عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Eni, Chevron Announce New Gas Discovery in Egyptian Field

An Egyptian gas field. Reuters file photo
An Egyptian gas field. Reuters file photo
TT
TT

Eni, Chevron Announce New Gas Discovery in Egyptian Field

An Egyptian gas field. Reuters file photo
An Egyptian gas field. Reuters file photo

Italian energy group Eni and US energy major Chevron said on Sunday they had made a new gas discovery in an Egyptian offshore field in the Eastern Mediterranean sea.

The Nargis-1 well is part of Egypt's 1,800-sq. km Nargis Offshore Area concession operated by Chevron, which holds a 45% interest in it. Eni also holds a 45% stake, while Egypt's Tharwa Petroleum Company SAE holds a 10% interest, Reuters reported.

Egypt's state-owned EGAS said the quantity of reserves in the well were being evaluated, and it would work with Chevron and the other partners to start production as soon as possible.

Chevron was "encouraged and excited by the success of this first exploration well which encountered high-quality reservoirs," Clay Neff, president of Chevron International Exploration and Production, said in a statement.

State-controlled Eni is looking for new gas sources as it aims to completely replace gas imports from Russia by 2025 following the fallout from Russia's invasion of Ukraine.

The new discovery is located in the Nargis-1 exploration well and "can be developed leveraging the proximity to Eni's existing facilities", the group said in a statement.

Most Viewed

 
 
Business

1st Integrated Water Desalination-Solar PV Project in Saudi Arabia is Launched

The inauguration ceremony of the Jubail 3A independent water desalination plant (Jazlah Water Desalination Company). (Asharq Al-Awsat)
The inauguration ceremony of the Jubail 3A independent water desalination plant (Jazlah Water Desalination Company). (Asharq Al-Awsat)
TT
TT

1st Integrated Water Desalination-Solar PV Project in Saudi Arabia is Launched

The inauguration ceremony of the Jubail 3A independent water desalination plant (Jazlah Water Desalination Company). (Asharq Al-Awsat)
The inauguration ceremony of the Jubail 3A independent water desalination plant (Jazlah Water Desalination Company). (Asharq Al-Awsat)

Eng. Abdul Rahman Al-Fadhli, Minister of Environment, Water and Agriculture, Chairman of the Board of Directors of the Saudi Water Partnerships Company, officially inaugurated the Jubail 3A independent water desalination plant (Jazlah Water Desalination Company).

The move aims to raise spending efficiency and benefit from the expertise of the private sector in construction, operation and management, in addition to reducing carbon emissions by 60,000 tons annually.

ACWA Power, the leading Saudi developer, investor, and operator of power generation, water desalination, and green hydrogen plants worldwide, along with its partners Gulf Investment Corporation (GIC) and AlBawani Water & Power Company (AWP), celebrated on Saturday the official inauguration of the plant, after receiving the commercial operation certificate from Saudi Water Partnership Co. (SWPC), to mark the start of full-time operations.

The Jubail 3A independent water desalination plant is the first of its kind in the Kingdom due to its integration with photovoltaic (PV) solar power.

The $650 million Jazlah company project, located in Jubail, has achieved an exceptional world efficiency record of 2.8 kWh/cubic meter of water using Arabian Gulf Seawater, ACWA Power said in a press release.

It added that the project marked the first Independent Water Project (IWP) in the eastern region with a production capacity of 600,000 cubic meters of desalinated water per day to meet increasing water demands. Jazlah encompasses a 45.5 MW solar PV power generation facility, which will account for 20% of the plant’s energy consumption and will deliver clean water to over three million people at a record-breaking rate of 0.41 USD/m3, using reverse osmosis technology.

In remarks on the occasion, Al-Fadhli stressed that these projects come to achieve the objectives and plans of the National Water Strategy to increase private sector participation in water production projects, supplying drinking water to all regions in the Kingdom.

He added that the project would work directly to meet the demand in the Riyadh and Qassim regions, as well as develop the water sector and improve the quality of its services.

