Saudi Industrial Investments Target $260 Bln

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (SPA)
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Saudi Industrial Investments Target $260 Bln

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef called on the industrial business sector to take advantage of opportunities available in the Kingdom, noting that there are 12 sectors that have been targeted by 64 initiatives.

Speaking at the Sixth Riyadh Industrialists Council meeting organized by the Riyadh Chamber of Commerce, Alkhorayef said that gains achieved through Saudi Vision 2030 were remarkably substantial.

Alkhorayef pointed to the need for strengthening small factories, expanding large factories, and bringing developed factories to global competition.

International companies in all countries of the world are asking directly to identify investment opportunities in the Kingdom, revealed Alkhorayef, explaining that this can be traced back to the Kingdom’s role as an important and influential player within the global economy.

The meeting witnessed an open discussion on Saudi Arabia’s national strategy for industry.

The strategy had been developed according to several levels, aiming for the private sector to lead the industrial sector by 2035. This will be done through focusing on the principles of global leadership, diversity, and technology adoption.

Key objectives of the strategy focus on creating a flexible industrial economy capable of adapting to changes and leading industrial regional integration to meet demand and achieve leadership in manufacturing a group of selected commodities.

Alkhorayef noted that government capabilities and strengths help achieve these goals.

A presentation given during the meeting on the national strategy for industry drew attention to developing phased plans to activate the targeted groups of industrial commodities.

According to the presentation, current capabilities, technologies and qualifying human capital can attract 814 opportunities, with an investment size of SAR979 billion ($260 billion) in 2035.

Abdullah Alkhorayef, a member of the board of directors and chairman of the Industrial Committee at the Riyadh Chamber, expressed confidence in the development the sector is witnessing and the incentives it is offering to increase competitiveness.

In related news, the Saudi Industrial Development Fund, known as SIDF, approved 111 loans amounting to SAR14 billion ($3.7 billion) in 2022 in sectors including industry, energy, mining, and logistics.

The organization has revealed that small and medium enterprises obtained 87 loans, representing 79% of the total approved, while 40 loans were provided to factories.

Lending from the fund was directed at qualitative and strategic projects that would contribute to increasing the local content and raising the quality of local industries.



US Coast Guard Says Hurricane May Shut Oil Ports

 Vehicles are carried by ferry across Aransas Pass as Hurricane Beryl moves closer to the Texas coast, Saturday, July 6, 2024, in Port Aransas, Texas. (AP)
Vehicles are carried by ferry across Aransas Pass as Hurricane Beryl moves closer to the Texas coast, Saturday, July 6, 2024, in Port Aransas, Texas. (AP)
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US Coast Guard Says Hurricane May Shut Oil Ports

 Vehicles are carried by ferry across Aransas Pass as Hurricane Beryl moves closer to the Texas coast, Saturday, July 6, 2024, in Port Aransas, Texas. (AP)
Vehicles are carried by ferry across Aransas Pass as Hurricane Beryl moves closer to the Texas coast, Saturday, July 6, 2024, in Port Aransas, Texas. (AP)

The US Coast Guard warned of possible Texas port closures from Corpus Christi to Houston and began restricting vessel traffic because of Tropical Storm Beryl, which is expected to become a hurricane before making landfall by Monday morning at Port Lavaca.

Port closures could bring to a temporary halt shipments of crude oil to refineries and motor fuels from those plants.

Port condition "Yankee" was set by the Coast Guard captain of the port of Corpus Christi on Saturday afternoon, restricting vessel movement in ports from Matagorda Bay, 101 miles (163 km) southwest of Houston, to the US-Mexico border.

Citgo Petroleum Corp was cutting production at its 165,000 barrel-per-day Corpus Christi, Texas, refinery on Saturday ahead of the approach of Beryl to the Texas coast.

Citgo plans to keep the Corpus Christi refinery running at minimum production as the storm moves up the coast toward a projected landfall at Port Lavaca, a pipeline hub.

Oil producer Shell Plc completed the evacuation of workers from its Perdido production platform in the US-regulated Gulf of Mexico ahead of the approach of the storm, the company said on Friday night.

Production on Perdido was shut prior to the evacuations. Shell said it also evacuated workers from the Whale platform, which is due to start production later this year.

Gibson Energy, which operates a large oil terminal in Corpus Christi, said operations were continuing, but it would take further steps depending on the forecast.

The storm was moving on Saturday with maximum sustained winds near 60 mph (95 kmh), the National Hurricane Center said.

The latest forecasts would put Corpus Christi on the dry side of the storm where the lowest winds and least rain could be expected. But Beryl could bring gale-force winds to the port, which is why the Coast Guard restricts traffic or shuts the port.

Most of the northern Gulf's offshore oil and gas production is east of Beryl's forecast track.

US Gulf of Mexico offshore production of about 1.8 million barrels per day accounts for about 14% of total US crude output, according to the US Energy Information Administration. Any impact on supplies could push up prices of US oil and offshore crude grades.

Oil major Chevron Corp, among the biggest US offshore producers, said on Friday that production from its operated assets remained normal. But it evacuated nonessential personnel from some of its Gulf of Mexico facilities.

Murphy Oil Corp said it has not shut in production or evacuated personnel, and continues to monitor the storm.