Aramco Inaugurates First Saudi Fiberglass Facility

A Saudi Aramco logo is pictured at the oil facility in Khurais, Saudi Arabia. (Reuters)
A Saudi Aramco logo is pictured at the oil facility in Khurais, Saudi Arabia. (Reuters)
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Aramco Inaugurates First Saudi Fiberglass Facility

A Saudi Aramco logo is pictured at the oil facility in Khurais, Saudi Arabia. (Reuters)
A Saudi Aramco logo is pictured at the oil facility in Khurais, Saudi Arabia. (Reuters)

Saudi Aramco inaugurated the first fiberglass rebar plant in the Kingdom, which is expected to localize the industry and reduce steel rebar consumption, as a sustainable new corrosion-free material that could help achieve carbon neutrality targets.

Aramco’s senior vice president of technical services, Ahmad al-Saadi inaugurated the plant following a deal signed in 2019 by New Zealand’s Pultron Composites and its partner Isam Khairy Kabbani Group (IKK).

According to a statement, the facility’s launch is part of Saudi Arabia’s efforts to attract and localize the rebar industry. It is also in line with the efforts to achieve Vision 2030.

Saadi explained that Aramco has been developing and deploying non-metallic solutions within its operations for more than 20 years, noting that the use of non-metallic, advanced polymer materials has significant potential in multiple sectors.

“Moreover, technologies such as GFRP rebar, which mitigate corrosion and minimize life cycle cost, have potential to be the real game-changers for the building and construction sector in particular.”

IKK Group chairman Hassan al-Kabbani said: “We are introducing a revolutionary new technology that will start to replace the iconic construction material that has been around for over a century now.”

Meanwhile, the Saudi Basic Industries Corporation (SABIC) signed an agreement for rail container transportation services with Saudi Railways (SAR).

The agreement was signed in the presence of the Minister of Transport and Logistics Services, Saleh al-Jasser, SABIC Chairman Khalid al-Dabbagh, and SAR CEO Bashar al-Malik.

SABIC CEO Yousef al-Benyan confirmed that the project is part of the company’s contribution to achieving Vision 2030 by providing safe, reliable, fast, and environmentally compatible transportation solutions to serve local industries.

Under the agreement, SAR will transport SABIC’s polymer products by rail from the logistics facility in the port to the delivery point of the port of Dammam, and the point of delivery of empty containers to the logistics facility in the port.

SABIC’s global supply chain is cooperating with SAR to maximize the benefit of this agreement, including the increase in the internal rate of return, cost savings, enhanced operational added value, and meeting sustainability requirements, including fuel savings by 70 percent which will reduce carbon dioxide emissions.



Saudi Arabia to Host World Investment Conference on November 25-27

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia to Host World Investment Conference on November 25-27

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

Under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the World Association of Investment Promotion Agencies (WAIPA) and Invest Saudi will hold the 28th annual World Investment Conference (WIC) in Riyadh from November 25 to 27.

The event will gather global leaders in investment, government, and international organizations to tackle the theme “Harnessing Digital Transformation and Sustainable Growth: Scaling Investment Opportunities”.

On the occasion, Saudi Minister of Investment Khalid Al-Falih said: “Under the wise leadership of Custodian of the Two Holy Mosques King Salaman bin Abdulaziz Al Saud and Crown Prince Mohammed, the Kingdom, driven by its ambitious Vision 2030, has become a premier world investment destination and is experiencing unprecedented growth in overall investment amounts and diversity.”

This year’s World Investment Conference in Riyadh “will be a platform for sharing our nation’s strategic vision with our partners, and an invaluable opportunity to highlight our status as a trusted partner for sustainable economic growth,” he added.

“We look forward to welcoming investment leaders from around the world to forge partnerships that will benefit both the Kingdom and global economies,” he stressed.

Vision 2030 has driven significant economic reforms in Saudi Arabia, attracting substantial foreign investment. Over 28,900 foreign investment licenses have been issued, reflecting the Kingdom's transformation into a major global investment hub.

Key factors contributing to this growth include 100% foreign ownership in specific sectors, streamlined commercial register procedures, simplified visa issuance, and other investor-friendly initiatives that have created a favorable and appealing environment for investors in various sectors, including renewable energy, logistics services, and AI.

The Kingdom's attractive investment landscape has also facilitated the development of a dynamic economy that leads in innovation and growth.

WAIPA Executive Director and CEO Ismail Ersahin said: “WAIPA is excited to bring the 28th WIC to Riyadh, a city that perfectly embodies the future of investment. The conference will provide a crucial platform for Investment Promotion Agencies and investors to discuss emerging opportunities in a rapidly evolving global landscape.”

“We deeply appreciate Saudi Arabia’s vision and leadership, which will ensure that this edition of WIC is an impactful gathering for all participants,” he remarked.

Key highlights of this year’s WIC are a range of conference tracks, such as high-level dialogues with government ministers, insightful sessions on technology, sustainability, and economic cooperation, as well as practical masterclasses for investment professionals, a dedicated entrepreneurship track that will emphasize the transformative role of startups and innovators, and exclusive matchmaking sessions that will facilitate strategic partnerships between investors, SMEs, and potential collaborators.

Participants will also have the opportunity to celebrate the achievements of Investment Promotion Agencies on the Awards Track, honoring innovation and excellence in investment facilitation.

This year’s WIC promises to be a pivotal forum as it aligns with global investment drivers: the disruptive influence of technology and AI, global supply chain resilience, energy transition toward sustainability, and the transformative role of entrepreneurs and startups in reshaping investment landscapes traditionally led by multinational corporations.

Leaders and stakeholders will discuss and explore how these factors are redefining economies and driving forward-looking investment models worldwide.

With its focus on scaling investment opportunities, WIC is designed to equip attendees with the tools, knowledge, and connections necessary to drive meaningful economic impact.