For his part, Eng. Khalid Al-Quraishi, CEO of Saudi Water Partnership Company, said: “Through the utilization of green energy, Jazlah generates 45.5 MW of solar PV power, resulting in reduced carbon emissions and a significant decrease in grid electricity consumption.”

“The plant operates at an impressive energy efficiency rate of 2.8 kWh/cubic meter. The success of this project is a testament to the unwavering commitment of the Ministry of Environment, Water, and Agriculture, along with the cooperation of all public and private stakeholders,” he added.

Mohammad Abunayyan, Chairman of the Board of Directors of ACWA Power, said that the project demonstrated the company’s global leadership in water desalination, and its enduring commitment to cost leadership, social prosperity, and national development.

“A proud addition to our water desalination portfolio, the Jazlah company plant will make invaluable contributions towards the Kingdom’s water security in the years ahead, helping combat climate change while catering to sustainable development goals for a growing population,” he stated.

Business

Saudi Economic Developments Challenge Business Councils’ Capacity to Keep Pace

Saudi flags along a commercial street in the capital Riyadh, Saudi Arabia (Asharq Al-Awsat)
Saudi flags along a commercial street in the capital Riyadh, Saudi Arabia (Asharq Al-Awsat)
TT
TT

Saudi Economic Developments Challenge Business Councils’ Capacity to Keep Pace

Saudi flags along a commercial street in the capital Riyadh, Saudi Arabia (Asharq Al-Awsat)
Saudi flags along a commercial street in the capital Riyadh, Saudi Arabia (Asharq Al-Awsat)

Amidst Saudi Arabia’s push for economic diversification, the localization of emerging industries, the adoption of green energy technologies like ammonia and hydrogen, climate-conscious initiatives, and the integration of artificial intelligence, experts stress the vital importance of business councils affiliated with the Federation of Saudi Chambers to assume a proactive role.

Their task involves not only keeping pace with the ever-evolving modern economic and industrial landscape but also spearheading the necessary adaptations to effectively respond to transformative developments.

Experts stressed the importance of business councils adopting a strategic plan to attract top investments, form successful partnerships, produce high-quality products that can compete globally, and draw on innovative experiences from various fields, especially in aerospace and technology.

“Business councils play a crucial and primary role in fostering economic and trade relations, facilitating investment flows between Saudi Arabia and other countries,” affirmed Shura Council member Fadl al-Buainain.

“Additionally, they enhance mutual cooperation and contribute to translating commercial and investment opportunities into tangible and high-quality partnerships,” he told Asharq Al-Awsat.

“The more business councils receive the support and guidance of leadership, the more effective their role becomes in overall development,” explained Buainain.

“Saudi Arabia is keen on enhancing the role of the private sector through joint business councils, with increasing support in line with the government’s vision to strengthen strategic partnerships with friendly countries.”

“These councils are envisioned as a bridge for development and investment flows, aligning with a comprehensive vision.”

Buainain further highlighted that within the private sector, there are large companies in which the government holds the majority of ownership. As a result, economic decisions intertwine with sovereign developmental decisions, ultimately serving the public interest.

Regarding the new trends that business councils are expected to focus on, Buainain emphasized the importance of exploring opportunities for green economic development.

He highlighted that this is one of the Kingdom’s main objectives, noting that there is a package of initiatives, including financial investments exceeding SAR 700 billion ($186.6 billion).

According to Buainain, this means expanding investments in two main areas: first, enhancing energy sources to ensure supply sustainability and market stability, and second, promoting green economic development that safeguards the environment and human health.

These efforts are directed towards achieving long-term carbon neutrality.

Buainain also highlighted that the completion of the green hydrogen plant project, which is the world’s largest green hydrogen project with a cost of $5 billion, will enable the Kingdom to export clean fuel in the coming years.

He emphasized that diversifying economic sources is the primary goal of Crown Prince Mohammed bin Salman, stating that hydrogen production is a significant part of his strategy.

