the 2030 Agenda in 2015, and aims to accelerate progress towards achieving the 17 sustainable development goals within the 2030 Agenda for Sustainable Development.

Al-Ibrahim stressed that Saudi Arabia has become an international investment power, and plays an important role in mobilizing resources to achieve sustainable growth.

Highlighting the recently launched Global Water Organization, the minister said: “It is a monumental step that champions international innovation and it is a call to action for nations worldwide to come together.”

In this context, the minister said that the Kingdom has contributed more than $87 billion in international aid to combat poverty and advance development.

He added that the National Transformation Program, one of the Vision 2030 initiatives, led by Saudi Crown Prince Mohammed bin Salman, was strongly consistent with the UN goals of sustainable development.

Leaders of the UN member-states, as well as ministers, and representatives of international organizations, the private sector and civil society participated in the summit, which is chaired by the President of the United Nations General Assembly.

Meanwhile, Al-Ibrahim met with the Swedish Minister of International Cooperation and Foreign Trade, Johan Forssell, with whom he discussed bilateral economic and investment relations, and a number of issues of common interest, including the need to intensify international cooperation to accelerate the implementation of the SDGs.

Business

Egypt Approves GASCO Project to Boost Western Desert Gas Complex Capacity

Egyptian government during a cabinet meeting on September 20, 2023 (Asharq Al-Awsat)
Egyptian government during a cabinet meeting on September 20, 2023 (Asharq Al-Awsat)
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Egypt Approves GASCO Project to Boost Western Desert Gas Complex Capacity

Egyptian government during a cabinet meeting on September 20, 2023 (Asharq Al-Awsat)
Egyptian government during a cabinet meeting on September 20, 2023 (Asharq Al-Awsat)

Egypt's Cabinet approved granting a golden license to the Egyptian Natural Gas Company (GASCO) regarding a project to increase the capacity of the Western Desert Gas Complex with a fourth production line with a design capacity of 600 million cubic feet per day.

The Gasco project is expected to provide employment opportunities for about 2,500 workers with an investment cost of about $380 million.

It spans about 33 acres in the Industrial Nahda Zone in Amreya, Alexandria Governorate.

The project aims to increase the production of natural gas derivatives, meet the raw material needs of petrochemical factories, and ensure a steady supply of LPG to support local market demands.

Furthermore, the Cabinet approved a draft law authorizing the Minister of Petroleum and Mineral Resources, Tarek el-Molla, to sign a contract with the Egyptian General Petroleum Corporation (EGPC) and Lukoil Overseas Egypt.

The contract aims to search for, develop, and exploit oil in the West-East Esh el-Mallaha development area in the Eastern Desert to continue development operations and increase production rates.

The Cabinet also granted the golden license to private company EgyptSat Auto to build and operate a factory that will begin producing electric vehicles (EVs) by the end of 2024.

According to a statement on Wednesday, the factory will produce electric passenger cars, buses, motorcycles, and charging stations. It will be built on 50,000 square meters in the 10th of Ramadan City.

It's anticipated that the EgyptSat Auto project will provide 500 job opportunities.

The project aims to reduce imports, localize the industry, deepen local components, and seek to transfer and localize modern technology in the electric car manufacturing sector, thus minimizing environmental impacts and emissions.

In addition, the Cabinet approved a proposal from AMEA Power, a subsidiary of UAE's al-Nowais Investments (ANI), to implement additional projects in the renewable energy sector.

The projects include adding 1,000 megawatts to the Aswan solar energy project and implementing a 500-megawatt wind energy project in Ras Ghareb, according to a specific timetable for project execution and connection to the national grid.

In a separate statement, the Egyptian Cabinet announced that Egypt will build a tire factory with investments of €1 billion in the Suez Canal Economic Zone (SCZONE).

The government signed the contract to establish a Rolling Plus tire manufacturing factory, which will be located in the SCZONE.

The project will be implemented in three phases, each with a different production line and target market.

The first phase will cost €400-450m and produce 2.5 million automobile tires annually, 50 percent of which will be supplied to the local market.

The second phase will add light transport tires, producing 3.5 million tires annually, 40 percent of which will be for the local market, while the third will increase the production capacity to 7 million by adding the heavy transport tire industry.

Business

Largest Global Maritime Congress Kicks Off in Dammam

The President of MAWANI, Omar Hariri, and CEO of Bahri Ahmed al-Subaey, at the inauguration of the maritime congress (Asharq Al-Awsat)
The President of MAWANI, Omar Hariri, and CEO of Bahri Ahmed al-Subaey, at the inauguration of the maritime congress (Asharq Al-Awsat)
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Largest Global Maritime Congress Kicks Off in Dammam

The President of MAWANI, Omar Hariri, and CEO of Bahri Ahmed al-Subaey, at the inauguration of the maritime congress (Asharq Al-Awsat)
The President of MAWANI, Omar Hariri, and CEO of Bahri Ahmed al-Subaey, at the inauguration of the maritime congress (Asharq Al-Awsat)

The fourth edition of the Saudi Maritime Congress, the Kingdom’s largest and most important global maritime event, has successfully opened its doors at the Dhahran Expo in Dammam.

Several senior officials and representatives from leading international tech companies attended the event on Wednesday.

Under the patronage of the Ministry of Transport and Logistic Services, the President of MAWANI, Omar Hariri, and CEO of Bahri Ahmed al-Subaey officially inaugurated the opening ceremony with keynote addresses at the two-day event.

The event is supported by founding strategic partners Bahri & Seatrade Maritime, with prominent partners MAWANI & Transport General Authority (TGA) and strategic partners Saudi Aramco and IMI.

Deputy for Maritime Transport at the Transport General Authority Abdulrahman al-Thonayan stated that the Saudi Maritime Conference is being held when the maritime transport industry is experiencing significant changes and developments.

Al-Thonayan underscored the importance of keeping pace with these changes and enhancing cooperation and collaboration among all countries worldwide to achieve common goals in this critical industry.

The conference will also address pressing issues and tackle the challenges facing the maritime sector in Saudi Arabia, he said.

- Showcase of Products and Services

Al-Thonayan highlighted that the conference serves as a crucial platform, bringing together key regional technological companies in the maritime sector to showcase their latest products and services to conference attendees and visitors, thus adding value to the event and its accompanying exhibition.

Also at the conference, the Group Director of organizer Seatrade Maritime, Chris Morley, announced that day one has been what the company hoped for and more.

“We were anticipating a great day based on the pre-registration figures, which far exceeded previous editions. The event has been really exciting and reflects the eagerness of the global industry to be part of Saudi Arabia’s commitment to developing its maritime trade and doing business on an international scale,” Morley indicated.

Morley noted that Saudi Arabia scored the highest regional progress in the Maritime Connectivity Index in 2021 and ranked 20th globally in the maritime transport industry.

- Discussion Sessions

Day one saw broad participation in discussion sessions with a selection of international experts addressing crucial topics for the maritime sector.

Bahri and MAWANI signed two strategic Memorandum of Understanding (MOU) deals on the show floor.

The Saudi maritime sector now has 53,000 ships operating within its borders, is registered in 150+ countries, and carries 11 billion tons of cargo annually, making Riyadh a robust and promising regional and global trade partner.

Day two of the conference agenda includes several activities and events, starting with a session on “Energy Transition and the Strategy for Sustainability in the KSA and GCC – Outlook for Investment and Business in the Region.”

Saudi Arabia focuses more on developing a circular carbon economy (CCE), which essentially seeks to reduce, reuse, recycle, and remove carbon to keep its hydrocarbon industry relevant.

The session explores developments and opportunities for key partners in this field.