Business

Jordanian Exports See 5.5% Rise Driven by High Trade to Saudi Arabia

Transport trucks drive near containers at a Jordanian port (Getty Images)
Transport trucks drive near containers at a Jordanian port (Getty Images)
TT
TT

Jordanian Exports See 5.5% Rise Driven by High Trade to Saudi Arabia

Transport trucks drive near containers at a Jordanian port (Getty Images)
Transport trucks drive near containers at a Jordanian port (Getty Images)

Jordan's Foreign Ministry revealed that the value of national exports to Greater Arab Free Trade Area (GAFTA) countries increased by 5.5 percent, reaching $888 million compared with the previous year's $842 million.

The increase was primarily driven by higher export volumes to the Saudi market, which amounted to approximately $288 million.

According to foreign trade data from the Department of Statistics (DoS), exports to the countries under the North American Free Trade Agreement (NAFTA) witnessed a growth of 11.2 percent, reaching around $589 million compared with the $540 million recorded during 2022. It was mainly attributed to expanded Jordanian exports to the US.

Jordanian exports to non-Arab Asian countries saw a 10 percent increase during the first quarter of this year, reaching approximately $868 million compared with $789 million achieved during the same period last year.

The value of Jordanian exports to European Union countries rose 28.3 percent, reaching approximately $114 million compared with the previous year's $88 million. Belgium emerged as the top European destination for Jordanian exports, accounting for nearly $25 million.

Jordanian exports to other economic blocs witnessed a 4.9 percent increase, totaling around $324 million compared with the previous year's $308 million. It was driven by higher export volumes to the free zone, which amounted to approximately $149 million.

The ministry stated that total Jordanian exports achieved a slight growth with various trading partners and economic blocs during the first quarter of this year, to record $2.78 billion, compared to $2.56 billion for the same period last year.

Business

Saudi Energy Minister Warnings to Speculators Highlighted Ahead of OPEC+ Meeting

Saudi Energy Minister Prince Abdulaziz bin Salman upon his arrival at the OPEC headquarters in Vienna (AFP)
Saudi Energy Minister Prince Abdulaziz bin Salman upon his arrival at the OPEC headquarters in Vienna (AFP)
TT
TT

Saudi Energy Minister Warnings to Speculators Highlighted Ahead of OPEC+ Meeting

Saudi Energy Minister Prince Abdulaziz bin Salman upon his arrival at the OPEC headquarters in Vienna (AFP)
Saudi Energy Minister Prince Abdulaziz bin Salman upon his arrival at the OPEC headquarters in Vienna (AFP)

The OPEC+ countries seek to maintain the stability of oil markets at their meeting on Sunday amid global economic turmoil and uncertainty surrounding global economic and political prospects.

Last week, Saudi Energy Minister Prince Abdulaziz bin Salman warned "short sellers" against betting on oil prices falling, saying they should watch out.

Ministers of OPEC and its allies began their two-day meetings on Saturday at the organization's headquarters in Vienna.

Reuters quoted unnamed sources saying that the OPEC+ alliance will discuss possible options, including additional oil cuts.

OPEC+ pumps around 40 percent of the world's crude, meaning its policy decisions can significantly impact oil prices.

Several countries in the coalition had announced voluntary cuts of 1.6 million barrels per day last April, in addition to the two million barrels per day that had been previously reduced. The decision took effect in May.

The surprise output announcement in April helped to drive oil prices about $9 per barrel higher to above $87, but they swiftly retreated, under pressure from concerns about global economic growth and demand. On Friday, the international benchmark Brent settled at $76.

However, Russian Deputy Prime Minister Alexander Novak said he did not expect any new steps from the OPEC+ group at its meeting in Vienna on June 4, according to Russian media.

"This figure is premature, and these matters have not yet been addressed."

Western countries have accused OPEC of manipulating oil prices and undermining the global economy by raising energy costs.

The West also accused OPEC of being too biased toward Russia, despite sanctions over Moscow's invasion of Ukraine.

Reuters indicated that OPEC officials said the West's money-printing over the last decade exacerbated inflation and forced oil-producing nations to take measures to preserve the value of the leading commodity among their exports.

Asian countries like China and India bought the lion's share of Russia's oil exports and refused to join Western sanctions against Russia.

UAE Energy Minister Suhail al-Mazrouei said that there is an aspiration for a resolution that guarantees a sustainable balance of supply and demand.

The International Energy Agency (IEA) expects global oil demand to rise further in the second half of 2023, potentially boosting oil prices.

Analysts at JPMorgan, however, said OPEC needed to act more quickly to adjust supply to record high levels of US output and higher-than-expected Russian exports.

"There is simply too much supply," the JPMorgan analysts said in a note, adding that extra cuts could amount to around one million bpd.

Business

King Abdullah Economic City Gets a Special Economic Zone License

Situated at the crossroads of global trade routes, the city enjoys direct access to all markets in the Middle East and North Africa region
Situated at the crossroads of global trade routes, the city enjoys direct access to all markets in the Middle East and North Africa region
TT
TT

King Abdullah Economic City Gets a Special Economic Zone License

Situated at the crossroads of global trade routes, the city enjoys direct access to all markets in the Middle East and North Africa region
Situated at the crossroads of global trade routes, the city enjoys direct access to all markets in the Middle East and North Africa region

King Abdullah Economic City has been granted a license for the Special Economic Zone, the Saudi Press Agency reported.

Situated at the crossroads of global trade routes, the city enjoys direct access to all markets in the Middle East and North Africa region. Spanning a total area of 60 km², the zone will be under the direct supervision of the Special Economic Cities and Zones Authority (ECZA), SPA said Saturday.

The Special Economic Zone's strategic location facilitates the operations of various logistics services and light industries. It is a promising investment environment, offering economic incentives with globally competitive advantages, SPA said.

The zone benefits from cutting-edge infrastructure, including the King Abdullah Port, the Industrial Valley, and a modern and vibrant community. This community encompasses diverse commercial and social facilities, catering to the needs and aspirations of residents, visitors, and workers in the city.

Moreover, the Special Economic Zone focuses on economic sectors such as car manufacturing, consumables, food, medicine, logistics, and associated industries. It aims to boost domestic output, attract foreign direct investment, generate new employment opportunities, and maximize the Kingdom's exports by hosting a diverse and extensive range of industries.

Business

Tunisian President Suggests Taxing Rich as Solution to Fiscal Problem

Tunisia's President Kais Saied gives a statement on the coronavirus disease (COVID-19) vaccination, during a European Union - African Union summit, in Brussels, Belgium February 18, 2022. (Reuters)
Tunisia's President Kais Saied gives a statement on the coronavirus disease (COVID-19) vaccination, during a European Union - African Union summit, in Brussels, Belgium February 18, 2022. (Reuters)
TT
TT

Tunisian President Suggests Taxing Rich as Solution to Fiscal Problem

Tunisia's President Kais Saied gives a statement on the coronavirus disease (COVID-19) vaccination, during a European Union - African Union summit, in Brussels, Belgium February 18, 2022. (Reuters)
Tunisia's President Kais Saied gives a statement on the coronavirus disease (COVID-19) vaccination, during a European Union - African Union summit, in Brussels, Belgium February 18, 2022. (Reuters)

Tunisian President Kais Saied on Saturday suggested raising taxes on richer people could be an alternative to socially painful reforms as a means to secure an international financial rescue package.

Tunisia's government negotiated a preliminary agreement in October with the International Monetary Fund (IMF) for a $1.9 billion loan in return for cuts to subsidies and the public sector wage bill and reform of state-owned companies.

Credit ratings agencies have warned that Tunisia faces a possible default on sovereign debt without the loan, which is also expected to unlock more bilateral financing.

The IMF has said Tunisia needs to put its finances on a more sustainable trajectory and has previously voiced concern at the level of its public wage bill, subsidies, low tax base and support for unprofitable state-owned companies.

Although the IMF deal reached in October was based on proposals made by Tunisia's government, Saied has described the fiscal reforms it contained as "diktats". Without his approval, the agreement - and loan - cannot be finalized.

Speaking to French President Emmanuel Macron in a remarks published by Saied's office, he described the IMF deal conditions as "tantamount to lighting a match next to a high explosive".

"Another scenario could be based on putting taxes on those who do not need support", in order to maintain social justice, his office quoted him as saying.

Saied also proposed a summit meeting on the issue of illegal migration across the Mediterranean. Italian Prime Minister Giorgia Meloni will visit Tunisia next week, Tunisian state media reported on Friday.

Business

Arab Economies Expected to Grow by 3.4% in 2023

The Arab Monetary Fund (AMF) projected a 3.4 percent growth for Arab economies. (WAM)
The Arab Monetary Fund (AMF) projected a 3.4 percent growth for Arab economies. (WAM)
TT
TT

Arab Economies Expected to Grow by 3.4% in 2023

The Arab Monetary Fund (AMF) projected a 3.4 percent growth for Arab economies. (WAM)
The Arab Monetary Fund (AMF) projected a 3.4 percent growth for Arab economies. (WAM)

The Arab Monetary Fund (AMF) projected a 3.4 percent growth for Arab economies, accompanied by tighter monetary policies to curb inflation.

The report showed that Arab countries with economic reform programs and strategies to diversify their economies, improve their resilience, enhance their business environments, empower the private sector, and invest in human capital are more able to cope with economic shocks.

The economic growth rate of Arab countries will rise to 4 percent in 2024, mainly due to the expected stability of oil and gas prices, basic goods prices, and controlled inflation.

Higher energy prices will boost the economic growth of major Arab oil exporters in 2023 and 2024, with their economies expected to grow by 3.4 percent in 2023 and by 4.2 percent in 2024, the report stated.

Gulf Cooperation Council (GCC) countries have a positive outlook for 2023, with an expected GDP growth of 3.4 percent, mainly due to their efforts to diversify their sources of income, the report added, noting that oil prices are likely to remain stable and high, resulting in higher oil revenues and improved financial outcomes, foreign exchange reserves and fiscal positions.

The report stressed that promoting workforce localization and increasing the participation of citizens in the private sector is another key approach to achieving growth in GCC countries, most notably in the UAE, Saudi Arabia, and Bahrain.

According to the AMF report, Arab countries that import oil will see their growth rate increase from 3.1 percent in 2023 to 4 percent in 2024, after inflation is controlled by the end of this year and monetary policies are eased.

Various international organizations had different estimates for global economic growth in 2023 and 2024, ranging from 1.7 percent to 2.9 percent for 2023 and from 2.7 percent to 3.1 percent for 2024, the report stated.

Director General and Chairman of the Board of the Arab Monetary Fund. Dr. Abdulrahman Al Hamidy said the region has been witnessing a remarkable transition in the past years.

Saudi Arabia

The AMF expected Saudi Arabia's economic growth to remain robust in 2023-2024, reaching 3.1 percent and 5.7 percent respectively.

The non-oil sector in the Kingdom is forecast to achieve strong growth averages.

Even as the Kingdom aims to reduce its reliance on energy to develop the economy, its pioneering role in the global oil markets can’t be disregarded, the report added.

Saudi Arabia achieved an 8.7 percent GDP growth rate in 2022 and broke its total amount record of more than $1 trillion.

A considerable part of this growth is attributed to the massive reforms carried out by the Kingdom and structural improvements that contributed to supporting the economy’s diversity, sustainable development in the non-oil sector, and maintaining a balanced public debt, in addition to reinforcing the financial and tourism sectors’ role within the Saudi Vision 2030.

UAE

The UAE's economic growth is expected to remain robust, averaging 4.6 percent from 2022 to 2024, driven by higher oil prices and improved business confidence, according to the AMF.

It forecasts a 4.2 percent growth rate for the UAE in 2023, accompanied by a decline in the consumer price index to 2.9 percent in 2023 and 2.57 percent in 2024.

Egypt

The Egyptian economy is expected to achieve a 3.7 percent growth in 2023 down from 6.6 percent in 2022.

This drop is attributed to the global economic condition and the uncertainty resulting from the global geopolitical and economic changes, in addition to increased inflation that impacts business and individuals’ purchasing power.

Business

Saudi Arabia Committed to Supporting Development, Food Security

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan. (File photo: Reuters)
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan. (File photo: Reuters)
TT
TT

Saudi Arabia Committed to Supporting Development, Food Security

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan. (File photo: Reuters)
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan. (File photo: Reuters)

Saudi Arabia stressed on Friday the significance of advancing future cooperation to achieve collective prosperity.

The Kingdom affirmed its commitment to cooperating with international partners to achieve the UN Sustainable Development Goals (SDGs) by 2030 and intensify global efforts to enhance food and energy security amid recurring crises and supply-chain issues.

Saudi Arabia is keen to develop future cooperation with the BRICS group to achieve collective prosperity, said Saudi Minister of Foreign Affairs Prince Faisal bin Farhan at the ministerial meeting of Friends of BRICS in South Africa’s Cape Town

He added that the Kingdom aims to advance cooperation with BRICS by benefiting from the capabilities that the Kingdom and BRICS countries possess.

“The Kingdom remains the BRICS group’s largest commercial partner in the Middle East. The total value of bilateral trade with the countries of the BRICS group increased from $81 billion in 2017 to $128 billion in 2021 and exceeded $160 billion in 2022,” he revealed.

Saudi Arabia shares basic values with the BRICS countries such as that relations between countries are based on the principles of respect for sovereignty, non-interference, and adherence to international law, the existence of multilateral frameworks, and collective action as reference points to face common challenges, he went on to say.

Prince Faisal reiterated the Kingdom’s commitment to work with international partners to achieve the UN SDGs by 2030.

The Kingdom is also committed to intensifying global efforts to enhance food and energy security amid recurring crises and supply-chain issues, the FM said, noting that Saudi Arabia plays a significant role in the field of humanitarian and development aid and is among the top ten donors to low- and middle-income countries.

The Saudi delegation in Cape Town included the Undersecretary of the Saudi Ministry of Foreign Affairs for Multilateral Affairs Dr. Abdulrahman Al-Rassi and the Ambassador of the Custodian of the Two Holy Mosques to the Republic of South Africa, Sultan al-Anqari.

Business

Sheikh Abdullah bin Zayed: UAE Committed to Deepening Cooperation with BRICS Group

Officials at the BRICS meeting in Cape Town on Friday. (WAM)
Officials at the BRICS meeting in Cape Town on Friday. (WAM)
TT
TT

Sheikh Abdullah bin Zayed: UAE Committed to Deepening Cooperation with BRICS Group

Officials at the BRICS meeting in Cape Town on Friday. (WAM)
Officials at the BRICS meeting in Cape Town on Friday. (WAM)

United Arab Emirates Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan attended a “Friends of BRICS” meeting held in Cape Town, South Africa, on Friday.

Sheikh Abdullah expressed his happiness at attending the meeting, which underscored the partnership and strong friendship within the BRICS group, reported the UAE’s state news agency (WAM).

He stressed that the UAE values and backs the BRICS group, especially given its world-scale significance in supporting peace, security and prosperity globally.

“The UAE is pleased to be a friend to the BRICS group and is committed to expanding and deepening its cooperation with the group, its member states and its partners in driving development and prosperity,” Sheikh Abdullah said.

He highlighted the rising influence of the BRICS group in recent years, noting that it accounts for 30 percent of the world’s overall economic growth since 2001, and the group’s economies currently account for 25 percent of the global GDP.

The BRICS group’s inclusive approach is among its distinguishing characteristics, as enables it to widen its cooperation with international economic institutions and create a broader platform for representing developing and emerging economies at a global level, he added.

The BRICS group, as part of the changing world that seeks multilateral action, should continue advancing its institutional system and broaden its international presence by supporting emerging economies, Sheikh Abdullah stressed, underlining the UAE’s support for the group and its keenness to become an active and contributing BRICS member.

He also explained the UAE’s contributions and role as a partner of the BRICS group and its member countries, as well as a reliable source of energy and a strong advocate for issues facing developing countries. He pointed out the UAE’s active participation in multipartite initiatives, such as joining the New Development Bank and investing heavily in infrastructure, food security, clean energy, transportation and industry.

“The UAE will continue to work with you to address global challenges and foster a balanced and sustainable approach to driving climate action and achieving the energy transition,” Sheikh Abdullah said.

He underscored the UAE’s vision of a future based on constructive cooperation and common goals. He also stressed the country’s backing of BRICS and highlighted its focus on three key pillars, which are promoting financial and economic development through cooperation and openness, respecting the sovereignty of other countries and pursuing peaceful resolutions to conflicts; and working to ensure justice and representation in the global governance system.

Business

Saudi Arabia Launches Platform to Enable Contractors to Implement PIF Projects

Works on the Amaala project on the Red Sea coast, northwest of Saudi Arabia (Photo: Asharq Al-Awsat)
Works on the Amaala project on the Red Sea coast, northwest of Saudi Arabia (Photo: Asharq Al-Awsat)
TT
TT

Saudi Arabia Launches Platform to Enable Contractors to Implement PIF Projects

Works on the Amaala project on the Red Sea coast, northwest of Saudi Arabia (Photo: Asharq Al-Awsat)
Works on the Amaala project on the Red Sea coast, northwest of Saudi Arabia (Photo: Asharq Al-Awsat)

Saudi Arabia has launched a platform that qualifies contractors and provides services and facilities to enable them to obtain pre-qualification according to technical evaluation criteria.

 

The new platform will contribute to providing a highly reliable indicator for companies affiliated with the Public Investment Fund to implement construction projects in cooperation with the private sector.

 

The Saudi Sovereign Fund has been able to establish 77 local companies so far, as part of its endeavor to advance economic transformation, create job opportunities and diversify investments at the local and international levels.

 

On Thursday, the Saudi Contractors Authority (SCA), in cooperation with the PIF, announced the launch of the “re-qualification of contractors” program, in a step to enhance competitiveness and transparency in the sector, and to enable the implementation of current and future projects for companies affiliated with the Sovereign Fund in accordance with the highest quality standards.

 

The service provides a platform that brings together a number of establishments affiliated to the PIF in a unified pre-qualification program, and enables them to participate in the projects through several criteria, including: activities and experience, quality management, and health and safety.

 

The Saudi Contractors Authority has recently concluded the fifth edition of the Future Projects Forum, in Riyadh.

 

More than 3,000 contractors and interested parties from 16 countries around the world participated in the event, along with 43 government and private agencies.

 

The forum reviewed the details and developments of more than 3,000 future projects, the value of which was estimated at SAR 1 trillion ($266 billion).

 

It also saw the launching of a platform that helps contractors and interested parties to track and search for contracting projects in Saudi Arabia and the Middle East.

 

Meanwhile, iot squared, a leading company in the Internet of Things (IoT) technologies and a subsidiary of the STC group, has signed a cooperation agreement with “AHOY” Technology, specializing in smart mobility infrastructure and logistics services.

 

This collaboration supports the complete transformation towards IoT, contributing to an advanced technological revolution that aims to achieve the targets of Saudi Vision 2030.

 

Under this agreement, iot squared, in partnership with “AHOY”, will provide the latest smart logistics solutions, including advanced technology infrastructure and various programs that contribute to developing application interfaces and software platforms. The collaboration also involves identifying the target audience and providing technical support.

 

Othman Aldahsh, CEO of "iot squared", emphasized that global alliances were a key priority to benefit from potentials and create new opportunities through dedicated investments, acquisitions and partnerships.